Detailing The Government's Financial Rescue Plan
Major government action to help resolve the current financial crisis may be coming soon. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson met Thursday night with congressional leaders. They're asking Congress for the authority to buy distressed assets, in the biggest government financial intervention since the Great Depression.
Financial Sectors' New Buzzword Is Deleverage
Leverage is a word heard frequently during the current financial crisis. It means borrowing heavily to maximize investment returns. The problem is that leverage was used to invest in mortgages that went bad. The new buzzword in the financial world is deleverage.
Obama To Unveil Financial Meltdown Fix
Democratic presidential nominee Barack Obama is promising new ideas to calm the crisis in the financial industry. He's expected to unveil a new economic proposal Friday in Florida. Obama reached out to Hispanic voters in New Mexico Thursday telling them this is not the time to panic, instead, it's a time for leadership.
McCain Dogged By His Economic Comments
Republican presidential nominee John McCain is facing tough questions about how he would deal with the current financial crisis. Earlier in the campaign he admitted that he was not an expert on Wall Street. On Thursday, he proposed creating a trust to review mortgage and financial institutions, identify weaker ones and strengthen them before insolvency.
A Cook's Bitter Tale Of Death In Iraq
The cook at NPR's Baghdad bureau usually appears on a television cooking show every Ramadan. The cast and crew go to a needy family's house, prepare dinner and give gifts and money. He was supposed to travel to the northern city of Mosul last weekend to record an episode. But he decided to stay in Baghdad, and that decision saved his life. His colleagues were kidnapped and murdered.
Independent Political Groups Return With 527 Ads
As the November presidential election draws nearer, ads by independent political groups are already on the air. John McCain and Barack Obama have said that these groups should stay out of the election process. But there seems to be no way to stop them.
Could Political Views Be Driven By Biology?
It may be possible to predict people's political beliefs based on how strongly a person responds to alarming images and sounds, says a new study. People who had stronger reactions tended to favor things like military spending and the death penalty. But not everyone's onboard.
Russian Stock Markets Reopen
Financial markets in Russia have been in a free fall this week. By Wednesday, when the leading Russian stock indexes were down more than 10 percent, officials closed the markets for two days. A massive financial rescue package seems to be working. When markets opened Friday, prices shot up so high, so fast, that officials suspended trading again, but this time just for an hour.
Did Short Selling Contribute To The Financial Mess?
The Securities and Exchange Commission early Friday temporarily banned the routine practice of betting against financial company stocks. The day before, New York Attorney General Andrew Cuomo launched an investigation into short-selling practices on Wall Street. The SEC ban only applies to financial stocks, which have been hit hard this week.
A Check On Europe After U.S. Financial Meltdown
European reaction to Wall Street's financial crisis has been mixed. In Britain, many analysts expect the credit crunch to get worse. There are also fears that British companies unable to raise credit might be forced to close. French and German experts say that because of stricter financial regulations in their countries, they will be able to weather the financial storm.