financial crisis – News Stories About financial crisis - Page 59

Short-Term Solutions to Crisis Won't Cut It: Sachs

OPINION

Nov 10, 2008 2:15 PM CST

Short-Term Solutions to Crisis Won't Cut It: Sachs

Economist argues for systemic adjustment

(Newser) - The financial crisis can't be averted, and the Obama administration would be wise to accept that and concentrate on "a steady policy that will steer us through an unavoidable short-run recession to arrive at a much healthier economy within three to five years," writes Jeffrey Sachs for the...

Cash-Strapped Shoppers Remember Layaway

Nov 10, 2008 1:59 PM CST

Cash-Strapped Shoppers Remember Layaway

No-interest credit appeals to consumers

(Newser) - With consumers strapped and credit short, retailers are reviving an older kind of financing: layaway. Although the arrangement was considered obsolete when Wal-Mart closed its layaway department in 2006, retailers such as TJ Maxx, Goody’s, Marshalls and the Burlington Coat Factory have moved to offer the service, especially as...

Fed Won't Say
Where $2T
in Loans Went

Nov 10, 2008 12:54 PM CST

Fed Won't Say Where $2T in Loans Went

Money is in addition to $700B Wall St. bailout; collateral unclear, too

(Newser) - The Federal Reserve has lent more than $2 trillion to financial institutions under programs without congressional oversight—and will not disclose to whom or under what terms, Bloomberg reports. The loans are separate from the $700 billion congressionally approved bailout package. Investors and citizens are concerned that the collateral given...

In Slump,
Vegas Pushes Escapism

Nov 10, 2008 11:27 AM CST

In Slump, Vegas Pushes Escapism

Marketing gamble by casinos is coming back to haunt them

(Newser) - Las Vegas has enthusiastically promoted itself to travelers interested in pastimes other than gambling in recent years, but now that economic woes are tightening leisure budgets, Sin City is taking a hit, reports Advertising Age. With visitor volume and gaming revenue down, casinos are scrambling to respond. One has a...

New Deal a
Good Example,
But Not Perfect

OPINION

Nov 10, 2008 10:01 AM CST

New Deal a Good Example, But Not Perfect

Obama must have 'audacity' FDR lacked

(Newser) - With the economy on the rocks, the New Deal is a hot topic. But FDR’s master plan almost failed, Paul Krugman writes in the New York Times, because "his economic policies were too cautious." In the end, "what saved the economy, and the New Deal, was...

Obama Must Slash Defense Budget: Study

Nov 10, 2008 9:40 AM CST

Obama Must Slash Defense Budget: Study

New equipment likely to take hit as Pentagon seeks to build forces

(Newser) - Between the financial crisis, galloping budget deficits, and shifting military priorities, a Pentagon advisory group is warning that the military's current budget is “not sustainable,” and the new administration will have to choose where to make cuts, the Boston Globe reports. Weapons projects that are already billions over...

Chinese Stimulus Lifts Dow

MARKET Open

Nov 10, 2008 8:49 AM CST

Chinese Stimulus Lifts Dow

Index surges 150+ at open, following Asian lead

(Newser) - Stocks jumped out of the gate today, thanks to a $586 billion stimulus package from Beijing. The Dow was up nearly 200 just after opening, the Wall Street Journal reports, and the S&P and Nasdaq climbed 1.8% and 1.2%, respectively. The moves followed rallies overseas, including a...

Hey, at Least
Travel Costs
Are Plunging

Nov 10, 2008 8:28 AM CST

Hey, at Least Travel Costs Are Plunging

Airlines, cruises, hotels slash prices for those who can still afford it

(Newser) - There’s a spot of good news for travelers amid the barrage of dire economic reports: Those looking for a flight, cruise, or hotel stay may find surprisingly good deals. As financial woes keep many Americans grounded, the travel industry is forced to drop prices to fill space, the Los ...

Circuit City Files for Bankruptcy

Nov 10, 2008 8:21 AM CST

Circuit City Files for Bankruptcy

Dropping consumer spending, tightening credit hurt the electronics giant

(Newser) - Circuit City Stores has filed for bankruptcy protection today, about a week after it said it would close 20% of its stores. The electronics retailer, based in Richmond, Va., has struggled as nervous consumers spend less and credit tightens.

Paulson Slipped Banks
Quiet $140B Tax Break

Nov 10, 2008 7:03 AM CST

Paulson Slipped Banks Quiet $140B Tax Break

Reversal of 20-year-old tax law allows banks to shelter profits

(Newser) - While Congress and the nation were busy debating the $700 billion bailout package in late September, Treasury issued a five-sentence notice that could reap banks up to $140 billion in tax breaks, the Washington Post reports. The provision reverses an obscure policy written into law more than 20 years ago...

Feds Up AIG Aid to $150B; Insurer Posts $24.5B Loss

Nov 10, 2008 5:22 AM CST

Feds Up AIG Aid to $150B; Insurer Posts $24.5B Loss

US scraps insurer's original $123 billion package as company's struggles continue

(Newser) - The $123 billion the US pledged to foundering insurance giant AIG will grow to at least $150 billion, reports the Wall Street Journal, as the company continues to hemorrhage money. AIG, which today reported a loss of $24.5 billion in its most recent quarter, will get more cash and...

Stock Tips for Bargain Hunters

Nov 9, 2008 7:04 PM CST

Stock Tips for Bargain Hunters

Look for minimal fees and free trades to help you save money

(Newser) - While stocks have sunk to their lowest in years, there's a silver-lining for penny-pinchers. “Buying into the slumping market today should pay off big time when it finally bounces back,” reports US News and World Report, which offers 5 easy tips to get you started.

Index funds: Minimal

...

Public Works Eyed
as Economic Jumpstart

Nov 9, 2008 5:11 PM CST

Public Works Eyed as Economic Jumpstart

Economists increasingly look to infrastructure spending for job creation

(Newser) - Once dismissed as too slow to address America’s quick slide into crisis, New Deal-esque public works projects are becoming increasingly attractive as long-term economic troubles look likely to set in, the Los Angeles Times reports. Infrastructure spending will likely be a major component of the upcoming Obama-backed, multibillion-dollar stimulus...

Economic
Slump Hits the Dog House

Nov 9, 2008 12:00 PM CST

Economic Slump Hits the Dog House

More abandonments, fewer adoptions put burden on shelters

(Newser) - Our furry friends don't know what an economic downturn is, but they're feeling its effects as much as we are, Reuters reports. Between owners finding they can't afford the best cat food to dogs being sent to foster care when homes are foreclosed, shelters are seeing a spike in abandonments....

China Unveils Massive $586B Stimulus Bill

Nov 9, 2008 10:56 AM CST

China Unveils Massive $586B Stimulus Bill

Beijing focuses on boosting infrastructure, social welfare

(Newser) - China announced a $586 billion stimulus package today in its biggest move to stop the global financial crisis from hitting the world's fourth-largest economy. A statement on the government's website said China's Cabinet had approved a plan to invest the money in infrastructure and social welfare by the end of...

Team Obama Weighs
Priorites Amid Obstacles

ANALYSIS

Nov 9, 2008 7:47 AM CST

Team Obama Weighs Priorites Amid Obstacles

Economy could put other promises on back burner

(Newser) - Between the economic crisis and a host of campaign promises, Barack Obama faces major challenges—and his team is taking time now to sort through priorities for his presidency, the New York Times reports. The president-elect's top priority is the economy, he repeated yesterday in a radio address to the...

Manhattan
Real Estate
Prices Plummet

Nov 9, 2008 7:24 AM CST

Manhattan Real Estate Prices Plummet

News will only get worse, experts predict

(Newser) - Manhattan real estate is already taking a major hit from the economic crisis, reports the New York Times. Median property prices in Harlem are down nearly 20%, and east midtown condos have plunged more than 18%. The downturn will eventually rock even the toniest neighborhoods, experts predict. Sales have slowed...

Can Obama Be the New FDR?

OPINION

Nov 8, 2008 1:08 PM CST

Can Obama Be the New FDR?

Nation needs Roosevelt's action, inspiration

(Newser) - Barack Obama’s call yesterday to “act swiftly” to address the economic crisis clearly echoed Franklin Roosevelt’s inaugural address during the Depression: “action, and action now.” But while Obama's “crisp competence” was welcome, he wasn't particularly inspirational, and, Joe Nocera writes in the New York ...

Wall Street
Sets Up
Shop in DC

Nov 8, 2008 11:59 AM CST

Wall Street Sets Up Shop in DC

Firms descend on Washington to work on the bailout

(Newser) - With Washington the focal point of the financial crisis, consulting, real estate, and legal firms are moving from New York to DC, the Washington Post reports. Financial firms see vast opportunities to advise DC companies on the bailout bill and fight for Treasury contracts. Why relocate? “Our business is...

Stocks Close Up 248
Despite Tough Jobs News

MARKETS

Nov 7, 2008 3:24 PM CST

Stocks Close Up 248 Despite Tough Jobs News

But Friday rally can't heal brutal weekly losses

(Newser) - Stocks gained today despite a big bump in unemployment last month and poor earnings reports, MarketWatch reports. The indexes looked positioned for another late-Friday bloodbath but instead rose sharply in what could be a vote of confidence for President-elect Obama’s economic team. The Dow rose 248.02 to 8,...