President-elect unveils economic team with Geithner as treasury secretary
CHICAGO - President-elect Barack Obama on Monday unveiled his economic team and warned that "the economy is likely to get worse before it gets better."
"I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas — and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers," Obama told reporters.
Obama said that recent news "has made it even more clear that we are facing an economic crisis of historic proportions." Offering a grim prediction, he added, that "most experts now believe that we could lose millions of jobs next year."
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Posted by Personal Injury and Auto Accident Lawyers
Monday, November 24, 2008
Friday, November 21, 2008
Obama makes key Cabinet picks
WASHINGTON - Just over two weeks after Barack Obama won the presidential election, his new Cabinet and economic team are starting to take shape.
Several key appointments, including State and Treasury Department secretaries, appear to be nearly done deals, with Democratic officials confirming Obama's intended nominees.
Hillary Clinton will give up her Senate seat and accept the nomination for secretary of state, The New York Times reported Friday.
Read full sotry MSNBC
Posted by Personal Injury Lawyers in Phoenix, Arizona
Several key appointments, including State and Treasury Department secretaries, appear to be nearly done deals, with Democratic officials confirming Obama's intended nominees.
Hillary Clinton will give up her Senate seat and accept the nomination for secretary of state, The New York Times reported Friday.
Read full sotry MSNBC
Posted by Personal Injury Lawyers in Phoenix, Arizona
Tuesday, November 11, 2008
U.S. launches new mortgage aid program
Plan speeds up process of modifying loans held by Fannie, Freddie
NEW YORK - The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency, which seized control of the two mortgage finance companies in September, announced the plan Tuesday along with other government and industry officials, including Hope Now, an alliance of mortgage companies organized by the Bush administration last year.
"Foreclosures hurt families, their neighbors, whole communities and the overall housing market," said James Lockhart, the housing finance agency's director. "We need to stop this downward spiral."
Read full story MSNBC
Posted by Personal Injury Lawyers in Phoenix, Arizona
NEW YORK - The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency, which seized control of the two mortgage finance companies in September, announced the plan Tuesday along with other government and industry officials, including Hope Now, an alliance of mortgage companies organized by the Bush administration last year.
"Foreclosures hurt families, their neighbors, whole communities and the overall housing market," said James Lockhart, the housing finance agency's director. "We need to stop this downward spiral."
Read full story MSNBC
Posted by Personal Injury Lawyers in Phoenix, Arizona
Friday, November 7, 2008
Employers slashed 240,000 jobs in October
Nation’s unemployment rate jumps to a 14-year high of 6.5 percent
WASHINGTON - The nation’s unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
The new snapshot, released Friday by the Labor Department, showed the crucial jobs market quickly eroding. The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994.
Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.
Read full story MSNBC
Posted by Personal Injury Lawyers in Phoenix, Arizona
WASHINGTON - The nation’s unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
The new snapshot, released Friday by the Labor Department, showed the crucial jobs market quickly eroding. The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994.
Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.
Read full story MSNBC
Posted by Personal Injury Lawyers in Phoenix, Arizona
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