Oct 03 House Passes $700 Billion Financial Bailout Bill By Admin, PBS News Hour The House of Representatives passed hotly-debated legislation Friday to bail out the troubled financial industry by a 263-171 vote, agreeing to the Senate bill that passed on Tuesday and sending it to the White House for President Bush's signature. Continue reading
Oct 03 Employers Slash 159,000 Jobs in September By Admin, PBS News Hour Employers cut payrolls by 159,000 in September, the most in more than five years, the Labor Department reported Friday, raising new fears that the economy has lost its footing and is sliding into a recession. Continue reading
Oct 03 Wachovia Spurns Citibank, Will Be Acquired by Wells Fargo By PBS News Hour Wachovia Corp. changed course on a buyout deal Friday, agreeing to be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, reversing an earlier agreement to be acquired by Citigroup. Continue reading
Oct 02 House Leaders Count Votes, Target GOP Holdouts in Attempt to Pass Rescue Package By Admin, PBS News Hour The Treasury Department's plan to buy bad mortgage-related securities returns to the House Friday, as lawmakers lobby their own party members and hope tax cuts and financial rule changes will convince holdout Republicans to vote yes. Continue reading
Oct 02 Watch Questions Remain on Bailout Plan as House Prepares to Vote Anew The Senate on Wednesday approved a financial rescue package that could cost up to $700 billion -- the largest government intervention in U.S. history. Analysts discuss whether the plan will be enough to fix the ailing economy. Continue watching
Oct 02 Is this event the Berlin Wall of Free Market Economics? Another email from an old friend: “Is this event the Berlin Wall of Free Market Economics? Or even, as the press backs away from the hotness of the story, the Berlin Wall of Free Market Economics crashing not with a… Continue reading
Oct 02 What would happen if the government gave every American one million dollars so people could pay off all their mortgages and bills? While waiting for more of your emails (they come in via the Online NewsHour in Virginia), I’ve been fielding a few from friends and neighbors. I thought I’d share them, and my answers, this afternoon. First, from my earliest friend:… Continue reading
Oct 02 Reports: High Unemployment, Low Manufacturing By PBS News Hour Stocks dropped early in trading Thursday after the government reported that the number of people seeking unemployment benefits rose to a seven-year high and that orders for manufactured goods dropped by 4 percent in August. Continue reading
Oct 01 Senate Approves Massive Financial Rescue Plan; House May Vote Friday By Admin, PBS News Hour With bipartisan support, the Senate easily approved a massive federal rescue plan aimed at stabilizing the economy and freeing up the crippled credit market Wednesday night. The vote was 74-25. Continue reading
Oct 01 What regulations do you think would possibly fix this situation? And could you assess a few of those who disagree with the need for regulation? Question/Comment: I’m concerned that your viewers are going to come away from this discussion thinking that the market is to blame. The risky investments you refer to at the root of this problem were ones that the government mandated, ones… Continue reading