The new employment numbers for the month of April are out and employers cut 539,000 jobs. While still a lot of job loss, that's the smallest number we've seen in six months. It's also smaller than economists expected, which is good. But what's not good is that the unemployment rate climbed to 8.9 percent, up 0.4 points from the month before. And that IS what economists predicted. To help us crunch the numbers we turn to Dan Gross, Columnist for Newsweek and Slate.
Unemployment numbers for April come out today. Dan Gross, Columnist for Newsweek and Slate and author of Dumb Money, joins The Takeaway from East Lansing, Michigan, to help us make sense of the numbers. Also joining the conversation are Craig Royal and Patricio Daneri: They say Indianapolis is the city to go to if you're fresh out of college and looking for a job.
Daniel Gross, senior editor at Newsweek, Slate columnist and the author of Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation (Free Press, 2009), talks about the Public/Private Investment Plan-- the latest effort to get toxic assets off the banks' books. Book promo:Email firstname.lastname@example.org ...
The Obama administration continues to try and lure the private sector into buying up toxic assets, but is the PPIP program working? Newsweek’sDaniel Gross examines the details. And, gambling is being contested in New Jersey – and it’s unclear what the smart money thinks will happen. Plus, how effective ...
Treasury Secretary Tim Geithner is heading to Capitol Hill this morning to outline a sweeping overhaul of federal financial regulations. Early leaks of his testimony say the plan would extend regulation for the first time to all trading in financial derivatives and to companies including large hedge funds and major insurers such as AIG. Joining us this morning to look at whether this will stop the next meltdown and whether lawmakers will pass the new regulation laws, are Dan Gross, senior editor at Newsweek and columnist for Slate and Philip Coggan, capital markets editor at The Economist in London.
"It's like we're always fighting the last regulatory war, trying to stop the last bubble from happening again. And, of course, they always find a way to create something new." —Dan Gross, senior editor at Newsweek, on economic regulation
Daniel Gross, senior editor at Newsweek, Slate columnist and the author of Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation (Free Press, 2009), talks about AIG, public-private toxic asset purchases, the rebounding Dow, and the elusive pursuit of public confidence.
The Federal Bank’s latest move to inject $1 trillion into the economy has created quite a stir this week. But what does it mean when the bank of all banks creates money from what some may see as “thin air”? Many may ask where does money come from anyway? Since the 1970s U.S. currency is not measured against the gold standard, so how do we measure it these days?
Unemployment numbers just came out and they tell a dismal story. The jobless rate jumped to 8.1 percent in February 2009. That's the highest level in more than 25 years. American payrolls shrunk by 651,000 workers.
Markets opened lower this morning after news that the federal government is bailing out insurance giant AIG for the fourth time. The announcement came on the heels of AIG posting a $62 billion loss, the biggest quarterly loss in history. Our friend Dan Gross from Newsweek joins us to discuss the implications of this new $30 million taxpayer-funded bailout. He just wrote Dumb Money: How our Greatest Financial Minds Bankrupted the Nation.
What a way to start an administration. As if things weren't bleak enough already, even as President Obama was giving his inauguration speech, the Dow was plunging, taking its biggest slide ever on an Inauguration Day. Despite billions funneled to the banking system by the federal government, that's where the crisis in the economy remains rooted. How are we going to get out of this mess? Newsweek's Dan Gross give his insights on the possible ways for the new President to get things under control, and how long we can expect troubled times to continue.
Despite a massive bailout back in November, giant financial services conglomerate Citigroup is considering radical measures to save itself. The company is likely to sell off its brokerage unit to Morgan Stanley, and may shed other parts of its business as well. Newsweek Senior Editor Dan Gross joins us with a look at what the shrinking of Citigroup says about our economy now and in the future.
Treasury and the Fed said they would be open about where the taxpayers' trillions of dollars are going. But two months into the bailout, we still don't know important details about the government's agreements with financial institutions. Newsweek's Daniel Gross tells The Takeaway what information is being kept under wraps, and why it matters.
"Who in Washington is going to stand up and get red in the face and scream about this?" — Dan Gross on the secrecy of the bailout
Foreign carmakers have constructed massive plants in the South that now produce one-third of all cars manufactured on our shores.
"A lot of these Southern senators don't see the Big Three as their constituents, but they do see Toyota, Honda, BMW and Mercedes as their constituents." — Newsweek's Daniel Gross on why Southern senators vote against the auto bailout
Zip. Zilch. Nada. Goose-Egg. The result of a series of meetings the Fed is holding this week may result in Chairman Ben Bernanke lowering the interest rate to 0%. But what is a Fed Chairman to do when there are longer rates to cut? How do you keep the economy rolling and have we ever seen this before? Joining The Takeaway to discuss this brave new world is Vincent Reinhart, the former director of monetary affairs for the Federal Reserve and a resident scholar at the American Enterprise Institute.
And the leading indicators aren't looking any better.
"They have to bang some heads together and say this is what's going on — these are the systemic problems we've been having. There has to be some kind of grand bargain here." — Daniel Gross on economic solutions
Live coverage of Treasury Secretary Henry Paulson's remarks on the financial bailout plan with analysis by Daniel Gross, senior editor of Newsweek and Slatecolumnist. What do you think: How is Paulson managing the distribution of the $700 billion package? Comment below!
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