Federal Reserve

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Poor Day Ends Horrible Week
 Poor Day Ends Horrible Week 
MARKETS
Oct 24, 2008 3:23 PM CDT

Poor Day Ends Horrible Week

Dow off 312, but bears show some restraint

(Newser) - US stocks declined today but stopped somewhat short of total free fall after global markets plunged close to 10%. With perhaps a buffer from news of a bump in existing US home sales, the Dow fell 312.30 to close at 8,378.95, MarketWatch reports. The Nasdaq dropped 51....

Greenspan: I Was Wrong to Trust Banks

Fed's push for deregulation helped 'nnce-in-a-century credit tsunami'

(Newser) - Alan Greenspan made a mild mea culpa today as lawmakers grilled him on his role in a financial crisis the former Fed chief called a “once-in-a-century credit tsunami,” the Wall Street Journal reports. Asked if he was wrong to champion deregulation, Greenspan replied, “partially,” explaining he’...

Fed Pledges $600B to Keep Money-Market Funds Afloat

Will partner with JPMorgan, lend money to help cover redemptions

(Newser) - The Federal Reserve today unveiled a $600 billion program to finance the purchase of assets from money-market mutual funds, Bloomberg reports. JPMorgan will oversee five special units, which will use money borrowed from the Fed to buy CDs, bank notes, and commercial paper nearing maturity. The program is the Fed’...

Bernanke All But Endorsed Obama: Journal Editors
Bernanke All But Endorsed Obama: Journal Editors
OPINION
Oct 21, 2008 10:59 AM CDT

Bernanke All But Endorsed Obama: Journal Editors

Fed chief's support for stimulus conformed to Dem platform

(Newser) - The Fed once shunned politics, but chairman Ben Bernanke’s support for a second economic stimulus bill yesterday amounts to an endorsement of Barack Obama, write the outraged editors of the Wall Street Journal. By saying a stimulus would be "well targeted," despite GOP and White House resistance,...

More AIG Splurges: $86K Hunting Trip, Lobbyists

$86K trip to England comes after feds' $85B handout, $38B loan

(Newser) - The $440,000 spa weekend isn't the only outrageous splurge AIG seems to have indulged in after being bailed out by taxpayers last month. Now come news of an $86,000 hunting trip in England, turned up by New York Attorney General Andrew Cuomo. And the faltering insurance giant is...

UK Props Up Major Banks; Fed Offers Cash

Moves to shore up financial system have global markets rising

(Newser) - Governments across the globe are acting with “an enormous amount of congruence” and speed as they pour billions of dollars into rescue plans hoping to keep a sinking banking system afloat, reports the Wall Street Journal. The British government today provided $60 billion to prop up 3 banks, and...

Global Economy Needs Shelter From the Storm
Global Economy Needs Shelter From the Storm
Opinion
Oct 9, 2008 11:28 AM CDT

Global Economy Needs Shelter From the Storm

Think of it as a bankruptcy; with help, it can recover and thrive

(Newser) - The global economy is in such chaos that it needs the equivalent of bankruptcy protection, David Ignatius writes in the Washington Post. "Bankruptcy, if properly managed, is a workout process that provides a pathway back to solvency," he argues. "Companies often reemerge from bankruptcy healthier than before;...

Federal Reserve to Give AIG Another $37.8B

(Newser) - These days, $85 billion just doesn't go as far as it used to. The Federal Reserve said today it will provide AIG with an additional $37.8 billion to help the beleaguered insurance giant out of its liquidity mess, Bloomberg reports. The money is on top of the massive loan...

Stocks Fall 189 Despite Rate Cut
 Stocks Fall 189 Despite Rate Cut 
MARKETS
Oct 8, 2008 3:24 PM CDT

Stocks Fall 189 Despite Rate Cut

Alcoa offers dismal earnings report to start third-quarter season

(Newser) - Stocks fell nearly 190 points in a volatile day, with investors showing mixed opinions on whether an unprecedented global rate cut by the Fed and foreign central banks would help the credit crisis. After swinging in a 433-point range, the Dow closed down 189.01 points at 9,258.10,...

Stocks Rocky After Rate Cuts
 Stocks Rocky After Rate Cuts 
updated
Oct 8, 2008 9:25 AM CDT

Stocks Rocky After Rate Cuts

Investors cheer/jeer/cheer the rate cut

(Newser) - Stocks had a volatile morning, dropping as much as 230 points after the bell before swinging upwards once more, the Wall Street Journal reports. The Dow was up about 39 points at midmorning, while the Nasdaq and S&P gained 0.7% and 0.8% respectively, as investors digested a...

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

(Newser) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities...

Stocks Sink as Bernanke Hints at Rate Cut
Stocks Sink as Bernanke Hints at Rate Cut
MARKETS
Oct 7, 2008 1:28 PM CDT

Stocks Sink as Bernanke Hints at Rate Cut

After early optimistic surge, Dow falls 300 points

(Newser) - Federal Reserve Chairman Ben Bernanke warned today that the financial crisis has not only darkened the country's current economic performance but also could prolong the pain. The Fed chief's gloomy assessment appeared to hint of an interest rate cut on or before the Fed’s next meeting later this month....

Stocks Creep Higher at Open
 Stocks Creep Higher at Open 
MARKETS
Oct 7, 2008 9:02 AM CDT

Stocks Creep Higher at Open

Commercial paper plan breeds cautious optimism

(Newser) - Stocks rose at the opening bell today, buoyed by the Fed’s dramatic promise to intervene in the commercial paper market. The Dow rose 79 points at the open, as the Nasdaq and S&P rose 1.1% and 0.8% respectively, the Wall Street Journal reports. Investors also believe...

Fed Will Buy Up Short-Term Debt to Boost Credit

New plan to ease credit pushes the central bank toward a commercial bank role

(Newser) - The Federal Reserve today launched a new plan to buy up companies’ unsecured short-term debt in yet another effort to unfreeze the credit markets, the New York Times reports. Underscoring a sense of urgency on Wall Street as the crisis spread across Europe and Asia yesterday, the radical plan would...

Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

(Newser) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle. The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and...

Bailout Won't Bail Out Bernanke
 Bailout Won't 
 Bail Out Bernanke 
OPINION
Oct 6, 2008 2:42 PM CDT

Bailout Won't Bail Out Bernanke

Nation needs explanation of how it will help

(Newser) - The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense...

Dow Down 700, Hits 4-Year Low
 Dow Down 700, Hits 4-Year Low 
UPDATED
Oct 6, 2008 1:58 PM CDT

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

(Newser) - Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200...

Feds Work to Cement Wachovia Deal
Feds Work
to Cement Wachovia Deal
Oct 6, 2008 6:52 AM CDT

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

(Newser) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated...

Fed Weighs Emergency Rate Cut

As economy deteriorates, inflation becomes less of a concern

(Newser) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the...

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

(Newser) - With yesterday’s failure of the $700 billion bailout, the Fed and Treasury are reconsidering their options, the New York Times reports. Fearful of cutting interest rates, they're back to rescuing struggling institutions on a case by case basis, and printing money—offering $150 billion in emergency loans to banks...

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