financial crisis

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ABC Bets You Can Laugh at Recession
ABC Bets You Can Laugh at Recession
Mar 6, 2009 11:47 AM CST

ABC Bets You Can Laugh at Recession

Sitcom pilots follow a failed Wall Street exec, fired young bankers

(Newser) - Have you heard the one about the Wall Street millionaire who lost his job because of the collapsing economy, then had to actually hang out with his family?  ABC is hoping you will want to next fall, when Kelsey Grammer will star as that modern-day Mr. Mom. The untitled project...

Stocks Plummet; Dow Falls 281
 Stocks Plummet; Dow Falls 281 
MARKETS
Mar 5, 2009 3:24 PM CST

Stocks Plummet; Dow Falls 281

Dow blows by Tuesday low

(Newser) - Stocks fell today, with the Dow passing the bear-market low it set Tuesday, and two giants of US banking and manufacturing trading at less than $2, MarketWatch reports. Mounting problems at Citigroup and General Motors drove their shares to $1.02, and $1.95, respectively. The Dow dropped 281.40...

Woes Won't Sour Obama Numbers ... Yet

(Newser) - If Barack Obama is lucky, and the predictions of most economists indicate he will be, the US economy will emerge from recession long before the populace expects it to, Nate Silver writes on FiveThirtyEight. And “it will be quite some time yet before the public pins most of the...

Got a Buck? Buy a Share of Citi

(Newser) - A sign of the times: Citibank shares are now eligible for your local dollar store. The bank’s shares fell below $1 for the first time ever today in trading, MarketWatch reports. They reached 97¢ at midday, about 2 years after trading at an all-time high of $57. Investors apparently...

Obama Housing Rescue Plan Leaves Many Out in Cold

Criteria keep many who need help from refinancing under the plan

(Newser) - A large swath of Americans will see no help under the Obama administration’s housing rescue plan, the New York Times reports. While designed to prevent 3 million to 4 million foreclosures through loan modifications, the plan doesn't cover those whose loans aren’t backed by Fannie Mae or Freddie...

Economy Worsens, No Relief 'til Late '09: Beige Book

Fed sees no turnaround until late '09, early '10

(Newser) - The Fed predicted more pain for the US economy in today's “Beige Book” report, with a turnaround not expected until late 2009 or early 2010, the Wall Street Journal reports. “National economic conditions deteriorated further,” across January and February, the Fed said. In a distressing turn, the...

Brown Tells US to 'Seize the Moment'

Now more than ever the rest of the world wants to work with you

(Newser) - Gordon Brown inspired applause breaks and a standing ovation in Congress today, urging America to team up with England in battling the financial crisis, the BBC reports. Brown urged lawmakers not to indulge impulses toward protectionism—which “protects no one,” the prime minister quipped—and called for new...

Stimulus Flows Into Patchwork of Road Projects

Thousands of small p

(Newser) - Although the stimulus package that Barack Obama signed last month contains eye-watering sums, the earliest projects out of the gate are far from monumental: widening a highway in Kansas, resurfacing some roads in Missouri. More than a dozen states have announced their plans to spend their share of the $50...

Stocks Gyrate; Dow Down 37
 Stocks Gyrate; Dow Down 37 
MARKETS
Mar 3, 2009 3:20 PM CST

Stocks Gyrate; Dow Down 37

Investors hope yesterday's sell-off brings the market close to a floor

(Newser) - Stocks looked set for rallies several times during today’s session in the wake of yesterday’s sell-off, but closed with mild losses, the Wall Street Journal reports. Shares of General Motors and Ford fell after both reported declining sales for February. The Dow fell 37.27 to close at...

Irish Angry at U2's Tax Evasion

Group criticized as hypocritical in light of history of activism

(Newser) - U2 is under fire for possible tax evasion as the Irish government pushes for a bigger slice of the band’s earnings, the Christian Science Monitor reports. U2 moved its publishing company to Amsterdam in 2006 after a tax bill limited artists’ tax-free earnings to $315,000. With Irish deficits...

Bernanke Backs Stimulus Bill
 Bernanke Backs Stimulus Bill 
Mar 3, 2009 12:00 PM CST

Bernanke Backs Stimulus Bill

Bigger deficits are worth the benefits, Fed chair tells Congress

(Newser) - Ben Bernanke supported the Obama administration’s economic policy before Congress today, the Wall Street Journal reports. The $787 billion stimulus bill should boost “demand and production” and soften job losses over the next 2 years, the Federal Reserve chief told the Senate Budget Committee. The expansion of government...

Stocks Inch Up After Plunge
 Stocks Inch Up After Plunge 
MARKET Open
Mar 3, 2009 8:48 AM CST

Stocks Inch Up After Plunge

(Newser) - Stocks limped higher at the open today, after a punishing Monday session that left the Dow below 7,000, its worst levels since April 1997. Today the Dow was up 80 points in early trading, the Wall Street Journal reports, while the S&P and Nasdaq added 1.6% and...

Investment Funds May Replace 'Bad Bank'

Administration eyes creation of private funds to suck up toxic debt

(Newser) - The Obama administration is considering creating multiple investment funds to buy up the toxic debts at the heart of the financial crisis, insiders tell the Wall Street Journal. No fixed structure has been agreed upon, but under one leading plan the funds would be administered by private investment managers who...

US Risks 'Lost Decade' With Zombie Banks
US Risks 'Lost Decade' With Zombie Banks
OPINION
Mar 2, 2009 2:52 PM CST

US Risks 'Lost Decade' With Zombie Banks

Japan's mistake of liquidity vs. solvency being repeated: Baker

(Newser) - Japan’s economic troubles in the 1990s—the so-called “lost decade”—provides a cautionary tale for America’s current problems, writes James Baker, a Reagan Treasury Secretary, in the Financial Times. Japan used piecemeal bailouts and implicit guarantees to insolvent banks rather than swift action. So the “...

Bargain-Hunting Students Swarm State Universities

Officials walk line between shoring up budgets, maintaining reputations

(Newser) - The unraveling economy is spurring a boom in applications to public universities as students pursue higher education at lower prices, the New York Times reports. But while increased enrollment may help offset the budget cuts that many public institutions expect as states trim budgets, it can also diminish the student...

Consumer Spending Rises in Jan.

But experts don't expect boost to last

(Newser) - Consumer spending rose in January after falling for a record 6 consecutive months, pushed higher by purchases of food and other non-durable items. But the increase is expected to be fleeting given the problems facing the US economy. Spending rose 0.6% in January, better than the 0.4% gain...

Recession, War Top Brown's DC To-Do List

British PM will meet Obama, address Congress this week

(Newser) - Gordon Brown is en route to Washington, where the British prime minister will become the first foreign leader to meet with Barack Obama on American soil and address a joint session of Congress. The visit comes ahead of next month's G20 summit in London, and Brown will be looking for...

AIG Posts Record Loss, Gets 4th Lifeline of $30B

Insurer loses $62 billion in Q4 and may break up

(Newser) - AIG posted a quarterly loss of $62 billion today—the largest in American history—following news that Washington will provide an additional $30 billion in cash to the insurer and loosen the terms on previous loans. The Treasury and Fed have now intervened four times to prop up AIG, reports...

Money Guru: None of Us Really Knows What to Do
Money Guru: None of Us Really Knows What to Do
OPINION
Mar 1, 2009 2:45 PM CST

Money Guru: None of Us Really Knows What to Do

Pundits should hedge their bets and speak with caution

(Newser) - Financial pundits don’t know everything, and don't trust those who act like they do, Joel Lovell writes in the Washington Post. The GQ money expert acknowledges anxiety over dispensing information that may not be true at all. “It makes me feel like a bit of a fraud,”...

US to Take 36% Stake in Citi
 US to Take 36% Stake in Citi 
UPDATED
Feb 27, 2009 6:57 AM CST

US to Take 36% Stake in Citi

Treasury will take up to 40% of bank in return for boardroom overhaul

(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of...

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