A couple weeks ago, I had my TV tuned to a business show that loves to give predictions on the markets and the economy. On that day, one of the program’s regular guests declared it was time to “short” gold, that it had reached its top, and that the p
What’s the best way to get through a debt crisis? Straight through was our advice last week. For at least a thousand years, the business cycle went round and round without help from central bankers or economists. It is only since these geniuses have
The Cayman offering — one of perhaps dozens made through the British territory — occurred as Goldman began to ditch the subprime mortgage business before the U.S. housing market collapsed under an avalanche of homeowner defaults.
Warren Buffett's Berkshire Hathaway Inc will pay $26 billion to buy out railroad Burlington Northern Santa Fe Corp in what the billionaire investor called a bet on the U.S. economy.
The deal, Buffett's biggest-ever acquisition, marks new interest
The idea that the government of a major advanced country would default on its debt -- that is, tell lenders that it won't repay them all they're owed -- was, until recently, a preposterous proposition. Governments of rich countries are borrowing so m
Goldman Sachs is proposing to buy millions of dollars in assets from struggling mortgage finance giant Fannie Mae, an offer a recent Treasury Department analysis found would not be advantageous for taxpayers, people familiar with the matter said.
White House economic adviser Lawrence Summers will lead a high-level meeting on Monday to discuss the state of the economy, job creation and ways to achieve sustainable growth and would include Cabinet officials from Treasury Secretary Timothy Geithn
The large-scale government intervention in the economy is going to end badly. - I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner.
CIT's move will wipe out current holders of its common and preferred stock. That means the US government(TAXPAYERS) will likely lose the $2.3 billion it sunk into CIT last year in return for preferred shares to prop up the ailing company.
DETROIT -- Chrysler Group LLC confirmed Saturday about 23,000 hourly workers will receive buyout offers as the auto maker continues trimming jobs amid planned plant closures and falling product demand.
The housing market is so bad you can't even give away homes these days.
Officials in suburban Barrington put three homes up for a sale at just a dollar a piece - a dollar! - and didn't get a single bidder.
U.S. authorities seized nine failed banks on Friday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation's banking industry are being crippled by bad loans.
The move brought the
The basic definition of a disaster, as defined by a country is the inability of the police, social service, medical and government to protect the citizens of the nation, county, city or neighborhood. This means that none of the above have
U.S. stocks tumbled the most since July after declines in personal spending and consumer confidence and the threat of a CIT Group Inc. bankruptcy raised concern over the durability of the economic recovery. The dollar and Treasuries gained, while com
The White House promised that new figures showing progress in President Barack Obama's economic recovery plan will be more accurate as it aggressively defended an earlier faulty count that overstated by thousands the jobs created or saved so far.
CIT Group (CIT.N) is likely to file for bankruptcy in the coming days, analysts and experts said.
The lender to small and medium-sized businesses is trying to restructure its debt, and is offering investors two options.
One path would be gettin
The Bank of North Dakota is the only state-owned bank in America - what Republicans might call an idiosyncratic bastion of socialism. It also earned a record profit last year even as its private-sector corollaries lost billions. To be sure,
Treasury Secretary Timothy Geithner scrambled to fight off attacks from all sides on a new Obama administration plan for tackling financial risk in the economy unveiled just two days ago. After weeks of negotiations, the administration and Democratic
"Sure, the economy's standing up on its own legs again, but for how long once the government stimulus starts to fade?" said an economist. "That's the million dollar question for the nation's unemployed -- all 15.1 million of them sitting idle, throug
If shoppers retrench in the face of rising joblessness and tight credit, the fragile recovery could tip back into recession. The Obama administration wants to take credit for ending the recession. But, it needs to acknowledge rising joblessness conti
For some market participants, however, the openness and transparency of the equity market actually mean they are unlikely to achieve the best price. The risk, particularly for large transactions such as those undertaken by pension funds or large mutu
The Federal Reserve said it had no choice but to instruct American International Group to reimburse the full amount of what it owed to big banks on derivatives contracts, that ended months of effort to negotiate lower payments.
DETROIT — Many workers at the Ford Motor Company are signaling that they are unwilling to help the automaker cut its labor costs further, by voting against what would be the third round of concessions in the last two years.
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