New York (CNNMoney) – Hurricane Sandy could cause a delay in the release of the highly-anticipated October jobs report set for this Friday.
The report is normally released at 8:30 a.m. ET the first Friday of the month. This month's report is the final reading on the health of the job market before the presidential election.FULL STORY
New York (CNNMoney) - Would the U.S. auto industry be doing as well as it is today if it was Mitt Romney competing his first term as president?
Romney argues that his plan for the industry in his now-famous November 2008 New York Times op-ed piece, "Let Detroit go bankrupt," was what the Obama administration eventually did: a managed bankruptcy at both companies.FULL STORY
New York (CNNMoney) – Economists think Republican presidential candidate Mitt Romney would be better for the economy than President Obama. But they're not very enthusiastic about either of them.
Nine of 17 top economists surveyed by CNNMoney picked Romney when asked who's election would help the economy grow more. Only three picked Obama.FULL STORY
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