Financial chiefs urge broad powers to regulate and seize large firms
Top economic officials including Geithner and Bernanke pressed for unprecedented authority to regulate or take over nonbank giants whose failure could wreck the economy. Obama backed a swift plan as Geithner prepared more details, while divisions over exact authority lingered.
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Washington
AIG
Barack Obama
Treasury
Timothy Geithner
Federal Reserve
Ben Bernanke
House
American International Group
Federal Insurance Corp
Geithner
House Financial Services Committee
Grocery auctions draw crowds in Pennsylvania
Bargain hunters skip supermarket shelves for grocery auctions in northeastern Pennsylvania. Kirk Williams reports turnout near 300 for his first event, with buyers like Rich Harris seeking meat and snacks while prices and big deals drive the trend. Williams aims for about $12,000 per sale with roughly $1,000 profit.
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Dallas
Kirk Williams
Pennsylvania
Williams
Col. Kirk
Bloomsburg
Rich Harris
States push sin taxes as budgets strain regions
Faced with a 456 million shortfall, Kentucky raised cigarette and alcohol taxes while Arkansas boosted cigarette levies. Connecticut Florida Michigan Mississippi North Carolina and Oregon are weighing similar hikes as residents protest with public displays and letters to lawmakers. The moves reflect a broader recession era strategy to raise revenue from perceived vices.
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Dow slides but holds gains as 401(k) hopes fade
The Dow Jones Industrial Average fell 115 points on Tuesday amid a broader pullback after a sharp rally the day before when the government outlined plans to lift bad loans from banks. Analysts say the drop is expected after that burst, with cited optimism from Arthur Hogan of Jefferies & Co. Beijing calls for a new global currency challenging the dollar as the U S and EU dismiss the idea.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Arthur Hogan
Jefferies & Co
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MediaGen
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ParkerHan
Emersone
Proushifn NY
Sherwin
Spdr Frol
WalMart
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NYMX
UBO
Chisago Board of Exchange
COOT
NYBT
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Grthama m LG
IncAmerAm
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Dodge & Cox intiStk & Cox Stock iv
Pimco Totreta
Pimco TotRetAdm
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Vanguard
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Ohio
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