New York (CNNMoney) – Clint Eastwood's biting criticism of President Obama was a big hit with the crowd at the Republican National Convention. But his reading of the nation's unemployment situation missed by a wide margin.
Eastwood's speech on Thursday night mocked supporters of the president like Oprah Winfrey, who cried the night Obama was elected for years ago.FULL STORY
New York (CNNMoney) - The Obama administration finalized new fuel economy rules Tuesday that within 12 years will almost double today's standard for cars and light trucks to 54.5 miles per gallon.
The rules, which have been in the works for several years, will add thousands of dollars to the cost of new cars. But in the long run, regulators say, drivers will spend less on gas, outweighing the additional cost at the dealership. They say the rules will also help reduce the nation's oil imports.FULL STORY
New York (CNNMoney) – Mitt Romney argued against the bailout of the U.S. auto industry in 2008, in an article entitled "Let Detroit Go Bankrupt." Now three years after the Obama administration bailed out General Motors and Chrysler Group, and with U.S. auto industry sales, profits and hiring all rising, Romney believes he deserves credit for that turnaround.
Romney is right that the 2009 bankruptcy reorganizations at GM and Chrysler played a major role in the turnarounds at those automakers. It allowed them to shed billions in debt, along with plants, workers, brands and dealerships they could no longer afford. And he's correct that the automakers and the United Auto Workers union were initially opposed to the bankruptcy process, uncertain that the companies would survive what they expected could be months if not years in bankruptcy court.
But the billions of dollars from the federal bailout helped the bankruptcy process get done in about two months, must faster than anyone thought was possible, said Van Conway, CEO of Conway MacKenzie, a restructuring firm in Detroit.FULL STORY
New York (CNNMoney) – The one thing Mitt Romney and Newt Gingrich seem to agree on about Freddie Mac is that it played a significant role in the housing bubble - and the subsequent financial meltdown that followed when it burst.
But many experts in the field question that view, saying Freddie Mac and fellow mortgage financer Fannie Mae were relatively small players in the rapid growth of subprime and other risky home loans while the housing bubble inflated - and were relatively late to the game at that.FULL STORY
New York (CNNMoney) – Initial jobless claims fell to their lowest level in nearly four years, another sign of improvement in the long-suffering labor market.
The Labor Department reported that 352,000 people filed for initial unemployment benefits last week, down sharply from a revised reading of 402,000 claims in the previous week. It is also the fewest number of people filing for jobless claims since the week ending April 19, 2008.FULL STORY
New York (CNNMoney) – Republican presidential candidate Newt Gingrich is calling for the United States to think about returning to the gold standard.
Speaking at a foreign policy forum in South Carolina on Tuesday, Gingrich advocated a "commission on gold to look at the whole concept of how do we get back to hard money."FULL STORY
New York (CNNMoney) - Despite non-stop criticism from Republicans, the Obama administration's efforts to help the economy has created jobs.
It just hasn't created nearly enough given the damage done to the labor market by the Great Recession.FULL STORY
(CNNMoney) - Federal Reserve policymakers will take a closer look next month on what steps they can take to jumpstart the stalled U.S. economy, but Fed Chairman Ben Benanke warned Friday that Congress better help too.
In a speech in Jackson Hole, Wyoming, the chairman announced that a one-day meeting of the Fed, originally set for Sept. 20, is being expanded to two days "to allow a fuller discussion" of what the Fed should do to respond to "disappointing" growth.FULL STORY
NEW YORK (CNNMoney) - The job market strengthened in July, a welcome piece of good news that sharply contrasted other recent data pointing toward an economic slowdown.
Employers added 117,000 jobs last month, easily topping the 75,000 gain economists surveyed by CNNMoney had predicted. And the unemployment rate improved slightly to 9.1 percent.FULL STORY
NEW YORK (CNNMoney) - Legislators finally agreed on an eleventh-hour plan to raise the debt ceiling on Sunday, but one part of the debate was left out of the final draft - tax reform.
Deficit reduction of up to $2.4 trillion was the centerpiece of the deal to raise the nation's borrowing limit, which passed Congress this week after months of debate. But the deal accomplishes that only through spending cuts, not an increases in tax revenue, as Democrats had pushed for.FULL STORY