US Financial Crisis

US Congress OKs release of final US$350B of bailout

Congress laid the foundation for President-elect Barack Obama's economic recovery plan with remarkable speed, clearing the way for a new infusion of bailout cash for the financial industry. Full story

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Britain announces 2nd banking rescue plan
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US Congress OKs release of final US$350B of bailout
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Bernanke says more steps needed to stabilize banks
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Citigroup, Morgan Stanley merge brokerages
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Japan's lower house passes stimulus budget plan
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British interest rate hits 315-year low
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Treasury provides financial support to 43 banks
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US Treasury throws 6-billion-dollar lifeline to GMAC
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Fed grants GMAC ability to seek bailout funds
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U.S. Fed makes GM's financial arm a bank holding company

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Timeline of global financial crisis

Oct. 14, 2008 - Bush announces 250b dollar plan to buy bank shares.

Timeline of U.S. financial crisis

US Congress OKs release of final US$350B of bailout

GMT SINA.com WASHINGTON – Congress laid the foundation for President-elect Barack Obama's economic recovery plan on Thursday with remarkable speed, clearing the way for a new infusion of bailout cash for the financial industry while majority Democrats proposed spending increases and tax cuts totaling a whopping $825 billion.

Bernanke says more steps needed to stabilize banks

GMT China Daily LONDON – Federal Reserve Chairman Ben Bernanke said on Tuesday fiscal stimulus alone would not be enough to promote a lasting US economic recovery and that further steps to backstop banks may be needed.

Treasury provides financial support to 43 banks

GMT China Daily WASHINGTON -- The Treasury Department said Monday that it has provided $1.9 billion to 43 banks as part of the government's $700 billion financial rescue program.

US Treasury throws 6-billion-dollar lifeline to GMAC

GMT SINA.com WASHINGTON – The US Treasury unveiled a six-billion-dollar package to assist GMAC, the troubled financial arm of General Motors.

Wall Street Turmoil

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Citigroup, Morgan Stanley merge brokerages

GMT China Daily NEW YORK -- Citigroup Inc. and Morgan Stanley agreed Tuesday to combine their brokerages in a deal that shows how much Citigroup wants to slim down and build up cash.

Bank of America to cut up to 35,000 jobs

GMT SINA.com NEW YORK – Bank of America Corp. said Thursday it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.

JPMorgan cutting 9,200 jobs at Washington Mutual

GMT SINA.com NEW YORK -- JPMorgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis.

Citigroup to sell trust banking unit in Japan: reports

GMT SINA.com US banking giant Citigroup, beset by the global financial turmoil, has decided to sell its Japanese trust banking unit NikkoCiti Trust and Banking, reports said Sunday.

Markets Responses

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Crude oil settles below 50 dollars

GMT Xinhua English NEW YORK, Nov. 20 (Xinhua) -- Crude oil fell to lowest level in more than three years below 50 U.S. dollars a barrel on Thursday as global economic downturn pared energy consumption.

Bank of England cuts interest rates by 150 basis points

GMT SINA.com LONDON -- The Bank of England slashed borrowing costs on Thursday by 150 basis points to soften the blow of a sharp economic downturn.

Dollar falls on weak economic data

GMT Xinhua English NEW YORK, Nov. 5 (Xinhua) -- The dollar fell against most major currencies on Wednesday after a report showed U.S. non-manufacturing sector contracted in October.

Dollar falls after U.S. rate cut

GMT Xinhua English NEW YORK, Oct. 29 (Xinhua) -- The dollar fell against major currencies on Wednesday after the U.S. Federal Reserve decided to cut its benchmark rate to stimulate the economy.

Worldwide Aftermath

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Britain announces 2nd banking rescue plan

GMT China Daily LONDON -- Britain announced a second rescue plan for the country's ailing banks on Monday, hoping to thaw frozen lending by offering to insure banks against large-scale losses on bad assets they already hold.

Japan's lower house passes stimulus budget plan

GMT Xinhua English TOKYO, Jan. 13 (Xinhua) -- A second supplementary budget for fiscal 2008, aimed at stimulating the economy, cleared Japan's powerful House of Representatives Tuesday, despite the opposition's protests to an unpopular cash handout plan included in the budget proposal.

British interest rate hits 315-year low

GMT China Daily LONDON – The Bank of England on Thursday cut its key lending rate by half a percentage point to 1.5 percent, the lowest level in its 315-year history, to ward off any threat of deflation in a sharp economic downturn.

Japan, Canada unveil economic aid; Belgian govt falls

GMT SINA.com LONDON/NEW YORK – Japan, Germany and Canada pledged new measures on Saturday to confront a financial crisis that has toppled banks, endangered the global auto industry and now played a part in the demise of Belgium's government.

China's Exposure & Counter-measures

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Growth of China's Christmas-related exports skids in financial crisis

GMT Xinhua English BEIJING, Dec. 18 (Xinhua) -- China's exports for the Christmas season have taken a hit amid the financial crisis, the General Administration of Customs said on Thursday.

Experts: China likely to follow as Fed cuts rate

GMT China Daily China may follow the United States when it cut its target funds rate down to virtually zero on Tuesday, analysts said.

Aircraft buying grounded amid financial woes

GMT China Daily The government on Tuesday asked airlines to suspend purchase of new planes from foreign manufacturers to cut operation costs and maintain a balance between demand and supply.

Policies help SMEs in PRD region

GMT China Daily The latest policies announced by the central government, such as expanding domestic demand and freezing minimum wage, have helped small and medium enterprises (SMEs) fight the global economic turmoil, entrepreneurs in Pearl River Delta (PRD) says.

Opinion

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Report: U.S. economy predicted to stall for years

GMT Xinhua English LOS ANGELES, Jan. 19 (Xinhua) -- Despite the huge bailout efforts now underway, the U.S. economy is unlikely to recover any time soon and "probably will continue to sputter and threaten to stall for years to come," a report warned on Monday.

Krugman warns global economy to be depressed until 2011

GMT Xinhua English STOCKHOLM, Dec. 8 (Xinhua) -- The 2008 Nobel economics prize winner Paul Krugman said here Monday global economy would be depressed until 2011 and maybe beyond.

Nobel economist: US auto industry will probably disappear

GMT SINA.com STOCKHOLM, Sweden – Nobel economics prize winner Paul Krugman said Sunday that the beleaguered U.S. auto industry will likely disappear.

Morgan Stanley economist: We are in a post-bubble world

GMT Xinhua English HONG KONG -- The global economy was currently "a post-bubble world" with the burst of the property bubble, the credit bubble and the consumption bubble, with the last being the biggest bubble of all, Stephen Roach, chairman of Morgan Stanley Asia Limited, said Wednesday.

Backgrounder

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Major financial crises in history

GMT Xinhua English BEIJING, Oct. 15 (Xinhuanet) -- Following is a list of major financial crises in history:

Timeline of global financial crisis

GMT Xinhua English Oct. 14, 2008 - U.S. President George W. Bush announced measures to implement a plan of action agreed by the Group of Seven (G7) major advanced countries and to strengthen the banking industry.

Subprime mortgage crisis

GMT Xinhua English BEIJING, Oct. 15 (Xinhuanet) -- The subprime mortgage crisis is an ongoing financial crisis characterized by contracted liquidity in global credit markets and banking systems in the the United States.

Fannie Mae, Freddie Mac

GMT Xinhua English BEIJING, Oct. 15 (Xinhuanet) -- Fannie Mae, or The Federal National Mortgage Association (FNMA) (NYSE: FNM), is a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise(GSE), but founded in 1938 during the Depression.

US Financial Crisis

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