Benn Steil


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Bailout Failure

September 30, 2008

Markets had their worst day since the 1987 crash following the House vote to reject Paulson’s rescue plan. The Federal Reserve and the Treasury are expected to hold things together through greater easing and the expansion of the Federal Reserve balance sheet while political maneuvering blocks an explicit plan for the time being. The articles below discuss the consequences of this vote and the options left for the Fed and Treasury going forward.

Andrews, Landler: Treasury, Fed Looking at Options
Hilsenrath, Solomon, Reddy: Fed, Treasury Left with Familiar Arsenal
Irwin, Cho: Treasury, Fed Low on Options
Guha, Larsen, Steen: Bush Warns on Bailout Failure

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