Results tagged “Bailout” from Economic Alert
Banks are sooo yesterday. Now you want to saddle up to the Senate or House for that easy credit and low-interest loan.
NYT: "President Bush announced $13.4 billion in emergency loans on Friday to prevent the collapse of General Motors and Chrysler, and said another $4 billion would be available for the hobbled automakers in February. The entire bailout is conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
- The requirements include quickly reducing their debt, in debt for equity swaps, and basically gutting the union of wages and benefits.
Tie risky mortgages to bonuses paid out to the people who actually lent the money. Not bad: "Swiss bank Credit Suisse will link payouts for its top investment bankers to illiquid assets in an innovative new bonus system that may set an example for others in the industry."
So says the Peter G. Peterson Foundation:
"...based on Sept. 30 consolidated federal statements, which showed that Americans' total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion - and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November."
All these government bailouts and rescue packages are double-edged swords, if you ask experts.
On one hand, it is hard to argue that they won't be a short-term fix.
But it seems like for each expert I talk to, and for each bailout we come across, a theme emerges that worries them: what the bailout means in the next crisis.
Gary Painter, a public policy expert at USC, pointed it out last time I spoke to him.
Indeed. In the short-run, for instance, restructuring homeowners' loans could help lift many homeowners out of the doldrums.
But what about the next time? He worried about a new bubble (poised to pop) that can expand as people buying homes in the next upturn won't worry as much about the risk of dwindling property value because the government will jump in to save the borrower from defaulting on a loan.
Others are worried that such actions only create more debt -- part of what got us in to this mess in the first place.
Are we in a vicious cycle here?
Treasury Secretary Henry Paulson isn't exactly taking the blame.
But he did express regret for a lot of errors that led to the biggest financial crisis in seven decades. Still, he insists the Bush administration is pursuing the right course in addressing these problems.
In an interview on Fox Business Network, Paulson said, "We're not proud of all the mistakes that were made by many different people, different parties, failures of our regulatory system, failures of market discipline that got us here."
Truth be told, there's plenty of blame to go around.
You could start with the over-eager lenders who threw rules - and sane thinking - out the window in their rush to give loans to people who in many cases didn't have jobs, let alone the ability to make mortgage payments.
Other more marginal borrowers who did have jobs were also given loans. But many of them were certainly not able to keep up with their monthly mortgage payments once those payments began to reset at higher levels.
And a large piece of the blame goes squarely on the shoulders of borrowers themselves. Granted, some may have been issued loans without getting a full explanation as to how they would eventually ramp up with higher payments.
But others - many of whom should have known better - simply jumped in without any kind of due dilligence. They just saw a piece of the American Dream and grabbed it.
And now we circle back to the lenders. As increasing numbers of these loans began to default, mortgage lenders saw their revenue streams - and their liquidity - begin to dry up. Federal regulators should have jumped in long before all of this hit the fan. And when they finally did jump in, it was too late.
Now taxpayers are footing the bill for a massive bailout plan and a dire economic situation that has sent economic shockwaves throughout the financial world.
Great way to head into the holiday season.
Congressional Democrats are considering new economic stimulus legislation.
This from Rep. Adam Schiff's weekly e-newsletter:
This from Rep. Adam Schiff's weekly e-newsletter:
Congress to Explore Additional Economic Stimulus Measure
On Monday, the House leadership convened an economic forum with some of America's leading economists many of whom urged new recovery measures that focus on creating jobs and helping those struggling to make ends meet. Chairmen of several House committees will be holding hearings next week to reach a consensus on legislation designed to speed the recovery effort. The new proposal could be brought to the House floor in November, although the date has not been finalized.
Wall Street plummeted sharply early Monday, with the Dow Jones industrials falling below the 10,000 mark for the first time in nearly four years.
Nervous investors are apparently nonplussed by the government-approved $700 billion bailout package that's designed to rid banks of toxic, mortgage-related debt and jumpstart lending again.
It was hoped the bill would loosen credit markets in the near term, but it remains to be seen when that will begin to happen.
People are scared - scared that this financial meltdown has a lot further to go before things finally hit bottom. And when fear figures into this heavily into the mix, businesses are relucant to borrow, investors sell off and the market tanks.
Here's what Nouriel Roubini, otherwise known as Dr. Doom, had to say last week:
This is indeed a cardiac arrest for the shadow and non-shadow banking system and for the system of financing of the corporate sector. The shutdown of financing for the corporate system is particularly scary: solvent but illiquid corporations that cannot roll over their maturing debt may now face massive defaults due to this illiquidity. And if the financing of the corporate sectors shuts down and remains shut down the risk of an economic collapse similar to the Great Depression becomes highly likely.
Will today's market close be as bad as last Monday? Stay tuned.
It finally happened, and it probably came a little quicker than many had predicted.
The House has approved a the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history.
To quote the New York Post:
The crucial vote was 263-171, passing by a comfortable bipartisan margin. Most Democrats voted in favor (172 yeas to 63 nays), while a slighter majority of Republicans voted against (91 yeas to 108 nays). Every member of the House voted. (There is one vacancy, created by recent death of Stephanie Tubbs Jones of Ohio.)
At 1:21 p.m., applause and cheers echoed through the House chamber as the number of "aye" votes crossed the threshold needed for passage with just seconds remaining in the official 15-minute voting period.
California Controller John Chiang issued a press release this afternoon announcing that the state will likely run out of money by the end of October and will need to borrow $7 billion to meet its obligations through the end of the fiscal year (that's June 30, 2009). With the national credit crisis looming large, that borrowing won't be easy. Chiang urges Congress to take quick action to restore confidence in the financial markets.
His quote:
His quote:
"There is no question that today's economic uncertainties and a tight credit market may create enormous challenges to the State to borrow at one time the entire $7 billion I have determined the State will need to meet its obligations through the end of the fiscal year. The difficulty is also compounded by the short window of time between now and the final days of October, the period in which my office has projected the State will likely run out of cash.
"It is critical that Congress take swift action to adopt an economic recovery plan that can calm the fears of American consumers, stabilize the market and loosen the credit stream we will need to continue to provide quality programs and services Californians expect and deserve."
Earlier today, Gov. Arnold Schwarzenegger sent a letter to California's Congressional delegation, urging them to support the bailout plan, stressing that "this plan is not a 'bailout' for Wall Street. To the contrary, the plan is about protecting Main Street."
Unless Congress acts quickly, Schwarzenegger warned, "California will be unable to sell voter-approved bonds for the highway, school, housing and water construction projects that our state is relying on to help carry us through this difficult economy."
Bottom line: "I am writing to urge you to vote in favor of the Emergency Economic Stabilization Act. This plan is critical to the well-being of every community in California and across the nation. Swift action in Congress is needed to restore confidence in our financial system.
Wall Street reacted violently early Monday after the House failed to pass a proposed $700 billion bailout plan to rescue troubled financial companies from the failed mortgage loans that have clogged their books and put a damper on further lending.
At one point, the Dow Jones industrials nose-dived more than 700 points before throttling upward into safer, but still negative, territory.
Let's be clear on this. No one - the president and Capital Hill lawmakers included - wanted to have to vote on a bill that essentially acts as a get-out-of-jail-free card for over-eager lenders and inattentive regulators who helped allow this financial mess to occur.
And let's not forget the borrowers who took out mortgage loans they clearly weren't going to be able to pay down the road. If you're looking for culpability, there's plenty to go around.
But, like it or not, forward motion is badly needed right now. Opponents may not agree with some of the details, but any plan that can begin to free up lending at banks would likely go a long way toward unclogging the economic logjam we find ourselves in.
A story from the Associated Press captures some of the craziness that occurred before noon on Monday:
NEW YORK (AP) -- Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, after the government's financial bailout package failed the House.As the vote was shown on TV, stocks plunged and investors fled to the safety of the credit markets, worrying that the financial system would keep sinking under the weight of failed mortgage debt.
While investors had some worries that the vote would be close, many investors appeared to believe it would ultimately pass.
The markets were highly volatile, with the Dow regaining ground then falling backing again, trading down 454.95, or 4.08 percent, to 10,688.18. At its low, it was down 705.06, not far from its previous record for an intraday drop, 721.32, set during the first trading day after the Sept. 11, 2001, terror attacks.
Broader stock indicators also tumbled. The Standard & Poor's 500 index declined 66.64, or 5.49 percent, to 1,146.63, and the Nasdaq composite index fell 133.92, or 6.13 percent, to 2,049.42.
The Federal Reserve declined to comment on the market's decline.
With Wall Street in turmoil, the yield on the 3-month Treasury bill fell to 0.68 percent from 0.87 percent on Friday. That showed that investors were prepared to get meager returns on an investment as long as it was secure.
Marc Pado, U.S. market strategist at Cantor Fitzgerald, said investors are worried about the spread of troubles beyond banks in the U.S. to Europe and other markets.
"Things are dying and breaking apart while they sit there and vote on this thing," he said.
As Congress wrangles over the details of a proposed $700 billion market bailout, much of the debate has centered on whether taxpayers should foot the bill for bad decisions made by Wall Street executives and homebuyers who got in over their heads by taking out mortgages they couldn't afford.
The government plan is intended to give the economy a shot in the arm by taking bad debt off the balance sheets of banks and other financial institutions, thereby loosening up credit so that the economy can grow. Mostly, this means buying up troubled mortgages and mortgage-backed securities, but it could also include credit card debt, auto loans or just about any kind of debt that none of the big banks and Wall Street firms feel good about carrying in these troubled times.
While everyone's weighing the need to protect and preserve the nation's economy against the unpleasant possibility of rewarding those who endangered it, no one seems to be thinking of those people who lost big chunks of their savings accounts when their banks failed earlier this year.
What about them?
Continue reading Any help for uninsured depositors?.
While both sides of the aisle continue to haggle over the details - and scope - of the government-proposed bailout plan for the nation's financial institutions, presidential candidates John McCain and Barack Obama have jumped into the fray.
Republican Sen. John McCain challenged Democratic political rival Sen. Barack Obama to delay Friday's first presidential debate and join forces to help Washington fix the financial mess. But Obama rebuffed his GOP rival, saying the next president needs to "deal with more than one thing at once."
Here's more of the story from the Associated Press:
The White House rivals maneuvered to claim the leadership role in resolving the
economic turmoil that has overshadowed their campaign six weeks before Election Day. Obama said he would proceed with his debate preparations while consulting with bailout
negotiators and Treasury Secretary Henry Paulson.McCain said he would stop all advertising, fundraising and other campaign events to return to Washington and work for a bipartisan solution.
"It's my belief that this is exactly the time when the American people need to hear
from the person who, in approximately 40 days, will be responsible for dealing with
this mess," Obama said at a news conference in Clearwater, Fla. "It's going to be part
of the president's job to deal with more than one thing at once."But McCain said they must focus on a bipartisan solution to the nation's financial
woes as the Bush administration's $700 billion bailout proposal seemed headed for
defeat. If not, McCain said ominously, credit will dry up, people will no longer be
able to buy homes, life savings will be at stake and businesses will not have enough
money to pay workers.
"It has become clear that no consensus has developed to support the administration's
proposal," McCain said. "I do not believe that the plan on the table will pass as it
currently stands, and we are running out of time."Sen. Lindsey Graham, McCain's representative in debate negotiations, said McCain will
not attend the debate "unless there is an agreement that would provide a solution" to
the financial crisis. Graham, R-S.C., told The Associated Press that the agreement
would have to be publicly endorsed by Obama, McCain, the White House and congressional leaders, but not necessarily given final passage by the House and Senate.
It's the largest government bailout in U.S. history, and two days after it was introduced to the Americans paying for it, the proposal is still largely a mystery.
Among the unanswered questions: How will the government mop up the bad mortgage debt on banks' books, who will run the process and how much will it cost?
Pessimism surrounded the bailout Monday as the Dow Jones industrial average fell more than 370 points as analysts predicted the $700 billion bailout coupled with the $200 billion committed to take over mortgage giants Fannie Mae and Freddie Mac could cause the government to boost its borrowing.
The Bush administration is asking Congress for $700 billion to buy up troubled assets from financial institutions. Congressional Democrats are proposing to add several limits and requirements. Here's a quick ouline of both plans.
President George W. Bush and Treasury Secretary Henry Paulson this morning announced the government is working on a sweeping bailout plan that could cost taxpayers hundreds of billions of dollars to stabilize foundering financial markets.
Paulson will spend the weekend working with members of Congress to craft legislation paving the way for the largest government intervention since the Great Depression.
"We must act now to protect our nation's economic health from serious risk," Bush said in the news conference.
Bush said Capitol leaders have already been briefed on the urgent need for Congressional approval of the government's plan to buy bad debt, such as troubled mortgages, from banks and other financial institutions.
"These illiquid assets are clogging up our financial system, and undermining the strength of our otherwise sound financial institutions," Paulson said. "As a result, Americans' personal savings are threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation has been disrupted."
Complete text of Bush speech.
Complete text of Paulson speech.
Paulson will spend the weekend working with members of Congress to craft legislation paving the way for the largest government intervention since the Great Depression.
"We must act now to protect our nation's economic health from serious risk," Bush said in the news conference.
Bush said Capitol leaders have already been briefed on the urgent need for Congressional approval of the government's plan to buy bad debt, such as troubled mortgages, from banks and other financial institutions.
"These illiquid assets are clogging up our financial system, and undermining the strength of our otherwise sound financial institutions," Paulson said. "As a result, Americans' personal savings are threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation has been disrupted."
Complete text of Bush speech.
Complete text of Paulson speech.
Here is the text of Treasury Secretary Henry Paulson's speech today:
Good morning, everyone. Hope you got a lot of sleep last night.
Now, last night the Federal Reserve chairman, Ben Bernanke, SEC Chairman Chris Cox and I had a lengthy and productive working session with congressional leaders. We began a substantive discussion on the need for a comprehensive approach to relieving the stresses on our financial institutions and markets.
We have acted on a case-by-case basis in recent weeks, addressing problems at Fannie Mae and Freddie Mac, working with market participants to prepare for the failure of Lehman Brothers and lending to AIG so it can sell some of its assets in an orderly manner.
And this morning, we've taken a number of powerful tactical steps to increase confidence in the system, including the establishment of a temporary guarantee program for the U.S. money market and mutual fund industry.
Despite these steps, more is needed. We must now take further decisive action to fundamentally and comprehensively address the root cause of our financial system stresses.
The underlying weaknesses in our financial system today is illiquid mortgage assets that have lost value as the housing correction has proceeded. These illiquid assets are choking off the flow of credit that is so vitally important to our economy.
When the financial system works as it should, money and capital flow to and from households and business to pay for home loans, school loans and investments to create jobs.
As illiquid mortgage assets block the system, the clogging of our financial markets has the potential to have significant effects on our financial system and on our economy.
As we all know, lax lending practices earlier this decade led to irresponsible lending and irresponsible borrowing. This simply put -- put too many families into mortgages they could not afford. We are seeing the impact on homeowners and neighborhoods with 5 million homeowners now delinquent or in foreclosure.
What began as a subprime lending problem has spread to other, less risky mortgages and contributed to excess home inventories that have pushed down home prices for responsible homeowners.
A similar scenario is playing out among the lenders who made those mortgages, the securitizers who bought, repackaged and resold them, and the investors who bought them.
These troubled loans are now parked or frozen on the balance sheets of banks and other financial institutions, preventing them from financing productive loans.
The inability to determine their worth has fostered uncertainty about mortgage assets and even about the financial conditions of the institutions that own them.
The normal buying and selling of nearly all types of mortgage assets has become challenged. These illiquid assets are clogging up our financial system and undermining the strength of our otherwise sound financial institutions.
As a result, Americans' personal savings are threatened, and the ability of consumers and businesses to borrow and finance spending, investment and job creation has been disrupted.
To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem.
The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy. This troubled asset relief program must be properly designed and sufficiently large to have maximum impact while including features to protect the taxpayer to the maximum extent possible.
The ultimate taxpayer protection will be the stability this troubled asset relief program provides to our financial system, even as it will involve a significant investment of taxpayer dollars.
I am convinced that this bold approach will cost American families far less than the alternative: a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.
I believe many members of Congress share my conviction. I will spend the weekend working with members of Congress of both parties to examine approaches to alleviate the pressure of these bad loans in our system so credit can flow once again to American consumers and companies. Our economic health requires that we work together for prompt, bipartisan action.
As we work with Congress to pass this legislation over the next week, other immediate actions will provide relief.
First, to provide critical additional funding to our mortgage markets, the GSEs Fannie Mae and Freddie Mac, will increase their purchases of mortgage-backed securities. These two enterprises must carry out their mission to support the mortgage market.
Second, to increase the availability of capital for new home loans, Treasury will expand the MBS purchase program we announced earlier this month. This will complement the capital provided by the GSEs, it will help facilitate mortgage availability and affordability.
These two steps will provide some initial support to mortgage assets, but they are not enough. Many of the illiquid assets clogging our system today do not meet the regulatory requirements to be eligible for the purchase by the GSEs or by the Treasury program.
I look forward to working with Congress to pass necessary legislation to remove these troubled assets from our financial system. When we get through this difficult period -- which we will -- our next task must be to improve the financial regulatory structure so that these past excesses do not recur.
This crisis demonstrates in vivid terms that our financial regulatory structure is suboptimal, duplicative and outdated. I have put forward my ideas for a modernized financial oversight structure that matches our modern economy and more closely links the regulatory structure to the reasons why we regulate.
This is a critical debate for another day. Right now our focus is on restoring the strength of our financial system so that it can again finance economic growth.
The financial security of all Americans, their retirement savings, their home values, their ability to borrow for college, and the opportunities for more and higher-paying jobs depends on our ability to restore our financial institutions to sound footing.
Thank you. Now I'll take several questions.
Q: Mr. Secretary, you said this needs to be -- you said this needs to be of significant size. Are we talking hundreds of billions, a trillion dollars?
PAULSON: We're talking hundreds of billions. This needs to be big enough to make a real difference and get at the heart of the problem.
Q: What specifically will you be asking Congress for? Have you brought them a proposed legislative package?
PAULSON: We are going to be coming to them with a proposed legislative package and then working with them to flesh out the details through the weekend. And we're going to be asking them to take action on legislation next week.
Q: Mr. Secretary, what is the alternative here? What is the dire picture you painted for members of Congress last night to try and convince them to support this effort? What is the alternative?
PAULSON: This is what we need to do. Because for some time we've been saying that the root cause of the problems in our economy and our financial system is housing, and until we get stability in the housing market we are not going to get stability in our financial markets.
We've worked with Congress on a number of the steps, all of which were important, leading up to this. But this is the way we stabilize the system and get at the root cause.
Thank you all very much. Thanks.
Here's is the text of President George W. Bush's statement on the economy this morning:
Good morning.
I thank the treasury secretary, Hank Paulson, Federal Reserve Chairman Ben Bernanke and SEC Chairman Chris Cox for joining me today.
This is a pivotal moment for America's economy. Problems that originated in the credit markets and first showed up in the area of subprime mortgages have spread throughout our financial system. This has led to an erosion of confidence that has frozen many financial transactions, including loans to consumers and to businesses seeking to expand and create jobs.
As a result we must act now to protect our nation's economic health from serious risk. There will be ample opportunity to debate the origins of this problem. Now is the time to solve it.
In our nation's history there have been moments that require us to come together across party lines to address major challenges. This is such a moment.
Last night, Secretary Paulson and Chairman Bernanke and Chairman Cox met with congressional leaders of both parties and they had a very good meeting. I appreciate the willingness of congressional leaders to confront this situation head-on.
Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary. Given the precarious state of today's financial markets, and their vital importance to the daily lives of the American people, government intervention is not only warranted, it is essential.
In recent weeks, the federal government has taken a series of measures to help promote stability in the overall economy.
To avoid severe disruptions in the financial markets and support home financing, we took action to address the situation in Fannie Mae and Freddie Mac. The Federal Reserve also acted to prevent the disorderly liquidation of the insurance company AIG. And in coordination with central banks around the world, the Fed has injected much-needed liquidity into our financial system.
These were targeted measures designed primarily to stop the problems of individual firms from spreading even more broadly. But more action is needed.
We must address the root cause behind much of the instability in our markets: mortgage assets that have lost value during the housing decline and are now restricting the flow of credit.
America's economy is facing unprecedented challenges, and we are responding with unprecedented action.
Secretary Paulson, Chairman Bernanke and Chairman Cox have briefed leaders on Capitol Hill on the urgent need for Congress to pass legislation approving the federal government's purchase of illiquid assets, such as troubled mortgages, from banks and other financial institutions.
This is a decisive step that will address underlying problems in our financial system. It will help take pressure off the balance sheets of banks and other financial institutions. It will allow them to resume lending and get our financial system moving again.
Additionally the federal government is taking several other steps to address the trouble of our financial markets.
The Department of Treasury is acting to restore confidence in a key element of America's financial system: money market mutual funds. In the past, government insurance was not available for these funds, and the recent stresses on the markets have caused some to question whether these investments are safe and accessible.
The Treasury Department's actions address that concern by offering government insurance for money market mutual funds. For every dollar invested in an insured fund, you'll be able to (get) a dollar out.
The Federal Reserve is also taking steps to provide additional liquidity to money market mutual funds, which will help ease pressure on our financial markets.
These measures will act as grease for the gears of our financial system, which were at risk of grinding to a halt. They will support the flow of credit to households and businesses.
The Securities and Exchange Commission has issued new rules temporarily suspending the practice of short selling on the stocks of financial institutions. This is intended to prevent investors from intentionally driving down particular stocks for their own personal gain.
The SEC is also requiring certain investors to disclose their short selling and has launched rigorous enforcement actions to detect fraud and manipulation in the market. Anyone engaging in illegal financial transactions will be caught and persecuted.
Finally, when we get past the immediate challenges, my administration looks forward to working with Congress on measures to bring greater long-term transparency and reliability to the financial system, including those in the regulatory blueprint submitted by Secretary Paulson earlier this year.
Many of the regulations governing the functioning of America's markets were written in a different era. It is vital that we update them to meet the realities of today's global financial system.
The actions I just outlined reflect the considered judgment of Secretary Paulson, Chairman Bernanke and Chairman Cox. We believe that this decisive government action is needed to preserve America's financial system and sustain America's overall economy.
These measures will require us to put a significant amount of taxpayer dollars on the line. This action does entail risk, but we expect that this money will eventually be paid back.
The vast majority of assets the government is planning to purchase have good value over time because the vast majority of homeowners continue to pay their mortgages.
The risk is -- of not acting would be far higher. Further stress on our financial markets would cause massive job losses, devastate retirement accounts and further erode housing values, as well as dry up loans for new homes and cars and college tuitions. These are risks that America cannot afford to take.
In this difficult time, I know many Americans are wondering about the security of their finances. Every American should know that the federal government continues to enforce laws and regulations protecting your money.
Through the FDIC every savings account, checking account and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit, and this will not change.
America's financial system is intricate and complex, but behind all the technical terminology and statistics is a critical human factor: confidence. Confidence in our financial system and in its institutions is essential to the smooth operation of our economy, and recently that confidence has been shaken.
Investors should know that the United States government is taking action to restore confidence in America's financial markets so they can thrive again.
In the long run Americans have good reason to be confident in our economic strength. America has the most talented, productive and entrepreneurial workers in the world. This country is the best place in the world to invest and do business. Consumers around the world continue to seek out American products, as evidenced by record high exports.
We have a flexible and resilient system that absorbs challenges and makes corrections and bounces back. We've seen that resilience over the past eight years. Since 2001 our economy has faced a recession, the bursting of the dot-com bubble, major corporate scandals, an unprecedented attack on our homeland, a global war on terror, a series of devastating natural disasters.
Our economy has weathered every one of these challenges and still managed to grow. We will weather this challenge, too, and we must do so together. This is no time for partisanship. We must join to move urgently needed legislation as quickly as possible without adding controversial provisions that could delay action. I'll work with Democrats and Republicans alike to steer our economy through these difficult times and get back to the path of long-term growth.
Thank you very much.
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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