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The US government mishandled the credit crisis, much as it did Hurricane Katrina three years ago, say crisis management experts.
Investors continued to be rattled by worries that the prolonged credit crisis has already pushed the global economy into a recession.
The latest inflation and jobs data were somewhat better than expected, but the industrial sector showed continued weakness.
Treasury Secretary Henry Paulson said the U.S. government's banking rescue plan is designed to spur private investment in financial institutions, and told CNBC that the FDIC interbank lending guarantee that's part of the plan will kick in immediately.
With stocks giving up most of Monday’s surge investors are asking if Ben Bernanke and Hank Paulson are running out of options.
With the focus on recapitalizing banks, there are renewed questions about plans to buy troubled mortgage-backed assets.
The following is the full text of the Beige Book released by the Federal Reserve on October 15, 2008 and based on information collected on or before October 6, 2008:
Global credit markets continued to show signs of thawing, but worries about a world-wide recession loomed over markets.
The turmoil in credit markets poses a "significant threat'' to an already slowing U.S. economy, Federal Reserve Chairman Ben Bernanke said Wednesday...
Federal Reserve chairman Ben Bernanke comments on the government's plan to solve the financial crisis, while this year's economics Nobel Prize winner gives his insight on the economy. Following are today's top videos:
Stocks ended lower as hoopla over the government's plan to buy stakes in the nation's largest financial institutions died down and worries about earnings crept in. The Dow ended down just 75 points after swinging in an 850-point range. The tech-heavy Nasdaq lost 3.5 percent.
Paul Krugman, Princeton University professor and winner of the 2008 Nobel Prize for Economics, told CNBC that the new rescue plan, which will inject $250 billion into U.S. banks, “looks much better.”
A joint statement from the U.S. Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp on their joint plan to shore up the U.S. financial system
Stocks shot out of the gate Tuesday, a nice chaser to the Dow's biggest one-day point gain in history, after the government announced a plan to buy stakes in the nation's largest financial institutions.
Wall Street looked set for another rally Tuesday, after the Dow recorded the biggest one-day point gain ever on Monday, as world markets continued to surge.
After a week of mounting chaos in financial markets around the globe, the United States took a momentous step that shifts power in the economy toward Washington and away from Wall Street, the New York Times reported.
Treasury Secretary Henry Paulson says the government will now provide cash to financial firms in exchange for equity, as the government steps us rescue efforts.
With legendary investor Jim Rogers warning that repeated liquidity injections are setting the stage for a massive inflation holocaust, it’s worth asking if deflation may be as great a threat of the global financial crisis.
The U.S. government has to come up with more broad-based solutions to the financial crisis, following the example of the UK which pledged to part-nationalize financial institutions to defend its banking sector, billionaire investor Wilbur Ross, WL Ross & Co. CEO, told CNBC on Friday.
Global markets turned lower as Wednesday's rate cut by major central banks failed to unlock credit markets, putting pressure on officials to take further action.