Bank Takeovers Deepened Financial Market Crisis
Bank takeovers worsened the financial crisis by making firms that were already too big even bigger, said Nouriel Roubini, the New York University professor who predicted the financial crisis. “The institutions are insolvent,” Roubini said in a Bloomberg Radio interview. “You have to take them over and you have to split them up into three [...]
Consumer Borrowing Plunged More Than Expected
Consumer borrowing plunged more than expected in February as Americans cut back their use of credit cards by a record amount. The Federal Reserve said Tuesday that consumer borrowing dropped at an annual rate of $7.48 billion in February, or 3.5 percent, from January. Wall Street economists expected borrowing to slide by only $1 billion. [...]
Unemployment Rate Expected To Jump To 8.5%
Employers are laying off workers at a faster pace despite a few hopeful signs recently that the recession could be easing. The Labor Department on Friday is slated to release a report expected to show that a net total of 654,000 jobs were lost last month. If economists are right, it would mark a record [...]