The following is the full text of the Beige Book released by the Federal Reserve on April 15, 2009 and based on information collected on or before April 6, 2009:
Signs of long-term economic growth are still a way off, says Lawrence Lindsey, former National Economic Council director and president and CEO of the Lindsey Group. Lindsey predicts the stock market will retest its lows and says there is no bottom in sight for commercial real estate prices.
The US economy is not out of the woods yet, but the worst of the downturn will probably pass this year, as various components of the stimulus thrown at it will start to show results, White House adviser Christina Romer told CNBC Tuesday.
President Barack Obama will tap Fannie Mae Chief Executive Herb Allison to head the government's $700 billion Troubled Asset Relief Program, an administration official told CNBC.
Most people say they plan to use this year's tax refund to pay bills, deciding in this sour economy to be more frugal with their annual windfall.
US stocks have hit bottom but the economy remains fragile, Black Rock's Bob Doll and billionaire Wilbur Ross told CNBC.
The US stock market appears to have hit bottom and the nation's economy might see an upward shift in the latter half of the year, widely watched investment strategist Abby Joseph Cohen told CNBC
More doom on the horizon? Or will happy days soon be here again? Take your pick. The confusion is enough to play havoc on a person's mood—or an entire nation's. In hard economic times, Americans turn to numbers to see whether things are getting better.
You've heard all the gloom and doom. Now here's some good news: the economic recovery could happen much sooner—and be much stronger—than anyone thought possible.
Although oil prices should remain low for the next three to six months, the threat of surging prices remains, according to John Hofmeister, former Shell president and CEO of U.S. operations.
There is a re-occurring theme that is permeating solutions to the global malaise. As the old doctor's saying of "heal thyself" goes, leaders across the globe are pursuing policy that has healthcare as a major tenet for their plans.
Calling it "general theft," Sen. John McCain blasted the Obama administration's budget proposal on CNBC Thursday.
Wednesday: Pending sales of existing U.S. homes inched upward but home values keep slipping. Job losses in the U.S. private sector accelerated more than expected in March but planned layoffs are down. Pres. Obama urged unified action at the G20 meeting. Four regional banks were the first to pay back TARP funds. CNBC heard from experts who said the market will make a major move around Easter — and went overweight in stock portfolio allocation.
The economy is headed for a “very long and damaging economic downturn” that will not see any recovery in 2009, said Harvard University professor Martin feldstein on Wednesday.
The U.S. economy will have negative growth for 2009 before it improves slowly in 2010, Dallas Federal Reserve Bank President Richard Fisher told CNBC Wednesday.
Tuesday: Consumer confidence squeaked above its record low. Ford announced an incentive program -- covering payments if a buyer is laid off -- similar to Hyundai's. GM's new CEO Fritz henderson said bankruptcy is possible within 60 days. J.P. Morgan said global banks will write down $17 billion more. CNBC heard from experts who said retail looks less scary, housing is finally coming back — but warned that inflation could be "kryptonite" for bonds.
Altering mark-to-market accounting rules would bring more opacity to the financial system, said Nassim Taleb, “The Black Swan” author.
Treasury Secretary Tim Geithner will unveil a four part plan to reform financial regulation when he testifies before the House Financial Services Committee Thursday.
The pace of economic deterioration has started to slowdown in some areas, said Treasury Secretary Timothy Geithner on Wednesday.
President Barack Obama said Tuesday he hopes "it doesn't take too long to convince Congress" to approve new authority to oversee big, tottering financial firms.