financial crisis

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Stocks Fall as Bank Woes Trump Obama Hope
 Stocks Fall as Bank Woes 
 Trump Obama Hope 
MARKET Open
Jan 20, 2009 9:03 AM CST

Stocks Fall as Bank Woes Trump Obama Hope

Royal Bank of Scotland's troubles ripple across Atlantic

(Newser) - Any excitement on Wall Street about Barack Obama’s inauguration was drowned out this morning by worries over Europe’s banking sector, the Journal reports. The Dow dropped more than 110 points, while the Nasdaq and S&P dropped 2% and 2.2% respectively. Those tumbles track drops in Europe...

Obama Could Be Most Powerful President Ever
Obama Could Be Most Powerful President Ever
Analysis
Jan 20, 2009 8:42 AM CST

Obama Could Be Most Powerful President Ever

44 enjoys rare mix of crisis, popularity, and an office at its peak

(Newser) - Barack Obama enters office today with a realistic shot of becoming one of the most powerful presidents in history, writes Barton Gellman in the Washington Post. Historians and officials in the outgoing and incoming administrations agree the presidency is already at or near an apex of power, and Obama’s...

Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede

(Newser) - One of Britain's biggest banks is on the verge of nationalization, reports the Daily Telegraph. The Royal Bank of Scotland's shares plummeted more than 65% yesterday after it revealed massive losses of $56 billion for 2008—the highest in British history. The government has upped its stake in the bank...

Soros Blasts 'Haphazard' Bailout

Billionaire calls for radical next phase to stave off Depression

(Newser) - The first bailout was bungled and the new $850 billion stimulus package under consideration will help keep social services ticking but won't be enough to save the slumping economy,  billionaire philanthropist George Soros warned the US Conference of Mayors yesterday. He slammed the "haphazard" handling of the...

Once-Richest Aussie Dumps His Playthings

With fortune halved by downturn, James Packer selling $50M yacht, postpones pool

(Newser) - The recession is forcing one of Australia's richest men to cut back on the playboy life, the Sunday Telegraph reports. James Packer, son of media mogul Kerry Packer, is selling his $50 million yacht, halting the construction of a $3 million pool complex at his family home, and pushing back...

Falling Interest Rates Whack Legal Aid Groups

Funds tied to Fed's benchmark rate

(Newser) - There’s been some collateral damage from the Federal Reserve’s slashing of interest rates: legal aid societies. These groups, which aim to help the poor in civil cases, such as unemployment or foreclosure disputes, have long relied on little-known programs to draw interest from short-term deposits from clients. With...

Obama Has Rare Chance to Push Agenda With Recovery
Obama Has Rare Chance to Push Agenda With Recovery
ANALYSIS
Jan 19, 2009 10:16 AM CST

Obama Has Rare Chance to Push Agenda With Recovery

Riding a wave of popularity, the president-elect hopes to act quickly on economy

(Newser) - If there's a silver lining to the profound economic crisis President-elect Barack Obama is stepping into, the New York Times reports, it's that the recovery plan that's taking shape under his direction affords him an unprecedented chance to address his most ambitious campaign promises right out of the blocks. Riding...

Economy Brews Change for Coffee Drinkers

Americans splurge on Starbucks less often, make joe at home

(Newser) - Still hitting Starbucks every day on your way to work? You’re in the minority. A recent survey found 60% of Americans buying less gourmet coffee as the economy has soured, reports Advertising Age. Starbucks’ loss has been Dunkin’ Donuts’ gain, allowing the company to expand into new markets as...

EU Expects Deep, Lengthy Recession

Government spending will be only thing keeping European economies afloat

(Newser) - The European Union said today it is facing a "deep and protracted recession" with government spending the only source of growth. The 16 nations that use the euro will shrink 1.9% in 2009, with the entire EU contracting 1.8%, the European Commission forecasts. The EU will lose...

UK Rolls Out Another Bank Bailout, Tightens Controls

New package increase its control over banks, insures troubled assests

(Newser) - The British government today rolled out a new bank rescue plan that includes $147 billion to insure troubled mortgage assets, reports the New York Times. It also offers an additional $73.5 billion to the Bank of England to buy up struggling banks’ “high-quality assets” to insure credit lines...

Let Them Eat Fast Food
Let Them Eat Fast Food
Jan 18, 2009 7:23 PM CST

Let Them Eat Fast Food

French restaurateurs open moins cher eateries amid financial crisis

(Newser) - French cuisine just got a little less haute, the Daily Telegraph reports. As the recession hammers consumers and restaurants alike, some of France’s top chefs are opening fast-food offshoots. Expense-account meals running $450 per head are out and $6 ham sandwiches are in as famed restaurants like l'Auberge du...

Mr. President, Tell Us a Story
Mr. President, Tell Us a Story
analysis
Jan 18, 2009 5:53 PM CST

Mr. President, Tell Us a Story

Will Obama’s inaugural speech use a tale to inspire a spirit of collective sacrifice?

(Newser) - On the campaign trail, Barack Obama often punctuated his speeches with personal stories about a campaign volunteer or a city councilwoman. With the world ready to watch Obama’s inauguration speech Tuesday, John Dickerson wonders in Slate what stories Obama will tell to rekindle a sense of unity. "The...

Pelosi Open to Prosecuting Bushies
Pelosi Open to Prosecuting Bushies
Talk show ROUNDUP
Jan 18, 2009 11:50 AM CST

Pelosi Open to Prosecuting Bushies

Emanuel: Blago didn't imply anything shady in talks with me

(Newser) - Nancy Pelosi would consider prosecuting some Bush White House officials, she told Fox News Sunday, even though Barack Obama has signaled that he doesn't favor such a move. "We cannot let the politicizing of, for example, the Justice Department to go unreviewed," says the speaker of the House....

Circuit City Liquidation Sales Will Begin Tomorrow

Consumer-electronics chain has $1.3B in inventory to get rid of

(Newser) - Circuit City will begin the liquidation of $1.3 billion in inventory across 567 stores in special sales tomorrow, Reuters reports. The company hasn’t said anything specific on the discounts it might offer, but markdowns are likely to be deep. Gift cards from the chain will be redeemable at...

'Bad Bank' for Toxic Assets Among Feds' TARP Options

Paulson, Bair show support creating federally sponsored institution

(Newser) - Support is growing for the latest proposed use of bailout funds: a federally sponsored “bad bank” to purchase toxic assets from troubled financial institutions, Bloomberg reports. “A lot of work has been done on an aggregator bank,” Treasury Secretary Henry Paulson said today; FDIC chief Sheila Bair...

Crisis Turns Econ Theory on Its Ear:
Crisis Turns Econ Theory
on Its Ear:
OPINION
Jan 16, 2009 1:03 PM CST

Crisis Turns Econ Theory on Its Ear:

Models, and pols, don't account for biases, insecurities: Brooks

(Newser) - Classical economics is based on the idea that “reason rides the passions the way a rider sits atop a horse,” David Brooks writes in the New York Times—which means classical economics is pretty much out the window right now. The recession proves the market is a psychological...

Will US Nationalize Banks?
 Will US 
 Nationalize 
 Banks? 
ANALYSIS
Jan 16, 2009 8:00 AM CST

Will US Nationalize Banks?

As red ink continues to flow, more experts say some nationalization is likely

(Newser) - With US banks likely to need as much as $2 trillion in capital in coming months, more experts are seeing semi-nationalization as a distinct possibility, writes Reuters reporter Dan Wilchins. The government already is using its $700 billion bailout to put pressure on banks. The Obama administration is on record...

Libraries a Cheap Refuge, But Top Target for Budget Cuts

Popular books see huge waiting lists, while unemployed line up to use computers

(Newser) - Whether you’re looking for a job, or just a cheap respite from the horrors of the economy, the public library has become the place to be, the Wall Street Journal reports. But even as attendance swells, the same financial crisis that brings patrons has left many branches cash-poor. One...

House Dems Debut $825B Stimulus Bill

Public works, education get plenty of attention in measure

(Newser) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as...

Recession Jolts French Couture, and Psyche

Luxury industry tanks, moving some to dig up conservative values

(Newser) - For France, recession isn’t just an economic event, it’s a cultural revolution, the New York Times reports. The country is at once panicking—the layoff of 200 Chanel temporary workers was a major event—and rejoicing. Many are thrilled to see France’s obsession with high-end living come...

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