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A major disaster sets the perfect stage for grandstanding. And nothing was more “major” at the time than Hurricane Katrina. Business and government leaders laid out their dramatic plans to come to the rescue.
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The Katrina anniversary is all about contrasts. More than one resident has called it a tale of two cities and, as cliched as that phrase may be, it certainly applies here. Unemployment is below the national average, but poverty is twice the national rate.
"In its recent statements, the Fed didn't explain its actions after modestly changing policy," Bank of America chief economist Mickey Levy said. "Bernanke needs to lay out what the Fed's views are on inflation."
As long as we think housing is still in deep trouble, nobody's going to make a move.
Members of the Federal Reserve, led by chairman Ben Bernanke, are meeting at their annual symposium in Jackson Hole, Wyo. All eyes and ears will be on Bernanke's remarks to the group on Friday, which will be his first public comments since the Fed announced it will use proceeds from mortgage bonds to buy Treasury securities.
"Today's numbers (jobless claims) are better than last week's," said El-Erian, CEO of the world's largest bond fund. "But it's not a good overall. And the bigger picture is that the economy is losing momentum when it comes to growth."
The chances of a double-dip recession are now more than 40 percent and the U.S. is facing a "liquidity trap" where financial and credit systems get stuck, economist Nouriel Roubini said.
The US economy is in a "modest" recovery despite a recent spate of disappointing economic reports, said Kansas City Federal Reserve President Thomas Hoenig.
Government-sponsored enterprises Fannie Mae and Freddie Mac need to ease the requirements for down payments so debt-stressed consumers can afford to buy houses again, Pimco's Bill Gross told CNBC.
During times of slow economic growth, stocks have risen twice as often as they have fallen. The trend is important amid a series of GDP downgrades and worries that the economy even could fall into a double-dip or worse.
The economic recovery appears to be stalling as companies cut back last month on their investments in equipment and machines and Americans bought new homes at the weakest pace in decades.
Beaches have been cleaned of crude, the leak has been plugged and some cities never had oil wash ashore at all. Still, tourists stay away from what they fear are oil-coated coastlines—a perception officials say could take years to overcome and cost the region billions of dollars.
"The buyers who left the market in the latest round are typical first-time buyers," says one market watcher, "but people who continue to stay in the market (are) people ... buying higher-priced homes."
Five years after Hurricane Katrina destroyed New Orleans, the city's mayor said its recovery—slowed by the Gulf oil spill—will take at least another five years.
Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, economist David Rosenberg said Tuesday.
A regulatory filing shows Bank of America CEO Brian Moynihan has bought 30,000 shares of common stock in the company, a possible signal to Wall Street that the executive believes BofA's stock is undervalued.
The US housing market is in a double-dip recession, Moody’s Analystics chief economist Mark Zandi told CNBC Monday.
The U.S. should add income tax brackets for those making $1 million, $5 million and $10 million, a tax and federal budget expert from the think tank the Center for American Progress told CNBC Monday.
While the unemployment rolls are swelling, Carlisle Companies CEO and Chairman David Roberts told CNBC Friday that he wants to hire, but can’t find enough qualified workers to fill the slots.