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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 ...

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...

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...

Government plans massive Citigroup rescue effort

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken b...

Plan To Save Citigroup Could Be Model For Bank Of America Plan

247wallst.com | Posted 05.25.2011 | Business

People had all along compared the new-look, post-Merrill and Countrywide Bank of America to the behemoth Citigroup, calling them both "too big to suc...

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 ...

What New Treasury Secretary Geithner Must Prove

US News and World Report | Rick Newman | Posted 05.25.2011 | Business

Geithner is still a risky choice, and in a few months' time, the markets could very well have turned on him. Here's why: He's never been top dog. G...

Citigroup Brought To Its Knees

New York Times | ERIC DASH and JULIE CRESWELL | Posted 05.25.2011 | Business

In September 2007, with Wall Street confronting a crisis caused by too many souring mortgages, Citigroup executives gathered in a wood-paneled library...

Paulson Calls for More Hedge Fund Oversight

New York Times | Posted 05.25.2011 | Business

On Thursday, Treasury Secretary Henry Paulson said he wants to see more hedge fund regulation as part of his proposal for creation of a new systemic r...

Citigroup Sale Under Consideration: Bank Looking At All Options

Wall Street Journal | Posted 05.25.2011 | Business

Executives at Citigroup Inc., faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or eve...

Crisis Not Egalitarian: Ferrari, Rolls, Maserati Sales Hold

AP | DAN STRUMPF | Posted 05.25.2011 | Business

LOS ANGELES — With the U.S. all but certainly in a recession and many skittish consumers hesitant to buy even a Honda Accord, it would seem the ...

Environmentalists Speak Out On Euro Auto Bailouts

Green Inc. | James Kanter | Posted 05.25.2011 | Green

"In contrast the European plan sounds rather more like a blank check, and a very large one at that," warned Mr. Dings and Mr. Fodor. They also call i...

Stocks tumble for second day; Treasurys surge

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

NEW YORK — Stocks plunged for a second straight day Thursday, falling to levels not seen in at least five years, as financial and energy stocks ...

Dems delay auto bailout vote, seek plan from Big 3

AP | JULIE HIRSCHFELD DAVIS | Posted 05.25.2011 | Business

WASHINGTON — The $25 billion rescue plan for the auto industry, desperately sought by Detroit's beleaguered Big Three, collapsed Thursday as Con...

A Bad Idea: Using a Financial Solution to the Financial Crisis

Saskia Sassen | Posted 05.25.2011 | Business
Saskia Sassen

It is almost irrational to give finance the instruments to do more of what has brought us to the brink. The prior bailouts each contributed one more element to the unsustainable leveraging we have now reached.

Congress extends jobless benefits; stocks fall 400

AP | JIM ABRAMS | Posted 05.25.2011 | Business

WASHINGTON — Jarred by new jobless alarms, Congress raced to approve legislation Thursday to keep unemployment checks flowing through the Decemb...

Holiday Shopping Price Wars Move Online

New York Times | CLAIRE CAIN MILLER and BRAD STONE | Posted 05.25.2011 | Business

SAN FRANCISCO -- As deserted malls and department stores struggle to court cash-short consumers with steep discounts this holiday season, a similar an...