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Financial Crisis

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NEWS
May 6, 2010
NEW YORK (AP) -- The stock market has had one of its most turbulent days ever. The Dow Jones industrials plunged nearly 1,000 points in half an hour amid concerns that Greece's debt problems could halt the world financial recovery. The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis. There were reports that a technical glitch hastened the selling.
NEWS
By BRENDAN KIRBY | December 2, 1999
Community Rescue Service, the ambulance company that serves most of Hagerstown and its surrounding communities, had more than $880,000 in the bank when the fiscal year ended in June 1997. A little more than two years later, that money is gone, according to officials at the ambulance company. The money was used to pay for large capital projects - including four ambulances and an ambulance station on Eastern Boulevard - and to cover losses caused by escalating payroll costs.
NEWS
September 25, 2008
INDIANA, Pa. (AP) -- Republican presidential candidate John McCain isn't the only one citing the economic crisis as a reason to delay debate plans. Republican U.S. Rep. Bill Shuster of Hollidaysburg is declining an invitation to debate Democratic candidate Tony Barr. The event is scheduled Oct. 12 by the League of Women Voters of Indiana County. Shuster's spokesman, Jeff Urbanchuk, says Congress may need to be dealing with emergency legislation. He says the campaign will look for a debate time after emerging from the crisis.
NEWS
February 20, 2009
America is in a financial crisis not seen since the great depression. This is the biggest problem facing governments at all levels, federal, state and local. The City must be ready to access federal stimulus money for major needed infrastructure improvements while dealing with lower revenues for basic operations. In order to position ourselves for federal funding we need to speak as one community. I have recommended that we form a coalition consisting of local governments, business groups and others to speak with one voice to our federal officials.
OPINION
June 19, 2012
In the summer of 2007, house prices in the United States began falling, ending a 15-year-long climb. Prices fell 5 percent by the end of the year and 15 percent by the summer of 2010. That decline continues today; this spring, house prices fell to 20 percent below their 2007 peak. Millions of Americans who once believed “there's no better investment than owning your home” now owe more on their mortgages than what their houses are worth. The collapse was a calamity for homeowners.
NEWS
July 29, 2010
WASHINGTON (AP) -- Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced the settlement with Citigroup on Thursday. It said the company repeatedly made misleading statements in calls with analysts and regulatory filings about the extent of its holdings tied to high-risk mortgages. The bank had said the exposure was $13 billion or less.
NEWS
By ERIN CUNNINGHAM | June 3, 2009
Washington County Public Schools Superintendent Elizabeth Morgan said the 2008-09 school year was a productive one. Officials opened three new elementary schools -- Rockland Woods, Maugansville and Pangborn -- on time and under budget. "And maybe the most crucial thing ... we managed to navigate the very, very stormy seas of a very bad budget year," Morgan said. "We know that we have a serious financial crisis, but we did build for the rainy day. We had been planning for the rainy day ... and it will be raining this year and next.
NEWS
June 17, 2009
WASHINGTON (AP) -- President Barack Obama proposed sweeping new "rules of the road" for the nation's financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression. Obama blamed the financial crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s had been "overwhelmed by the speed, scope and sophistication of a 21st century global economy.
NEWS
By JOSHUA BOWMAN | November 14, 2008
WASHINGTON COUNTY -- Last year, during a speech to local business leaders, economist Anirban Basu predicted that the nation's economy would take "a year or so" to recover from its slowdown. During this year's speech, Basu made no such predictions. "2009 is not going to be a good year," Basu said. "The second half will be much worse than the first, and the first half is shaping up to be really, really horrific. " Basu, the chairman and CEO of Sage Policy Group, was the keynote speaker Thursday night at the sixth annual Washington County Economic Summit, hosted by the Hagerstown-Washington County Chamber of Commerce and the Hagerstown-Washington County Economic Development Commission.
EDUCATION
July 4, 2011
Members of the Academy of Finance program at South Hagerstown High School recently visited the business district in New York City.   The tour began at the Grand Central Terminal, a transportation hub for commuters and a destination for tourists like the academy students, who had the opportunity to marvel at its history and architecture, and to enjoy the local cuisine.  Other attractions visited included Rockefeller Center, St. Patrick’s Cathedral, Ground Zero, Staten Island Ferry, the Statue of Liberty and the observatory deck of the Empire State Building.
ARTICLES BY DATE
OPINION
June 19, 2012
In the summer of 2007, house prices in the United States began falling, ending a 15-year-long climb. Prices fell 5 percent by the end of the year and 15 percent by the summer of 2010. That decline continues today; this spring, house prices fell to 20 percent below their 2007 peak. Millions of Americans who once believed “there's no better investment than owning your home” now owe more on their mortgages than what their houses are worth. The collapse was a calamity for homeowners.
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OPINION
By ALLAN POWELL | March 23, 2012
Little is more depressing than reporting about how four countries populated with bright, energetic people became victims of their own short-sighted and self interested behavior. In his very well-written book, “Boomerang,” Michael Lewis gives a lively narrative of how Iceland, Greece, Ireland, and Germany coped with the disastrous financial crisis which reverberated around the globe beginning in September 2008. Here is a sobering account of the convergence of several human weaknesses that wreaked havoc and misery on so many.
EDUCATION
July 4, 2011
Members of the Academy of Finance program at South Hagerstown High School recently visited the business district in New York City.   The tour began at the Grand Central Terminal, a transportation hub for commuters and a destination for tourists like the academy students, who had the opportunity to marvel at its history and architecture, and to enjoy the local cuisine.  Other attractions visited included Rockefeller Center, St. Patrick’s Cathedral, Ground Zero, Staten Island Ferry, the Statue of Liberty and the observatory deck of the Empire State Building.
OPINION
By DAVID HANLIN | February 21, 2011
I welcome this opportunity to be a guest columnist with The Herald-Mail. It is an honor to be able to follow in the long tradition of American essayists.     I moved to Hagerstown more than 20 years ago. My children attended and graduated from public schools here. I have been involved in church life; youth sports; volunteered with many nonprofit organizations; have managed a couple of businesses, including starting my own; been appointed to serve on a number of government boards; benefited from good economic times; and suffered through terrible economic times.
NEWS
July 29, 2010
WASHINGTON (AP) -- Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced the settlement with Citigroup on Thursday. It said the company repeatedly made misleading statements in calls with analysts and regulatory filings about the extent of its holdings tied to high-risk mortgages. The bank had said the exposure was $13 billion or less.
NEWS
July 21, 2010
o A guide to the new financial reforms WASHINGTON (AP) -- Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping overhaul of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street. The law, pushed through mainly by Democrats in Washington's deeply partisan environment, comes almost two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe.
NEWS
May 6, 2010
NEW YORK (AP) -- The stock market has had one of its most turbulent days ever. The Dow Jones industrials plunged nearly 1,000 points in half an hour amid concerns that Greece's debt problems could halt the world financial recovery. The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis. There were reports that a technical glitch hastened the selling.
NEWS
April 16, 2010
WASHINGTON (AP) -- The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was collapsing. The Securities and Exchange Commission said in a civil complaint Friday that Goldman failed to disclose that one of its clients helped create -- and then bet against -- subprime mortgage securities that Goldman sold to other investors. The SEC said the fraud, a blow to the reputation of Wall Street's most powerful firm, was orchestrated in 2007 by a Goldman vice president then in his late 20's.
NEWS
December 17, 2009
WASHINGTON (AP) -- A Senate panel on Thursday approved the nomination of Federal Reserve Chairman Ben Bernanke to run the nation's central bank for another four years. The Senate Banking Committee voted 16-7 to send Bernanke's nomination to the full Senate for consideration. Approval came after a two-hour debate that heaped both praise and criticism on the Fed chief. In voting for Bernanke, the panel's chairman, Sen. Christopher Dodd, D-Conn., said Bernanke's "wise leadership" will mean "better days do lie ahead.
NEWS
June 17, 2009
WASHINGTON (AP) -- President Barack Obama proposed sweeping new "rules of the road" for the nation's financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression. Obama blamed the financial crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s had been "overwhelmed by the speed, scope and sophistication of a 21st century global economy.
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