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POPS$8,000 In Your Pocket Well, almost. It's a tax credit, not a rebate. And you've got to be a first-time home buyer. Still, it's one of the most popular provisions of the new stimulus act. As good as the tax break sounds, it might have been higher: the Senate's version of the stimulus bill would have included a homebuyer tax credit of $15,000.
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POPSA Transparent TARP? We're getting there. The list of banks receiving assistance under the Capital Purchase Program is LONG, Treasury will need to get to work posting those contracts in particular. Why wasn't this done under the Bush administration?
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POPSThe Bailout: Obama's Turn This is going to grow into a much larger story in the coming months. The original $700 billion in TARP money is not nearly enough to grease the credit markets, buy up bad assets and provide foreclosure relief to millions of homeowners. After the inaugural parties, are over, the Obama administration deals with the task of remedying the country's economic hangover. First step: spending the remaining $350 billion in TARP money (actually a little less, because some of it is already spoken for). Why should the Bush administration have all the spending fun?
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POPSNot Rubinomics Part II Nice take from NYT's Jackie Calmes on the influence of Bob Rubin on Obama's economic team. But don't expect the Obama era to be a reprise of Rubinomics, which focused on balanced budgets and deregulation. There's going to be much deficit spending and a shift towards regulation in the next few years.
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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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POPSIs $700 Billion Enough? With so many groups (insurance companies, automakers, private and public banks) vying for a slice of the pie, it's questionable whether the government's $700 billion allotted for a bailout is enough.
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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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POPSCrackdown in Colombia Some Democrats in Congress have cited violence in Colombia for holding up a free trade deal between Washington and Bogota. Looks like the Bush administration is trying to curb the FARC's powers.
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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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