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POPSChicken a la Detroit The White House and congressional Democrats seem to be playing chicken over a bailout for the auto industry. The WH wants to cut some of the strings on $25 billion in loans that can go to the Big Three fairly quickly. Dems say the WH has the power to give the auto industry a portion of its $700 billion TARP funds immediately. The unknown variable: will a bankruptcy filing by any of Detroit's Big 3 tip the recession into an even deeper downturn? Is that a risk the government should take right now? Do you think Washington should give Detroit a lifeline? Post your comments below.
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POPSLarry Summers for Treasury Secretary Of course he's not the only one being mentioned to replace Hank Paulson if Obama wins on Tuesday. Other notables: FDIC Chairwoman Sheila Bair and former Treasury Secretary Robert Rubin. Here's a comprehensive list from Politico on what an Obama administration might look like.
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POPSPaulson's Folly Insightful take by WashPost's Pearlstein on what's gone wrong with the bailout.
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POPSHave We Reached Bottom? Six months from now, remember Bernanke's comments. Six months ago, Paulson said he thought the worst was behind us.
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POPSAnd so the bailout begins... If Mr. Kashkari, is only going to be in his post for three months, that's a pretty good indication that the administration plans to use all $700 billion right away.
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POPSSEC Not Happy With Proposals Former SEC chairs don't like Paulson's proposal to overhaul the regulatory system? Not to worry. The administration and Congress know that proposal is going nowhere. Think of it as an academic exercise for a future administration to consider when revamping the financial regulatory system.
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