The head of the Federal Reserve, Janet Yellen, vowed to do all that she can to bolster a U.S. economy that is still weak.» Read More
The House hopes to vote next week on the $825 billion package sought by President Barack Obama to help the struggling economy, House Speaker Nancy Pelosi said Thursday.
Now that the House Appropriations Committee has voted a big chunk of the stimulus ($358 billion) out of Committee and Ways and Means is marking up their part of the stimulus, traders are again taking a look at what effect stimulus will have on select stocks.
The new bank bailouts are not likely to work because they are run by the same people who prolonged the economic agony, Marc Faber, publisher of the Gloom, Doom and Boom Report, told CNBC.
President-elect Barack Obama said Friday that even with a range of economic measures to move the US out of a recession, the economy would likely get worse before it improves.
Given how things went on the Floor of the House yesterday (not so well for Chairman Barney Frank and his bill to put specific conditions on the remaining TARP money), it is still uncertain what exactly the remaining $350 billion of TARP funds will do to turn the housing market around.
Working closely with President-elect Barack Obama, House Democrats on Thursday called for $825 billion in federal spending and tax cuts to revive the moribund economy, with strong emphasis on energy, education, health care and jobs-producing highway construction.
What a difference three months doesn't make. Though the current financial situation isn't as dire as late September, Happy New Year has quickly turned into deja vu.
The U.S. economy started the new year on weaker footing as recession-shocked Americans retrenched further, forcing retailers to ring up fewer sales and factories to cut back production.
In radically reshaping the TARP, Congressional Democrats want assurances from Obama that he shares their new focus before signing off on new funding.
The Treasury Department is developing tools to measure whether banks that receive funds from the $700 billion financial industry rescue program are increasing lending.
As the countdown to the Obama administration falls into single digit days, the rhetoric over how to reverse the housing crisis is heating up, and much of the chatter is focusing on bankruptcy and “walkaways”. All of this leads me to ask the question, which is worse to your financial future: personal bankruptcy or foreclosure?
As President Bush gets set to leave office, President-elect Obama has one more important task for him to complete. Obama and his Midwest Combine are requesting that the outgoing Republican leader send a message to Congress for the remaining $350 billion in TARP funds.
It's unlikely that today's jobs report will result in a big increase in the stimulus package, but there is still a lot of detail that will materialize in the next two weeks.
524,000 jobs lost in December is pretty terrible, in line with estimates, but it is well below the whisper numbers of 600-700,000 that many were expecting. Despite the poor numbers, it is doubtful this will dramatically increase the size of the stimulus package.
Obama has offered an $800 billion package, with plenty of infrastructure spending that alleges to create three million jobs. Nobody really believes infrastructure spending will end the recession or create permanent new jobs. However, it’s interesting just how much the Obama plan has changed since the election.
Lowering housing inventory is key to solving the ailing real estate market and broader economy, said David Rosenberg, Merrill Lynch chief North American economist.
What is it with families? I was pretty thrilled with Obama's speech today about the need for swift, bloated stimulus, with one glaring exception. He said, "to get people spending again, 95 percent of working families will receive a $1,000 tax cut." Nothing wrong with that policy-wise, it's the verbiage that bothers me.
Despite tremendous fear that the nonfarm payroll report would be a complete disaster tomorrow, traders acted like there was little urgency. Volume was light, volatility was low and with the exception of one sector (retail) all S&P sectors were up or down less than one percent.
A while back I debated the pros and cons of a proposal to allow bankruptcy judges to modify troubled loans. The President-elect included it as one of the four tenets of his housing plan during the campaign, so one can only surmise that it’s still high on his list.
Though most economists agree that bigger is better at this point, they also say size and complexity of the stimulus package could slow its passage at a time when the economy needs a quick-fix.