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Finance

Does The US Need A New Kind Of Tax?

Fortune.com | Shawn Tully | Posted 05.25.2011 | Business

It's called a value-added tax, or VAT, and it's been used for decades to pay the bills and sustain the immense growth of governments around the world,...

Green Bailouts, Green Stimulus Could Be On The Way

Huffington Post | Dave Burdick | Posted 05.25.2011 | Green

Though spending on environmental efforts has long been considered an extra expense, it seems that two famously big spenders -- the United States gover...

Paulson Says Other Rescue Programs Being Examined

AP | MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — Treasury Secretary Henry Paulson said Monday that the administration is looking for more ways to tap a $700 billion financial rescu...

Bush Administration Weakened Lending Rules Before Crash

AP | MATT APUZZO | Posted 05.25.2011 | Business

WASHINGTON — The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed...

Down we go again: Fourth-worst drop ever for Dow

AP | SARA LEPRO and TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — The stock market suffered one of its worst days since the financial meltdown Monday, slicing 680 points off the Dow Jones industrial ...

Bernanke: lower interest rates are "feasible"

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are...

JPMorgan To Cut 9,200 Washington Mutual Jobs

Reuters | Posted 05.25.2011 | Business

JPMorgan Chase & Co on Monday said it will eliminate about 9,200 jobs at the former Washington Mutual Inc, which on Sept 25 became the largest U.S. ba...

Citigroup Making $10B Construction Company Acquisition

AP | Posted 05.25.2011 | Business

MADRID, Spain — Debt-laden Spanish construction company Sacyr Vallehermoso said Monday it has agreed to sell its highway-operating unit, Itinere...

Bush: "I'm Sorry" About The Economic Crisis

AP | DEB RIECHMANN | Posted 05.25.2011 | Business

WASHINGTON — President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said h...

The New Bernanke-Bair-Paulson Insurance Company

Economix | Uwe E. Reinhardt | Posted 05.25.2011 | Business

After first trying in vain to become toxic-asset managers and, next, non-voting equity investors in shaky banks, the peripatetic trio composed of the ...

On Cue, Shoppers Show Up

AP | ANNE D'INNOCENZIO | Posted 05.25.2011 | Business

NEW YORK — Shoppers, who had snapped their wallets shut since September, turned out in force Friday to grab early morning deals and hard-to-find...

Holiday Season May Already Be Over For Frantic Retailers

AP | ANNE D'INNOCENZIO | Posted 05.25.2011 | Business

NEW YORK — The holiday shopping season begins Friday with a blitz of early morning specials. For some merchants, though, it's practically over a...

Ross Perot Real Estate Fund Blows Up

Clusterstock | Joe Weisenthal | Posted 05.25.2011 | Business

Take a creaking CMBS market, mix in some leverage and voila: liquidation, just like that. The Journal reports that one of the first to explode was one...

New jobless claims drop from 16-year high

AP | CHRISTOPHER S. RUGABER | Posted 05.25.2011 | Business

WASHINGTON — New jobless claims fell more than expected last week from a 16-year high, the government said Wednesday, though they remain at elev...

Dow, S&P 500 clinch 4th straight winning session

AP | TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — A stock market gaining confidence in the nation's financial system bolted higher Wednesday, propelling the Dow Jones industrials and ...

NYT: Geithner And Summers "Have Played Central Roles" In Provoking Crisis

New York Times | Posted 05.25.2011 | Business

In various high-level government positions, Timothy Geithner, Mr. Obama's choice for Treasury secretary, and Lawrence Summers, his choice for director...

Treasury Preparing To Ask For Rest Of Bailout Money

Politico | David Rogers | Posted 05.25.2011 | Business

Politico reports that the Treasury Department is readying itself to ask Congress for the rest of the $700 bailout money: After a rush of new commitme...

Obama's Second Economic Conference: Names Budget Director, Promotes Restraint

AP | BETH FOUHY and JIM KUHNHENN | Posted 05.25.2011 | Business

CHICAGO -- President-elect Barack Obama named Peter Orszag as his budget director on Tuesday and said his job will be to conduct a thorough review of ...

Stock market doesn't flinch despite economic data

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — Bad news was no news to the battered American economy Tuesday. The government released a triple dose of discouraging data: The eco...

Analyst Argues JP Morgan Chase Might Need More Money Than Citigroup

Silicon Alley Insider | John Carney | Posted 05.25.2011 | Business

Market fear reached such a high last week that JP Morgan CEO Jamie Dimon found he could not get on a plane to Saudi Arabia without arousing suspicions...

FDIC's List Of Troubled Banks Rapidly Swelling

AP | MADLEN READ | Posted 05.25.2011 | Business

NEW YORK — The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 dur...

Feds unveil plans to unfreeze consumer debt market

AP | JEANNINE AVERSA and MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt w...

5 Bones To Pick With Coverage Of The Crisis

New York Magazine | Moe Tkacik | Posted 05.25.2011 | Business

4. "Our lawmakers left and right are either fools, wolves, or pigs. None of them are ultimately serving the best interests of this country; we must tr...

Dow ends up nearly 400 after bailout of Citigroup

AP | TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — The government's plan to bail out Citigroup sent Wall Street soaring Monday for the second straight session as investors hoped that t...

Riverwest, Milwaukee's Recession Plan: Print Own "River Currency"

Newsweek | Posted 05.25.2011 | Business

People nationwide may start hoarding their cash as recession fears grow. But in Riverwest--a progressive enclave of Milwaukee--residents have another ...