financial crisis – News Stories About financial crisis - Page 77

MARKETS

Sep 29, 2008 3:42 PM CDT

Dow Falls 777 On House Vote

Biggest single-day drop in index's history

(Newser) - The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a...

Shocked Legislators
Weigh Next Move

UPDATED

Sep 29, 2008 3:12 PM CDT

Shocked Legislators Weigh Next Move

Discontent on both sides moved House to kill bailout

(Newser) - The efforts of Nancy Pelosi and John Boehner were not enough to quell a revolt within their parties that killed the financial bailout bill today. The bipartisan opposition to the bill reflected in the 228-205 vote—95 Democrats and 133 Republicans dissented—reflects liberal representatives’ unease with rescuing highly paid...

Bailout Bill Fails; Markets Reel

breaking

Sep 29, 2008 1:24 PM CDT

Bailout Bill Fails; Markets Reel

(Newser) - The House this afternoon defeated the $700 billion emergency financial bailout package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly rescue the staggering financial industry. Stocks started plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

House Debate Heated
as Bush Pushes Bailout

Sep 29, 2008 10:58 AM CDT

House Debate Heated as Bush Pushes Bailout

But whether bill will pass remains up in the air

(Newser) - President Bush called on lawmakers this morning to support the hotly-contested bailout bill as the House began debate and leaders on both sides of the aisle counted defections, Politico reports. ““Every member of Congress and every American should keep in mind: A vote for this bill is a...

Paulson's Power Would Be
Unprecedented

analysis

Sep 29, 2008 10:41 AM CDT

Paulson's Power Would Be Unprecedented

Some checks from Congress, but Treasury will hold the keys

(Newser) - Though its passage remains uncertain, the bailout bill would make Henry Paulson the most powerful mortgage financier in history, Peter Gosselin writes in the Los Angeles Times. Paulson got nearly everything he asked for; restrictions supposedly reining him in are little more than window dressing. Additions like the Democrats’ housing-relief...

Here Come the Peasants With Pitchforks

ANALYSIS

Sep 29, 2008 10:19 AM CDT

Here Come the Peasants With Pitchforks

Meltdown, bailout provoke populist fury against Wall St., DC

(Newser) - The financial meltdown may have brought simmering economic resentments to a boil and prompted a populist backlash, writes Nina Easton in Fortune. Public opinion indicators—polls, calls to Congress—show widespread fury at the bailout. Long-building anger over growing economic inequality may have combined with disgust at the current crisis...

Managing Bailout Only Gets Trickier From Here

Analysis

Sep 29, 2008 10:09 AM CDT

Managing Bailout Only Gets Trickier From Here

Government needs to move carefully, particularly on failing banks: experts

(Newser) - The Treasury’s bailout plan won’t end the economic crisis, Steven Lohr writes in the New York Times. It’s merely a first, costly step, and overseeing its workings will be a major undertaking for the next administration, as will assisting homeowners and crafting policies for a less credit-happy...

Stocks Down Sharply
Despite Bailout Deal

MARKET open

Sep 29, 2008 9:03 AM CDT

Stocks Down Sharply Despite Bailout Deal

Wachovia failure sends markets downward

(Newser) - Stocks once again headed downward at the open this morning, as Wachovia’s selloff stoked fears that the bailout wouldn’t be enough to save financials. The Dow fell 275 points while the Nasdaq dropped 3.6% and the S&P fell 3.1%. “The Fed's bailout plan may...

Citigroup to
Buy Wachovia,
Backed by FDIC

Sep 29, 2008 9:00 AM CDT

Citigroup to Buy Wachovia, Backed by FDIC

Deal leaves three 'behemoths' in financial crisis

(Newser) - Citigroup will purchase struggling Wachovia’s banking operations in a $2.2-billion government-backed deal, the Wall Street Journal reports. The FDIC has agreed to take on a portion of potential losses in the plan, which leaves three banks, including Bank of America and JP Morgan Chase, in control of nearly...

Banking Jitters Send
European Shares Down

Sep 29, 2008 6:59 AM CDT

Banking Jitters Send European Shares Down

Experts remain skeptical a $700 billion US bailout will ease credit woes

(Newser) - Investors drove share prices down across Europe and Asia as bank emergencies multiplied and news of the $700-billion US bailout deal failed to loosen up frozen credit markets, reports Bloomberg. British mortgage lender Bradford & Bingley was taken over by regulators and a trio of European governments jumped in to...

Wells Closing In
on Deal to
Buy Wachovia

Sep 29, 2008 5:38 AM CDT

Wells Closing In on Deal to Buy Wachovia

Merger would create three banks with 30% of all deposits

(Newser) - Wells Fargo appeared to be close last night to forging a deal to buy struggling Wachovia, the nations's fourth-largest bank, reports the Wall Street Journal. Federal regulators pressured Wachovia to seek a suitor after its share prices plunged 47% last week. Citigroup was also in talks, but Wells now appears...

Stumping McCain and Obama
May Skip Bailout Vote

Sep 29, 2008 3:30 AM CDT

Stumping McCain and Obama May Skip Bailout Vote

Both might be stumping in key states

(Newser) - Despite the heated campaign debate about the US financial crisis—and John McCain's emergency "suspension" of his campaign until a deal on the rescue package was struck last week—both John McCain and Barack Obama may skip the vote on the bailout, reports Politico. Neither camp has committed to...

House Votes on Bailout Package Today

Sep 29, 2008 2:39 AM CDT

House Votes on Bailout Package Today

Compromise deal still faces rough fight

(Newser) - The House votes today on the nation's largest government bailout, followed by the Senate as soon as Wednesday, the Washington Post reports. The bipartisan compromise would grant Treasury Secretary Henry Paulson broad latitude to purchase assets at any price from any firm. Free-market Republicans have dropped their opposition, but the...

Debt Insurance Is What Crippled Wall St.

analysis

Sep 28, 2008 5:47 PM CDT

Debt Insurance Is What Crippled Wall St.

How credit-market swaps helped trigger the financial crisis

(Newser) - "Financial weapons of mass destruction,” Warren Buffet called them: credit default swaps. Pioneered by JP Morgan in the 1990s, these financial instruments were bought by banks as insurance that debts would be repaid. The innovation thrived until firms like AIG started defaulting on credit swaps that insured home...

Candidates
Spar Over
Bailout Credit

TALK SHOW ROUNDUP

Sep 28, 2008 2:00 PM CDT

Candidates Spar Over Bailout Credit

Obama strategist calls claim "little bit of fiction"

(Newser) - Both Barack Obama and John McCain claimed credit on the Sunday talk shows for ushering through the bipartisan bailout plan, Politico reports. The highlights:

“What Senator McCain was able to do was to help bring all the parties to the table, including the House Republicans,” GOP strategist Steve

...

What Will Taxpayers Shell
Out for All This?

analysis

Sep 28, 2008 1:44 PM CDT

What Will Taxpayers Shell Out for All This?

Some bailouts are more risky, some less—and add up to $1 trillion

(Newser) - If a $700 billion federal bailout sounds like a lot, it is—but Washington will actually shell out $1 trillion in all of its present and proposed plans. Between Henry Paulson's plan, and bailouts of Bear Stearns, AIG, and Fannie Mae and Freddie Mac, the Wall Street Journal breaks down...

US Dominance Is Dead

OPINION

Sep 28, 2008 11:38 AM CDT

US Dominance Is Dead

'Power is leaking from the US at an accelerating rate,' Guardian says

(Newser) - After decades of a scolding countries for irresponsible behavior, Uncle Sam has finally had his comeuppance, John Gray opines in the Guardian, concluding that “The era of American global leadership is over." Unable to silence Hugo Chavez, thwart Russian aggression in Georgia, appreciate Chinese fiscal practices, and halt...

Rep Warns GOP Opposition Could Sink Bailout Deal

Sep 28, 2008 11:00 AM CDT

Rep Warns GOP Opposition Could Sink Bailout Deal

House conservative hedges on support for plan

(Newser) - Even as Washington officials reached for the bubbly, a prominent House Republican warned that GOP lawmakers may not approve the bailout deal reached last night. “We are not ready to say that a deal is done,” said Virginia Rep. Eric Cantor, who has spearheaded efforts by House conservatives...

Blogger Busted for Bad Bank Rumor

Sep 28, 2008 8:31 AM CDT

Blogger Busted for Bad Bank Rumor

Hong Kong post urged customers to take their money and run

(Newser) - As worldwide worries mount about the US financial crisis, a Hong Kong blogger has been arrested after allegedly posting internet rumors that a local bank was in trouble, AP reports. He urged depositors to withdraw their funds, police said. He was arrested for computer use with criminal or dishonest intent....

America's Real Financial Crisis? It's Debt

opinion

Sep 28, 2008 5:23 AM CDT

America's Real Financial Crisis? It's Debt

US can't safely sell $700M in securities

(Newser) - Washington must stop selling debt as its top export if it wants to solve today's financial crisis, Justin Fox argues in Time. Political talk of the nation's staggering $731 billion deficit often centers on trade pacts and exchange rates. But "if the US simply stopped borrowing so much—if...