Ten years ago, the economy was teetering. The government had seized Fannie Mae and Freddie Mac, Bank of America had bought a distressed Merrill Lynch, and 158-year-old Lehman Brothers had failed. The Federal Reserve loaned billions of dollars to prop up the global insurance giant American International Group. It cut interest rates to nearly zero and used Depression-era emergency powers. 60 Minutes correspondent Scott Pelley wanted to know what the Chair of the Federal Reserve, Ben Bernanke, was thinking—and how he planned to save the American economy. Pelley called Bernanke's office and remembers being told, "The chairman of the Federal Reserve does not do interviews." But by 2009, the Fed was doing a lot of things it had never done before. In March of that year, Bernanke sat down for a 60 Minutes interview in an effort to be more transparent with the public. As unemployment continued to rise, he wanted to keep the American public informed of how the Fed was responding, so he … [Read more...] about The Federal Reserve, 10 years after the Great Recession
The great depression
opinion Thuan Le Elston USA TODAY Published 4:00 AM EST Dec 23, 2018 It was Christmas afternoon, and my husband was getting Grinchy. This was a decade ago, when millions of Americans were losing their jobs in the Great Recession, and Bob and I had informed our children that presents would be scaled back. Still on Christmas morning, there were plenty of packages under our tree in Northern Virginia. We live in a three-generation household, so it’s not as if the grandparents were going to stop buying the kids what they wanted. After everything was opened, the 7-year-old happily played with his new loot, but Bob heard grumblings of dissatisfaction from the 10-year-old boy and the 9-year-old girl. He scolded them, but he didn't get upset until he saw the obscenely large pile of empty toy boxes stacked at the end of our driveway. That night, he had a hard time sleeping until he formulated a plan. Next morning, Bob called his grandfather in … [Read more...] about How Gramps’ Great Depression stories saved a Great Recession Christmas
20 December 2018 • 5:07pm US markets plunge again after Fed vows to continue hikes and reversing QE Fed raises rates despite Trump warning Bank of England holds interest rates at 0.75pc BoE blames Brexit turmoil for sluggish UK growth How the word of the US Fed rules the waves No-deal Brexit risks a rude economic shock and fragile eurozone Wall Street is on course for its worst December since the Great Depression after a fourth interest rate rise of 2018 at the US central bank stoked fears that its policymakers are pushing markets to breaking point. The Federal Reserve ignored recent market turmoil and calls from Donald Trump for a slower pace of hikes to press ahead with its plans to normalise monetary policy... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try … [Read more...] about US markets on course for worst December since Great Depression amid fears of Fed policy mistake
BAKE Off fans have been a little lost since their favourite baking show's 2018 series came to an end. However, they will be happy to hear that there will not only be a Christmas special but a New Year's one, too! When is the Great New Year Bake Off on Channel 4? The iconic baking show's New Year special will air on New Year's Day (January 1, 2019). It will kick off on Channel 4 at 7:40 pm. For those that can't wait until the 2019 episode, there will also be a Christmas special which will air on Christmas Day at 8 pm. Prue Leith and Paul Hollywood will make a return alongside presenters Sandi Toksvig and Noel Fielding. PIERS PRESSURE GMB guest branded 'worst ever' by Piers - but viewers are full of praise LAST TANGO IN GRIMSBY Kevin Clifton and Louise Redknapp reignite romance rumours with snap TOP BANANA! Holly Willoughby posts banana-sucking pic after Fearne Cotton quits Celeb Juice BETWEEN FWENDS Inbetweeners return as gang reunites … [Read more...] about When is the Great New Year Bake Off on Channel 4 and who’s in the line-up?
Wall Street has suffered the worst start to December since 1980, with stocks showing no sign of recovery before the holidays. The Dow and the S&P 500 are heading toward their worst final month since the Great Depression. The Dow Jones Industrial Average lost has 507 points, closing more than two percent lower on Monday. The S&P 500 lurched to a 14-month low, also showing more than a two percent loss for the day. The selloff continued on the Asian markets, with Japan’s Nikkei slumping by 1.8 percent on Tuesday. China’s Shanghai Composite closed almost one percent lower. Analysts explain the market’s bad performance by investor fears over the cooling economy and lack of signs on the US-China trade dispute settlement. Fears of the expected interest rate hike by the US Federal Reserve became one of the major forces driving the market’s volatile behavior in the last few months. US president Donald Trump put pressure on the Fed on Monday, arguing it would be … [Read more...] about Coal in stocking: Markets on track for worst December since Great Depression