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Financial crisis panel tells NV leaders to be bold (AP) (Sep-8, 20:11 EDT )-- AP - From mortgage problems to education and budget issues, Nevada leaders on Wednesday delivered a sobering assessment of the state's future as a result of the Great Recession during seven hours of testimony before a federal panel investigating the...
Financial crisis panel tells NV leaders to be bold (AP) (Sep-8, 20:11 EDT )-- AP - From mortgage problems to education and budget issues, Nevada leaders on Wednesday delivered a sobering assessment of the state's future as a result of the Great Recession during seven hours of testimony before a federal panel investigating the...
Obama: U.S. can't afford to extend tax cuts for rich (Reuters) (Sep-8, 19:33 EDT )-- Reuters - President Barack Obama, fighting to keep Democrats in charge of Congress, said on Wednesday the United States could not afford to extend Bush-era tax cuts for the rich and accused Republicans of being fiscally irresponsible.
Obama: Democrats in trouble if election based on economy (AFP) (Sep-8, 18:55 EDT )-- AFP - President Barack Obama admitted Wednesday if US voters in the upcoming midterm elections make their choices based on their opinion of the economy, his Democratic Party could be in big trouble.
Obama sees Democratic pain if vote hinges on economy (Reuters) (Sep-8, 18:20 EDT )-- Reuters - President Barack Obama said on Wednesday that Democrats risked punishment in November's congressional elections if they allow the vote to be just about the U.S. economy, rather than the two parties' policies.
Wind-whipped fires add to Detroit's economic woes (AP) (Sep-8, 18:14 EDT )-- AP - For a city already struggling with high unemployment, widespread foreclosures and deep budget cuts, here was another crisis: Wind-whipped fires tearing through row after row of homes, some of them abandoned.
More stimulus needed for economy: Geithner (Reuters) (Sep-8, 17:43 EDT )-- Reuters - Treasury Secretary Timothy Geithner said on Wednesday the United States needed more incentives to stimulate job growth and bolster a slow recovery from a "savage" recession.
Summary Box: More places see slower growth (AP) (Sep-8, 17:06 EDT )-- AP - ECONOMY LOSES SPEED: A Federal Reserve survey found "widespread signs" that economic growth had slowed in the late summer.
Obama seeks to mend frayed bond with voters (AFP) (Sep-8, 17:02 EDT )-- AFP - US President Barack Obama Wednesday admitted some of his policies were unpopular and had not revived the economy quickly enough, but sought to rekindle his frayed bond with American voters.
Highlights from the Fed's latest economic survey (AP) (Sep-8, 16:53 EDT )-- AP - Highlights from the Federal Reserve's survey of economic conditions nationwide. The survey, released Wednesday and known as the Beige Book, is based on information collected from the Fed's 12 regional bank districts.
Consumers cut back on credit card use once again (AP) (Sep-8, 16:49 EDT )-- AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.
A look at economic developments around the globe (AP) (Sep-8, 15:36 EDT )-- AP - TOKYO — Japan's machinery orders, a key gauge of future business investment, rose the most in seven months, a sign that companies are more confident in the economic recovery.
Bankers urge government to pull plug on Fannie, Freddie (Reuters) (Sep-8, 15:35 EDT )-- Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.
Fed survey sees slower growth in East and Midwest (AP) (Sep-8, 15:31 EDT )-- AP - The economy lost strength in late summer as factory production weakened in areas of the East Coast and Midwest.
Geithner: U.S. scarred by "savage" recession (Reuters) (Sep-8, 15:28 EDT )-- Reuters - Treasury Secretary Timothy Geithner said on Wednesday the United States is recovering slowly from a "savage" recession that has caused deep job cuts and a loss of confidence.
Panel examining recession's causes meets in Vegas (AP) (Sep-8, 14:45 EDT )-- AP - Nevada had unrealistic growth expectations before the nation's financial meltdown battered the state's tourism industry and erased billions of dollars in real estate equity, an economist told a federal commission examining the causes of the Great...
Fed report shows widespread signs growth easing (Reuters) (Sep-8, 14:45 EDT )-- Reuters - The economy has shown "widespread signs" of slowing over recent weeks, the Federal Reserve said on Wednesday in a report suggesting that while the recovery has been faltering, the economy may skirt a second recession.
Consumers cut back on credit card use once again (AP) (Sep-8, 14:34 EDT )-- AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.
Consumers cut back on credit card use once again (AP) (Sep-8, 14:33 EDT )-- AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.
Obama seeks to mend frayed bond with voters (AFP) (Sep-8, 14:32 EDT )-- AFP - US President Barack Obama Wednesday admitted some of his policies were unpopular and had not revived the economy quickly enough, but sought to rekindle his frayed bond with American voters.
Obama: U.S. can't afford to extend tax cuts for rich (Reuters) (Sep-8, 14:17 EDT )-- Reuters - President Barack Obama, fighting to keep Democrats in charge of Congress, said on Wednesday the United States could not afford to extend Bush-era tax cuts for the rich and accused Republicans of being fiscally irresponsible.
Obama tells Ohio audience of own family struggles (AP) (Sep-8, 14:13 EDT )-- AP - President Barack Obama is getting a little personal about the sluggish economy, telling a Cleveland audience about his own family's struggles and hardships.
(AP) (Sep-8, 14:00 EDT )-- AP - Consumer borrowing falls again in July as credit card use falls for 23rd straight month.
Obama firm: Don't extend tax breaks for wealthiest (AP) (Sep-8, 13:50 EDT )-- AP - President Barack Obama strongly defended his opposition to extending Bush-era tax breaks for the wealthiest Americans on Wednesday and delivered a searing attack on Republicans and their House leader for advocating "the same philosophy that led to...
Obama unveils more stimulus, tax breaks for business (Sep-8, 13:42 EDT )-- The president will argue personally Wednesday against extending the Bush-era income tax cuts for the nation's wealthiest families even for a year or two, a message aimed at wavering Democrats who have been swayed by arguments that the economy is too...
Fidel Castro says Cuban model no longer works (Reuters) (Sep-8, 13:28 EDT )
Summary Box: Canada ups key interest rate to 1 pct (AP) (Sep-8, 13:26 EDT )-- AP - BANK OF CANADA UPS KEY RATE: Canada's central bank raised its benchmark interest rate by a quarter point to 1 percent, after similar moves in June and July.
One quarter of Lockheed executives take buyout offer (Sep-8, 13:19 EDT )-- Bethesda-based contracting giant Lockheed Martin announced Wednesday that more than 600 executives have taken the company up on an early-exit program that provides financial incentives in exchange for leaving. Shopping - Associations - Coins -...
Fed sees 'widespread' signs US economy is slowing (AFP) (Sep-8, 13:14 EDT )-- AFP - The US economy is showing "widespread" signs of deceleration, the US Federal Reserve warned in its latest Beige Book report published Wednesday.
Freddie Mac to issue new 5-year note due 2015 (AP) (Sep-8, 12:41 EDT )-- AP - Government sponsored mortgage buyer Freddie Mac said Wednesday it plans to issue new five-year notes due on Sept. 10, 2015.
Hungary won't seek to renew IMF, EU loans (AP) (Sep-8, 12:04 EDT )-- AP - Hungary will not seek any more loans from the International Monetary Fund or the European Union and will be able to meet its financing needs by selling bonds to international and domestic investors, Economics Minister Gyorgy Matolcsy said Wednesday.
Oppenheimer downgrades H&R Block to 'Perform' (AP) (Sep-8, 11:47 EDT )-- AP - Tax preparation company H&R Block has struggled for the last two tax seasons and faces uncertainty over the mortgages it still holds from its former lending operations, an Oppenheimer analyst said Wednesday.
What Great Chess Players Can Teach Investors (The Motley Fool) (Sep-8, 09:49 EDT )-- The Motley Fool - The constant iterative calculation of risk and reward required in every chess move translates well to the investing world. I thought it might be instructive to look at three chess world champions and see how their style matches up to...
Summary Box: Mortgage lending falls 1.5 pct (AP) (Sep-8, 09:45 EDT )-- AP - MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.
Economists further scale back U.S. growth outlook (Reuters) (Sep-8, 09:41 EDT )-- Reuters - Stubbornly high unemployment and signs of persistent weakness in the housing market have prompted economists to further cut their outlook for U.S. growth in the second half of the year, a Reuters poll showed on Wednesday.
BP releases report on gulf well blowout (Sep-8, 09:28 EDT )-- BP released a long-awaited report Wednesday on an internal investigation into the causes of its Gulf of Mexico oil well blowout, blaming multiple failures by BP and other firms but absolving its much-criticized well design. Gulf of Mexico - Oil...
Mortgage lending down 1.5 pct as rates inch up (AP) (Sep-8, 09:24 EDT )-- AP - Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades.
Wall Street up as fears for European economy ease (AFP) (Sep-8, 09:24 EDT )-- AFP - US stocks were slightly up on Wednesday after news of a successful Portuguese debt auction eased the previous day's concerns about the European economy.
Obama to pitch trio of economic proposals in Ohio (AP) (Sep-8, 08:51 EDT )-- AP - President Barack Obama is voicing unwavering opposition to extending Bush-era tax breaks for the nation's wealthiest families even for a year or two, drawing a sharp contrast with Republicans eight weeks before the November elections.
German exports slightly lower on month in July (AP) (Sep-8, 08:26 EDT )-- AP - German exports dipped by 1.5 percent in July compared with the previous month but were still up a strong 18.7 percent over the same month last year, official data showed Wednesday.
Obama to challenge Republican foes on economy (AFP) (Sep-8, 08:25 EDT )-- AFP - US President Barack Obama Wednesday threw down the gauntlet to Republicans on the economy, as the lagging recovery and crippling unemployment threaten Democrats with a mid-term election meltdown.
PriceSmart's revenue increase in August (AP) (Sep-8, 07:57 EDT )-- AP - PriceSmart Inc.'s revenue climbed in August as customers continued to seek bargains on basic items at the company's warehouse clubs amid a soft economy.
Obama pitches road spending, tax incentives in Ohio (Reuters) (Sep-8, 07:27 EDT )-- Reuters - President Barack Obama will push billions of dollars in new business tax incentives and spending on big construction projects on Wednesday, as he tries to convince a balky Congress to pass measures intended to spur the economy and create jobs.
Republican leader urges 2-year tax rate freeze (Reuters) (Sep-8, 07:22 EDT )-- Reuters - House of Representatives Republican leader John Boehner called on Wednesday for a two-year freeze on all current U.S. tax rates, including Bush-era tax cuts for the rich set to expire at the end of this year.
GOP proposes renewing tax cuts, freezing spending (AP) (Sep-8, 06:32 EDT )-- AP - House Republican Leader John Boehner onWednesday proposed a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before a deep recession took hold of the economy.
China-U.S. ties improving, Hu tells White House team (Reuters) (Sep-8, 06:28 EDT )-- Reuters - China and the United States said on Wednesday that their sometimes rocky relationship is sounder after talks in Beijing, with both putting an optimistic face on ties that have been jolted by economic and security tensions.
Home buying up in week, but down 40 percent in year (Reuters) (Sep-8, 06:18 EDT )-- Reuters - Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.
Home buying up in week, but down 40 percent in year (Reuters) (Sep-8, 06:18 EDT )-- Reuters - Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.
Japan's intervention hints fail to halt yen (Reuters) (Sep-8, 05:21 EDT )-- Reuters - Japan's finance minister acknowledged currency intervention is an option for the first time since the yen's 14 percent rise since May, and a candidate to become prime minister sanctioned solo intervention as the yen jumped to a 15-year high...
Phasing out the incandescent light bulb (Sep-8, 05:20 EDT )-- The Energy Independence and Security Act of 2007 legislated a reduction of energy usage and greenhouse gas emissions. The law provides for phasing out today's general service incandescent light bulbs in favor of lower-wattage, energy saving bulbs....
Light bulb factory closes; End of era for U.S. means more jobs overseas (Sep-8, 02:06 EDT )-- WINCHESTER, VA. - The last major GE factory making ordinary incandescent light bulbs in the United States is closing this month, marking a small, sad exit for a product and company that can trace their roots to Thomas Alva Edison's innovations in the...
Obama to unveil more stimulus, tax breaks for business (Sep-8, 02:04 EDT )-- The president will argue personally Wednesday against extending the Bush-era income tax cuts for the nation's wealthiest families even for a year or two, a message aimed at wavering Democrats who have been swayed by arguments that the economy is too...
Japan machinery orders up 8.8 percent in July (AP) (Sep-8, 01:58 EDT )-- AP - Japan's machinery orders, a key gauge of future business investment, rose the most in seven months, a sign that companies are more confident in the economic recovery.
To consumer advocates, Obama's antitrust enforcement looks like more of the same (Sep-7, 22:27 EDT )-- When President Obama took office, he promised to undo eight years of what he called the weakest antitrust enforcement in half a century. A year and a half later, consumer advocates are still waiting for the crackdown. Competition law - President ...
Obama proposal to fund infrastructure projects may hit election year wall (Sep-7, 21:51 EDT )-- With the nation's bridges and highways crumbling under the weight of age, attempts to pass a new six-year transportation bill have faltered mostly because Congress can't figure out how to pay for it. Infrastructure - Barack Obama - President -...
HP sues ousted CEO Hurd over hiring by rival Oracle (Sep-7, 21:40 EDT )-- An executive's sex scandal. His ouster. A bombastic billionaire competitor who redeemed him. And now a possible court battle over high-tech secrets. HewlettPackard - Mark Hurd - Oracle - Oracle Corporation - Larry Ellison
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