The US Treasury said Thursday it would extend guarantees to Fannie Mae and Freddie Mac through 2012 to allow the government-sponsored mortgage finance giants to weather any new crisis.
A new, amended agreement lifts a cap of 200 billion dollars in aid that can be pumped into each of the two firms, and gives the government [...]
Archive for the ‘Global Economy’ Category
US extends guarantees on Fannie, Freddie through 2012
December 26th, 2009 by Financial Writer
Tags: fannie Mae, freddie Mac, Global Financial, housing, mortgage finance
more...Debt limit hike wins final Congress approval
December 24th, 2009 by Financial Writer
A divided U.S. Senate gave final congressional approval on Thursday to a $290 billion hike in the federal debt limit, enough to finance the record U.S. deficit for another two months while the United States digs out from the worst recession since the 1930s.
On a largely party-line vote of 60-39, the Democratic-led Senate approved legislation [...]
Tags: federal debt, max baucus, US Deficit, us senate
US consumer spending up as economy gains steam
December 23rd, 2009 by Financial Writer
US consumer spending rose as Americans enjoyed their biggest income gain in six months in November, government data showed Wednesday in a sign the economy is gaining steam following recession.
The Commerce Department said personal consumption expenditures climbed 0.5 percent in the penultimate month of 2009 fueled by spending on goods as retailers slashed prices to [...]
Tags: economy, recession, us consumer, us economist, us unemployment
A year when even the boss’ job wasn’t safe
December 23rd, 2009 by Financial Writer
Of the 4.3 million Americans who lost their jobs this year, unemployed CEOs may deserve the least public sympathy. Many of them ran companies that took federal aid. Others made a fortune when they sold their companies. One may have mishandled data that was tied to his company’s most promising product.
But as we look back [...]
Tags: AIG, CEO, financial services, obama administration, unemployed
Stock rise as investors shake off GDP revision
December 22nd, 2009 by Financial Writer
Stocks rose Tuesday as investors appear to be shaking off a worse-than-expected report that showed economic growth in the third quarter was not as strong as previously forecast.
Overseas markets strengthened. A report that the British economy did not contract as much as previously thought in the third quarter sparked a rally in Europe.
The U.S. government [...]
Tags: economy grew, gdp, holiday, investors, stock rise
Rebound leads AP’s top business stories of ’09
December 21st, 2009 by Financial Writer
In 2009, the economy was near collapse before pulling back from the brink of depression. Unemployment topped 10 percent, but layoffs eased. General Motors and Chrysler toppled into bankruptcy and emerged smaller and leaner. The Dow Jones industrial average swooned to a 12-year low, then came part of the way back.
It was a year of [...]
Tags: depression, economy’s wild, general motors, great depression, top business, unemployment
European markets push higher ahead of US open
December 21st, 2009 by Financial Writer
European stock markets and Wall Street futures rose Monday amid hopes that the recent bout of selling may have run its course. However, bigger gains are not anticipated over the coming days as trading volumes fall because more and more traders are shutting up shop for the Christmas break.
The FTSE 100 index of leading British [...]
Tags: christmas, Federal Reserve, real estate, stock markets, wall street
Midnight in the food-stamp economy
December 18th, 2009 by Financial Writer
At 11 p.m. on the last day of the month, shoppers flock to the nearest Walmart. They load their carts with food and household items and wait for the midnight hour. That’s when food stamp credits are loaded on their electronic benefits transfer cards.
“Once the clock strikes midnight and EBT cards are charged, you can [...]
Tags: costco, economy, food stamp, unemployment, us holiday
Ahead of the Bell: Leading economic indicators
December 17th, 2009 by Financial Writer
Analysts expect that a private forecast of U.S. economic activity rose for the eighth straight month in November, signaling that the economic recovery will extend into next year.
The Conference Board’s index of leading economic indicators likely rose 0.7 percent last month, according to Wall Street economists surveyed by Thomson Reuters. The index, which is meant [...]
Tags: economic indicators, economists, leading, money supply, us economic
Current account trade deficit widens in 3Q
December 16th, 2009 by Financial Writer
The deficit in the broadest measure of foreign trade posted a sharp increase in the July-September quarter, a sign that the U.S. economy was beginning to rebound as demand for foreign goods increased.
The Commerce Department said Wednesday the current account deficit rose to $108 billion in the third quarter, an increase of 10.3 percent from [...]
Tags: deficit, recession, us companies, us economy, us investments