financial crisis

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Obama, Biden Will Huddle With Governors on Economy

GOP participants may resist further bailouts

(Newser) - Barack Obama and Joe Biden will discuss measures to help the ailing economy with America’s governors next Tuesday, the Wall Street Journal reports, with a two-hour, bipartisan working session in Philadelphia. GOP governors are “looking forward” to hearing Obama’s ideas, but will definitely bring plans of their...

Slim Gain Is Dow's 3rd in Row
 Slim Gain Is Dow's 3rd in Row 
MARKETS
Nov 25, 2008 3:16 PM CST

Slim Gain Is Dow's 3rd in Row

New consumer credit plan inspires confidence on the street

(Newser) - Stocks were mixed today, as enthusiasm over the Fed’s plan to get banks lending was tempered by a downward revision to third-quarter GDP and a drop in a home-price index, the Wall Street Journal reports. The Dow rose 36.47—its third consecutive up session—to 8,479.86....

Big Players Reel in Charity Spending

Drop-off in corporate giving leaves groups scrambling

(Newser) - Charities used to getting much of their money from major corporations and private foundations are feeling the economic downturn, the Wall Street Journal reports. Bill Gates’ foundation plans to give fewer grants next year, and other large donors are honoring existing pledges but refusing to make new ones. “You...

AIG CEO Cuts His Pay to $1
 AIG CEO Cuts His Pay to $1 
Nov 25, 2008 12:00 PM CST

AIG CEO Cuts His Pay to $1

Edward Liddy gives up his salary and bonuses, others expected to follow

(Newser) - As Congress continues to bail out corporate America, CEOs are canceling bonuses and cutting pay for their top executives—but no one has come close to AIG top executive Edward Liddy, reports the New York Post. The CEO, who took over the troubled insurance company in September, will take home...

Bailed-Out Banks Won't Bail on Sports Sponsorships

Gaudy expenditures anger public, Congress

(Newser) - Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “...

Gleeful Brown Is Acting Like a Drunk Dowager

Brits' PM 'swanks' and 'preens,' but the economy is his fault

(Newser) - Gordon Brown, "known as a gloomy old nail-biting misery-guts," has turned into the life of the party ever since the economic downturn hit Britain, writes Boris Johnson in the Telegraph. Deeming that the swooning market and plummeting home prices demand action, he's gleefully launched measures that will incur...

Thrift Helped Get Us Into This Mess
 Thrift Helped 
 Get Us Into 
 This Mess 
OPINION
Nov 25, 2008 10:09 AM CST

Thrift Helped Get Us Into This Mess

"Wealth effect" is playing out in reverse

(Newser) - Three factors are playing into the financial crisis, and it's time to recognize the culprit that accompanies the burst housing bubble and banking meltdown, Robert J. Samuelson writes in the Washington Post. The wealth effect—"the tendency of people to adjust their spending as their wealth changes"—...

Stocks Keep Good Vibes Going
 Stocks Keep Good Vibes Going 
MARKET Open
Nov 25, 2008 9:13 AM CST

Stocks Keep Good Vibes Going

Stocks climb as investors are cheered by Fed plan to help consumer credit

(Newser) - Stocks continued to rise at the open this morning, with the Dow climbing more than 100 points and the S&P gaining 1.5%, as investors cheered the Treasury and Fed’s new program to boost consumer credit, the Wall Street Journal reports. The Nasdaq, however, was off slightly. The...

Citi Rescue Could Lead to More Trouble

Rivals may take risks, expecting taxpayer protection

(Newser) - The Citigroup rescue bolstered confidence in the financial sector in the short term, but in the long term it could spell more trouble for taxpayers and other struggling banks, writes Eric Dash in the New York Times. Other banks will see the bailout as a template for future ones—giving...

Bush, Obama Team Up on Crisis
 Bush, Obama Team Up on Crisis 
Nov 25, 2008 5:27 AM CST

Bush, Obama Team Up on Crisis

President huddles with his successor on bailout plans

(Newser) - The federal government's response to the economic crisis is part of a team planning effort, with Barack Obama working closely with President Bush in a bid to bring confidence back to spooked financial markets, the New York Times reports. The president's aides are coordinating efforts with Obama's new economic team,...

GM Ends Woods Endorsement Deal

Golfer has been Buick pitchman for 9 years

(Newser) - General Motors is ending Tiger Woods' endorsement deal in an attempt to cut costs, the Detroit News reports today. Woods has been the celebrity face of GM’s Buick brand for 9 years, but his contract will expire Dec. 31. The golfer, whose wife is expecting their second child, says...

Bailout Gives Barney Frank Star Turn
 Bailout Gives 
 Barney Frank 
 Star Turn 
Analysis
Nov 24, 2008 12:57 PM CST

Bailout Gives Barney Frank Star Turn

Expertise makes feisty Mass. Congressman key to handling financial crisis

(Newser) - Through decades in Washington, Barney Frank has developed a reputation as a brainy, if less than polite, liberal attack dog. It’s been a bumpy ride for the House Financial Services chairman, including implication in a male-prostitution scandal, writes Michelle Cottle in the New Republic—but as Congress grapples with...

Crunch Puts Crimp in Luxury Ad Sales
Crunch Puts Crimp in Luxury Ad Sales
Nov 24, 2008 12:45 PM CST

Crunch Puts Crimp in Luxury Ad Sales

As consumers budget, luxury brands slash promotional spending

(Newser) - The echoes of the economic crisis continue to reverberate, with luxury brands trimming spending on newspaper and magazine ads as their target audiences cut back, reports the New York Times. Display advertising was already in decline, and spending on luxury items, which started softening in the spring, fell off a...

Home Builders Want Federal Bailout, Too

But critics warn adding to housing supply will only make things worse

(Newser) - Home builders, undeterred by the automakers’ troubles in securing federal aid, are campaigning for a $250 billion stimulus of their own, the Wall Street Journal reports. Saying that the economy can't recover until home prices stop tanking, the builders propose a plan, called “Fix Housing First,” where the...

Airfares Dip on Last-Minute Holiday Trips

Ugly economy pushes demand down, along with price of fuel

(Newser) - With many consumers too concerned about their wallets to make pricey trips, airlines are, for the first time in memory, lowering prices before the holidays, the Chicago Tribune reports. The reversal of convention is allowing late buyers to scrounge tickets for as much as $200 less than travelers who locked...

Obama on Economy: My Job Starts Now

Few surprises as president-elect introduces team

(Newser) - When it comes to the economy, Barack Obama says his work begins “right now.” Obama introduced his economic team today; as expected, he designated Timothy Geithner as treasury secretary and Lawrence Summers as director of the National Economic Council. The president-elect said they would begin work immediately on...

Obama Stimulus Plan Balloons to $500B
Obama Stimulus Plan Balloons
to $500B
Nov 24, 2008 10:50 AM CST

Obama Stimulus Plan Balloons to $500B

Paulson, too, mulls more aggressive action, tapping bailout funds

(Newser) - Barack Obama’s financial team is constructing a $500 billion stimulus plan that it hopes to rush through Congress early in 2009, the Wall Street Journal reports. Obama would sign the bill, which is far more ambitious than anything discussed during the campaign, almost immediately after his inauguration. “This...

GM Needs a Hand From Unions, Lenders

Automaker scrambles to retrench ahead of Congress' deadline

(Newser) - General Motors is revving up its efforts to prove to Congress it can survive if it receives a multibillion-dollar federal loan, reports Bloomberg. The automaker is asking unions to ease work rules, attempting to reduce its debt load, and considering cutting brands from its lineup as it tries to stretch...

Bernanke's Job Security Hardly Assured

Fed chief's term is up in 2010, and with Summers in play, another is no certainty

(Newser) - Economists give Federal Reserve Chairman Ben Bernanke a passing grade for his efforts to fight the nation’s financial crisis, but that doesn’t guarantee he’ll keep his job when his appointment expires in 2010, reports the Wall Street Journal. President-elect Barack Obama may have a Fed-chief-in-waiting in Lawrence...

How Cheap Gas Hurts Green Initiatives, Feds' Bottom Line

Driving less not great for gov't coffers

(Newser) - Americans are driving less and burning less fuel, but it could be too soon for conservation fans to celebrate. That dip, and global economic gloom, has sent oil and gas prices spiraling down, Joseph White writes in the Wall Street Journal, depriving the government of taxes it needs for transportation...

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