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December 2, 2008 3:50:55 AM CST

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Credit Relief Flows Slowly—When It Flows at All

Consumer aid package won't budge pickier banks

New York Times New York Times Nov 27, 08 10:14 AM CST
(Newser) - With hundreds of billions of dollars pumping into the calcified credit markets, many struggling Americans are expecting to see some relief, but many will be disappointed, the New York Times reports. Banks continue to stiffen loan eligibility requirements even as strapped consumers face deteriorating credit scores, and whole categories of applicants for mortgages and car or student loans simply won't qualify. More »

OPINION

 Bailout Won't 
 Bail Out Bernanke 

Nation needs explanation of how it will help

Financial Times (UK) Financial Times (UK) Oct 6, 08 2:42 PM CDT
(Newser) - The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense as expecting that the "citizens of Pompeii will repay their mortgage loans" and calls on Ben Bernanke to step up. More »

MARKETS

Speculation on New Fed
Rate Cut Tempers Losses

Stocks dip early, then tick closer to even ahead of mid-afternoon announcement

Bloomberg Bloomberg Sep 16, 08 10:44 AM CDT
(Newser) - Stocks swung upward after big opening losses today, the Wall Street Journal reports, helped by speculation that the Federal Reserve might step in to help AIG and cut interest rates. The Dow, down 155 early, was just barely negative before noon, with a similar pattern from other indices. “We're in uncharted territory,” one funds manager told Bloomberg. “There's no real historic precedent for what we're going through.” More »

More about:  Financial Crisis • Dow Jones • stock market • AIG • interest rate • markets • Fed

Fed Cuts Key Rate by
Half Point

Officials signal further cuts possible as overnight lending rate hits 3%

Wall Street Journal Wall Street Journal Jan 30, 08 1:24 PM CST
(Newser) - The Federal Reserve cut a key interest rate by a half percentage point today, reports the Wall Street Journal, bringing the benchmark overnight lending rate down to 3% even as officials signaled that further cuts were possible. The widely anticipated move follows last week's emergency .75% cut to a rate that stood at 5.25% just a few months ago. More »

Asian Markets Rebound

Fed rate cut sees markets stage modest recovery

New York Times New York Times Jan 23, 08 5:14 AM CST
(Newser) - Asian markets bounced back modestly this morning after two days of precipitous drops. Hong Kong's Hang Seng index jumped 10.72%, Japan's Nikkei average rose 2%, and the Topix index was up 2.5%. Sydney's index closed 4.4% higher, breaking a 12-day downturn, and India's Sensitive index saw its first gains in 8 days as traders expressed cautious optimism More »

More about:  Asian markets • Hong Kong • Nikkei • Hang Seng • Fed

UPDATED

Asian Stocks Continue Plunge

Stocks tumble for second straight day

MarketWatch MarketWatch Jan 22, 08 3:25 AM CST
(Newser) - Jitters over the US economy led to a major sell-off in Asian markets for the second straight day, with Australia's benchmark index closing down 7.1%—the biggest single-day loss in nearly 20 years. India's Sensex index skidded 10%, triggering a shutdown, but rallied to close down 4.6%. Japan's Nikkei and the broader Topix index finished 5.7% lower, and Hong Kong's Hang Seng index slumped 8.7% the day after global indexes suffered their biggest plunge since 9/11. More »

More about:  George W. Bush • Japan • Asian markets • Hong Kong • Nikkei • Hang Seng • Japanese economy • Fed • Asian stocks

Fed Slashes
Key Interest Rate Another Quarter-Point

Board signals further cuts are no sure thing

Wall Street Journal Wall Street Journal Oct 31, 07 1:42 PM CDT
(Newser) - The Federal Reserve cut its key lending rate today by 25 basis points, to 4.5%. The expected reduction is the second of the federal funds rate in two months. The board asserted, however, that growth and inflation risks are now “roughly balanced,” a signal that further cuts shouldn’t be taken for granted. The discount rate was also cut by a quarter-point, to 5%. More »

More about:  Ben Bernanke • inflation • mortgage • interest rate • interest rate cut • Fed

Bernanke: How's He Doing?

Journal looks back at Fed chairman described as more collaborative, creative than Greenspan

Wall Street Journal Wall Street Journal Oct 31, 07 11:05 AM CDT
(Newser) - As the Fed rolls out another anxiously awaited decision on rate cuts, the Wall Street Journal does a play-by-play analysis of Ben Bernanke's handling of the three-month old credit crisis with an eye to what we've learned about the new Fed boss. For starters, he's more open and collaborative than his predecessor. "There's more of the economic seminar room, of exchanging views and thinking out loud," says a former adviser to both men.  More »

Housing Starts Plummet to 14-Year Low

But modest consumer price hike soothes inflation fears

Wall Street Journal Wall Street Journal Oct 17, 07 9:49 AM CDT
(Newser) - New homes starts fell to their lowest level in 14 years last month, plunging 10%—to an annualized rate of 1.191 million—after expectations of a 4.2% decline. The number followed a 3.2% drop in August, the Wall Street Journal reports. A homebuilders' confidence gauge registered its lowest number since its 1985 inception. Housing continues to get worse and worse,'' a Deutsche Bank economist told Bloomberg. The contraction will go on into at least the middle of next year." More »

Fed News Boosts Dow to Record

S&P 500 also closes at all-time high

Wall Street Journal Wall Street Journal Oct 9, 07 3:45 PM CDT
(Newser) - The markets spiked to record highs today after the Fed released minutes from its critical September meeting that revealed unanimous consent for the large interest rate cuts. The Dow climbed 120.80 points to close at an all-time high of 14,164.53. One economist told the Journal, “Just seeing that the Fed feels your pain is worth something.”  More »

More about:  Dow Jones • S&P 500 • Nasdaq • US dollar • earnings reports • Alcoa • Fed

Stocks Dip on Mortgage Fears

Foreclosure worries continue to simmer

Bloomberg Bloomberg Sep 28, 07 3:22 PM CDT
(Newser) - The markets dropped today on news that mortgage defaults last month climbed 30% from a year earlier, more evidence that foreclosures are on the rise. Wells Fargo and Washington Mutual tumbled, and the Dow dipped 17.31 to 13,895.63. Stocks bottomed out after a Fed official said players shouldn’t “bake into the cake” future rate cuts, Bloomberg reports. More »

More about:  Dow Jones • S&P 500 • Nasdaq • foreclosure • Medicare • Wells Fargo • Washington Mutual • Fed

Stocks Climb on Rate-Cut Hype

S&P surging on last, next Fed slashes

Bloomberg Bloomberg Sep 27, 07 3:51 PM CDT
(Newser) - The stock market rose for a second day as a weak new-home-sales report added energy to speculation that the Fed will slash rates again next month; Bloomberg puts the odds of a quarter-point cut at 88%. The S&P added 5.96 to reach 1,531.38, climbing within 1.5% of a record. The Dow added 34.79 to 13,912.94, within 0.7% of a new record. And the Nasdaq rose 10.56 to close at 2,709.59. More »

More about:  Dow Jones • S&P 500 • Nasdaq • interest rate • unemployment benefits • Fed

Stocks Edge Up in Balancing Act

Retailers’ sales sink as homes out-perform expectations

MarketWatch MarketWatch Sep 25, 07 3:44 PM CDT
(Newser) - Stocks rose slightly today as retail woes were somewhat offset by August home sales that outperformed expectations, MarketWatch reports. Led by Microsoft, which rode the release of “Halo 3” to a 1.5% jump, the Dow climbed 19.59 to 13,778.65. The S&P dipped 0.52 to 1,517.21, and the Nasdaq closed at 2,683.45, up 15.50. More »

More about:  Dow Jones • Microsoft • stock market • S&P 500 • Nasdaq • Wal-Mart • consumer confidence • Target • Home Depot • Fed • Halo 3

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