Goldman Sachs Closer to Becoming Bank

Two months after the Federal Reserve approves its request to be designated a bank holding company, Goldman Sachs Group wins a charter from New York State banking regulators, permitting the financial big to open bank branches in New York and surrounding mid-Atlantic states.javascript:void(0)

US Bets $800 Billion on Consumers

After a deepening financial crisis made it virtually impossible for many consumers and businesses to borrow money, the Federal Reserve and Treasury Department create new programs that dipense $800 billion into the economy. The plan is aimed at "unfreezing" the credit markets by helping companies that issue credit cards, make student loans and finance car purchases and by buying mortgage-backed assets.
I think this is a good start in the recovery process of our crippled economy.

Why Citigroup Got Detroit's Money

Congress spends two days in deep decision pertaining to Detroit's "desperate" automakers. Not only are their request delayed but now they must also give Congress their strategies for existing as businesses. But why is this when the Treasury Department and the Federal Reserve pledge $20 billion to Citigroup, plus a $25 billion investment they received a month ago. I wonder what Congress' reason is for having more faith in the bank, Citigroup.

Obama Offers Job Creation Plan

Obama promises a jobs program to build roads and bridges while modernizing schools and developing alternative energy solutions. The program would create 2.5 million jobs by 2011. In Saturday's weekly Democratic radio address, now also broadcast on the Internet, Barack Obama says he wants Congress to pass the measure quickly after he takes office. I like the path Obama is heading in. He isnt yet in office and showing us the change that he spoke so much about.

Citigroup Rescue Plan in the Works?

After a week of seeing Citigroup's stock take a nosedive, the government considers a strategy to rescue the nation's second-largest bank, considered a "linchpin" in the financial industry.

Wal-Mart Names Successor to CEO Scott

The world's largest retailer announces that its board has elected its international chief Mike Duke to succeed Lee Scott as president and CEO when he retires from those positions in February. Much good fortune to Wal-mart. It's such a successful business!

Oil Ends Day Under $50 a Barrel

The slow demand for fuel pushes oil prices as low as $48.50 a barrel "-- two-thirds lower than the record $147 reached in July --" before closing at $49.62, a 3 1/2-year low. The nationwide average retail price of regular gasoline could easily fall below $2 per gallon overnight.

Lawmakers Delay Aid to Automakers

A bipartisan proposal to repurpose $25 billion in automaker loans intended for fuel-efficiency development is held up. Senate leaders are demanding Detroit's Big Three to present plans for a "long-term survival." It makes sense, why loan such a multitude of money and give to the same people who ended up in these some problems that may be reoccuring. I don't blame the senators.

Paulson, Bernanke Defend Bailout Plan

Months in discussing the bailout plan and testifying before a congressional panel, Treasury Secretary Henry Paulson and Fed chairman Ben Bernanke defend of the $700 billion financial bailout after declining the original strategy to buy toxic debt from banks. "There is no playbook for responding to turmoil we have never faced," Paulson says. "We adjusted our strategy to reflect the facts of a severe market crisis."

Yahoo Chief Jerry Yang Will Step Down

Yahoo Inc. announces that company co-founder Jerry Yang will resign as the struggling Web portal's chief executive. This also happens "in the wake of a tide" of shareholder anger over the rejection of Microsoft's acquisition efforts this year.

Citi CEO in Some Heat?

At a town hall meeting scheduled for Monday, Citigroup CEO Vikram Pandit, is expected to face some tough questions from employees on the direction of the bank. He has also been the subject of tough criticism since taking the "helm" less than a year ago. I think its only a matter of time before other financially unstable banks in the country come to fall, sad to say.

Summit Leaders Agree to Act Together

In a two-day summit, President Bush and leaders from 20 other countries agree to discuss plans to revive their economies. the meeting, however, is slim on "concrete proposals", with most details to be worked out by finance ministers in the coming months and beyond.

Auto Bailout May Lack Lawmaker Support

Democrat lawmakers try to come up with a plan to help keep Detroit's struggling Big Three, Senate Banking Committee chairman (Chris Dodd) warns that legislation to aid automakers doesn't have the support to pass Congress. I think we should help these automakers because they play a significant value in American success in business.

New Legislation Would Aid Automakers

As automakers seek for the government's help, the head of the House Financial Services Committee is "devising legislation" that would use part of the financial industry's $700 billion bailout package to buy stakes in Detroit's three automakers.

What Does Pelosi say about the Bailout for Automakers?

In response of the financial reports from General Motors and Ford Motor, Pelosi -- House of Representative speaker, backs them calling for, "emergency and limited financial assistance."