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U.S. banks should be able to meet new higher capital rules through future profits without crimping lending in a way that would harm the recovering economy, Treasury Secretary Timothy Geithner told a congressional panel Wednesday.
Herb Allison, the head of the government's $700 billion financial bailout program, is resigning.
The United States economy has lost more jobs than it has added in the past year even as the recession ended in June 2009. The New York Times reports.
Mayor Antonio Villaraigosa dismissed former L.A. Mayor Richard Riordan's gloomy prediction that the city will be bankrupt by 2014.
The Federal Reserve on Tuesday inched closer to fresh steps to bolster the sluggish US recovery, saying it stood ready to provide more support for the economy.
President Obama continues to propose an end to the Bush Tax cuts, which are set to expire at the end of December. The tax cuts were enacted in 2001 and 2003 under President Bush and lowered rates across the board on income, dividends and capital gains. The potential impact of a dividend hike—up to 20 percent or higher—is driving a sudden boom in business activity.
Velma Hart, who now-famously told President Obama at Monday's Town Hall that she was “deeply disappointed” with his attempts to revive the US economy, said on CNBC Tuesday that Obama is the “right man for the job.”
Read the full text of the statement from the Federal Reserves Federal Open Market Committee here.
As the FDA continues to take testimony over whether a genetically engineered salmon by Aqua Bounty is safe to eat, environmentally sound to raise, and whether it requires special labeling, there is a bigger question. Would anyone eat it?
Uncertainty about health-care costs and taxes is the rallying cry of some business leaders who say they’re putting off hiring and expansion till they know what those expenses will cost. Just how much weight that argument carries pitted New Jersey Governor Chris Christie against James Chanos founder of the hedge fund Kynikos Associates, on CNBC Tuesday.
The Fed resumed a debate Tuesday on whether to pump billions of dollars more into the sluggish U.S. economy, but was likely to hold off for now.
After months of modest improvement, most states showed an increase in unemployment rates in August, reflecting continued weakness in the public sector.
President Obama stayed on “pro-growth,” did not attack Wall Street but held his ground on the Bush tax cuts and other policies, CNBC guests said Monday, following a Town Hall meeting.
How much of a boost to the U.S. recovery could another trillion dollars or two buy? That's a tricky question for the Federal Reserve when it meets Tuesday to debate what would warrant pumping more money into the financial system.
In a trend that bodes badly for the U.S. jobs outlook, productivity in the world's biggest economy is probably not headed for a sharp slowdown, according to research from the Federal Reserve Bank of San Francisco.
High deficits and a lack of job growth underpin Obama's awful poll numbers, but the foul mood is buttressed by a fundamental disagreement with policies the president has pursued that should be winners.
It’s the consumer, stupid. That was the message of Bill Dunkelberg, chief economist for the National Federation of Independent Business (NFIB), who told CNBC Monday that the consumer needs to come back for the economy to improve.
Dueling sentiments are tugging at President Obama as he is set to address the nation on CNBC Monday. One is that he’s been “too nice to Wall Street,” according to a CNBC poll; the other is that he’s anti-business, a consensus discussed on CNBC Monday.
Strong investor demand for junk bonds has pushed the average price on such corporate debt to its highest level since June 2007, when companies could borrow with ease at the height of the credit boom, the Financial Times reports.
President Obama lacks the popularity and credibility now to give Americans confidence about the economy, Washington Post reporter Neil Irwin told CNBC Friday.