McCain Floats RTC Proposal
Thursday, September 18, 2008
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Stocks bounced today on rumors the U.S. government may support establishment of a new version of the Resolution Trust Corporation (RTC) created in the 1980's to deal with the fallout from the Savings and Loan crisis. But, as NBR Washington bureau chief Darren Gersh reports, presidential candidate John McCain was the only one who floated details about an RTC-type plan today.
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Related NBR Stories & Links
- 09-17-08: The U.S. Treasury's $40B Bailout Auction
- 07-29-08: Mark Zandi, Chief Economist at Moody's Economy.com, & Hugh Johnson, Chairman of Johnson Illington Advisors, Comment On The Financial Crisis
- 03-14-08: President Bush & Analysts React to the Bear Stearns Bailout
- 04-29-08: President Bush Calls on Congress to Rescue the Economy
External Links/Articles*
- American Enterprise Institute (AEI)
The AEI is a private, nonpartisan, not-for-profit public policy research institute. One of the institute's resident fellows, Desmond Lachman, is interviewed in Darren Gersh's report. This links to a September 17, 2008 article authored by Lachman titled, "Treasury Secretary Paulson's between a Rock and a Hard Place." - Federal Deposit Insurance Corporation (FDIC)
The FDIC "preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions." This links to Part 1 of an article published in FDIC Banking Review in September 2006. The article is titled, "The Resolution Trust Corporation and Congress, 1989-1993." - Federal Deposit Insurance Corporation (FDIC)
The FDIC "preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions." This links to Part 2 of an article published in FDIC Banking Review in April 2007. The article is titled, "The Resolution Trust Corporation and Congress, 1989-1993 - PART II: 1991-1193." - McCain-Palin
This links to Senator John McCain's official presidential campaign website. - Peterson Institute for International Economics
The Peter G Peterson Institute is a "private, nonprofit, nonpartisan research institution devoted to the study of international economic policy." One of the institute's economists, Edwin "Ted" Truman, is interviewed in Darren Gersh's report. - Senator Charles Schumer
Remarks from Senator Charles Schumer (D - New York) are included in Darren Gersh's report. This links to a September 18, 2008 press release issued by senator's office. The release is titled, "Schumer Announces New, Comprehensive Proposal for Calming roiled Wall Street Markets." Schumer's proposal is presented as an alternative to a RTC-type plan. - U.S. Government Accountability Office (GAO)
The GAO's "mission is to help improve the performance and assure the accountability of the federal government for the benefit of the American people." This links to a summary of a June 1991 GAO report titled, "Resolution Trust Corporatin: Update on Funding and Performance."
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