financial crisis – News Stories About financial crisis - Page 64

Oct 27, 2008 7:47 AM CDT

Guess What's Still Selling Strong?

Obama's anti-gun stance and fears of economic chaos fuel record gun sales

(Newser) - Fears of an anti-gun presidency and the threat of civil unrest in a worsening economic climate are fueling record sales of firearms and ammunition, the Washington Post reports. Sales have been climbing since 2006 and this year have shot past the average annual 5% increase to reach 10%, as gun...

How One Woman's Home, and Dream, Foreclosed

Oct 26, 2008 6:42 PM CDT

How One Woman's Home, and Dream, Foreclosed

One woman's story helps us understand today's financial mess

(Newser) - When a California woman bought a home 3 years ago, she had little idea that her mortgage would help drag down the nation's economy—and the world's, the Sacramento Bee reports. Erin O'Hagan and two family members pooled incomes to buy a $475,000 Sacramento home, and planned to refinance...

Tanking Hedge Funds Take Chunk Out
of Market

Oct 25, 2008 1:45 PM CDT

Tanking Hedge Funds Take Chunk Out of Market

Investor panic could shrink industry 15%

(Newser) - Now is not a good time to run a hedge fund. Panicking investors are pulling out of the underperforming funds, and that alone could cost the industry 15% of its assets by year’s end, Bloomberg reports. Hedge funds aren't seen as a primary cause of the global financial crisis,...

You Got Your Bailout, Where Are Our Loans?

OPINION

Oct 25, 2008 12:54 PM CDT

You Got Your Bailout, Where Are Our Loans?

Treasury trying to consolidate banking industry, not fix credit

(Newser) - When the Treasury was pushing its $700 billion bailout, it assured us that once banks had cash, they’d start lending. “I don’t know about you,” writes Joe Nocera in the New York Times, “but I’m starting to feel as if we’ve been sold...

Bailout Expands to Include Big Insurers

Oct 25, 2008 10:33 AM CDT

Bailout Expands to Include Big Insurers

Feds look beyond AIG and banking industry to MetLife, others

(Newser) - The Treasury’s bailout is moving beyond banks to include major insurance firms hurt by bad investments, the Washington Post reports. Companies such as MetLife, the Hartford, and Prudential hope to be covered in the plan, under which the government would provide money in exchange for ownership stakes. Big insurers...

Media Feeds Markets' Frenzy

OPINION

Oct 24, 2008 4:50 PM CDT

Media Feeds Markets' Frenzy

'Volatility news cycle' as bad for traders as it is for nervous investors

(Newser) - Is the media behind the rampant volatility gripping Wall Street? It can’t be helping, longtime observer Roger Ehrenberg writes for Information Arbitrage. CNBC, Fox Business, and others recycle countless talking heads, each with passionate and conflicting views. “Media is motivated to evoke a reaction,” Ehrenberg reasons, so...

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....

OPEC Slashes 1.5M Barrels
a Day to Boost Oil Prices

Oct 24, 2008 7:14 AM CDT

OPEC Slashes 1.5M Barrels a Day to Boost Oil Prices

(Newser) - OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a...

IMF Plans Huge Credit Line for Poor Nations

Oct 24, 2008 6:11 AM CDT

IMF Plans Huge Credit Line for Poor Nations

Wave of defaults in developing world could imperil global economy

(Newser) - While the financial crisis is leading the West into recession, other parts of the world from Hungary to Argentina face an even worse fate: default, market panic, and possibly social upheaval. Now the IMF is working to build a giant line of credit, funded by rich nations, to provide...

Pound Craters After Latest
Grim Stats

Oct 24, 2008 5:08 AM CDT

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

(Newser) - The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that...

Fox Ponies Up
as Ad Picture
Clouds

analysis

Oct 23, 2008 6:19 PM CDT

Fox Ponies Up as Ad Picture Clouds

(Newser) - With the election season winding down and the economy slumping, Fox News could have trouble paying the heavy hitters it's signed and re-signed to multimillion-dollar contracts, the New York Times reports. Experts agree that advertising, a big chunk of Fox’s budget, will fall off after the amazing expenditures during...

Volatile Day Ends With Gains

MARKETS

Oct 23, 2008 3:35 PM CDT

Volatile Day Ends With Gains

Utilities, energy spur late rally that leaves Dow up 172

(Newser) - Stocks saw wild triple-digit swings today before closing with gains, MarketWatch reports. Many earnings reports were poor, and weekly jobless claims spiked, but investors also found bright spots amid the gloom. The Dow rose 172.04 to 8,691.25. The Nasdaq fell 11.84 to 1,603.91, but...

Greenspan:
I Was Wrong
to Trust Banks

Oct 23, 2008 11:51 AM CDT

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’...

Wall Street's Tumble Costs Buffett $9.6B

Oct 23, 2008 8:08 AM CDT

Wall Street's Tumble Costs Buffett $9.6B

Top CEOs have taken a 28% hit in the value of their company holdings

(Newser) - Next time you check the value of your portfolio, know that America's top executives are taking a pounding with you: Berkshire Hathaway CEO Warren Buffett has seen his holdings in his company decline $9.6 billion this year, reports the Wall Street Journal. And he’s got company. Oracle’s...

Paulson:
I'd Do It
All Again

Oct 23, 2008 7:47 AM CDT

Paulson: I'd Do It All Again

Treasury secretary defends his actions in Times sit-down

(Newser) - Does Henry Paulson have any regrets about his widely-panned handling of the financial crisis? “I could have seen the subprime problem coming earlier,” he allows, before quickly adding, “I’m not saying I would have done anything differently.” Critics see things differently, of course, so Paulson...

Amid Crisis, China Faces Its Own Slowdown

Oct 23, 2008 7:44 AM CDT

Amid Crisis, China Faces Its Own Slowdown

Decline in exports poses huge challenge to Communist Party

(Newser) - For three decades now, China has established itself as a global economic powerhouse by providing cheap exports to the rest of the world. But as demand for Chinese goods slumps in a global recession, the ruling Communist Party, which owes its popularity to expanding prosperity, faces new tests: slowing growth,...

Goldman Sachs to Cut Staff 10%

Oct 23, 2008 7:39 AM CDT

Goldman Sachs to Cut Staff 10%

Restructuring bank will trim 3,000 employees

(Newser) - Goldman Sachs will cut almost 3,300 jobs, or about 10% of the bank's total staff, an insider told Reuters today. Although Goldman has weathered the credit crisis better than its competitors, its transition from an investment bank to a traditional enterprise means that it will have to obey stricter...

Letters
to Dimon:
You'll 'Die
in 10 Days'

Oct 23, 2008 6:50 AM CDT

Letters to Dimon: You'll 'Die in 10 Days'

Feds hunt author of threats to bank CEO

(Newser) - A flurry of letters threatening the life of JPMorgan CEO Jamie Dimon, as well as an Oklahoma City-style bombing of a bank facility, are being investigated by the Postal Investigation Service. ABC News reports a $100,000 reward has been posted for information about the 45-plus letters, all postmarked last...

Feds Warming to $40B Homeowner Bailout

Oct 23, 2008 6:33 AM CDT

Feds Warming to $40B Homeowner Bailout

Plan would give banks an incentive to rework troubled mortgages

(Newser) - Homeowners struggling to pay their mortgages would get help from the federal government under a $40 billion plan FDIC Chair Sheila Bair is expected to unveil today, reports the Wall Street Journal. Bair’s initiative, which would offer banks financial incentives to rework troubled mortgages into more affordable ones, is...

Detroit's Woes Become a Drag for NASCAR

Oct 23, 2008 2:15 AM CDT

Detroit's Woes Become a Drag for NASCAR

Tanking economy likely to hit NASCAR harder than most

(Newser) - The gloomy economic outlook is putting the brakes on sporting sponsorships everywhere and NASCAR is one of the hardest-hit, the Washington Post reports. Sponsorship cash makes up around 80% of the average racing team's budget, but long-standing partnerships with Detroit’s auto giants and other major backers are running out...