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March 2008
- Fed 'Will Get on Top of This,' Says Bernanke Mentor
  
  newser | Bloomberg | Mar 18, 08 10:35 AM CDT
  
  Ben Bernanke has the savvy to inject enough liquidity into the US economy to push it through the current credit crisis, says a leading economist who advised the Fed chief's MIT doctoral thesis. “The Fed will get on top of this,” said Stanley Fischer, ahead of this afternoon's meeting in which the board was expected to announce a rate cut of up to 1%. More »
  
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  Federal Reserve • credit crisis • Ben Bernanke • inflation • interest rate cut • MIT • International Monetary Fund • IMF
- Goldman Drops 53%, Beats Analysts' Estimates
  
  newser | Bloomberg | Mar 18, 08 7:54 AM CDT
  
  Goldman Sachs today beat analysts' dire predictions even though it reported a 53% drop in first-quarter profits—the worst falloff since 1999—after a $2.1 billion writeoff, reports Bloomberg. Analysts had expected the Wall Street brokerage to see profits drop more than 60%. Goldman said net income was $1.51 billion, down from $3.2 billion a year earlier. More »
  
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  credit crisis • Wall Street • Goldman Sachs • writedowns • income • earnings
- Retail Sales Sank in February
  
  newser | Wall Street Journal | Mar 13, 08 9:15 AM CDT
  
  Stoking fears of recession, US retail sales fell in February by .6%, the Wall Street Journal reports, despite economists' predictions of a 0.1% increase. Sales had been up a revised 0.4% in January. Factors cited in the decline include rising gas prices, falling home values, the credit crunch, and a soft job market, with 63,000 jobs disappearing in February. More »
  
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  gas prices • credit crisis • housing market • economy • retail sales • unemployment • GDP
- Carlyle Near Collapse After Defaulting on $16B
  
  newser | Wall Street Journal | Mar 13, 08 7:31 AM CDT
  
  Carlyle Capital announced overnight that it is defaulting on $16.6 billion in debt, and its creditors are likely to take possession of its remaining assets. The latest casualty of the credit catastrophe is a major embarrassment for Carlyle Group, the private equity firm whose executives own 15% of the fund, reports the Wall Street Journal . Carlyle's fall demonstrates how the world's biggest banks are now playing hardball with their best clients. More »
  
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  credit crisis • private equity • Carlyle Group • Carlyle Capital
- 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 »
  
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  US economy • Federal Reserve • credit crisis • Ben Bernanke • interest rate • liquidity • Bank of England • European Central Bank • Royal Bank of Canada
- Commercial Real Estate Will Slow, Not Tank
  
  newser | Wall Street Journal | Mar 10, 08 9:18 AM CDT
  
  The commercial real estate market has slowed dramatically, but won’t rival the housing implosion, reports the Wall Street Journal . Prices will likely fall just 20%, compared with 40%-plus for homes in some markets, and commercial property owners—unlike record numbers of homeowners facing foreclosure—have largely been able to keep mortgages current. More »
  
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  US economy • recession • credit crisis • housing crisis • foreclosure • real estate values • commercial real estate
- 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 »
  
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  stock market • Federal Reserve • credit crisis • foreclosure • unemployment • exports • Nikkei • Mortgage Bankers Association • Nikkei 225 Stock Average
- Foreclosures Soar in Q4
  
  newser | Reuters | Mar 6, 08 1:55 PM CST
  
  Home foreclosures and mortgage delinquency in the US saw record highs in the last three months of 2007. Reuters reports that 0.83% of US loans entered foreclosure in the fourth quarter, close to double the 0.54% of the same period in 2006. Mortgage delinquency hit 5.82%, the highest since 1985 and a percentage point higher than the year-ago period. More »
  
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  credit crisis • housing crisis • foreclosure • mortgage • Mortgage Bankers Association • mortgage delinquency
- US in Recession Now: Buffett
  
  newser | CNBC | Mar 4, 08 3:28 AM CST
  
  The US is already in a recession for all practical purposes, even if economic conditions haven't yet met the technical definition of at least two consecutive quarters of negative growth. That's the verdict of billionaire investor Warren Buffett, who tells CNBC that a serious economic slowdown is obvious in reports from retail businesses owned by his holding company. More »
  
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  recession • credit crisis • Warren Buffett • GDP • Berkshire Hathaway • Commerce Department • trade deficit • insurance industry
- Credit Crunch Ups Price of College Loans
  
  newser | Washington Post | Mar 3, 08 2:40 PM CST
  
  Even as college costs soar, the credit crunch is about to make student loans more expensive—and tougher to come by. Fees for federally guaranteed loans, which offer below-market rates, are expected to rise, and some states have dropped out of the program. At least a dozen private firms have already abandoned the student market, and those rates will rise even faster, the Washington Post reports. More »
  
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  credit crisis • subprime crisis • education • college • university • debt • federal loans • Stafford loan
- United Tech Makes $3B Bid for Diebold
  
  newser | New York Times | Mar 3, 08 3:30 AM CST
  
  United Technologies is bidding $3 billion for Diebold, one of the largest manufacturers of ATMs and voting machines. The unsolicited bid is $40 per share, a 66% premium over Diebold’s closing stock price Friday of $24.12, reports the New York Times . The deal would provide an opportunity for United Technologies to expand its electronic security business. More »
  
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  credit crisis • Ohio • Connecticut • ATM • unsolicited takeover • voting machines • Diebold • United Technologies
February 2008
- AIG Posts $5.2B Loss on Writedown
  
  newser | Wall Street Journal | Feb 28, 08 5:49 PM CST
  
  Today's after-hours bad news from the credit-crunch front comes from insurer AIG, which reported a fourth-quarter loss of $5.29 billion after taking an $11 billion writedown on mortgage-related insurance contracts, the Wall Street Journal reports. The loss amounts to $2.08 per share; American International Group turned a profit of $1.31 in the fourth quarter of 2006. More »
  
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  credit crisis • writedowns • AIG • Martin Sullivan • American International Group • mortgage insurance
- Stocks Flat After Roller Coaster
  
  newser | Wall Street Journal | Feb 27, 08 3:21 PM CST
  
  Stocks ended mainly flat after mixed news had indices seesawing throughout today's session, the Wall Street Journal reports. Economic news was bad in general, but Federal Reserve chairman Ben Bernanke and housing regulators cheered the markets with upbeat comments. The Dow ended up 9.36 to 12,694.28, the Nasdaq up 8.79 to 2,353.78, and the S&P down 1.27 to 1,380.02. More »
  
  Tags
  
  stock market • credit crisis • Ben Bernanke • subprime crisis • home sales
- Home Prices Decline Across Country
  
  newser | Wall Street Journal | Feb 26, 08 10:38 AM CST
  
  Home prices in the top 10 metro areas slumped 8.9% over the previous year, the largest decline in 20 years, according to the closely watched S&P/Case-Shiller price index, released today. "Wherever you look things look bleak," one economist tells the Wall Street Journal , noting that declines hit 17 of the top 20 markets, with Miami, Las Vegas, Phoenix, and San Diego all off more than 15%. More »
  
  Tags
  
  credit crisis • housing market • subprime crisis • real estate • home prices • Case Shiller price index
- Feds Brace for a Wave of Bank Failures
  
  newser | Wall Street Journal | Feb 26, 08 7:13 AM CST
  
  Federal regulators are gearing up for as many as 100 bank failures in the next year—the most since the savings and loan crisis that saw more than 1,000 S&Ls go belly up in the ’80s and ’90s—as the subprime contagion continues to decimate the health of US financial institutions, reports the Wall Street Journal today. More »
  
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  credit crisis • housing crisis • subprime crisis • bank failure • FDIC
- Families Swap Houses to Beat Slow Market
  
  newser | ABC News | Feb 21, 08 6:43 PM CST
  
  Struggling with a troubled housing market, some would-be sellers are opting for a novel solution: trading houses. The strategy is nothing drastic, ABC News reports—in separate transactions, two families sell their homes to each other. Buyers say the downside is reduced selection—but it can be convenient, and it can make a serious dent in prices. More »
  
  Tags
  
  credit crisis • housing market • real estate
- Bernanke Suggests Rate Cuts Ahead
  
  newser | Wall Street Journal | Feb 14, 08 9:20 AM CST
  
  Federal Reserve Chairman Ben Bernanke signaled today that further interest rate cuts might be necessary, citing continuing fallout from the credit and housing market collapses, reports the Wall Street Journal . Bernanke told the Senate Banking Committee he expected "a period of sluggish growth, followed by a somewhat stronger pace of growth starting later this year as the effects of monetary and fiscal stimulus begin to be felt." More »
  
  Tags
  
  US economy • Federal Reserve • recession • credit crisis • Ben Bernanke • subprime crisis • interest rate • interest rate cut • Senate Banking Committee
- Bush Signs $168B Stimulus Plan
  
  newser | Associated Press | Feb 13, 08 2:30 PM CST
  
  President Bush signed Congress’ economic stimulus bill into law today, ensuring that the tax rebates at the heart of the $168 billion plan will find their way into American bank accounts by May. The average rebate for an individual will be $600, with $1,200 for couples and a $300 add-on per child, reports the AP. More »
  
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  George W. Bush • Congress • credit crisis • Harry Reid • economic stimulus • stimulus package • tax breaks • tax rebate
- Best Places for Home Bargains
  
  newser | Forbes | Feb 13, 08 2:13 PM CST
  
  Certain housing markets are better than others for bargain-hunters, Forbes reports, and they're generally the ones with a glut of homes, strong job growth, and a low rate of foreclosures. Forbes rattles off its top 10: Salt Lake City: highest job growth in the country, and low foreclosure Raleigh, NC: expanding economy keeps homeowners in the dough Orlando: sleepier than South Florida hotspots, so not as hard hit by the crunch Charlotte, NC: excess inventory and an influx of transplants from the North More »
  
  Tags
  
  list • credit crisis • foreclosure • housing • home prices • homeowners • homeownership • cities
- Credit Crunch May Worsen Fast
  
  newser | Wall Street Journal | Feb 11, 08 2:45 PM CST
  
  The worst of the credit crunch may not be over, bankers and analysts warn. Low-rated corporate loans have recently been plunging in value, which could lead to banks rushing to dump the loans at low prices, reports the Wall Street Journal . As a result, investors may back off securities backed by loans, bonds, and even commercial real estate. More »
  
  Tags
  
  credit crisis • commercial real estate

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