The specter of bank nationalization is driving a historic fire sale of stocks including Citigroup and Bank of America, making it harder for those firms to survive and imperiling the efforts of the Obama administration to keep banks in private hands. A burgeoning chorus of prominent economists and members of Congress has concluded that some […]
Obama signs huge stimulus, readies foreclosure aid(Video)
DENVER (AP) — Racing to reverse the country’s economic spiral, President Barack Obama signed the mammoth stimulus package into law Tuesday and readied a new $50 billion foreclosure rescue for legions of Americans who are in danger of losing their homes. There was no recovery yet for beleaguered automakers, who were back in Washington for […]
Obama Rescue Plan: Wasted Opportunity?
The enormity of the global financial crisis, with its epicentre in the USA, has taken even the big economists and pundits by surprise. Now as the world waits with a bated breath, President Barack Obama’s team has offered a rescue plan. But what intrigues me most is that despite visible laxity in the regulatory mechanism and […]
Bank CEOs: The Men Behind the Billions
The eight bank chief executives who will testify before Congress today will explain how they have used money from the government’s Troubled Asset Relief Program, or TARP. The group has spurred their share of headlines in recent months for everything from defending their banks’ spending practices to deciding to forego their multi-million dollar bonuses, as […]
Iranian president to speak to US
As President Obama said in his inaugural address, our economic strength is derived from ‘the doers, the makers of things.’ The innovators who create and expand enterprises; the workers who provide life to companies; this is what drives economic growth. The financial system is central to this process. Banks and the credit markets transform […]
US Economy and Its Collapse
Today’s topic of talk is about the collapse of the US markets, its economy and hence the world economy. Before we enlighten you on the economic issues, we would have a look at the statistics. Easily the world’s largest economy, it has a colossus GDP of $14.3 trillion which is equivalent to almost 23% […]
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