By Jason SimpkinsManaging EditorMoney Morning U.S. gross domestic product (GDP) contracted at a 6.2% annual pace in the fourth quarter of 2008, the most since 1982, the Commerce Department said Friday. The government last month estimated the drop in fourth-quarter GDP at 3.8%. Friday's 2.4 percentage-point revision was almost five times as large as the […]
Archives for February 2009
February 2009 - Money Morning - Only the News You Can Profit From
China Retains 8% Growth Target for 2009 Despite Massive Headwinds
By Mike Caggeso Associate Editor Money Morning Citing a healthy financial system and "positive signs" in the its economy, China said its economy is on track to reach the government's 8% growth target for 2009, despite every imaginable headwind picking up speed in the first quarter. China's exports were down 17.5% in January. That same […]
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JPMorgan Cuts 2,800 WaMu Jobs; GM Post $30-Billion Loss; Hong Kong Exports Sink; IGM Retains 2009 Outlook; Jobless Claims Spike; Oil Rises for Second Day in a Row JPMorgan Chase & Co. (JPM) will eliminate 2,800 jobs at Washington Mutual through attrition, Bloomberg reported. In December, the company slashed 9,200 jobs at WaMu, which it […]
Obama's Budget Blueprint: What We're Paying for, and How We're Paying for it
By Jason Simpkins Managing Editor Money Morning U.S. President Barack Obama yesterday (Thursday) outlined a the $3.94 trillion budget plan that includes a $1.75 trillion deficit in the current fiscal year ending Sept. 30, and that plans for a $1.17 trillion deficit for fiscal 2010. The new U.S. president sent his fiscal 2009 budget blueprint […]
Three Reasons Bank Nationalization Will Keep Investors Awake at Night
By Martin HutchinsonContributing EditorMoney Morning It’s a tough time to be a bank shareholder. You’re not just worrying about whether the ongoing recession or a further lurch downwards in housing prices is going to decimate the value of your bank’s loan portfolio. You’re also worrying about whether some government “stress test” or – worse still […]
Report: Vast Majority of Baby Boomers Have Accumulated Little to No Wealth
[This is the latest installment in Money Morning's ongoing "Financial Crisis Investing" series, which explores ways for individual investors to repair their finances and investment portfolios.] By Mike Caggeso Associate Editor Money Morning Attention Baby Boomers: If you are trying to sell your home, more than 30% of you will have to bring money to […]
The Three Missteps in President Obama’s Economic Turnaround Plan
By Martin Hutchinson Contributing Editor Money Morning U.S. President Barack Obama's speech to the joint session of Congress late Tuesday was a beautiful performance. His language was exquisite, his delivery was superb, his rhetoric – at times – truly uplifting. It no doubt reflects a fault in my makeup that I found it not entirely convincing […]
Japan’s Exports are Halved by Crisis, Boosting the Odds for a Drop in the Yen
By Jason Simpkins Managing Editor Money Morning Japan's exports were cut nearly in half last month as the global downturn crushed demand for the country's electronics and automobiles, a development that increases the odds that the Japanese yen could be poised for a tumble. Japanese exports fell by 45.7% in January from a year ago […]
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Nortel Cutting 3,200 Jobs; Agrium Makes Hostile Bid for CF Industries; Ambac Posts $2.34 Billion 4Q Loss; Obama Picks Locke; Oil Rallies; SanFran Chronicle Could Close Nortel Networks Corp. (NRTLQ) said it plans to slash 3,200 jobs as part of the company's efforts to climb out of bankruptcy protection. "With the unprecedented economic environment and […]
The One Trend That Hints at Housing’s Recovery
By William Patalon IIIExecutive Editor Money Morning/The Money Map Report The National Association of Realtors said today (Wednesday) that sales of existing homes fell to their lowest level in almost 12 years, as prices also fell and are now near their six-year lows. The trade group said that sales of already existing houses fell a […]
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