Tag: may 26 2020

The U.S. economy will take at least through 2021 to recover from the current shutdown, the Congressional Budget Office (CBO) said. Massive unemployment and a lack of investment capital will be the main drags on the recovery, it noted. It projects GDP will be 11.2 percent less in the current quarter than in the first...

During the Great Recession, the U.S. Federal Reserve bailed out several major banks twice: the Fed gave the banks bailout loans and grants, then hired them to manage loans and grants given to other financial institutions, as reported by Wall Street on Parade. For example, investment bank Morgan Stanley received $2.04 trillion in loans from...

Almost 15 million credit-card holders entered formal “hardship” programs in April to defer or reduce their payments, according to the Transunion credit-reporting agency. Almost three million auto loans were placed in similar programs. The troubled credit card accounts total about 3 percent of those Transunion tracks, 100 times more than the 0.03 percent a year...

About 47.5 percent of Americans live in a household that has lost income since February, according to the U.S. Census Bureau. Another 37 percent expect to lose income in the next four weeks. Households reliant on tourism or the energy industry for income were hardest hit. In tourist-dependent Hawaii, for example, 60 percent of households...

Happy Days are here again? All those millions who dumped stocks following the lockdowns of economies around the world are counting their losses following a remarkable reversal that has pushed the S&P 500 up 34 percent from its 23 March low. President Trump tweeted today: “Stock Market up BIG, DOW crosses 25,000. S&P 500 over...