credit crisis

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China Blames Crisis in Latest GDP Slide

Growth at solid 9%, but down for 5th quarter in row as exports shrink

(Newser) - The dragon isn’t sick yet, but it’s definitely catching cold: China’s gross domestic product grew by an enviable 9% in the third quarter, but still failed to match last quarter’s result of 10.1%, the Guardian reports. The data mark the first time China’s GDP...

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Alliance would keep Detroit automaker intact, but expose Cerberus to more risk

(Newser) - Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s...

Credit Woes Stall GM's Effort to Buy Chrysler

A tight credit market is making it tougher for GM to scrape cash together for offer

(Newser) - A tight credit market and wary investors are slowing GM’s attempts to buy rival Chrysler, and experts say the companies may turn to the US government, arguing that a deal between the two is needed to save the US auto industry, reports the Wall Street Journal. But sources told...

Cash-Strapped Circuit City Looks to Close 150 Stores

Struggling to avoid a holiday season bankruptcy, retailer weighs options

(Newser) - Cash-strapped Circuit City may shutter more than 10% of its nearly 1,500 stores in North America and eliminate thousands of jobs, reports the Wall Street Journal. The company is considering the plan as a way to avoid a holiday season bankruptcy filing, which could leave customers wary of the...

Economy Trumps Race Even for Some Racists

Voters openly negative on African Americans

(Newser) - It looks like the economic crisis has gained Barack Obama a surprising number of supporters among those who might be considered racists, Politico reports. Even before the events of the past few weeks bolstered the Dem's numbers, a poll showed that a quarter of respondents who expressed negative views of...

Stocks Sink, Yet End Week Up
 Stocks Sink, Yet End Week Up 
MARKETS
Oct 17, 2008 3:37 PM CDT

Stocks Sink, Yet End Week Up

More ugly news makes for yet another volatile day

(Newser) - Stocks remained volatile and swung lower at the end of the today’s session,as bad economic news convinced investors the financial crisis is not over yet, MarketWatch reports. The Dow closed down 127.04 at 8,852.22, but posted a weekly gain after four weeks of losses. The...

US Probes of Lehman May Include Fuld Subpoena

NY, NJ prosecutors convene grand juries to investigate stock-offer fraud

(Newser) - Lehman Brothers is getting the evil eye from three different US attorneys, who have convened grand juries to investigate the failed investment bank, Bloomberg reports. Prosecutors are particularly interested in a $6 billion stock offering made in June, and suspect Lehman was not straightforward with investors about the financial health...

Credit Crisis Squeezes Student Loans

Families struggle to pay college tuition as loan market dries up

(Newser) - The economic downturn is hitting college students hard, the New York Times reports. Job losses and the disappearing loan market are strangling formerly robust family plans to foot college tuition fees. Private lenders, used by many students to fill the gap between federal aid and the total cost of college,...

Dow Up 401 After Seesaw Day
 Dow Up 401 After Seesaw Day 
MARKETS
Oct 16, 2008 3:23 PM CDT

Dow Up 401 After Seesaw Day

Investors see signs of gradually easing credit—and bargains, driving up market late

(Newser) - Stocks rallied late in today’s volatile session, but stopped short of recovering yesterday’s sharp losses, rollercoastering through an 800-point range, MarketWatch reports. Crude oil futures fell $4.69, to about half of their record high in July, on a report that showed US inventories increasing. The Dow rose...

States Warn Feds They May Ask for Cash, Too

Deficits and tight credit may force states to beg for Treasury dollars

(Newser) - The credit crisis is threatening states with budget shortfalls, and they could be the next group seeking a federal bailout, the Christian Science Monitor reports. California, looking at a $7 billion deficit, has informed the Treasury that it could come calling. States take loans to cover lean times, in the...

Academics Laud Bank Plan
 Academics Laud Bank Plan 
OPINION
Oct 14, 2008 4:26 PM CDT

Academics Laud Bank Plan

Econ professors say capital infusion best option

(Newser) - The Treasury gets gold stars for finally recapitalizing collapsing banks, with the Wall Street Journal reporting on reactions from economics professors:
  • Barry Eichengreen, UC Berkeley: "I would give it an A- for quality but lower the final grade to a C for lateness."
  • Kenneth Rogoff, Harvard: "Thank
...

Indian Debt Collectors See US' Dark Side

Outsourced call centers get ring-side seat for economic crash

(Newser) - Most Indian call center employees develop a fairly utopian view of the US, which seems a land of brand-name splendor and plenty. Not so at Aegis BPO Services, a call center specializing in debt collection, where employees are getting an up-close and personal look at the credit crunch. “It’...

Paulson to Banks: Do It for Your Country

$250B bailout needed to restore faith, keep capital at home

(Newser) - The $250 billion plan to guarantee new bank debt and unlimited bank deposits in certain accounts isn’t just an option, Treasury Secretary Paulson told the chiefs of nine banks yesterday; it’s for the good of the country. The plan, the country’s response to similar European banking actions,...

Obama Plan Includes Freeze on Foreclosures

Plan would ease borrowing from retirement accounts

(Newser) - Barack Obama detailed an economic rescue plan today that includes incentives for job creation and a federal credit line for state and local governments, the Toledo Blade reports. Playing to voters in hard-hit Ohio as he preps for Wednesday's debate, Obama said, "I won’t pretend that this will...

McCain Paints Ugly Picture, Touts His Experience as Fix

GOP candidate compares Obama to Herbert Hoover on economy

(Newser) - John McCain painted a dismal picture of the economy today at a rally in Virginia, comparing Barack Obama’s solutions to Herbert Hoover’s while declaring himself the right candidate to fix the mess, the Virginian-Pilot reports. McCain also raised the specter of his flailing campaign in an effort to...

UK Props Up Major Banks; Fed Offers Cash

Moves to shore up financial system have global markets rising

(Newser) - Governments across the globe are acting with “an enormous amount of congruence” and speed as they pour billions of dollars into rescue plans hoping to keep a sinking banking system afloat, reports the Wall Street Journal. The British government today provided $60 billion to prop up 3 banks, and...

Euro Nations Agree to Snap Up Bank Shares

(Newser) - European leaders emerged from a summit in Paris today and echoed the latest from Washington and London: It's time to buy up the banks, the New York Times reports. None of the 15 nations named an official price, but Germany and France will roll out plans tomorrow to buy equity...

It's a Good Time to Buy
 It's a Good Time to Buy
Analysis
Oct 12, 2008 10:10 AM CDT

It's a Good Time to Buy

Experts see silver lining as key stocks go cheap

(Newser) - Panicking about the stock market plunge? Some analysts are looking on the bright side: If history is any guide, this could be a golden opportunity to buy stocks, the New York Times reports. Since the Depression, government intervention has generally succeeded at restoring economies, so buying low now could pay...

Euro Leaders Hope to Emerge With Crisis Action Plan Today

Europe scrambles to shore up banks

(Newser) - European leaders hoped to emerge today from a meeting in Paris with a detailed unified action plan to address the continuing worldwide economic crisis, Reuters reports. Banks continued to hold emergency talks today with officials in the British government, which is about to purchase major equity stakes in the nation's...

Bush Already Rejiggering $700B Bailout

Initial reluctance to buy stock may have hurt rescue

(Newser) - The White House is abruptly overhauling plans for the $700 billion bailout package it pushed through Congress just two week ago—raising fears that valuable time was lost on a plan not carefully considered, reports the New York Times. Instead of using funds to buy up troubled securities as initially...

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