financial crisis

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Fed Weighs Emergency Rate Cut

As economy deteriorates, inflation becomes less of a concern

(Newser) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the...

Senate Puts Pressure on House to Pass Bailout

New bill will cost even more

(Newser) - By resoundingly passing its version of the bailout bill, the Senate has ratcheted up the pressure on House leaders to go along with the plan, the Swamp reports. “We’re going to fix the problem this week,” promised Mitch McConnell. The new bill more than doubles the FDIC...

Stocks Fall Despite Senate Vote
 Stocks Fall Despite Senate Vote 
MARKETS
Oct 2, 2008 9:00 AM CDT

Stocks Fall Despite Senate Vote

Jobless claims up

(Newser) - Senate approval of the bailout bill wasn’t enough to calm investors this morning, as the Dow posted a modest 51-point decline. Driving the pessimism was a report that new jobless claims have hit a new 7-year low, the Wall Street Journal reports. The S&P and Nasdaq each fell...

Pass the Bailout, Or Else We'll Become Japan
Pass the Bailout, Or Else We'll
Become Japan
OPINION
Oct 2, 2008 8:27 AM CDT

Pass the Bailout, Or Else We'll Become Japan

Its decade of decline shows the risks of inaction: Kristof

(Newser) - Watching the House vote down the bailout package this week, Nicholas Kristof recalled a bad memory: Japanese politicians doing the same thing during the financial crisis of the 1990s. The New York Times columnist, who was then based in Tokyo, watched as a desire to punish "corrupt, profligate, and...

Senate Passes Sweetened Bailout Bill

(Newser) - The Senate overwhelmingly passed a historic $700-billion bill tonight to salvage the US economy, MSNBC reports. Senators backed the measure 74-25, hailing changes to the House measure that would aid the middle class and small businesses. Senate leaders said they hoped their bill would persuade House members to get on...

Candidates Return to Capital to Back Bailout

McCain, Obama stress urgent need for financial intervention

(Newser) - The presidential candidates took a break from stumping today to visit Washington, DC, and support the Senate's financial bailout plan, the New York Times reports. Barack Obama repeated his pro-bailout argument on the Senate floor, saying that "the worldwide economy could be plunged into a very, very deep hole....

Depression, No&mdash;but That Lesson Is Vital
Depression, No—but That Lesson Is Vital
Analysis
Oct 1, 2008 4:20 PM CDT

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "...

Mild Losses as Street Waits
 Mild Losses as Street Waits 
MARKETS
Oct 1, 2008 3:47 PM CDT

Mild Losses as Street Waits

Bailout hopes soften poor economic news

(Newser) - Stocks closed with only mild losses during a volatile session today as traders closely watched Capitol Hill mull over the bailout plan, the Wall Street Journal reports. The Dow closed down 19.59 at 10,831.07. The Nasdaq lost 22.48, closing at 2,069.40, while the S&...

Pelosi's PAC Paid Husband's Firm $99K for Work

Transaction legal, but would have been banned by bill Dem Speaker supported

(Newser) - Nancy Pelosi paid her husband’s company $99,000 through her political action committee during the past 9 years, the Washington Times reports. Payments to Paul Pelosi’s Financial Leasing Services are routine fees for accounting and office-space rent payments, but would have been illegal under a bill Pelosi supported...

Senate Version of Bailout Grows Sweeter, Fatter

(Newser) - The Senate version of the bailout bill has ballooned to more than 400 pages as legislators flesh out details in hopes of gaining passage as soon as tonight, Politico reports. The marquee measure boosts FDIC coverage of individual accounts from $100,000 to $250,000, with numerous lower-profile provisions intended...

Ford Sales, Off 34%, Key Ugly US Autos Report

Nissan down 37%; Toyota sees 32% drop; GM fares better, but still 16% lower

(Newser) - As expected, early sales reports from automakers paint a dismal picture, MarketWatch reports. Ford reports a 34% drop in US sales in September compared to a year ago; Toyota’s were off 32% and General Motors’ fell 16%, AP adds. Industry-wide, sales are down almost 20% over this time in...

Hey, You Turkeys: Quit Gobbling CEO Pay
Hey, You Turkeys: Quit
Gobbling CEO Pay
OPINION
Oct 1, 2008 1:11 PM CDT

Hey, You Turkeys: Quit Gobbling CEO Pay

Costly salaries make sense if they save billions

(Newser) - Politically imposed CEO pay limits are “one of the most penny-wise and pound-foolish things” the “turkeys in Congress” are looking to impose in the bailout package, Thomas Sowell writes in the National Review. It’s a bargain to get a CEO “out the door immediately for millions”...

Euros See the End of American Dominance
 Euros See
 the End of American
 Dominance 
GLOSSIES
Oct 1, 2008 1:06 PM CDT

Euros See the End of American Dominance

After Bush, the arrogance of the United States is no more

(Newser) - When President Bush delivered his final address to the UN last week—harping on terrorism but barely bothering to mention the crisis in the global economy—world leaders in attendance buzzed about the disconnect, along with the disheveled hair and ill-fitting suit that seemed to mark him as a finished...

Bad News for Banks Is Great News for Brown

British PM gets poll boost in crisis, silencing critics

(Newser) - In America the financial crisis has dealt yet another blow to an already unpopular President Bush. But in Britain, collapsing banks and volatile markets are the best thing to happen to Gordon Brown in recent months. In reasserting his global economic know-how, the prime minister, who is reportedly preparing an...

Bottom-up Bailout: Pay Off Delinquent Mortgages
Bottom-up Bailout: Pay Off Delinquent Mortgages
OPINION
Oct 1, 2008 11:55 AM CDT

Bottom-up Bailout: Pay Off Delinquent Mortgages

Using tax money to pay delinquent mortgages would revive markets

(Newser) - Rescuing ordinary Americans—not Wall Street—should be the theory behind the government bailout, and that means paying off delinquent mortgages, say two Yale professors in the Washington Post. If that sounds unfair, it is, but it's "a small price to pay to avoid a rapid transition to a...

Better Than a Bailout: Boost FDIC Coverage to $1M

Higher deposit insurance would bring money in, help thaw credit markets

(Newser) - Congress should stop fighting over the Paulson bailout, writes BusinessWeek economist Michael Mandel, and approve an expansion of FDIC deposit insurance to $1 million. It should also triple deposit insurance reserves to $145 billion. It would solve the immediate problem, calming the hysteria in the market, and attract funds to...

Stocks Open Down on Bailout Impatience
 Stocks Open Down on Bailout Impatience
MARKET
Oct 1, 2008 8:55 AM CDT

Stocks Open Down on Bailout Impatience

Volatile session could be forthcoming

(Newser) - Stocks started off on the wrong foot this morning as investors awaited smoke signals from Congress. The Dow dropped 122 points, while the S&P and Nasdaq fell 1.3% and 0.9%, respectively. The session is likely to be a volatile one, with the Senate’s expected bailout vote...

France Shudders at Bank Bailout of Its Own

(Newser) - As the financial crisis ripples through Europe, France’s banking industry is scrambling to assure investors and customers it will weather the storm, which prompted the country to join in the $9-billion bailout of Belgian-French bank Dexia, reports the Press Association. Dexia's cross-border status amplified the concern, reports the New ...

IMF to US: Do Something NOW
IMF to US: Do Something NOW
Oct 1, 2008 7:30 AM CDT

IMF to US: Do Something NOW

Monetary fund chief pressures Congress to pass bailout, Europe to make plans

(Newser) - The US must act swiftly to avoid economic meltdown and Europe's banks need to be ready with emergency plans of their own, IMF's managing director warns. European and Asian markets have bounced back on the prospects of a revived US bailout deal, but JP Morgan analysts warned yesterday that Europe's...

SEC Relaxes 'Fire Sale' Assets Rule

Aims to ease pressure by freeing assets from free-market value

(Newser) - The SEC is relaxing enforcement of a controversial rule in a bid to ease pressure on banks during the financial crisis, the New York Times reports. Current accounting rules require companies to value assets at a fluctuating fair market price. In the current financial chaos, values are rapidly heading south,...

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