The US economy needs another cash infusion to kicksart consumption and longer term the US has to devalue the dollar to get out of the crisis, investor Wilbur Ross told CNBC Tuesday.
Monday starts out hopeful. By day's end, those hopes are dashed, as the House kills the bailout bill and stock markets plunge to new lows.
After stumbling in his transition from backstage player to out-front crisis manager, Treasury Secretary Timothy Geithner has since quieted critics inside and outside the administration. But with the economy still hovering between recession and recovery, multiple tests of his judgment and political dexterity lie ahead.
Sunrise: Congressional leaders from both parties emerge from intense talks to present a $700 billion financial rescue plan agreement on Sunday.
As events go, Saturday seems more sedate than it has in weeks. But it's a false calm, as Washington scrambles to find common ground on a financial rescue plan.
White House, legislators fail to teach agreement on the $700 billion financial bailout. U.S. shuts WaMu and JPMorgan grabs the assets.
Treasury officials and regulators are weighing a fresh round of bailouts for banks that were deemed too small or too risky to qualify for earlier aid.
The U.S. government and its ranks of overwhelmed financial agencies are now in bigger danger than the nation's banks ever were, says The Big Money.
Pres. Bush goes on TV Thursday and urges Congress to quickly pass a $700 billion rescue package for the U.S. financial system. Key lawmakers say they've reached an agreement, in principle, on the major parts of the plan.
Stocks fell for a second day Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month.
Stocks retreated Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month.
An opening pop fizzled Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month. Stocks had opened higher after a report showed an unexpected drop in jobless claims last week.
Wednesday's sudden late reversal on Wall Street highlights just how conflicted investors are: on one hand, they want to see signs of an economic recovery. On the other, they're somewhat disturbed by the idea that the phasing out of easy money policies by the Federal Reserve might be sooner rather than later.
Paulson, Bernanke back on Capitol Hill to sell the bailout. Fed coordinates with Australian and Scandinavian central banks to keep global finance running. Goldman Sachs sells $5 billion in common shares.
"A weak dollar is boosting everything that's priced in dollars—boosting stocks, even bond prices and especially commodities," says one economist. "We've traded long-term growth for a short-term boost in nominal gains."
Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke head to Capitol Hill to sell the $700 billion bailout plan. Warren Buffett invests $5 billion in Goldman Sachs. WaMu talks to suitors about a takeover.
Treasury Secretary Timothy Geithner will deliver his message on financial reform Wednesday, according to a copy of his testimony obtained by CNBC.com. Read the testimony in the PDF linked to the story.
Treasury Secretary Timothy Geithner says he supports revisions to the administration's financial reform plan that were proposed by Rep. Barney Frank.
Policy-makers are expected to discuss ways to pull back massive provisions of cash to the economy in a way that preserves the recovery while preventing inflation
Euphoria fades Monday as the market digests previous days' events. Japan's Mitsubishi seeks a piece of Morgan Stanley—killing hopes for a Morgan/Wachovia merger. And NYSE adds 30 stocks to the "no short" list.