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Summary of this morning’s business stories
U.S. Taxpayers take a large gamble
Feb. 9 (Bloomberg) — The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps. The Senate is to vote early this week on a stimulus package totaling at least $780 billion that President Barack Obama says is needed to avert a deeper recession. That measure would need to be reconciled with an $819 billion plan the House approved last month.
Only the stimulus package to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates approved in 2008 have been voted on by lawmakers. The remaining $8 trillion in commitments are lending programs and guarantees, almost all under the authority of the Fed and the FDIC. The recipients’ names have not been disclosed.
China’s losses may keep them put in U.S. treasuries
Feb. 9 (Bloomberg) — The 83 percent drubbing China took on its $3 billion investment in Blackstone Group LP is good news for the U.S. Treasury.
China’s loss of more than $5 billion on the $10.5 billion invested in New York-based Blackstone, Morgan Stanley and TPG Inc. since mid-2007 may increase its demand for the relative safety of Treasuries just when the U.S. needs help the most. President Barack Obama is growing increasingly reliant on international investors to finance his $780 billion stimulus plan and to keep Treasury yields and market interest rates down.
China’s exports dropping quickly
If you enjoy the content at iBankCoin, please follow us on TwitterFeb. 9 (Bloomberg) — China’s exports probably fell by the most in a decade in January as demand dried up in the U.S. and Europe, making it harder to revive growth in the world’s third- biggest economy.
Shipments tumbled 14 percent from a year earlier, the third straight monthly decline, after falling 2.8 percent in December, according to the median forecast of 15 economists surveyed by Bloomberg News. The figure is due Feb. 11.
