Jeffrey Brown reports the economic news of the day, including the stock market’s surge and Federal Reserve Chairman Ben Bernanke’s speech on tightening federal financial regulations.
Stocks tumbled after the government expanded aid to struggling insurer American International Group and the company reported a huge quarterly loss. Analysts examine what this could mean for the broader financial outlook. Continue reading
In Friday’s other news, alleged al Quaida suspect Ali Al-Marri will be transferred to the U.S. civilian court system to stand trial after 5 years in a military brig and the Dow Jones Industrial and the Nasdaq each finished the week with a loss of at least 4 percent. Continue reading
Treasury Secretary Timothy Geithner details the Obama administration’s economic recovery plan and clarifies how the government plans to address the banking crisis. Continue reading
President Obama announced his third nominee Wednesday for Commerce Secretary, Gary Locke, and met with Treasury Secretary Tim Geithner and Congressional leaders to discuss stronger federal regulations. Continue reading
As turmoil continues in the U.S. banking industry, speculation is intensifying over whether the government should take larger ownership stakes in banks. Columnist Paul Krugman and former FDIC chief William Isaac weigh the pros and cons.
In Tuesday’s other news, Congress demanded that Northern Trust bank repay some of the funds it received in federal rescue money after organizing lavish events and the Senate confirmed Hilda Solis as Labor Secretary. Continue reading
President Barack Obama addresses Congress and the nation Tuesday amid new testimony from Federal Reserve Chairman Ben Bernanke on the scope of the recession. Kwame Holman reports. Continue reading
Federal regulators vowed Monday to assist struggling banks by increasing the government’s ownership stakes while an Obama spokesman said the president supports a private banking system. A financial reporter discusses the deepening crisis amid large market losses. Continue reading
As fears over the economic crisis continue to erode investors’ confidence, markets at home and abroad are feeling the effects. Financial analysts discuss how the markets relate to the realities of the economic turmoil. Continue reading