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After years of encouraging their customers to borrow beyond their means by extending credit beyond any reasonable ability to pay back, the banks are adding insult to injury by jacking up the interest rates seemingly ad nauseam.
After a five-week rally, stocks face one of their toughest challenges yet - a very nasty earnings season.
President Barack Obama said Thursday millions of Americans can save money by refinancing their homes and taking advantage of record low rates on fixed mortgages.
Stocks should trade quietly Thursday ahead of the three-day holiday weekend. Wednesday's activity was subdued, even after a minor sell off after the Fed downgraded its economic outlook yet again, in the release of its last meeting minutes mid-afternoon.
The president returned to Washington in the early hours of Wednesday morning, bringing his lengthy debut on the world stage—including his first stop in a war zone as commander in chief—to a close.
Worries that weak earnings will stall the stock market's advance did just that on Tuesday, and there are few catalysts to change the tone Wednesday in what will become an increasingly quiet holiday week.
It's the beginning of a make or break period for the stock market's current run. While first-quarter profits are expected to be terrible - down 36% for the S&P 500 - traders have been hoping the earnings season will bring with it some clarity about the second quarter and beyond.
President Barack Obama sought on Monday to rebuild ties with Turkey, a Muslim country with growing clout whose help Washington needs to solve confrontations from Iran to Afghanistan.
Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.
As the first quarter earnings season begins, a debate rages over whether stocks will be able to rally on or instead roll over on weak corporate profits and dismal economic news.
The Democratic-controlled Congress Thursday approved budget blueprints embracing President Barack Obama's agenda but leaving many hard choices until later and a government deeply in the red.
Friday's March jobs report can't help but be bad, but the question is whether it will stall the stock market's rally.
I recently attended an OECD conference in Italy on the subject of credit availability in the current “crisis” for small and medium enterprises. After listening to the presentations of representatives from 20 or so countries, it became clear that one major problem is that there is no bank competition in most countries, writes William Dunkelberg, Economics Professor at Temple University.
Calling it "general theft," Sen. John McCain blasted the Obama administration's budget proposal on CNBC Thursday.
Leaders from around the globe made headway Thursday on tackling the world's worst financial crisis since the 1930s, with signs of agreements to give more money to the International Monetary Fund, clamp down on tax havens and tighten regulation over freewheeling hedge funds.
The fate of an important accounting rule will have a big impact on markets Thursday and beyond. It's not just any accounting rule. It's the highly controversial mark-to-market rule, criticized for the massive write downs in the banking industry.
U.S. President Barack Obama said on Wednesday there was "enormous consensus" between the world's largest developed and emerging economies on plans to haul the world out of the deepest downturn since the 1930s.
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.
President Barack Obama is sending a blunt message to Detroit automakers: To survive—and win more government help—they must remake themselves top to bottom.
Whether stocks end their record-setting run could be decided by a heavy calendar of economic news, and sentiment around next week's major summit of world leaders in London.
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