Patrice Hill

China’s derision of U.S. grows amid default talk

China's leaders are gleeful that the chronic crises emanating out of Washington helps elevate China in the world's eye as a much-needed source of stability while furthering Beijing's goal of posing an alternative to a U.S.-centric world economy.

October 17, 2013

Fitch warns that impasse could threaten AAA credit of U.S.

One of Wall Street's leading credit-rating firms Tuesday afternoon warned that it may downgrade the U.S. credit rating from AAA as a result of the congressional impasse that could force the Treasury Department to hit its borrowing limit on Thursday and could lead to a first-ever default on Treasury securities within days after that.

October 15, 2013

Next move on U.S. credit rating? ‘D’ for default

Despite expressing confidence that the U.S. will avoid a default, one top credit rating agency has issued a quiet warning that the nation's AA+ rating will plunge suddenly to a shockingly low D if a political resolution does not come in time to prevent the Treasury from missing a debt payment in the next month.

October 14, 2013

Stocks soar on hint of debt breakthrough

Wall Street stocks soared Thursday on signs of a possible breakthrough in the standoff in Washington, with House Republicans proposing a short-term increase in the national debt limit that would prevent a possible default on U.S. Treasury securities for another six weeks.

October 10, 2013

Fed future: Janet Yellen to be nominated as Ben Bernanke’s replacement

President Obama on Wednesday will nominate Janet Yellen, a loyal lieutenant of Federal Reserve Chairman Ben S. Bernanke and an economist dedicated to improving the nation's job prospects, to become the first woman to head the century-old central bank.

October 8, 2013

Red states to suffer most in prolonged shutdown: survey

The economies of 15 Republican-leaning states would be among the 25 most hard hit by a prolonged shutdown that leads to a lapse in payment of benefits for seniors, veterans, students and other citizens later this month, according to a new web-based study released Tuesday.

October 8, 2013

Shutdown shuts down closely watched jobs announcement

The Labor Department announced Thursday that it will not release its report on the job market in September as scheduled on Friday morning because of the federal budget stalemate that has shut down much of the federal government since Tuesday.

October 3, 2013

Stocks fall on dire Treasury debt warning

Stocks on all the major indexes fell sharply on Wall Street on Thursday as the lengthening government shutdown showed no signs of ending and the Treasury Department warned of an economic calamity later this month if Congress doesn't act to raise the federal borrowing limit.

October 3, 2013

Short-term shutdown would pose little threat to national economy

The U.S. economy is likely to take a brief government shutdown lasting a day or two in stride, but the longer it goes on, the harder it will hit.

September 30, 2013

Rising mortgage defaults may force FHA to request bailout from Treasury: report

The Federal Housing Administration may for the first time need a bailout from the U.S. Treasury as rising defaults on mortgages it insures have pushed its insurance reserves into deficit, according to a new report.

September 25, 2013

Stock markets celebrate, but Fed finds reasons to worry about fiscal policy

The Federal Reserve on Wednesday pleasantly surprised financial markets by deciding not to start withdrawing the easy money policies it has maintained since the Great Recession of 2007-2009.

September 18, 2013

Government job cuts create a historically slow recession recovery

The biggest downsizing of state and local government in modern history has proved to be a big drag on the U.S. economy since 2009 and a primary reason the four-year-long recovery is more sluggish than other recoveries since World War II, economists say.

September 17, 2013

Chevron case finds trial lawyer in court after remarks caught on video

It's a precedent-setting court case that is playing out like a soap opera. A celebrity lawyer, triumphant after winning the biggest environmental judgment in history, is in danger of causing his own downfall as he is caught on video appearing to admit to misconduct and fraud — just the latest twist in a high-stakes, decadeslong court battle over oil pollution in the Amazon rain forest.

September 15, 2013

Mexico could make North America the world leader in oil production

Mexico is poised to join the North American oil revolution as a new government is moving to significantly modify 75-year-old constitutional restrictions against foreign involvement in the oil sector, allowing U.S. firms to go in for the first time and help develop the country's sizable untapped reserves.

September 12, 2013

Unemployment down to 7.3 percent in August; 169K jobs added

The nation's economy continued to slowly but steadily improve last month, with the unemployment rate declining further to 7.3 percent — the lowest in nearly five years — and businesses adding another 169,000 jobs, the Labor Department reported Friday morning.

September 6, 2013

Despite promise, blacks lag behind in Obama economy; plans mired in budget battles

Having the nation's first black president in office for the past four years has done little to improve the economic lots of black Americans, who experienced greater unemployment than whites during the Great Recession of 2007-2009 and a slower recovery since then.

August 28, 2013

Operator error: Nasdaq glitch raises questions about stock market robots

It was supposed to make the stock market run smoother and more efficiently. But the near-total computerization of stock trading in the U.S. led once again to a huge technical glitch that, for three hours on Thursday, stopped trading altogether on the Nasdaq Stock Market, with investors unable to buy or sell a long list of heavily traded tech stocks from Apple to Facebook.

August 22, 2013

D.C. draws Wal-Mart into Democrats’ political battle over wages

It's high drama and riveting politics these days as Wal-Mart Stores Inc., the nation's most thoroughly red-state retailer, charges deep into blue-state territory in its efforts to expand beyond its comfortably established realm in rural America and suburbia by moving into the often hostile territory of inner cities.

August 21, 2013

China will surpass U.S. in oil imports; shift in supply and demand could transform geopolitics

China will become the world's largest importer of crude oil in October, surpassing the U.S. for the first time as the Asian giant's rising consumer class of drivers grows increasingly thirsty for fuel, the U.S. Energy Information Administration is projecting.

August 12, 2013

As Detroit founders, its auto industry soars; rapid globalization leaves city’s economy behind

The name "Detroit" is still synonymous with auto manufacturing in the U.S., but the strong revival in the auto industry in the past four years, after decades of globalization, has done little to lift the beleaguered city's economy or reputation.

August 11, 2013