US economy

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Bush Promises Mortgage Relief
Bush Promises Mortgage Relief
Aug 31, 2007 2:52 PM CDT

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict...

Bernanke Vows to Combat Mortgage Mess

Fed ready to step in; Wall Street holds out hope for rate cuts

(Newser) - In his first comments on the subprime mortgage meltdown, Ben Bernanke today vowed the Federal Reserve “will act as needed” to contain the turmoil, preventing it from weakening the broader economy. The Fed chief pledged the central bank would “take additional actions” if necessary. “It is clear...

Mortgage Mess Was 100% Avoidable
Mortgage Mess Was 100% Avoidable
Aug 29, 2007 7:39 PM CDT

Mortgage Mess Was 100% Avoidable

Lax oversight has huge cost, American Prospect editor writes

(Newser) - Blame for the current economic disaster should be placed squarely on the shoulders of the US government, for deregulation that allowed speculators to cash in, writes the American Prospect’s Robert Kuttner. Helping boost "ordinary people" into the "propertied class" has fallen out of favor in Washington, with...

Euro Stocks, US Futures Rise, Asia Dips

Big exporters still trembling over possible US slowdown

(Newser) - European stocks and US futures advanced overnight, as traders waxed optimistic that the credit crisis won't spread to affect the broader economy. But Asian markets are more concerned about the general prospect of a US slowdown—which could hit Asia's export-heavy economy hard.

Consumer Confidence Plunges
Consumer Confidence Plunges
Aug 28, 2007 2:35 PM CDT

Consumer Confidence Plunges

Vital index hits level not seen since post-Katrina unrest

(Newser) - Consumer confidence dived in August to its lowest level since right after Hurricane Katrina in 2005. Though not as steep as expected, the drop reflects the squeeze stock market uncertainty and lower home values are putting on Americans' wallets and peace of mind, Bloomberg reports. "The things that are...

Home Prices Show Record Drop
Home Prices Show Record Drop
Aug 28, 2007 11:21 AM CDT

Home Prices Show Record Drop

Consumer confidence off too; the credit market is to blame, again

(Newser) - The credit market is continuing to weigh on economic indicators, Bloomberg reports, as home prices and consumer confidence both notched records in their downward swoon. A report released today showed home values down an unprecedented 3.2% in the second quarter. Consumer confidence this month fell to its lowest levels...

5 Signs That Augur the Fall of the Bull

A look at reliable indicators that the bear market is ascendant

(Newser) - After reaching a high in mid-July, the Dow has taken a sharp downturn. But how do you know when the bloom is off the rose? Here are Money magazine's five signs that usually precede a fall:
  1. Sudden surge in oil prices
  2. Treasury yields run up

HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

(Newser) - HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has...

Dems' New Deal Can't Be Same as Old Deal

Financial crisis calls for tough choices, says Prospect editor

(Newser) - If current market turbulence becomes a full-blown recession, a Democratic president would need revolutionary changes to solve America’s financial troubles, writes American Prospect editor Robert Kuttner. "In the short run, a faltering economy is a political windfall for Democrats," he contends, but pointing fingers at the GOP...

Credit Crunch Hits Bond Market
Credit Crunch Hits Bond Market
Aug 20, 2007 3:36 AM CDT

Credit Crunch Hits Bond Market

Tight corporate borrowing could slow economy

(Newser) - Ripples from the credit crisis have reached the corporate bond market—threatening to slow down the economy by seriously limiting the ability of major corporations to borrow money for new projects,  the Washington Post reports. Credit problems have already begun to bite into the future plans of Hertz, ...

Paulson: Downturn Won't Provoke Recession

Economy tough enough to take market turmoil

(Newser) - The current turmoil in the financial markets will take its toll on the economy, but  won't cause a recession, Treasury Secretary Henry Paulson tells the Wall Street Journal in his first interview since the downturn began. Paulson says the crisis comes in the context of a very strong global economy—...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company...

Inflation Softened in July
Inflation Softened in July
Aug 15, 2007 9:52 AM CDT

Inflation Softened in July

Housing slump, fuel prices weaken spending

(Newser) - Consumer prices in the US in July rose at the slowest rate in eight months. The housing slump—and fuel costs—have weakened consumer spending considerably, forcing retailers to slash prices, Bloomberg reports.  Prices rose only rose 0.1% in July, as predicted by analysts. Yields of U.S....

Inflation Eases, Trade Deficit Narrows

New data is mostly positive, and unlikely to influence interest rates

(Newser) - With the exception of energy and food, inflation at the wholesale level rose less than expected last month, while the US trade deficit got slimmer, thanks to an increase in exports. Still, a rise in energy costs in July led to an unexpected .06% uptick in the producer price index...

China Seeks Oil in Africa
China Seeks Oil in Africa
Aug 13, 2007 10:34 AM CDT

China Seeks Oil in Africa

Eschewing the West, Beijing touts mutual prosperity with developing nations

(Newser) - China is exploring the sweltering wilderness of Chad in search of lucrative pockets of oil and other materials, the New York Times reports. Chinese officials tout the strategy as a "win-win" situation as the country develops relationships with African nations to achieve mutual prosperity by capitalizing on natural resources...

Senior Dem at SEC Will Call It Quits

Departure clouds outlook for shareholder input on directors

(Newser) - The SEC's senior Democrat, widely seen as tough on business and pro-shareholder, filed his walking papers yesterday. Roel Campos will quit the five-member panel next month after 5 years on the job and with a proposal pending that allows investors a greater say in appointment of company directors, the Washington ...

China Threatens to Crash Dollar
China Threatens to Crash Dollar
Aug 8, 2007 5:04 AM CDT

China Threatens to Crash Dollar

(Newser) - The Chinese government is threatening to crash the American dollar by liquidating its $1.33 trillion in foreign reserves if the US dares impose trade sanctions to force a revaluation of yuan, reports the Telegraph. Two Communist Party officials have given interviews in recent days with stern warnings directed at...

Wal-Mart Sets Sights on India
Wal-Mart Sets Sights on India
Aug 7, 2007 3:18 PM CDT

Wal-Mart Sets Sights on India

Retail behemoth teams up with local biz, hoping to get piece of $300B market

(Newser) - Wal-Mart will set up shop in the lucrative Indian market for the first time, the Times of London reports. In collaboration with Indian mobile phone company Bharti, the American retail giant will sell wholesale goods to small shops, restaurants, and other businesses. The first "Bharti Wal-Mart" stores are expected...

Fed Stands Pat on Prime Rate
Fed Stands Pat on Prime Rate
Aug 7, 2007 2:30 PM CDT

Fed Stands Pat on Prime Rate

Central bank's top priority remains curbing inflation

(Newser) - The Fed today kept its benchmark interest rate steady at 5.25%, despite concerns that tightening credit will lead to an economic downturn. It's the ninth consecutive time the Fed has left the prime rate unchanged, the Times reports, and a sign that Ben Bernanke's top priority is curbing inflation...

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