Summary:   "The top U.S. official on HIV/AIDS says the [Barack] Obama administration is committed to fighting the disease. However, Ambassador Eric Goosby says the economic crisis will be a factor in all funding decisions over the next few years. As the new U.S. Global AIDS Coordinator, Dr. Goosby oversees PEPFAR, the President’s Emergency Plan for AIDS Relief. Created under President [George W.] Bush, it began as a five-year, $15 billion program. In 2008, Congress reauthorized PEPFAR, approving up to $48 billion over the next five years. Besides PEPFAR, the amount would support the Global Fund to Fight AIDS, TB and Malaria. But that was when the economy appeared healthy." (America.gov Press Release) This article discusses the economic downturn's potential impact on AIDS funding.
Subjects:  AIDS (Disease), AIDS (Disease), Economic aspects, AIDS (Disease), Government policy, AIDS (Disease), Global impact, AIDS (Disease), Treatment, Economic assistance, American, Financial crises, U.S., Economic conditions, President's Emergency Plan for AIDS Relief

Summary:   "[Michael] Moore's [2009] film, Capitalism: A Love Story ...is his most vigorous, rollicking, broadly ambitious work yet. Not satisfied with condemning the housing and banking crises of the past year, he expands the story of the financial collapse into an epic of malfeasance--capital crimes on an international scale." (Time) This review of Capitalism: A Love Story highlights Moore's success in making the financial crisis "an epic crime and an epic good time."
Subjects:  Capitalism, Capitalists and financiers, Economic history, Economic policy, Economics, Sociological aspects, Financial crises, Financial crises, International aspects, Moore, Michael, Motion picture producers and directors, Wealth, Moral and ethical aspects, Documentary films, Screenwriters, Economics, Moral and ethical aspects, Capitalism, History, Documentary-style films, Economic policy, U.S., Global impact

Summary:   "Plunging tax receipts, soaring spending and a sluggish recovery will push the nation's deficits dramatically higher over the next decade, creating new complications for President Barack Obama's domestic agenda. The deteriorating budget picture, detailed Tuesday [August 25, 2009] in separate White House and congressional reports, comes just as Democrats and Republicans prepare to resume the battle over Democratic plans to spend $1 trillion overhauling the nation's health-care system." (Wall Street Journal) This article addresses how the "forecast of $9 trillion in additional debt over the next decade could affect Mr. Obama's efforts to increase spending in a host of areas, from education to foreign aid."
Subjects:  Budget, Budget deficits, Economic forecasting, Financial crises, U.S., Economic policy

Summary:   "Before it became a bad word, 'boondoggle' was an innocent, humble craft. It was the Boy Scouts of America who claimed credit for coining the word, to refer to the plaited leather lanyards that they made and wore around their necks. That all changed on April 3, 1935, at a hearing in New York City on how New Deal relief money was being spent. A Brooklyn crafts teacher reluctantly testified that he was paid to show the jobless how to make 'boon doggles.' The outcry was swift....A new, more sinister meaning was born, and the word came to signify government make-work, later referring to wasteful government projects in general." (New York Times) This article addresses how "[n]ow, as a new administration in a new century tries to pump $787 billion into the economy with a combination of spending and tax cuts, questions about the usefulness of projects are raging as loudly as ever."
Subjects:  Economic development projects, Economic stabilization, Financial crises, U.S., Economic policy, Waste in government spending, American Recovery and Reinvestment Act (2009)

Summary:   "Regulators seized Colonial Bank on Friday [August 14, 2009] after reaching a deal to sell its branches, deposits and most of its assets to rival BB&T Corp. in the sixth-largest bank failure in U.S. history. The demise of Colonial, a regional bank based in Montgomery, Ala., with assets of $25 billion and 346 branches in five states, signals an ominous phase in the nation's banking crisis. Even as some large institutions show signs of stabilizing, a slew of regional lenders remain on the ropes. And regulators appear to be giving up hope that some of them can be saved." (Wall Street Journal) This article addresses the events that led to Colonial Bank's failure and steps the government is considering to further stabilize banks.
Subjects:  Bank failures, Banks and banking, Financial crises, Financial crises, International aspects

Summary:   "Today [August 4, 2009], the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance and expand transparency around the initiative." (Treasury News) This document summarizes the program's progress.
Subjects:  Financial crises, Statistics, U.S. Dept. of the Treasury, U.S., Economic policy, Mortgage loans, Refinancing

Summary:   This timeline presents a history of economic conditions and policy in the United States.
Subjects:  Economic stabilization, Financial crises, Financial crises, International aspects, Financial institutions, Financial institutions, Law and legislation, Intervention (Federal government), Recessions, U.S., Economic conditions, U.S., Economic policy, U.S., Economic policy, Timeline

Summary:   "Should the federal government have a role in helping the states through a recession? In this Chicago Fed Letter, I [Richard H. Mattoon, senior economist and economic advisor] review some of the issues that need to be considered when constructing an aid package that targets state governments during an economic downturn. Three factors are particularly important in evaluating the effectiveness of such federal aid to states—timing, triggers, and targeting." (Federal Reserve Bank of Chicago-Chicago Fed Letter)
Subjects:  Budget, U.S., States, Financial crises, Recessions, U.S., Economic policy, Government aid, Emergency Economic Stabilization Act (2008)

Summary:   "As the effects of the economic collapse began pouring down Main Street, the government last year [2008] was left holding a record $2.1 billion in write-offs of small business loans it had guaranteed. Officials expect the number of defaults to rise as the nation continues to climb out of the recession. Records obtained under the federal Freedom of Information Act show the public is paying to offset bank losses on small business loans across the country, from a convenience story in the tiny Canadian border town of Houlton, Maine, to a graphic arts design company on the island of Hawaii, more than 5,000 miles away." (Napa Valley Register) This article addresses the record amount of Small Business Administration loan write-offs and what it means for small business owners and taxpayers.
Subjects:  Financial crises, Recessions, Small business, U.S. Small Business Adm., Loans, Government guaranty, Write-offs, Default (Finance)

Summary:   Richard A. Posner, a federal circuit judge and a senior lecturer at the University of Chicago Law School, contends that the Obama administration's proposed Consumer Financial Protection Agency Act, influenced by behavioral economics, would strip consumers of the right to select financial products the agency believes consumers lack the ability to understand.
Subjects:  Consumer behavior, Consumer protection, Financial crises, Consumer protection, Law and legislation, Predatory lending, Economics, Psychological aspects

Summary:   "The ravages of the recession, including a surge in foreclosures and unemployment approaching 10 percent, have driven thousands of families onto the streets. Although the number of homeless individuals remained relatively stable between 2007 and 2008, the number of homeless families rose 9 percent, and in rural and suburban areas the number jumped by 56 percent, according to a report released last week [July 2009] by the U.S. Department of Housing and Urban Development." (Washington Post) This article addresses how "the economic crisis is turning stereotypes [of the homeless] on their heads" as more families become homeless.
Subjects:  Financial crises, Homelessness, Homeless persons, Statistics, Homeless families, Poverty, Global impact

Summary:   "The U.S. Department of Housing and Urban Development today [July 9, 2009] issued its 2008 Annual Homeless Assessment Report to Congress, a national study that explores changes in homelessness nationwide. HUD's assessment concludes that while overall homelessness in America held fairly steady from 2007 to 2008, the number of homeless families, particularly those living in suburban and rural areas, increased." (HUD News) Key findings of HUD's report regarding the "changing patterns of homelessness between 2007 and 2008" are provided.
Subjects:  Financial crises, Homeless persons, Homelessness, Shelters for the homeless, U.S. Dept. of Housing and Urban Development, U.S., Economic conditions, Homeless persons, Statistics, Homeless families

Summary:   "Over the past two years [2007-2009], we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world. We have taken extraordinary measures to help put America on a path to recovery. But it is not enough to simply repair the damage. The economic pain felt by ordinary Americans is a daily reminder that, even as we labor toward recovery, we must begin today to build the foundation for a stronger and safer system." (Washington Post) In this article, Secretary of the Treasury Timothy Geithner and Director of the National Economic Council Lawrence Summers outline the Obama administration's "plan to modernize financial regulation and supervision."
Subjects:  Financial crises, Financial institutions, Law and legislation, Informal sector (Economics), U.S., Economic conditions, U.S., Economic policy, Obama, Barack, Geithner, Timothy, U.S., Economic policy, Global impact

Summary:   "Federal regulators seized Florida's BankUnited FSB on Thursday [May 21, 2009], the biggest bank failure this year, one that the Federal Deposit Insurance Corp. estimates will cost its weakened insurance fund $4.9 billion. BankUnited, which was owned by holding company BankUnited Financial Corp., is the second-costliest bank failure of the financial crisis, trumped only by IndyMac Bank, which failed in July at an estimated cost to the FDIC of about $11 billion." (Wall Street Journal) This article explains why BankUnited failed and how its "collapse puts further strain on the FDIC's deposit-insurance fund, which guarantees most deposits against the risk of a bank failing."
Subjects:  Bank failures, Banks and banking, Federal Deposit Insurance Corporation, Financial crises, Financial crises, International aspects

Summary:   "The painful reshaping of the American auto industry hit home this week [May 2009], delivered overnight by FedEx and UPS. Over the last two days, General Motors Corp. and Chrysler moved to cull nearly 2,000 of their dealers, with at least 1,000 more to come. And Chrysler indicated that it was likely to break its contracts with hundreds of parts suppliers, setting the stage for yet another blow to American manufacturing. The sweeping cuts were a reminder that the decades-long decline of the U.S. automakers truly does affect the nation as a whole." (Los Angeles Times) This article addresses the restructuring efforts being made by General Motors Corp. and Chrysler, and the economic effect the changes will have on cities and towns across America.
Subjects:  Automobile dealers, Automobile industry and trade, Chrysler Corp., Financial crises, General Motors Corp.

Summary:   "[D]espite encouraging signs that the economy's recent disorienting plummet is slowing, the long-run picture is darker. 'Potential real GDP growth has never grown as slowly during the history of the U.S. since 1875 as it is growing today,' economist Robert Gordon told a November [2008] conference at the Federal Reserve Bank of San Francisco....In the short run, as the financial system heals from the self-inflicted wounds of recent years, the economy is likely to perform even more poorly. More than 5 million jobs have disappeared in the past 15 months, and consumers and corporations are focused on paying off debt rather than spending or investing in new productive capacity." (USA Today) This article explains why economists are forecasting slow growth for the U.S. economy and the implications of decreased productivity, which will affect "everything from job creation and stock prices to the funding of government-entitlement programs such as Social Security."
Subjects:  Banks and banking, Economic forecasting, Financial crises, Gross domestic product, U.S., Economic conditions

Summary:   "Chrysler, the nation's third-largest automaker, filed for bankruptcy protection yesterday [April 30, 2009], with President [Barack] Obama promising that court relief would give the company a 'new lease on life.' The administration's efforts to avert a bankruptcy filing were frustrated by some hedge funds, which Obama referred to as 'a small group of speculators,' that rejected the government's final offer to settle their claims against Chrysler out of court. Now largely under government control, Chrysler will seek in court to strip itself of its overwhelming debts. Then, according to the administration plan, the company will get roughly $10 billion in new government aid and be merged with Italian automaker Fiat." (Washington Post) The Obama administration's ambitions plans to rehabilitate ailing carmaker Chrysler with a trip through bankruptcy court and partnership with Fiat is discussed.
Subjects:  Automobile industry and trade, Bankruptcy, Chrysler Corp., Corporate reorganizations, Financial crises, Intervention (Federal government), Obama, Barack

Summary:   "It is commonplace today to believe we should refer to the benign innovations of John Maynard Keynes during the Great Depression in order to understand what is driving President Obama's team of economic strategists. But a look back to that time leads one to conclude the Depression-era economist who appears most relevant to what is going on bears the improbable name of Hjalmar Horace Greeley Schacht. From his post as head of the Reichsbank, in a career that ran nearly 20 years, Schacht was in effective control of the shambolic German economy for successive Weimar Republic governments and the pre-World War II regime of Adolf Hitler. During that time he routinely talked one game and ran another. He was a vocal supporter of returning the global marketplace to the fictional discipline of the gold standard even as he implemented inflationary policies to jump-start a society paralyzed by chaotic politics at home and foreign demands for war reparations that had to be finessed at all costs." (American Spectator) The author compares Obama's economic policies to Hjalmar Schacht and contends that the "history of Hjalmar Schacht gives a frightening hint of what disasters lie ahead when economic policies are formed by tiny groups of elitists removed from any official oversight and insulated from the abrasive but necessary challenges of a democratic polital system."
Subjects:  Financial crises, Intervention (Federal government), Keynes, John Maynard (1883-1946), Socialism, U.S., Economic conditions, U.S., Economic policy, U.S., Politics and government, Business depression (1929-1939), Summers, Lawrence H., Obama, Barack, Bernanke, Ben S., Geithner, Timothy

Summary:   "Faced with a U.S. economy in freefall, President Barack Obama crammed many big economic initiatives into a frenetic first 100 days and won high marks from experts for effort, but mixed reviews for accomplishment." (McClatchy Newspapers) The author examines President Obama's economic policy actions during his first 100 days in office.
Subjects:  Financial crises, U.S., Economic policy, Obama, Barack, Presidents, History

Summary:   "Margarito has a decision to make: After more than a decade of living and working illegally in the U.S., is it time to go back home to Mexico? He and his wife lost their jobs recently (he from a pallet factory, she from Burger King, both for having invalid Social Security numbers). He has been looking for other work, but his search is greatly complicated by measure 5-190, a ballot initiative enthusiastically approved by his neighbors and former colleagues that will, if it survives a court challenge, impose a $10,000 fine on anyone in the county who gives Margarito--or any other undocumented worker--a new job." (Time) This article discusses how despite the tough economy and stricter enforcement on illegal immigrants, some illegals in an Oregon town are choosing to stay.
Subjects:  Emigration and immigration, Emigration and immigration law, Emigration and immigration, Economic aspects, Financial crises, Hispanic Americans, Illegal aliens, Oregon, Oregon, Legislature, Unemployment

Summary:   "Slightly more than half of Americans think the sickly U.S. economy has stabilized, and almost three in every four think it will take longer than six months for a massive economic stimulus program to be felt, an Ipsos-McClatchy tracking poll showed Wednesday [Apr. 8, 2009]." (McClatchy Newspapers) Poll results showing Americans' approval rating for President Barack Obama's handling of the economic crisis are examined.
Subjects:  Americans, Attitudes, Financial crises, Public opinion polls, Consumer confidence, Job evaluation, Obama, Barack

Summary:  "The seeds of our present-day financial crisis were sown during [Thomas] Jefferson's epic battles with the first secretary of the Treasury, Alexander Hamilton, who was every bit his intellectual equal....His [Jefferson's] hatred of 'money men' and commerce led to an unruly banking and regulatory system prone to periodic and catastrophic breakdowns. Today [2009] America has more banks than all the world combined and a fragmented financial regulatory system that adds to the chaos." (American History) Author John Gordon presents his case on why Jefferson is to blame for our financial crisis. Gordon reviews U.S. financial history, concluding, "Jefferson and his allies eventually destroyed Hamilton's system and set America on a course to bank fraud and failure, a chaotic money supply and a boom-and-bust cycle that has resulted in major financial crises about every 20 years."
Subjects:  Economic stabilization, Financial crises, Hamilton, Alexander (1757-1804), Jefferson, Thomas (1743-1826), Monetary policy, Banks and banking, History

Summary:   "The Obama administration is proposing the farthest-reaching set of new rules for the financial industry since the Great Depression--including measures that would for the first time regulate hedge funds and give government the power to seize and dismantle companies deemed a threat to the economy." (Los Angeles Times) This article summarizes the regulations proposed by Treasury Secretary Timothy F. Geithner. The article includes reaction from members of financial institutions that would be affected by the regulations if Congress approves them.
Subjects:  Administrative agencies, Banks and banking, Derivative securities, Financial crises, Financial institutions, U.S., Economic policy, Hedge funds

Summary:   An editorial by President Barack Obama was issued by Tribune Media Services on March 23, 2009 regarding the upcoming London summit meeting. President Obama stated, "Once and for all, we have learned that the success of the American economy is inextricably linked to the global economy. There is no line between action that restores growth within our borders and action that supports it beyond. If people in other countries cannot spend, markets dry up — already we've seen the biggest drop in American exports in nearly four decades, which has led directly to American job losses. And if we continue to let financial institutions around the world act recklessly and irresponsibly, we will remain trapped in a cycle of bubble and bust. That is why the upcoming London Summit is directly relevant to our recovery at home. My message is clear: The United States is ready to lead, and we call upon our partners to join us with a sense of urgency and common purpose." (America.gov Press Release) Complete text of President Obama's editorial is supplied.
Subjects:  Financial crises, Financial crises, International aspects, International economic relations, Intervention (Federal government), Summit meetings, U.S., Economic conditions, U.S., Economic policy, Group of Twenty, Obama, Barack, Addresses, messages, etc., U.S., Economic policy, Global impact