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Barack Obama said there is "little doubt we've moved into recession," underscoring the need for a 2nd economic stimulus package, swift steps to shore up the housing market and a energy policy to reduce reliance on foreign oil imports.
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The housing bubble has popped. This is going to take the price of housing in the United States lower than it is today. I think 20% lower is a conservative figure. The commodity bubble is still in full force. It is a worldwide bubble. The price of ene
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Ludwig von Mises had a theory about interventionism. It doesn't accomplish its stated ends. Instead it distorts the market. That distortion cries out for a fix. The fix can consist in pulling back and freeing the market or taking further steps to
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U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. California-based IndyMac, which specialized in a type
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Wall Street sank further Friday, as investors dumped stocks on troubles at mortgage companies Fannie Mae and Freddie Mac and oil's continuing climb into record territory. Dow Jones industrials slid below 11,000 for the first time in 2 years
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Leaders at a summit of eight developing Islamic nations say the rising costs of food and oil could have dire implications.
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NEW YORK (MarketWatch) -- Crude-oil futures continued their record-breaking run higher this morning, hitting a fresh all-time high of $147.27 a barrel in electronic trading on Globex
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UK stocks sank to their lowest since 2005 as crude oil prices hit fresh highs, sending the FTSE into the jaws of a bear market - which is defined by shares falling by more than 20pc from their recent peak.
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Ben Bernanke and Treasury Secretary Henry Paulson told Congress Thursday that new regulatory powers are needed to insulate the national economy from damage if a big Wall Street firm were to fail.
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The latest action came amid a new report saying the government could put the finance giants in receivership, which would make their shares worthless.
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This is a great video clip from Bubble Vision.
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Under a conservatorship, the shares of Fannie and Freddie would be worth little or nothing, and any losses on mortgages they own or guarantee — which could be staggering — would be paid by taxpayers.
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"Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer," Poole, 71, who left the Fed in March, said in an interview.
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Jim Rogers says Asia is the wave of the future, the dollar is a terribly flawed currency and he doesn't want to own any, oil will certainly pass $200/barrel soon, and the (privately owned) Federal Reserve will disappear within the next decade.
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Shares of Fannie Mae and Freddie Mac, the largest providers of funding for U.S. home mortgages, closed at their lowest levels since 1992 on concern the companies need to raise more capital amid larger-than-expected losses.
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Federal Reserve Chairman Ben Bernanke said on Tuesday the U.S. central bank may keep an emergency lending facility for big Wall Street firms open longer than it initially intended, a signal the Fed is fearful of shutting down a vital backstop.
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In this Financial Times commentary, Wolfgang Münchau comes ever so close to asking what must be one of the most difficult of all questions for any practicing economist to ask, "What if what they taught you is wrong?"
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And now, without massive, and I mean MASSIVE taxpayer intervention, this whole house of cards could come tumbling down even worse than people expect.
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It's a classic Wall Street “whodunit," complete with a collection of greedy investment bankers, slow-witted policymakers and numbskull Florida home buyers. How will Americans ever figure out who killed the once-vibrant and cheery U.S. econom
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MGM is at $28, from over $100 a year ago. Wynn resorts, owned by the ebullient billionaire Steve Wynn – a Texan version of Donald Trump – neared $70, from almost $180 last year.
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The median price has dropped from $305,000 in June 2007 to $225,000 in June 2008, for a drop of 26.2%- the largest YOY decline since the market started to decline:
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Millions of ordinary investors will rip open envelopes holding their retirement account statements and cringe. Most will find their stock and bond funds in 401(k) and IRAs sank as woes in the financial sector dragged down markets.
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The supremely pro-business Roberts Court
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Things in the U.S. sure are tough. Brother, can you spare a euro? Signs saying "We accept euros" are cropping up in the windows of some Manhattan retailers. A Belgium company is trying to gobble up St. Louis-based Anheuser-Busch, the nation
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Think you're worried about the economy? Phillip Swagel is a wreck. The assistant Treasury secretary for economic policy, Swagel came out for his monthly economic briefing after the Labor Department reported the country had shed jobs for the sixth
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Will you take the challenge and try to live on three dollars per day?
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Global demand of some 86 million barrels per day is almost level with supply, and production growth is not keeping pace with soaring demand from emerging economies such as India and China.
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"They need to stabilize the dollar. Stabilizing the dollar will help," he said. A fall in the dollar makes oil cheaper for buyers using other currencies because crude is priced in the US unit on international markets. Although record prices
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The dollar's 41% drop against the euro during Bush's term writes the economic epitaph of an administration that set out to restore American preeminence. Instead, Bush heads to Japan with diminished leverage as Russian and Chinese influence gr
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While Congress and the Bush administration rattle on about the importance of free trade agreements and refuse to adopt anything resembling a pro-American manufacturing policy, millions of Americans' lives are in economic turmoil.
