Patrice Hill

Wall Street won’t bank on it

With a crisis involving Fannie Mae and Freddie Mac averted for now, Wall Street started fretting Monday about the prospect of more bank failures after the government's takeover of IndyMac.

July 15, 2008

Government will lend to Fannie, Freddie

The Treasury and Federal Reserve moved Sunday to bolster the finances of Fannie Mae and Freddie Mac to ensure that the mortgage giants do not succumb to mounting market pressures this week.

July 14, 2008

Fannie, Freddie at the precipice

The Bush administration Friday struggled to stem a run on Fannie Mae and Freddie Mac that threatened to force the mortgage giants into insolvency with a pledge to preserve the companies.

July 12, 2008

McCain vows support for Fannie, Freddie

Republican presidential candidate Sen. John McCain said Thursday he would not allow Fannie Mae and Freddie Mac to fail, even as fears mounted that the mortgage giants are insolvent and could succumb to market pressures.

July 11, 2008

McCain adviser talks of ‘mental recession’

With the economy on the top of voters' minds, Republican presidential candidate John McCain's top economic adviser said the Arizona senator will lay down a detailed program to revive dynamic growth with dramatic tax and spending reforms.

July 9, 2008

Bernanke calls for new Fed power

Federal Reserve Chairman Ben S. Bernanke said Tuesday regulators should be empowered to close down investment banks like Bear Stearns that are deemed "too big to fail."

July 9, 2008

Billionaires list growing

Nearly three decades of an economy less fettered by taxes, regulation and national borders has produced a crop of more than 1,000 billionaires, whose wealth and influence rival that of the robber barons a century ago.

July 7, 2008

Report: Another 62,000 jobs lost

The economy lost another 62,000 jobs last month as the housing crisis and record high energy prices continued to weigh on employers and make them cautious about hiring, the Labor Department reported this morning.

July 3, 2008

‘Enron loophole’ enables oil speculation

The speculative trading that has helped drive oil prices over $135 a barrel continues largely unchecked despite much talk and repeated attempts by Congress and regulators to rein it in this year, top analysts say.

June 24, 2008

Bear Stearns e-mail noted ‘meltdown’

In an e-mail to a colleague in March 2007, Bear Stearns executive Ralph Cioffi lamented the markets, describing them as "either a melt down or the greatest buying opportunity ever."

June 20, 2008

Speculators accused of dictating oil prices

Just how much oil prices are being driven by speculation became clearer yesterday as regulators revealed that Wall Street dealers, hedge funds, pension funds and other speculators hold 70 percent of the leading oil futures contracts traded in New York.

June 18, 2008

Officials to probe traders of crude

Securities regulators Tuesday vowed to pursue possible illegal manipulation of the oil market through an expanded task force including the Federal Reserve and Treasury, helping to drive premium crude prices down $3 to $131.31 a barrel in New York trading.

June 11, 2008

Unemployment, oil wallop Wall Street

Unemployment surged from 5 percent to 5.5 percent last month - the biggest increase in 22 years - as businesses continued to lay off workers and curb their wage gains, the Labor Department reported Friday.

June 7, 2008

Oil prices soar $10 more to new record

Oil prices hit a new record of $139 a barrel and unemployment shot up from 5 percent to 5.5 percent last month -- the largest increase in 22 years in the latest round of bad news for Americans struggling financially.

June 6, 2008

Warning shot

Federal regulators came out blasting at high food and fuel prices Tuesday, sparking a big drop in oil, corn and other commodity prices and lifting the flagging U.S. dollar, which has fed an inflation spiral.

June 4, 2008

High prices not all bad

The hardship of high food and fuel prices for the world's most impoverished people has garnered much attention, but economists say the commodities boom is probably helping more poor people than it hurts because developing countries are the primary source of raw materials. Most Middle Eastern nations as well as countries such as Brazil, Argentina, Chile, Venezuela, Botswana, Zambia and Congo are major beneficiaries of the sixfold increase in oil prices since 2002 as well as record high prices for corn, rice, wheat, soybeans, copper, gold, diamonds and other basic goods the world needs for sustenance and growth.

June 2, 2008