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ASSEMBLY HEARING TO EXAMINE PROPOSE BUDGET CUTS, ASSESS IMPACT OF GLOBAL FINANCIAL CRISIS ON STATE'S ECONOMY

Article from: US Fed News Service, Including US State News Article date: November 12, 2008

The New York State Assembly issued the following press release:

Assembly Ways and Means Committee Chair Herman D. Farrell, Jr. will convene the second in a series of hearings in Albany tomorrow to review the impact of the global economic crisis on the state budget. The two-day hearing will also examine Governor David Paterson's proposed budget modifications.

Last week, the Assembly issued a midyear report on economic forecast and revenues for New York State, which projects even larger budget gaps in current and future years.

The Ways and Means Committee will take testimony from groups ...

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Global Markets Rally After Rescue Talks

Posted Oct 13, 08 2:58 AM CDT in World,  Business 

Global Markets Rally After Rescue Talks
Source: AP Photo/Rick Rycroft

(Newser) – Asian and European markets were up today following announcements by global leaders of wide-ranging economic rescue packages. France's Cac 40 index and London's FTSE 100 index both bounced more than 5%, with banking shares posting some of the biggest gains, the BBC reports. Australia's main index jumped 5.6% and Hong Kong shares were up 3.2%, though Taiwan stocks fell 2.1%. EU leaders vowed yesterday that governments would allow no major bank to fail.

Source: BBC

More about:  Financial Crisis • economy • European Union • markets • global economy

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Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

Bloomberg Bloomberg Dec 22, 08 10:33 AM CST
(Newser) - A dozen years after bailing out the Soviet government, Russia’s oligarchs are seeking $78 billion in Kremlin handouts to weather the credit crunch, Bloomberg reports. Russian businesses have racked up some $110 billion in foreign debt due in 2009. The one-year loans, sought by more than 100 companies, would likely shift control of some industries back to the state. More »

More about:  Financial Crisis • Russia • bailout • credit crisis • economy • global economy • financial meltdown • Oleg Deripaska • Roman Abramovich

 Bush to Host 
 Economic 
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World meeting to be held 'in the near future'

MSNBC MSNBC Oct 18, 08 2:18 PM CDT
(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 Nicolas Sarkozy and European Commission President Jose Manuel Barroso today at Camp David. More »

More about:  Financial Crisis • George W. Bush • economy • global economy • summit

Analysis

All Economy's Bubbles
Have Burst at Once

Dominoes tumble from real estate to credit to commodities

Washington Post Washington Post Oct 7, 08 4:07 PM CDT
(Newser) - The real reason the global economy is tanking is because a huge set of financial bubbles are all bursting at once, explains Steven Pearlstein in the Washington Post. The US real-estate bubble started the party, leading to a burst in the credit bubble, the corporate takeover bubble, and the commodities bubble. Thanks to cross-border trade, that chain reaction now “threatens to take most of the global economy into recession.”   More »

More about:  Financial Crisis • economy • credit market • global economy • housing bubble • market bubble • oil bubble


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