(MENAFN) This year, the International Monetary Fund reduced there forecast for global growth and said there is a 25 percent chance of a world recession, Bloomberg reported.
The world economy is expected to expand at 3.7 percent in the current year which is the slowest pace seen in six years. The world's biggest financial companies have reported about $232 billion in credit losses and write-downs since the start of 2007.
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Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Thursday, April 3, 2008
Wednesday, March 26, 2008
Ford and Tata finalise $2.3bn deal
Tata Motors will pay Ford Motor about $2.3bn for Jaguar and Land Rover and Ford will contribute up to about $600m (£300m) to the two brands’ pension plans under terms of a sale agreement announced on Wednesday.
Ford will also continue to supply the two brands with engines and transmissions, stampings and other components for differing periods, and its credit arm will provide financing for their dealers during a transitional period of up to two months.
Ford made the announcement, as expected, at midday UK time after briefing Jaguar and Land Rover employees on details of the transaction. The sale is subject to regulatory approvals and is expected to close by midyear.
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Ford will also continue to supply the two brands with engines and transmissions, stampings and other components for differing periods, and its credit arm will provide financing for their dealers during a transitional period of up to two months.
Ford made the announcement, as expected, at midday UK time after briefing Jaguar and Land Rover employees on details of the transaction. The sale is subject to regulatory approvals and is expected to close by midyear.
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Tuesday, March 4, 2008
Economic gurus: Counseling the candidates
Of all the advisers a candidate has, few are more important this year than the house economists.
You might think that being part of a presidential candidate's brain trust would mean high-level meetings in plush quarters with good food.
Not exactly. There are high-level meetings - but they're more likely to be conducted by phone or on the fly between stump speeches.
As for the food, when asked what surprised him most about campaign life, John McCain adviser Douglas Holtz-Eakin said, "How much I like eating out of vending machines."
But of course, with an economy to save and crowds to sway, who has time for dinner?
The economy is front and center in people's minds, and the leading presidential candidates are relying on economic experts to help them win the pocketbook persuasion game.
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You might think that being part of a presidential candidate's brain trust would mean high-level meetings in plush quarters with good food.
Not exactly. There are high-level meetings - but they're more likely to be conducted by phone or on the fly between stump speeches.
As for the food, when asked what surprised him most about campaign life, John McCain adviser Douglas Holtz-Eakin said, "How much I like eating out of vending machines."
But of course, with an economy to save and crowds to sway, who has time for dinner?
The economy is front and center in people's minds, and the leading presidential candidates are relying on economic experts to help them win the pocketbook persuasion game.
Read Complete Story
Wednesday, February 6, 2008
Study: Rebates to be applied to debts
Consumer survey says that many Americans would use tax rebate funds from a Washington stimulus package to help repay what they owe.
Americans who would receive a tax rebate under Washington's proposed economic stimulus legislation are most likely to use their rebate money to pay down debt, according to a consumer survey.
The UBS Securities-commissioned survey released by the International Council of Shopping Centers, Inc. found that 43% of the 1,000 surveyed Americans would pay off debt, while 26% said they would save the money and only 24% said they would spend it.
"Consumers see this tax rebate program similar to earlier ones and will act in a similar fashion using the lion's share of the rebate money for debt relief," said Michael P. Niemira, chief economist and director of research for ICSC in a statement.
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Americans who would receive a tax rebate under Washington's proposed economic stimulus legislation are most likely to use their rebate money to pay down debt, according to a consumer survey.
The UBS Securities-commissioned survey released by the International Council of Shopping Centers, Inc. found that 43% of the 1,000 surveyed Americans would pay off debt, while 26% said they would save the money and only 24% said they would spend it.
"Consumers see this tax rebate program similar to earlier ones and will act in a similar fashion using the lion's share of the rebate money for debt relief," said Michael P. Niemira, chief economist and director of research for ICSC in a statement.
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Thursday, January 31, 2008
Bankers' and brokers' greed has undermined our economy
Call this the perfect financial storm or what you will; Wall Street has made fools of financial institutions around the world with their CMOs, CDOs, and greedy boo-boos.
At least they didn't lose as much as their customers. The stock market is in distress, bond insurers are looking for a $200 billion bailout, junk-bond markets are at risk of further losses and life-, home- and auto insurers' risk has not yet been fully assessed.
We need real ready-to-go financial leadership and we need it now. Tell the presidential candidates, Congress and economists to stay home. We need regulators with clear priorities.
Former Federal Reserve Chairman Paul Volcker, former FDIC Chairman Bill Isaacs and anyone they trust would be good choices. They beat inflation and presided over the savings and loan cleanup. Tell Ben Bernanke to go home.
As for you personally, it's every person for themselves and their family. Study the charts: This is a bear market.
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At least they didn't lose as much as their customers. The stock market is in distress, bond insurers are looking for a $200 billion bailout, junk-bond markets are at risk of further losses and life-, home- and auto insurers' risk has not yet been fully assessed.
We need real ready-to-go financial leadership and we need it now. Tell the presidential candidates, Congress and economists to stay home. We need regulators with clear priorities.
Former Federal Reserve Chairman Paul Volcker, former FDIC Chairman Bill Isaacs and anyone they trust would be good choices. They beat inflation and presided over the savings and loan cleanup. Tell Ben Bernanke to go home.
As for you personally, it's every person for themselves and their family. Study the charts: This is a bear market.
Read Complete Story
Tuesday, January 29, 2008
Home Prices Decline at Record Rates
A closely watched gauge of U.S. home prices shows they are falling sharply at record rates as a deepening slump in the housing market threatens to damp consumer spending.
Home prices in 10 major metropolitan areas in November were down 8.4% from a year earlier, according to the S&P/Case-Shiller home-price indexes, released Tuesday by credit-rating firm Standard & Poor's.
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Home prices in 10 major metropolitan areas in November were down 8.4% from a year earlier, according to the S&P/Case-Shiller home-price indexes, released Tuesday by credit-rating firm Standard & Poor's.
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American Economy: Strolling over the troubled waters
Against a backdrop of growing concern about the recession, the central bank of the United States, the Federal Reserve unexpectedly, out of the blue, slashed a key interest rate by three – quarters of a percentage point, from 4.25 percent down to 3.5 percent on Tuesday January 22nd after Federal Reserve Chairman Ben Bernanke and his team approved the huge rate cut after an emergency video conference on Monday night.
The action was approved on an 8-1 vote and this dramatic rate cut has raised concerns about the weakness in the world’s largest economy and has stirred panic all over the world as many analysts had predicted that the US economy could fall into a recession and drag down the rest of the world with it. And their panics and predictions are justifiable because the Fed has honestly stated some harsh economic realities hitting the world’s number one economy in its statement.
For instance, the fed in its statement has candidly stated that an appreciable downside risks to growth remain, and considering so it pledged to act in timely manner to curd the risk facing the economy.
The Fed signaled that further rate cuts were likely, possibly as soon as their next meeting on Jan. 29-30, if the American economic picture looks murky. And the situation is likely to be murkier because a macroeconomic policy takes time to jump from paper policies and act in the real world.
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The action was approved on an 8-1 vote and this dramatic rate cut has raised concerns about the weakness in the world’s largest economy and has stirred panic all over the world as many analysts had predicted that the US economy could fall into a recession and drag down the rest of the world with it. And their panics and predictions are justifiable because the Fed has honestly stated some harsh economic realities hitting the world’s number one economy in its statement.
For instance, the fed in its statement has candidly stated that an appreciable downside risks to growth remain, and considering so it pledged to act in timely manner to curd the risk facing the economy.
The Fed signaled that further rate cuts were likely, possibly as soon as their next meeting on Jan. 29-30, if the American economic picture looks murky. And the situation is likely to be murkier because a macroeconomic policy takes time to jump from paper policies and act in the real world.
Read Complete Story
Monday, January 28, 2008
The darker side of interest rate cuts
Markets like the Fed cuts and expect more. But lower interest rates could keep the dollar weak and ultimately threaten economic growth.
Interest rates are headed lower. But how low can they go?
The Federal Reserve surprised Wall Street earlier this week by cutting its fed funds short-term interest rate target by three-quarters of a percentage point, to 3.5 percent. The move had the effect of reducing rates on mortgages and home equity loans, and reassured investors that the Fed will do what it can to spur economic activity as long as the threat of recession looms.
But as much as Fed Chairman Ben Bernanke might like to keep the economy rolling by slashing interest rates, it's not clear how much room he'll have to do so. Two factors complicate the outlook for further interest-rate cuts: the hefty losses in the financial sector that are making banks less eager to lend money, and the prospect that lower rates will chase overseas investors away from the dollar, lowering the value of the greenback and boosting inflation. Adding to the case against deep rate cuts is the widespread perception that it was the Fed's rate-cutting zealousness after the last recession that led to the housing bubble that now threatens to derail the economy.
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Interest rates are headed lower. But how low can they go?
The Federal Reserve surprised Wall Street earlier this week by cutting its fed funds short-term interest rate target by three-quarters of a percentage point, to 3.5 percent. The move had the effect of reducing rates on mortgages and home equity loans, and reassured investors that the Fed will do what it can to spur economic activity as long as the threat of recession looms.
But as much as Fed Chairman Ben Bernanke might like to keep the economy rolling by slashing interest rates, it's not clear how much room he'll have to do so. Two factors complicate the outlook for further interest-rate cuts: the hefty losses in the financial sector that are making banks less eager to lend money, and the prospect that lower rates will chase overseas investors away from the dollar, lowering the value of the greenback and boosting inflation. Adding to the case against deep rate cuts is the widespread perception that it was the Fed's rate-cutting zealousness after the last recession that led to the housing bubble that now threatens to derail the economy.
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Friday, January 25, 2008
Bernanke Earns Feldstein Cheers, Roach Jeers for Emergency Cut
Federal Reserve Chairman Ben S. Bernanke's emergency interest-rate cut this week is either just what the doctor ordered or grounds for malpractice, depending on which prominent economists and investors you consult.
Stanford University Professor John Taylor says the move ``made sense'' and Harvard University's Martin Feldstein calls it a ``very good thing.'' Morgan Stanley's Stephen Roach counters that the decision was ``dangerous, reckless and irresponsible,'' and Nobel Prize winner Joseph Stiglitz says it resulted from ``bad economic management.''
The divergence of views stems from the timing of the reduction, less than a day after stocks tumbled from Hong Kong to London, raising prospects of a slide in U.S. markets. While Bernanke has warned of the danger that ``fragile'' markets pose to the slowing economy, some analysts say he risks rewarding investors who simply made bad decisions.
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Stanford University Professor John Taylor says the move ``made sense'' and Harvard University's Martin Feldstein calls it a ``very good thing.'' Morgan Stanley's Stephen Roach counters that the decision was ``dangerous, reckless and irresponsible,'' and Nobel Prize winner Joseph Stiglitz says it resulted from ``bad economic management.''
The divergence of views stems from the timing of the reduction, less than a day after stocks tumbled from Hong Kong to London, raising prospects of a slide in U.S. markets. While Bernanke has warned of the danger that ``fragile'' markets pose to the slowing economy, some analysts say he risks rewarding investors who simply made bad decisions.
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China's ICBC eyes more foreign banks, including troubled US lenders
The Industrial and Commercial Bank of China, which has made headlines with a series of overseas acquisitions, is eyeing more foreign targets, including troubled US banks, state media said Friday.
China's largest lender, cashed up after a 21.9-billion-dollar dual listing in Shanghai and Hong Kong in 2006, could make the acquisition some time this year, the China Daily reported.
"It's possible that ICBC will complete another acquisition deal in 2008," Pan Gongsheng, a ranking ICBC executive in charge of the bank's merger and acquisition business, told the paper.
US financial institutions, battered by the subprime mortgage crisis, may also be on the ICBC's shopping list "if such a deal facilitates our strategic development", Pan said.
"ICBC's major strategy will be expanding in Asia, consolidating in Europe and making a breakthrough in America," Pan said.
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China's largest lender, cashed up after a 21.9-billion-dollar dual listing in Shanghai and Hong Kong in 2006, could make the acquisition some time this year, the China Daily reported.
"It's possible that ICBC will complete another acquisition deal in 2008," Pan Gongsheng, a ranking ICBC executive in charge of the bank's merger and acquisition business, told the paper.
US financial institutions, battered by the subprime mortgage crisis, may also be on the ICBC's shopping list "if such a deal facilitates our strategic development", Pan said.
"ICBC's major strategy will be expanding in Asia, consolidating in Europe and making a breakthrough in America," Pan said.
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Thursday, January 24, 2008
Nethaway: No waiting for waiters
The United States blossomed into an international economic leader during the First and Second Industrial Revolutions.
Now many Americans worry that the bloom is off the rose.
As a young nation, Americans were quick to adopt technological innovations that transformed the labor-based economy into a manufacturing powerhouse.
Good old American ingenuity turned the steam engine, cotton gin, steel mill, telephone, internal combustion engine and other inventions into industrial giants that employed millions of workers
and expanded U.S. trade worldwide.
In recent years, however, manufacturing jobs dried up as companies moved their operations to foreign countries with lower labor costs, fewer employee benefits, lax environmental laws and less government interference.
There's nothing to worry about, Americans were told.
The outsourcing of manufacturing jobs is natural in the new global economy.
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Now many Americans worry that the bloom is off the rose.
As a young nation, Americans were quick to adopt technological innovations that transformed the labor-based economy into a manufacturing powerhouse.
Good old American ingenuity turned the steam engine, cotton gin, steel mill, telephone, internal combustion engine and other inventions into industrial giants that employed millions of workers
and expanded U.S. trade worldwide.
In recent years, however, manufacturing jobs dried up as companies moved their operations to foreign countries with lower labor costs, fewer employee benefits, lax environmental laws and less government interference.
There's nothing to worry about, Americans were told.
The outsourcing of manufacturing jobs is natural in the new global economy.
Read Complete Story
Saturday, September 22, 2007
Economists reasoning for Recession based on Past Ex.
THE employment statistics and the bond market are combining to send out a warning that has been heard only rarely in the past two decades: A recession is coming in the United States.The two charts show the double warning. Both charts warned of an economic downturn before the 1990 and 2001 recessions, and they are doing so again.
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Read Complete Story from NY Times
Friday, September 21, 2007
1 million Chinese-made cribs recalled
Simplicity brand cribs made in China are recalled following reports of three infant deaths and entrapment; suffocation concerns.Failures in the crib's drop side are due to a combination of hardware and design flaws that allow consumers to unintentionally install the drop side upside down.
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Declining dollar: Who wins, who loses
Concern about greenback weakness is building and experts see the trend continuing. Economists ponder the impact.The dollar fell sharply against the euro after the Federal Reserve cut interest rates at its policy meeting on Tuesday, extending its decline over the past few years.
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Japan’s Economy May Soon Pass U.S.
Contrasting the American economy with Japans clearly shows that there is much room for improvement in our economic system. Unless policy makers make major changes quickly, Japan’s economy will soon surpass America’s. To put this in perspective, this is how America compares with a country as small as Japan:
Land: Japan is a country with only 4% of our land mass (smaller than California) and is 90% mountainous and infertile.
Resources: Japan has minimal natural resources - no oil, no coal, and no iron ore, no timber, just fish!
Manufacturing: To manufacture a product, Japan must import all of its required resources. Even after this expense, they have an $88 billion per year balance of trade surplus with America alone (their exports versus imports with America) (2006, US Census Bureau) and also accumulate one-third of the world's savings (US News & World Report, March 19, 2001).
Wages: Few Americans realize that Japanese hourly compensation costs in US dollars were nearly identical to that of US hourly compensation in 2005 according to the US Bureau of Labor Statistics.
Savings and Debt: The average Japanese family has a savings equivalent to $117,000 US Dollars (US News & World Report, March 19, 2001). American families in 2006 had a negative savings rate (we spent more than we earned).
Income Through Trade: Japan had the world’s second highest current account surplus (net trade plus interest and other income) next to China in 2006 of $170 billion while the US current account deficit including goods, services, income, transfers was a staggering $857 billion loss, the world’s largest, according to the US Department of Commerce and the International Monetary Fund.
Investment Income: Japan earned $118 billion on its foreign investments in 2006 and the US actually lost $7 billion according to the International Monetary Fund.
Japan must be doing something right! Better planning, direction, and a more responsive government are keys to their success. They have learned much from us and have improved on it. Perhaps it would be wise for us to study their improvements for our own benefit.
Interest Expense: The US public debt is almost 50% financed by other countries whereas Japan’s public debt is nearly 100% financed by its own citizens. Japan’s government borrows money at rates as low as 0.6% percent (sixth tenths of one percent) whereas the US government short-term rate is almost 8 times higher.
To put this in perspective, the US government paid out over $405 billion to pay interest alone in 2006 on the nearly $9 trillion of government debt; that equals more than $1.1 billion per day in interest charges alone.
Foreign Reserves: Japan has foreign currency reserves (redeemable for foreign assets, corporations, resources, etc. on demand) of $909 billion. These are economic bullets poised to take out any American company, most of which are for sale on the open stock market. The US has foreign currency reserves of merely $66 billion.
America is a large country (2 1/2 times Japan's population and 2.3 times the labor force, plus much land and natural resources), but we are producing less, importing more, and borrowing more than ever before as well as selling our irreplaceable assets to pay for imports and debt. We have sold over 14,000 of our best companies to foreign interests since 1978.
Production: For example, Japan was the largest producer of steel in 2005 behind only China. Japan outproduced the US by 22 million tons. Furthermore, at least 20% of the domestic US steel industry is foreign owned according to the IRS and we import nearly 30% of the steel that we consume. Nearly none of Japan’s key industries are foreign owned.
Unemployment: Japan also had the lowest unemployment rate of all countries surveyed in 2006 by the US Bureau of Labor Statistics.
America's wealth was accumulated by previous generations, as we had world-beating manufacturing capabilities. America is presently relinquishing much of its manufacturing to outsourcing (giving away our technology and jobs to foreign companies and have them produce for us in their country thus totally dismantling our industrial base) and insourcing (subsidizing foreign companies to manufacturer in America to produce for their benefit and their profit, which quickly displaces many American-owned factories and entire industries).
We are becoming vulnerably dependant on foreign companies for jobs, products and loans.
American owned manufacturing is becoming obsolete and second rate. We are no longer competitive with Japan, China and others. We can’t compete with China’s wage rates, and Japan’s technology in manufacturing, we have become unquestionably second rate (auto industry is a prime example). Ask yourself in what areas does the U.S. lead the world?
America is the only major industrialized country which depends on foreign suppliers for large amounts of steel. It also depends on foreigners for critical inputs needed by strategic industries.
When you compare our strengths and weaknesses with Japan it’s so easy to see (but many do not want to believe it) that the U.S. is developing an economic profile of a 3rd world country masquerading as a superpower. How can we now afford to fight three wars (Iraq, Afghanistan, and the War on Terror) when we can’t even support ourselves?
Our present leaders are not coping with our problems or properly managing for our future. Where are we headed? Can't America do better?
Land: Japan is a country with only 4% of our land mass (smaller than California) and is 90% mountainous and infertile.
Resources: Japan has minimal natural resources - no oil, no coal, and no iron ore, no timber, just fish!
Manufacturing: To manufacture a product, Japan must import all of its required resources. Even after this expense, they have an $88 billion per year balance of trade surplus with America alone (their exports versus imports with America) (2006, US Census Bureau) and also accumulate one-third of the world's savings (US News & World Report, March 19, 2001).
Wages: Few Americans realize that Japanese hourly compensation costs in US dollars were nearly identical to that of US hourly compensation in 2005 according to the US Bureau of Labor Statistics.
Savings and Debt: The average Japanese family has a savings equivalent to $117,000 US Dollars (US News & World Report, March 19, 2001). American families in 2006 had a negative savings rate (we spent more than we earned).
Income Through Trade: Japan had the world’s second highest current account surplus (net trade plus interest and other income) next to China in 2006 of $170 billion while the US current account deficit including goods, services, income, transfers was a staggering $857 billion loss, the world’s largest, according to the US Department of Commerce and the International Monetary Fund.
Investment Income: Japan earned $118 billion on its foreign investments in 2006 and the US actually lost $7 billion according to the International Monetary Fund.
Japan must be doing something right! Better planning, direction, and a more responsive government are keys to their success. They have learned much from us and have improved on it. Perhaps it would be wise for us to study their improvements for our own benefit.
Interest Expense: The US public debt is almost 50% financed by other countries whereas Japan’s public debt is nearly 100% financed by its own citizens. Japan’s government borrows money at rates as low as 0.6% percent (sixth tenths of one percent) whereas the US government short-term rate is almost 8 times higher.
To put this in perspective, the US government paid out over $405 billion to pay interest alone in 2006 on the nearly $9 trillion of government debt; that equals more than $1.1 billion per day in interest charges alone.
Foreign Reserves: Japan has foreign currency reserves (redeemable for foreign assets, corporations, resources, etc. on demand) of $909 billion. These are economic bullets poised to take out any American company, most of which are for sale on the open stock market. The US has foreign currency reserves of merely $66 billion.
America is a large country (2 1/2 times Japan's population and 2.3 times the labor force, plus much land and natural resources), but we are producing less, importing more, and borrowing more than ever before as well as selling our irreplaceable assets to pay for imports and debt. We have sold over 14,000 of our best companies to foreign interests since 1978.
Production: For example, Japan was the largest producer of steel in 2005 behind only China. Japan outproduced the US by 22 million tons. Furthermore, at least 20% of the domestic US steel industry is foreign owned according to the IRS and we import nearly 30% of the steel that we consume. Nearly none of Japan’s key industries are foreign owned.
Unemployment: Japan also had the lowest unemployment rate of all countries surveyed in 2006 by the US Bureau of Labor Statistics.
America's wealth was accumulated by previous generations, as we had world-beating manufacturing capabilities. America is presently relinquishing much of its manufacturing to outsourcing (giving away our technology and jobs to foreign companies and have them produce for us in their country thus totally dismantling our industrial base) and insourcing (subsidizing foreign companies to manufacturer in America to produce for their benefit and their profit, which quickly displaces many American-owned factories and entire industries).
We are becoming vulnerably dependant on foreign companies for jobs, products and loans.
American owned manufacturing is becoming obsolete and second rate. We are no longer competitive with Japan, China and others. We can’t compete with China’s wage rates, and Japan’s technology in manufacturing, we have become unquestionably second rate (auto industry is a prime example). Ask yourself in what areas does the U.S. lead the world?
America is the only major industrialized country which depends on foreign suppliers for large amounts of steel. It also depends on foreigners for critical inputs needed by strategic industries.
When you compare our strengths and weaknesses with Japan it’s so easy to see (but many do not want to believe it) that the U.S. is developing an economic profile of a 3rd world country masquerading as a superpower. How can we now afford to fight three wars (Iraq, Afghanistan, and the War on Terror) when we can’t even support ourselves?
Our present leaders are not coping with our problems or properly managing for our future. Where are we headed? Can't America do better?
Thursday, September 20, 2007
Research group says economy will lose steam
The Conference Board's index of leading economic indicators drops 0.6 percent, slightly higher than expected, reflecting the overall impact of credit crisis.NEW YORK (AP) -- U.S. economic growth should lose steam in coming months, a research group said Thursday, indicating a clampdown on credit markets will continue to take its toll on the broader economy.
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Congress is warned: Go easy on lending fix
Treasury boss Paulson and Fed chief Bernanke tell House panel what they are doing on mortgage crisis and express concern over some proposals.NEW YORK (CNNMoney.com) -- Call your mortgage lender. Make more money available for mortgages to ease the credit crunch. Give borrowers greater protection from predatory lenders.
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Wednesday, September 19, 2007
Read the Fed statement
Central bank policy-makers cut rates by half of a percentage point to 4.75%.NEW YORK (CNNMoney.com) -- The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4.75 percent.
Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time.
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Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time.
Read Complete Story
Tough road ahead for dollar after Fed cut
Rate cut by central bank and possibility of more rate cuts will weigh on dollar through remainder of year.NEW YORK (CNNMoney.com) -- With Tuesday's rate cut by the Federal Reserve, the prevailing thought among currency traders is that there is more weakness for the dollar in the months ahead.
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Interest rates slashed to help economy
Fed's dramatic action lowers target on key short-term rate for the first time in 4 years - to 4.75% - and signals more cuts could be coming.NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by half of a percentage point Tuesday to 4.75% in a bold acknowledgement that the central bank is concerned the mortgage meltdown plaguing Wall Street and Main Street could hurt the economy.
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