Crisis

Warren Buffett phoned Treasury Secretary Hank Paulson with a stimulus idea when the 2008 financial crisis erupted. It may have saved the US economy

warren buffett hank paulson
U.S. Treasury Secretary Henry Paulson (L) shares a laugh with financier Warren Buffett, Chairman and CEO of Berkshire Hathaway, at the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007.

  • Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
  • The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
  • Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
  • The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
  • Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
  • Visit Business Insider’s homepage for more stories.

Warren Buffett made a late-night call on Saturday, 11 October 2008 that likely spared the US from an even more devastating financial crisis.

The billionaire investor and Berkshire Hathaway CEO dialed then-Treasury Secretary Hank Paulson, the pair said in “Panic: The Untold Story of the 2008 Financial Crisis,” a documentary released in 2018.

“Hank, this is Warren,” Buffett said. A tired and groggy Paulson’s first thought was, “My mom has a handyman named Warren, why is he calling me?”

Buffett was calling about the Troubled Asset Relief Program (TARP), which authorized the Treasury to spend $700 billion purchasing distressed assets from banks. Lawmakers passed it in a desperate effort to shore up the financial system after the collapse of Wachovia and Washington Mutual — two of the greatest bank failures in American history.

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More than 100 N.J. nursing homes have had coronavirus outbreaks since summer as crisis continues

The coronavirus devastated New Jersey’s nursing homes this spring, killing thousands of residents and prompting a raft of measures to better protect the state’s most vulnerable population.

Since that time, long-term care facilities say they have stockpiled personal protective equipment. They’ve developed protocols for testing residents and staff and isolating those who are sickened. Visitors continue to be limited by state regulators, amid fears the virus will be reintroduced as families reunite with their loved ones.

Yet despite those precautions, the coronavirus continues to creep into the state’s nursing homes, assisted-living centers and other senior facilities, even among those that managed to eradicate their original outbreaks, Department of Health data shows.

Across New Jersey, at least 102 long-term care facilities saw new outbreaks this summer or fall after being declared COVID-19 free, according to a review by NJ Advance Media. Included in those were 11 facilities in which residents or staffers died in the new contagions.

That points to a somber reality as New Jersey grapples with a concerning resurgence of coronavirus in recent weeks: Even as nursing homes have had nearly seven months of experience combating the virus, many remain unable to keep it wholly at bay. Still, those outbreaks are proving less deadly and easier to contain than in March or April, when underprepared facilities were floored by a pandemic that caught them, the state and the country flat-footed, flooding New Jersey’s hospitals and morgues.

On Friday, a union that represents 8,000 nursing home workers in New Jersey expressed concerns about a second wave of the disease and the impacts it could carry.

“Nursing home operators need to be taking every precaution, including giving frontline workers access to n95 masks, gowns and surgical masks before, not after, new outbreaks emerge,” said Milly Silva, the executive vice president of

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Santa Cruz County lost almost 1,000 homes to the CZU fires. Its housing crisis is now worse than ever

BOULDER CREEK, Santa Cruz County – At the top of a cul-de-sac lined with burned homes, Antonia Bradford stood before what was once her cathedral-like house, surrounded by singed redwood trees. Little was recognizable in the rubble but a charred car, a chicken coop, a butterfly-shaped chair and a bathtub.

When the CZU Lightning Complex fires ripped through the Santa Cruz Mountains six weeks ago, Bradford, her husband and five children were suddenly homeless — along with thousands of others. Her family stayed in a hotel, then with friends as they scoured for rentals, watching listings disappear and prices rise.

“It’s pretty wild, it’s pretty bad,” Bradford said. “Housing has been a huge issue in Santa Cruz County for quite some time now. Right now it’s a supply-and-demand situation and people raising prices so high it’s pushing people off the mountain.”

When lightning sparked the CZU fires in mid-August, around 60,000 people – 1 in 5 Santa Cruz County residents – evacuated. The blaze destroyed 925 homes and three multifamily residences. The fire affected some of the most affordable housing in the county, adding pressure on an already costly and competitive market amid a statewide housing crisis. With the Glass Fire raging in Wine Country, a similar dynamic might play out in the North Bay, where thousands of homes are threatened.

The sudden need for housing was worsened by the pandemic limiting shelter capacity. Complicating it further was that the county had never dealt with a fire on this scale.

Meanwhile, a government-run program booking evacuees free hotel rooms got off to a bumpy start, officials and residents said. In one case, a couple with health issues slept in a friend’s abandoned trailer before they learned about the program. In another, a nurse only got a room when she no

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The Flint Water Crisis Has A Wellness Design Component

You probably know the rough outlines of this debacle: “Officials in Flint, Michigan, were looking for a cheaper source of water when they stopped piping in water from the city of Detroit in 2014 and switched to using the Flint River. But the money-saving move proved disastrous for residents. The water was laden with lead, bacteria and other contaminants, and it took the government more than a year to address the water crisis.” This is how Consumernotice.org, a nonprofit advocacy organization based in Orlando, describes the origin story of a man-made disaster that impacted many of the 98,565 residents of this midwestern city six years ago. (Today, there are 94,867 residents.)

Local Impacts

“The City of Flint and its residents have endured a lot of health issues and heartbreaking times,” observes Mark Eneix, third generation resident and owner of Glendale Construction and Glendale Realty, founded by his grandfather in 1922. “We have had multi-family rental housing in Flint since the early 1960s and still do today.”

Eneix says his firm’s properties were less impacted than many others in the area as they addressed the water situation early on. “The tenants were supplied with water filtration for drinking water and bottled water was supplied at various locations throughout the city. We did not run into any issues with the supplied filtration systems hooking up to our existing faucets, although we heard that some residents were not as lucky.” He heard correctly, though affected residents will

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Do-it-Yourself Home Improvement Retailing Market in Europe| Insights on the Crisis and the Roadmap to Recovery from COVID-19 Pandemic| Technavio

LONDON–(BUSINESS WIRE)–The do-it-yourself home improvement retailing market in Europe to register an incremental growth of USD 25.41 billion, witnessing a CAGR of almost 3% during 2020-2024, according to latest market research analysis by Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the do-it-yourself home improvement retailing market in Europe in optimistic, probable, and pessimistic forecast scenarios.

Get detailed insights on COVID-19 pandemic Crisis and Recovery analysis of do-it-yourself home improvement retailing market in Europe. Download free report sample

The do-it-yourself home improvement retailing market in Europe will witness a Negative and Inferior impact during the forecast period owing to the extensive rise of COVID-19 pandemic. Furthermore, as per Technavio’s pandemic-focused research highlights, the market growth is likely to Increase compared to 2019.

Do-it-Yourself Home Improvement Retailing Market in Europe 2020-2024: Vendor Analysis

The market is fragmented. Key players in the market have been launching several initiatives and introducing innovative products and services to cater to a larger target audience during the pandemic. With a rapidly shifting focus toward creating a digital marketplace to provide a convenient platform for stakeholders in the supply chain, several companies in the market are resorting to move their businesses online along with existing brick-and-mortar channels.

Major do-it-yourself home improvement retailing market participants in Europe are

  • BAUHAUS AG
  • BAUVISTA GmbH & Co. KG
  • EUROBAUSTOFF Handelsgesellschaft mbH & Co. KG
  • Groupe Adeo
  • HORNBACH Baumarkt AG Group
  • Intergamma BV
  • Kesko Corp.
  • Kingfisher Plc
  • OBI Group Holding SE & Co. KGaA
  • Travis Perkins Plc

Click here to learn about report’s detailed analysis and insights on how you can leverage them to grow your business.

Do-it-Yourself Home Improvement Retailing Market in Europe 2020-2024: Segmentation

Do-it-Yourself Home Improvement Retailing Market in Europe is segmented as below:

  • Distribution Channel
  • Product
    • Lumber and landscape management
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