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Global losses from the credit crisis could exceed $4.1 trillion by the end of 2010, according to a report from the International Monetary Fund (IMF) released on Tuesday morning. The IMF raised its projection for $1.4 trillion in credit losses from U.S. financial institutions to a $2.7 trillion loss,...
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The Fast Money traders and Sean Egan, president of Egan Jones Capital, discuss the state of the credit crisis.
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Treasury Secretary Timothy Geithner says the economy will face a period of slower growth if we don't get the deficit down, reports CNBC's Mary Thompson.
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More measures are needed to combat the credit crunch and provide additional liquidity to the financial system, according to Fed Chairman Ben Bernanke in a speech Tuesday to the London School of Economics. Bernanke argued that, "more capital injections and guarantees may become necessary to ensure...
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Millions of Americans are being sandbagged yet again by consequences arising from the banking crisis. For the last six months or so, lenders have been wrecking havoc on many of their customers by reducing credit limits , increasing prevailing interest rates , or both. These unilateral moves have been...
Posted to
MND NewsWire
by
Jann Swanson
on
Thu, Dec 11 2008
Filed under:
Filed under: credit score, interest rates, credit crisis, credit cards, fico, interest rates, credit crisis, credit score, fico, credit cards
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Interbank lending rates in the United States continues to decline in Thursday with the longer three-month Libor kicking off 10 bps to a 2.00% level narrowing some key measures of credit health. The Libor/OIS spread narrowed 9 bps to 175 bps and the Ted-spread narrowed 10 bps to 199 bps. Meanwhile, the...
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The minutes of the Federal Open Market Committee's ( FOMC ) Oct. 28-29 meeting released Wednesday show that board members reduced their GDP forecast down by two percentage points. The Committee believes modest growth will return in the second half of next year and near-potential growth could be restored...
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The U.S. will borrow a record $550 billion from October to December . In its previous estimate, the Treasury said it expected to market $142 billion in debt. "The increase in borrowing is primarily due to higher outlays related to economic assistance programs, lower receipts, and lower net issuances...
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The Treasury is moving rapidly to ease "extremely impaired" credit markets, which should help all Americans across the country, said Neel Kashkari , Interim Assistant Secretary for Financial Stability, in his testimony on Thursday before the Senate Committee on Banking, Housing and Urban Affairs...
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High amounts of risk taking prior to the credit crisis were likely to have dire consequences, but it has turned out to be much broader and more damaging than anything former Federal Reserve Chairman Alan Greenspan imagined. In his prepared testimony to U.S. lawmakers, the former Fed chairman called the...
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More happy news from the economic front: it is possible that the perpetrators of the mortgage mess, the stock market nose dive, and a whole bunch of other peripheral crimes might just get away with it. The New York Times and the Associated Press are both reporting that the Federal Bureau of Investigation...
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News on Tuesday that the U.S. government will prop up financial institutions with up to $250 billion in equity injections will work to address key risks in the U.S. banking sector, but won't solve all of the challenges facing banks. "The actions taken by the Government are very positive steps...
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Economists say the Beige Book document to be released Wednesday will be looked at closely by the Federal Reserve, in order to get the first comprehensive look at how September's turmoil affected regional conditions across the nation. The Beige Book is an anecdotal summary of economic conditions over...
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Following landmark agreements this weekend between G7 and euro zone nations to deal with the credit crisis, billionaire investor George Soros criticized officials on both sides of the Atlantic for their initial slow response to the turmoil. Holding a press conference in Washington D.C. on Sunday, the...
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The U.S. Treasury is implementing a "strong, decisive and effective program" including seven policy teams committed to battle the unpredictable credit crisis , said Neel Kashkari, interim head of the new Office of Financial Stability, which will oversee the $700 billion Emergency Economic Stabilization...