Posts Tagged ‘Wall Street’

Hey John, the Financial Services Modernization Act of 1999 fostered the Morgtage problem— Wall Street just rode the wave

April 19, 2008

From The Washington Times McCain blames ‘greedy’ for recession By Stephen Dinan April 14, 2008 click to read more.
U.S. Senator John McCain, R-Arizona, addresses the Associated Press annual meeting and answers questions of reporters during the AP Annual Meeting at the Washington Convention Center. (Astrid Riecken/The Washington Times)       Sen. John McCain this morning said “greedy” Wall Street investors are partly to blame for what he said is probably an economic recession the nation is now suffering.     “There has to be a modification of the greedy behavior of some of these people,” he said, using the word “greedy” repeatedly in remarks to the Associated Press annual meeting at the Washington Convention Center today. Is McCain out of touch?

Paulson who?

April 13, 2008

Once-reluctant Cabinet member plays key role  posted on Politico By EAMON JAVERS | 4/10/08 4:59 AM EST   Paulson will be a key gatekeeper for administration approval of any housing measures coming from Capitol Hill.  Photo: John Shinkle    When the White House recruited Henry Paulson as Treasury secretary two years ago, the cagey Goldman Sachs chief negotiated a sweet deal.     He wanted status on a par with the secretaries of state and defense. He wanted the National Economic Council to meet at Treasury. And he wanted to be able to insert himself into White House policy discussions on any issue.    The White House promised it all, giving Paulson the political independence that had eluded his predecessors, the hapless John Snow and the embittered Paul O’Neill. Now Paulson is using that independence to the utmost, fundamentally changing the government’s relationship with Wall Street and coordinating with Federal Reserve Chairman Ben Bernanke to rescue the investment bank Bear Stearns.    Paulson will also be a key gatekeeper for administration approval of any housing measures coming from Capitol Hill, including a new plan to expand the Federal Housing Administration’s role in refinancing distressed mortgages.  Read more.