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Reuters: Business News
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| Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. |
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Citigroup eyes options including merger
NEW YORK (Reuters) - Citigroup Inc lost more than one-quarter of its market value on growing worries over whether it has enough capital to withstand billions of dollars of potential...
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Fed's Bullard: U.S. spending slump to sap 2009 growth
EVANSVILLE, Indiana (Reuters) - St Louis Federal Reserve President James Bullard said on Thursday that financial market turmoil has collapsed U.S. consumer confidence and this would weigh on growth well...
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Oil falls over $1 on demand worries
SINGAPORE (Reuters) - U.S. crude oil dropped more than $1 a barrel on Friday, falling for sixth straight sessions as more distress for the global economy threatened to eat further...
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NY City securities workforce down to Sept 2005 level
NEW YORK (Reuters) - New York City's securities companies shed 16,000 employees in October, measured on a year-over-year basis, pushing the total work force down to a level last seen...
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Democrats demand U.S. Big 3 offer survival plan
WASHINGTON (Reuters) - Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up...
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S&P dives to lowest level since 1997
NEW YORK (Reuters) - Stocks plunged yet again on Thursday, as a frantic flight from risk prompted by investors' deepening economic fears drove the benchmark Standard & Poor's 500 index...
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Marsal to lead team of over 600 at Lehman
NEW YORK (Reuters) - Bryan Marsal, currently chief restructuring officer of Lehman Brothers Holdings Inc , will take over as chief executive of the bankrupt investment bank after the close...
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Paulson defends handling of U.S. financial crisis
SIMI VALLEY, California (Reuters) - Treasury Secretary Henry Paulson on Thursday defended his handling of the financial crisis but refused to say whether any further help will be offered to...
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Dell profit tops Street view, shares rise
SAN FRANCISCO (Reuters) - Dell Inc, the world's No. 2 PC maker, posted a better-than-expected quarterly profit on Thursday as cost cuts offset lower revenue, sending its shares up about...
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Fannie Mae, Freddie Mac suspend some foreclosures
NEW YORK (Reuters) - Fannie Mae and Freddie Mac, the two biggest U.S. home loan finance companies, on Thursday said they would suspend foreclosures of occupied homes until early 2009,...
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Written by Jordan
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Tuesday, 18 November 2008 18:40 |
Let the Big Three Sink
In their ongoing effort to support every failing company, industry, and state government in this country, members of Congress are considering a bailout of GM, Ford, and Chrysler. Their reasoning, if one can call it that, is that the auto manufacturers are just too big to fail, and thus deserve a portion of the TARP funds. According to Michigan (surprise, surprise) Senator Carl Levin, "One out of 10 jobs in this country are auto-related. Twenty percent of retail sales are auto-related or automobiles, so this is a national problem." Of course, Levin doesn’t specify whether his figures take into account cars and parts made by the other, non-failing auto manufacturers. Nor does he specify what ‘auto-related’ means. Does that include manufacturers of replacement car parts? Does it include car repairs and regular services, like oil changes and brake-pad replacement? The numbers he cites are vague at best, downright dishonest at worst--in short, just what we have come to expect from those championing corporate handouts.
But the issue Levin and other bailout proponents fail to address is why the Big Three automakers are failing in the first place. Executive pay, that ready scapegoat of ‘progressives,’ certainly isn’t the central problem this time around, despite what they’d have you believe. At G.M., the 2007 pay and benefits package rose to around $15.7 million for CEO Rick Wagoner. That’s certainly a lot of money, especially considering the performance of G.M. that year, but it is a drop in the bucket compared to G.M.’s multi-billion dollar losses. The same applies to Ford and Chrysler, both of which paid millions to their CEOs, but have suffered losses in the tens of billions.
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Written by Jared Chicoine
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Friday, 14 November 2008 11:29 |
Life After the Campaign
Well, the campaign season of 2008, or should I say 2007 and 2008, is finally over. I think the vast majority of the American people are happy to be done with it. Everyone was sick of the mailers, TV ads, radio ads, and the annoying phone calls from overly zealous volunteers. Americans are now free to enjoy the holiday season without political interruption and to make less important decisions, like how much to spend on Christmas presents during a recession.
But what about the thousands of unemployed campaign staffers? What happens to these people? Well, I’m one of them and I can tell you that, like my fellow Americans, I am happy that the campaign is over. I have spent eight years working in electoral politics, and though that may not seem like a long time, one year working on a campaign is the equivalent of two in any other field. It’s sort of like dog years, take the number of years worked and multiply that by two.
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Written by Aaron Graf
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Wednesday, 12 November 2008 17:38 |
I'm Not a Pessimist, I'm a Realist
Whenever I try to discuss the bitter truth of our country's current direction, I always have to hear some squirrel-brained halfwit telling me that I need to look at the bright side of things. "You're one of the glass is half empty kind of guys," they’ll say. Well, since I'm not the bartender but the customer, of course I see the glass as being half empty. They usually follow up with "It's not as bad as you think," or "America's the freest nation in the world." No, Holland is the freest nation in the world: best respect for privacy, better health care, a military budget that actually has limits, and more freedom of the press. "You never see the good in things," they conclude. But that's a completely ludicrous statement. If I didn't see the good in things I wouldn't be able to point out the bad in the first place.
If you think that there's a bright side of the country waging a war on its own Constitution and labeling it the "War on Terror," you're probably a guard at Guantanamo Bay Prison. Unless I am the warden of Guantanamo Bay Prison, I find no bright side to the Patriot Act. There's nothing patriotic about it. If Thomas Jefferson rose from the dead to see this horrible atrocity he'd be railing against King George IV, telling us that if we were wise we'd rebel.
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Financial Markets Special Coverage
NYMEX Light Sweet Crude
Overnight LIBOR Rate
Unsure of What's Happening in the Economy?Start here. Watch a 47 minute animated video entitled "Money As Debt " on Google Video.
It explains in simple terms exactly what money is, how it's created, and who controls it.
Also available on Youtube in 5 parts - or for ease - Youtube as a playlist ("Money as Debt" Website)"It is well enough that people of the nation do not understand our banking and monetary system,
for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford
What Is "The Fed"?Did you know that the "Federal Reserve" is actually a cartel of privately owned banks?
Watch a 42 minute video that explains who controls the money and how they got that power.
G Edward Griffin - Creature From Jekyll Island - A Second Look at the Federal Reserve
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Written by Barry Donegan
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Monday, 10 November 2008 12:23 |
Community Organizer vs. Community Liberator, the battle for the 21st Century
Finally, Saul Alinsky's covert communist strategy of agitating the poor and middle class to commit economic suicide and mobilize for more state largesse have won the national spotlight. This anti-intellectual and his jingoist tactics have finally become the status quo. He is to the Barack Obama brand of folksy communism what Leo Strauss' faux-fundamentalist, theocratic front is to neo-conservatism. This tactic is called "community organizing." That is, to take the poor and agitate them to become a lobbying special interest group on their (Alinski, Obama, and other statist’s) behalf, before "the right" can.
Now that we know what their strategy is, let's examine how they were able to defeat us. What was our weakness? Our weakness was a failure to reach out to the poor. The information was there all along. "Teach a man to fish," goes the parable. While the community organizer is putting aside 5% of his contributions to run canned food drives and humiliating his constituency in a food line, the community liberator needs to sponsor events in poor and inner city communities where entrepreneurs and skilled laborers can come to teach individual responsibility, constitutional fundamental human rights, job skills, and positive mental attitudes.
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Written by Mike Faiella
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Thursday, 06 November 2008 16:24 |
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Life and Liberty
[William] Röpke asks repeatedly throughout his books whether responsible citizens of a free society can grow up in conditions where they are economically dependent, enfolded in the hives of a modern factory or corporation, subject for their very survival on decisions made by strangers and conveyed to them through factory loudspeakers or interdepartmental memos.
John Zmirak in The American Conservative June 5, 2006
We lovers of liberty are often frustrated in our attempts to spread the word. We expect that American citizens, having heard Ron Paul’s defense of the Constitution, will rush to his side. We think that the idea of freedom, once glimpsed, will be embraced by all exposed to it. We had half-hoped and half-expected that Dr. Paul would become President Paul because his message is so persuasive.
What went wrong? Socrates says it is impossible to know the good and not do it. How can people hear the good and not support it? Many were transformed by Dr. Paul’s candidacy, but most Americans were not. Why not?
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Written by Jordan
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Tuesday, 04 November 2008 14:58 |
It's for the Children
In the last four months, 26 children, ranging in age from newly-born to 17 years old, have been abandoned at Nebraska hospitals under the state’s safe-haven law. In that span of time, the safe-haven law and most of the parents taking advantage of it have received a considerable amount of bad press. Outraged politicians at various levels of state government claim the law was written to protect newborns only, and that it must be rewritten to more clearly prohibit the abandonment of older children.
As it is election season, the issue has been pushed to the forefront by those who are eager to capitalize on a state-level issue that is making national headlines. At first glance, it is easy to share their sense of moral outrage, as abandoning one’s own children contravenes a basic human instinct—protection of the young--and what many would consider to be a core value shared by all civilized societies. But sad though the situation may be, will amending the law actually help children, specifically those who have been abandoned, or will it exacerbate the problem? To answer that question, we must first understand what the law says now. The Nebraska DHHS website, which contains the entire text of the law, has these helpful bullet points:
LB 157 created a ‘safe haven’ option that prohibits prosecution for leaving a child at a hospital.
LB 157’s intent was to protect children who are in immediate danger of being harmed.
If safety is not an issue, there are other resources available so that the family can remain together and the child does not experience the trauma that abandonment may cause.
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Written by Jordan
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Friday, 31 October 2008 14:25 |
The Comprehensive Philosophy of the Statist
Few readers of this site need to be reminded that the foreign policy of the United States has strayed far from the peaceful approach prescribed by the Founding Fathers. The United States military is currently occupying Iraq and Afghanistan, leading strikes into Pakistan and Syria, and spoiling for war with Iran. Additionally, there are troops stationed in 131 other nations around the world, and key members of the military are calling for bigger, better nukes.
Those who start these conflicts supply ever-willing radio hosts and bloggers with the talking points for wartime apologia. Defeating radical Islam, spreading democracy, and winning the war on terror are offered up as reasons for invading small villages in Syria and bombing weddings in Afghanistan. But whether those who spout this rhetoric actually believe it is ethical to spread ‘democracy’ at gun point, or just use such explanations to excuse their greed for oil and defense contracts seems irrelevant: their actions speak louder than their words.
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