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March 2008
- Bear Bailout Invites the Bears
  
  newser | Wall Street Journal | Mar 14, 08 3:40 PM CDT
  
  News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65 to 11,951.09, the Nasdaq 51.12 to 2,212.49, and the S&P 500 27.34 to 1,288.14. More »
  
  Tags
  
  Federal Reserve • S&P 500 • Nasdaq • Dow Jones Industrial Average • Bear Stearns • Citigroup • Bank of America • AIG • Countrywide Financial • American Express • Federal Reserve Bank of New York
- Economy in Trouble: Bush
  
  newser | Associated Press | Mar 14, 08 3:00 PM CDT
  
  The economy is experiencing difficulties, but President Bush said today he is certain a recovery will come soon, the AP reports. “In a free-market economy there will be good times and bad times” he said in a speech to the Economic Club of New York. “We’re going through a hard time.” Democrats wasted little time in rebutting, dispatching Chuck Schumer to invoke Herbert Hoover. More »
  
  Tags
  
  George W. Bush • Congress • Federal Reserve • recession • subprime crisis • economy • stimulus package
- Dollar Makes Comeback as Banks Predict Intervention
  
  newser | Bloomberg | Mar 14, 08 8:17 AM CDT
  
  The dollar made a recovery today after yesterday's disastrous fall, pulling back above 100 yen and gaining against the euro and the pound. The greenback's advance comes as securities firms speculated that the Fed and other central banks will collaborate to safeguard the dollar for the first time in 13 years. "The market is certainly on intervention watch," a currency trader told Bloomberg. More »
  
  Tags
  
  Federal Reserve • Ben Bernanke • US dollar • euro • yen • Swiss franc
- Gold Hits Record $1K per Ounce
  
  newser | BBC | Mar 13, 08 1:03 PM CDT
  
  Gold hit $1,000 per ounce for the first time today, the BBC reports, as investors flock to commodities. The precious metal is already up 20% on the year. “Every bit of bad US economic data boosts gold in two ways,” said Fortis Bank, both because gold is a “safe haven” asset and because the dollar drops on expectations of US interest-rate cuts. More »
  
  Tags
  
  Federal Reserve • inflation • US dollar • interest rate • interest rate cut • commodities • gold
- New $5 Bill Debuts Today
  
  newser | Associated Press | Mar 13, 08 11:45 AM CDT
  
  Honest Abe may've been a bit pasty and gaunt, but the public can now see him in a more vivid hue: The redesigned $5 bill, complete with splashes of purple designed to thwart pesky counterfeiters, is being released today. Lincoln keeps his place on the front, and his memorial on the back—and the first new fiver will be spent at Lincoln's Cottage in Washington, DC. More »
  
  Tags
  
  Federal Reserve • US dollar • Abraham Lincoln • US Mint • counterfeit • US currency • watermark • counterfeiters
- Feds Outline New, Tougher Credit Rules
  
  newser | Wall Street Journal | Mar 13, 08 6:51 AM CDT
  
  A panel led by Treasury Secretary Henry Paulson is seeking a major overhaul of rules affecting mortgage lenders and a credit market decimated by risky subprime loans and loose oversight, the Wall Street Journal r eports. Among panel recommendations to be released today: Strengthen mortgage lender and broker oversight Establish licensing standards for mortgage brokers More »
  
  Tags
  
  subprime mortgages • Federal Reserve • Dow Jones Industrial Average • mortgage crisis • Henry Paulson • Fannie Mae • mortgage backed securities
- Stocks Rally, Flatten, End Down
  
  newser | Wall Street Journal | Mar 12, 08 3:38 PM CDT
  
  Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq 11.89 to 2,243.87 and the S&P 11.88 to 1,308.77. More »
  
  Tags
  
  stock market • Federal Reserve • interest rate • crude oil • commodities
- Wow! Dow Climbs 400 Points
  
  newser | Wall Street Journal | Mar 11, 08 3:55 PM CDT
  
  The Fed's plan to ease the credit crisis sent stocks roaring today; by the closing bell, the Dow was up by more than 400 points. Financials led the way, reports the Wall Street Journal, with massive gains by Citigroup and American Express. The Dow closed up 416.66 at 12,156.81, the Nasdaq up 86.42 at 2,255.76, and the S&P 500 up 47.28 at 1,320.65. More »
  
  Tags
  
  stock market • Federal Reserve • Dow Jones Industrial Average
- Fed Pours $200B Into Global Credit Relief Push
  
  newser | Associated Press | Mar 11, 08 10:15 AM CDT
  
  The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will coordinate with the European Central Bank and the central banks of Canada, England, and Switzerland. More »
  
  Tags
  
  US economy • Federal Reserve • credit crisis • Ben Bernanke • interest rate • liquidity • Bank of England • European Central Bank • Royal Bank of Canada
- Dow Falls 146, Sinks Below 12K
  
  newser | MarketWatch | Mar 7, 08 4:19 PM CST
  
  The markets seesawed and ultimately saw losses today as news of a bank boost by the Fed couldn't outweigh the Labor Department's grim February jobs report. The Dow lost 146.70, closing at 11,893.69, and the S&P 500 fell 10.97 to 1,293.37. The Nasdaq enjoyed a stronger late rally and closed down 8.01 at 2,212.49. More »
  
  Tags
  
  Federal Reserve • S&P 500 • Nasdaq • Dow Jones Industrial Average • Labor Department • Thornburg Mortgage
- Fed Pumps Money Into Reeling Banks
  
  newser | Bloomberg | Mar 7, 08 12:02 PM CST
  
  The Federal Reserve will lend more money to banks in March in a bid to ease the worsening credit crisis, Bloomberg reports. By dramatically increasing the funds available in two upcoming auctions—from $30 billion to $50 billion—the Fed hopes to convince banks to loosen up and lend more. More »
  
  Tags
  
  Federal Reserve • housing market • Ben Bernanke • mortgage • credit market • loans • Fed funds rate
- US Sees Worst Decline in Jobs Since 2003
  
  newser | Bloomberg | Mar 7, 08 7:58 AM CST
  
  The US lost 63,000 jobs in February, the second straight month payrolls contracted and the worst drop since 2003, catching economists off guard and fanning fears of recession anew, Bloomberg reports. Economists hoped the economy would add 23,000 jobs after declining a modest 17,000 in January, when the unemployment rate rose to 4.9%. More »
  
  Tags
  
  Federal Reserve • recession • Ben Bernanke • housing crisis • unemployment • job • manufacturing • construction • job market • job cuts • factory • building
- Asian Stock Markets Dive
  
  newser | Associated Press | Mar 7, 08 6:07 AM CST
  
  Japan’s Nikkei fell 3.3% and Australia’s S&P/ASX2000 dropped 3.2% as woeful US economic news—including rising foreclosures, worsening homeowner debt and impending credit defaults—sent Asian markets reeling, the Associated Press reports. Investors also worried that a key jobs report to be released this morning would show a rise in US unemployment, which would further hurt already depressed Asian exports. More »
  
  Tags
  
  stock market • Federal Reserve • credit crisis • foreclosure • unemployment • exports • Nikkei • Mortgage Bankers Association • Nikkei 225 Stock Average
- Feds Boost Mortgage Limits
  
  newser | Wall Street Journal | Mar 6, 08 6:10 PM CST
  
  Government-backed mortgage guarantors Fannie Mae and Freddie Mac can now back loans up to $729,750, the Wall Street Journal reports, after the Federal Housing Administration put into effect that provision of the federal economic stimulus package today. More than 70 counties in the US are subject to the new limit, and ceilings will rise from the previous cap of $417,000 in many others. More »
  
  Tags
  
  Federal Reserve • Fannie Mae • Freddie Mac • Federal Housing Administration • liquidity
- Stocks Recover After Big Losses
  
  newser | MarketWatch | Mar 4, 08 3:49 PM CST
  
  News of an impending bailout for bond insurer Ambac helped the markets recover from steep losses and end today's session down only slightly, MarketWatch reports. Down by 200 points at 2:30, the Dow closed only 45.10 down, ending at 12,213.80. The Nasdaq rose 1.68 to 2,260.28, and the S&P 500 lost 4.59 to close at 1,326.75. More »
  
  Tags
  
  Federal Reserve • S&P 500 • Nasdaq • Dow Jones Industrial Average • Ben Bernanke • foreclosure • New York Stock Exchange • Ambac
- Wall Street Faults Rules on Writedowns
  
  newser | Wall Street Journal | Mar 1, 08 12:09 PM CST
  
  After months of staggering writedowns battering Wall Street, some investors and executives are charging that accounting rules are exaggerating losses and triggering slumps like yesterday’s 315-point plunge in the Dow, reports the Wall Street Journal . Rules requiring companies to value holdings at current market rates, no matter how volatile, have a domino effect, they say: "The market falls, forcing banks to take write-offs, pushing the market lower, causing more write-offs," the Journal writes. More »
  
  Tags
  
  Federal Reserve • Wall Street • subprime crisis • investors • UBS • AIG • write down
February 2008
- Consumer Spending Stalls Again
  
  newser | Bloomberg | Feb 29, 08 12:03 PM CST
  
  Consumer spending rose more than expected in January—but only because prices did so as well, Bloomberg reports. Adjusted for inflation, spending remained flat for the second straight month. With fuel costs rising, banks restricting loans, and property values falling, “consumers are clearly hard-pressed to maintain their standard of living and are cutting back,” says an analyst. More »
  
  Tags
  
  US economy • Federal Reserve • recession • inflation • consumer spending • fuel costs • consumer confidence • property values
- Stocks Tumble on Weak Data
  
  newser | Bloomberg | Feb 28, 08 3:56 PM CST
  
  Stocks fell more than they had in a week today amid reports of sluggish economic growth, rising jobless claims, and fears of failing banks, Bloomberg reports. The Dow fell 112.10 points to 12,582.18, the Nasdaq fell 22.21 points to 2,331.57, and the S&P 500 12.34 points to 1,367.68. The government said GDP grew by 0.6% last quarter, below analysts' estimates. More »
  
  Tags
  
  Federal Reserve • S&P 500 • Nasdaq • Dow Jones Industrial Average • Ben Bernanke • inflation • interest rate • unemployment • GDP • bank failure
- Despite Fed, Silicon Valley Bullish on Economy
  
  newser | ABC News | Feb 27, 08 5:31 PM CST
  
  Ben Bernanke’s report to Congress on monetary policy offered a grim outlook on the economy, but ABC News sees some signs that good news may be around the corner: workers in Silicon Valley, a national economic bellwether, feel good about their prospects. Rising exports, the recently-passed stimulus package and the future rate cuts Bernanke will probably make at the Fed’s March 18 meeting are additional reasons for optimism. More »
  
  Tags
  
  subprime mortgages • Federal Reserve • recession • Ben Bernanke • housing crisis • Silicon Valley • interest rate cut
- Bernanke Signals New Rate Cuts
  
  newser | Wall Street Journal | Feb 27, 08 9:15 AM CST
  
  Federal Reserve Chairman Ben Bernanke today said that the board stands ready to cut interest rates again to give the economy "adequate insurance against downside risks," reports the Wall Street Journal. The move, which follows 2.25% in cuts to the key rate since September, is widely expected at the Fed's March 18 meeting. More »
  
  Tags
  
  US economy • Federal Reserve • housing market • Ben Bernanke • inflation • credit market • interest rate cut • testimony • energy prices • House Financial Services Committee • Federal Open Market Committee

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