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SATURDAY, NOVEMBER 7, 2009
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NEWS ABOUT: financial crisis

financial crisis stories: 1630 news summaries

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Half of US Kids Will Get Food Stamps at Some Point

Figure hits 90% for black children, study finds

Nov 2, 09 9:29 PM CST
(AP) - Nearly half of all US children and 90% of black youngsters will be on food stamps at some point during childhood, and fallout from the current recession could push those numbers even higher, researchers say. The estimate comes from an analysis of 30 years of national data, and bolsters other... More »

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African Americans • children • recession • poverty • children's health care • food stamps • financial crisis • women's issues

Sunday Talk shows


 Geithner: 
 Recovery 
 Could Be 
 'Choppy' 

Tells NBC that financial crisis caused 'a lot of damage'

Nov 1, 09 6:56 AM CST
(AP) - Timothy Geithner says the US economy has suffered a lot of damage in the current downturn, and it's going to take time before it fully recovers. The treasury secretary said on NBC's Meet the Press that creating jobs and regaining the confidence of investors will be the real test of... More »

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Meet the Press • financial crisis • Timothy Geithner • economic recovery

ANALYSIS

US GDP Jump Hollow if Unemployment Keeps Rising

... and it's still rising faster than before recession

Oct 29, 09 8:07 PM CDT
(Newser) - News that the US gross domestic product jumped 3.5% in the third quarter cheered investors and others, but the cheers will ring hollow if unemployment keeps rising, John Authers writes. Consumer spending rose even as disposable income fell—“ not a pattern that can be sustained for long, and... More »

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recession • unemployment • consumer spending • economic stimulus package • consumer confidence index • US gross domestic product • financial crisis • Cash for Clunkers • disposable income

Economy Grows in Q3, Signals End of Recession

Tenuous 3.5% growth is best showing in two years

Oct 29, 09 7:55 AM CDT
(AP) - The economy grew at a 3.5% pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. The Commerce Department's report today delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the... More »

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economic growth • economic indicators • recession • economy • financial crisis

 Soros to Spend 
 $50M to Reinvent 
 Economics 


Fund manager's think tank charged with reinventing the field

Oct 28, 09 9:44 AM CDT
(Newser) - George Soros has decided to spend $50 million to launch a new think tank charged with reinventing the field of economics, which the Hungarian-American billionaire calls "a dogma whose time has passed." The Institute of New Economic Thinking, whose board members include luminaries such as Joseph Stiglitz and... More »

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economics • Alan Greenspan • George Soros • laissez faire economics • Joseph Stiglitz • financial crisis • Jeffrey Sachs

  Geithner 
 to Bankers: 
 Crackdown 
 Is 'War' 



Treasury secretary tells Wall Street it must accept regulation

Oct 28, 09 7:30 AM CDT
(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions... More »

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Wall Street • US dollar • economic stimulus package • bank regulation • Treasury secretary • financial crisis • Timothy Geithner

POLL NUMBERS

Afghan Surge Gains Favor; Public Sours on DC

Support for public option also grows; GOP isn't more popular, though

Oct 27, 09 6:20 PM CDT
(Newser) - New poll numbers out today hold good news and bad for the Obama administration. Support is rising for a troop surge in Afghanistan, the NBC/Wall Street Journal survey finds, and nearly half now favor a public option in the health-care reform measures now under consideration. The bad news: 58% said... More »

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Iraq • troop surge • Republican Party • health care reform • Afghanistan war • opinion polls • Obama administration • NBC News/Wall Street Journal • financial crisis • President Obama • public option

 Ousted AIG CEO 
 Builds AIG 2— 
 With AIG Talent 

Greenberg's new insurer poaches AIG employees at taxpayers' expense

Oct 27, 09 7:47 AM CDT
(Newser) - Hank Greenberg built AIG into a $1 trillion behemoth that needed the biggest bailout in history—but quietly, the former CEO has begun a new insurance company, CV Starr, that is poaching some of AIG's leading talent. He just got an unintended assist from the Treasury: Tough new pay rules... More »

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Iraq • executive compensation • insurance • AIG • Hank Greenberg • bailout • financial crisis

DAVID BROOKS

 Get a  Clue, 
 Washington: 
 You Can't Do 
 Everything 

Effort to restructure exec pay smacks of arrogance

Oct 27, 09 5:10 AM CDT
(Newser) - Clamping down on arrogant, risk-taking execs with an overconfident attempt to overhaul private sector pay structures shows that the arrogance has migrated to the Obama administration, writes David Brooks. The government is trying to micro-manage compensation packages at a wide variety of firms when pay regulation should be done, humbly,... More »

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executive compensation • Treasury Department • financial sector • David Brooks • Obama administration • financial crisis

 Iceland Too Poor 
 for McDonald's 

With currency off 80%, golden arches fall

Oct 26, 09 2:55 PM CDT
(Newser) - Soon there will be at least one country you can visit without seeing the golden arches. The financial crisis hit Iceland’s currency so hard that McDonald’s, which imports most of its ingredients, can’t afford to operate there anymore. “We would have to raise our prices by... More »

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globalization • McDonald's • Iceland • economy • financial crisis

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

Oct 26, 09 6:57 AM CDT
(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize... More »

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House Financial Services Committee • bank • Treasury Department • Barney Frank • bank regulation • financial crisis • Timothy Geithner • financial reform

Russian Banks Foreclose
on Pigs, Lingerie

As defaults soar, banks stuck with weird collateral

Oct 26, 09 6:21 AM CDT
(Newser) - With loan defaults soaring, Russia’s banks have had to seize a lot of collateral lately—and we’re not talking about houses. By year’s end, 20% of Russian loans could be non-performing, by Moody’s estimate. In order to recoup those losses, the banks have accepted controlling stakes... More »

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Russia • bank • credit market • banking • collateral • financial crisis

ANALYSIS

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

Oct 23, 09 4:25 PM CDT
(Newser) - With the US economy in a prolonged slump and the Fed likely to keep interest rates low for the foreseeable future, many worry that a dollar crash will be the next shoe to drop. Currency pessimists can point to a 6-month decline in the dollar; this week the currency hit... More »

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globalization • currency exchange • yuan • Lehman Brothers • euro • US dollar • weak dollar • financial crisis

Saudi Family Feud
Rocks World Banks

Saudi economy suffers as in-laws squabble over business

Oct 22, 09 8:03 AM CDT
(Newser) - A bitter dispute between two of Saudi Arabia's richest families is damaging the world banking industry, dragging down the Saudi economy, and causing deep discomfort over Ramadan party invites. The Gosaibi clan accuse their son-in-law Ma'an al Sanea of embezzling $10 billion from the family business, while Sanea says the... More »

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Saudi Arabia • embezzlement • banking • financial crisis

 SC Hopes Its Dumb Pols 
 Don't Hurt Economy, Too 

Jokes are bad, but Sanford, Wilson messes could scare off more business

Oct 21, 09 7:41 PM CDT
(Newser) - The fact that two of its more prominent politicians—Gov. Mark Sanford and Rep. Joe Wilson—are the butt of recent political jokes is no laughing matter in South Carolina, where memories of the fight over flying the Confederate flag are still scaring off business and tourism. The firestorm around... More »

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South Carolina • unemployment • Confederate flag • political scandal • Mark Sanford • financial crisis • Joe Wilson

Don't Fight Reform, Obama Warns Wall St. at NYC Dinner

Still, president reminds finance industry, 'we're in this together'

Oct 20, 09 9:15 PM CDT
(Newser) - At a fundraising dinner tonight in New York attended by (among others) the sorts of financial types who could afford the $30,400-per-couple entry fee, President Obama wagged a finger at Wall Street. “I would ask that you join us in passing what are necessary reforms,” he said... More »

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Wall Street • finance • financial crisis • fundraising • President Obama • dinner • financial reform

Bernanke: US Must Save More, Asia Spend More

Fed chief warns global imbalances could trigger new meltdown

Oct 20, 09 8:46 AM CDT
(Newser) - The world economy is headed back down the drain if Asians don't start spending more and Americans don't start saving more, Ben Bernanke said at a conference yesterday. The Fed chief warned that unequal trade patterns were partly to blame for the financial crisis and that they are re-emerging as... More »

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China • Ben Bernanke • Federal Reserve • US-China trade deficit • trade deficit • US economy • Chinese economy • trade gap • financial crisis

 Bailed-Out Banks 
 Boost CEO Perks 

From private jets to bodyguards, they just keep taking

Oct 20, 09 6:32 AM CDT
(Newser) - The CEOs of bailed-out banks and financial companies saw their perks and benefits—ranging from private jet use and country club membership to free parking and bodyguards—rise even at the height of the crisis last year. On average, the CEOs of the 29 biggest companies that received federal money... More »

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executive compensation • CEO • bank • bailout • executives • financial crisis • perks

 Obama Bigwigs 
 Take Aim at 
 Wall Street 


Says execs can't have their bailouts, and their bonuses, too

Oct 19, 09 12:18 PM CDT
(Newser) - Wall Street is getting ready to hand out some hefty bonuses, and the Obama administration is already crashing the party, with top aides loudly dressing down execs, framing them as would-be fat cats who only last year were on the public dole. "The bonuses are offensive," says David... More »

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Wall Street • Rahm Emanuel • Valerie Jarrett • David Axelrod • financial crisis • Wall Street bailout • President Obama

the imperial mayor

 In New York, No One 
 Matters But Bloomberg 

Political foes gone, power elite diminished, moneyed mayor calls all the shots

Oct 19, 09 11:14 AM CDT
(Newser) - Say what you will about Michael Bloomberg—the perfect mayor for New York in a financial crisis or arrogant billionaire who's pretty much bought an unprecedented third term—above all, Chris Smith writes, he is “a one-man Establishment.” A perfect storm of his personal fortune, the vagaries of... More »

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New York City • Michael Bloomberg • finance • recession • mayor • term limits • financial crisis • power elite • Establishment

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