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The economy is headed for a “very long and damaging economic downturn” that will not see any recovery in 2009, said Harvard University professor Martin feldstein on Wednesday.
Did anyone notice how grumpy all the financial CEOs looked after meeting with President Obama last Friday? The meeting must have been quite unpleasant as the Obama administration is informing these private sector giants that they need to change the way they are running their business.
Why should we pay attention to four-and-a-half hours of debate followed by highly choreographed photo ops and a communiqué that most of us could have cobbled together on the back of a swanky hotel envelope?
Late evening reports that President Obama has concluded bankruptcy for GM is the most likely course of action (apparently leaked by Congressional members) was no surprise to most traders in GM and analysts, who had come to that conclusion on Monday.
left/CNBC/Sections/News_And_Analysis/_Blogs/Guest_Blog/__COVER/fratto_t_100_2.jpg1100100010lefttruehttp://msnbcmedia.msn.comfalse1Pfalsefalse Two extraneous issues have wormed their way into the G-20 Economic Summit agenda this week. Neither have anything to do with the present financial crisis, but a lot to do with domestic and international politics.
US stock index futures pointed to a lower open for Wall Street after economic news showed steepening pressure in the jobs market.
The president's position on GM has not changed since Monday, a senior administration official said when asked to comment on a Bloomberg report which said Obama had determined a prepackaged bankruptcy was the best way for GM to restructure.
Stocks closed out a tough quarter on a positive note, helped by gains in technology and big banks.
What's next? With the end of the quarter, two events are on the minds of traders: 1) the Financial Accounting Standards Board (FASB) meets on mark-to-market Thursday. And: 2) earnings guidance. Alcoa kicks off earnings season this Monday. Everyone believes that guidance will be downbeat and generally below expectations.
The Fed's efforts to push down mortgage rates have raised expectations about a housing recovery, but it may take months to have any impact—and the results may not all be positive.
President Barack Obama ordered General Motors and Chrysler to accelerate their survival efforts and brace for possible bankruptcy, saying neither company had done enough to justify the taxpayer money they were seeking.
US stock index futures pointed to a higher open Tuesday, following a sharp decline in the previous session as investors digested the Obama administration’s tough stance on General Motors and Chrysler.
Japan announced that they will unveil another stimulus plan. Isn't this the third one for this downturn? I've lost track. ... Ford announces incentive program; Street believes GM is next. This is similar to the successful Hyundai Assurance Program. Lennar reported a loss. HSBC up 5% in pre-market trading as CEO Michael Geoghegan reiterated that the London-based bank will not need any government money.
House Financial Services Chairman Barney Frank (D-Mass.) says the drastic steps the Obama administration is taking in dealing with the nation's struggling automakers further underscores the need for the government to have so-called resolution authority to take over and unwind the businesses of big non-bank companies.
The future of General Motors and Chrysler remained in limbo after US President Barack Obama told the US automakers they had not yet done enough to secure emergency government funding Monday.
And Ben Bernanke is no Roy Young. What the heck is Cramer talking about? Read on to find out.
Sure, the market saw some losses today. But that’s a good thing for investors.
Team Obama fired GM CEO Rick Wagoner Sunday afternoon, just a short time after Treasury man Tim Geithner told the television talk shows that some banks will need large amounts of new TARP-money government assistance — even though the bankers don’t want it. Does this smack of big-time government planning and industrial policy? Another lurch to the left for economic policy?
There was a selloff today, but it was on very light volume. Not surprisingly, bank stocks, which have collectively rallied 50 percent in the last three weeks, were down about 10 percent as a group. ... We are definitely heading toward some kind of denouement, and that can only be a good thing..
President Obama asserted unprecedented government control over the auto industry, rejecting turnaround plans from GM and Chrysler and raising the prospect of controlled bankruptcy.