News

2008

October

03

• If the bailout doesn't pass.... What if, after the House vote today, Americans learn that 3,000 banks will fail? That's what happened during the last U.S. financial crisis -- and today's credit crisis is much greater than the thrift and…

• California may need emergency $7 billion loan. California may need an emergency loan of up to $7 billion from the federal government within weeks, the Los Angeles Times on Friday quoted Gov. Arnold Schwarzenegger as saying in a letter to Treasury Secretary…

• Rescue package may not thaw credit markets. As hopes rise for congressional passage today of a massive rescue plan for the U.S. financial system, many financial experts are already wondering: What is being left out and what will have to be done…

• Wells Fargo to acquire Wachovia. In an abrupt change of course, Wachovia Corp. said today it agreed to be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking…

• Jobs report underlines economic decline. The government is out with more bad economic news this morning: The job market began to deteriorate even before the financial crisis reached a more serious stage two weeks ago. Employers cut 159,000 jobs in…

02

• Show us the hope. Falling house prices are driving the collapse of the financial system. But the bailout bill, even the “sweetened” version that was approved by the Senate Wednesday night, does little to avert the defaults and foreclosures…

• The credit crunch spreads. The credit crunch hit 2640 Merchant Drive in Baltimore in September when Drew Greenblatt asked his bank for a $175,000 increase in the line of credit for his thriving company, Marlin Steel Wire Products. The…

• FHA program for struggling homeowners. The Bush administration rolled out a program yesterday that aims to help thousands of struggling borrowers refinance into more affordable, government-backed mortgages and thus provide some relief for the foreclosure crisis that's contributed to crippling…

• Road map to weather rocky times. In the 1950 movie "All About Eve," actress Bette Davis slyly uttered a memorable line: "Fasten your seat belts. It's going to be a bumpy night." She might as well have been talking to today's…

• No silver bullets here. To hear it from critics on the left and right, the Bush administration and legislative leaders were in such a rush to pass a "$700 billion bailout for Wall Street" that they failed to consider…

01

• Mistakes that trigger default APRs. Compared to credit card companies, the criminal justice system is downright lax. A court may throw away the key after you've committed three felonies - the famous "three strikes and you're out" laws. Not so…

• Financial crisis might mean higher fees for consumers. The sale of Wachovia's deposits and other assets to Citigroup leaves the nation with three superbanks, reshaping the landscape in the midst of unprecedented financial upheaval. For customers of those institutions - Bank of America,…

• La economía familiar y la crisis. Muchos norteamericanos están observando nerviosamente los grandes altibajos de la Bolsa de Nueva York tratando de detectar indicios del colapso de Wall Street, pero ahora son los opacos mercados crediticios los que más interesan tanto…

• La otra cara del desastre. Algunos expertos en el mercado de la vivienda se atreven a afirmar que la actual crisis, junto a todas sus serias inconveniencias, puede traer ciertos beneficios. “No hay mal que por bien no venga”, dice…

September

30

• Citi buys Wachovia banking in flurry of deals. Citigroup Inc set a deal to buy regional powerhouse Wachovia Corp's banking operations, one of several U.S. tie-ups triggered by the deepening financial crisis on Monday. Banks are struggling to come to grips with a…

• ‘Is my money safe?’ and other questions to ask. For all of you on Main Street who have been watching the turmoil on Wall Street for the last few weeks, Monday’s shockwaves rattled even the most steadfast. The day began with the announcement that…

• Treasury, Fed low on rescue options. The failure of the $700 billion bailout bill leaves Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke with few options to continue their urgent campaign to rescue the financial system.…

• Mejoran programa de cupones de comida. Ana Sosa es una hispana retirada que con el cheque del Seguro Social que recibe, unos 341 dólares, más 10 dólares mensuales en cupones de alimentos, apenas puede pagar su alquiler, comida y medicinas. Sosa…

• Rechazan el plan de rescate financiero. La Cámara de Representantes de Estados Unidos rechazó el lunes en votación una iniciativa para destinar 700.000 millones de dólares al rescate del sector financiero. Horas antes, el presidente George W. Bush instó al Congreso…

• Wachovia cae en la ‘redada’. Ayer se consumó la adquisición de Wachovia por parte del gigante financiero Citigroup Inc., de Nueva York, una compra arreglada por el gobierno después de intervenir el banco, que se encontraba al borde del hundimiento.…