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economic stimulus
Corporate Profits Soar to Record Levels, but Little Evidence of Trickle Down Yet
By David Knowles - AOL News(Nov. 23) -- When it comes to the nation's economy, is the glass half full or half empty? On Tuesday, the U.S. Department of Commerce revised its figures for how fast the nation's economy grew in the third quarter. GDP measured 2.5 percent, up 0.3 percentage points from the original estimates of 2.2 percent. A range of factors contributed to the revision, including strong consumer spending and healthy export sales. GDP has remained in positive territory in each of the first three quarters of 2010, marking a year in which the nation began to wrest free of the grip of the worst recession in ...
Fed Chief Bernanke Faces Political Pushback from Republicans
By Bruce Drake - Politics DailyThe authority of the Federal Reserve, the nation's central bank, and its chairmen has depended much on the perception of their independence and being above the political fray. That's a line that the current Fed chief, Ben Bernanke, is finding very hard to walk, especially after the Fed's decision earlier this month to pump $600 billion into the economy in hopes of jump-starting what has been an anemic recovery. Bernanke is, by now, no stranger to this challenging exercise. He got a big taste of it when he, along with former Treasury Secretary Henry Paulson, and the backing of then President ...
At $1,400 an Ounce, Gold Prices Reach All-Time High
By Steven Hoffer - AOL News(Nov. 8) -- He has been widely criticized for his role as a pitchman for Goldline, but Glenn Beck did have one thing right about gold: The precious metal is on the rise. Gold reached an all-time high of $1,410.30 an ounce today, after setting the record at $1,409.40 an ounce on the Comex division of the New York Mercantile Exchange, according to Reuters. Perhaps this is why the U.S. government is hoarding $300 billion in gold at the Federal Reserve Bank in New York and Fort Knox? "As long as [investors] feel like there is no other recourse except buying precious metals, gold is going to keep ...
Stocks Hit Highest Level Since Lehman Bros. Bankruptcy
By David Knowles - AOL News(Nov. 4) -- Are the bulls back? The Dow Jones industrial average today rose to its highest level since Lehman Brothers Holdings Inc. filed for bankruptcy in 2008, at the height of the U.S. financial crisis, The Wall Street Journal reports. U.S. stocks rose by 219 points, or 2 percent of total volume, in trading at the New York Stock Exchange. That jump followed Wednesday's announcement that the Federal Reserve said it would buy $600 billion in U.S. Treasury securities to help stimulate the lackluster economy, AOL News reported. The stock market gains also come as a slew of corporate ...
The Fed Hopes the Economy Will Start Healing Itself
By Joseph Schuman - AOL News
(Sept. 21) -- With the economy growing at a painfully slow pace, the Federal Reserve pledged to take new steps "if needed" but took none today -- a sign the nation's financial stewards may want to give the dawdling economy more time to build momentum on its own. The policy-making Federal Open Market Committee said the recovery has clearly slowed in recent months, with household spending "constrained by high unemployment, modest income growth, lower housing wealth, and tight credit." Expansion of business spending has also slowed, the housing market is "depressed," inflation is low and ...
Public Gives High Marks to Tougher Financial Regulation, but Pans Other Measures
By Bruce Drake - Politics DailyThe new law increasing regulation of banks and the financial industry is the only one of five major initiatives passed by Congress that gets support from a majority of Americans, according to a Gallup poll conducted Aug. 27-30. Sixty-one percent approve of the legislation that expanded federal banking and securities regulation, brought the trade in derivatives under government oversight for the first time, and created a council of federal regulators to monitor the financial system as well as a new regulator to protect consumers. Thirty-seven percent disapprove of the measure. The government ...
Official: Obama to Back More Business Tax Breaks
By not in system - AOL NewsWASHINGTON (Sept. 7) -- President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections. An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday. Tim Sloan, AFP / Getty ...
Obama Hopes to Build Roads, Runways and Jobs
By Joseph Schuman - AOL News(Sept. 6) -- President Barack Obama made a Labor Day pitch for some $50 billion in new road, rail and airport construction projects with a plan that aims to overhaul national infrastructure spending and jump-start job creation, as well as a campaign season slap at Republicans he accused of obstructing both those goals. In a speech at an annual holiday festival in Milwaukee, Obama fired up a crowd of union members and their families by outlining an ambitious plan to construct 150,000 miles of new roads, a network of high-speed rail lines and what the White House billed as a next-generation ...
Opinion: Obama's Jobs Problem
By Marty Robins - AOL News(July 16) -- President Barack Obama invited Bill Clinton and Warren Buffett to the White House this week for some advice on how to kick-start the economy's jobs machine -- something that the $787 billion stimulus package passed last year was supposed to achieve. But Obama doesn't need to go around seeking advice from ex-presidents or wise investors. The answers are pretty straightforward. In his recent Newsweek column, Fareed Zakaria talks about how "economic uncertainty" is "the primary cause of their caution." Mentioned only in passing, though, is how administration policies are ...
Economy Seen as Poor by Many, Despite Signs of an Upturn
By Bruce Drake - Politics DailyWhile the stock market has been generally higher, consumers are spending again, and business activity has picked up, 49 percent of Americans still consider economic conditions to be poor and another 39 percent rate them as "only fair," numbers that are little changed since last June, according to a Pew Research Center poll conducted April 21-26. Sixty-two percent say the economic stimulus program approved by Congress last year has not helped the job situation. Seventy-nine percent of Republicans and 69 percent of independents share that view, while Democrats do believe it has helped by a ...
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