Consumerist
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credit crunch
Federal Reserve Extends Its Lending Authority In Bear Stearns Bailout
The Federal Reserve Bank has decided to extend its own authority in an effort to "stem a credit crisis that is engulfing the financial system and threatening a deep recession, " says the Wall Street Journal. More » -
subprime meltdown
JP Morgan, Fed To Bail Out Bear Sterns
The New York Times says that JP Morgan and the Fed have reached an agreement to offer Bear Sterns a short-term "financial lifeline." More » -
Actual headline: JP Morgan: It Could've Been Worse "JPMorgan's Jamie Dimon seemed relieved, but issued a cautious outlook for the year. 'Our lower quarterly results were affected by the investment bank's markdowns in subprime-related positions and weaker trading. In addition, our consumer home equity and subprime loan portfolios performed worse than we expected,' he said. 'If the economy weakens substantially from here-for which, as a company, we need to be prepared-it will negatively affect business volumes and drive credit costs higher.'" [Forbes]
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