financial crisis

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Cabbies Among First to See Ripples of Wall Street's Pain

Crashing markets mean fewer fares, smaller tips

(Newser) - New York cabbies will tell you that their jobs are indicative of overall health of the economy—so they’re getting hammered right now. New York looks at one driver’s experience with the bubble-and-bust of recent years, with the halcyon days of bankers tossing him $40 for a $2....

Amid Scandal, IMF Exec Wins Praise for Nimble Work

Strauss-Kahn's 'activist' economics suit crisis

(Newser) - Even as he faces a probe for misconduct, the head of the International Monetary Fund is being praised for a decisive response to the world financial crisis, Bloomberg reports. Europe’s chief banker says he’s “convinced the investigation will prove that Dominique Strauss-Kahn didn’t abuse power.”...

Wall Street's Fear Index Hits a Record High

VIX, measuring volatility in markets, hit highest level in 15-year history Friday

(Newser) - A little known “fear index” that measures volatility in stock prices over 30 days has risen to prominence—and to off-the-charts numbers—as traders try to predict the market’s big swings, reports the New York Times. When the VIX climbs, it’s a sign market action is about...

Bernanke Backs New Stimulus
 Bernanke Backs New Stimulus 
Oct 20, 2008 10:24 AM CDT

Bernanke Backs New Stimulus

But Fed chief says new measure must include access to credit

(Newser) - Ben Bernanke gave his blessing to a new economic stimulus package today, the New York Times reports, saying the slowdown warrants another boost but hedging his approval with conditions that would discourage the sort of package Democrats are pushing. “If the Congress proceeds with a fiscal package, it should...

Falling Gas Prices Could Put Electric Car Back in Neutral

Surge got automakers in gear, but economic downturn makes new projects tougher

(Newser) - Car companies are revving up work on alternative energy vehicles, responding to higher oil prices that, well, don’t actually exist just now. New cars take about 5 years to roll out, meaning the auto industry can’t nimbly react to price changes: Oil, which cost $130 a barrel just...

Cratering Dow Sinks Cramer Cred (but Doubles Ratings)

'It’s just a bear trying to do a show in this environment,' Mad Money host says

(Newser) - Jim Cramer was long Wall Street’s most reliable cheerleader, psyching up investors on his high-octane CNBC show. He’s insisted several times this year that the worst was over—only to tell viewers this month to forsake stocks entirely. “It is harder to get it right than any...

Markets Rise as Credit Eases
 Markets Rise as Credit Eases 
MARKETS
Oct 20, 2008 8:46 AM CDT

Markets Rise as Credit Eases

Volatility probably ahead; oil prices up, too

(Newser) - Stocks rose at the open today, as investors saw signs the credit markets are easing, the Wall Street Journal reports. The Dow rose 104 points, while the Nasdaq and S&P saw modest 1.5% and 1.2% bumps, respectively. Stocks in Europe and Asia generally rose as well. We...

Soaring National Debt Takes Backseat to Bailout

Congressional Budget Office says deficit could reach $700 billion this year

(Newser) - There's a strange silence in Washington these days about the federal deficit, the New York Times reports, as the immediate economic crisis trumps worries about adding hundreds of billions in debt. Lawmakers on both sides of the aisle are unusually sanguine about paying for the bank bailouts and another proposed...

AmEx Sees Red as Cardholders Struggle

Credit card company is seeing more cards fall delinquent as economy worsens

(Newser) - American Express—expected today to report earnings skidded more than 30% from the third quarter a year ago—isn't quite the industry gem it once was, reports the Wall Street Journal. The company, long a top performer who catered to affluent customers, has seen a surge in delinquencies as the...

Credit Woes Stall GM's Effort to Buy Chrysler

A tight credit market is making it tougher for GM to scrape cash together for offer

(Newser) - A tight credit market and wary investors are slowing GM’s attempts to buy rival Chrysler, and experts say the companies may turn to the US government, arguing that a deal between the two is needed to save the US auto industry, reports the Wall Street Journal. But sources told...

Cash-Strapped Circuit City Looks to Close 150 Stores

Struggling to avoid a holiday season bankruptcy, retailer weighs options

(Newser) - Cash-strapped Circuit City may shutter more than 10% of its nearly 1,500 stores in North America and eliminate thousands of jobs, reports the Wall Street Journal. The company is considering the plan as a way to avoid a holiday season bankruptcy filing, which could leave customers wary of the...

Painting Price Spells Gloom for Economy

Portrait of Bacon auctions for only $9.4M at Christie's

(Newser) - A Lucian Freud painting expected to sell for more than $12 million at Christie’s today went for only $9.4 million, a sign that even super-rich buyers of contemporary art are cutting back in the financial crisis, the Daily Telegraph reports. The art world anxiously awaited the sale of...

Hackers Hit Sarko's Bank Account

The timing isn't great for leader calling for financial system overhauls

(Newser) - Small amounts of money began disappearing from Nicolas Sarkozy's bank account in September, and prosecutors now confirm that an ongoing investigation has not yet identified the "swindlers." The hackers are thought to have obtained the French prez's account information and password, reports the Telegraph. The theft comes at...

Clinton Housing Chief Paved the Way for Risky Loans

How American Dream Became Economic Nightmare

(Newser) - The top housing chief of the Clinton administration helped launch a major financing wave that transformed the American dream of homeownership into reality for thousands of people—whether they could afford it or not, reports the New York Times. From his post, Henry Cisneros loosened mortgage restrictions for first-time buyers,...

In Financial Crisis, Europe Leads the Way (for a Change)

Investment in banks proved better strategy than mortgage bailout

(Newser) - The US has long considered Europe to be the economic equivalent of a doddering old uncle, but this week it was oldster leading whippersnapper America by the hand through the most serious crisis since the Depression. Europe, seeing the need for a sturdier fix than the mortgage-bailout Band-aid Washington proposed,...

Bankers to Reap $70B Despite Crash

Economy's woes don't put stop to Wall Street bonuses

(Newser) - Wall Street’s top banks are set to pay their financial workers more than $70 billion in salary and bonuses this year—a tenth of the $700 billion in taxpayer money committed to the bailout—despite the huge drops in share price and cash shortages they are experiencing, the Guardian...

Bush to Host Economic Summit

World meeting to be held 'in the near future'

(Newser) - President Bush will soon announce his plan to host a global summit on the financial crisis, MSNBC reports, to be held in the near future. “The president wants participation and ideas from both developed and developing nations,” one official said on condition of anonymity. Bush will meet with...

Economy Trumps Race Even for Some Racists

Voters openly negative on African Americans

(Newser) - It looks like the economic crisis has gained Barack Obama a surprising number of supporters among those who might be considered racists, Politico reports. Even before the events of the past few weeks bolstered the Dem's numbers, a poll showed that a quarter of respondents who expressed negative views of...

Time Is Ripe to Pass Cash to Heirs
Time Is
Ripe to Pass
Cash to Heirs 
Your money
Oct 18, 2008 12:05 PM CDT

Time Is Ripe to Pass Cash to Heirs

Struggling market can help you avoid paying estate tax

(Newser) - Sinking stocks offer a window of opportunity when it comes to passing your money on to heirs without incurring huge taxes, Anne Tergesen writes in the Wall Street Journal. Transferring struggling assets to the next generation can mean a big payoff for the heirs when conditions improve—without the estate...

'The Oracle' Forgot One Thing: We're Greedy
'The Oracle' Forgot One Thing: We're Greedy
OPINION
Oct 18, 2008 11:50 AM CDT

'The Oracle' Forgot One Thing: We're Greedy

Founding fathers quickly figured out people couldn't be trusted to be selfless

(Newser) - If those who ignore history repeat it, Alan Greenspan must have slept through a few Constitutional history classes. In promoting the risky derivatives market, the former Federal Reserve chairman was depending on individuals' restraint and care for the greater good. But Americans just aren't that altruistic, as the Founding Fathers...

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