Global Financial Markets: Investment Markets Services

President-elect, seeing tough fiscal choices ahead, nominates Congressional budget director Orszag to run Office of Management and Budget.

President-elect Barack Obama on Tuesday nominated Peter Orszag to head the Office of Management and Budget (OMB), the president’s chief number-crunching department, and said he sees “tough choices” ahead in determining programs to keep or cut.

Orszag, who has expertise in retirement security, health care and climate change issues, is currently the director of the Congressional Budget Office, which calculates the cost of legislative proposals for the House and Senate to consider in their deliberations. [Read more →]

Tags: Bank of America, Economic news, Economy, U.S. Economy, financial markets, financial news by Financial Specialist
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The Federal Reserve and Treasury Department on Tuesday unveiled a plan to pump $800 billion into the struggling U.S. economy in an attempt to jumpstart lending by banks to consumers and small businesses.

The government hopes that these initiatives will enable more money to flow to consumers in the form of loans than has occurred so far in previous bailout plans. [Read more →]

Tags: Bank of America, Economic news, Economy, U.S. Economy, financial asset management, financial markets, financial news by Financial Specialist
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Gross domestic product falls 0.5% in the third quarter, showing greater economic weakness than original reading.

The troubled U.S. economy posted its biggest drop in seven years, according to a government report Tuesday.

The gross domestic product, the broadest measure of the nation’s economic activity, declined 0.5% in the three months ending Sept. 30, according to the Commerce Department.

This was in line with estimates from economists surveyed. [Read more →]

Tags: Economic news, Economy, Market Data, U.S. Economy, United Kingdom's economy, financial advisor, financial markets, financial news, financial review, global business, international financial markets, investment markets, overseas markets by Financial Specialist
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Fewer foreclosures are going all the way through to auction sales and bank repossessions, according to coalition.

Mortgage lenders helped save a record 225,000 at-risk mortgage borrowers from losing their homes during October, according to a report issued Tuesday by a coalition of lenders, mortgage servicers, investors and counselors assembled to fight the foreclosure plague. [Read more →]

Tags: Banks, Economic news, Economy, U.S. Economy, financial markets, financial news, investment markets, investors by Financial Specialist
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