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Fed Chairman Bernanke said a U.S. government program intended to spark lending to consumers and businesses is still necessary.
The Panic of 2008 upended much of the financial “conventional wisdom” most individuals took on faith. Here are seven (once) widely held principles that turned out to be seriously flawed.
Obama: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.
Even as economists point to signs that the country is slowly starting to regain its financial footing, for many Americans hope has been dampened by frustration, fear and anger.
In seat 24B as US Airways Flight 1549 fell silently toward the Hudson River, attorney Frank Scudere did not know that his name was on the list of lawyers that his firm planned to lay off the next morning.
The many government programs that have been launched since the economy began melting down last year may seem more like alphabet soup than a plan for recovery. Here’s a look at some of the main programs created in response to the financial crisis, and what you should know about them.
I am an employee of AIG. Well, actually, now I am an employee of AIU Holdings Inc., a wholly owned subsidiary of AIG. To answer questions that I am repeatedly asked by everyone, I work 9 to 5 everyday, I am not in the Financial Products division, and no, I didn't get a bonus.
The uproar over bonuses paid to AIG executives is giving critics of corporate pay practices hope that either Congress or the private sector will move to rein in compensation even at companies that are not getting government aid.For years, some have argued that a system of rewarding executives with millions of dollars in annual compensation is too opulent and too far out of sync with what average employees take home.
If President Barack Obama wants to find a scapegoat for the mess at American International Group, he needs only to look east from the White House to the halls of Congress.
California, a state so large that its economy dwarfs most nations, now has another, less cheery, claim to fame: It is one of the states hardest hit by the country’s unemployment woes.
Chairman Dodd, Senator Shelby, and members of the Committee, I appreciate the opportunity to discuss monetary policy and the economic situation and to present the Federal Reserve's Monetary Policy Report to the Congress.
President Barack Obama and Democratic congressional leaders promised that money from the $787 billion economic stimulus legislation would be spent quickly, and in central Missouri, they were proven right.
One week, you’re working 40 hours. The next, your boss has cut you to 36. And maybe the week after that, it’s dropped to a measly 27 hours per week.
Looking back, many Americans may remember January 2009 as the month when the recession really hit home.
With three kids, four months of unpaid bills and a home teetering on foreclosure, Jenny hopes salvation lies in a precious slice of bubblegum-scented cardboard.
Every year we reporters and editors gather in our smokeless newsrooms to debate the top stories of the year and come up with endless "top 10" lists.
For American parents, bargain prices for toys this holiday season qualify as good news: A Barbie fan who rose before dawn for Wal-Mart’s Black Friday sale could secure the coquettish “Barbie Diamond Castle Princess Liana Doll” for $5 — royally marked down from its regular retail price. At Target, a 10-pack of die-cast Hot Wheels cars also went for just $5, while a radio-controlled helicopter cost a mere $15. The price wars were enough to draw consumers out of their bunkers for their first shopping spree in months.
For Bridget Smith and her family, Thanksgiving is going to be different this year. For one thing, they might not have a dining room table.
The economic crisis may be doing what pastors, family therapists and matrimonial counselors have long struggled to accomplish: keeping troubled marriages together.
After losing a job or suffering some other economic hardship, some Americans have decided they must withdraw money from their 401(k) or other retirement plan in order to cover expenses. Still, experts warn such a decision can carry substantial costs, and risks.
For years, Starbucks’ coffee drinks were considered the type of affordable luxury that could withstand the ebbs and flows of the U.S. economy.
For a long time, Bill Davis thought he was immune to the economy’s ills.
The financial crisis that has been sweeping the globe has reshaped nearly every corner of the economy, but no industry has been altered more radically than banking.
Watchdog: Stimulus job creation data flawedThe government watchdog overseeing economic stimulus spending said Thursday the White House was too quick to take credit for saving or creating 640,000 jobs.
Geithner warns lack of loans may slow recoveryTreasury Secretary Timothy Geithner on Wednesday called on banks to "get back to the business of lending" and said a tough credit environment for small businesses will slow economic recovery.
Millions may have to repay part of tax creditSome 15 million taxpayers could unexpectedly owe taxes when they file their federal returns next spring because the government was too generous with their new Making Work Pay tax credit.
Obama administration faults Senate bank billThe Obama administration on Friday pushed back against a proposal in the U.S. Senate to create a single bank super-regulator and strip the Federal Reserve of its supervisory powers.
U.S. banks to prepay $45 billion to FDICU.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted by federal regulators.
Pay czar concerned firms could lose talentThe Obama administration's pay czar says he is "very concerned" about scaring away top talent at seven firms that took the biggest bailouts.
Sen. Dodd urges financial overhaulSenate Banking Committee Chairman Christopher Dodd on Tuesday called for sweeping new government powers to prevent another economic collapse and protect consumers.
FDIC adds 54 more banks to its 'problem list'The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter.
Weak recovery won't spur jobs, Fed warnsUnemployment likely will remain high for the next several years because the economic recovery won't be strong enough to spur robust hiring, Federal Reserve officials warned Tuesday.
Jobless: 10 percent is tougher than it used to beIt hurts more to be unemployed now than the last time the jobless rate hit 10 percent, what with higher rates of indebtedness, less than half the savings and ballooning health costs.
Stimulus watch: Pay raise counted as saved jobA Georgia nonprofit's inflated job count is among persisting errors in the government's latest effort to measure the effect of the $787 billion stimulus plan.
Banks face Feb. 1 deadline on compensationThe nation's biggest banks face a February deadline for submitting employee compensation plans to the Federal Reserve, according to people with knowledge of the process.
House panel OKs new rating agency rulesA House committee on Wednesday voted to set new rules for investment rating agencies, which lawmakers say misled investors by giving high marks to risky securities.
FHA-backed loans: the next subprime crisis?The same people whose reckless practices triggered the global financial crisis are onto a similar scheme that could cost taxpayers tons more.
U.S. official: Impact of stimulus will level offA top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on U.S. economic growth.
Obama looking for ways to create jobsStanding at the site of a highway project funded by his economic stimulus plan, President Barack Obama said Wednesday he is committed to exploring all avenues to create jobs.
House panel begins push on financial reformA key House panel moved to tighten rules on previously unregulated financial instruments Wednesday.
Regulators close Ga. bank in 95th failureRegulators have shut down Atlanta-based Georgian Bank, the 95th U.S. bank to fail this year amid the recession and rising loan defaults.
Feds weigh bailout money for smaller banksKey regulators and lawmakers are considering an infusion of federal bailout money for small community banks.
Bernanke: Consumer loan program still neededFed Chairman Bernanke said a U.S. government program intended to spark lending to consumers and businesses is still necessary.
As AIG stabilizes, new bailout plan consideredAmerican International Group's once-desperate financial state has started to stabilize. A key lawmaker said he would look at easing the terms of the insurer's bailout once more.
Regulators seize assets of Irwin Financial banksRegulators shut down two banking units of Irwin Financial Corp. Friday, marking the 93rd and 94th failures this year of federally insured banks.
Bank regulators consider how to replenish fundU.S. bank regulators will meet at the end of the month to explore options, including some that are not well-known, to replenish the dwindling fund that safeguards bank deposits, the chairman of the Federal Deposit Insurance Corp said on Friday.
Fed's steps to aid banking system raise risksThe Federal Reserve's bold steps to prevent the banking industry from collapsing last year have injected new dangers into the financial system.
Bernanke says recession 'very likely over'Federal Reserve Chairman Ben Bernanke says the worst recession since the 1930s is probably over.
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