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Credit Crunch

Manic Monday: Dow roars back from worst week ever

AP | TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — Wall Street stormed back after its worst week ever and staged the biggest single-day stock rally since the Great Depression on Monday...

No Guarantees That Credit Will Flow After Global Meetings

New York Times | Floyd Norris | Posted 05.25.2011 | Business

At the end of a weekend when nearly all of the world's major bankers and finance ministers gathered in Washington to stanch the global credit crisis, ...

Iceland Looks For Overseas Help In Dire Financial Crisis

Reuters | Posted 05.25.2011 | Business

REYKJAVIK (Reuters) - Iceland looked for help from new partners on Monday to dig it out of a crisis that has overwhelmed its once-flourishing financia...

World stock markets soar after last week's rout

AP | JEREMIAH MARQUEZ | Posted 05.25.2011 | Business

HONG KONG — Global stock markets rebounded strongly on Monday after last week's historic sell-off as governments from Europe to Australia and th...

Breaking The Fever: Could This Crisis Also Be The Cure?

The Washington Independent | Satyajit Das | Posted 05.25.2011 | Business

The first phase of this cure is reduction of debt throughout the financial system. So far, overall losses to financial institutions are $400 billion t...

Financial Crisis Opinions: Experts Weigh In

Huffington Post | Dave Burdick | Posted 05.25.2011 | Business

Here are brief excerpts from financial experts around the world weighing in on today's stomach-turning economic action. Click the expert's name to rea...

World stocks slump on Dow open

AP | PAN PYLAS | Posted 05.25.2011 | Business

LONDON — Europe's stock markets plunged Friday after Wall Street opened a breathtaking 7 percent lower _ below the 8,000 level _ but they soon r...

Forcing Paulson to Be a Businessman, Not a Crony Communist

David Sirota | Posted 05.25.2011 | Business
David Sirota

Those of us who opposed the bailout said, the way to deal with a credit crisis is to actually, ya know, deal with a credit crisis, and not use it to enrich Wall Street executives.

Iceland suspends stock trading, creates new bank

AP | JANE WARDELL | Posted 05.25.2011 | Business

REYKJAVIK, Iceland — Iceland suspended trading on its stock exchange for two days and took control of the country's largest bank _ the third to ...

Christopher Hitchens' Economic Assessment: United States Is A "Banana Republic"

Vanity Fair | Christopher Hitchens | Posted 05.25.2011 | Business

But still, the chief principle of banana-ism is that of kleptocracy, whereby those in positions of influence use their time in office to maximize thei...

Federal Reserve Orders Emergency Rate Cut To 1.5%

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a p...

Buying A Car? Bring Cash

New York Times | Bill Vlasic and Nick Bunkley | Posted 05.25.2011 | Business

DETROIT -- The few consumers who are buying new cars are being forced into bigger down payments or all-cash deals in the latest sign of how the credit...

Stocks zigzag, end lower after emergency rate cut

AP | JOE BEL BRUNO and TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — A stock market empowered by an emergency interest rate cut tried to find some stability Wednesday, rallying several times before anot...

Paulson Says Administration Is Working Fast, But Some Banks Will Fail

AP | MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — The Bush administration is considering taking ownership stakes in a number of U.S. banks as one option it might use to deal with a ...

Credit: Man's Confidence in Man

Dr. R. Keith Sawyer | Posted 05.25.2011 | Business
Dr. R. Keith Sawyer

"Commercial credit is the creation of modern times and belongs only to the most enlightened and best governed nations." I stumbled on this frieze after giving a talk at Harvard Business School.

Federal Reserve Unveils Short-Term Loan Plan

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — The Federal Reserve is providing more details about when it will make billions of dollars in short-term loans available to squeezed...

Wall Street Credit Crash Threatens To Tank U.S. Auto Industry

Diane Tucker | Posted 05.25.2011 | Home
Diane Tucker

"Every job lost on Wall Street impacts two-to-three jobs on the outside. By comparison, every job lost at an auto plant impacts nearly 10 jobs on the outside... We don't want to know what happens if the domestic auto industry gets away from us."

The Credit Squeeze Scare

Dean Baker | Posted 05.25.2011 | Business
Dean Baker

While the story of the big Wall Street banks teetering may be unique to the current downturn, the stories we hear of the Main Street credit squeeze could be cut and pasted from the 1990-1991 recession.

Not a Bailout - A Rescue

Jean Chatzky | Posted 05.25.2011 | Business
Jean Chatzky

If credit dries up and there is no plan, more of your neighbors will lose their homes. Those homes will sit empty because potential buyers will not be able to come up with financing.

Waiting for the Deluge

Sasha Abramsky | Posted 05.25.2011 | Business
Sasha Abramsky

In some ways, it's not only the economy that's now facing organ failure; it's also the GOP itself. Over the next few days we'll be seeing something approaching a civil war developing in the party.

The Yalie Who Could Save Us Billions

Glenn Hurowitz | Posted 05.25.2011 | Business
Glenn Hurowitz

There is another model that works extremely well: the relatively modestly paid money managers employed by major educational institutions and pension funds.

Would You Really Buy a Mortgage From John McCain?

Johann Hari | Posted 05.25.2011 | Politics
Johann Hari

McCain has Herbert Hoovered-up his slivers of economic theory from this man -- but who is Phil Gramm? His chuckle-headed ideological fanaticism nearly brought the global economy down -- twice.

How to Get the Economy from its Vicious to a Virtuous Cycle -- But Radical Righties Won't Let it Happen

Paul Abrams | Posted 05.25.2011 | Politics
Paul Abrams

By restraining spending via pay-as-you-go, and taking in more revenues through higher taxes on the wealthy, Clinton and Bush Sr. caused interest rates to come down, and the economy took off.

My Talk With Bob Reich: Only Democrats Can Save Globalization from Republican-Generated Backlash

Nathan Gardels | Posted 05.25.2011 | Business
Nathan Gardels

Robert Reich: "Capitalism has always required regulation in order to ensure against fraud and excessive speculation. Greenspan allowed the economic crisis to happen because he believed that capitalism was self-correcting."

Artificially Low Interest Rates, Pre- and Post-9/11

Max Keiser | Posted 05.25.2011 | Business
Max Keiser

The rogue ship I mentioned four years ago, Fannie Mae, has finally capsized and the results are seeping into inflationary expectations for the dollar (bad) and gold (good).