February 22, 2013 |
FRANKFURT, Germany - The European Central Bank says Italian government bonds account for nearly half of its total holdings under a now discontinued bond-buying program launched in 2010 to ease the eurozone's debt crisis. The bank on Thursday detailed for the first time what countries' bonds it acquired under the so-called Securities Markets Program, which it started when the euro area's debt crisis flared in May 2010. The central bank for the 17 European Union countries that use the euro said it held bonds with a face value of 218 billion euros ($287 billion)
July 23, 2013 |
TOKYO - Japanese voters dealt a runaway election victory Sunday to the ruling Liberal Democratic Party, exit polls indicated, in a strong sign of approval for Prime Minister Shinzo Abe's ambitious plan to revive the world's third-largest economy. Sunday's vote, for seats in the upper house of parliament, gives Abe's ruling bloc control of both chambers - and it provides Abe with a mandate unmatched by any Japanese leader in nearly a decade. How Abe uses that political power will help determine the long-term health of Japan's economy and its relations with Asian neighbors.
May 1, 2013 |
WASHINGTON - Despite what you may have heard, China isn't the country's biggest creditor. America is. The bulk of the national debt - soon to exceed a staggering $17 trillion - is held by the Federal Reserve, the Social Security system, various pension plans for civil service workers and military personnel, U.S. banks, mutual funds, private pension plans, insurance companies, and individual domestic investors. China is responsible for just a shade over 7 percent of the total debt.
June 11, 2015 |
New Jersey's worst fiscal manager in recent history could do even more damage under a Supreme Court ruling giving him legal permission to continue breaking the state's promises. The court ruled Tuesday that Gov. Christie doesn't have to follow a 2011 law that he lobbied for, signed, and bragged about. The legislation required the state to pay its share of public employee pensions in exchange for an agreement by workers to pay more and get less. But the court found in a narrow ruling that the law violated the state constitution by creating a government debt that was not approved by voters.
March 22, 1989 |
In 1981, the average price of a new home was $68,900, the government debt was under $1 trillion and the minimum wage was $3.35 an hour. Today, the average new home sells for $117,000, the government debt is approaching $3 trillion and the minimum wage is still $3.35 an hour. Now that, too, may change. A bipartisan agreement reached yesterday makes it likely that the House will vote this week to raise the minimum wage to $4.55 an hour by autumn 1991. And the prospect that some type of increase will become law is better than at any time in the last eight years.
August 6, 2011 |
Shocking and unprecedented though it may be, the Standard & Poor's downgrade of the U.S. government's credit worthiness is not likely to have huge short-term impact on the economy or the finances of average citizens. That is the view of prominent economists and investment advisers in the Philadelphia region who said Saturday that financial markets had been anticipating the S&P action for weeks. The downward pressure on Treasury yields tended to support that view, they said.
August 7, 2011 |
Shocking and unprecedented though it may be, the Standard & Poor's downgrade of the U.S. government's creditworthiness is not likely to have a huge short-term effect on the economy or the finances of typical residents. That is the view of prominent economists and investment advisers in the Philadelphia region, who said financial markets had been anticipating the S&P action for weeks. The downward pressure on Treasury yields tended to support that view, they said. Investors have been eager to snap up U.S. government debt despite ongoing differences between Republicans and Democrats in Washington over how to balance the budget and the anticipated action of S&P. "What matters most is the opinion of investors, not of a rating agency, and the collective wisdom of the market is that the U.S. Treasury bond is still the safest asset on the planet," said Mark Zandi, chief economist at Moody's Analytics Inc., of West Chester.
March 8, 2012 |
The stock market reclaimed some losses from its biggest dive this year and returned Wednesday to its pattern of steady gains and stable trading. Reassuring reports on productivity and hiring overshadowed worries about the Greek debt crisis. Stock indexes made solid gains by midmorning after the government said oil refineries were operating at a faster clip than economists had expected. Oil refiners Valero Energy Corp. and Tesoro Inc. were among the biggest gainers in the Standard & Poor's 500. The Dow closed up 78.18 points, or 0.61 percent, at 12,837.33.
April 13, 2012 |
NEW YORK — Encouraging signs from two of the most important zones of the world economy, the powerhouse of China and the debt-burdened countries of Europe, drove the Dow Jones industrial average up 181 points Thursday, its second-biggest gain this year. China's central bank reported a surprising jump in loans in March. That eased concerns about a sudden slowdown in the Chinese economy, whose growth has helped pull the globe out of recession. Italy's government easily sold $6.4 billion in bonds to investors.
January 4, 2013 |
WASHINGTON - Only hours after Congress adopted a bill to avoid the fiscal cliff of tax increases and spending cuts, lawmakers Wednesday began to clash over the limit on federal borrowing, inaugurating the next phase of Washington's permanent fiscal war. Republicans said they would press their demand that spending be reduced dramatically in exchange for allowing any more U.S. borrowing. President Obama and top Democrats insisted that their goal of raising the $16.4 trillion federal debt ceiling was nonnegotiable.