The Nobel Prize ceremony, Krugman said plans by U.S. lawmakers to bail out the Big Three automakers were a short-term solution, resulting from a "lack of willingness to accept the failure of a large industry in the midst of an economic crisis.**
As many as a million American jobs could be lost every month by next spring as businesses struggle to raise capital in financial markets consumed by fear, according to a new analysis.
Those problems are believed to have prompted the suicide of Mortgages Ltd.'s then-chairman and chief executive officer, Scott Coles, and forced the hard-money lender into bankruptcy in June.
Congressional Democrats and the White House have reached agreement on emergency aid for U.S. automakers of between $15 billion and $17 billion, two senior congressional aides said on Friday.
Actor, ex-federal thug and ex-Presidential candidate explains the government's economic plan to us. TFPIC
The National Conference of State Legislatures released a survey today indicating that Arizona faces a budget deficit representing 24.2 percent of its general fund, easily outpacing No. 2 New York, which faces mere 20 percent reductions.
WASHINGTON — US President George W. Bush on Friday acknowledged for the first time that the US economy is in a recession after the release of official data showing the worst monthly job losses since 1974.
Technical difficulties or deliberate censorship? CNN does not usually afford a soapbox to Peter Schiff because he’s one of a rare breed of financial analysts, he can actually identify the root of the problem - the Federal Reserve.
The uptick rule prevented hedge funds and other professional traders from pushing the stock down by shorting, more shorting, and shorting again. Without the protection of the uptick rule, once a stock is selected by short sellers its fate is sealed.
Chrysler's move suggests the auto maker is preparing for imminent financial failure should its efforts to persuade Congress to deliver federal rescue funds fall short. Chrysler, which is majority-owned by private-equity firm Cerberus Capital Mana
“It’s getting worse very quickly,” Schwarzenegger, a 61- year-old Republican, told reporters Dec. 1 after declaring a fiscal emergency and ordering the Legislature into a special session to find ways to close the deficit. “It’s like an avalanche in t
Most concerning is the surge in the prime delinquency rate. The prime problem appears to be concentrated in a few states (California and Florida lead the way), and is mostly due to prime ARM loans.
The Big Three are back on Capitol Hill today. This time their talking to Congress about getting a multi-billion dollar bailout package.
Payrolls plunged by 533,000 last month, the biggest loss since December 1974, after shrinking a revised 320,000 the prior month, the Labor Department said today in Washington. November’s losses exceeded all 73 forecasts in a Bloomberg News survey.
After pouring vast amounts of money into financial institutions of almost every type, and having little to show for it, the Bush administration and the Federal Reserve are suddenly taking a new look at ordinary homeowners.
Retailers posted the worst November sales in more than 30 years yesterday, as holiday shopping not only failed to lift the economy but showed that the financial crisis is further distressing everyday consumers.
I might have developed an allergy at this point, as Christmas music in any commercial setting makes me irritable, then antisocial and ultimately borderline homicidal.
Dec. 4 (Bloomberg) -- Treasury Secretary Henry Paulson is considering a new plan to reduce mortgage rates in another bid to revive the U.S. housing market, a government official said.
A look at how the California car industry has been affected by the economic downturn. Video
Bloomberg News reported late last month that the incoming Obama administration was discussing a "prepackaged" bankruptcy filing for the automakers.
Target Corp. (TGT: Target Corp. (TGT 34.64, +0.16, +0.5%) said Thursday that sales at stores open for at least a year fell 10.4% in November.
A larger-than-anticipated 4.09 million fired workers received government unemployment checks in the week ended Nov. 22, the most since December 1982, the Labor Department said today in Washington.
China Investment Corp, the country’s sovereign wealth fund, will no longer risk investing in western financial institutions because of concerns about their viability and a lack of consistency in their governments’ policies, according to its chairman.
If Paulson were to request the next installment, he likely would do so next week, the paper said on its website. And if market conditions deteriorate further, he would do so despite disagreements with lawmakers about how to use the funds.
Imperiled automakers and their union worked feverishly Wednesday to sell a skeptical Congress on a $34 billion aid plan, promising labor concessions and restructuring.
United Auto Workers voted overwhelmingly Wednesday to make concessions to the struggling Detroit Three, including all but ending a much-derided program that let laid-off workers collect up to 95 percent of their salaries.
Food stamps, the main U.S. antihunger program which helps the needy buy food, set a record in September as more than 31.5 million Americans used the program -- up 17 percent from a year ago, according to government data.
The Harvard endowment, the biggest of any university, stood at $36.9 billion as of June 30, meaning the loss amounts to about $8 billion. That's more than the entire endowments of all but six colleges
"The need to coordinate and collaborate gets even more urgent as the current recession bites deeper," the China Daily said in an editorial Thursday.
We may be on the cusp of much more dramatic adjustments in this sector than anything seen so far. The wrenching changes that might be immediately ahead could mark the beginning of a frightening new phase in the economic downturn.