Archive for September, 2009
Treasury readying aid for small business loans
WASHINGTON (Reuters) – The U.S. Treasury will soon launch a new program aimed at aiding small business lending, the head of the Treasury’s $700 billion bailout fund said on Thursday. Herbert Allison, the Treasury’s assistant secretary for financial stability, declined to provide details or specific timing on the program in testimony before the U.S. Senate [...]
4 Dumb Financial Moves in the Recession
by Marilyn Kennedy Melia @ Bankrate.com You can almost hear the collective slaps to the head. This recession has brought to light dumb money management practices, forcing just about all of us to confront our financial foibles. Maybe, for instance, you’re one of the ones who panicked and sold during the market bottom. Or, you [...]
Bernanke: Recession’s ‘very likely over,’ yet jobs remain unstable
But the Fed chief warns that the job market will continue to be weak for some time. By Neil Irwin The recession is “very likely over,” Federal Reserve Chairman Ben S. Bernanke said Tuesday, but the job market is likely to remain weak for some time. Taking questions following a speech at the Brookings Institution, [...]
Love a local business? Buy a share
Sometimes it takes a village to fund a company. By Helaine Olen HASTINGS-ON-HUDSON, N.Y. (Fortune Small Business) — John Halko was halfway through renovating an expanded space for Comfort, his mostly organic eatery in Hastings-on-Hudson, N.Y., when the credit crisis hit. His source of funding — a home-equity line — ran out, so he applied [...]
Economic recovery depends on health of small companies
America’s economic recovery lies in the middle market Posted by: Thomas Bonney The economic healing power of small businesses is clear. According to the Small Business Administration, more than 6.7 million of the 27.2 million existing businesses in 2007 were small businesses with less than 500 paid employees. Just one hire by each of these [...]
New jobless claims fall more than expected to 550K
New jobless claims fall more than expected to 550,000, as layoffs ease in improving economy By Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — First-time claims for jobless benefits fell more than expected last week, evidence that companies are laying off fewer workers as the economy improves. The Labor Department said Thursday that initial [...]
Obama calls for Congress to face health care challenge
WASHINGTON (CNN) — President Obama on Wednesday made a passionate call for Congress to fix the nation’s ailing health care system in the same spirit that created Social Security and Medicare in difficult times. In a joint speech to Congress heralded as vital to his push for a health care overhaul, Obama offered his most [...]
Worst recession since 1930s appears to be over
Worst recession since 1930s appears to be over; Fed finds most of US stabilizing or improving By Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — A new government survey finds the vast majority of the country reporting economic activity is stabilizing or improving, as the worst recession since the 1930s appears to be over. The [...]
Unemployment Hits 26-Year High: This Is a “Recovery”?
by Peter Gorenstein The economic data continues to get less bad. Should we rejoice? Wall Street has mixed emotions. U.S. employers cut 216,000 jobs in August, fewer than expected and less job cuts than the previous month. Stocks were solidly higher midday in reaction but the unemployment rates now stand at a higher-than-expected 9.7% – [...]
Fed minutes: officials saw recession’s end in August
Fed minutes: With economy on mend in Aug., officials felt comfortable slowing revival program By Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — With the U.S. economy on the mend, Federal Reserve policymakers last month felt comfortable slowing the pace of one of its economic revival programs and not changing any others, according to documents [...]