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• Budget deficit in 2008 surges to all-time high
WASHINGTON - The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history. The Bush administration said Tuesday the ...
• Bank bailout is more Depression déjà vu
But the RFC's history also provides a critical lesson about the unintended consequences of taking such an extraordinary step. Initially conceived as a stopgap agency, the RFC wound up spending about $50 billion before shutting down in 1957. Its ...
• Incentives luring buyers back to pickups, SUVs
Is history repeating itself in the automobile industry? The latest data on vehicle sales suggest that it might be. Auto sales hit the skids in September, sinking to their lowest level in more than 15 years, as the faltering economy and credit crunch ...
• Direct stake in banks has many precedents
Wariness of a government interference with U.S. companies, especially banks, is deeply ingrained in the nation's culture and history. Alexander Hamilton, the first treasury secretary, established the nation's first central bank — the Bank of the ...
• Head or heart? Money meltdown is emotional
And if history is any guide, this won't be the last great mess we get ourselves into. James Grant, editor of Grant's Interest Rate Observer, was quoted in The New York Times as also pointing out the irrational side of financial decisions: "People ...