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December 2, 2008 8:41:30 AM CST


credit crisis

credit crisis news stories

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Goldman May See $2B Fourth Quarter Loss

Credit downgrades key catalyst in Wall Street titan's loss of value

(Newser) - After dodging many of the bullets that left its Wall Street peers wounded or dead, Goldman Sachs faces a net loss of up to $2 billion for the fourth quarter, the Wall Street Journal reports. The loss of $5 per share is five times worse than analysts feared as the firm deals with writedowns across its portfolio. Shares plunged $13.23, or 17%, yesterday. More »

More about:  Financial Crisis credit crisis Wall Street Goldman Sachs mortgage backed securities securities

 Islam Would Bring US Out of Crisis: Qaeda Leader

New video ties terror wars to financial meltdown

(AP) - Al-Qaeda's No. 2 leader appeared in a new video posted today calling on Americans to embrace Islam to overcome the financial meltdown, which he said was a consequence of the Sept. 11 attacks and militant strikes in Iraq and Afghanistan. Ayman al-Zawahiri's 80-minute recording also lashed out at Afghanistan's government and said any US gains in Iraq will be temporary. More »

More about:  al-Qaeda terrorism credit crisis economy 9/11 attacks Ayman al-Zawahiri

Shoppers Can't Halt Commercial Mortgage Crisis

Retailers will default, no matter how many sweaters you buy today

(AP) - Black Friday shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. Hotels in Tucson, Ariz., and Hilton Head, SC, also are about to default on their mortgages. More »

More about:  Financial Crisis credit crisis foreclosure retail sales holiday shopping mortgage defaults malls commercialism

Early On, Holiday Travel Going Smoothly

Few delays reported on roads, airports at start
of Thanksgiving rush

(AP) - Travelers breezed through airport terminals and drivers cruised open roads today, the effects of a sour economy blamed for keeping people closer to home at the start of the annual Thanksgiving rush. Even though gas prices fell and airlines offered last-minute deals, many Americans appeared to be skipping trips this year. More »

More about:  Financial Crisis credit crisis economy air travel airport driving Thanksgiving Thanksgiving travel

MARKETS

 Slim Gain Is Dow's 3rd in Row 

New consumer credit plan inspires confidence on the street

(Newser) - Stocks were mixed today, as enthusiasm over the Fed’s plan to get banks lending was tempered by a downward revision to third-quarter GDP and a drop in a home-price index, the Wall Street Journal reports. The Dow rose 36.47—its third consecutive up session—to 8,479.86. The Nasdaq fell 7.29 to settle at 1,464.73, while the S&P 500 rose 5.60, closing at 85741. More »

More about:  Financial Crisis Dow Jones credit crisis S&P 500 Nasdaq gas prices JPMorgan Chase consumer confidence consumer credit

OPINION
(Newser) - Lame-duck presidents have made their share of last-minute legislative contributions, and the current lame duck need be no different, historian Julian E. Zelizer writes for CNN. “Bush does not have to sit on his hands until January 20,” Zelizer writes, and calls on him to “follow the tradition of lame-duck presidents who tried to make a difference, rather than simply playing out the clock.” They include Carter, Reagan, Clinton, and Bush 41. More »

More about:  Election 2008 George W. Bush President Obama credit crisis economic downturn President lame duck

(Newser) - Barack Obama says he will move quickly once in office to enact an ambitious, two-year plan to save or create 2.5 million jobs, Bloomberg reports. Obama announced his plan in his weekly radio address, where he also warned that “we risk falling into a deflationary spiral that could increase our massive debt even further.” About 1.2 million jobs have already been lost this year, and the trend could continue. More »

OPINION

Economy's Tanking Too Fast to Wait for Obama: Krugman

The downtime before inaguration could make things grimmer yet

(Newser) - The state of the economy right now reminds Paul Krugman a lot of the start of the Great Depression, including a lame-duck administration that seems to have no credibility, hence no influence on the markets, the columnist writes in the New York Times . Drastic damage was done to the country in the months of paralysis between the election and the inauguration of Franklin Roosevelt, and Krugman sees the same thing happening now. More »

More about:  Financial Crisis bailout credit crisis economy Great Depression economic downturn lame duck deflation

Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed

(Newser) - Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was originally intended to spur an increase in fuel efficiency. More »

More about:  Congress bailout credit crisis Senate auto industry General Motors Detroit Ford Chrysler Mitch McConnell

(Newser) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would mean “three million jobs lost within the first year.” Meanwhile, Chrysler's Robert Nardelli disclosed that his company, like GM, is on the verge of bankruptcy. More »

More about:  Congress bailout credit crisis Senate General Motors Detroit Ford Chrysler Christopher Dodd Rick Wagoner Senate Banking Committee Robert Nardelli Alan Mulally

 Insurers Buy Troubled S&Ls 
 in Ploy for Bailout Cash 

Crisis has insurance titans desperate for capital

(Newser) - Four huge insurers are in the process of buying small, troubled S&Ls in order to qualify for a chunk of the Treasury’s bailout cash, Bloomberg reports. Genworth Financial, Lincoln National, Hartford Financial Services, and Aegon NV have set their sights on US banks cited for “unsafe and unsound” financial practices and have announced their intentions to apply for bailout aid. More »

More about:  Financial Crisis bailout credit crisis banks insurance companies Troubled Asset Relief Program