I speak to you at an hour of crisis for our nation’s economy.
I believe the crisis facing our economy could have a grave impact on every American worker, small business owner, and family if our leaders fail to act.
I share the anger and frustration that many Americans feel toward reckless and corrupt mismanagement on Wall [...]
This is a moment of national crisis, and today’s inaction in Congress as well as the angry and hyper-partisan statement released by the McCain campaign are exactly why the American people are disgusted with Washington. Now is the time for Democrats and Republicans to join together and act in a way that prevents an [...]
See Reuters video of the House vote of the bailout:
The S&P 500 sank as much as 87.02 points, or 7.2 percent, to 1,125.99 at 1:49 p.m. in New York. The Dow Jones Industrial Average slid 670, or 6 percent, to 10,472.89. The Nasdaq Composite Index declined 144, or 6.6 percent, to 2,038.61.
The S&P 500 extended last week’s 3.4 percent retreat after the deal hammered [...]
After several days of deliberation which spilled over two weekends, the U.S. House of Representatives rejected on Monday the Emergency Economic Stabilization Act of 2008 geared at stabilizing the financial markets in the United States.
The vote was at 207 to 226 as the tally was held open while congressional leaders sought to persuade lawmakers to [...]
Four debt-negotiation companies have agreed to settle Federal Trade Commission charges that they violated federal law by falsely claiming they could reduce consumers’ debt by up to 60 percent, leading many people into financial ruin and bankruptcy. The proposed settlements bar them from engaging in further violations of the Federal Trade Commission Act.
The settling defendants [...]
MOSCOW, September 24 (RIA Novosti) – Ruslan Yamadayev, a former member of the Russian parliament’s lower house, the State Duma, was gunned down in central Moscow on Wednesday, an Interior Ministry official said.
Earlier reports said that the victim of the attack was Ruslan’s brother Sulim Yamadayev, a former commander of the Russian Defense Ministry’s Vostok [...]
Financial markets underwent severe stress during the week of September 15-22, 2008. After Lehman Brothers declared bankruptcy and AIG received a bridge loan from the Federal Reserve, policymakers reassessed their case-by-case approach to resolving financial problems. Secretary of the Treasury Paulson announced a plan to allow Treasury to purchase mortgage-related assets from U.S. financial institutions. [...]
In response to ongoing financial turmoil that began in the subprime mortgagebacked securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. The firms affected were Bear Stearns, Fannie Mae and Freddie Mac, and [...]
In response to ongoing financial turmoil that began in the subprime mortgagebacked securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. The firms affected were Bear Stearns, Fannie Mae and Freddie Mac, and [...]