financial crisis

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Crisis at Dubai Flagship Roils World Markets

In surprise, government takes over Dubai World; bank stocks pounded

(Newser) - A move today by the government of Dubai to take over its flagship company, Dubai World, caused ripples of panic throughout the region, and translated into a selloff in bank stocks in Europe and Asia. The government also aims to delay payments on $60 billion in debt, a request that...

Give Thanks We're Not Thanking Wall St.
Give Thanks We're Not Thanking Wall St.
THOMAS FRANK
Nov 25, 2009 8:04 AM CST

Give Thanks We're Not Thanking Wall St.

Be grateful for new skepticism on financial industry

(Newser) - There won't be a lot of people thanking the financial industry this Thanksgiving, and that in and of itself may be cause to be thankful, writes Thomas Frank. There's been a shift in thinking and newly skeptical Americans no longer believe that the market is omniscient or that colossal Wall...

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah
Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah
NO DIMON IN THIS ROUGH
Nov 23, 2009 10:00 PM CST

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah

Jamie Dimon not in tune with Obama, too invested in big banks

(Newser) - A report today that JPMorgan Chase CEO Jamie Dimon has the inside track to replace Timothy Geithner as Treasury Secretary is getting mostly guffaws online, with even the conservative Wall Street Journal admitting that Dimon’s way too much an insider for the job just now. Indeed, chuckles Daniel Indiviglio...

Congress' New Whipping Boy: The Fed

Bernanke & Co. run into populist ire over Wall St bailouts, unemployment

(Newser) - When Fed Chair Ben Bernanke goes before Congress next month seeking a second term, he'll run straight into cantankerous legislators riding a tide of populist rage over the Wall Street bailout and high unemployment. While the Fed acted decisively to bail out the financial markets last year, it's widely viewed...

Debt-Happy US Faces Payback Time as Rates Rise

Cost of debt to skyrocket $500B in next 10 years

(Newser) - Like a homeowner heading for mortgage default as interest rates rise, the US is heading for a nasty shock as cheap national debt suddenly becomes much more expensive. The White House estimates that the cost of servicing our $12 trillion debt will be more than $700 billion a year by...

Geithner Got It Right
 Geithner Got It Right 
DAVID BROOKS
Nov 20, 2009 5:16 AM CST

Geithner Got It Right

Treasury secretary's pragmatic approach to financial crisis paid off

(Newser) - David Brooks leaps to the defense of Tim Geithner today, arguing that the treasury secretary's critics, who last spring were dismissing him as a hapless "Bambi in the headlights," were mostly wrong and he was mostly right. The system is now much healthier, TARP money is being repaid,...

Fed Report Rakes Geithner Over AIG Bailout

He's accused of handing AIG creditors 'backdoor bailout'

(Newser) - Tim Geithner did a lousy job of looking out for the interests of taxpayers during the AIG bailout last year, according to a report from a federal oversight group. Geithner, then head of the Federal Reserve Bank of New York, made no attempt to renegotiate AIG's debts, effectively giving the...

Largest US Gay Newspaper Publisher Closes

Window Media papers included Washington, South Fla. Blade

(Newser) - The largest US publisher of newspapers serving the gay and lesbian community has shut down and plans to file for bankruptcy. Employees arrived at work today to find out about the sudden end to the newspapers—including Southern Voice, the Washington Blade, Houston Voice and South Florida Blade—owned by...

Buffett: 'Financial Panic Is Behind Us'

He sounds optimistic note at Columbia University forum

(Newser) - Warren Buffett says the worst is over. "The financial panic is behind us," he declared at Columbia University. The Berkshire Hathaway chief acknowledged that the US economy "still is sputtering some," but he sounded a bullish note on investment opportunities around the globe. While he gave...

Fed Restricts Overdraft Fees

 Fed Restricts Overdraft Fees 
Nov 12, 2009 1:06 PM CST

Fed Restricts Overdraft Fees

Customers must opt in for coverage of ATM, debit transactions

(Newser) - Starting in July, banks will have to get consumers' explicit consent before authorizing an overdraft—and the accompanying fee—on debit and ATM card transactions. Since the advent of the financial crisis, overdraft fees have become the biggest source of consumer fee income for banks. Congress is also considering making...

9 Other States Have Calif.-Sized Fiscal Messes

Ariz., Fla., Ill., Mich., and NJ among others facing crises

(Newser) - California has by no means cornered the market on enormous financial problems at the state level, with a report out today saying Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin are also at tremendous risk. The Pew Center sees widespread unemployment, huge budget deficits, and the...

Times Star Sorkin: Too Cozy With Wall Street?

Colleagues clash with Too Big to Fail author

(Newser) - Andrew Ross Sorkin isn't the only entrepreneurial writer in the New York Times stable, but he might be the most successful, with his DealBook blog and newsletter, his Times column, and now his bestseller, Too Big to Fail making him ubiquitous in the media these days. “It’s hard...

Half of US Kids Will Get Food Stamps at Some Point

Figure hits 90% for black children, study finds

(Newser) - Nearly half of all US children and 90% of black youngsters will be on food stamps at some point during childhood, and fallout from the current recession could push those numbers even higher, researchers say. The estimate comes from an analysis of 30 years of national data, and bolsters other...

Geithner: Recovery Could Be 'Choppy'

 Geithner: 
 Recovery 
 Could Be 
 'Choppy' 
Sunday Talk shows
Nov 1, 2009 6:56 AM CST

Geithner: Recovery Could Be 'Choppy'

Tells NBC that financial crisis caused 'a lot of damage'

(Newser) - Timothy Geithner says the US economy has suffered a lot of damage in the current downturn, and it's going to take time before it fully recovers. The treasury secretary said on NBC's Meet the Press that creating jobs and regaining the confidence of investors will be the real test of...

US GDP Jump Hollow if Unemployment Keeps Rising
US GDP Jump Hollow if Unemployment Keeps Rising
ANALYSIS
Oct 29, 2009 8:07 PM CDT

US GDP Jump Hollow if Unemployment Keeps Rising

... and it's still rising faster than before recession

(Newser) - News that the US gross domestic product jumped 3.5% in the third quarter cheered investors and others, but the cheers will ring hollow if unemployment keeps rising, John Authers writes. Consumer spending rose even as disposable income fell—“ not a pattern that can be sustained for long, and...

Economy Grows in Q3, Signals End of Recession

Tenuous 3.5% growth is best showing in two years

(Newser) - The economy grew at a 3.5% pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. The Commerce Department's report today delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the...

Soros to Spend $50M to Reinvent Economics

Fund manager's think tank charged with reinventing the field

(Newser) - George Soros has decided to spend $50 million to launch a new think tank charged with reinventing the field of economics, which the Hungarian-American billionaire calls "a dogma whose time has passed." The Institute of New Economic Thinking, whose board members include luminaries such as Joseph Stiglitz and...

Geithner to Bankers: Crackdown Is 'War'

Treasury secretary tells Wall Street it must accept regulation

(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions...

Afghan Surge Gains Favor; Public Sours on DC
Afghan Surge Gains Favor; Public Sours on DC
POLL NUMBERS
Oct 27, 2009 6:20 PM CDT

Afghan Surge Gains Favor; Public Sours on DC

Support for public option also grows; GOP isn't more popular, though

(Newser) - New poll numbers out today hold good news and bad for the Obama administration. Support is rising for a troop surge in Afghanistan, the NBC/Wall Street Journal survey finds, and nearly half now favor a public option in the health-care reform measures now under consideration. The bad news: 58% said...

Ousted AIG CEO Builds AIG 2— With AIG Talent

Greenberg's new insurer poaches AIG employees at taxpayers' expense

(Newser) - Hank Greenberg built AIG into a $1 trillion behemoth that needed the biggest bailout in history—but quietly, the former CEO has begun a new insurance company, CV Starr, that is poaching some of AIG's leading talent. He just got an unintended assist from the Treasury: Tough new pay rules...

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