NEW YORK (CNNMoney.com) - The Obama administration is set to announce a $1 trillion program aimed at revitalizing lending to consumers and businesses.
The Federal Reserve program expands on a $200 billion initiative unveiled in November to lend money to investors to purchase securities backed by debt such as credit cards and auto, student and small business loans. The initiative, called the Term Asset-Backed Securities Loan Facility (TALF), was to have started this month.
The program now will reportedly also cover securities backed by commercial real estate mortgages, another troubled sector.
NEW YORK (CNNMoney.com) - This much we know - the Obama administration wants to set aside between $50 billion and $100 billion to address the foreclosure crisis.
But how exactly officials plan to address this bear of a problem remains to be seen.
Sen. McCain and Sen. Obama shake hands before their final presidential debate at Hofstra University in Hempstead, New York.(AP PHOTO)
NEW YORK (CNNMoney.com) - The next United States president won't have long to savor victory after Election Day.
Facing the worst economic storm since Franklin Delano Roosevelt won the 1932 election, this president-elect will have to quickly announce his key staffers and policy priorities to reassure both the nation and the world.
"The incoming president will be facing many bigger challenges than any president since Roosevelt," said John Kamensky, senior researcher at the IBM Center for The Business of Government, which focuses on public management. "The president will have to have a very organized transition to be able to address it."
Spokesmen for Senator Barack Obama's and Senator John McCain's campaigns declined to comment on the transition, which lasts 77 days. It is widely reported that former Clinton Chief of Staff John Podesta is working with Obama, while former Reagan Navy Secretary John Lehman Jr. is guiding McCain's team.
NEW YORK (CNNMoney.com) - When it comes to stagnating wages, Barack Obama and John McCain agree on one thing: Americans are suffering. And that's about all they agree on.
The presidential candidates have starkly different plans on how to reverse the years-long slide in workers' incomes. Democrat Obama's proposals of creating jobs through government investments are aimed at helping the middle class. Republican McCain focuses his plan on cutting taxes on businesses that he says will spur more jobs and keeping tax rates low so people have money in their pockets.
Wage stagnation has made the downturn in the nation's economy is even more painful, economists say. Skyrocketing fuel and food costs have hit workers hard because their incomes largely have not kept pace with inflation during this decade.
On Friday, unemployment hit a four-year high after employers trimmed 51,000 jobs, the Labor Department said. A day earlier, a separate government report showed that inflation-adjusted wages showed their biggest decline in the survey's eight-year history.