financial crisis

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Bush: Auto Bailout 'Not Ready'
 Bush: Auto Bailout
'Not Ready' 
Dec 15, 2008 3:58 AM CST

Bush: Auto Bailout 'Not Ready'

Deal seems to be grinding gears

(Newser) - The federal auto industry bailout appeared to be stuck in neutral as President Bush warned today that a deal is not imminent. "We're not quite ready to announce that yet," Bush told reporters on a plane to Afghanistan. Lawmakers expected the administration to quickly reallocate part of the...

Fed Close to OK'ing Credit Card Relief

Thursday vote may ban surprise interest rate hikes, fees

(Newser) - The Federal Reserve is poised to hand credit card companies a long-awaited blow this week, Reuters reports. A vote on Thursday is expected to approve 1,000 pages of consumer protections, including bans on surprise rate hikes and fees. Companies say the changes will force higher rates, but with Democrats...

Recession Packs 'Em in the Pews

As the economy crumbles, churches witness burst of interest

(Newser) - Hard times are emptying company payrolls and government coffers, but they’re big business for churches, reports the New York Times in a look at America's renewed Sunday-morning religious fervor. Since September, evangelical pastors in particular have reported a burst of interest and standing-room-only congregations. “It’s a wonderful...

Economy Hobbles Horsey Set

Recession reins in discretionary income for horse lovers saddled with boarding costs

(Newser) - Like Big Brown at the Belmont Stakes, many horse owners are finding it difficult to stay on track, the Philadelphia Inquirer reports. With feed and stable costs rising, fewer horse lovers are able to buy new steeds or keep the ones they have. "I've had calls from people who...

Detroit Failure Could Spark 'Economic Chaos'
Detroit Failure Could Spark
'Economic Chaos' 
ANALYSIS
Dec 13, 2008 9:17 AM CST

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

(Newser) - Letting one of the Big Three go under could have disastrous effects on many corners of the American economy, McClatchy Newspapers reports. Beyond the jobs lost at the companies and their suppliers—as well as the jobs lost everywhere those workers spend their wages—the repercussions would hit sectors as...

Collapsing Nations Threaten to Be Obama's First Crisis

Imploding world economies would demand tough foreign policy choices

(Newser) - Barack Obama's first major foreign policy crisis threatens to be no less that the complete collapse of a large and unstable nation, Marc Ambinder writes in the Atlantic. The transition team has so far been silent—in public, anyway—on the prospect, but there are indications they are convinced the...

UAW, Republicans Blame Each Other on Bailout

Gettelfinger says he felt he was being 'set up'

(Newser) - The UAW and opponents of the failed Detroit bailout blamed each other today for the impasse, the New York Times reports. GOP Sen. Bob Corker says the rescue plan could have been salvaged if the UAW had listened to him. "I offered him a solution," he said of...

Yes, It's a Crisis: But We Still Need a Catchy Name

(Newser) - Though it's no secret the country is weathering a financial calamity, the crisis still lacks a catchy handle. The New York Times takes a look at news organizations' so-far unsuccessful efforts to find one: Some obvious contenders such as “credit crunch” and “Wall Street crisis” have popped up,...

White House May Divert TARP Funds to Automakers

The President may tap bailout funds once thought off-limits to Detroit

(Newser) - The Bush administration said today it will consider using funds from the $700 billion market-rescue plan to bail out GM and Chrysler, MarketWatch reports. The shift comes after the Senate failed to pass $14 billion in emergency loans last night. The plans aren't final, but the money could help one...

Automakers Look to Bush to Fend Off Bankruptcy

Bankruptcy imminent for GM, Chrysler not far behind

(Newser) - What now for GM and Chrysler? Unless the White House comes up with emergency aid, General Motors could be in bankruptcy within weeks, with Chrysler close behind, Bloomberg reports. GM, in fact, has hired a team of top legal experts to explore that option, which would be one of the...

Japan, EU Boost Economies as Bailout Dies

New stimulus packages announced to avert global paralysis

(Newser) - Japan and the European Union announced new measures to bolster their economies in the wake of the collapse of the US auto industry bailout. The Japanese government multiplied its bank recapitalization fund sixfold, to $131 billion, and announced an $11 billion package to save jobs. "We are working at...

BofA Will Lay Off 35K
 BofA Will Lay Off 35K 
Dec 11, 2008 4:59 PM CST

BofA Will Lay Off 35K

Recession, takeover of Merrill to blame for latest employee dump

(Newser) - Bank of America said today it will cut between 30,000 and 35,000 jobs in the next 3 years, the AP reports; the move is spurred by the continuing economic downturn and the bank’s recent purchase of Merrill Lynch. Cuts will be broad and will affect both the...

'Intangible' Jobs—Health, Education—Are US' Best Bet

Knowledge-based sector gains jobs; those making homes, autos disappearing

(Newser) - The job market may be hitting rock bottom, but the “intangible" sector of the economy—comprising industries that, like health care and education, produce nothing concrete but have long-lasting effects—could be the best path for development, writes economist Michael Mandel in BusinessWeek. “Tangible” industries—like manufacturing—have...

French-German Relations Cool Ahead of EU Summit

France, Germany, UK clash over handling recession

(Newser) - French President Nicolas Sarkozy began his six-month European Union presidency by quibbling with Germany, and he appears to be ending his term the same way, Bloomberg reports. Half a year after clashing with German Chancellor Angela Merkel over a Mediterranean alliance, Sarkozy shrugged off the traditional France-Germany pre-summit chat and...

Bank Woes Push Dow Down 196
 Bank Woes Push Dow Down 196 
MARKETS
Dec 11, 2008 3:23 PM CST

Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops

(Newser) - The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196....

Slowdown Stalls Nation's Freight Carriers

Haulers are hunkering down for a 'nuclear winter' in 2009

(Newser) - With freight carriers predicting 2009 could be the worst year in three decades, some haulers  say they’re “settling in for nuclear winter,” holding off on making capital expenditures, mothballing equipment and laying off employees, reports the Wall Street Journal. From truckers to railroads to ocean shipping, companies...

No More Bailouts, Detroit or Otherwise: Learn the Lesson

Yes, there will be pain, but saving irresponsible companies bad for US future

(Newser) - Given the failure of the Wall Street bailout, to think doing the same for Detroit would help the auto industry and America in the long run is fantasy, Kevin O’Brien writes in the Cleveland Plain Dealer. The only thing that will help is to feel the pain. “No...

Definitely Not in Recession: Facial Hair

Laid off from corporate America, guys give razors a pink slip

(Newser) - Beards have become the slim silver lining for men laid off amid the recession. Everyone from out-of-work hedge-funders to the Foo Fighters seems to be hirsute, the Wall Street Journal reports. With proper trimming, facial hair can even be carried to job interviews, but most are indulging in the short-lived...

Democrats Promote Volcker as Car Czar

White House, Dems see Obama's economic guru as good choice

(Newser) - Former Federal Reserve chief Paul Volcker is shaping up as the frontrunner for the new “car czar” position included in the Big Three bailout bill that passed the House last night, reports the Wall Street Journal. The selection is being coordinated between the White House and the incoming Obama...

Oil Slides Into Its Own Recession

A weak global economy is dragging oil consumption down for the first time in 25 years

(Newser) - Oil is officially entering a recession of its own, as a foundering global economy has caused the first reduction in consumption in a quarter-century, the Wall Street Journal reports. The International Energy Agency estimates that 2008 demand for oil will finish down some 300,000 barrels a day, the first...

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