October 2008 - Money Morning - Only the News You Can Profit From

Credit Crisis Expert Says Proposed Plan to Bail Out Delinquent Homeowners May Face Too Many Problems to Succeed

By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report A tentative Bush Administration plan aimed at keeping as many as three million homeowners who are behind on their mortgages from losing their houses will be difficult to administer, and could end up costing the country hundreds of billions of dollars more than the plan’s architects […]

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Third Quarter GDP Suggests U.S. Has Entered Into Recession

By Jason SimpkinsAssociate Editor The U.S. economy shrank at an annualized rate of 0.3% in the third quarter – the biggest decline in seven years – after businesses cut back on investments and consumer spending experienced its sharpest pullback since 1980. And though the contraction was smaller than economists expected, they are still predicting a […]

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Global Investing Roundups

AmEx Cuts 7,000 Jobs; Oil Down on GDP; Governors Lobby Gov. on Auto Industry; Motorola Downsizes; Kodak Results Less Than Picture Perfect; Waste Management Recession Resistant American Express Co. (AXP) said yesterday (Thursday) that it plans to cut 7,000 jobs, or 10% of its global work force, in an effort to reduce costs by $1.8 […]

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Billions in Bank Rescue Funds are Fueling Buyout Deals, and not the Increase in Loans That Would Help Ease the Financial Crisis

By William Patalon III Executive Editor Money Morning/The Money Map Report While the U.S. government’s plan to invest $250 billion in U.S. financial institutions has been billed as a strategy that will bolster the health of the banking system and also jump-start lending, the recapitalization plan is likely to have a secondary effect – one […]

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Federal Reserve, Bank of China Cut Interest Rates as Financial Crisis Deepens

By Jason Simpkins Associate Editor Money Morning Federal Reserve policymakers yesterday (Wednesday) reduced the benchmark Federal Funds rate to 1.0%, an aggressive half-percentage-point cut that central bank Chairman Ben S. Bernanke’s latest attempt to keep the widening financial crisis from tipping the world into a global recession. “The pace of economic activity appears to have […]

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