financial crisis

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Geithner Back From the Dead, Politically

Once-ridiculed Treasury chief now on top of his game

(Newser) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have...

Homes Shrink With the Economy

Builders' 'Depression' helps drive reduction

(Newser) - Home sizes are aligned with the shrunken economy, the Los Angeles Times reports: last year, the typical home size dropped 11%—likely the fastest plunge since the 1970s. Some 90% of builders are working on a smaller scale now, an industry poll found. “People are realizing, 'Hey, I don't...

Feds Seize Florida Bank in $4.9B Bust

BankUnited sold off to private equity consortium

(Newser) - Florida's BankUnited went bust yesterday as the FDIC seized the critically undercapitalized bank and sold it off to a private-equity team including Blackstone, reports the Wall Street Journal. BankUnited's troubles stemmed from overeager moves in the housing market. It specialized in loans for foreigners wanting to buy Florida property. After...

Stocks Plummet on UK's Credit Woes
 Stocks Plummet on 
 UK's Credit Woes 
MARKET open
May 21, 2009 8:49 AM CDT

Stocks Plummet on UK's Credit Woes

(Newser) - Stocks plummeted at today’s open after Standard & Poor’s warned it might downgrade the UK’s credit rating, the Wall Street Journal reports. The Dow tumbled 126 points, while the Nasdaq and S&P each fell more than 1%. Investors now fear other major economies, including the US,...

Cash-Strapped Country Clubs Welcome the Public

Upper crust forced to adjust as struggling clubs aim for the common touch

(Newser) - Struggling country clubs have decided to ditch their exclusiveness to stave off extinction, the Washington Post reports, slashing fees and opening facilities to the public. Long-standing members often sniff as dress codes vanish, nachos replace filet mignon on menus, pickup trucks appear in parking spots, and the public floods in—...

Uncertainty, Not Poverty, Behind Recession Blues

It's not the lack of funds, it's the lack of knowing that brings us down

(Newser) - Americans are worrying more than they were last year, and happiness is down while sadness is up, writes Daniel Gilbert in the New York Times. But it’s not the lightness of our pocketbooks that’s weighing on us; it’s the uncertainty of the times. While most of us...

In Recession, Sales of Sex Toys Boom

People have 'more time on their hands'

(Newser) - The recession is good news for at least one retail segment: Sales of so-called sexual enhancement devices are through the roof, Advertising Age reports. Lubricant sales jumped 32% in the first quarter, and sales of “marital aids” sold in food, drug, and mass-market stores have soared 74%. “When...

GMAC Gets New $7B Bailout
 GMAC Gets 
 New $7B Bailout 
May 21, 2009 7:19 AM CDT

GMAC Gets New $7B Bailout

Treasury could double the injection as it moves closer to majority stakeholder

(Newser) - The Treasury is prepared to inject another $7 billion into GMAC as the first stage in a new bailout that could double to $14 billion, putting the government on a trajectory to be the majority stakeholder in both GMAC and General Motors by year's end, the Wall Street Journal reports....

US Trading Partners See Huge GDP Falls

Mexico contracts 21.5% as American demand dries up

(Newser) - Yesterday Mexico became the latest country to disclose a sharp economic contraction as a result of the slowdown in US consumption of imported goods. Mexican GDP fell at an annualized rate of 21.5% in the first quarter, following Germany, down 14.4%, and Japan, 15.2%—its worst performance...

World's Richest People Held Secret Meeting

(Newser) - Warren Buffett, Bill Gates, and David Rockefeller Jr recently convened a top-secret meeting of many of the world’s wealthiest people to discuss the financial crisis, according to an Irish Central report confirmed by ABC News. A total media blackout prevailed during the get-together, which took place May 5 at...

Investors Storm Housing Market

Aim to take advantage of current low prices

(Newser) - Investors are snatching up cheap houses, hoping to turn a profit when the market picks up, the Wall Street Journal reports. Some are foraging far and wide for potential purchases; others are locals who know the ins and outs of the area market. Investors often make all-cash offers, helping them...

Three Big Banks Apply to Repay TARP Funds

Goldman, JPMorgan, Morgan Stanley want out of pay restrictions

(Newser) - Goldman Sachs, JPMorgan Chase, and Morgan Stanley have applied to repay a combined $45 billion of TARP funds, Bloomberg reports. The three banking giants must receive permission from the Fed before returning the money. The repayments would be the most substantial since Congress established the $700 billion program, and will...

BlackRock's Multiple Roles in Bailout Draw Scrutiny

Money manager faces conflict of interest calls

(Newser) - Most financial firms have suffered in recent years, but money manager BlackRock is thriving. The firm manages $1.3 trillion for hedge funds, governments, and other big clients, but it's also been tapped to help the Fed with foundering companies like AIG and Freddie Mac. Now, reports the Wall Street ...

From Ashes of Recession, a Reshaped Fed Will Rise

The Fed stands to gain some powers and lose others

(Newser) - Among the myriad things that will be reshaped by the current economic crisis is the Federal Reserve, the Wall Street Journal reports. The steps the Fed has taken to stave off further economic turmoil have made it more vulnerable than it has been in years: If a lasting recovery takes...

From Food to Health Care, the Poor Pay More

The economics of poverty mean the poorest pay higher prices for everyday essentials

(Newser) - The economics of poverty are complicated, the Washington Post reports, but it boils down to this: “The poorer you are, the more things cost.” The poor spend more in time, money, hassle, and exhaustion than do the middle class or wealthy on everything from a loaf of bread...

Branson's Next Launch: Virgin Internet Bank

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

(Newser) - Capitalizing on public disgust with Britain’s big banks, Richard Branson plans to launch an Internet bank through subsidiary Virgin Money that will take deposits and offer mortgages, the Guardian reports. Branson is talking to investors and some US banks about financial backing and could set in motion more ambitious...

Credit Crisis Traps NYT Economics Scribe
 Credit Crisis Traps 
 NYT Economics Scribe 
Perspective
May 16, 2009 6:55 PM CDT

Credit Crisis Traps NYT Economics Scribe

(Newser) - New York Times economics reporter Edmund Andrews was smart enough to avoid a financial disaster like the mortgage crisis. But “I had two utterly compelling reasons for taking the plunge,” he writes: “The money was there and I was in love.” With a new fiancée—...

GM to Close 1,100 Dealerships
 GM to Close 1,100 Dealerships  
UPDATED
May 15, 2009 9:20 AM CDT

GM to Close 1,100 Dealerships

(Newser) - GM has sent termination notices to 1,100 of its 6,000 US dealerships as part of its plan to eventually shutter 42% of its retail network, CNN reports. The dealers have been notified that their contracts won't be extended next October, and some will shutter this year, a GM...

Lehman Weighs Spinning Off $45B in Assets

In the most sweeping bankruptcy action yet, assets will become separate unit

(Newser) - Bankrupt Lehman Brothers is preparing to spin off a grab-bag of assets worth $45 billion in their current state but as much as $400 billion at "nondistressed" prices, the Wall Street Journal reports. The planned sale of shares in the unit—the biggest move yet to unwind the...

Obama Wants to Tame Wild Derivatives Market

(Newser) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight...

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