Patrice Hill

Gold soars, dollar slides, investors hedge

Worries about loose money and budget policies around the world sent gold soaring and the U.S. dollar slumping Tuesday, reviving a trend that threatens to reignite inflation for consumers while tarnishing the privileged reserve status of the dollar.

September 9, 2009

China’s stimulus powers world economies

While politicians in Washington debate whether President Obama's stimulus program is helping to pull the U.S. economy out of a recession, economists have already declared the winner in the stimulus race, and it's China.

September 8, 2009

Jobless rate at highest level in 26 years

The nation's unemployment rate surged to a 26-year high of 9.7 percent last month as employers slashed jobs in nearly every part of the economy, the Labor Department reported Friday.

September 5, 2009

Rising layoffs send unemployment soaring to 9.7%

UPDATED: The nation's unemployment rate surged to a 26-year high of 9.7 percent last month as employers slashed jobs in nearly every corner of the economy, the Labor Department reported Friday morning.

September 4, 2009

Bailed-out execs get boost as stocks rally

Big bank executives are well on the way to cashing in on lucrative stock options that have soared in value as a result of their federal bailout.

September 2, 2009

Feds steady housing market, perhaps permanently

Home sales are showing faint signs of life only after massive federal rescue efforts, raising questions about whether the government will ever be able to withdraw its support without prompting another collapse in the housing market.

August 31, 2009

FDIC chief warns of excessive risk

Big banks and Wall Street firms appear to be taking big risks again, possibly putting taxpayers in jeopardy, thanks to generous government programs that guarantee they will get bailed out no matter how badly they bungle, Federal Deposit Insurance Corp. Chairman Sheila C. Bair said in an interview Tuesday with The Washington Times.

August 26, 2009

FDIC chief: Banks need to be willing to modify loans

Banks need to move more aggressively to modify loans for consumers who are having difficulty paying their mortgages, Federal Deposit Insurance Corp. Chairman Sheila C. Bair said in an interview with editors and reporters at The Washington Times on Tuesday.

August 25, 2009

Obama renominates Bernanke as Fed chairman

President Obama on Tuesday morning nominated Ben S. Bernanke to a second term as chairman of the Federal Reserve.

August 25, 2009

White House slashes deficit forecast for ‘09

The White House is reducing its forecast of this year's budget deficit to $1.58 trillion as a result of significantly lower than expected spending on bank bailouts, congressional sources say.

August 25, 2009

Small banks fail in big numbers

While attention has focused on the improving fortunes of the nation's largest banks and Wall Street firms, an increasing number of smaller banks have succumbed each week to a slow tidal wave of defaults on consumer and business loans.

August 21, 2009

Oil prices rise as U.S. supply declines

Oil prices surged nearly 5 percent Wednesday in New York trading after China's demand for oil rose to a record and the U.S. government reported a surprisingly large drawdown in oil supplies.

August 20, 2009

Demand, drawdown cause oil-price surge

Oil prices surged nearly 5 percent Wednesday in New York trading after China's demand for oil rose to a record and the U.S. government reported a surprisingly large drawdown in oil supplies.

August 19, 2009

Weak sales, joblessness harm recovery

Stock markets around the world plunged Monday on worries that the U.S. consumer remains mired in debt and unemployment and will be unable to contribute to the much-heralded global economic recovery.

August 18, 2009

Fed reverses plan to buy U.S. debt

After more than a year of pumping money into financial markets to buoy the troubled economy, the Federal Reserve began to reverse course Wednesday, taking the first step to withdraw some of those trillions of dollars by announcing that it will phase out an unprecedented program to purchase some of the government's own debt.

August 13, 2009

Fed ends controversial debt-buying program

The Federal Reserve announced Wednesday that it gradually will end an experimental program of purchasing U.S. Treasury securities in an effort to lower long-term interest rates.

August 12, 2009

Loan defaults on rise despite uptick

Despite recent signs of economic improvement, defaults are soaring on all kinds of loans to businesses and consumers, including commercial real estate, prime mortgages and credit cards.

August 11, 2009

Wall Street bonuses set off alarms

Wall Street firms that figured their lavish pay practices might escape public outrage and scrutiny once they paid back their bailout funds have come in for a rude awakening.

August 10, 2009

Report: Unemployment rate steadies in July

The nation's unemployment rate unexpectedly dipped to 9.4 percent last month as businesses laid off fewer workers, in a strong sign the grip of the worst recession in modern times is loosening, the Labor Department reported Friday.

August 8, 2009

Job losses slow to 247,000; rate dips to 9.4%

The nation's unemployment rate dipped slightly to 9.4 percent last month as businesses laid off fewer workers, in a sign the grip of the worst recession in modern times is easing, the Labor Department reported Friday morning.

August 7, 2009