What You Need to Know: 03.02.09
Dow Below 7,000 for the First Time Since 1997
"Investor concerns about financial companies continued to erode the markets on Monday as the Dow Jones industrial average fell below 7,000 for first time since October 1997.
The government on Monday morning agreed to provide another $30 billion to the insurance giant, American International Group, which also reported a $61.7 billion loss. On Friday, Washington took a larger stake in Citigroup.
At about 11:30, the Dow was down 170 points or 2.4 percent, while the Standard & Poor’s 500-stock index declined 2.6 percent, but remained about the 700 mark. The Nasdaq fell 2 percent."
A.I.G. Reports Loss of $61.7 Billion as U.S. Gives More Aid
"The federal government agreed Monday morning to provide an additional $30 billion in taxpayer money to the American International Group and loosen the terms of its huge loan to the insurer, even as the insurance giant reported a$61.7 billion loss, the biggest quarterly loss in history."
Obama taps Kathleen Sebelius as health chief
"President Barack Obama has chosen Kansas Gov. Kathleen Sebelius for health and human services secretary.
"She's forged a reputation for bipartisan problem solving," said Obama during the Monday afternoon announcement."
Clinton is ‘under no illusions’ about Iran
"U.S. Secretary of State Hillary Rodham Clinton expressed doubt Monday that Iran would respond to the Obama administration's diplomatic initiatives toward Tehran on nuclear and other issues, a senior State Department official said.
Clinton made the statement in a private meeting with the foreign minister of the United Arab Emirates, Abdullah bin Zayed Al Nahyan, who had expressed to Clinton a concern among Persian Gulf nations that Obama might make a deal with Iran without full consultation with U.S. allies. The official who described the exchange spoke to The Associated Press on condition of anonymity because the meeting was private."
On Economy, Two United Voices Steer Obama Agenda
"The Obama administration's budget bears the hallmarks of a decade-old alliance that has quickly come to dominate the most pressing issues on the young administration's agenda.
Treasury Secretary Timothy F. Geithner and National Economic Council Chair Lawrence H. Summers pushed for weeks for a strict cap on the nation's debt. And while other advisers argued that the administration needed a more flexible spending plan, they could not deter the president from ultimately agreeing with the views promoted by the partnership of Geithner and Summers."
"Investor concerns about financial companies continued to erode the markets on Monday as the Dow Jones industrial average fell below 7,000 for first time since October 1997.
The government on Monday morning agreed to provide another $30 billion to the insurance giant, American International Group, which also reported a $61.7 billion loss. On Friday, Washington took a larger stake in Citigroup.
At about 11:30, the Dow was down 170 points or 2.4 percent, while the Standard & Poor’s 500-stock index declined 2.6 percent, but remained about the 700 mark. The Nasdaq fell 2 percent."
A.I.G. Reports Loss of $61.7 Billion as U.S. Gives More Aid
"The federal government agreed Monday morning to provide an additional $30 billion in taxpayer money to the American International Group and loosen the terms of its huge loan to the insurer, even as the insurance giant reported a$61.7 billion loss, the biggest quarterly loss in history."
Obama taps Kathleen Sebelius as health chief
"President Barack Obama has chosen Kansas Gov. Kathleen Sebelius for health and human services secretary.
"She's forged a reputation for bipartisan problem solving," said Obama during the Monday afternoon announcement."
Clinton is ‘under no illusions’ about Iran
"U.S. Secretary of State Hillary Rodham Clinton expressed doubt Monday that Iran would respond to the Obama administration's diplomatic initiatives toward Tehran on nuclear and other issues, a senior State Department official said.
Clinton made the statement in a private meeting with the foreign minister of the United Arab Emirates, Abdullah bin Zayed Al Nahyan, who had expressed to Clinton a concern among Persian Gulf nations that Obama might make a deal with Iran without full consultation with U.S. allies. The official who described the exchange spoke to The Associated Press on condition of anonymity because the meeting was private."
On Economy, Two United Voices Steer Obama Agenda
"The Obama administration's budget bears the hallmarks of a decade-old alliance that has quickly come to dominate the most pressing issues on the young administration's agenda.
Treasury Secretary Timothy F. Geithner and National Economic Council Chair Lawrence H. Summers pushed for weeks for a strict cap on the nation's debt. And while other advisers argued that the administration needed a more flexible spending plan, they could not deter the president from ultimately agreeing with the views promoted by the partnership of Geithner and Summers."
Labels: what you need to know
posted by Justine at 11:40 AM
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