Visa and MasterCard staging modest midday rally on word that Rep. Barney Frank will seek to keep the the cap on debit card "swipe" fees that was approved by the Senate—but will also make some changes...
China's announcement that they are loosening the trading bands on the yuan is good for the trade imbalance with the United States, but traders think that the idea we should all rush out and buy, say, Caterpillar or BHP Billiton just on this...is probably incorrect. Here's why.
White House shakedown? In a recent ten-year period, for example, oil companies lavished Congress with nearly $200 million in campaign contributions and reaped one hundred times that figure from the US Treasury in return
Fed policy is much less relevant to U.S. growth and price stability than in the days of Paul Volcker, because China's yuan policy has substantially limited the importance of Fed interest rate decisions by severing the historic link between short interest rates-like the federal funds rate it targets-and long rates on mortgages, corporate bonds, and the securities banks use to finance lending on cars and credit cards.
BP deserves acknowledgement for the claims it has made to date to the Gulf of Mexico region and its residents and its agreement last week with the government to pay out some $20 billion, Ken Feinberg, BP escrow account administrator, told CNBC Monday.
Industry lobbyists — and sympathetic members of Congress — are pushing for provisions to undercut a central pillar of the financial reform legislation, known as the Volcker Rule, which would forbid banks from using their own money to make risky wagers on the market and would force them to sell off hedge funds and private equity units. The NYT reports.
The Shanghai Index rose 2.9 percent, and most European bourses are up 1 to 2 percent as China has allowed the yuan to rise against the dollar for the first time since 2008.
China's central bank said Sunday it would maintain a stable exchange rate and didn't anticipate major changes in the value of the yuan, a day after saying it would manage the currency more flexibly.
For all the focus on the historic federal rescue of the banking industry, it is the government’s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money, reports the New York Times.
President Barack Obama accused Republicans on Saturday of blocking legislation that would boost the nation's economic recovery and lift a $75 million cap on what oil companies must pay to families and small businesses affected by an oil spill.
The economic news has been terrible this week (housing, jobs), but the S&P 500 is up 2.4 percent. How to account for that? Some point to the reduced headline risk in Europe (Germany has had an amazing week, it's only about 1 percent from a 52-week high!), and perhaps reduced headline risk from BP helped at the margins. But the driving factor is likely this...
All eyes in Washington, Wall Street and Main Street were turned on the Congressional show trial featuring beleaguered BP CEO Tony Hayward yesterday. Hayward was a disaster. He played dumb. He stonewalled. And he never got honest about BP's colossal failure of human judgment that caused this catastrophe. But folks, seriously, what did you expect?
Slow consumer spending, along with other forces, will drag the economy down next year. Here's why:
Several stocks moving on index adds today. Transocean up 8 percent today. Offshore drillers are stronger, but the outperformance is because RIG was added to the Swiss stock index at the close of trading in Europe today. Then there's Citigroup...
Congressional questioning of BP CEO Tony Hayward was "amazingly idotic, repetitive and ill-mannered," said hedge fund manager Dennis Gartman, who is "embarrassed today for being American."
The public, both the American and those throughout the world, will demand greater regulation of the oil industry in light of the BP Gulf of Mexico spill, James Mulva, chairman and CEO of industry giant ConocoPhillips, told CNBC Friday.
Deflation is the economy's version of a vicious cycle. As prices fall, so do wages and profits. Demand, consumption and production also fall. Jobs are cut. Consumers put off purchases . The negative forces feed off of each other.
President Barack Obama is appealing to the world's major economies not to waver in their efforts to support a sustained rebound from the near collapse of the global economic system in the fall of 2008.
Europe mostly flat (Greece up 2.3 percent), euro behaving, U.S. futures were calm ahead of the quadruple witching expiration. Spanish bank Banco Santander is up 1 percent on several pieces of news...
The drill ban could jeopardize 50,000 jobs, according to one estimate, hurting many blue-collar communities on the Gulf Coast. The NYT reports.