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Financial markets headed for another difficult session Monday ahead of a planned House vote on an unpopular $700 billion plan to rescue troubled financial companies and as investors examined a deal for Wachovia Corp.
Stock futures fell sharply as investors feared the plan to buy up toxic debt wouldn't be sufficient to resuscitate nearly frozen credit markets. Meanwhile, demand for safe-haven buying in government debt remained high ahead of the vote.
Investors also reviewed the buyout at Wachovia. The Federal Deposit Insurance Corp. said Monday that Citigroup Inc. will acquire Wachovia's banking operations and that the deal protects Wachovia debtholders — a welcome prospect for investors given the strains in the credit markets. Investors had been worried about Wachovia's stability as it grappled with mounting losses over souring mortgage debt.
New York Stock Exchange: http://www.nyse.com
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Paulson: Rescue Might Cost 'Hundreds Of Billions' : NPR
On Friday, Treasury Secretary Henry Paulson outlined a government bailout of the ... Despite these steps, more is needed. We must now ... Trust Corp., which was set up to bail out troubled ...
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Christopher Dodd: News & Videos about Christopher Dodd - CNN.com
... said on Sunday that the Bush administration's $700 billion proposal to bail out the ... More is needed,' Paulson says", "wool" : "", "tease" : "Treasury Secretary Henry ...
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More questions than answers about federal bailout plan - Sep. 19, 2008
But others say that there are still enough fundamental ... CNNMoney.com that he doubts it will be the last federal bailout in the sector that will be needed. "Secretary Paulson ...
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Paulson: Fed may make more emergency loans in future | Reuters
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said on Thursday that the ... Hamilton faces day in court before night race; U.S. Treasury chief says bailout needed to shield ...
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Paulson wants more say for Fed in Wall St affairs- International ...
Paulson wants more say for Fed in Wall St affairs ... permanent backstop for investment banks is needed ... in first debate; Critical days ahead for US bailout plan; More
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Bailout deal expected to be announced on Sunday
... had reached the broad outline of a deal to put in place a $700 billion bank bailout ... It was included in a stopgap funding bill needed to keep the government running ... Gregg, using a metaphor that he hoped would make the rescue plan more understandable ...
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Source: Los Angeles Times
NewsDateTime: 9/27/2008
Bush scrambles to save $700B bailout plan
Bush decided to speak, and also was in constant contact with Treasury Secretary Henry Paulson, who was returning ... One day his Vice Pres. says if some form of the bailout doesn't happen we will enter another depression, and the next day he effectively ...
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Source: Knoxville News Sentinel
NewsDateTime: 9/26/2008
Fate of Bailout May Rest With Republicn Sen. Shelby
Cramer says the government's financial bailout plan needs to get passed as soon ... hangs in the balance" and that a bill is needed ... added, "Unfortunately, the only plan more costly would be doing nothing at all." Treasury Secretary Henry Paulson offered ...
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Source: CNBC
NewsDateTime: 9/23/2008
he news comes as President Bush and other congressional leaders looked to shore up support for the rescue measure, which they and many on Wall Street believe is a difficult but necessary choice to revive moribund credit markets. Banks and other financial houses are hesitant to lend to one another because of fears about bad mortgage debt on companies' books.
Tight lending conditions make it harder and more expensive for businesses and consumers to get a loan, which can hurt the economy.
While congressional leaders said they had the headcount to pass the vote — a Senate vote could come as early as Wednesday — investors were likely to remain unnerved until the votes are complete.
Investors also digested news that consumer spending in August fell to its lowest level in six months. The Commerce Department said consumer spending remained unchanged in August, rather than increasing 0.2 percent as economists had expected and the worst showing since February.
Personal incomes rose a better-than-expected 0.5 percent after falling 0.6 percent drop in July. But after-tax incomes fell by 0.9 percent. Incomes benefited in past months from the government's stimulus checks.
Dow Jones industrial average futures fell 169, or 1.52 percent, to 10,978. Standard & Poor's 500 index futures fell 19.80, or 1.63 percent, to 1,194.70, and Nasdaq 100 index futures fell 30.00, or 1.79 percent, to 1,644.75.
Credit markets remained strained Monday. The yield on the 3-month Treasury bill, considered the safest short-term investment, fell to 0.66 percent from 0.87 percent late Friday. The yield on the T-bill falls as demand grows; investors are at times willing to take the slimmest returns to safeguard their principal. The yield on the benchmark 10-year Treasury note fell to 3.78 percent from 3.84 percent late Thursday.
The dollar was mixed against other major currencies, while gold prices rose.
Light, sweet crude fell $5.19 to $101.70 in premarket electronic trading on the New York Mercantile Exchange.
To tamp down criticism of the plan, Congress can restrict how much of the money goes out the door at once. It also includes limits on pay packages of top executives as well as assurances that the government also would ultimately be reimbursed by the companies for any losses. The Treasury would be permitted to spend $250 billion to buy banks' risky assets, giving them a much-needed necessary cash infusion. There also would be another $100 billion for use at president's discretion and a final $350 billion if Congress signs off on it.
Investors are also worried about overall sluggishness in the world's economy. In the U.S., for example, unemployment now sits at a five-year high of 6.1 percent. That rate is expected to increase, perhaps putting further pressure on consumer spending, which accounts for more than two-thirds of the nation's economic activity.
For the Wachovia deal, Citigroup's acquisition will include five depository institutions and assume debt. The FDIC said Citigroup will absorb up to $42 billion of losses on a $312 billion pool of loans. The FDIC said it would cover any additional losses. The FDIC gets $12 billion in preferred stock and warrants under the deal. Citi shares fell 5.2 percent in premarket electronic trading.
Investors overseas were nervous ahead of the votes in Washington and after three European governments agreed to inject Fortis NV with a $16.4 billion bailout. Fortis, with has headquarters in Brussels, Belgium and Utrecht, Netherlands, is Belgium's largest retail bank.
The British government said it is nationalizing mortgage lender Bradford & Bingley, which has a $91 billion mortgage and loan portfolio. It was the latest sign that the credit crisis has spread beyond the U.S.
Japan's Nikkei stock average fell 1.26 percent. Britain's FTSE 100 declined 3.23 percent, Germany's DAX index fell 2.75 percent, and France's CAC-40 fell 2.58 percent
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