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...That, of course, is bad news for the U.S., but it also means the one-two punch of the financial crisis and possible recession could mete out pain around the globe. "Stabilization of the financial markets is a critical first step," said U.S. Fed Chairman Ben Bernanke Wednesday. "But even if they stabilize as we hope they will, broader economic recovery will not happen right away...
...second go-round, to buy toxic mortgage-related assets from the banks. The bank bailout will be funded out of that budget, and the Treasury still plans to start buying troubled assets in the next month or so. But that wasn't soon enough for worried investors or for Fed Chairman Ben Bernanke, who according to inside reports had been advocating for a recapitalization for months. Money flowed out of the stock market, including that of many large hedge funds. Some $2 trillion in market value disappeared in a week. "It was tunnel vision," says Republican Congressman Spencer Bachus, ranking...
While the banking bailout may address the supply side of credit, it doesn't necessarily stimulate the demand side--where we all live. Across America, there is growing evidence that demand for credit--and everything else--is shrinking, with recessionary consequences. Two days after the Washington drama, the Fed's Beige Book report revealed that business was weakening everywhere, prompting the Dow to regurgitate 700 points. GM is shutting plants earlier than anticipated, idling 2,800 workers; PepsiCo, which reported falling sales in the U.S., is chopping 3,300 jobs worldwide. Demand for Samsung's DRAM chips is dropping...
...banking system undergoes its most wrenching overhaul in 70 years, Bair, chairwoman of the FDIC, has become the voice of ordinary passbook holders. Bair was front and center with Treasury Secretary Hank Paulson and Fed boss Ben Bernanke when they announced plans to recapitalize the U.S. banking industry. But the three aren't always in perfect alignment. As guarantor of Americans' $4.5 trillion in deposits spread around in some 8,500 U.S. banks, Bair is trying to balance both the needs of depositors like the storied Mrs. Lobsiger and those of big-name players like Citigroup who help generate much...
...some Indians and the Indians died,” my brother replied. Perhaps this answer has something to do with the way my parents raised us, but it seemed at odds with what I learned about Columbus in school 10 years ago. I distinctly remember being force-fed a thinly-disguised nationalism in the form of songs, rhymes, and plays. I remember it was 1492 that Columbus sailed the ocean blue, that he was a humble Italian sailor, and that he discovered America. All in all, it seems as though we have moved away from this glorified account of Columbus?...