financial crisis

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Feds Consider Insuring All Bank Deposits

(Newser) - Under the shadow of the deteriorating global economy, the US is considering two more steps to assuage markets, the Wall Street Journal reports: guaranteeing billions in bank debt and insuring all US bank deposits. Either move is an aggressive step, and in tandem they would mark Wasington's largest intervention yet...

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(Newser) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but...

Hitchens: We're Now a Banana Republic

Accountability is nil, the president useless

(Newser) - The credit crisis has laid bare the failings of US government, writes Christopher Hitchens in Vanity Fair, putting us on par with other banana republics such as Zimbabwe and Venezuela. How else to describe this "collusion between the overweening state and certain favored monopolistic concerns, whereby the profits can...

Americans Tighten Belts for New Frugal Age

(Newser) - The credit crisis may force Americans to do something truly drastic: live frugally. Benjamin Franklin-style penny-pinching once defined America, but thrift has gone decidedly out of style in recent times, BusinessWeek reports. "I can't help the economy," says one recent convert to the new frugality. "I've...

American Capitalism Is Dead. The Culprit? America
American Capitalism Is Dead. The Culprit? America
ANALYSIS
Oct 10, 2008 10:35 AM CDT

American Capitalism Is Dead. The Culprit? America

(Newser) - As Wall Street banks collapse like a house of cards, American capitalism isn’t just failing in practice; the very idea of unregulated, free-functioning markets has received a serious blow, writes Anthony Faiola in the Washington Post. Once the symbols of American economic might, there's a real possibility that many...

Bush: Recovery Will Take Time

But don't worry, we have acted and will continue to act

(Newser) - The government's financial rescue plan is aggressive enough and big enough to work, President Bush said today, but it will take time to fully kick in. "Anxiety can feed anxiety and that can make it hard to see all that's being done to solve the problem," Bush said...

Oil Sinks to $83 on Global Panic

(Newser) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and...

US Must Save Global Economy &mdash;This Weekend
US Must Save Global Economy —This Weekend
OPINION
Oct 10, 2008 7:30 AM CDT

US Must Save Global Economy —This Weekend

US must join UK's plan or face disaster: Krugman

(Newser) - Since the collapse of Lehman Brothers the financial crisis has gone from severe to terrifying, but the response of the United States and Europe has been "woefully inadequate," writes New York Times columnist Paul Krugman. We are now at a tipping point, and if world policymakers don't...

Banking Meltdown Driving Icelanders Back to Fishing

Financial system collapse leaves nation adrift

(Newser) - The collapse of its financial system has left Iceland with little left to rely on but the sea that surrounds it, writes the Wall Street Journal. With few natural resources on land, fishing was the mainstay of Icelandic life for centuries until the nation's global banking industry rapidly expanded a...

New 'Top-Dog' Careers for Out-of-Work Bankers

I-banking may be dead, but opportunities are out there

(Newser) - Now that the investment-banking party is over, what are all those hotshot bankers going to do? Bloomberg's Matthew Lynn takes a look at potential new "top-dog" careers:
  • African development. The pioneers who nurture African nations’ industry and infrastructure will be rewarded by the continent’s mineral resources and huge
...

Citi Drops Wachovia Talks, Will Still Sue for Damages

(Newser) - Citigroup said today it's going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall Street Journal reports. But all's not chummy in the banking world: Citigroup, which charges that Wachovia illegally backed out of a deal to accept a sweeter offer from Wells Fargo, is still...

Dow Falls 678 to Sub-9,000 Close
 Dow Falls 678 to Sub-9,000 Close 
MARKETS
Oct 9, 2008 3:32 PM CDT

Dow Falls 678 to Sub-9,000 Close

Dow falls below 9,000 for first time since 2003

(Newser) - Stocks plunged in the last hours of trading today as a number of government moves did little to shore up investors' confidence, MarketWatch reports. The Dow’s losses accelerated sharply after it dropped below the psychological threshold of 9,000 points. It closed down 678.91 at 8,579.19;...

Is a Bull Market on the Horizon?

Lower rates and commodity prices and stocks that looks cheap could trigger a run

(Newser) - Apocalyptic attitudes abound, but weed through the financial doom and gloom and you'll find a few economists who think we've bottomed out, and that a bull market is up next, writes Michael Hiltzik in the Los Angeles Times. The Dow has dropped 34.6% in the last year, but recent...

Global Economy Needs Shelter From the Storm
Global Economy Needs Shelter From the Storm
Opinion
Oct 9, 2008 11:28 AM CDT

Global Economy Needs Shelter From the Storm

Think of it as a bankruptcy; with help, it can recover and thrive

(Newser) - The global economy is in such chaos that it needs the equivalent of bankruptcy protection, David Ignatius writes in the Washington Post. "Bankruptcy, if properly managed, is a workout process that provides a pathway back to solvency," he argues. "Companies often reemerge from bankruptcy healthier than before;...

Disaster Ahead for McCain, Obama, and Us
Disaster Ahead for McCain, Obama, and Us
OPINION
Oct 9, 2008 10:07 AM CDT

Disaster Ahead for McCain, Obama, and Us

Economic crisis will ruin political, financial fortunes alike

(Newser) - Disaster’s dead ahead for John McCain, for Barack Obama, and for the rest of us, too, writes Rosa Brooks in the Los Angeles Times. McCain is “a dead man walking,” as he’ll soon find out. The "winner" will be a President Obama with no idea...

Calif. Portends Recession to Come

The housing bubble burst there first ... is California a sign of things to come in US?

(Newser) - Trend-setting California may be the “canary in the mine shaft,” its own recession showing the rest of the country what a national downturn could look like, reports the Wall Street Journal. The state’s $1.8 trillion economy has been bludgeoned by an unemployment rate among the worst...

McCain Is a Cub in Bear Market
 McCain Is a Cub in Bear Market 
OPINION
Oct 9, 2008 8:06 AM CDT

McCain Is a Cub in Bear Market

Republican getting desperate as the economy buries campaign

(Newser) - With Barack Obama making a strong showing in so many red states, wild proposals are all that’s left for John McCain to try, writes George Will in the Washington Post, because this election seems over. McCain's proposal to pad the bailout with several hundred billion more for a mortgage-buying...

Iceland Shuts Stock Market, Nationalizes No. 1 Bank

Overexposed Nordic nation sinks deeper into financial crisis

(Newser) - Iceland shut down its stock exchange today due to "unusual market conditions" and will keep it closed until Monday, the AP reports. The move came just hours after the Icelandic government nationalized Kaupthing, the nation's largest bank and the third to come into public ownership. An IMF delegation...

Feds May Take Part Ownership of US Banks

(Newser) - The Treasury Department may take part ownership of many US banks in a bid to encourage lending and shore up confidence, the New York Times reports. Under the proposal, Treasury would give banks cash in exchange for ownership stakes. In theory, that would improve balance sheets and help banks lend...

Federal Reserve to Give AIG Another $37.8B

(Newser) - These days, $85 billion just doesn't go as far as it used to. The Federal Reserve said today it will provide AIG with an additional $37.8 billion to help the beleaguered insurance giant out of its liquidity mess, Bloomberg reports. The money is on top of the massive loan...

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