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Rep. Kevin McCarthy says Washington hasn't been listening to what Americans want He says people wanted lower health care costs, not a costly new entitlement People wanted more jobs, not a stimulus that has failed to keep unemployment down, he says McCarthy says the GOP is asking Americans for ideas for a new policy agenda Editor's note: Rep.
By David Goldman , staff writer May 13, 2010: 2:53 PM ET NEW YORK (CNNMoney.com) -- Your Internet bill will go up $50 a month! You won't be able to access your favorite Web site! Your Internet connection is going to slow to a crawl!
24 May 2010 Last updated at 10:41 GMT Brazil, Russia, Indian and China: a new grouping on the world stage The Brazilian government's recent mediation efforts to persuade Iran to sign a deal on enriching uranium as a way of allaying suspicions about its nuclear programme highlighted Brazil's ambition to project its influence beyond South America. Rubens Barbosa, former Brazilian ambassador to the US and the UK, offers his views on his country's growing international presence: The world has undergone major political and economic changes in recent years.
What have we seen as economic trends between 1980 and today?
By Blake Ellis, staff reporter May 12, 2010: 5:35 PM ET NEW YORK (CNNMoney.com) -- Treasurys declined Wednesday as signs of improvement in the euro zone overshadowed solid results from a government auction of 10-year notes. What prices are doing: The benchmark 10-year note fell 14/32 to 100-13/32, pushing the yield up to 3.58% from 3.53% on Tuesday. Bond prices and yields move in opposite directions.
12 May 2010 Last updated at 11:18 ET US imports have grown as economic recovery continues The US trade deficit rose to a 15-month high in March as rising imports underlined the economy's recovery. Figures from the Commerce Department showed the gap between imports and exports rose 2.5% to $40.4bn. A higher deficit suggests that the pace of corporate and consumer demand is growing following the recession. However, economists said the outlook for US exports was curtailed by Europe's debt crisis, where latest figures show slow economic growth.
The accompanying charts show the changes in exports and imports for 12 countries — four major industrial nations, four troubled members of the euro zone and four emerging economies. In each of the four emerging economies, China, India, South Korea and Brazil, imports are rising at a faster rate than exports, although only India has a trade deficit. China is no longer running the world’s largest trade surplus.
Chinese policy makers reached a rough consensus early last month about breaking the dollar peg and letting the currency, , rise in value somewhat, according to people close to Chinese currency policy makers. Uncoupling the currencies would make American goods more competitive against Chinese products.
By Jeanne Sahadi, senior writer May 19, 2010: 12:05 PM ET NEW YORK (CNNMoney.com) -- Amid growing concerns about deficits, Congress will in coming weeks consider a bevy of measures that combined could increase the deficit by close to $500 billion over 10 years. And that doesn't include the big kahuna on this year's agenda: extending the 2001 and 2003 tax cuts, which could cost anywhere from several hundred billion dollars to more than $2 trillion. While it is expected that many measures will be paid for with revenue-generating provisions, the total cost of all that's on the table would not be fully offset. That's in large part because several measures are exempt from the new "pay-as-you-go" law. Some of the measures have already been factored into 10-year deficit projections.
Data released Wednesday by the Mortgage Bankers Association showed the mortgage delinquency rate rose in the first quarter to 9.38 percent of all loans outstanding, from 8.22 percent in same period last year. When adjusted for seasonal variations, the default rate rose over 10 percent for the first time.
By Tami Luhby , senior writer May 13, 2010: 2:40 PM ET NEW YORK (CNNMoney.com) -- The Senate voted Wednesday to ban controversial "liar loans," which helped bring down the housing market. The legislation, part of the broader financial regulatory reform bill working its way through Congress, would require lenders to fully document a borrower's income before originating a mortgage. It would also mandate that lenders verify a borrower's ability to repay the loan.
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By Kit R. Roane, contributor May 18, 2010: 2:58 PM ET (Fortune) -- Whether or not Gisele and Jay-Z are still dancing, the euro party looks to be over. Briefly slumping to a four-year low against the dollar yesterday, the euro has gained the dubious distinction of being the worst-performing major currency this year.
Southern California's housing market held its ground in April, data released Tuesday show, with prices rebounding off their year-earlier lows but sales slipping for the first time in nearly two years as the number of fast-selling foreclosure properties dwindled considerably. The median price for all Southland houses, town homes and condominiums sold last month was $285,000, a 15.4% increase from the April 2009 bottom, when foreclosures accounted for more than half the resale market. But the closely watched median — the price at which half the homes sold for more money and half for less — was unchanged from March, according to San Diego-based MDA DataQuick.
By Catherine Clifford , staff reporter May 13, 2010: 2:22 PM ET NEW YORK (CNNMoney.com) -- President Obama and several members of Congress are drafting legislation for a new, $30 billion fund that would infuse community banks with capital specifically earmarked for small-business lending. The plan is the latest spin on a proposal Obama first unveiled in October and touted in his State of the Union address . The idea went nowhere, thanks in part to the unpopularity of Obama's plan to fund the program with money from the Trouble Asset Relief Program. Congress didn't want TARP treated like a piggy bank, and community bankers didn't want the stigma of taking funds from a program known for Wall Street bailouts.