Bernanke Defends the Fed In Confirmation Hearing
Under fire from Democrats and Republicans alike, Ben S. Bernanke PhD ’79 on Thursday defended his record as chairman of the Federal Reserve but conceded that the central bank’s lapses contributed to the financial crisis.
Treasury Secretary Says Bailout Programs Are Shrinking
One of President Barack Obama’s top economic strategists said on Thursday that the government was now starting to shrink many parts of the gigantic financial bailout that followed the collapse of Lehman Brothers last September.
Obama Seeking to Cut Foreign Taxation Havens
President Barack Obama on Monday called for curbing offshore tax havens and corporate tax breaks to collect billions of dollars more from multinational companies and wealthy individuals.
U.S. Orders 10 Big Banks to Raise Another $75 Billion
After subjecting the nation’s biggest banks to the most public scrutiny in decades, federal regulators ordered 10 of them on Thursday to raise a total of $75 billion in extra capital and gave the rest a clean bill of health.
Stimulus Also Requires Stability, Bernanke Says
The chairman of the Federal Reserve, Ben S. Bernanke, warned Tuesday that the highly unpopular job of using taxpayer money to bail out financial institutions in the United States and other countries was far from over.
Obama Aides Clashed Over Bank Bailout Plan
The Obama administration’s new plan to bail out the nation’s banks was fashioned after a spirited internal debate that pitted the Treasury secretary, Timothy F. Geithner, against some of the president’s top political hands.
Nations Weigh Options as Financial Chaos Spreads
The United States and Britain appear to be converging on a common solution for the financial chaos sweeping the world, one day before a crucial meeting of financial leaders begins in Washington that the White House hopes will result in a more unified response.
Fed Weighs a Radical Intervention in Debt Market
As pressure built in the credit markets and stocks spiraled lower around the world on Monday, the Federal Reserve was considering a radical new plan to jump-start the engine of the financial system.
New Economic Bailout Plans May Focus on Homeowners
After pouring vast amounts of money into financial institutions of almost every type, and having little to show for it, the Bush administration and the Federal Reserve are suddenly taking a new look at ordinary homeowners.
U.S. Recession Is Officially Declared Almost a Year Old
The U.S. economy officially sank into a recession last December, which means that the downturn is already longer than the average for all recessions since World War II, according to the committee of economists responsible for dating the nation’s business cycles.
Greenspan Concedes Flaws In His Hands-Off Approach
For years, a congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.
Federal Reserve Chairman Endorses New Stimulus
The chairman of the Federal Reserve, Ben S. Bernanke, said on Monday that he supported a second round of additional spending measures to help stimulate the economy.
With Bill Stalled, Fed and Treasury Have Other Options
For the Federal Reserve and the Treasury Department, it is crunch time.
Policymakers Propose Stronger Mortgage Rules
The nation’s top economic policymakers, hoping to prevent a repeat of the excesses that led to the mortgage bubble and bust, on Thursday proposed a broad series of reforms aimed at tightening oversight of financial institutions.
Top Officials Make Bleaker Assessment of U.S. Economy
With the credit markets once again deteriorating, the nation’s two top economic policymakers acknowledged Thursday that the outlook for the economy had worsened, as both came under criticism for being overtaken by events and failing to act boldly enough.
Fed Lowers Rates in Reaction To Monday’s Market Turmoil
The Federal Reserve, confronted by deepening panic in global financial markets about a possible recession in the United States, struck back on Tuesday morning with the biggest one-day reduction of interest rates on record and at least temporarily stopped a vertigo-inducing plunge in stock prices.
Apple unexpectedly cut the price of its iPhone on Wednesday, claiming that it was seeking to broaden the market for the popular but pricey phone for the Christmas season.
Interior Dept. Proposes Expansion of Oil and Gas Drilling Along U.S. Coasts
The Bush administration on Monday proposed leasing out millions of acres along the coasts of Alaska and Virginia to oil and gas drillers, a move that would end a longstanding ban on drilling in those environmentally sensitive areas.
Bush Orders Review of Auto Fuel Efficiency For New Automobiles
President Bush announced Monday that he had directed his administration to begin the long process of establishing higher fuel efficiency standards for new cars.