Bass Pro Shops is “what most retailers only fantasize about,” said Ethan Allen CEO Farooq Kathwari when he introduced Bass Pro CEO Johnny Morris at an awards ceremony last year.
But try to get the details of the dream out of Morris, and you’ll find he’s conveniently “gone fishing.”
That may say as much about his love [...]
Archive for September, 2009
Bass Pro CEO Morris brings passion for fishing to job
September 30th, 2009 by Financial Writer
Tags: CEO, job, merchandise, recession
more...U.S. consumer confidence slips
September 29th, 2009 by Financial Writer
American consumers continue to sit on their wallets, according to two sets of data released Tuesday.
The U.S. Conference Board reported its consumer confidence index fell in September. The index fell to 53.1 in September from 54.5 in August. That erases some of the seven-point gain for the index made from July to August. Americans grew [...]
Tags: consumers, economy, spending, us
The last bank left standing for small businesses
September 28th, 2009 by Financial Writer
As other major players fell away, Wells Fargo has remained a stalwart, increasing its lending this year through SBA programs.
The landscape of lenders willing to work with small business owners has changed dramatically in the last year, but one bank — Wells Fargo — has emerged stronger than ever.
While other financiers that were historically major [...]
Tags: bank, business, businesses, financiers, lending
Banks win round 1 in consumer fight
September 25th, 2009 by Financial Writer
This summer, when Obama administration officials talked about overhauling financial regulation, they threw around a catchy phrase sure to appeal to consumers: “Plain vanilla” mortgages and credit cards.
“Plain vanilla” was used to illustrate the powers of a proposed new consumer agency. The agency could set basic standards — like one-page, easy-to-understand applications for 30-year-fixed mortgages.
Now, [...]
Tags: financial, mortgages, obama, real estate
G-20 summit: 6 countries in recovery
September 24th, 2009 by Financial Writer
The U.S. economy appears to be stabilizing after declining for four straight quarters, but the recovery has been tepid so far.
Financial markets have shown signs of improvement, and interbank lending has largely returned to normal. Consumer spending is still shrinking due to ongoing job losses and difficult credit conditions, but it has been stabilizing over [...]
Tags: businesses, economic, economists, financial markets, lending
Economy recovering, Geithner says, but fixes are needed
September 23rd, 2009 by Financial Writer
Treasury Secretary Timothy Geithner says the nation is moving toward economic recovery but that the regulatory system is broken and must be fixed.
In remarks prepared for a House hearing on Wednesday, Geithner says Congress must pass legislation that would require new protections for consumers, create a more stable system and protect taxpayers from bearing the [...]
Tags: banks, economic, economic recovery, economy, financial crisis
GAO: U.S. Unlikely to Get AIG Money Back
September 22nd, 2009 by Financial Writer
Despite some progress, congressional investigators say it’s still too soon to judge whether efforts by American International Group Inc. to restructure its operations and pay back the government will prove successful.
The government has provided $182.3 billion to the insurance giant. The Government Accountability Office says that as of early September, AIG’s outstanding balance of aid [...]
Tags: accountability, company, government, repayment
Mortgage Delinquences Set Record
September 21st, 2009 by Financial Writer
High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.
Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in [...]
Tags: delinquencies, financial, lenders, loans, mortgage
More Banks Failures, Housing Decline
September 18th, 2009 by Financial Writer
U.S. consumers will spend less and the fallout from the collapse of the commercial real estate market will spread, leading to even more bank failures, says economist Nouriel Roubini, economics professor at New York University’s Stern School of Business.
Furthermore, residential real estate prices have more room to fall, non-government bonds will come under pressure as [...]
Tags: business, economics, economist, real estate, us
Dollar Faces Unavoidable Crisis
September 17th, 2009 by Financial Writer
The U.S. dollar faces more uncertainty and a currency crisis is unavoidable, says commodities guru Jim Rogers.
The economy could take further hits as debt levels remain high, he told CNBC. The recent rebound is only a reaction to consumption falling immensely in 2008.
“How can the solution for debt and consumption be more debt and more [...]
Tags: crisis, Debt, dollar, economy, interest rates, money