Henry Paulson

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Paulson: Downturn Won't Provoke Recession

Economy tough enough to take market turmoil

(Newser) - The current turmoil in the financial markets will take its toll on the economy, but  won't cause a recession, Treasury Secretary Henry Paulson tells the Wall Street Journal in his first interview since the downturn began. Paulson says the crisis comes in the context of a very strong global economy—...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

European Markets Dive
European Markets Dive
Aug 16, 2007 7:22 AM CDT

European Markets Dive

FTSE 100 Index falls lower than 6,000

(Newser) - European markets took a dive this morning—after the Dow's plunge yesterday and the overnight collapse of Asian stocks. London's FTSE 100 index has fallen below 6,000, its lowest level since last October. London weathered the storm yesterday, but had nowhere to run today, the Guardian reported, as the...

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more...

Wall Street, GOP Team Up on Tax Bill

Proposal would raise tax rate for private-equity profits from 15% to 35%

(Newser) - Wall Street stormed Washington yesterday, as more than 70 lobbyists for financial firms met with GOP lawmakers to organize opposition to a bill that would raise the tax rate on private-equity partners. The proposal would require managers at private partnerships to pay the normal income tax rate of up to...

Paulson Resists Labeling China a 'Manipulator'

Congress stews as Beijing keeps yuan weak vs. dollar

(Newser) - Treasury Secretary Henry Paulson has denied congressional requests for a formal accusation of currency manipulation against China, the Wall Street Journal reports. China's tight restrictions have kept the yuan artificially low against the dollar for decades, but recent record highs, combined with signs that Beijing may plan to let up...

Former Trade Rep to Head World Bank
Former Trade Rep to Head World Bank
May 29, 2007 5:30 PM CDT

Former Trade Rep to Head World Bank

Bush expected to name Zoellick to replace Wolfowitz

(Newser) - President Bush will tap former US trade representative Robert Zoellick as the new World Bank prez, sources close to administration said this afternoon. Zoellick, who has spent over 20 years in government, served as deputy secretary of state and the country's top trade official until last year, when he joined...

Frist Heads World Bank Shortlist
Frist Heads World Bank Shortlist
May 24, 2007 6:10 AM CDT

Frist Heads World Bank Shortlist

Bush determined to replace Wolfowitz with American

(Newser) - The White House is eying former Senate majority leader Bill Frist to take the World Bank presidency soon to be vacated by Paul Wolfowitz, the Wall Street Journal reports. Also getting a look are Treasury No. 2 Robert Kimmitt, onetime trade representative Robert Zoellick, and Federal Reserve chairman Paul Volcker,...

China Deals on Finance, Skips Currency

US-China talks bring good news for securities firms, but no yuan reform

(Newser) - Talks between American and Chinese economic officials thudded to a close today, offering mild changes to the financial sector in lieu of major currency reform. The deal hammered out by Treasury Secretary Hank Paulson and China's vice-premier Wu Yi promise foreign financial companies more access to Chinese markets and allows...

China Loosens Up on Yuan
China Loosens Up on Yuan
May 18, 2007 10:40 AM CDT

China Loosens Up on Yuan

Currency move may be concession to US—or attempt to pop a stock market bubble

(Newser) - Just days before a meeting with US Treasury Secretary Henry Paulson, China is taking baby steps toward letting its currency trade more freely. The government also raised interest rates and the reserve on bank loans today, signaling concern over the country's red-hot economy. China's trade surplus—which some American politicos...

White House Support for Wolfowitz Crumbles

Bank will discuss his fate today

(Newser) - The White House is looking for an exit srategy for besieged World Bank President Paul Wolfowitz. After months of unwavering support that failed to soften the bank's European partners, the Bush administration has indicated a willingness to replace him if it can be done without firing, the Washington Post reports....

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