Consumers cinched their belts sharply in the last few months, curbing spending and driving economic growth into negative territory, the deepest decline since 2001, the government reported today.
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Federal officials moved closer Wednesday to guaranteeing as much as $500 billion in mortgages after they are modified to make them more affordable to homeowners, part of the multifront battle to resuscitate the country’s flagging economy.
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NEW YORK –The economy’s health improved for the first time in five months in September as supplier deliveries and new orders strengthened, a private research group said Monday.
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The Bush administration’s sweeping new plan to pump $250 billion directly into
U.S. banks promises to be a faster, easier, simpler and more direct way to revive the nation’s prostrate financial system, but it also sets the stage for a political tug of war that could persist long after the current crisis has passed.
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Leaders from the world’s smaller, less-developed countries joined Saturday in pledging to support efforts by the United States and other major nations to halt the global financial crisis, despite worries that their own economies may suffer.
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President Bush and the finance ministers of seven of the world’s most powerful economies stood shoulder to shoulder in the White House Rose Garden this morning and pledged to work together to resolve the crisis that has paralyzed global markets.
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NEW YORK – Stocks are opening higher after
IBM Corp.
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The way the current financial crisis spread around the world like a brush fire, outracing all efforts to contain it, underscored a painful reality: We have a global economy but nothing close to a global system for managing it.
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The Federal Reserve and five other central banks slashed their key interest rates this morning, hoping to jolt petrified global credit markets back to life.
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WASHINGTON – Desperate to halt the panic sweeping financial markets, the Federal Reserve announced today that it would start buying up billions and perhaps more than a trillion dollars of short-term commercial debt.
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