One Year after the Wall Street Meltdown
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It's been a year now since Lehman Brothers was allowed to go bankrupt, and the financial meltdown really got under way. Since Barack Obama took over, has there been more continuity than change? Could it happen all over again? Also, Senator Max Baucus releases his long-awaited healthcare bill. On Reporter's Notebook, will ten "double eagles" — America's rarest coins — be made available on the open market?
Banner image: Then-US Treasury Secretary Henry Paulson (L) speaks as Federal Reserve Board Chairman Ben Bernanke (R) listens during a hearing before the House Financial Services Committee on Capitol Hill September 24, 2008 in Washington, DC. Photo: Alex Wong/Getty Images
Baucus Releases Long-Awaited Healthcare Bill ()
Senate Finance Committee Chair Max Baucus today finally unveiled a healthcare reform plan that would cost $856 billion over ten years. It would require most Americans to carry health insurance, and establish nonprofit co-ops instead of a "public option." He led a group of three Democrats and three Republicans that was called the best hope for a bipartisan package. So far, no Republicans have signed on. Alex Wayne covers health care for Congressional Quarterly.
One Year after the Wall Street Meltdown ()
Henry Paulson had been the CEO of Goldman Sachs, a Republican and a free marketeer. But as George W. Bush's reluctant Treasury Secretary, he engineered the biggest government intervention of modern times. Barack Obama promised big change, but he picked as Treasury Secretary, Timothy Geithner, who also played a key role in the Bush Administration's Wall Street bailout. More institutions than ever are "too big to fail" and, while the President's warned against excess risk, he has not said they wouldn't be bailed out again. The new regulations he has proposed may have trouble in Congress, which is gearing up for another election year. The TARP and the federal stimulus might have saved the economy, but what's been done to prevent another recession as bad as the one we're in now?
- Todd Purdum: National Editor, Vanity Fair
- Mark Zandi: Chief Economist, Moodys Economy.com, @dismalscientist
- Elizabeth Warren: Chair, TARP's Congressional Oversight Committee, @elizabethforMA
- Anil Kashyap: Professor of Economics and Finance, University of Chicago
Famous Golden 'Double-Eagles' in a Safe Deposit Box ()
When Franklin Roosevelt took the US off the gold standard in 1933, almost a half-million $20 gold pieces were melted down. Only one of the missing coins has ever been sold publicly — for $7.6 million in 2002. Now ten more have turned up. A federal judge has ordered that the Treasury Department must prove that these "double eagles" were stolen from the US Mint some time in the 1930's by a Philadelphia jeweler named Israel Switt. If it can't make the case, the judge says they'll have to be given back to Switt's grandson, Roy Langbord. That's reported by John Schwartz in today's New York Times.
- John Schwartz: Legal Reporter, New York Times
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