Articles About Economy

Eleven of the 12 regional Federal Reserve banks showed signs of a stabilizing or improving economy during July and August, according to the Fed’s latest Beige Book report.  The Beige Book’s anecdotal evidence found that the nation’s worst recession in 70 years is coming to an end.  The Fed expects the economy to grow by […]

Despite positive news about rising home sales, the number of Americans with under water mortgages might be as worrying as anything else happening in the economy. When people owe more on their mortgages than their home is worth, it limits their ability to pursue new opportunities because they cannot afford to sell.  In Chicago, First […]

Paul Krugman – winner of the Nobel Prize in Economics, Princeton University professor and New York Times columnist – is taking advantage of falling home prices in a difficult market.  Krugman and his wife, economist Robin Wells, recently paid $1.7 million for a three-bedroom co-op apartment in a pre-war building on Manhattan’s upscale Riverside Drive.  […]

Much has been made in the world’s press about India’s economy buoyed by its IT sector. And a lot of it is justified.  The nation’s IT sector managed to grow some 20 percent in 2008, according to India’s National Association of Software and Services Companies, and IT firms have already extended 100,000 job offers for […]

Federal Reserve chairman and Great Depression scholar Ben Bernanke will stay in his job for another four years if President Barack Obama gets his way.  There likely will be some contentious moments during the reconfirmation hearings as Senators grill him about bailing out Wall Street institutions deemed too big to fail.  He is expected to […]

Sales of new and existing homes rose in June for the third straight month, due primarily to low prices and attractive mortgage rates.  Home sales also rose 11 percent over the previous month. The federal tax credit for first-time homebuyers helped to drive the uptick.  Additionally, home prices rose for the first time in three […]

Finally, there’s encouraging news on the economic front.  The economy declined just one percent during the second quarter of 2009, a rosier report than was expected.  It is the strongest signal so far that the longest recession since the end of World War II is easing its grip. In a report issued by the Department […]

In his semi-annual testimony before the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke said that although the economy is exhibiting “tentative signs of stabilization,” he plans to maintain a “highly accommodative” monetary policy for the time being.  According to Bernanke, “The pace of decline appears to have slowed significantly.  In light of the […]

Hollywood’s Blockbuster Year “Hooray for Hollywood”, said the 1937 lyric by Johnny Mercer, sung during the depths of the Great Depression.  It appears the one industry that’s recession proof has done it again.  While the world’s economy has gone into free fall, Hollywood is in a state of euphoria right now, buoyed by a box-office […]

Toxic commercial real estate loans could create losses up to $100 billion for small and mid-size banks by the end of 2010 if the economy worsens.  According to a Wall Street Journal report – which applied the same criteria used by the federal government in its stress tests of 19 big banks — these institutions […]