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peter's bookmarks on real estate and new york city in the media
Thursday, October 2, 2008 | - knowledge@whartom

Citibank CEO Vikram Pandit Sees a Difficult Recovery Ahead

As negotiators in Washington struggled to devise a plan to rescue Wall Street and avert a global financial catastrophe, Citigroup CEO Vikram Pandit noted during an interview at Wharton that even with government intervention, global financial markets will need years to recover.


Tuesday, September 30, 2008 | - NYTimes.com

Bloomberg Called Ready to Announce Third-Term Bid

Right now, Mr. Bloomberg is barred by law from seeking re-election. But he will propose trying to revise the city’s 15-year-old term limits law, which would otherwise force him and dozens of other elected leaders out of office in 2009, the three people said.

Tuesday, September 30, 2008 | - New York Post

Bloomberg to seek third term

Bloomberg is not legally allowed to seek a third term, but he will propose revising the law. Bloomberg is expected to cite the city's unfolding financial crisis as reason for him to stay in office.

Tuesday, September 30, 2008 | - NYTimes.com

Credit Strains Worsen; U.S. Stocks Surge

It is not unusual for stocks to show signs of recovery in the hours after a significant rout. In the last several decades, the S.& P. has dropped by more than 6 percent on only a handful of occasions. (It fell by nearly 9 percent on Monday.) On average, the index has rallied by 3.5 percent the following day, according to data from Citigroup.

Tuesday, September 30, 2008 | - NYTimes.com

Senate Leaders Pledge Action on Bailout

President Bush and Senate leaders of both parties vowed on Tuesday to work toward quick approval of a financial bailout plan despite the House’s rejection of a $700 billion proposal that the White House had negotiated with Congressional leaders of both parties.

Tuesday, September 30, 2008 | - Bloomberg.com

U.S. Heading for Slump, With or Without Bailout

The U.S. may face its longest recession in a quarter century no matter what action Congress takes on Treasury Secretary Henry Paulson's $700 billion plan to rescue the battered banking industry

Tuesday, September 30, 2008 | - TIME

Without a Bailout Plan, What Will the Cost Be?

So what happens now? On Capitol Hill, House leaders said they'll try again soon. Treasury Secretary Henry Paulson practically begged for a revised deal in his brief appearance after the market carnage. "Our tool kit is substantial but insufficient," he said. The market's traumatized reaction today may change some minds and some votes.

Tuesday, September 30, 2008 | - TIME

Let Risk-Taking Financial Institutions Fail

The Administration and Congress have felt compelled to do something about the "financial meltdown," so an inefficient and inequitable "bailout plan" has been rushed through the legislature despite harsh criticism from the right and left. Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities.

Monday, September 29, 2008 | - NYTimes.com

House Rejects Bailout Package, 228-205; Stocks Plunge

In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.

Sunday, September 28, 2008 | - NYTimes.com

Three Weeks of Financial Turmoil

This is a very well done interactive time line from the New York Times of the financial crisis starting on September 7th, 2008. It has video and links to articles, to help paint a picture of the credit crisis as it unfolded.

Sunday, September 28, 2008 | - Bloomberg.com

Bush, Congressional Leaders Back Financial Rescue

President George W. Bush and congressional leaders said they reached an agreement on a $700 billion bank-rescue package designed to revive moribund credit markets.

Sunday, September 28, 2008 | - comitini.com

Download a copy of the Wall Street bailout legislation

This is a complete draft of the 101 page bill (.pdf 192 kb) as released on Sunday 9/28/2008. The federal government would provide up to $700 billion in a rescue of the nation's financial system, according to lawmakers in Washington. The leadership of both parties in Congress have urged their members to ratify the legislation.

Sunday, September 28, 2008 | - CNN

Golden parachutes limited, not ended, in bailout bill

Advocates of financial rescue trumpet end to big exit packages for execs. But many leaving troubled firms that get help will still get to take a bundle with them.

Sunday, September 28, 2008 | - CNN

Main Street turns against Wall Street

A populist backlash is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come.

Saturday, September 27, 2008 | - The Onion

McCain's economic bailout plan revealed to nation


Okay, so this one is political satire and a just a little off topic; but we could all use a laugh amongst the economic news.

Thursday, September 25, 2008 | - NYTimes.com

Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved

“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room. Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate banking committee, denounced the session as “a rescue plan for John McCain,” and proclaimed it a waste of precious hours that could have been spent negotiating.

Thursday, September 25, 2008 | - CNBC.com

The New Housing Law: What's In It?

All homeowners who do not itemize their income taxes can deduct between $500 and $1,000 from their 2008 federal taxes. Anyone buying a first home between April 9, 2008, and July 1, 2009, will receive up to $7,500 in federal income tax credits. The bill includes an estimated $15 billion in housing tax breaks, which became effective Aug. 1.

Thursday, September 25, 2008 | - Wall Street Journal

Bush delivers dire warnng

President Bush showed up just in time to do what he does best, use fear to push an agenda; "our entire economy is in danger" from market problems. He warned that the nation could experience "financial panic" and ultimately "a long and painful recession" if Congress doesn't move quickly.

Thursday, September 25, 2008 | - Wall Street Journal

Bailout Pact Gains Momentum Amid Push for Tough Controls

Democratic leaders hope to nail down details of the measure early Thursday, ahead of an extraordinary summit meeting in the afternoon at the White House, which will bring together Republican and Democratic presidential nominees, along with Mr. Bush and top leaders from Congress.

Thursday, September 25, 2008 | - CNN

Bernanke: Wall Street crisis threatens to drag down economy

Federal Reserve Chairman Ben Bernanke was back on Capitol Hill Wednesday, warning that the current financial crisis is the most significant in more than 60 years, and that even tougher times are ahead without quick Congressional approval of a controversial Wall Street bailout.

Thursday, September 25, 2008 | - Bloomberg.com

Bernanke Moves Closer to Rate Cut as Risks to Economy Intensify

Federal Reserve Chairman Ben S. Bernanke moved closer to cutting interest rates, signaling that risks to U.S. growth are greater than policy makers saw them just last week.

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