No attempt at a midday rally. How can you rally when there seems to be no bids? Volume is seasonally light, but when you have no bids, even seasonally light selling will create a big down day like today.
We knew it was coming, as it was part of the recently signed financial reform bill, but today the Obama Administration announced it would be sending another $1 billion to unemployed borrowers to help them pay their mortgages.
The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation's toughest job markets.
People in the securities and investment industry have dramatically reversed their campaign contribution trends, shifting from overwhelming support of Democrats in 2009, to an equally overwhelming support of Republicans in 2010.
Tuesday’s action by the Federal Reserve was positive, in spite of immediate market downturn on Tuesday, Jason Trennert, chief investment strategist of Strategas, told CNBC Wednesday.
Global markets are lower this morning, on the Fed announcement and economic numbers in China. The yen is at the highest level against the dollar since 1995, as the dollar has become the low-cost funding mechanism for the world.
The House has passed a $26 billion jobs bill to protect 300,000 teachers and other nonfederal government workers from election-year layoffs.
On the day when the Department of Commerce announced it was $1.6 billion under-budget on the Census project, Commerce Secretary Gary Locke defended himself against criticism on CNBC Tuesday that the savings weren’t admirable at all, but due to good weather and a weak labor market.
Negativity sells, so brace yourselves for a torrent of pre-election rhetoric designed to convince voters that things are sure to get even worse. The demagoguery is bi-partisan.
If Genzyme is amenable to what Sanofi's bid letter sets out, serious negotiations may soon follow and the contents of that letter more than likely won't be made public. On the other hand, if things go in a different direction, everything could get a bit more nasty.
One of the most common objections to letting the cuts expire for those in the highest tax brackets is that it would hurt small businesses. As Sen. Orrin Hatch (R-Utah) recently put it, allowing the cuts to lapse would amount to "a job-killing tax hike on small business during tough economic times."
President Obama is seeking to double exports, through marketing programs and new free trade deals. However worthy those initiatives may be, doubling exports does no good if imports double too. By increasing the trade gap, more open trade policies would increase the drag on growth and jobs creation.
The Wall Street Journal’s weekend editorial “It Isn’t Working” lamented that “three years of spending and monetary stimulus haven’t helped jobs”. While making a number of valid points...it failed to point out that the Federal Government has provided a significant amount of valuable and essential stimulus to the economy with an important part of the stimulus program – namely, in refurbishing the highways.
To accomplish robust growth and lower unemployment to pre-recession levels, President Obama must temper his impulse to tax and regulate, and stop appeasing China and Wall Street.
Lower tax rates clearly help the poor and the middle class increase their spending. But the same can’t be said for the rich.
The Treasury’s study on Fannie, Freddie and housing finance must be delivered to Congress by the end of January 2011. In a speech last week, Timothy F. Geithner, the Treasury secretary, told a New York audience that resolving the companies isn’t “rocket science.” But attaining genuine remedies for our housing finance system could actually be harder than rocket science.
Employees in Louisiana and Colorado took meals, gifts and sporting trips paid for by the industry, and several Colorado officials had sex and used drugs with industry employees. But the agency’s culture was shaped by forces much bigger than small-time corruption.
Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.
There’s a class war coming to the world of government pensions. The haves are retirees who were once state or municipal workers. Their seemingly guaranteed and ever-escalating monthly pension benefits are breaking budgets nationwide.
President Barack Obama hailed the seventh straight month of private job creation in July as a good sign for the economy, but notes the progress "needs to come faster."