Skilled immigrants would help end
slump, he says
Wall Street Journal Aug 14, 08 11:19 AM CDT
(Newser)
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Alan Greenspan said housing prices could continue to edge lower through 2009, but should “stabilize or touch bottom” in the first six months of the year, reports the Wall Street Journal . And, the former Fed chief says, while a government bailout of Freddie Mac and Fannie May was the right thing to do, the companies should have been nationalized.
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Economy
Associated Press Aug 14, 08 9:07 AM CDT
(AP)
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US consumer prices shot up 0.8% in July, twice the expected rate, pushed higher by surging energy and food costs, the AP reports. The spike left inflation running at 5.6%, the fastest pace in 17 years, the Labor Department reported today. It marked the third straight month of soaring prices, following jumps of 0.6% in May and 1.1% in June.
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MARKETS
Poor results at AIG, nervous retailers, rising oil all contribute to decline
Wall Street Journal Aug 7, 08 3:25 PM CDT
(Newser)
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The markets suffered big losses today as investors were confronted by bad news from retail and financial giants, as well as a 6-year-high in weekly unemployment, the Wall Street Journal reports. The Dow fell 224.64to 11,431.43. The Nasdaq lost 22.64 to finish at 2,355.73, and the S&P 500 fell 23.12 to 1,266.07.
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MARKETS
Deep-seated concerns about economy remain
MarketWatch Aug 5, 08 3:23 PM CDT
(Newser)
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Stocks rallied today after the Fed said it would keep money cheap for the time being and crude prices fell to below $120 a barrel, a 3-month low. The Dow gained 330.80 to close at 11,614.95, the Nasdaq rose 64.27 to 2,349.83, and the S&P 500 climbed 35.72 to settle at 1,284.77.
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Decision aimed at balancing inflation, economic worries
Associated Press Aug 5, 08 2:07 PM CDT
(AP)
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The Federal Reserve declared today that it was keeping its target for the federal funds rate, the interest that banks charge each other, at 2%. Confronted with the perils of a slumping US economy and rising inflation, the Fed decided for a second consecutive meeting to leave interest rates unchanged. The decision to leave rates alone had been widely expected by financial markets.
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OPINION
Market capitalism can ride out the crisis, writes former Fed boss
Financial Times (UK) Aug 5, 08 1:15 PM CDT
(Newser)
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The credit crisis is far from over, and more banks and financial institutions might require government bailouts along the way, Alan Greenspan acknowledges. The crunch will relax only when home prices, "the ultimate collateral support for much of the financial world’s mortgage-backed securities," begin to stabilize, the ex-Fed chairman writes for the Financial Times. Until then, governments must resist the temptation to respond to the downturn with heavy-handed regulation.
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MARKETS
Gray day on Street ahead of Fed's policy meeting
Wall Street Journal Aug 4, 08 3:35 PM CDT
(Newser)
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Stocks closed down today, giving back gains from an early rally despite a nearly $4 drop in crude oil prices as worries about economic growth and inflation persisted, the Wall Street Journal reports. The Dow fell 42.17 to close at 11,284.15, the Nasdaq lost 25.40 and finished at 2,285.56, and the S&P 500 shed 11.29 points to settle at 1,249.02.
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Bernanke offers several options for cash-strapped firms
Associated Press Jul 30, 08 11:09 AM CDT
(AP)
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The Federal Reserve today extended its emergency borrowing program for Wall Street firms through Jan. 30. Originally the program, through which investment houses can tap the central bank for a quick source of cash, was supposed to last until mid-September. Another program, where banks can temporarily swap more risky investments for Treasury securities, also will continue through Jan. 30.
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MARKETS
Markets absorb gloomy Fed data and continued oil drop
Wall Street Journal Jul 23, 08 3:15 PM CDT
(Newser)
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The markets pared earlier gains to end just slightly positive today, amid mixed earnings reports and a gloomy-but-expected Federal Reserve data on the US economy, the Wall Street Journal reports. The Dow gained 29.88, closing at 11,632.38. The Nasdaq gained 21.92, settling at 2,325.88, while the S&P 500 fell 5.19 to 1,282.19.
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OPINION
Small savers are suffering, but giving financiers a free ride
Wall Street Journal Jul 19, 08 3:10 PM CDT
(Newser)
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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.
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Central bank appears deft so far, but crisis could stretch it thinner
Washington Post Jul 17, 08 12:18 PM CDT
(Newser)
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Ben Bernanke has been busy recently—too busy, in the minds of some. The chairman has expanded the Federal Reserve's role beyond traditional monetary policymaker to being an all-purpose protector of the financial system. Many of his dramatic moves—the Bear Stearns buyout, backstopping Fannie Mae and Freddie Mac—averted disasters, but could undermine the central bank before long, the Washington Post reports.
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