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Friday, December 5
Fred Harteis News Articles - U.S. Loses 533,000 Jobs in November
by
maba
on Fri 05 Dec 2008 03:09 PM EST
Fred Harteis News Articles - The government’s report of vast job losses in November, the largest monthly decline in a generation, puts more pressure on Congress and the administration to move quickly on a fiscal stimulus package, mortgage relief and perhaps financial aid for Detroit’s big automakers.
The nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the Bureau of Labor Statistics reported Friday. Not since December 1974, toward the end of a severe recession, have so many jobs disappeared in a single month, and the ... more »
Thursday, December 4
Fred Harteis News Articles - Most Retailers Report a Dismal November
by
maba
on Thu 04 Dec 2008 12:09 PM EST
Fred Harteis News Articles - Most of the nation’s stores kicked off the critical holiday shopping season with double-digit sales declines, portending more price cuts in December and raising questions about the long-term prospects for many retailers.
November sales figures released Thursday underscored that such declines had become the norm across the retail spectrum. Sales at stores open at least a year at Abercrombie & Fitch, long a darling of Wall Street, fell 28 percent compared with a 2 percent increase for the period a year ago.
Even discount ... more »
Monday, December 1
Fred Harteis News Articles - Obama Unveils His National Security Team
by
maba
on Mon 01 Dec 2008 12:01 PM EST
Fred Harteis News Articles - President-elect Barack Obama called for “a new dawn of American leadership” on Monday as he formally introduced his national security team, led by Senator Hillary Rodham Clinton as his nominee for secretary of state.
“We will strengthen our capacity to defeat our enemies and support our friends,” Mr. Obama said in Chicago. “We will renew old alliances and forge new and enduring partnerships.”
The new president said he was sticking to his goal of removing American combat troops from Iraq within 16 months, ... more »
Wednesday, November 26
Fred Harteis News Articles - Obama Picks Volcker to Head New Economic Panel
by
maba
on Wed 26 Nov 2008 11:29 AM EST
Fred Harteis News Articles - Paul Volcker, who helped tame runaway inflation in the 1980s during two terms as chairman of the Federal Reserve, has agreed to lead a new White House economic advisory committee, President-elect Barack Obama said on Wednesday. He praised Mr. Volcker as “one of the world’s foremost economic policy experts.”
“Paul has served under both Republicans and Democrats and is held in the highest esteem for his sound and independent judgment,” Mr. Obama said, as the 6-foot 7-inch Mr. Volcker towered nearby. “He has ... more »
Monday, November 24
Fred Harteis News Articles- Obama Unveils Team to Tackle 'Historic' Crisis in Economy
by
maba
on Mon 24 Nov 2008 12:36 PM EST
Fred Harteis News Articles - With the financial crisis looming as a priority of his term, President-elect Barack Obama sought to put his imprint on efforts to stem the turmoil as he introduced his economic team on Monday, nominating Timothy F. Geithner as Treasury secretary and Lawrence H. Summers to head the White House Economic Council.
By naming a team deeply experienced in dealing with financial crises — Mr. Geithner was heavily involved over the weekend in the efforts to stabilize Citigroup — Mr. Obama underscored his determination to ... more »
Friday, November 21
Fred Harteis News Articles- Clinton Decides to Accept Post at State Dept.
by
maba
on Fri 21 Nov 2008 11:57 AM EST
Fred Harteis News Articles - Hillary Rodham Clinton has decided to give up her Senate seat and accept the position of secretary of state, making her the public face around the world for the administration of the man who beat her for the Democratic presidential nomination, two confidants said Friday.
The apparent accord between perhaps the two leading figures in the Democratic Party climaxed a week-long drama that riveted the nation’s capital.
Mrs. Clinton came to her decision after additional discussion with President-elect Barack Obama about the ... more »
Tuesday, November 18
Fred Harteis News Articles- Chief Fights for G.M.'s Future and His Reputation
by
maba
on Tue 18 Nov 2008 11:16 AM EST
Fred Harteis News Articles- Rick Wagoner cannot afford to leave Washington this week without at least $10 billion in federal aid to keep General Motors in business.
But a major question for Mr. Wagoner, G.M.’s chief executive for the last eight years, is whether he will return to Detroit with his job as well.
While the heads of the Ford Motor Company, Chrysler and the United Automobile Workers are scheduled to also testify before Congress on Tuesday and Wednesday, it is Mr. Wagoner and his company ... more »
Monday, November 17
Fred Harteis News Articles -Citi Plans Asset Sales and Job Cuts
by
maba
on Mon 17 Nov 2008 10:58 AM EST
Fred Harteis News Articles- Becoming the latest Wall Street firm to reduce its work force amid the financial turmoil, the banking giant, Citigroup, announced Monday morning that it would cut another 24,000 jobs, bringing the total reductions in the coming months to 52,000.
Roughly half of the 52,000 had been previously announced, including 18,000 jobs with the sale of its Indian outsourcing operations and more than 5,000 at its German banking franchise.
On Monday, Citigroup said it expected to layoff another 17,000 employees and shed as many ... more »
Thursday, November 13
Fred Harteis News Articles - At Governors Meeting, Palin Looks Ahead
by
maba
on Thu 13 Nov 2008 11:50 AM EST
Fred Harteis News Articles- Gov. Sarah Palin of Alaska did something here on Thursday that she did not do in her entire campaign as the Republican Party’s vice presidential nominee: she stood behind a lectern and held a news conference. She was asked what had changed.
“The campaign is over,” she said.
Granted, the question and answer session lasted only four minutes, and for only four questions. As she stood on a stage in a hotel overlooking Biscayne Bay, surrounded by 12 fellow governors, Ms. Palin was ... more »
Wednesday, November 12
Fred Harteis News Articles-Lawmakers Debate Loan Modification
by
maba
on Wed 12 Nov 2008 01:02 PM EST
Fred Harteis News Articles - It sounds simple in principle: find troubled homeowners, change their mortgages and help them keep their houses.
But behind many mortgages sits a complex chain of parties that service mortgages or invest in them amid an array of complicated legal agreements.
At a hearing of the House Financial Services Committee on Wednesday, legislators concerned about the rising tide of foreclosures encouraged the financial industry to alter the terms of more mortgages to keep people in their homes. They focused on mortgages that were ... more »
Tuesday, November 11
Fred Harteis News Articles - Oil Hits a Price Last Seen in March 2007
by
maba
on Tue 11 Nov 2008 01:16 PM EST
Fred Harteis News Articles - Oil prices fell below $60 a barrel on Tuesday to their lowest level in 20 months, as weak economic growth has reduced consumption around the world.
The drop came despite growing indications that OPEC producers have been trimming output to try and stem the price decline. The cartel reached an emergency agreement last month to reduce output by 1.5 million barrels a day starting on Nov. 1.
While no official tally of OPEC production exists, several member countries — including Algeria, Qatar, the United ... more »
Monday, November 10
Fred Harteis News Articles - As Transfer of Power Begins, Obamas Visit White House
by
maba
on Mon 10 Nov 2008 11:06 AM EST
Fred Harteis News Articles - President-elect Barack Obama and his wife, Michelle, were welcomed at the White House shortly before 2 p.m. Eastern time by the current occupant, President George W. Bush, a man with whom he expressed a sea of differences during the just-ended election campaign.
Broadcast images showed Mr. Bush and Mr. Obama strolling along the colonnade toward the outer entrance to the Oval Office. Mr. Obama walked just at Mr. Bush’s shoulder and appeared to be speaking animatedly, gesturing with both hands. Each of the men ... more »
Friday, November 7
Fred Harteis News Articles - Jobless Rate at 14-Year High After Big October Losses
by
maba
on Fri 07 Nov 2008 11:39 AM EST
Fred Harteis News Articles - The American economy lost another 240,000 jobs in October, the government reported Friday, as cash-strapped consumers pulled back sharply and businesses hunkered down, intensifying the distress gripping much of the country.
The unemployment rate spiked to 6.5 percent from 6.1 percent, the highest level since 1994. Many analysts now expect unemployment will reach 8 percent by the middle of the year.
Coupled with revisions to September’s data — which now show a loss of 284,000 jobs, down from an initial estimate of 159,000 — ... more »
Thursday, November 6
Fred Harteis News Articles - Striking a Balance While Becoming a First Family
by
maba
on Thu 06 Nov 2008 11:44 AM EST
Fred Harteis News Articles - When Verna Williams called to congratulate Michelle Obama on Wednesday morning, she half-jokingly offered to stop calling her old law school buddy “Meesh” and start calling her something more dignified.
Mrs. Obama dissolved into giggles, and the two traded title ideas, one sillier than the next, all of them too ridiculous to repeat to a newspaper reporter, Ms. Williams said.
One day after the presidential election, the Obama family of Chicago’s Hyde Park is only beginning to figure out how to become the first ... more »
Wednesday, November 5
Fred Harteis News Articles - After a Decisive Victory, Obama Chooses Transition Team as Challenges Loom
by
maba
on Wed 05 Nov 2008 11:38 AM EST
Fred Harteis News Articles - With his history-making election behind him, Barack Obama was moving ahead with his transition on Wednesday as he prepared to confront the daunting challenges that he will have to face as president in just 76 days, amid two wars and the gravest economic crisis to afflict the country since the Great Depression.
Representative Rahm Emanuel of Illinois, a former aide to President Bill Clinton and a close friend of Mr. Obama, has been offered the post of his White House chief of staff and ... more »
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