Two-thirds of boomers’ daughters say they are providing some sort of financial support to their parents, up from 48 percent in 2007, when the initial “Money Across Generations” survey was done. (Baby boomers are Americans born between 1946 and 1964.) More daughters report helping to pay their parents’ utility bills, housing costs or long-term care…
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Why the Bailout in Spain Won’t Work – NYTimes.com
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Customers of Spanish banks still have reason to worry about the solvency of their banks — and their country — making it reasonable for them to take their money from Spanish banks and send it to banks in safer countries like Germany. Indeed, the bailout makes it less likely Spain can pay back its debts…
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Where Wealth Declined Most (and an Income Riddle) – NYTimes.com
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By BINYAMIN APPELBAUM The bleak portrait of the financial health of American families that the Federal Reserve published Monday shows that the impact of the economic crisis has fallen with disproportionate weight on the middle class. The middle 60 percent of American families had a larger decline in wealth and income on a percentage basis than…
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Family Net Worth Drops to Level of Early ’90s, Fed Says – NYTimes.com
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By BINYAMIN APPELBAUM WASHINGTON — The recent financial crisis left the median American family in 2010 with no more wealth than they had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday. The median family, richer than half of the nation’s families and poorer than the other half,…
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America’s Hidden Austerity Program – NYTimes.com
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… while the latest recession was particularly deep, the recovery in private-sector employment, once it finally started, has not been particularly slow by recent historical standards. In the 27 months since the start of the current employment recovery, the private sector has added 4.3 million jobs, fewer than the 5.0 million it added in the…
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No Hints From Bernanke of New Stimulus – NYTimes.com
by Lee Adler • • 0 Comments
WASHINGTON — The Federal Reserve chairman, Ben S. Bernanke, said Thursday that the Fed remained relatively optimistic about the health of the domestic economy, and he gave no indication that the Fed is planning new measures to bolster growth. The pace of growth remains lackluster at best, and Mr. Bernanke said widespread pessimism continued to…
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Survey Finds Gloomy Attitudes Toward Retirement – NYTimes.com
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PARIS — People in the United States and Europe are increasingly pessimistic about their financial prospects for retirement, as cash-strapped governments face pressure to cut social programs and raise retirement ages, according to the results of a survey released Thursday. The study, based on surveys of 9,000 people in the United States and Europe and…
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Spanish Bond Auction Succeeds Under Intense Scrutiny – NYTimes.com
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PARIS — Spain carried out a successful bond auction Thursday under intense scrutiny, even as expectations are growing that Madrid will soon ask other European nations to bail out its banking sector. The Spanish Treasury sold about 2.1 billion euros, or $2.6 billion, of bonds, slightly more than planned, after demand proved unexpectedly strong. The…
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Bank of England Maintains Interest Rate and Stimulus Program – NYTimes.com
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LONDON — The Bank of England decided Thursday to keep its benchmark interest rate unchanged at a record low as the British economy struggles to recover amid the government’s austerity program and troubles in the euro zone. Britain’s central bank kept its main interest rate at 0.5 percent, where it has been since the beginning…
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Fed Members Inclined to Stand Pat, for Now – NYTimes.com
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WASHINGTON — Three members of the Federal Reserve’s policy-making committee indicated in separate speeches Wednesday that recent economic data, while troubling, does not yet justify an expansion of the Fed’s economic aid campaign. The remarks suggested that the committee, which meets in two weeks, would give increased consideration to such an expansion, but also that…
