Feb 28, 7:16 PM EST
Bush, Fed Chief See No Recession Ahead
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON (AP) -- The economy is in turmoil, yet President Bush and Federal Reserve chief Ben Bernanke say the country will weather the storm. Neither sees a recession on the horizon.
Both Bush and Bernanke are on the front lines of the government's efforts to right an economy that increasing numbers of economists fear is on the verge of its first recession since 2001, if it hasn't already fallen into one.
For more
http://hosted.ap.org/dynamic/stories/B/BUSH_BERNANKE?SITE=IACED&SECTION=HOME&TEMPLATE=DEFAULT
Thursday, February 28, 2008
Wednesday, February 27, 2008
Feb 27, 2008
Fed Chief Signals Another Rate Cut
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal Wednesday that interest rates will again be lowered to steady the teetering economy.
"The economic situation has become distinctly less favorable" since the summer, the Fed chief told the House Financial Services Committee.
http://hosted.ap.org/dynamic/stories/B/BERNANKE_CONGRESS?SITE=IACED&SECTION=HOME&TEMPLATE=DEFAULT
Fed Chief Signals Another Rate Cut
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal Wednesday that interest rates will again be lowered to steady the teetering economy.
"The economic situation has become distinctly less favorable" since the summer, the Fed chief told the House Financial Services Committee.
http://hosted.ap.org/dynamic/stories/B/BERNANKE_CONGRESS?SITE=IACED&SECTION=HOME&TEMPLATE=DEFAULT
Monday, February 25, 2008
New subprime losses main risk to world growth - IMF
Feb 26, 2008
OUAGADOUGOU, Burkina Faso (Reuters) - World economic growth could miss the International Monetary Fund's forecast of 4.1 percent this year if U.S. and European banks disclose more major losses on the subprime market, the head of the IMF said on Monday.
OUAGADOUGOU, Burkina Faso (Reuters) - World economic growth could miss the International Monetary Fund's forecast of 4.1 percent this year if U.S. and European banks disclose more major losses on the subprime market, the head of the IMF said on Monday.
Bankers’ outlook on economy worst in five years 2008 February
February 25, 2008
Bankers’ outlook on economy worst in five years
Majority don’t expect their local real estate markets to hit bottom in the next six months
CHICAGO--(BUSINESS WIRE)--More than half (56%) of the bank executives questioned in a recent national survey are pessimistic about the state of the national economy for 2008, while less than one out of ten bankers are optimistic about the economy. The results, part of the 15th Survey of Bank Executives, a Grant Thornton LLP study conducted in association with Bank Director magazine, show the highest pessimism and lowest optimism for the economy in the question’s five year history.
In addition to being pessimistic on the economy, bankers are also the most pessimistic they’ve ever been during the course of our survey on their outlook for the business of banking. Fifty-four percent report that they are pessimistic, and only 10 percent report that they are optimistic about the business of banking for the coming year.
“Clearly, bankers believe that there is more fallout ahead for the national economy,” said John Ziegelbauer, managing partner of Grant Thornton LLP’s financial institutions practice. “And based on their outlook for their local real estate markets, many of them see more difficult times are ahead. The historic write-offs we have seen in the past few weeks only confirm that bankers were correct in their prognostications.”
Other findings from the survey:
64 percent of bank executives do not anticipate their local real estate market to hit bottom for six months or more.
31 percent of bankers agree that the Federal Reserve System is doing a good job in managing the economy; 21 percent do not agree that the Fed is doing a good job.
For a copy of the survey, which will be available the week of April 21, please contact Grant Thornton’s Office of Financial Services at 877.835.1723 or FinancialServices@gt.com.
About the survey
Grant Thornton’s Survey of Bank Executives provides a snapshot of the banking world, presenting a compilation of opinions of industry leaders on the current state and future direction of the industry. In late November 2007, Bank Director magazine mailed questionnaires to a national sample of 3,000 chief executive officers and other senior officers of banks and savings institutions. A total of 356 completed questionnaires were returned for a response rate of 11.9 percent.
Sixty-one percent of the respondents report assets of less than $500 million, with 38 percent reporting assets greater than $500 million. The executives defined the community they primarily serve as suburban (46%), rural (33%) or urban (22%). More than one-third (35%) are publicly held, 53 percent are private corporations and 12 percent have mutual charters.
About Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in more than 110 countries, including 51 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com.
Contacts
Grant Thornton LLP
Kara McFarland
T 312.602.8469
E Kara.McFarland@gt.com
Bankers’ outlook on economy worst in five years
Majority don’t expect their local real estate markets to hit bottom in the next six months
CHICAGO--(BUSINESS WIRE)--More than half (56%) of the bank executives questioned in a recent national survey are pessimistic about the state of the national economy for 2008, while less than one out of ten bankers are optimistic about the economy. The results, part of the 15th Survey of Bank Executives, a Grant Thornton LLP study conducted in association with Bank Director magazine, show the highest pessimism and lowest optimism for the economy in the question’s five year history.
In addition to being pessimistic on the economy, bankers are also the most pessimistic they’ve ever been during the course of our survey on their outlook for the business of banking. Fifty-four percent report that they are pessimistic, and only 10 percent report that they are optimistic about the business of banking for the coming year.
“Clearly, bankers believe that there is more fallout ahead for the national economy,” said John Ziegelbauer, managing partner of Grant Thornton LLP’s financial institutions practice. “And based on their outlook for their local real estate markets, many of them see more difficult times are ahead. The historic write-offs we have seen in the past few weeks only confirm that bankers were correct in their prognostications.”
Other findings from the survey:
64 percent of bank executives do not anticipate their local real estate market to hit bottom for six months or more.
31 percent of bankers agree that the Federal Reserve System is doing a good job in managing the economy; 21 percent do not agree that the Fed is doing a good job.
For a copy of the survey, which will be available the week of April 21, please contact Grant Thornton’s Office of Financial Services at 877.835.1723 or FinancialServices@gt.com.
About the survey
Grant Thornton’s Survey of Bank Executives provides a snapshot of the banking world, presenting a compilation of opinions of industry leaders on the current state and future direction of the industry. In late November 2007, Bank Director magazine mailed questionnaires to a national sample of 3,000 chief executive officers and other senior officers of banks and savings institutions. A total of 356 completed questionnaires were returned for a response rate of 11.9 percent.
Sixty-one percent of the respondents report assets of less than $500 million, with 38 percent reporting assets greater than $500 million. The executives defined the community they primarily serve as suburban (46%), rural (33%) or urban (22%). More than one-third (35%) are publicly held, 53 percent are private corporations and 12 percent have mutual charters.
About Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in more than 110 countries, including 51 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com.
Contacts
Grant Thornton LLP
Kara McFarland
T 312.602.8469
E Kara.McFarland@gt.com
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