Patrice Hill

Jobless rate reaches 25-year high

The economy continued its dramatic collapse last month as the unemployment rate soared to a 25-year high of 8.1 percent amid the biggest job losses seen in a generation.

March 7, 2009

Jobless rate bolts to 8.1%, 651K jobs lost

The nation's unemployment rate soared to 8.1 percent last month, the highest in 26 years, as employers eliminated another 651,000 jobs, the Labor Department reported Friday morning.

March 6, 2009

Fed moves to revive lending

The Federal Reserve on Tuesday launched its long-awaited program for reviving moribund markets for consumer and small-business loans.

March 4, 2009

Banking crisis drops floor of stocks

UPDATED: Stocks plummeted to their lowest levels in nearly 12 years as the troubles of two international financial giants reignited fears of a burgeoning worldwide banking crisis.

March 3, 2009

AIG gets access to more cash

The Treasury and Federal Reserve on Monday morning revised their bailout agreement with American International Group yet again, this time providing the insurance giant access to another $30 billion in cash at more generous terms.

March 2, 2009

U.S. takes 36 percent stake in Citi

The U.S. Treasury Department said Friday that it would take up to a 36 percent stake in Citigroup in exchange for $25 billion of bailout funds it previously provided to the ailing New York bank.

February 28, 2009

Bernanke: Bank plan is not nationalization

Federal Reserve Chairman Ben S. Bernanke on Tuesday defended the Obama administration's bank plan, saying it would not lead to nationalization of some of the largest U.S. banks because the government does not intend to take ownership of the banks as it pumps money into them.

February 25, 2009

Bernanke: Recovery depends on banks

The economy will start to recover from a severe recession this year only if the government is successful at reviving the foundering banking system and collapsed credit markets, Federal Reserve Chairman Ben S. Bernanke testified Tuesday morning.

February 24, 2009

Treasury, Citigroup debate control

The federal government is negotiating a deal with Citigroup that may expand its ownership share to the point that it effectively nationalizes the nation's third-largest bank.

February 24, 2009

Nationalization rumors sink stocks

Fears that the federal government will be forced to nationalize some of the largest banks sent the stock market plummeting Friday, driving the Dow Jones Industrial Average to a six-year low.

February 21, 2009

Tab for Obama’s home aid: $275B

President Obama offered a long-awaited plan Wednesday to spend up to $275 billion to help troubled homeowners refinance and stay in their homes.

February 19, 2009

GM, Chrysler seek $22 billion more

General Motors Corp. and Chrysler LLC asked for up to $22 billion more in federal aid Tuesday and offered to restructure themselves to justify the $17.4 billion in Treasury loans they already have received.

February 18, 2009

Carmakers make plans, do little

General Motors Corp. and Chrysler LLC will present the Treasury on Tuesday with plans to regain financial health, but the Detroit automakers - encouraged by Democratic allies in Washington - have made little headway since Christmas in reducing their huge debts and labor costs.

February 17, 2009

Critical financial cleanup missing

Wall Street markets have been among the biggest cheerleaders for President Obama's economic-stimulus bill, but disappointment is setting in that the White House is not quickly cleaning up the financial system.

February 16, 2009

Obama bank plan skids on Wall Street

The Obama administration unveiled its long-awaited bank rescue plan Tuesday but did not spell out how it would resolve the most critical issue on Wall Street.

February 11, 2009

Treasury widens aid for banks, credit markets

UPDATED: The Obama administration unveiled its long-awaited bank rescue plan Tuesday but it did not spell out how it would resolve the most critical issue on Wall Street — how to dispose of unsellable debts — and provoked widespread disappointment that sent the Dow Jones Industrial Average plummeting nearly 400 points.

February 11, 2009

Public-private aid seen for toxic loans

The Obama administration's first stab at cleaning up the banking mess will take a tailored approach. The closing of small failing banks will be accelerated, while banks that are too big to fail will be helped by a public-private partnership to dispose of their souring loan assets.

February 10, 2009

Wounded banks: Only game left

Banks have become the only game in town for most businesses and consumers looking for loans, and that's why the government is gearing up for what could be the most expensive bank bailout ever.

February 9, 2009

3-month job losses worst since 1945

The economy lost nearly 600,000 jobs in January for the third month in a row, driving the nation's unemployment rate up to 7.6 percent, the Labor Department reported Friday.

February 7, 2009

Jobs plunge by nearly 600,000

UPDATED: The economy lost nearly 600,000 jobs in January for a third straight month in its worst jobs performance since 1974, driving the nation's unemployment rate up to 7.6 percent, the Labor Department reported Friday.

February 6, 2009