The TARP news continues fast and furious. This afternoon’s installment involves the House’s financial regulation bill, officially known as H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009. That bill would make many changes to financial regulation, one of which – enhanced dissolution authority for financial firms that run into severe trouble [...]
Posts Tagged ‘TARP’
Mythical Budget Savings from Cutting TARP
Posted in Budget, Finance, Regulation, tagged Budget, Finance, Regulation, TARP on December 9, 2009 | 9 Comments »
Treasury Extends, but Limits, TARP
Posted in Budget, Finance, Politics, tagged Budget, Finance, TARP on December 9, 2009 | Leave a Comment »
Well that was quick. This morning Treasury Secretary Geithner laid out the administration’s vision for TARP, answering the questions I posed yesterday. As expected, Secretary Geithner is using his authority to extend the TARP program to October 3, 2010 (it otherwise would have expired at the end of this month). As I’ve suggested in earlier [...]
Some Questions about TARP’s Future
Posted in Budget, Finance, Politics, tagged Budget, Finance, Politics, Stimulus, TARP on December 8, 2009 | 4 Comments »
As I discussed the other day, using TARP to pay for new jobs programs faces some serious practical issues. First, the administration is limited in how it can deploy existing TARP funds. It should be straightforward to use more funds to support lending to small businesses (which TARP already does to some extent), but it [...]
Can TARP Be Used to Pay for a New Jobs Program?
Posted in Budget, Finance, Politics, tagged Banks, Mortgage, Stimulus, TARP on December 4, 2009 | 10 Comments »
Washington is abuzz with the idea that Congress, the White House, or both may try to use unspent TARP funds as a way to promote job creation (see, e.g., this WSJ story and this WaPo story). Over the past two days, many reporters have asked me about the mechanics of this idea–can the government really [...]
Capital One Warrants Bring in $146.5 Million
Posted in Auctions, Finance, tagged Auctions, Banks, TARP on December 4, 2009 | 2 Comments »
Yesterday the Treasury auctioned off its TARP warrants in Capital One. Treasury sold the warrants for $11.75 a piece, well above its $7.50 reserve price, but below some private estimates of $19.00 or more. I wouldn’t have gone as high as $19.00 myself, but I would have ended up a winner in the auction if [...]
TARP Warrants: Let the Bidding Begin
Posted in Auctions, Finance, tagged Auctions, Banks, TARP, Warrants on December 2, 2009 | 5 Comments »
Thursday is a nice milestone in TARP’s history: with the help of Deutsche Bank, Treasury is auctioning off the warrants it received when it invested in Capital One. The company has already paid off the preferred stock that the government purchased last fall, and will now be free from TARP oversight once the warrants are [...]
Looking Back at Fiscal 2009
Posted in Budget, tagged Budget, CBO, Deficit, Fannie Mae, Freddie Mac, GSE, TARP, Taxes on October 9, 2009 | Leave a Comment »
A few days ago, CBO released its latest snapshot on the federal budget, documenting the remarkable challenges of fiscal 2009, which ended on September 30. The key phrase in the report is “in over 50 years” as in: At $1.4 trillion, the budget deficit was 9.9% of gross domestic product, the largest, relative to the economy, [...]
Wall Street Goes to Washington
Posted in Economy, Finance, Politics, Regulation, Uncategorized, tagged Banks, Economics, Fannie Mae, FDIC, Federal Reserve, Finance, Freddie Mac, J.P. Morgan, Lehman, Pimco, Politics, Regulation, TARP on September 13, 2009 | 2 Comments »
A front page story in today’s Washington Post (“In Shift, Wall Street Goes to Washington“) documents the Capital’s rising importance in the financial world: J.P. Morgan Chase for the first time convened its board in Washington this summer, calling the directors to a meeting at the downtown Hay-Adams hotel, then dispatching them to Capitol Hill [...]
The Exploding Deficit Reaches $1.4 Trillion
Posted in Budget, tagged Budget, CBO, Deficit, Fannie Mae, Freddie Mac, GSE, Interest Rates, OMB, TARP, Taxes on September 8, 2009 | 8 Comments »
Earlier today, CBO released its latest monthly snapshot on the federal budget. The key things you should know are: CBO estimates that the government ran a deficit of almost $1.4 trillion during the first eleven months of the fiscal year (up from $501 billion at this point last year). CBO reiterated its forecast that the [...]
2009 Budget Deficit: $1.58 Trillion
Posted in Budget, Politics, tagged Budget, CBO, Deficit, OMB, TARP, Taxes on August 19, 2009 | 6 Comments »
Next Tuesday is a big day for budget watchers. The Congressional Budget Office will release its updated budget and economic projections in the morning, and the Office of Management and Budget will release its projections later in the day. CBO isn’t a fan of leaks, so we probably won’t know much about its updated projections [...]
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