financial crisis

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Rally Fizzles to Mild Losses
 Rally Fizzles to Mild Losses 
MARKETS
Oct 14, 2008 3:20 PM CDT

Rally Fizzles to Mild Losses

Traders worry non-financial stocks may still feel recession's bite

(Newser) - Stocks closed lower today after an earlier rally died down as worries about consumer-discretionary and tech stocks overcame investors’ faith in global actions to quell the credit crisis, the Wall Street Journal reports. The Dow, up nearly 400 early, ended off 76.62, to 9,310.99. The Nasdaq, especially...

In Crisis, Ads Are Just Noise
 In Crisis, 
 Ads Are 
 Just Noise 
Analysis
Oct 14, 2008 2:01 PM CDT

In Crisis, Ads Are Just Noise

McCain attacks, Obama saturates, and no one cares

(Newser) - With the election weeks away, the airwaves are thick with campaign ads. McCain has gone almost completely negative, while Obama has used his huge war chest to unleash an unprecedented barrage of messages—and none of it matters, strategists tell the Washington Post. “Most people are looking at their...

Where Is Wall Street's Leadership in This Mess?
Where Is Wall Street's Leadership in This Mess?
OPINION
Oct 14, 2008 12:53 PM CDT

Where Is Wall Street's Leadership in This Mess?

Finance could take steps to mend the crisis of confidence

(Newser) - It’s easy to criticize Hank Paulson, writes Steven Pearlstein for the Washington Post—for not predicting the depth and breadth of the crisis as subprime mortgages went sour a year ago, for letting Lehman Brothers fail, or for taking his lead from the UK this weekend. But Paulson and...

McCain: Protect All Savings
 McCain: Protect All Savings 
Oct 14, 2008 12:18 PM CDT

McCain: Protect All Savings

(Newser) - Republican John McCain says he would order the Treasury Department to guarantee 100% of all savings for the next 6 months as president. That provision is part of a $52.5 billion plan the presidential candidate laid out to address the nation's deepening financial crisis. "The moment requires that...

Crisis Separates the Champs From the Boobs
Crisis Separates the Champs From the Boobs
OPINION
Oct 14, 2008 12:10 PM CDT

Crisis Separates the Champs From the Boobs

Brown and Sarkozy shine while Bush stalls, says columnist

(Newser) - The financial crisis hasn't just transformed the business world, writes Financial Times columnist Gideon Rachman; it's transformed world politics as well. Who are the winners and losers of the market upheaval?
  • Gordon Brown seems more and more the "improbable savior" of the financial system. The British bailout has been
...

GM Calls for Help
 GM Calls for Help 
Oct 14, 2008 12:07 PM CDT

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"...

Ex-AIG Chair Seeks Cushier Bailout Terms

Greenberg files letter with SEC asking for less 'onerous' deal

(Newser) - With the Fed now injecting capital directly into Wall Street's spiraling banks, AIG's former chairman worries the company got shafted, the Wall Street Journal reports. The insurer will go under if the government doesn't change its bailout terms from a two-year, high-interest loan to 10-year nonvoting preferred stock, Hank Greenberg...

Stocks Jump 350+ at Open
 Stocks Jump 350+ at Open 
MARKETS
Oct 14, 2008 8:53 AM CDT

Stocks Jump 350+ at Open

Dow up nicely again

(Newser) - Stocks were up once again today at the open, as investors cheered the government’s latest rescue moves. The Dow rose 363, while the Nasdaq and S&P rose 2.2% and 3.7% respectively, the Wall Street Journal reports. American stocks were again following on the heels of recoveries...

Bush, Paulson Outline Plan to Buy $250B Stake in Banks

(Newser) - President Bush this morning confirmed the government's $250 billion plan to buy shares in banks, in the latest move to calm the turmoil in the financial markets and stave off a deep recession. Speaking from the Rose Garden after an early-morning meeting with economic advisers, Bush said the move will...

Bernanke: Stage Set for Recovery

Fear not, investors, Fed chairman insists

(Newser) - Americans face a historic financial crisis, but they needn’t worry because policy makers have responded in time, writes Ben Bernanke in today’s Wall Street Journal. “History teaches us that government engagement in times of severe financial crisis often arrives very late,” Bernanke says. “Fortunately, that...

Dems Pitch $300B Plan to Jump-Start Economy

But it may have to wait until January

(Newser) - House Democrats are mulling a huge infusion of public cash to kick start economic growth, the New York Times reports. The proposal, announced after a meeting with top economists, would use up to $300 billion to create jobs in new public works projects, and boost food stamp and unemployment insurance...

Nikkei Up 14% in Record Rally
 Nikkei Up 14% in Record Rally 
Oct 14, 2008 1:59 AM CDT

Nikkei Up 14% in Record Rally

Bank support plans boost Japan's index to biggest gain in its history

(Newser) - The Nikkei  surged over 14% on the news that the US and Europe will buy up stakes in troubled banks, Bloomberg reports. The index's biggest gain in history follows its biggest loss in its history last week. Japan's markets were closed for a holiday yesterday when global indexes soared. Hong...

Paulson to Banks: Do It for Your Country

$250B bailout needed to restore faith, keep capital at home

(Newser) - The $250 billion plan to guarantee new bank debt and unlimited bank deposits in certain accounts isn’t just an option, Treasury Secretary Paulson told the chiefs of nine banks yesterday; it’s for the good of the country. The plan, the country’s response to similar European banking actions,...

Stocks Don't Kill People, Journos Do
 Stocks Don't Kill 
 People, Journos Do 
analysis
Oct 13, 2008 7:50 PM CDT

Stocks Don't Kill People, Journos Do

(Newser) - The media must beware of linking suicide cases to Wall Street's financial meltdown, Katia Bachko writes in the Columbia Journalism Review. Yet newspapers have already connected murder-suicides in Pennsylvania, California, and India to the crumbling economy, despite warnings from the WHO and other agencies about a "copycat effect."...

Here Comes the New Bailout Plan
Here Comes the New Bailout Plan
Oct 13, 2008 5:40 PM CDT

Here Comes the New Bailout Plan

Paulson will match Europe's effort by spending $250B on stock in 9 banks

(Newser) - The US version of Europe's new financial bailout plans is coming tomorrow, the Wall Street Journal reports. In the wake of a rollout by European nations today, and soaring stock markets worldwide, Washington will do what it dissed only weeks ago: snap up billions in bank equity stakes. The...

Obama Plan Includes Freeze on Foreclosures

Plan would ease borrowing from retirement accounts

(Newser) - Barack Obama detailed an economic rescue plan today that includes incentives for job creation and a federal credit line for state and local governments, the Toledo Blade reports. Playing to voters in hard-hit Ohio as he preps for Wednesday's debate, Obama said, "I won’t pretend that this will...

Dow Gains 936 on New Bailouts
 Dow Gains 936 on New Bailouts 
MARKETS
Oct 13, 2008 3:35 PM CDT

Dow Gains 936 on New Bailouts

Biggest one-day boost for Dow on record

(Newser) - Weekend news of coordinated global action to buy stakes in troubled banks cheered investors, and the Dow posted its biggest-ever 1-day jump in both points and percentage today, MarketWatch reports. The index rose 936.42 to 9,387.61, the Nasdaq jumped 194.74 to 1,844.25, and the...

McCain Paints Ugly Picture, Touts His Experience as Fix

GOP candidate compares Obama to Herbert Hoover on economy

(Newser) - John McCain painted a dismal picture of the economy today at a rally in Virginia, comparing Barack Obama’s solutions to Herbert Hoover’s while declaring himself the right candidate to fix the mess, the Virginian-Pilot reports. McCain also raised the specter of his flailing campaign in an effort to...

How to Restore World's Trust in US
 How to Restore 
 World's Trust in US  
OPINION
Oct 13, 2008 1:50 PM CDT

How to Restore World's Trust in US

Next president must lead globe on disarmament, climate change

(Newser) - The Bush administration has done wide-ranging damage to the US’ international image, pulling out of key treaties and unilaterally invading Iraq. The next president has got some work to do to restore its reputation, particularly in two areas: making a commitment to nuclear nonproliferation and setting a worldwide example in...

Following Herd Out of Market Will Sting in Long Run

No reason stocks won't be back: economist

(Newser) - Ready to pull the plug on the stock market and put all of your money under the mattress? Princeton economics professor Burton Malkiel writes in the Wall Street Journal that you’ll be better off riding out the storm. “No one has consistently made money by selling America short,...

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