A review of the last week in business news. Here's your chance to catch up on what you might have missed.
Monday, Oct. 20, 2008
BernankeTestifies on Second Stimulus Package
Federal Reserve ChairmanBernanke tells Congress a second economic stimulus package might help the weak economy.
-WATCH: Second Stimulus Plan?
-WATCH:Millionaire Investor Wilbur Ross on Bailout Flaws
Paulson Unveils $250Billion Recapitalization Plan Specifics
Treasury SecretaryHenry Paulson speaks about the plan to buy stakes in financial institutions. He says, "There is no reason to expect this program will cost taxpayers anything," and that it is an investment that should be paid back with a "reasonable return."
WATCH: GM-Chrysler Merger Hits Snags
The funding issues the auto makers may face in a deal.
WATCH: Cavuto's The Deal: The Grinch vs. Bernanke
WATCH:Cavuto Capper: When the Rich Recoil
Tuesday, Oct. 21, 2008
Fed Announces it WillBuyCommercial Paper From Mutual Funds
Federal Reserve began using its emergency powers and created a new facility to buy commercial paper from troubled money market mutual funds.
WATCH:CDS Market Regulation
The investigation of the credit default market and what resulted from the Lehman bankruptcy.
Wednesday, Oct. 22, 2008
Oil Falls Below $70 a Barrel
Oil breaks below the $70 mark, an important support level, as the dollar strengthens. Experts say it could fall even lower.
-WATCH: Commodities Reaction
Google's G1 Phone Launches at T-MobileStores
The first phone to feature Google's highly anticipated open-source Android OS hits shelves.
-WATCH:Walt Mossberg's First Look at the G1
WATCH: Renters Victimized by Unpaid Mortgages
Should renters be penalized when their landlords neglect to pay their mortgages?
-WATCH:TVPersonality Ed McMahon Discusses his MortgageProblems
WATCH: ChumpChange:Dollar Coin
U.S. Government estimates the country could save millions if we went to dollar coins rather than bills.
WATCH: Sarah Palin's Wardrobe, Who Cares?
Radio talk show host Tammy Bruce talks about comments made on Palin's new wardrobe
-WATCH:Cavuto Capper: Fashion Senseless
WATCH: Northwest CEO onAirlines andEarnings
Northwest Airlines CEO DougSteenland speaks about company earnings, oil prices, and the merge withDelta Airlines, which he says will be very positive.
WATCH:Nationwide Going Private
CEO Jerry Jurgensen speaks about the company's share repurchase plan to take publicly traded subsidiary Nationwide Financial Services private.
Greenspan: Financial Crisis is a 'Once-in-a-Century Credit Tsunami'
Former Federal Reserve Chairman Alan Greenspan says the current financial crisis is a "once-in-a-century credit tsunami" which will have a severe impact on the U.S. economy, driving unemployment higher.
-WATCH:Ron Paul on Greenspan's Place in History
-WATCH:Greenspan Knew Nothing?
-WATCH:Financial Crisis? Bank CEO in Texas Says His Company's Doing Great
-WATCH:Devastation of Wealth:Has the WealthGap Narrowed?
WATCH:Cavuto's The Deal:A Lot Can Happen in 13 Days
WATCH:Cavuto Capper: Fashion Senseless
Thursday, Oct. 23, 2008
Report:Goldman Sachs to Cut Work Force by 10%
The Wall StreetJournal reports the company is planning to make cuts to its staff of 32,500, despite the company's chief financial officerlast month saying employment would stay even for the rest of the year.
WATCH:Cavuto's TheDeal:Greenspan, the Father of Defeat?
Friday, Oct. 24, 2008
Stock Futures Trading Halted in Early Morning
Premarket futures see massive selloffs, causing trading to be halted in the early morning -- ironically, on the 79th anniversary of the 1929 stock market crash. The Dow ended up closing over 300 points down.
-When Automatic Trading Halts Kick in
PNC to Buy National City
Pennsylvania's largest bank announces it will acquire National City for about $5.58 billion
Oil Prices Fall After OPEC Announces Production Cuts
In an effort to halt the falling price of oil, the Organization of Petroleum Exporting Countries announces it will cut production beginning in November by 1.5 million barrels a day. That doesn't stop oil from settling at $64.15 a barrel, however.
Oil prices continue to fall this week.
Cavuto: We’re at a Loss
Cavuto: ‘RTC the Sequel’ Will Cost Us Big Money
Wells Fargo makes bid for Wachovia
