financial crisis

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Limits on Exec Bonuses May Backfire
Limits on Exec Bonuses May Backfire
Feb 15, 2009 11:53 AM CST

Limits on Exec Bonuses May Backfire

Stimulus cuts are too strict, will actually hurt economy, say experts

(Newser) - An 11th-hour limit on Wall Street bonuses in the stimulus bill could ultimately hurt the economy, experts say. In a surprise move, they curb not only senior executives’ pay but also traders, investment bankers, and others, the Los Angeles Times reports. “This will make it difficult to attract and...

Stop Levitating, Start Governing: Kristol
Stop Levitating,
Start Governing: Kristol
OPINION
Feb 14, 2009 1:35 PM CST

Stop Levitating, Start Governing: Kristol

(Newser) - One of William Kristol’s favorite highlights of the new stimulus is the $8 billion reserved for a high-speed levitating train connecting Disneyland and Las Vegas. It wasn’t in the House bill and got just $2 billion in the Senate’s version, so they “compromised” on $8 billion....

Stimulus Slashes Bank Bonuses

Package bans cash bonuses for bailed-out firms' high earners

(Newser) - A late addition to the stimulus package puts tougher restrictions on executive pay at bailed-out financial institutions, reports the Wall Street Journal. The rules go further than the Obama administration proposed, affect more employees, and could seriously crimp the culture of gargantuan bonuses. The big one: Bonuses can't exceed one-third...

Strapped Networks Air Ads for Booze, Sex in Prime Time

(Newser) - The airwaves are getting a lot more mature. On Sunday, 15 cities saw an Absolut Vodka ad during the Grammy Awards, the first time in years that a liquor commercial has run in prime time on a network-owned station. Other ads not suitable for innocent ears (K-Y Jelly, anyone?) are...

In Sticky Situations, Recession's an Easy Out

If you don't want to say the real reason, invoke the economy!

(Newser) - Think of all the commitments you would love to back out of. Chances are, you can use the economy as an excuse to set you free, reports the New York Times. Reaping the social benefits of recession is big with everyone from the mom who didn't want to confront her...

States Seek to Restrict Employer Credit Checks

Lawmakers want employers to prove credit reports are necessary

(Newser) - Several states and Obama administration officials are seeking restrictions on employers that unfairly screen out job applicants using credit checks, USA Today reports. Spiking unemployment and mortgage foreclosures brought on by the financial crisis have hurt many, and lawmakers say trustworthy people are being shut out of good jobs. Some...

Women's Workforce Equality Comes at a Price
Women's Workforce Equality Comes at a Price
OPINION
Feb 13, 2009 10:09 AM CST

Women's Workforce Equality Comes at a Price

(Newser) - At long last, women hold more than 49% of American jobs in this country, and 50% is in reach. But hold the confetti, writes Ellen Goodman of the Boston Globe. It's happening "because men are losing their jobs even faster than women." Last year, men took home eight...

Cramer Changes Course: Have Faith in Geithner
Cramer Changes Course:
Have Faith in Geithner
OPINION
Feb 13, 2009 9:46 AM CST

Cramer Changes Course: Have Faith in Geithner

It's cheaper than nationalization, and gets banks moving again

(Newser) - Geithner’s got it, James Cramer writes in New York—much to his own surprise. Cramer notes that he's railed against the Treasury chief for months, but he's now come around just as others have abandoned him. “The press, the pols, the Wall Streeters—they are all dumping their...

Food Spending Turns Anorexic
 Food Spending Turns Anorexic 
Feb 13, 2009 9:36 AM CST

Food Spending Turns Anorexic

Restaurants, name-brand food hit hard as diners opt for cheaper fare

(Newser) - Americans have trimmed their food spending sharply, hitting restaurants, food retailers, and brand-name food producers squarely in the gut, the Wall Street Journal reports. In the last quarter of 2008, spending on food plunged an inflation-adjusted 3.7% from the previous quarter, the steepest decline since the government began keeping...

America's Biggest Banks Are Zombies
America's Biggest Banks Are Zombies
ANALYSIS
Feb 13, 2009 8:30 AM CST

America's Biggest Banks Are Zombies

Many are already insolvent, and feds will need a bolder plan

(Newser) - In the corridors of Wall Street and Washington, a worrying consensus is growing: Some of the nation's largest banks are in fact insolvent. If banks reassessed the value of the complex mortgage-backed securities that taint their balance sheets, they would outweigh all assets on hand, writes Steve Lohr of the...

Congress Needs to Speed Read Like Crazy to Study Stimulus

At 1,434 pages, 13 hours hardly enough

(Newser) - It might be called a stimulus bill, but it’s far from stimulating reading. At 1,434 pages, and written in the usual incomprehensible legalese, the stimulus is going to be passed unread by members of Congress. That’s no fault of theirs, blogs Jimmie Bise at the Sundries Shack;...

Spy Chief: Economic Crisis a Greater Threat than Terror

Security assessment warns that downturn could cause widespread instability

(Newser) - The new director of national intelligence warned Congress yesterday that the global economic crisis poses a graver and more immediate threat to the US than international terror, the New York Times reports. The crisis could undermine national governments and cause widespread civil unrest as it spreads and deepens, causing serious...

Final Stimulus Votes Set Today

With haggling completed, final version of $789B bill will head to House and Senate

(Newser) - Lawmakers have hammered out the final details of the economic stimulus bill and cleared the way for final votes in the House and Senate today, reports Reuters. Both chambers are expected to approve the bill's final version, meeting Barack Obama's deadline of passing the $789 billion package of spending and...

Stimulus May Pick Up More GOP Votes
Stimulus May Pick Up More GOP Votes
Analysis
Feb 12, 2009 12:13 PM CST

Stimulus May Pick Up More GOP Votes

But not enough to be anything like bipartisan

(Newser) - The passage of the stimulus is a done deal, but that doesn’t mean the votes on the compromise measure won’t be interesting. Democrats are hoping to bring more Republicans on board, reports Chris Cillizza of the Washington Post. All three GOP senators who backed the original Senate bill...

Farmers Plucked by Chicken Slump

Foreclosures loom as chicken company cuts contracts

(Newser) - Hundreds of poultry farmers face foreclosures on their pricey chicken houses after poultry giant Pilgrim's Pride dropped their contracts. Some are suing in return, claiming the company encouraged them to take on hefty mortgages and vowed to keep their grandkids in business, the Wall Street Journal reports. Most farmers own...

Financial Fraud Investigations Overwhelm FBI

Enron-style crisis in mortgage, bailout cases looms

(Newser) - The mortgage crisis and the billions of bailout dollars finding their way into circulation have spawned a surge in fraud cases that already is straining federal law enforcement resources, reports the Los Angeles Times. The FBI is stretched to the limit by 2,300 current investigations—but just 38 are...

Compromise Stimulus Means Short-Term Pain
Compromise Stimulus Means Short-Term Pain
ANALYSIS
Feb 12, 2009 5:30 AM CST

Compromise Stimulus Means Short-Term Pain

Unemployment will climb, recession will last until end of 2009

(Newser) - The final version of the economic stimulus package will provide less immediate support for the economy than Barack Obama had hoped, reports the Wall Street Journal, and makes it likely that the US will remain in recession through 2009. The $790 billion deal cuts aid to state and local government...

Recession Adds Drama to Paying for Lunch

Power diners shy away from picking up big tabs

(Newser) - Power lunches once ended with diners diving for the bill, corporate cards held high. These days, the checks tend to sit there uncomfortably, everyone hoping the other guy will pay, writes Laura Holson in the New York Times. The recession has turned picking the tab into a virtual earnings report....

Congress Reaches a Deal on $789B Stimulus

Trimmed bill cuts funding to many of touted projects

(Newser) - House and Senate negotiators agreed on a compromise $789 billion stimulus plan this afternoon that scales down bills passed by each of the chambers. The final version "creates more jobs than the original Senate bill and spends less than the original House bill," Senate majority leader Harry Reid...

Crisis Paradox: How to Spend When You Need to Save

How to stimulate the economy without draining your account

(Newser) - While leaders encourage Americans to stimulate the economy by spending, those who have lost jobs or investments are a lot more inclined to hoard their remaining assets. But there's a way to avoid this "paradox of thrift," in which the frugal behavior that's best for an individual...

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