Topic: Lawrence Summers
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Stocks plunge: four factors behind investor pessimism
The stock market is tanking. At midday Aug. 4, the Dow had fallen 300 points. The bond market is also beginning to growl like a bear. Investors are buying long-dated bonds while eschewing shorter-term securities to protect their assets, a clear indication that they feel the economy is likely to weaken further. High-profile economists are also turning gloomy. Former Treasury Secretary Lawrence Summers put the chances of another recession at 1-in-3; Harvard economist Martin Feldstein put it at 1-in-2. What's behind all the pessimism? Here are four big factors that are weighing on stocks and could determine the course of the global economy in the coming months:
All Content
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The New Economy
Is US a model for austerity-wary Europe?
Despite its sluggishness, the US economy is growing while Europe's is contracting. A rising number of policymakers blame Europe's austerity moves.
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Private Empire
Pulitzer Prize-winner Steve Coll takes a close look at secretive behemoth that is Exxon Mobil.
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Jim Yong Kim selected as new World Bank president
Jim Yong Kim, currently the president of Dartmouth College, beat out two other candidates to take over the World Bank, beginning this summer.
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US stocks, job growth rise. Strong recovery ahead?
US stocks are up while volatility is down. Employment is growing. This time, a strong recovery is a real possibility, says former Obama aide Summers.
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Are new unemployment figures a boost for Obama?
Unemployment in the US has fallen to 8.3 percent, the lowest level since February 2009. It looks like good news for President Obama, but Republicans aren't buying it. And there are other political and economic trends that should give the White House pause.
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The Daily Reckoning
Is lower consumer demand actually a problem?
‘Demand fear’ is the worry that there aren’t enough people who want things and have the money to pay for them. But why not be satisfied with the demand as it is?
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The Daily Reckoning
Goldman Sachs to Europe's rescue
Italy's new leader, Mario Monti, is an ex-Goldman Sachs executive. Who knows more about debt problems than anyone else? The people who cause them, of course.
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Fannie Mae and Freddie Mac regulator throws lifeline to underwater homeowners
Fannie Mae and Freddie Mac: The overhaul, which would only help a fraction of the country's 11 million underwater borrowers, is the latest government effort to breathe life into the crippled US housing market.
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Economist Mom
Bernanke goes big
The Federal Reserve chairman is right in saying that we should be able to address current budget problems and plan for long-term fiscal sustainability at the same time
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The New Economy
Spend or cut to boost economy? US can do both. Smartly.
Deficit-cutting 'super committee' and Obama jobs plan don't have to work at cross purposes.
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Chapter & Verse
Ron Suskind's critical book on Obama sparks controversy
Some sources now say that scathing remarks about Obama and his administration are "fiction [and] distortion."
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Robert Reich
We need a bold jobs plan, but Obama shies away
History has shown that the US government needs to boost spending to rise out of a downturn. But with the 2012 election on the horizon, the White House hesitates to take the political risk.
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Stocks plunge: four factors behind investor pessimism
The stock market is tanking. At midday Aug. 4, the Dow had fallen 300 points. The bond market is also beginning to growl like a bear. Investors are buying long-dated bonds while eschewing shorter-term securities to protect their assets, a clear indication that they feel the economy is likely to weaken further. High-profile economists are also turning gloomy. Former Treasury Secretary Lawrence Summers put the chances of another recession at 1-in-3; Harvard economist Martin Feldstein put it at 1-in-2. What's behind all the pessimism? Here are four big factors that are weighing on stocks and could determine the course of the global economy in the coming months:
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Tax VOX
Obama, where are your economists?
Politicians need a team of stellar economists for advice during campaign season, and Obama seems to have lost his
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The Daily Reckoning
Japan was a 'zombie state,' even before the earthquake
The country has been living beyond its means for years, leaving future generations to pay
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The Vote
Mitt Romney at CPAC: The big thing he didn't talk about
The possible GOP presidential candidate chided Obama's 'European-style' rule. But in Friday's speech at CPAC, Mitt Romney avoided a topic on which he may be vulnerable: health care.
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Obama's full-court press to make up with business community
Obama has named economist Gene Sperling as head of the National Economic Council. The president has made other moves to patch up relations with the business community.
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William Daley: Obama signals shift to center with pick for chief of staff
Obama brings aboard William Daley, a moderate Democrat and fellow Chicagoan, as his new chief of staff. Daley, seen as a tough but fair manager, could help White House ties to the business community.
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The Vote
Press Secretary Robert Gibbs leaving White House, sort of
Robert Gibbs will leave the post of White House press secretary in February. But he will remain an adviser to President Obama, in addition to joining the speaking circuit.
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On Obama's agenda: maintain momentum and parry GOP jabs at 'ObamaCare'
Obama achieved several legislative victories just before going on vacation. But with a GOP-led House vowing to target 'ObamaCare' and government spending, difficult battles await.
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Obama team plans for 2011 – and for 2012
Obama and his senior staff are hard at work on the size and shape of his White House team as they prepare for the 2012 elections. He hopes to spend more time outside of Washington.
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Robert Reich
2010: The year Washington became business friendly
America has made the climate as comfortable as possible for CEOs, who have repaid the favor by creating more and more jobs – in other countries.
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Medicare and Social Security advocates nervous about tax cut deal
Medicare and Social Security advocates worry that entitlements face restructuring under the new deal brokered between President Obama and the GOP.
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House Democrats block GOP-Obama tax deal. Is it dead?
Many Democrats are angry with the GOP-Obama tax deal. They want to hold out for more GOP concessions. But the expectation is that the tax cuts will still pass, probably with some changes.
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GOP's Paul Ryan: White House officials 'don't talk to us'
Rep. Paul Ryan, soon to be House Budget Committee chairman, said he had no idea whether members of the White House were taking the national debt seriously, because he has little contact with them.
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