Patrice Hill

Consumers do not feel economic recovery

The U.S. economy appears on the verge of recovery after the most grueling recession in modern times, but most people don't feel any better because the things that matter the most to them remain troubled.

August 6, 2009

Treasury, banks start to retreat from battle

Washington's political leaders and the nation's big banks seem to have come to an uneasy truce after months of open warfare.

July 20, 2009

Summers: Switch from spending to producing to fix economy

The Obama administration hopes to reshape the U.S. economy to be less dependent on consumer spending and debt for growth while increasing the role of manufacturing and exports, the White House's top economic adviser said in a much-anticipated speech Friday.

July 18, 2009

White House aims to reshape economy

The White House's top economic adviser in a much-anticipated speech Friday outlined how the Obama administration hopes to reshape the U.S. economy to be one less dependent on consumer spending and debt for growth while increasing the role of manufacturing and exports.

July 17, 2009

Small-business lender CIT denied bailout

A top source of loans for small businesses faces the likelihood of bankruptcy after the Treasury and Federal Reserve on Wednesday rejected calls for a bailout.

July 16, 2009

Paulson takes responsibility in Merrill deal

Former Treasury Secretary Henry M. Paulson Jr. says he is the one who told Bank of America chief executive Kenneth Lewis he would be removed if he didn't go through with his acquisition of Merrill Lynch last December.

July 16, 2009

Paulson takes blame for BofA-Merrill deal

Former Treasury Secretary Henry M. Paulson Jr., in prepared testimony to be presented Thursday, deflects the blame from Federal Reserve Chairman Ben S. Bernanke and says he is the one who told Bank of America CEO Kenneth Lewis that he would be removed if he didn't go through with his acquisition of Merrill Lynch in December.

July 16, 2009

Stimulus plan produces two bright spots

As debate rages over the impact of the $787 billion stimulus bill, a pair of relatively inexpensive programs that passed more as afterthoughts than as stimulus are having the most immediate impact on the economy, contributing to an expected rebound in growth this summer.

July 14, 2009

Big 3’s heaviest debt load now falls on Ford

Ford Motor Co. has benefited for months from the woes of its bailed-out Detroit brother General Motors Corp., but GM's emergence from bankruptcy now puts debt-laden Ford at a disadvantage.

July 13, 2009

Bloated deficits endanger dollar’s global status

Worries about burgeoning U.S. budget deficits are weighing on the dollar and undermining its status as the world's pre-eminent reserve currency.

July 9, 2009

GM takeover part of broad federal role

Capping a series of bold government actions to rescue failing corporate giants, the White House has won approval of its restructuring plan for General Motors Corp., putting the government on track to take ownership of the storied automaker by the end of the week.

July 7, 2009

Judge OKs sale of GM to U.S. government

A Manhattan bankruptcy judge approved the sale of General Motors to the U.S. government on Sunday, saying it was the only alternative to closing down the storied Detroit automaker.

July 6, 2009

New data indicate recovery not near

The end of the longest recession in recent history got pushed further off last month as employers eliminated nearly a half-million more jobs, unemployment rose to its highest level in 26 years and wage growth came to a standstill.

July 3, 2009

GM to uphold dealer rights after bankruptcy

General Motors Corp. reached an agreement with 30 state attorneys general Thursday to maintain the protections and rights dealers enjoy under state laws when the automaker emerges from bankruptcy, possibly next week.

July 3, 2009

Job losses rise; unemployment rate hits 9.5%

The long-running recession appeared to deepen in June as employers increased layoffs to a total of 467,000 nationwide from 322,000 in May, increasing the unemployment rate to a 26-year high of 9.5 percent.

July 2, 2009

GM won’t get federal aid extension

The White House turned up the heat in the General Motors bankruptcy case Wednesday, saying the government will not provide further funds to support GM's reorganization beyond July 10.

July 2, 2009

Deal reached on GM dealer claims

The Treasury Department said Monday it had reached a deal with General Motors and state attorneys general over the claims of hundreds of dealers being shut down by the Detroit automaker, with the goal of smoothing the way for a quick exit from bankruptcy.

June 30, 2009

Bernanke stands up to House grilling

Federal Reserve Chairman Ben S. Bernanke withstood a grilling Thursday from lawmakers on the far left and far right about his handling of the banking crisis last winter, displaying a grace and authority that likely will improve his chances of being reappointed in January.

June 26, 2009

Bernanke defends Fed’s handling of BofA

Federal Reserve Chairman Ben S. Bernanke testified Thursday morning that the Fed acted properly in urging Bank of America in December to consummate its acquisition of Merrill Lynch, which he said helped to prevent deeper turmoil in stricken financial markets worldwide.

June 25, 2009

Parties face off over Fed’s tactics

Congressional Democrats and Republicans offered starkly different assessments late Wednesday over whether the Federal Reserve exerted too much or too little pressure on Bank of America in its takeover of Merrill Lynch last December.

June 25, 2009