Obama's plan to spend billions on infrastructure appears aimed at helping cash-strapped states as much as the average worker.
President-elect Barack Obama announced over the weekend that his plan to stimulate the nation's lagging economy involves making big investments in infrastructure. CNBC asked the pros to weigh in on the president-elect's proposal.
The White House said Monday it was "very likely" to reach a deal with Congress to aid U.S. auto makers — providing Democratic legislators can offer specific terms. Meanwhile, more glum earnings and job-cut statements came from 3M, MetLife and Dow Chemical. Crunching these concepts together, experts told CNBC that the market is bottoming and the smart money is quietly starting to buy up energy, tech stocks — and airlines.
Blacker Friday? Job losses in November were the worst since 1974, as U.S. employers cut payrolls by 533,000. Mortgage loan delinquencies and foreclosures hit record highs in the third quarter — though one economist likes falling mortgage rates. Merrill Lynch cut its oil forecast, saying a temporary downspike of $25 is even possible. But one analyst praised the oil plunge as the equivalent of a "huge tax cut."
Once the initial knee-jerk doom-and-gloom reaction is over, something resembling optimism will prevail in the conclusion that the worst is over for the economy.
Job losses hit 533,000 in November, the markets continue to swing like a pendulum and Congress is weighing a major restructuring of the Big Three automakers. To help viewers make sense of the current economic environment, CNBC asked the experts to share their insight.
Lousy sales, weak earnings and more layoffs reigned over Thursday, with glum news from Nokia, Viacom, Merck, AT&T, DuPont, Credit Suisse and retailers across the board. European central banks enacted big rate cuts. And Fed Chairman Ben Bernanke urged more government efforts to stanch soaring home foreclosures. But CNBC heard from experts who say that while the news will get worse through 2009, markets will periodically rally — and one strategist sees the Dow at 12,000 in 2010.
Fed Chairman Bernanke called on the government to ramp up efforts to stem soaring home foreclosures.
As U.S. automakers sell their rescue plan to Congress on Thursday and the markets digest more grim jobs data, CNBC asked American CEOs their perspective on the economy, budget and bailouts.
President-elect Barack Obama nominated Gov. Bill Richardson (D-NM) for commerce secretary Wednesday, the same day that United Auto Workers President Ron Gettelfinger announced the UAW would make huge concessions in order to help the Big 3 automakers nail government bailout funds. CNBC heard from experts who said the drop in gasoline prices bodes well for the first quarter and Ben Bernanke just may save us from a severe recession. (UPDATED)
The following is the full text of the Beige Book released by the Federal Reserve on December 3, 2008 and based on information collected on or before November 24, 2008:
The market news on Black Friday is all about retail — so unsurprisingly, the news today is pretty bleak, as shoppers look to stretch tight budgets and thinner wallets. Retail chain CEOs who spoke to CNBC emphasized the positive, but industry analysts are already predicting a "red" Christmas. And investment strategists see a big cash-raising selloff in the works.
Home builder D.R. Horton reported a wider quarterly loss Tuesday — yet its shares jumped on U.S. government moves to buoy the financial sector. But home prices and mortgage rates dropped further with no floor in sight. Experts told CNBC the problem is market schizophrenia: equity markets have bottomed but credit markets are still spiralling downward.
The economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years.
The U.S. government's plan to inject $20 billion into Citigroup seemed to drive a stock market rally Monday — but failed to reassure analysts overall. CNBC canvassed the experts for their outlooks: Despite the uncertainty, one strategist says financials will lead the recovery — and another sees hyperinflation as the real danger ahead.
The Obama team has to project competence, confidence and commitment to swift, decisive action when it assumes office.
U.S. President-elect Barack Obama may consider delaying a campaign promise to roll back tax cuts on high-income Americans as he works on a huge stimulus plan to counter the worst economic crisis the world has faced in decades.
Many financial assets across the world are looking cheap after the market ructions of the past year but investors in general have yet to rediscover the impulse to buy.
President-elect Barack Obama will announce the leaders of his economic team Monday, naming Timothy Geithner as treasury secretary and Lawrence Summers to direct the National Economic Council, transition officials said.
U.S. President George W. Bush, Chinese President Hu Jintao, Japanese Prime Minister Taro Aso and other members of the 21-nation Asia-Pacific Economic Cooperation group, or APEC, said they would refrain from raising trade barriers over the next 12 months.