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NEWS ABOUT: credit market

Banks to Use Half Their Bailout Bucks to Pay Dividends

Critics: Cash was meant to spark lending

(Newser) - At least half the $163 billion banks are getting from the Treasury Department to shore up balance sheets and spur lending will be paid to shareholders as dividends over the next 3 years, reports the Washington Post. That’s raised the ire of members of Congress and some economists, who... More »

You Got Your Bailout, Where Are Our Loans?

Treasury trying to consolidate banking industry, not fix credit

(Newser) - When the Treasury was pushing its $700 billion bailout, it assured us that once banks had cash, they’d start lending. “I don’t know about you,” writes Joe Nocera in the New York Times, “but I’m starting to feel as if we’ve been sold... More »

Fed Pledges $600B to Keep Money-Market Funds Afloat

Will partner with JPMorgan, lend money to help cover redemptions

(Newser) - The Federal Reserve today unveiled a $600 billion program to finance the purchase of assets from money-market mutual funds, Bloomberg reports. JPMorgan will oversee five special units, which will use money borrowed from the Fed to buy CDs, bank notes, and commercial paper nearing maturity. The program is the Fed’... More »

Just Like Mattress-Stuffers, Banks Hoard Bailout Cash

Recovery a long way off

(Newser) - Wall Street may be cheering for the bailout, but Andrew Ross Sorkin knows what the banks are really doing with our $250 billion: “They have stuffed it under their mattresses like the rest of us,” he writes in the New York Times. Consumers will find it almost as... More »

Stocks Dive on Poor Profits

But as ever, trust this move as far as you can throw it

(Newser) - Downbeat earnings put the kibosh on yesterday’s outbreak of optimism on Wall Street, sending stocks down at the open. The Dow dropped 107 points, while the Nasdaq and S&P fell 1.7% and 1.4% respectively, the Wall Street Journal reports. Dow components DuPont, Caterpillar, and Pfizer all... More »

Markets Rise as Credit Eases

Volatility probably ahead; oil prices up, too

(Newser) - Stocks rose at the open today, as investors saw signs the credit markets are easing, the Wall Street Journal reports. The Dow rose 104 points, while the Nasdaq and S&P saw modest 1.5% and 1.2% bumps, respectively. Stocks in Europe and Asia generally rose as well. We... More »

AmEx Sees Red as Cardholders Struggle

Credit card company is seeing more cards fall delinquent as economy worsens

(Newser) - American Express—expected today to report earnings skidded more than 30% from the third quarter a year ago—isn't quite the industry gem it once was, reports the Wall Street Journal. The company, long a top performer who catered to affluent customers, has seen a surge in delinquencies as the... More »

Economy May Cripple Chicago Spire Project

Consultants file liens against world's tallest skyscraper

(Newser) - The sputtering economy could topple plans to erect the nation’s tallest skyscraper, reports the Chicago Tribune. Consultants on the construction of the Chicago Spire have filed liens, with celebrity architect Santiago Calatrava seeking more than $11.3 million and a Chicago-based firm demanding $4.85 million. The developer’s... More »

Hungary Gets $6.7B Loan to Avert Meltdown

Budapest secures huge loan to prevent default à la Iceland

(Newser) - The Hungarian government secured a $6.7-billion loan yesterday from the European Central Bank in an attempt to stave off an Icelandic-style national meltdown. The EU newcomer's troubles derive from loans denominated in euros or Swiss francs, rather than the softer Hungarian forint. Frozen credit markets have left Hungary's government... More »

Dow Up 401 After Seesaw Day

Investors see signs of gradually easing credit—and bargains, driving up market late

(Newser) - Stocks rallied late in today’s volatile session, but stopped short of recovering yesterday’s sharp losses, rollercoastering through an 800-point range, MarketWatch reports. Crude oil futures fell $4.69, to about half of their record high in July, on a report that showed US inventories increasing. The Dow rose... More »

Panic Has Passed, but We Haven't Hit Bottom

Get ready for a long recession

(Newser) - The most panicky phase of the global financial crisis is likely over, thanks to the combined efforts of the world’s governments, writes Steven Pearlstein in the Washington Post. But don’t “confuse this moment of calm with a stock market bottom or a sign that a serious recession... More »

How Brown Became a Superhero

Glum British PM now seems more 'Flash Gordon'

(Newser) - Unpopular at home and nearly invisible on the world stage, Gordon Brown endured a tough ride during his first year in power. But the global financial crisis has transformed the British prime minister, who now finds himself in the unlikely position of international superstar. As Europe, Australia, Hong Kong, and... More »

US Must Save Global Economy —This Weekend

US must join UK's plan or face disaster: Krugman

(Newser) - Since the collapse of Lehman Brothers the financial crisis has gone from severe to terrifying, but the response of the United States and Europe has been "woefully inadequate," writes New York Times columnist Paul Krugman. We are now at a tipping point, and if world policymakers don't... More »

Stocks Rocky After Rate Cuts

Investors cheer/jeer/cheer the rate cut

(Newser) - Stocks had a volatile morning, dropping as much as 230 points after the bell before swinging upwards once more, the Wall Street Journal reports. The Dow was up about 39 points at midmorning, while the Nasdaq and S&P gained 0.7% and 0.8% respectively, as investors digested a... More »

All Economy's Bubbles Have Burst at Once

Dominoes tumble from real estate to credit to commodities

(Newser) - The real reason the global economy is tanking is because a huge set of financial bubbles are all bursting at once, explains Steven Pearlstein in the Washington Post. The US real-estate bubble started the party, leading to a burst in the credit bubble, the corporate takeover bubble, and the commodities... More »

Europeans Seek Unified Credit Crisis Strategy

As individual states act, leaders scramble for coordinated measures

(Newser) - Finance ministers are meeting today to hash out a plan to steady Europe’s banking system, but resolution continued to be elusive, the New York Times reports. They raised the minimum level for deposit guarantees to €50,000, though some pushed for higher limits; the EU has not developed... More »

Fed Will Buy Up Short-Term Debt to Boost Credit

New plan to ease credit pushes the central bank toward a commercial bank role

(Newser) - The Federal Reserve today launched a new plan to buy up companies’ unsecured short-term debt in yet another effort to unfreeze the credit markets, the New York Times reports. Underscoring a sense of urgency on Wall Street as the crisis spread across Europe and Asia yesterday, the radical plan would... More »

The Markets Have Evened Out When ...

Analyst gives four signs of sanity to scan your tea leaves for

(Newser) - The main thing ailing the credit markets is a crisis of information, writes L. Gordon Crovitz in the Wall Street Journal, so it’ll probably end when we have some. Things may be looking up when…
  • Prices are discovered: Right now, there’s no demand for mortgage-backed securities, and hence
... More »

California, Out of Cash, Begs for $7B From Treasury

Cash-starved Calif, credit markets, may need bailout of its own

(Newser) - California is almost out of cash, Gov. Arnold Schwarzenegger warned the Treasury Department yesterday, and may need an emergency loan of up to $7 billion from the federal government, the Los Angeles Times reports. California is the largest of several states locked out of the bond market by the credit... More »

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "... More »

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