Subprime Collapse

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April 2008
- March Auto Sales Hit the Skids
  
  Wall Street Journal | Apr 2, 08 4:00 AM CDT
  
  (Newser) - US auto sales plummeted last month, with GM and Chrysler's March sales diving 19%, and Ford and Toyota's down 10%, the Wall Street Journal reports. Rising gas prices, the credit crisis and fear of the future are blamed for the troubling trend. Detroit is bracing for even more bad news yet to come. More »
- Housing Bill Clears Key Senate Hurdle
  
  New York Times | Apr 1, 08 5:38 PM CDT
  
  (Newser) - The Senate voted 94-1 to move a housing legislation package into formal consideration today, reports the New York Times . Banking committee chair Chris Dodd and ranking Republican Richard Shelby now have until noon tomorrow to work out a compromise acceptable to both parties. “Inaction is not an option," said Dodd. "Failure is not an option." More »
- 'Tinker Bell Market' Fallout Wallops Taxpayers
  
  Washington Post | Apr 1, 08 12:00 PM CDT
  
  (Newser) - Although he doesn't foresee long-term catastrophe, Allan Sloan of Fortune sounds an alarm in today's Washington Post, saying he's "more nervous about the world financial system now than I've ever been in my 40 years of covering business and markets." He dissects "the collapse of a Tinker Bell financial market, one that depended heavily on borrowed money that has now vanished like pixie dust." More »
- Small Banks, States Rip Paulson Plan
  
  Wall Street Journal | Apr 1, 08 9:18 AM CDT
  
  (Newser) - Small banks, credit unions, states, and assorted politicians wasted no time ripping into the Bush administration’s plans to rework federal regulation of the financial industry, calling it an amateurish attempt by a “bunch of guys from Wall Street,” reports the Wall Street Journal. “It’s because none of those guys ever worked in a regulated, chartered bank," said one lobbyist for small banks. More »
- UBS Posts $12B Quarterly Loss; Chairman Steps Down
  
  Bloomberg | Apr 1, 08 6:08 AM CDT
  
  (Newser) - UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask shareholders to approve up to $15.1 billion in new funding. More »
March 2008
- Market 'Fix' Just Feeds the Beast
  
  New York Times | Mar 31, 08 5:08 PM CDT
  
  (Newser) - The Treasury plan unveiled today will never rein in free-wheeling markets because it isn't intended to, Paul Krugman writes in the New York Times . President Bush, who for 7 years has slashed at regulations, ignores how well they harness deposit-taking banks. And he denies that "non-depository" banks like Bear Stearns need them too. More »

Stories

March Auto Sales Hit the Skids

Housing Bill Clears Key Senate Hurdle

'Tinker Bell Market' Fallout Wallops Taxpayers

Small Banks, States Rip Paulson Plan

UBS Posts $12B Quarterly Loss; Chairman Steps Down

Market 'Fix' Just Feeds the Beast