Federal Reserve
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It's Fed Chairman Ben Bernanke's turn to weigh in on whether the economy is strong enough to justify the Fed slowing down its easing any time soon.
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Federal Reserve Chairman Ben Bernanke said his net worth dropped by almost a third last year.
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Federal Reserve Chairman Ben Bernanke said Sunday that he had to "hold my nose" over last year's taxpayer-financed bailouts of big financial companies but argued that the action had to be taken to avoid a major meltdown of the U.S. financial system and the broader economy.
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States are spending hundreds of thousands of dollars apiece on special legislative sessions whose chief purpose, ironically, is to trim more funding from their eroding budgets.
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A federal minimum wage increase that takes effect Friday could prolong the recession, some economists say, by forcing small businesses to lay off the same workers that the pay hike passed in better times was meant to help.
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Federal Chairman Ben Bernanke on Tuesday fended off congressional skepticism about expanding the Fed's duties to police big financial companies given the central bank's failure to catch problems that led to the financial crisis.
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With bondholders coming to the rescue of troubled commercial lender CIT Group, and not the government, a new reality is setting in for investors. With federal bailouts drying up and the economy still in distress, many more financial firms could face bankruptcy. When they do, it will be major private lenders that will have to decide whether to rescue the companies or allow them to fail.
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Commercial lender CIT Group confirmed late Monday that it has secured a $3 billion bailout from its bondholders, saving the company from bankruptcy protection.
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CIT Group's inability to get emergency government funding raises expectations that the commercial lender will file for bankruptcy.
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The pace of the economic recovery heading into the fall—electric smooth or diesel rough—will determine whether Obama can prod Congress on the key features of his agenda with momentum or from a defensive crouch.
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Fed Chairman Ben Bernanke tells Congress he didn't pressure BofA into acquiring Merrill Lynch in a deal that cost taxpayers $20 billion.
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With signs the economy is improving but still fragile, Federal Reserve policymakers are considering whether some programs intended to drive down rates on mortgages and other consumer debt should be slowed down.
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Industrial production tumbled more than expected last month as the recession crimped demand for a wide range of manufactured goods including cars, machinery and household appliances.
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President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions, proposing the most ambitious revision since the Great Depression.
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The economy's slide eased in the late spring and hopes for business activity improved, suggesting the worst of the recession has passed, a Fed report said.
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President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs.
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Borrowing by consumers fell by $15.7 billion in April as U.S. households continued to trim spending and put away their credit cards amid a severe recession.
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Mortgage rates at some lenders spiked by as much as 1 percent on Wednesday and saw little relief on Thursday, mortgage brokers said.
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School's out, surf's up, summer beckons. Time for college students to see if they can stay afloat in the worst economy their generation has known.
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Employers are letting up a bit on the mass layoffs they resorted to earlier this year to cope with the recession, but the unemployment rate is climbing.
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A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday.