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Archive for ‘October, 2008’

McCain vs Obama and your tax bill

McCain vs Obama and your tax bill

By Jeanne Sahadi, CNNMoney.com senior writer
The financial crisis may have taken center stage, but the candidates are still pushing their April 15 policies.
NEW YORK (CNNMoney.com) — Tax breaks, tax breaks, tax breaks. For months now, Barack Obama and John McCain have promised voters that they will lessen the financial burden on Americans – even as [...]

Fed May Cut Rate to 1%, Signal Steps to Save Economy

Fed May Cut Rate to 1%, Signal Steps to Save Economy

By Steve Matthews
Oct. 29 (Bloomberg) — The Federal Reserve may lower its benchmark interest rate to 1 percent today and signal further reductions to levels unseen since Dwight Eisenhower was president.
Tumbling commodities prices and weaker consumer spending are slowing inflation, which officials described as a “significant concern” at their last scheduled meeting in September. Tomorrow, [...]

212,000 borrowers avoid foreclosure in Sept.

212,000 borrowers avoid foreclosure in Sept.

By Les Christie, CNNMoney.com staff writer
Foreclosure prevention helped 2.5 million home owners since the start of the housing crisis last summer.
NEW YORK (CNNMoney.com) — Mortgage lenders have helped nearly 2.5 million troubled homeowners avoid foreclosure since the mortgage meltdown began in the summer of 2007.
That’s according to the latest report from the coalition of banks, [...]

By Tim Klass, Associated Press Writer on Yahoo.com

By Tim Klass, Associated Press Writer on Yahoo.com

By Les Christie, CNNMoney.com staff writer
New home sales show some signs of life, but September sales were still a third lower than year-ago levels.
NEW YORK (CNNMoney.com) — Sales of newly constructed homes rose in September, according to the monthly report from the U.S. Census Bureau, inching up 2.7% from August to an annualized rate of [...]

Boeing, machinists in tentative deal to end strike

Boeing, machinists in tentative deal to end strike

By Tim Klass, Associated Press Writer on Yahoo.com
Boeing and its Machinists union reach tentative, 4-year agreement to end 52-day strike
SEATTLE (AP) — Boeing Co. and its Machinists union reached a tentative four-year settlement to end a strike that has shut down the company’s commercial airplane operations since Sept. 6, union and company spokesmen confirmed.
Boeing and [...]

Obama Holds Lead Over McCain in Polls, Gets Boost From Powell

Obama Holds Lead Over McCain in Polls, Gets Boost From Powell

By Demian McLean and Nadine Elsibai
Oct. 20 (Bloomberg) — Barack Obama is maintaining a lead in national and state polls as he and John McCain focus on a handful of states that will be crucial in deciding the Nov. 4 presidential election.
With a little more than two weeks to go before Election Day, Obama, the [...]

Congress should weigh stimulus

Congress should weigh stimulus

By Chris Isidore, CNNMoney.com senior writer
Fed chief Bernanke says lawmakers should consider another plan to boost economy. He cites risk of ‘protracted slowdown.’
NEW YORK (CNNMoney.com) — Federal Reserve Chairman Ben Bernanke testified Monday that Congress should consider passing a new stimulus package to try to jump start the economy.
Bernanke, speaking before the House Budget Committee, [...]

Libor for Dollars Drops as Central Banks Offer Unlimited Cash

Libor for Dollars Drops as Central Banks Offer Unlimited Cash

By Gavin Finch and Nate Hosoda
Oct. 15 (Bloomberg) — Dollar money-market rates fell after the European Central Bank, Bank of England and Swiss National Bank offered lenders unlimited U.S. currency for the first time in a coordinated effort to unlock credit markets.
The London interbank offered rate, or Libor, that banks charge each other for three-month [...]

Home prices may plummet, but taxes won’t

Home prices may plummet, but taxes won’t

By Les Christie, CNNMoney.com staff writer
Owners who’ve seen a steep drop in their home’s value shouldn’t expect to get a break on their property taxes.
NEW YORK (CNNMoney.com) — Housing prices have plummeted, but property tax bills probably won’t budge.
This January, local tax authorities will begin to send out property assessments for 2009, telling homeowners what [...]

U.S. Retail Sales Slump 1.2%, Most in Three Years

U.S. Retail Sales Slump 1.2%, Most in Three Years

By Bob Willis
Oct. 15 (Bloomberg) — Sales at U.S. retailers dropped in September by the most in three years as mounting job losses, plunging home prices and the deepening credit crisis rattled consumers.
Purchases fell 1.2 percent, more than forecast, following a 0.4 percent decline the prior month, the Commerce Department said today in Washington. Excluding [...]

Camp Pendleton brush fire contained

Camp Pendleton brush fire contained

By Tony Perry, Los Angeles Times staff writer
The blaze burned more than 1,000 acres and smoke continues to hang over the area. No structures were damaged. The cause of the fire has not been determined.
CAMP PENDLETON — A brush fire that burned more than 1,000 acres at the sprawling Marine Corps base was contained this [...]

U.S. Stocks Tumble, Sending Dow Below 9,000; GM, Insurers Slide

U.S. Stocks Tumble, Sending Dow Below 9,000; GM, Insurers Slide

By Lynn Thomasson and Jeff Kearns
Oct. 9 (Bloomberg) — U.S. stocks slid and the Dow Jones Industrial Average fell below 9,000 for the first time since 2003 as higher borrowing costs and slower consumer spending spurred concern carmakers, insurers and energy companies will be the next victims of the credit crisis.
General Motors Corp. tumbled 31 [...]

U.S. Treasury May Buy Stakes in Banks Within Weeks

U.S. Treasury May Buy Stakes in Banks Within Weeks

By Robert Schmidt and Rebecca Christie
Oct. 9 (Bloomberg) — The government is planning to buy stakes in a wide range of banks within weeks as the credit freeze increasingly threatens to tip the U.S. economy into a deep recession.
Treasury Secretary Henry Paulson and top aides are still considering options on how the purchases would work, [...]

Pending home sales show surprise rise

Pending home sales show surprise rise

By Associated Press, on CNNMoney.com
The National Association of Realtors says pending home sales increased 7.4% from July to August; highest since June 2007.
WASHINGTON (AP) — The National Association of Realtors says pending home rose 7.4% from July to August, an unexpected piece of positive news for the battered U.S. housing market.
The group said Wednesday its [...]

Fed, ECB, Central Banks Cut Rates in Coordinated Move

Fed, ECB, Central Banks Cut Rates in Coordinated Move

By Scott Lanman
Oct. 8 (Bloomberg) — The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented coordinated effort to ease the economic effects of the worst financial crisis since the Great Depression.
The Fed, ECB, Bank of England, Bank of Canada and Sweden’s Riksbank each cut their benchmark rates [...]

Manhattan real estate: Pricey but headed for a fall

Manhattan real estate: Pricey but headed for a fall

By Ben Rooney, CNNMoney.com staff writer
The average sales price continues to climb – it’s now $1.4 million – but the number of buyers is falling fast.
NEW YORK (CNNMoney.com) — The crisis on Wall Street hasn’t hit the high cost of Manhattan real estate, but the economic slowdown has curbed the number of deals in the [...]

Dow falls below 10,000

Dow falls below 10,000

By Alexandra Twin, CNNMoney.com senior writer
Blue-chip average falls below the milestone for the first time in nearly 4 years as fears about financial crisis grow.
NEW YORK  (CNNMoney.com) — Stocks tumbled Monday, with the Dow Jones industrial average falling below 10,000 for the first time in nearly four years, as European governments’ rush to prop up [...]

Paulson to name adviser to oversee U.S. bailout

Paulson to name adviser to oversee U.S. bailout

By Reuters on Yahoo.com
PHILADELPHIA (Reuters) – Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the $700 billion program to buy distressed assets from financial institutions, The Wall Street Journal reported on Sunday.
Kashkari, a Treasury assistant secretary for international affairs and a former Goldman Sachs banker, is expected to be named interim [...]

Global Stocks Retreat, Led by Banks, as Credit Crisis Widens

Global Stocks Retreat, Led by Banks, as Credit Crisis Widens

By Adria Cimino and Chua Kong Ho
Oct. 6 (Bloomberg) — Stocks tumbled around the world, the euro fell the most against the yen since its debut and oil dropped below $90 a barrel as the yearlong credit market seizure caused bank bailouts to spread. Government bonds rallied.
The Standard & Poor’s 500 Index retreated 5.9 percent, [...]

States Roiled by Credit Crisis; Schwarzenegger Suggests Fed Aid

States Roiled by Credit Crisis; Schwarzenegger Suggests Fed Aid

By Jerry Hart
Oct. 3 (Bloomberg) — U.S. states and municipalities from New York to California are facing deteriorating finances as investors shun their bonds in a credit market averse to all but the safest debt and a slowing economy erodes revenue.
New York Governor David Paterson called for a special legislative session to confront a budget [...]

Bank-Rescue Plan Wins Approval as House Reverses Vote

Bank-Rescue Plan Wins Approval as House Reverses Vote

By Christopher Stern and Laura Litvan
Oct. 3 (Bloomberg) — Congress passed a $700 billion financial-market rescue plan designed to unlock credit markets, reversing a rejection that sent global stock markets plunging and threatened to worsen an economic slowdown.
The legislation, a bipartisan effort to restore confidence in the nation’s banking system, authorizes the government to buy [...]

Housing rescue efforts slowed in August

Housing rescue efforts slowed in August

By David Goldman, CNNMoney.com Staff Writer
Nearly 189,000 at risk borrowers got help during the month, according to Hope Now, down slightly from the number of homeowners helped in July.
NEW YORK (CNNMoney.com) — Fewer troubled borrowers got help with their mortgages in August than in July, according to figures released Thursday.
Hope Now, the alliance of mortgage [...]

U.S. Stocks Drop on Economic Data, Rising Bank Rates; GE Falls

U.S. Stocks Drop on Economic Data, Rising Bank Rates; GE Falls

By Lynn Thomasson
Oct. 2 (Bloomberg) — U.S. stocks dropped for a second day as a jump in borrowing costs and reports showing a worsening economy spurred concern that the government’s $700 billion bank bailout plan won’t be enough to stimulate growth.
Caterpillar Inc., Alcoa Inc. and Deere & Co. tumbled more than 7 percent as three-month [...]

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