financial crisis

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Stocks Even Worse Overseas
 Stocks Even 
 Worse Overseas 
The Markets
Nov 29, 2008 9:30 AM CST

Stocks Even Worse Overseas

US investors rush out of foreign markets

(Newser) - The US stock market has seen its worst year in decades—but things have been even worse in Europe and Asia, the Wall Street Journal reports. While the Dow is down 33% for the year, Germany’s DAX index has fallen 42% and China’s Shanghai Composite has plummeted 64%....

Market Now Runs on Politics, Not Economics
Market Now Runs on Politics, Not Economics
OPINION
Nov 28, 2008 11:15 AM CST

Market Now Runs on Politics, Not Economics

Krauthammer: In bailout era, Democrat fiats are dangerous

(Newser) - Once upon a time, “if you wanted to get rich, you did it the Warren Buffett way,” writes Charles Krauthammer in the Washington Post. “You learned to read balance sheets.” That changed with the Bear Stearns rescue. Today, political maneuvering is what moves the markets, and...

Shoppers Can't Halt Commercial Mortgage Crisis

Retailers will default, no matter how many sweaters you buy today

(Newser) - Black Friday shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. Hotels in Tucson, Ariz., and Hilton Head, SC, also are about...

Downturn Derails Dell's Turnaround

Cost-cutting kills off plans for flashy new product lines

(Newser) - Shifting consumer demand and the sagging economy spell trouble for Dell's turnaround strategy, the Wall Street Journal reports. Founder Michael Dell had been making progress since returning to the company last year with a two-pronged rescue plan, but weak sales mean his goals of cutting costs at the low end...

Food Banks See Spike in Demand

Former donors now need donations: bank director

(Newser) - As millions of American families gathered to give thanks for what they have, food banks and shelters struggled to cope with a spike in demand for their services. "Food bank after food bank tells me it's new faces, people they haven't seen before," says one charity spokesman in...

Wall Street's Doom Years in the Making
 Wall Street's Doom 
 Years in the Making 
GLOSSIES
Nov 27, 2008 4:00 PM CST

Wall Street's Doom Years in the Making

Liar's Poker writer saw this coming long ago, and so did some contrarian money men

(Newser) - When he wrote Liar’s Poker in 1989, Michael Lewis figured the end of Wall Street was near. After all, it had hired him, a 24-year-old with neither experience nor interest in finance. “Sooner rather than later,” he writes in Portfolio, “someone was going to identify me,...

GM Doesn't Want You Tracking Its Private Jet

Automaker asks feds to block public tracking of plane leased for execs

(Newser) - General Motors doesn’t want the public tracking a private jet used by its executives, Bloomberg reports, asking the Federal Aviation Administration to block it from its public service. “We availed ourselves of the option as others do to have the aircraft removed,” said a GM spokesman, though...

Queen Takes Lead in Royal Belt-Tightening

Royal Family curbs lavish lifestyle to commiserate with strapped Brits

(Newser) - The British, from PM Gordon Brown on down, are turning to the queen for leadership during tough economic times, the Telegraph reports. The monarch has been curbing indulgences and meeting with Britons feeling the impact of the slowdown. Princes Harry and William are falling in line, beefing up their public...

Credit Relief Flows Slowly&mdash;When It Flows at All
Credit Relief Flows Slowly—When It Flows at All
analysis
Nov 27, 2008 10:14 AM CST

Credit Relief Flows Slowly—When It Flows at All

Consumer aid package won't budge pickier banks

(Newser) - With hundreds of billions of dollars pumping into the calcified credit markets, many struggling Americans are expecting to see some relief, but many will be disappointed, the New York Times reports. Banks continue to stiffen loan eligibility requirements even as strapped consumers face deteriorating credit scores, and whole categories of...

Another Casualty of Financial Crisis: Divorce

Two households no longer affordable as couples struggle to pay for one

(Newser) - With unemployment rising, salaries stagnant, and housing prices cratering, many unhappy couples are opting not to divorce, reports MSNBC. “A lot of people are deciding, 'It’s not worth it to do it (at) this time. Let’s stay together. Let’s try to work through our problems and...

It's a Good Time to Have a Smart Guy in Charge: Broder

Financial crisis calls for brainpower at the top and Obama looks ready to deliver

(Newser) - The smartest people don't always make the best presidents, David Broder writes in the Washington Post, but America's lucky it will soon have Barack Obama's brainpower at the top. We're faced with a financial crisis that stumps even the eggheads, Broder writes, admitting that he, personally, has "not a...

Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

(Newser) - A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler...

EU Unveils $260B Stimulus Package
EU Unveils $260B Stimulus Package
Nov 26, 2008 3:55 PM CST

EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan

(Newser) - The European Union Commission passed a $260 billion stimulus package today intended to boost its members’ economies during the next 2 years, Der Spiegel reports. The plan calls for more funds than most economists expected, but as the commission president Jose Barroso put it: “Exceptional times call for exceptional...

No Snow Job: Owner Wants $500K for Vail Parking Spot

Space at prime ski destination may appeal to recession-proof snow bunnies

(Newser) - America’s economy may be going downhill, but evidently not in the ski destination of Vail, Colo., where one resident is offering a parking space close to prime slopes for $500,000, the Vail Daily reports. “There’s always somebody out there who has money to spend on a...

These 5 People Lost the Most This Year

Think your 401(k) has taken a hit? One tycoon has taken a $32B bath

(Newser) - Think you've taken a bath in the markets? Business Sheet compiles this year's five biggest losers:
  1. Warren Buffet Loss: $13.6 billion. Though he’s bought when others wouldn’t and come to the rescue of many (Goldman and GE, to start), losses dropped the famed investor’s liquid wealth
...

China Scraps Summit Over EU Meetings With Dalai Lama

Relations between Brussels and Beijing hit a new low

(Newser) - The Chinese government canceled a summit with leaders of the EU in response to the plans of several European countries to host the Dalai Lama next month, the Financial Times reports. The summit was to address the global financial crisis, and an EU statement expressed regret that China pulled out....

Early On, Holiday Travel Going Smoothly

Few delays reported on roads, airports at start of Thanksgiving rush

(Newser) - Travelers breezed through airport terminals and drivers cruised open roads today, the effects of a sour economy blamed for keeping people closer to home at the start of the annual Thanksgiving rush. Even though gas prices fell and airlines offered last-minute deals, many Americans appeared to be skipping trips this...

Let's Go Back to Beijing in 2012
 Let's Go Back to 
 Beijing in 2012 

OPINION
Nov 26, 2008 10:11 AM CST

Let's Go Back to Beijing in 2012

Economic crisis makes spending billions on 2012 London Games unjustifiable

(Newser) - With the economic crisis taking billions out of Britain’s coffers, spending billions more to get ready for the 2012 Olympics makes no sense, writes Alice Miles in the Times of London, who foresees a day when “the unemployed, the homeless, and the destitute will join the athletes parading...

Volcker to Chair an Economic Recovery Advisory Group

Ex-Fed Chief tapped to advise on topics from wages to recovery

(Newser) - Former Fed chief Paul Volcker will run a new non-partisan White House economic advisory board being crafted by president-elect Barack Obama, reports the Wall Street Journal. The group, to be comprised of independent experts, will give Obama a channel of economic advice that falls outside Washington's traditional bureaucracy.

Mortgage-Rate Drop Sets off Refinancing Rush

The biggest rate drop in seven years sends homeowners to banks looking for deals

(Newser) - The biggest one-day decline in mortgage rates in 7 years set off a frenzy of refinancing yesterday, as homeowners who'd been waiting for a bargain jumped into the market. The nearly one-point decline was prompted by the Fed's $600 billion commitment to buy mortgage-backed securities, reports Bloomberg. "It's the...

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