Goldman Sachs and Warren Buffett To Help Promote Small Businesses
Goldman Sachs Group Inc, together with billionaire investor Warren Buffett, has decided to initiate a $500 million small business assistance program called "10,000 Small Businesses."
High Unemployment Rate: A Bleak Picture for Job Seekers
One of the key economic indicators that tell a story behind an economy is the unemployment rate. As of November 2008, the United States has experienced unemployment levels not seen since 1994 as American companies cut back on expenses, slash payrolls, and literally put thousands of workers to “the streets”. This sets the background for the sharpest decline of the economy in decade. It will be tough to get out of this financial rut for many years to come. The jobless rate in October 2008 rose to 6.5% from 6.1% in the previous month. Companies slashed 240,000 jobs in September and 284,000 jobs in October, the largest two-month loss since 2001. As the surge of job loss continues, the government is pressured to put together an economic plan that will help America’s unemployed.
Struggling US Economy Survives with One Bailout after Another
Since the burst of the housing bubble late last year, the credit markets, the finance industry, and the US economy in general, have gone on a constant and speedy downturn.
In an effort to stop the economy from completely reeling out of the control, leaving in its wake a slew of bad debts, failed banks, job losses, frozen consumer spending, and just recently, an auto industry on the brink of collapse, the US government has released wave after wave of rescue packages in the form of direct investment into banks, short-term loans to financial institutions, and guarantees of real-estate backed loans.
Washington D.C. is pouring out money like there’s no tomorrow. Since the start of this crisis, the government has already apportioned a jaw-dropping $7 trillion on pledges of financial backing and bailout commitments.
Banks Guarantee Bailout Money Will Get Credit Flowing Again
There's good news for consumers and small businesses desperately in need of capital. They just might get that much-needed loan after all, or more importantly, ward off the imminent foreclosure of their homes. In response to White House’s growing concern that the bailout money might be used to finance more acquisitions or fund employees’ compensations, executives of top US banks immediately gave their assurance that the bailout money will go where the government wants: to get credit moving again and assist in restructuring home mortgages rather than push for more foreclosures.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation
Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
