Financial crises News

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Bernanke Sees Risks in Further Steps to Spur Jobs

WASHINGTON -- Federal Reserve Chairman Ben Bernanke said Wednesday that the Fed can't take additional steps to try to ease high unemployment without escalating high inflation. If inflation were to accelerate, the Fed would have to raise rates to slow borrowing and spending and blunt price increases. Hiring might then...

Obama: Congress Must -- and Will -- Raise Debt Limit

CHICAGO -- President Barack Obama confidently predicted Friday that a divided Congress would raise the nation's borrowing limit to cover the staggering federal debt rather than risk triggering a worldwide recession, but he conceded for the first time he would have to offer more spending cuts to Republicans to get a...

Senator Questions Goldman Execs' Testimony

Douglas Graham, Roll Call / Getty Images

WASHINGTON -- The head of a Senate panel investigating the financial crisis is questioning the accuracy of testimony Goldman Sachs executives gave to Congress last year about whether the firm steered investors toward mortgage securities it knew would likely fail. Goldman Sachs and Co. agreed in July to pay $550 million to...

EU Says Portugal Needs About $114 Billion in Aid

GODOLLO, Hungary -- Europe's top financial officials said Friday that Portugal will need around euro80 billion ($114 billion) in rescue loans, but a tense election campaign in the debt-ridden country is set to complicate reaching a deal with opposing political parties. A full-fledged adjustment program should be in place...

Workers Brace for Effect of Government Shutdown

LITTLE ROCK, Ark. - A weather forecaster says he may have to live off the money he's been setting aside for a Caribbean vacation. A worker in Washington hopes to polish his resume so he can retire from public service and work in the private sector. An accountant wonders if she can put off her mortgage for a month. Federal...

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05/29/12 Stocks higher on hopes for China stimulus Source: The Bulletin - Bend OR Stocks jumped Tuesday, one of their best days in an otherwise dreary month, after China appeared poised to rev up its economic growth machine.
05/29/12 Stocks gain as worries about Europe abate Source: ABC - KOAT 7 U.S. stocks rose Tuesday as investors welcomed a lack of negative headlines out of Europe, and hopes China will move to support its economy.
05/29/12 Home prices rise in most major US cities Source: NBC - 9 News - Denver CO Home prices rose in March from February in most major U.S. cities for the first time in seven months.
05/29/12 BoG: Greeks would lose half income with euro exit Source: CBS - NewsChannel 7 - Spartanburg SC An exit from the euro would see Greeks lose more than half their annual income and prompt a dramatic rise in unemployment and inflation, a report from the Bank of Greece has warned.
05/29/12 Spain's looming $24 billion bank bailout: 5 takeaways Source: The Week Europe's debt crisis is on the verge of spiraling out of control.

Background on Financial crises

The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value.

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