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Links roundup: What’s another $500 billion between friends?

Must-reads:

“Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury Department…

“Last week, the FDIC proposed raising fees on banks in order to build up its deposit insurance fund, which had just $19 billion at the end of 2008. That idea provoked protests from banks, which said such a burden would worsen their already shaken condition. The Dodd bill, if it becomes law, would represent an alternative source of funding.”

WSJ: Bill seeks to let FDIC borrow $500 billion

“The Federal Reserve Board of Governors receives daily reports on bailout loans to financial institutions and won’t make the information public, the central bank said in a reply to a Bloomberg News lawsuit.

“The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.”

Bloomberg: Fed refuses to release bank data, insists on secrecy

“Dramatic shifts in the U.S. labor market in the last 25 years are relegating older workers — even those with a college education — to lower-wage jobs, according to a research paper by MIT Economics Professor David Autor.

“This trend appears likely to steepen in the current recession, as employers accelerate the rate at which they shed nonessential positions.”

MIT: The middle-age, middle-income squeeze

More:

NYT sells its office building for $225 million
PIMCO, like Buffett, sees inflation coming
A list of the 19 banks that will receive “stress tests”
You’re dead? That won’t stop the debt collector
Floyd Norris: The ubiquity of distress
Part-time for economic reasons hits 8.6 million

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Comments (1)

  1. Submitted by William Souder on 03/11/2009 - 05:44 pm.

    Here’s my simple plan to rescue the banks and save the industrial sector: Give billions in bailout money to the big banks…with the stipulation that they must lend all of it to General Motors.

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