In a blizzard of partisan rhetoric, congressional leaders sparred Friday over whether America’s struggling auto makers should be the next benefactor in the lengthening series of federal bailouts.
Key Democrats have pushed furiously for an additional $25-billion infusion to help the sinking industry. Earlier this year, Congress More…
With the economy this bad, people obviously are cutting back on their spending. But they’re also changing their spending patterns, and those choices sometimes provide a clearer picture of the economy than a detailed set of statistics.
First, the gift card. Once a staple of Christmas stockings, the gift More…
The complex structure of modern capital markets is increasingly the cause of financial crises. External shocks like a decline in housing prices are intensified as they move through the convoluted chains of dealings that link market participants. Concentration of trading among a small group of dealers only heightens the many More…
In perhaps the greatest financial paroxysm yet, a spate of gigantic mergers sparked by the recent global crisis has overnight reordered the American economic landscape — if not America itself.
Once almighty Wall Street is being forced by its nosediving fortunes into a shotgun marriage with Main Street — relying More…
Mortgage Insider tallies up the carnage among subprime lenders since the foreclosure crisis began — and it’s grim:
The list of major subprime lenders for 2006 and 2007 resembles the casualty roster from the Battle of Verdun in World War I. Only difference: way fewer walking wounded this time.
Six thousand American families are due to lose their homes in foreclosure today.
Many more American families are going to be grist for the foreclosure machine unless Congress acts to help them. But, as of today, it appears that any bailout of the financial institutions that are now More…
As congressional leaders work furiously to hash out a bipartisan counterproposal to the Bush administration’s $700 billion financial bailout plan, there’s increasing consensus that the plan should also contain limits on executive pay and greater oversight of the Treasury Dept.
Maybe we’re whiners for a reason. Bankruptcy filings climbed again in August, providing more proof that people are feeling the strains of a softening economy, creditslips reports.
The August figures show bankruptcy filings have reached a post-2005 high of 4,476 filings per day, notes credit expert Robert Lawless, a More…
Newly minted Democratic vice presidential candidate Joe Biden’s support for the now widely derided 2005 bankruptcy bill is emerging already as an issue. The New York Times weighed in today with a story noting Biden’s support for the bill and raising questions over a consulting agreement between his More…
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