financial crisis

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Mac: I'm No Rush, but Can't Support Obama on Economy
Mac: I'm No Rush, but Can't Support Obama on Economy
Interview
Mar 10, 2009 11:08 AM CDT

Mac: I'm No Rush, but Can't Support Obama on Economy

(Newser) - Unlike a certain talk radio host, John McCain is rooting for Barack Obama—they just don’t agree on much. In an interview with Politico, McCain says he’s trying to work with Obama; in the past week he’s appeared with him at a press conference and consulted with...

GOP Must Rethink 'Totally Misguided' Stance: Brooks

Obstructionist strategy seems lame

(Newser) - The Republican response to the fiscal crisis is “totally misguided,” David Brooks writes in the New York Times. Republicans are opposing everything out of a belated sense of fiscal discipline, “at the one moment in the past 70 years when it is completely inappropriate,” he sighs....

Think Repo Men Like Recession? Think Again

Victims 'hide' cars, 'fight over them'

(Newser) - Repossession agents must thrive on recession, right? Wrong, reports the Wall Street Journal. “People are doing everything they can now to hold onto what they’ve got,” says the owner of an auto-recovery business, whose revenue plunged 23% in 2008. “Do you think they’re going to...

Bernanke: Time to Prevent Next Crisis

(Newser) - Even as the financial crisis rages, Ben Bernanke says it’s time for broad regulatory reforms to stem future crises. Bernanke said today “too big to fail” institutions should be more tightly watched, perhaps by his Federal Reserve. He also admitted that the US hadn’t been prudent with...

Eli Broad: AIG Can't Recover
 Eli Broad: AIG Can't Recover 
Mar 10, 2009 7:20 AM CDT

Eli Broad: AIG Can't Recover

LA billionaire says he has "no hope" for insurer

(Newser) - Eli Broad, a former director and shareholder of AIG, said yesterday that "it is too late" for the insurance giant to make any recovery. The Los Angeles billionaire told Reuters that the government's initial bailout of AIG came "on the harshest of terms," and that a...

Obama Auto Team in Detroit Considering $22B More in Aid

GM and Chrysler, both facing collapse, woo more taxpayer dollars

(Newser) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities...

Stimulus Not Big Enough to Save Us: Krugman
Stimulus Not Big Enough to Save Us: Krugman
OPINION
Mar 9, 2009 9:53 AM CDT

Stimulus Not Big Enough to Save Us: Krugman

Obama's economic policy is falling behind the curve

(Newser) - Pundits are constantly complaining that Barack Obama’s stimulus is too big and too ambitious, but Paul Krugman has a different complaint: It’s too small. Obama’s promise that the bill will create or save 3.5 million jobs by 2010 “looks underwhelming to say the least,”...

Banks Have Gotten a Bum Rap: BofA Chief Ken Lewis

The steps already taken are working, so let the market sort it out

(Newser) - Banks have been unfairly tarred by misconceptions about the current financial crisis, Bank of America CEO Kenneth Lewis argues in the Wall Street Journal. It's not true that banks aren't lending, he writes. They are just doing so more responsibly, as they should. And it's not true that bad banks...

Stocks Dip Again
 Stocks Dip Again 
MARKET Open
Mar 9, 2009 8:54 AM CDT

Stocks Dip Again

(Newser) - After four consecutive weeks of losses, stocks headed south yet again today, with the Dow down 40 points, and the S&P and Nasdaq sliding 0.5% and 0.2% respectively in early trading, the Wall Street Journal reports. The pessimism comes after the World Bank said that the global...

Fear of Unforeseen Chaos Keeps Feds Bailing Out AIG

(Newser) - If you want to understand the phrase “too big to fail,” look no further than AIG, the Los Angeles Times reports. With $1.1 trillion at the end of 2007, operations in 130 countries and 74 million customers, AIG is so entrenched in the global financial system that...

Economy Has 'Fallen Off a Cliff': Buffett

Billionaire investor sees recovery on far horizon, warns of inflation

(Newser) - Warren Buffett said today the US economy has “fallen off a cliff,” but guaranteed that 5 years from now “the machine will be running fine.” On CNBC, Buffett encouraged banks to “get back to banking,” saying they will have to earn their way out...

Why a Dying TV Star Became a Phenom
 Why a Dying TV Star 
 Became a Phenom 
OPINION
Mar 9, 2009 8:14 AM CDT

Why a Dying TV Star Became a Phenom

Goody's death offers reality in an immaterial world: Bunting

(Newser) - A poll last week found that, after Barack Obama and Nelson Mandela, the public figure Britons most respected was Jade Goody—the British reality TV star dying, very publicly, of cervical cancer. Once dismissed as racist and ignorant, Goody has become "a parable of modern-day redemption," writes Guardian ...

Protesters Rip Manhattan Foreclosure Auction

They demand moratorium on evictions

(Newser) - New Yorkers protested an auction yesterday of hundreds of foreclosed homes, claiming the forced evictions plaguing the nation in this economic downturn are illegal, and demanding a moratorium. "Banks get bailout out, people get thrown out," read signs held aloft by demonstrators." Their rage was not directed...

Earth to GOP: Obama's No Socialist
Earth to GOP: Obama's
No Socialist 

analysis
Mar 8, 2009 6:12 PM CDT

Earth to GOP: Obama's No Socialist

Obama favors free-market approach

(Newser) - Horrified by President Obama's stimulus plan, conservatives are calling him a European-style socialist—when in fact he's all-American, Jacob Weisberg writes in Newsweek. Obama envisions “cradle-to-grave opportunity, as opposed to the European model of cradle-to-grave security,” writes Weisberg, who explains that Obama’s plans to tackle hot issues...

Credit Crisis Shocked Big Papers—but Why?

Only a few outlets warned of subprime collapse

(Newser) - If the financial crisis shocked news readers—and it did—it must have surprised news writers as well, David Folkenflik reasons on NPR. He surveyed major US publications and, sure enough, found few warnings of financial doom pre-meltdown. A New York Times columnist explained it this way: "As...

Tanking Economy Thwarts Illegal Immigration

Economic woes stem tide of illegal immigration

(Newser) - Arrests are headed south at the US-Mexico border, as fewer and fewer are making the risky trek over just to run smack into the US' grim economic prospects, reports the LA Times. The number of arrests hit its lowest level since the 1970s, with only 195,000 apprehended since October...

Circuit City Powers Down


  Circuit City Powers Down 
Mar 8, 2009 10:13 AM CDT

Circuit City Powers Down

Electronics retailer offers one more day of deep discounts

(Newser) - Today is the last day to benefit from the deeply slashed prices at the nation's closing Circuit City stores, NPR reports. Not everyone is pleased with the remaining selection of unwanted laptops and lonely printers, but shoppers are still finding deals, and the soon-to-be jobless employees seem to be doing...

Dow Will Hit 36,000, Er, Sometime
Dow Will Hit 36,000, Er, Sometime
Mar 8, 2009 5:54 AM CDT

Dow Will Hit 36,000, Er, Sometime

'I just can't tell you when,' says Dow 36,000 author

(Newser) - The author of the book Dow 36,000—which predicted massive stock market growth—still believes the market will hit that astronomically high number—but he's not saying when. OK, maybe a "calmer title might have been better," for his 1999 tome, James K. Glassman conceded in a...

Broader Jobless Rate Near 15%
 Broader Jobless 
 Rate Near 15% 
ANALYSIS
Mar 6, 2009 1:04 PM CST

Broader Jobless Rate Near 15%

Economy shedding jobs at fastest rate in 50 years

(Newser) - The February job numbers released today bring the country close to the employment nadir it reached in 1982, David Leonhardt writes for the New York Times. The 651,000 lost jobs, along with 161,000 added in revisions to previous months, still bring a depressing milestone: Since the start of...

No, It's a Terrific Time to Panic
 No, It's a Terrific Time to Panic 
OPINION
Mar 6, 2009 12:22 PM CST

No, It's a Terrific Time to Panic

Market prognosticators don't know what they're talking about

(Newser) - When the Dow plunged 300 points Monday, one money manager called it “the best buying opportunity we’ve seen in years.” Joe Queenan isn’t so sure. “The best buying opportunity in years is now 14 months old,” he writes in the Los Angeles Times. As...

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