The U.S. economy has not begun to climb out of the worst recession since the Great Depression, but the “terror” that followed last year’s near-collapse of the financial system is gone, due in part to government intervention, Warren Buffett told Reuters on Tuesday.
Buffett maintained a positive outlook on the government’s much criticized Troubled Asset Relief [...]
Archive for September, 2009
Economy Has Not Turned Up
September 16th, 2009 by Financial Writer
Tags: bank, depression, economy, financial system, recession
more...Hooray for banks that refused bailouts!
September 14th, 2009 by Financial Writer
A group of banks that turned down TARP funds have outperformed banks that received gobs of support. It just goes to show that not all banks needed a rescue.
It’s nearly one year after the big crash, and the financial system is still functioning.
Most banks didn’t go out of business or get taken over. Your ATM [...]
Tags: banking, banks, business, financial
Volcker: Banks Should Not Trade
September 14th, 2009 by Financial Writer
Banks should not be allowed to own hedge funds or equity funds and their trading activity should be limited, former Federal Reserve Chairman Paul Volcker said in an interview with Il Sole 24 Ore on Thursday.
“A bank that generates the major part of its income from trading should not be allowed to have a banking [...]
Tags: banking, banks, economic, financial, obama
Unions Have Little to Show for Backing Obama
September 14th, 2009 by Financial Writer
Former Pennsylvania coal miner Richard Trumka isn’t president of America’s biggest labor federation yet, but he’s already cranking up rhetoric on issues from healthcare reform to making it easier to unionize.
When President Barack Obama and Democrats in Congress first showed signs of compromise on healthcare reform, the incoming AFL-CIO leader warned lawmakers to keep a [...]
Tags: democratic, financial, obama, president
People must ’stay secure when banking online’
September 11th, 2009 by Financial Writer
Consumers have been advised to stay as secure as they can when banking online in order to benefit from the convenience it offers.
Jacques Erasmus, director of malware research at Prevx, stated that he personally uses online banking, but it is vital to be aware of the threats to look out for.
He highlighted the use of [...]
Tags: banking, banking online, consumers
Hooray for banks that refused bailouts!
September 11th, 2009 by Financial Writer
A group of banks that turned down TARP funds have outperformed banks that received gobs of support. It just goes to show that not all banks needed a rescue.
It’s nearly one year after the big crash, and the financial system is still functioning.
Most banks didn’t go out of business or get taken over. Your ATM [...]
Tags: banks, business, financial firms, financial system
White House: Stimulus Saved 1 Million Jobs
September 11th, 2009 by Financial Writer
U.S. President Barack Obama’s $787 billion stimulus package created or saved about 1 million jobs in the first six months after it was enacted, the White House said in a report released on Thursday.
In its first quarterly look at the impact of the stimulus bill, also known as the American Recovery and Reinvestment Act, the [...]
Tags: economic, economically, jobs, us, white house
Word on the street: No job prospects
September 11th, 2009 by Financial Writer
The economic picture has started to improve, but those out of work see no recovery in sight.
The job market is showing signs of improvement, according to the latest economic reports. But for those out of work and pounding the pavement, there are few signs of a turnaround.
After peaking in January, the pace of job losses [...]
Tags: businesses, economic, employers, us
Santander: Economy depends on the consumer
September 11th, 2009 by Financial Writer
Santander has said that despite optimism in the stock markets, inflation will depend on the actions of consumers.
Richard Moore, manager of the Asset Management UK arm of the banking group, made his comments following news that the FTSE 100 has reached 5,000 points.
He pointed out that consumers must now spend in order for inflation to [...]
Tags: banking group, consumers, inflation, santander
Ex AIG chief in regulators’ sights
September 11th, 2009 by Financial Writer
Law enforcement source says the former chief of the insurance giant’s financial products unit and other executives are being probed for fraud.
Government investigators are probing the former head of American International Group Inc.’s Financial Products unit, Joseph Cassano, and other executives for securities fraud, a law enforcement source familiar with the case said on Friday.
The [...]
Tags: business, financial products, new york, securities fraud