financial crisis

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Obama Moves Quickly to Overhaul Finance Rules

Details of plan to emerge by April when prez heads to London summit

(Newser) - The Obama administration aims to quickly beef up regulation of the US financial system to stave off economic implosion, the New York Times reports. Plans include tightening rules on hedge funds, credit rating agencies, and mortgage firms, and keeping a closer watch on financial instruments at the center of the...

Booming Mickey D's Plans European Surge

Global downturn? They're lovin' it

(Newser) - A rare beneficiary of the financial crisis, McDonald’s says it will build 240 new European locations and create 12,000 jobs, the Financial Times reports. The firm’s biggest expansion in 5 years will extend mainly to Spain, France, Italy, Russia, and Poland. “We’re certainly not slowing...

Worldwide Downturn Speeds Up Alarmingly

Analysts don't expect recovery in 2009

(Newser) - The global economy is in a faster decline than economists predicted only weeks ago, as the bursting of the biggest-ever real-estate bubble hits real economies in Europe and Asia, killing millions of jobs and shutting businesses, the Washington Post reports. Britain just posted its biggest quarterly slump since 1980, while...

Bailout Bucks Go to Lobbyists
 Bailout Bucks Go to Lobbyists 
Jan 24, 2009 6:59 AM CST

Bailout Bucks Go to Lobbyists

Bailed-out firms' spending on lobbying threatens to spark government backlash

(Newser) - A surprising number of firms that reaped billions in bailout funds from the government have been spending big to lobby the government for more, the New York Times reports. Citigroup, General Motors, and at least seven others have paid lobbyists millions since October. Some recipients actually increased the amount they...

Sagging Economy Is Bitter Dish for Restaurateurs

With 12-15% slump forecast in fine dining for '09, some close down, others plug deals

(Newser) - Lean times are perhaps leanest in the restaurant business, and fine-dining establishments are bracing for a particularly tough year while improvising strategies to remain afloat, the Wall Street Journal reports. Sales, $7 billion last year, are expected to plummet 12-15%; the industry could shed 12,000-18,000 restaurants, a 2-3%...

No Silver Bullet for Crises Like These: Pearlstein

Complex financial system requires complicated fixes ... and lots of patience

(Newser) - With various factions blaming a single factor—and pushing a single solution—for the financial crisis, Steven Pearlstein of the Washington Post cautions that there won’t be a silver bullet. Reducing foreclosures, removing toxic assets, and nationalizing banks will all come into play; meantime, we must “resist the...

Sweden's Advice on US Banks: Be Wise, Nationalize

Taxpayers eventually benefited from early '90s move to recapitalize busted system

(Newser) - One option to save US banks: follow Sweden’s lead and nationalize them. Sweden’s banks were essentially bankrupt in the early 1990s, but a center-right government took them over, and taxpayers ultimately reaped the benefits, the New York Times reports. Troubled assets were isolated into a single “bad...

Google's Profit Drops, But Still Beats Forecasts

$382M is off 68% from Q4 of '07; search giants looks to have restrained spending

(Newser) - Quarterly profit at Google fell for the first time, although the performance was better than analysts anticipated. Google made $382 million, or $1.21 per share, in the three months ending in December—a 68% drop from the same period in 2007. The results indicated the company was able to...

Bjork Banks on Girl Power to Save Iceland

Singer promotes venture-capital fund run by women

(Newser) - Quirky Icelandic singer Bjork is promoting a venture-capital fund run by women that will invest in socially and environmentally sustainable companies and, she hopes, help rebuild her economically stricken country. "Instead of talking about the problems we have, she is on a mission to build a sustainable Iceland that's...

Committee Approves Geithner
 Committee Approves Geithner 
Jan 22, 2009 10:47 AM CST

Committee Approves Geithner

Confirmation goes to full Senate

(Newser) - The Senate Finance Committee has approved the nomination of Timothy Geithner as treasury secretary despite his tax mistakes, the AP reports. This morning's 18-5 vote sends Geithner's confirmation to the full Senate. President Obama is hoping for quick approval so the point man for the administration's economic rescue effort can...

Pols Sending TARP Funds to Home State Banks

Frank, others pull strings for bailout funds

(Newser) - Only healthy banks are supposed to get TARP funds, and OneUnited Bank in Boston is not a healthy bank. So why did it wind up pocketing a $12 million infusion from the Treasury? Because powerful Massachusetts Rep. Barney Frank interceded for it, the Wall Street Journal reports. Bankers, regulators, and...

Create a Good 'Bad Bank' to Ease Crisis
Create a Good
'Bad Bank' to
Ease Crisis
OPINION
Jan 22, 2009 8:44 AM CST

Create a Good 'Bad Bank' to Ease Crisis

Institutions must write down toxic assets to ease larger woes

(Newser) - The world’s banking crisis is entering its endgame, and it’s time to shore up the most troubled institutions using a strategy that worked in Sweden in the 1990s, writes David Roche in the Wall Street Journal. It won't be easy, he warns: "A good bad bank...

New Jobless Claims Leap Past Estimates

Did you ever suspect they'd go down? Me either

(Newser) - The number of new claims for jobless benefits jumped more than expected last week, as companies continue to cut jobs at a furious pace. The Labor Department reported today that initial claims rose to a seasonally adjusted 589,000, from an upwardly revised figure of 527,000 the previous week....

Male-Dominated Industries Bear Brunt of Job Losses

Construction, manufacturing cuts disproportionately hit men

(Newser) - The gap between men's and women’s unemployment is at a 25-year high because job cuts have hit especially hard in male-dominated industries like construction and manufacturing, reports Reuters. Some 80% of the nearly 3 million workers who lost jobs between November 2007 and November 2008 were men. Women hold...

US Economy Isn't as Bad as 1982 ... Just Yet
US Economy Isn't as Bad
as 1982 ... Just Yet
Analysis
Jan 21, 2009 10:29 AM CST

US Economy Isn't as Bad as 1982 ... Just Yet

But downturn will definitely get worse, and only big stimulus will limit its depth

(Newser) - We’ve heard a lot lately about how this recession is the worst since the 1980s, or even since the Great Depression, so David Leonhardt, in the New York Times, tries to get some perspective. Using jobs data as his main metric, Leonhardt finds things aren’t nearly as bad...

Belt-Tightening Spares Older Workers

Increasingly, companies value maturity, experience of older employees

(Newser) - As companies nationwide cut tens of thousands of jobs, younger workers appear to be taking a hit as companies try to retain older, more experienced employees, reports BusinessWeek. Boomers increasingly have become corporate America’s gold standard: “When you’re in your 50s and 60s, you’re in your...

Dow Tumbles 332, Below 8,000
 Dow Tumbles 332, Below 8,000 
MARKETS
Jan 20, 2009 3:21 PM CST

Dow Tumbles 332, Below 8,000

Obama inauguration can't break Street's gloom

(Newser) - A spirit of optimism swept through America today as Barack Obama was sworn in—except on Wall Street, where financial trouble at home and in the UK sent the Dow below 8,000 for the first time since November, the Journal reports. The Dow fell 332.13 to close at...

Publishers Rush to Meet Need for Financial Advice

Bevy of new books strikes more somber, conservative tone

(Newser) - Book publishers and sellers are rushing to meet demand for personal-finance titles as the unrelenting economic crisis combines with New Year’s resolutions to prompt consumers to seek professional advice, the Wall Street Journal reports. However, the thrown-together texts might not prove very helpful: Many authors fail to provide specifics...

Slump in TV Sales May Push Smaller Makers Out

Likes of Hitachi, Pioneer don't have staying power of Sony and other giants

(Newser) - A steep decline in demand for flat-panel TVs could push smaller manufacturers out of the market, the Wall Street Journal reports. As the economy sours and larger makers achieve economies of scale, the price gap between top brands and cheaper rivals has shrunken dramatically. The top five makers accounted for...

What Obama Must Do in His Inaugural Address
What Obama Must Do in
His Inaugural Address
ANALYSIS
Jan 20, 2009 9:59 AM CST

What Obama Must Do in His Inaugural Address

As daughter Malia puts it, 'better be good'

(Newser) - Barack Obama has a reputation as a great orator, so most are expecting a soaring and eloquent inaugural address today. But Obama’s speech can’t just be pretty, writes Tom Brune in Newsday. “He has work to do.” Obama must:
  • Define the moment: Specifically, define it as
...

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