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The economy isn't fixed yet, say Wall Streeters

01.11.09

The economy may be showing signs of life, but that doesn't mean the financial system is fixed or healthy growth has returned, according to a panel of high-profile Wall Street figures who gathered the night before the latest GDP numbers were announced.

More employers are planning to reverse pay cuts and other employee cutbacks, another sign that the employment picture is improving, according to a survey released Thursday. May 27 Consumer credit pulled back for the seventh straight month in August, led by a steep decline in credit card usage, a government report said Wednesday, as unemployment soared and cash-strapped consumers continued to limit spending.



As Congress starts debating how to deal with financial firms deemed "too big too fail," some lawmakers and advocates are worried about giving the executive branch expansive new powers over the financial sector. Another sobering government labor report released Friday showed the economy lost 524,000 jobs in December, bringing 2008's total job loss to just below 2.6 million. The banks have taken some lumps since the economy went bad. But some believe their biggest headaches are yet to come.

President-elect Barack Obama's economic team is considering an overhaul of the $700 billion Wall Street bailout for the financial services industry, three transition aides told CNN.

The next round of executive pay decisions for companies that have received substantial government bailout funds could have a more lasting impact on pay practices nationwide, the special master on pay for the bailout said Tuesday. The job situation is starting to look better for grownups. But college and high school kids could be in for a long, disappointing summer.

House lawmakers on Thursday approved a $6 billion measure that aims to provide rebates to homeowners who invest in energy efficiency improvements -- but not without a fight from Republicans. Sept. 21 The U.S. economy grew at a 3.5% annual rate in the third quarter, ending a string of declines over four quarters that resulted in the most severe slide since the Great Depression.



The Treasury Department said Thursday it will give regulators two extra weeks to approve thrift and bank holding company applications and so effectively extend the time for some firms to seek rescue funds. With a growing number of homebuyers depending on government-insured loans, the Obama administration is taking steps to shore up the Federal Housing Administration program.

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