U.S. markets plunged sharply Friday amid fears about Europe and skepticism that Congress can pass President Barack Obama's $447 billion jobs package.
Anna Sale, political reporter for It's A Free Country, talks about the response to President Obama's job speech last night and what it will mean for the 2012 elections, and WNYC business and economics editor Charlie Herman discusses the economics of the proposal and how the business world might respond.
President Obama's address last night was seen by many as a crucial political moment — a chance for him to reinvigorate support for his strategy on the economy and job creation. Obama's approval rating has been at an all-time low, so the stakes were high. He needed to reach the electorate and instill confidence in voters. How well did he do? This is the question we’re discussing with constituents from around the country.
The rain is bad news for those in the storm-damaged Catskills where rivers and fields left swollen by Tropical Storm Irene are flooding again.
It's Monday, so we're discussing news ahead for the week. Next Sunday will be ten years since the 9/11 attacks. This will be a week of reflection — not just for Americans but for everyone around the world. As we remember 9/11, many Americans are still without jobs and struggling to make ends meet. Charlie Herman, business and economics editor for WNYC and The Takeaway, says not to expect anything game-changing from Federal Reserve Chairman Ben Bernanke's speech this Thursday in Minnesota on the economic outlook. His speech will be followed by President Barack Obama's jobs speech. And across the Atlantic, Dominique Strauss-Kahn returned to France over the weekend, and the hunt for Col. Muammar Gadhafi continues in Libya.
Driving along Route 28 in the Catskills Mountain, five days after Tropical Storm Irene devastated the region, can be deceptive. It’s a beautiful sunny day. Some leaves are starting to turn yellow and crimson. But if you stop in the towns along the way — Boiceville, Phoenicia, Margaretville — it’s another story all together.
As clean up efforts continue in the Catskill towns severely damaged by Tropical Storm Irene, residents of New York City are helping out.
Speaking in the Catskills community of Prattsville, Governor Andrew Cuomo said on Wednesday that he expects damage from Tropical Storm Irene to reach $1 billion as the flood waters receded from rural communities in the mountainous region upstate and elsewhere to reveal the extent of the destruction.
The slow down of the nation's economy does have at least one silver lining for anyone trying to get a mortgage or refinance an existing one. The average interest rate for a 30-year fixed loan is now 4.43 percent according to HSH.com, a website that tracks mortgage lending across the country.
The Dow Jones industrial average closed down 520 points Wednesday on a day that concern over the weakening economy continued to percolate on Wall Street and send stocks tumbling.
How closely tied are the financial markets to the economy at large? In reaction to the country’s credit rating downgrade on Friday the markets had their worst day since the 2008 financial crisis yesterday as the Dow Jones dropped about 635 points and the Nasdaq was down 175. But do these numbers affect our country’s ability to create jobs? Do they have any meaningful relationship to consumer confidence, the arguable engine of our economy?
The Dow Industrial Average opened down 226 points, or two percent, as U.S. markets reacted to the unprecedented downgrade of the federal government's credit rating by Standard and Poor's. S&P's decision has drawn sharp rebuke from the Obama administration. Treasury Secretary Timothy Geithner said S&P showed "terrible judgement." Stocks in Asia and Europe fell despite an announcement from the European Central Bank that it would buy Spanish and Italian debt to keep the debt crisis from spreading.
U.S. stock markets fell quickly Monday morning after Standard and Poor's cut the nation's credit rating. After opening Monday, the Dow Jones was down nearly 350 points — or more than 3 percent. The S&P 500 and Nasdaq were down by nearly 4 percent. With big drops like this, how much does the Dow need to fall before trading is stopped?
Credit ratings agency Standard and Poor's downgraded the U.S.'s credit rating for the first time in history on Friday, causing jaws to drop across the country, and raising the blood-pressures of leaders worldwide as many held emergency meetings to fend off any backlash this news might create. President Obama will be preparing this week for his upcoming bus tour to reconnect with voters in the Midwest. Meanwhile, News Corp. will release their fourth quarter results on Wednesday, the PGA Championship kicks off on Thursday, and Dennis Rodman will be inducted into the Basketball Hall of Fame on Friday.
The stock market opened higher than expected this morning, as markets reacted to the strongest jobs report since April. A report from the Labor Department showing that the economy added 117,000 jobs in July, bringing the unemployment rate down to 9.1 percent is buffering the U.S. stock market so far against the sharp sell offs around the globe yesterday. Yesterday was the worst day on Wall Street in three years.
There was a glimmer of good news Friday morning in the U.S jobs report, which beat many forecasters’ estimates. Speaking in Washington, President Barack Obama said “We are going to get through this. Things will get better and we are going to get there together.”
Thursday was a bad day for the markets as the Dow fell 513 points, or more than 4 percent. Why? Continued worries about Europe, Italy and Spain in particular, plus some sell-off that could be attributed to the monthly jobs report due out Friday.
Despite Congress finally passing a debt deal and President Obama signing off on the plan yesterday, the national mood was not celebratory. It's been a bad week for the economy, and it appears that it will only get worse. Last Friday, G.D.P. data showed disappointing economic activity in the nation's second quarter, and this week the Commerce Department released a report showing consumer spending fell in June. New employment figures, the economic indicator used to gauge growth, will be released Friday, and many are expecting them to be dismal.
The August 2 deadline for Congress to agree on a budget deal and avoid defaulting is looming uncomfortably close. Last night, President Obama and Senate Majority leader Harry Reid said tonight that congressional leaders of both parties have agreed on a plan to lift the debt ceiling. They will present the plan to their caucuses this morning, and hope for the measure to pass through votes by both the House and Senate, in order to avoid a U.S. default by August 2.
As Congress continues the debate raising the nation's debt ceiling, executives at the nation's largest banks are meeting with Treasury officials at the Federal Reserve Bank of New York.