financial crisis

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Credit Chill Spreads to Russia
 Credit Chill Spreads to Russia 
Oct 8, 2008 4:31 PM CDT

Credit Chill Spreads to Russia

Georgian war spooked foreign investment, destabilized economy

(Newser) - The credit crisis has officially reached Russia, revealing just how fragile the Russian economy is, BusinessWeek reports. Stocks fell so much this week that the government today suspended both exchanges to stem further loss. But the country's reliance on foreign cash—disappearing as investors flee—is bound to affect more...

AIG Chief Defends Luxe Retreat
 AIG Chief Defends Luxe Retreat
Oct 8, 2008 4:00 PM CDT

AIG Chief Defends Luxe Retreat

(Newser) - AIG today defended the $440,000 luxury retreat it held on the heels of an $85 billion federal bailout, the Wall Street Journal reports. In a letter explaining its actions to the US Treasury, CEO Edward Liddy explained that the event—which racked up a $23,000 spa bill— was...

Stocks Fall 189 Despite Rate Cut
 Stocks Fall 189 Despite Rate Cut 
MARKETS
Oct 8, 2008 3:24 PM CDT

Stocks Fall 189 Despite Rate Cut

Alcoa offers dismal earnings report to start third-quarter season

(Newser) - Stocks fell nearly 190 points in a volatile day, with investors showing mixed opinions on whether an unprecedented global rate cut by the Fed and foreign central banks would help the credit crisis. After swinging in a 433-point range, the Dow closed down 189.01 points at 9,258.10,...

We Need 2nd Stimulus Bill: Pelosi

Struggling economy requires a $150 billion plug, Speaker says

(Newser) - House Speaker Nancy Pelosi says a second economic stimulus plan is needed now because of the faltering economy, and she puts the price at $150 billion. President Bush, however, has promised a veto. The House passed a $61 billion economic aid proposal last month before lawmakers left Capitol Hill ahead...

When Did Patriots Stop Paying Taxes?
When Did Patriots Stop Paying Taxes?
OPINION
Oct 8, 2008 12:14 PM CDT

When Did Patriots Stop Paying Taxes?

Palin dead wrong; now is time for US taxpayer to step up: Friedman

(Newser) - Sarah Palin is really asking for it, writes Thomas Friedman in the New York Times, when she blithely criticizes paying taxes as unpatriotic—especially when Uncle Sam needs the cash to pay for wars and a bailout that she supports. Does Palin "think borrowing money from China is more...

Crisis Drains $2T From Retirement Savings

Tumbling values may mean more workers have to stay on jobs longer, retire later

(Newser) - The financial crisis has drained $2 trillion from Americans' retirement savings over the  past 15 months, reports the Washington Post, a 20% drop in the value of pensions and 401(k) plans that may force many to retire later and could spread to the general economy as workers tighten belts further....

It Hasn't Been This Bad Since 1937

Stocks stuck in a 'downward spiral of fear;' no end in sight

(Newser) - With investors unconvinced the government’s $700 billion bailout or the Fed’s new plan to buy commercial paper will thaw frozen credit markets, markets remained trapped in “a downward spiral of fear,” reports BusinessWeek. The Dow’s 29% loss this year is its worst since 1937’s...

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

(Newser) - The British government will become part owner of the nation's biggest banks with a mammoth $88-billion rescue package for the troubled institutions, the Wall Street Journal reports. Under the plan, swiftly assembled after UK bank stocks plummeted in trading yesterday, the government will purchase non-voting shares in eight of the...

World Markets Tumble
 World Markets Tumble 

UPDATE
Oct 8, 2008 2:40 AM CDT

World Markets Tumble

Biggest drop in over 20 years, Brit bailout fails to stop FTSE dive

(Newser) - Fears of a global recession sent markets plummeting around the world today, Bloomberg reports. Japan's Nikkei index nosedived 9.4%—its biggest fall since the stock market crash of 1987. Indonesia and Russia halted trading after their benchmark index dove 10%. Of 100 companies listed in Britain's FTSE 99 fell...

Wall Street's Woes Will Breed Cheaper Gadgets
Wall Street's Woes Will
Breed Cheaper Gadgets
ANALYSIS
Oct 7, 2008 7:16 PM CDT

Wall Street's Woes Will Breed Cheaper Gadgets

Luxury brands will drop prices; digital media apt to boom in downturn

(Newser) - Wall Street's current tremors will be felt in Silicon Valley for years, "worst case, the next decade," John Biggs writes in TechCrunch, and that could be good news for gadget freaks. Though pinched consumers probably won't "be able to stomach even mild extravagances," luxury brands—Apple...

All Economy's Bubbles Have Burst at Once
All Economy's Bubbles
Have Burst at Once
Analysis
Oct 7, 2008 4:07 PM CDT

All Economy's Bubbles Have Burst at Once

Dominoes tumble from real estate to credit to commodities

(Newser) - The real reason the global economy is tanking is because a huge set of financial bubbles are all bursting at once, explains Steven Pearlstein in the Washington Post. The US real-estate bubble started the party, leading to a burst in the credit bubble, the corporate takeover bubble, and the commodities...

AIG Execs Took Spa Week After $85B Bailout

Former CEOs appear before skeptical House to defend spending

(Newser) - After being bailed out by Washington, AIG executives engaged in some conspicuous consumption, and it’s still going on, Portfolio reports. Two former CEOs of the insurance giant testified before the House today, and lawmakers took them to task for reckless compensation and an executive retreat at a California spa...

Dow Drops 508 Points
 Dow Drops 508 Points 
MARKETS
Oct 7, 2008 3:31 PM CDT

Dow Drops 508 Points

Fed's attempts to help do nothing for equities in the short term

(Newser) - Stocks plummeted today, as actions by the Federal Reserve to prop up the commercial-paper market and hints of an interest-rate cut from Ben Bernanke failed to restore investors’ confidence, the Wall Street Journal reports. The Dow fell 508.39 to 9,447.11. The Nasdaq shed 108.08, closing at...

Big Oil Takes Big Hit in Stocks' Dive

Demand slows, but company coffers plenty full ... for now

(Newser) - Oil companies’ stocks are plummeting, but the majors are comfortable with long-term plans and bulging coffers, the Wall Street Journal reports. The global economy is pushing crude prices down, and analysts think measures are necessary to keep share prices up. But larger outfits like Exxon made investments based on lower...

Cramer: I Was Being Responsible!

Mad guru maintains that money is safer out of Wall Street

(Newser) - Jim Cramer returned to NBC's Today Show to dismiss viewer attacks that he yelled "fire in a crowded building" by advising they pull out of Wall Street any money they need in the short term. "What happens if there is one raging?" he retorted. The "innate optimist,...

Stocks Sink as Bernanke Hints at Rate Cut
Stocks Sink as Bernanke Hints at Rate Cut
MARKETS
Oct 7, 2008 1:28 PM CDT

Stocks Sink as Bernanke Hints at Rate Cut

After early optimistic surge, Dow falls 300 points

(Newser) - Federal Reserve Chairman Ben Bernanke warned today that the financial crisis has not only darkened the country's current economic performance but also could prolong the pain. The Fed chief's gloomy assessment appeared to hint of an interest rate cut on or before the Fed’s next meeting later this month....

It's Hard to Go Green With the Economy in the Red

As Wall Street falters, ambitions to fight global warming are being checked

(Newser) - Bad days on Wall Street are bad news for environmentalists, too. The financial crisis doubles as a boon for critics of proposed greenhouse gas regulations, writes Margaret Kriz for Yale Environment 360. In its aftermath, politicians will be loath to pass laws that hike carbon-based fuel prices and wary of...

The Crisis Dwarfs $700B
 The Crisis Dwarfs $700B 
Oct 7, 2008 10:18 AM CDT

The Crisis Dwarfs $700B

A US-centric band aid can't quell global markets as confidence plunges

(Newser) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem...

Europeans Seek Unified Credit Crisis Strategy

As individual states act, leaders scramble for coordinated measures

(Newser) - Finance ministers are meeting today to hash out a plan to steady Europe’s banking system, but resolution continued to be elusive, the New York Times reports. They raised the minimum level for deposit guarantees to €50,000, though some pushed for higher limits; the EU has not developed...

Poll: McCain Getting Deeper in the Hole

Obama opens up 49%-43% national lead amid economic turmoil

(Newser) - Barack Obama has boosted his nationwide lead with his response to the economic crisis and debate performance, according to the latest NBC News/Wall Street Journal poll. The candidate now leads John McCain 49%-43%, a 4-point jump from two weeks ago. Obama has also swayed independent voters, turning McCain’s 13-point...

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