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AS FINANCIAL CRISIS DEEPENS: Fischer rules out heavy gov't intervention

Article from: Jerusalem Post Article date: November 14, 2008 Author: SHARON WROBEL

SHARON WROBEL
Jerusalem Post
11-14-2008
Headline: AS FINANCIAL CRISIS DEEPENS: Fischer rules out heavy gov't intervention
Byline: SHARON WROBEL
Edition; Daily
Section: News
Page: 01

Friday, November 14, 2008 -- Israel's central bank will continue to cut interest rates as necessary to support economic growth amid a looming global recession, Bank of Israel Governor Stanley Fischer has told The Jerusalem Post, while rejecting mounting pressure for increased government spending.

"There will probably be government intervention in dealing with the credit crisis and the decline in credit supply in the ...

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Goodbye Cheap Money, Hello Recession

Posted Sep 18, 08 10:06 AM CDT in US,  Business,  Opinion 

Goodbye Cheap Money, Hello Recession
Source: AP Photo/Katsumi Kasahara

(Newser) – On paper, the losses from the credit crisis are probably "the greatest destruction of financial wealth that the world has ever seen," writes Steven Pearlstein. But the trillions that have disappeared aren't the biggest casualty of the last year. Rather, says the Washington Post columnist, we are undergoing a fundamental recalibration about credit—the era of cheap money is over.

With stocks plummeting and companies collapsing, the financial industry is getting hammered for its recklessness and greed. But while the markets are punishing Wall Street, they've only just begun to affect "the majority of US households that relied on borrowed money to maintain their lifestyles." Inevitably, Americans are going to have to start spending more prudently—which might sound good, but which means "a recession is almost inevitable."

Source: Washington Post

More about:  Financial Crisis • credit crisis • recession • credit market • finance • economic slowdown

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OPINION

Public Silence Greets Wall St. Blunders

Small savers are suffering, but giving financiers a free ride

Wall Street Journal Wall Street Journal Jul 19, 08 3:10 PM CDT
(Newser) - America's financiers have driven the country into crisis with stunning recklessness, James Grant writes in the Wall Street Journal , but public anger seems strangely dormant. Populist politicians railed against Wall Street during past financial crises, Grant notes, but today's politicians appear largely uninterested in taking aim at the easy target. More »

More about:  Financial Crisis • Federal Reserve • credit crisis • subprime crisis • Wall Street • credit market • finance • financial markets • financial institutions

 Dumbest 
 Gaffes 
 on the 
 Economy 

Instead of predicting financial crisis, they hid it

MSNBC MSNBC Dec 31, 08 6:12 PM CST
(Newser) - The men who should have been warning us about the impending financial crisis were a wee bit off the mark at times. MSNBC rounds up some of the dumbest things said: "Subprime market problems seem likely to be contained."—Ben Bernanke, March 28, 2007 "The fundamentals of our economy are strong."—John McCain, Sept. 15 More »

More about:  John McCain • Financial Crisis • credit crisis • recession • US economy • Ben Bernanke • John Thain • Alan Schwartz • President Bush

 Pawn Shops Attract 
 Upscale Clientele 


Wall Street Journal Wall Street Journal Dec 30, 08 11:53 AM CST
(Newser) - Pawn shops are turning from the shady realm of the lower class to a place for rich people to get loans, the Wall Street Journal reports. The typical household income of a pawn shop customer is $29,000, but new middle- and upper-class clients are surging. One such client pawned a $9,000 fur coat to buy private-school uniforms. Some pawn shop owners are reporting 30%-40% increases in transactions. More »

More about:  Financial Crisis • credit crisis • recession • economy • jewelry • weakening economy • loans • pawn shop


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