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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Economy Watch: July 12, 2009 - July 18, 2009

July 17, 2009

The Washington Post staff share their picks for reading around the Web. Don't Touch the Federal Reserve The Financial Times | Congress should be wary of steps that undermine the independence of the Federal Reserve, argues economist Mark Gertler....

By washingtonpost.com Editor  |  July 17, 2009; 4:07 PM ET  |  Permalink  |  Comments (0)
Categories:  Neil Irwin's Must Reads  
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Unemployment Tops 10 percent in the District

And unemployment in 15 other states has also settled into double digits in June, according to federal data released Friday. Maryland and Virginia, however, were not on the list. Michigan's unemployment rate now sits at 15.2 percent, a first for...

By Kim Hart  |  July 17, 2009; 3:58 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
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Stocks Open Lower After Big Bank Earnings Reports

Stocks fell slightly in morning trading today as investors weighed some better-than-expected earnings with the strong possibility that another big bank would file for bankruptcy. After rising for four consecutive days, the Dow Jones industrial average lost 9 points, or...

By Kim Hart  |  July 17, 2009; 10:24 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
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Geithner: Give Shareholders 'Say on Pay'

Executive compensation practices were partly to blame for the financial crisis, Treasury Secretary Tim Geithner has said. Now the Treasury is rolling out a remedy. The administration delivered draft legislation to Congress today that would require all publicly traded companies...

By Peter Whoriskey  |  July 16, 2009; 4:17 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
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House Lawmakers Grill Paulson on BofA Deal

UPDATE The hearing is over now but it's hard to say if anything about the Bank of America bailout deal is any clearer. After listening to former Treasury Secretary Henry Paulson testify about the Bank of America bailout today, the...

By Peter Whoriskey  |  July 16, 2009; 3:14 PM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker  
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Markets Flat at Opening

Stocks were flat or down this morning after yesterday's big surge. Investors were cheering better-than-expected earnings from J.P. Morgan Chase and a Labor Department report showing that new unemployment claims dropped significantly last week. On the other hand, the news...

By Peter Whoriskey  |  July 16, 2009; 10:37 AM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker  
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Congress Names Panel to Probe Origins of Finanical Crisis

Democrats and Republicans announced their picks today to form a committee to investigate the origins of the financial crisis that spurred the current recession, now in its 19th month. The Democratic committee members, announced by House Speaker Nancy Pelosi (Calif.)...

By Frank Ahrens  |  July 15, 2009; 3:36 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Harry Reid, John Boehner, Mitch McConnell, Nancy Pelosi  
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Inside Gannett's Q2 Profit: Don't Get Too Excited

McLean-based Gannett, the nation's largest publisher of newspapers -- including USA Today -- surprised Wall Street this morning with better-than-expected second-quarter earnings that showed a profit, after a massive loss in the second quarter of last year. But if you...

By Frank Ahrens  |  July 15, 2009; 10:59 AM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  | Tags: Gannett  
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Markets Surge at Opening

Wall Street opened up sharply this morning, following a strong second-quarter earnings report from chip-king Intel after yesterday's closing bell. In the first 15 minutes of trading, the Dow was up about 128 points, or a solid 1.5 percent. The...

By Frank Ahrens  |  July 15, 2009; 9:57 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Dow Jones, Gannett, Intel, nasdaq, s&p 500  
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Bernie Madoff Begins Prison Life Today

Convicted Ponzi schemer Bernie Madoff, who admitted to swindling investors out of billions of dollars, today begins life as prisoner No. 61727-054 at a federal penitentiary in Butner, N.C. Madoff was sentenced earlier this month to 150 years in prison...

By Frank Ahrens  |  July 14, 2009; 3:55 PM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  | Tags: Bernie Madoff  
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Mort Zuckerman: Unemployment Worse Than You Know

Finally! For months, The Ticker has been telling you that the U.S. unemployment rate is actually much worse than the widely reported figure (now at 9.5 percent), because the number does not take into account the millions of Americans who...

By Frank Ahrens  |  July 14, 2009; 2:25 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Mort Zuckerman, unemployment  
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Goldman and Johnson & Johnson: A Tale of Two Earnings

Two large and important companies, each leaders in their sectors, reported second-quarter earnings today. Taken together, they help us get a picture of where our recession-stuck economy is right now. Goldman Sachs, long considered the lion of Wall Street's investment...

By Frank Ahrens  |  July 14, 2009; 11:51 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Goldman Sachs, Johnson & Johnson, McDonald's, Wal-Mart  
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Markets Open Mixed

Wall Street opened flat-to-mixed, following positive June retail sales news and strong second-quarter Goldman Sachs earnings. In the first 15 minutes of trading, the Dow is down just a few points. The broader S&P 500 is essentially flat and the...

By Frank Ahrens  |  July 14, 2009; 9:53 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500  
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Home Price Expert Shiller: Housing Industry Still 'Abysmal'

Robert Shiller, the Yale professor, is one of the creators of the monthly S&P Case-Shiller housing price index, one of the most widely watched in the economy. He's got some bad news for you. Even though the slowing rate of...

By Frank Ahrens  |  July 13, 2009; 5:02 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Case-Shiller, Robert Shiller, home prices, housing bubble  
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Geithner: Growth Ahead, But Big Risks, Too

Treasury Secretary Tim Geithner said in London today that he expects the world's major economies will start growing again in coming quarters, but "there are still significant risks and challenges ahead," he said, Reuters reports. "We have a very powerful...

By Frank Ahrens  |  July 13, 2009; 11:04 AM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  | Tags: Tim Geithner, recession  
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Markets Open Mixed

Wall Street opened mixed, as traders get ready for a week chock-full of second-quarter earnings. In the first 15 minutes of trading, the Dow was up about 24 points, or less than half of 1 percent. The S&P 500 was...

By Frank Ahrens  |  July 13, 2009; 9:50 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500  
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