Without any experience in automaking or government, Steven Rattner left his Wall Street perch to wade into the largest restructuring in American history. The scale and speed of the rescue raised many questions, inspiring Rattner to write this account of a defining moment in capitalism.
President Barack Obama's top economic adviser said Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there have been initial signs of stabilization in the housing market.
"No, we are not in a trade war," chief White House economist Lawrence Summers declared when I raised the prospect with him two days after the Beijing regime lobbed U.S. auto parts and chicken wings back at 1600 Pennsylvania Avenue in retaliation for President Obama's Chinese tire tax.
He famously stirred controversy with his observations about women and science while running Harvard, but in his current post as director of the White House's National Economic Council, Larry Summers received a warm welcome from the female power brokers at Fortune's summit.
Amid nervousness about states' economies and a growing unemployment rate, the Obama administration is considering a series of measures aimed at putting many Americans back to work before the 2010 midterm elections, sources close to the process told CNN.
A top White House adviser said Friday that business opponents of President Obama's plan to create an agency to protect financial consumers are trying to "scare people."
The White House shot down concerns Monday that middle-class families may face a tax increase in order to combat rising deficits and a struggling economy.
A full economic recovery may be slow to materialize, but the administration's stimulus plan is working and the economy has stabilized over the past few months, a key White House adviser asserted Friday.
Business legend Jack Welch has already hailed Ben Bernanke as "a national hero" for the Federal Reserve chief's aggressive moves to pump up the economy, but Bernanke's work is not nearly finished. One of the factors that will influence the decision whether to reappoint him when his term ends in January is the nature of the next task facing him or his successor: to wean the economy off the $1 trillion of new money created by the Fed when disaster loomed last fall.
Now that President Obama has presented his plan to fix the way the U.S. regulates finance, it's time to assess if the plan will work. The 85-page "white paper" his Treasury Department released lays out the specifics. Now Congress will begin its ugly process of turning the proposals into law. There are some good ideas here. There's also a whole lot that may make Wall Street howl in protest.
Without any experience in automaking or government, Steven Rattner left his Wall Street perch to wade into the largest restructuring in American history. The scale and speed of the rescue raised many questions, inspiring Rattner to write this account of a defining moment in capitalism.
President Barack Obama's top economic adviser said Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there have been initial signs of stabilization in the housing market.
"No, we are not in a trade war," chief White House economist Lawrence Summers declared when I raised the prospect with him two days after the Beijing regime lobbed U.S. auto parts and chicken wings back at 1600 Pennsylvania Avenue in retaliation for President Obama's Chinese tire tax.
He famously stirred controversy with his observations about women and science while running Harvard, but in his current post as director of the White House's National Economic Council, Larry Summers received a warm welcome from the female power brokers at Fortune's summit.
Amid nervousness about states' economies and a growing unemployment rate, the Obama administration is considering a series of measures aimed at putting many Americans back to work before the 2010 midterm elections, sources close to the process told CNN.
A top White House adviser said Friday that business opponents of President Obama's plan to create an agency to protect financial consumers are trying to "scare people."
The White House shot down concerns Monday that middle-class families may face a tax increase in order to combat rising deficits and a struggling economy.
A full economic recovery may be slow to materialize, but the administration's stimulus plan is working and the economy has stabilized over the past few months, a key White House adviser asserted Friday.
Business legend Jack Welch has already hailed Ben Bernanke as "a national hero" for the Federal Reserve chief's aggressive moves to pump up the economy, but Bernanke's work is not nearly finished. One of the factors that will influence the decision whether to reappoint him when his term ends in January is the nature of the next task facing him or his successor: to wean the economy off the $1 trillion of new money created by the Fed when disaster loomed last fall.
Now that President Obama has presented his plan to fix the way the U.S. regulates finance, it's time to assess if the plan will work. The 85-page "white paper" his Treasury Department released lays out the specifics. Now Congress will begin its ugly process of turning the proposals into law. There are some good ideas here. There's also a whole lot that may make Wall Street howl in protest.
Is the government going to make life even tougher for Standard & Poor's, Moody's and other credit rating firms?
President Obama will release details on Wednesday of his proposed overhaul of how the government oversees banks and financial companies.
Meet Washington's new power brokers on the economy: Consumer advocates.
President Obama's National Economic Council head Lawrence Summers noted in his speech March 13 that the economic crisis has led to an "excess of fear" that must be reversed.
White House officials and some members of Congress reacted strongly Sunday to news that insurance giant AIG had intended to pay out $165 million in bonuses and compensation. The company has received at least $170 billion in federal bailout money.
While touting the administration's economic plan on Friday, President Obama's top economic chief said it was unclear how long the fixes would take to work.
World leaders need to pump more money into the economy in a coordinated effort to boost demand and pull the world out of recession, the White House's chief economic adviser said Monday.
President-elect Barack Obama's economic team and congressional staffers are close to finalizing a massive recovery proposal but are still hammering out details, Vice President-elect Joe Biden and economic adviser Larry Summers said Tuesday.
On a day in early February when incoming White House officials under previous administrations would have just been learning how to use their office phones, the Obama economic team is already racing against the clock.
President-elect Barack Obama won a significant political victory Thursday, just days before his inauguration, as the Senate voted to release the second half of the $700 billion bailout package.
President-elect Barack Obama secured access to the second half of the $700 billion financial rescue package Thursday, after the Senate voted 52-42 to kill a measure that would have blocked the funds' release.
President-elect Barack Obama made his case Monday to Congress for the release of $350 billion in remaining federal bailout funds.
Key measures of President-elect Barack Obama's economic recovery plan are facing a barrage of criticism from some Senate Democrats, with one charging that the plan's tax breaks were a return to "trickledown" economics.
Two groups that don't always get along, organized business and organized labor, have something in common today. They like what they see in President-elect Obama's economic recovery package.
President-elect Barack Obama on Tuesday will unveil Peter Orszag as his nominee for director of the Office of Management and Budget, two sources close to Obama's transition operation told CNN.
Say what you will about Lawrence Henry Summers, who now commands President-elect Obama's attention as his top White House economic adviser. Summers can be abrasive and abrupt. As president of Harvard University, he was socially tone deaf enough to land himself in hot water with women, environmentalists and the civil rights crowd - all in the space of just five years. Already a feminist group is threatening to make life difficult for Summers.
President-elect Barack Obama named key members of his administration's economic team Monday, including New York Federal Reserve President Timothy Geithner as his Treasury Secretary nominee and former Harvard President Lawrence Summers as the director of the National Economic Council.
President-elect Barack Obama is expected to nominate Harvard economist Lawrence Summers as head of the National Economic Council, making him Obama's top economic adviser in the White House, two sources close to the transition told CNN.
There has been much talk of whom President-elect Barack Obama will name as his Treasury secretary. The guessing game on Wall Street and in Washington, serious stuff even before the election, has become even more intense. A job that was once a good part ceremonial - with the ultimate perk being your signature on the nation's currency - has become full-time serious. The new Treasury secretary is probably Obama's most significant appointment, and arguably the first significant decision the next president will make.
Democrats see quick infusions of cash to working and middle-class families as key to restoring Main Street's vitality and confidence in the U.S. economy
Sixteen years after Barbie dolls declared, "Math class is tough!" girls are proving that when it comes to math they are just as tough as boys
Between the mortgage crisis, record high oil prices and a lackluster stock market, Americans are not exactly confident about the economy. CNN spoke with world affairs analyst and author Fareed Zakaria about his view of the situation.
This is only day 13 on the job for Sheryl Sandberg, so forgive her if she doesn't have everything figured out just yet. She pulls her legs up beneath her into a white Eames chair.
Even as Washington nears agreement on measures to minimize the effects of a recession, there is little agreement on how much such moves would boost the economy.
Washington policymakers mulling steps to jolt the economy need to strike fast if they hope to succeed, leading economists said Wednesday.
Stocks opened mostly flat Wednesday, after Morgan Stanley reported an additional $5.7 billion in writedowns on its mortgage investments and investors awaited more word from the Federal Reserve on the credit situation.
U.S. stocks were poised for a lower start Wednesday as investors awaited more word from the Federal Reserve on the credit situation and weighed Morgan Stanley's $5.7 billion in additional writedowns on its mortgage investments.
Housing price declines. Slowing job creation. Profit warnings from the country's biggest retailers. To an Econ 101 student, those are telltale signs of an imminent recession. Not surprisingly, the R-word has dominated talk among bankers for weeks.
I have it on the best of authority that Harvard State University's president, Lawrence H. Summers, resigned only after credible threats of violence were received at his office.
More than 2,300 people are attending the 2006 World Economic Forum in Davos this week.
ON A HAZY AFTERNOON IN LATE August, two of the most successful moneymen of our age made their way among the steep bunkers and double-blind holes of the venerable Yale Golf Club. Their showdown wasn't much of a contest: Host David F. Swensen, who runs Yale University's $15 billion endowment, shot "somewhere in the 90s," he says. His longtime friend and rival Jack R. Meyer, manager of Harvard's $22 billion endowment, shot a 76. "Jack's a spectacular golfer," Swensen admits. "He crushed me." When it comes to running money, though, Swensen and Meyer are much more closely matched. Swensen, 51, has managed Yale's endowment for two decades and built one of the most spectacular investment records on the planet--up 16.1% a year (while the S&P 500 index gained 12.3%). "Yale has the best returns of any endowment anywhere," he is quick to tell you. Meyer, 60, can't argue with that. Since he got the job at Harvard in 1990--thanks in part to a glowing recommendation from Swensen--he has trailed his Connecticut riva
Later this month at the Temple of Heaven in Beijing, FORTUNE convenes its ninth Global Forum--a remarkable gathering of CEOs, heads of state, and thinkers who will train their minds on a signature ...
Talk about good timing. Just as Richard Bradley's new book Harvard Rules hit the shelves, its subject, Larry Summers, touched off his biggest controversy to date. The tempest started with remarks S...
One Harvard insider says Lawrence Summers will "challenge you on anything." Now, the tables are turned on the university's contentious president.
Whoever succeeded Bob Rubin and Lawrence Summers as Treasury Secretary would have had a couple of tough acts to follow. Both Rubin and his protege Summers had the good fortune of running the nation...
After the global economic crisis of 1997 and '98 passed, Time magazine dubbed Alan Greenspan, Robert Rubin and Larry Summers "The Committee to Save the World." Now, with a new President, only one o...
The U.S. economy has ground to a halt. That's certainly not news to anyone at this point. What you and the rest of the world are dying to know is just when America--that powerful, high-tech, and us...
Reasonable people will argue for decades about Bill Clinton and how much credit he deserves for the longest economic expansion in U.S. history. Reasonable people will not, however, dispute the noti...
Over the past two years, I've used this space to write about many changes at MONEY: our full redesign 20 months ago, the launch of our Money.com section, the arrival of top-name writers. Making the...
Economically the U.S. has had a near-perfect run under Bill Clinton. But in January, a new man will move into the White House. Al Gore and George W. Bush have promised to keep the good times rollin...
All over cable TV, commentators are yapping with speculation about presidential running mates. Mostly they speculate about the same old names. But play that parlor game with a presidential appointm...
So, what do you like in the market? I always dread that question. My mind flashes forward to a scene years from now, when someone who has taken my advice rises from the gutter where it put him to h...
As Robert Rubin walks out of Treasury to go salmon fishing, he defines the term "hard act to follow." The decade that began with a brief recession continues to amaze: Declining inflation has been t...
Larry Summers, Treasury Secretary designate, is probably the smartest person who has ever been up for the job. He certainly knows more about the way the economy works than any previous Secretary. S...
Economists rule the world. This is not a new phenomenon. "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly un...
When Andrei Kozlov, deputy head of Russia's central bank, was asked recently how his country would deal with its teetering banking system, he reportedly replied, "Emissions, of course, emissions." ...
It's been a good ten years since most people have taken seriously that quintessential Reagan-era concept, "supply-side economics." In case you forgot, supply-siders are the group of economists and ...
Whatever happens next, the Great Asian Slump is already one for the record books. Never in the course of economic events--not even in the early years of the Depression--has so large a part of the w...
There's been an odd disconnect in the economic news this winter. Nearly all the news about the U.S. economy has been positive--sometimes wildly so: The expansion is in its seventh year (something t...
When it comes to economics, the award for the biggest liar on the planet ought to go to Japan's Ministry of Finance. For more than five years the MOF's bureaucrats have blandly insisted that the ec...
The U.S. dollar has been flexing its muscles for nearly two years, and it's been especially strong recently, gaining nearly 10% in value against the Japanese yen and 7.4% against J.P. Morgan's inde...
There aren't a lot of innovations in the field of government securities, and nearly all recent ones--like futures, derivatives, and zero-coupon bonds--have been invented in the private sector rathe...
What will it take to get America back on track? Leaving aside the recession and Chinese water torture aftermath, long-term growth has slowed markedly during the Seventies and Eighties from the prev...
Development economists used to be big fans of command-and-control management of the economy in poor countries. That kind of thinking has landed on the dustheap of history, replaced by the convictio...
JUST WHEN EVERYONE from car dealers to home sellers to your neighborhood ( clothier is trying to get you to spend, spend, spend for the sake of economic recovery, why should anyone worry that Ameri...
We must decide whether budget constraints should be as tight as we made them in the Eighties. We put government on a diet, and corporations went on a diet. We leveraged ourselves with debt so feet ...
FOR MORE THAN A YEAR the Federal Reserve has been tightening the money supply, and short-term interest rates now are some 2 1/2 percentage points higher. The payoff may be coming, judging by such s...
BLACK MONDAY discomfited not only stockbrokers and portfolio managers, but also an influential set of academics whom they have long considered their archenemies -- the efficient market crowd. These...
ECONOMICS hasn't really lived up to its dismal reputation since the melancholy age of Malthus, Ricardo, and Marx. For the past 100 years or so, optimism has prevailed even in the worst of times. In...
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