emergency lending

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Plane Lands on Interstate

Nobody injured in rush-hour emergency touchdown

(Newser) - The pilot of a Piper Saratoga emerged unscathed after landing his small plane on an interstate highway north of downtown Atlanta during rush hour yesterday. No cars were hit but traffic was backed up for miles, CNN reports. The FAA says it hasn't yet determined the cause of the emergency... More »

Fed Raises an Interest Rate

But no change expected soon on benchmark rate

(Newser) - The Federal Reserve raised the discount rate—the interest rate it charges banks for emergency loans—by a quarter point today. The central bank said the move, widely expected by the financial community, represented only the winding down of the extraordinary measures taken during the financial crisis to stimulate lending,... More »

US to Hand Ailing GMAC Another $3.5B

Firm has already taken some $12.5B

(Newser) - GMAC is set for another $3.5 billion from the government—this on top of more than $12.5 billion since last December. The latest infusion comes amid an overhaul as the firm grapples with mortgage-linked losses, aiming at a return to profitability in the first quarter of next year,... More »

Chrysler Wants $1.5B More for Auto Loans

(Newser) - Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’s... More »

G-20 Vows to Spur Lending

(Newser) - The world's top financial officials promised a three-tiered approach to battling the global economic slowdown today, the Wall Street Journal reports. At the G-20 summit in England, finance ministers vowed to inject money into the IMF and other institutions to lend to struggling countries, while tackling banks' toxic assets and... More »

How the Crisis Changed Bernanke

Extraordinary times have changed the Fed chairman's language and policy

(Newser) - Crises change people, and the changes wrought by the financial meltdown on Fed Chairman Ben Bernanke were well evident at a Press Club lunch yesterday, writes Dana Milibank for the Washington Post. Previously known for bland answers, this academic now tempers his economist-speak with straight talk and supplemented official data... More »

Banks Relish Public Funds, Won't Loan to Public

(Newser) - Banks are enjoying a public bailout of billions of dollars, but they're not using the funds the way the way they were intended—to loan money to kickstart the economy, reports the New York Times. Banks are using the bucks to pay off debts and, in some cases, acquire companies.... More »

7 Stories