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/ 20 September 2008
There’s something about hundreds of billions of dollars vanishing overnight that begs a comparison to the 1929 market crash and the Great Depression.
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/ 20 September 2008
The United States surged into action on Friday to launch an all-out attack against the worst financial crisis since the Great Depression.
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/ 7 September 2008
The US government seizes control of mortgage finance companies Fannie Mae and Freddie Mac in an aggressive move to help the distressed US economy.
Ben Bernanke has boosted shares on both sides of the Atlantic when he said the fight against inflation was being aided by falling commodity prices.
Restoring financial market stability is a top priority for the United States Federal Reserve, Fed chairperson Ben Bernanke said on Tuesday.
If governments take on private-sector debt created during the subprime crisis, the poor will be hardest hit, economist Iraj Abedian said in Cape Town on Tuesday. ”Heaven help us if it happens in developing countries,” he told a discussion on the global economic meltdown.
China is too far down the road toward a market economy to turn back from reforms now, even if United States financial market turmoil is causing it some qualms, US Treasury Secretary Henry Paulson said on Thursday. Paulson told reporters the biggest threat to continued reforms came from firms in China that want to be protected against competition.
The Federal Reserve slashed United States interest rates by a hefty three-quarters of a percentage point on Tuesday, giving a lift to stock markets already jubilant over stronger-than-expected investment bank earnings. Trying to avert a deep recession and financial market meltdown, the central bank cut less than many traders had expected but left the door open to additional reductions.
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/ 22 January 2008
The United States Federal Reserve on Tuesday slashed benchmark US interest rates by three-quarters of a percentage point in an emergency bid to lend support to a US economy some fear is on the verge of recession. The Fed’s action took the key federal funds rate, which governs overnight lending between banks, down to 3,5%.
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/ 12 January 2008
Democratic presidential contender Hillary Clinton on Friday proposed -billion in emergency spending to stave off a possible United States election-year recession, upstaging Republican rivals who clashed over the economy but offered few specifics.
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/ 3 December 2007
Oil bounced back above a barrel on Monday as traders bet last week’s nearly sell-off was overdone, and might turn the tides against an expected increase in output by the Organisation of the Petroleum Exporting Countries when the cartel meets later this week.
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/ 9 November 2007
Oil prices rose on Friday to regain ground lost in a fall the previous session, as persistent supply concerns and a late rebound in United States stocks offset worries about US economic growth. Wall Street fell on Thursday but finished well off its lows after a late rebound in financial shares lifted other stock sectors.
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/ 16 September 2007
Former Federal Reserve chairperson Alan Greenspan, in a memoir to be released on Monday, criticised President George Bush and congressional Republicans for abandoning fiscal discipline and for putting politics ahead of sound economics. In his book, Greenspan said he was surprised Bush was unwilling to temper his campaign promises with fiscal reality once elected.
United States stocks rose on Friday amid optimism a White House-proposed mortgage assistance package could ease liquidity conditions. President George Bush set out measures to help homeowners with subprime mortgages refinance into new loans, but warned that the government’s job was not to bail out speculators.
United States President George Bush will outline reforms on Friday to help struggling subprime mortgage borrowers and his central bank chief will deliver a speech which will be pored over for hints of a looming rate cut. Federal Reserve chairperson Ben Bernanke speaks on ”Housing and Monetary Policy” at around 2pm GMT.