Skip to: Content
Skip to: Site Navigation
Skip to: Search
Newser - Current News - Breaking Stories

SPONSORED NEWS ARCHIVE

IN CASE YOU MISSED IT: 'FIGHTING THE FINANCIAL CRISIS, ONE CHALLENGE AT A TIME'

Article from: US Fed News Service, Including US State News Article date: November 18, 2008

The U.S. Department of the Treasury issued the following news release:

We are going through a financial crisis more severe and unpredictable than any in our lifetimes. We have seen the failures, or the equivalent of failures, of Bear Stearns, IndyMac, Lehman Brothers, Washington Mutual, Wachovia, Fannie Mae, Freddie Mac and the American International Group. Each of these failures would be tremendously consequential in its own right. But we faced them in succession, as our financial system seized up and severely damaged the economy.

By September, the government faced a systemwide crisis. After ...

Read the rest of this article with a Free Trial at HighBeam Research.
Newser gathers stories from across the web and packs what you need to know into about 120 words.
Check out these stories related to your search. Visit our grid for the latest news.

Bailout Bill Fails; Markets Reel

Posted Sep 29, 08 1:24 PM CDT in Business 

Bailout Bill Fails; Markets Reel
Source: Ron Edmonds

(AP) – 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.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just 5 weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle. Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents.

More about:  Financial Crisis

MORE RELATED NEWSER STORIES
MARKETS

 Stocks Mixed on Retail News 

Wal-Mart falters, but Sears posts strong forecast

MarketWatch MarketWatch 7 hours, 5 minutes ago
(Newser) - Stocks ended mixed today amid largely negative retail news and nervousness on unemployment, MarketWatch reports. Investors were shaken by poor December earnings and a reduced quarterly forecast posted by Wal-Mart, which managed to perform well through 2008. The Dow fell 27.24 to close at 8,742.46. The Nasdaq, however, rose 17.95, to 1,617.01, and the S&P 500 gained 3.08 to close at 909.73. More »

More about:  Financial Crisis • Dow Jones • Microsoft • S&P 500 • Nasdaq • Wal-Mart • tech sector • Sears • Gap • GameStop

 Commercial Real-Estate 
 Loans Begin to Sour 

Once a bright spot, commercial paper is looking grim

Wall Street Journal Wall Street Journal 11 hours, 43 minutes ago
(Newser) - Commercial real estate is beginning to feel the same pinch as the housing market, with delinquency rates rising in the fourth quarter and forecasts that they could reach the highest point in more than a decade by the end of 2009, reports the Wall Street Journal . Both individual mortgages held by banks and thrifts and bonds comprised of packaged mortgages have soured. More »

More about:  Financial Crisis • Deutsche Bank • commercial paper • commercial mortgage

UPDATED

 Obama Pitch: 
 We're Doomed 
 Without Stimulus 


Washington Post Washington Post 11 hours, 56 minutes ago
(Newser) - Barack Obama went for the hard sell today, making the case for his huge stimulus plan. “I don't believe it's too late to change course,” Obama said in a speech at George Mason University, “but it will be if we don't take dramatic action as soon as possible.” Unemployment could hit the double digits, as we “lose a generation” of prosperity. More »

More about:  Barack Obama • Financial Crisis • President Obama • speech • economic stimulus • stimulus package

SPONSORED NEWS ARCHIVE

VOA NEWS: WHAT'S BEHIND U.S. FINANCIAL MELTDOWN? (US Fed News Service, Including US State News)

REP. WAXMAN ANNOUNCES HEARINGS ON FINANCIAL MELTDOWN (US Fed News Service, Including US State News)

BUSINESS COLLEGE HOSTS PANEL ON FINANCIAL MELTDOWN (US Fed News Service, Including US State News)

REP. BACHMANN DEMANDS THOSE ACCOUNTABLE FOR THE FINANCIAL MARKETS MELTDOWN... (US Fed News Service, Including US State News)

HOUSE REPUBLICANS URGE JUSTICE DEPARTMENT TO INVESTIGATE ROLE OF FANNIE, FREDDIE... (US Fed News Service, Including US State News)

Anti-Semitic Conspiracy Theories Spread Globally As World Markets Grapple With... (US Fed News Service, Including US State News)

SEN. CANTWELL ISSUES STATEMENT ON NEWS THAT TREASURY DEPARTMENT IS CONSIDERING... (US Fed News Service, Including US State News)

VOA NEWS: ASIAN MARKETS RISE ON NEWS OF BUFFETT-GOLDMAN SACHS INVESTMENT (US Fed News Service, Including US State News)

REP. MEEK VOTING IN SUPPORT OF FINANCIAL RESCUE PACKAGE FOR SECOND TIME (US Fed News Service, Including US State News)

VOA NEWS: EUROPEAN UNION LEADERS DISCUSS GLOBAL FINANCIAL CRISIS (US Fed News Service, Including US State News)


Other Business Stories