Former Federal Chairman Alan Greenspan told CNBC he had little to do with the housing bubble or credit crisis despite criticism the Fed kept interest rates too low under his watch.
Former Federal Reserve Chairman Alan Greenspan has defended himself from charges that easy U.S. monetary policy created the current credit crisis by inflating a housing bubble, and instead blamed professional investors.
Worries about a deep recession--not a shallow one--drove Fed policymakers to slash interest rates again last month, according to minutes of their meeting.
The following is the text of the minutes from the Federal Open Market Committee's meeting of March 18, issued on Tuesday:
A gauge of small business optimism in the United States sunk in March to a 22-year low, as small business owners clamped down on plans to create new jobs and expand business operations, a survey released Tuesday showed.
Martin Feldstein, who heads the group that is considered the arbiter of U.S. recessions, told CNBC that he believes the U.S. has been sliding into a recession.
Major stock indexes ticked higher Friday though the market was broadly mixed. General Motors skidded, while UBS shares advanced.
For those graduating college this year, getting a job will be a little harder than last year—but will likely pay more.
If recessions are best seen through the rear-view mirror, then Friday's jobs data makes the current state of the economy pretty clear.
Stocks opened flat Friday as investors shrugged off a worse-than-expected March employment report.
US employers cut payrolls by a bigger-than-expected 80,000 in March, more evidence that the economy is in a recession.
The Federal Reserve has been wise to keep the dollar weak as the economy navigates its way through the current liquidity shortage, the former chairman of the central bank's Dallas branch said.
For the second time this week, a senior Federal Reserve official conceded the United States economy could slip into recession, but suggested the central bank should wait to see if more rate cuts are needed.
So we have yet another plan to help save homeowners in trouble, the latest in a long string of proposals. Are they enough to solve the housing market's problems? Is this a game changer? There's plenty of skeptics who think the answer is an outright no.
The U.S. economy has taken a sharp turn for the worse and is facing a tough quarter, U.S. Treasury Secretary Henry Paulson said on Thursday.
With today's hearings in Washington on the JP Morgan Chase buyout of Bear Stearns, here is a look at how the Financials and Home Builders have faired since their close the Friday before the deal was announced.
An index of chief executives' confidence in the US economy plunged to a record low last month, reflecting deeper concerns about the credit crisis and prospects for hiring.
Also, a crude comeback, RIMM earnings and more on the Fed chief's testimony.
Now that Wall Street has gone through its version of “Survivor”, it’s time for a reality check. The credit crunch is probably far from over and is likely to play out like a mini-series than a reality TV show.
Federal Reserve Chairman Ben Bernanke warned Congress that the economy may shrink over the first half of this year, saying "a recession is possible." Yet, he didn't offer any assurances of further interest rate cuts.