November 24, 2008
What the U.S. government has spent, lent and pledged: Troubled Assets Relief Program (TARP) · Congress pledged $700 billion to rescue the financial system. Other Federal Bailouts · In addition, the Treasury and the Federal Reserve have committed $200 billion to shore up Fannie Mae and Freddie Mac, $152 billion for AIG and $29 billion to Bear Stearns. Federal Reserve Loans · The Fed had $893 billion in loans outstanding last week to financial institutions and others.
August 2, 2012 |
MADRID — The newest Apple store in Spain, like its counterparts in other parts of the world, is designed to draw you in. Stone floors, glass doors, and rows of blond wood tables stocked with scores of gleaming iPhones, iPads and MacBooks as far as the eye can see. On a recent weekday afternoon, the cavernous showroom was missing only one thing: customers. Only a handful were scattered throughout the store — and most were just browsing. "I would have liked to buy lots of things, but I have no money," sighed...
June 22, 2013 |
Under the fierce Andalusian sun, a class of novice matadors strode into an empty bullfighting ring, arching and flourishing through moves meant to slay a beast in its tracks. Yet during their breaks, the teenagers spoke of an adversary in their path to glory even greater than a raging toro: Europe's economic crisis. In Spain, the plot of man against beast captured by Ernest Hemingway is now one of a sport struggling against the financial odds. In a time of harsh government austerity, cash-strapped...
September 19, 2008
PRESIDENT GEORGE W. BUSH: Good morning. I thank the treasury secretary, Hank Paulson, Federal Reserve Chairman Ben Bernanke and SEC Chairman Chris Cox for joining me today. This is a pivotal moment for America's economy. Problems that originated in the credit markets and first showed up in the area of subprime mortgages have spread throughout our financial system. This has led to an erosion of confidence that has frozen many financial transactions including loans to consumers and to businesses seeking to expand and...
November 5, 2011 |
I have a fairly simple approach to investing: Start with data and objective evidence to determine the dominant elements driving the market action right now. Figure out what objective reality is beneath all of the noise. Use that information to try to make intelligent investing decisions. But then, I'm an investor focused on preserving capital and managing risk. I'm not out to win the next election or drive the debate. For those who are, facts and data matter much less than a narrative that supports their...
September 15, 2013 |
Unhappy birthday. Five years since the collapse of Lehman Brothers , we still lack a true understanding of what caused the financial crisis and Great Recession. Oh, there are standard stories from left and right. Liberals blame a naive faith in free markets, deregulation and Wall Street greed. Conservatives slam government: lax monetary policy and ruinous home-lending by Fannie and Freddie. These selective narratives are self-serving, intended to advance political agendas and not to illuminate the...