NPR Audio - Business

The government takeover of Fannie Mae and Freddie Mac is making waves far off American shores. China is watching the events closely because some 10 percent of China's gross domestic product is invested with the troubled mortgage giants. NPR's Adam Davidson talks with host Jacki Lyden about China's stake in the U.S. mortgage industry.

The federal government today announced its plans for a takeover of the troubled mortgage finance companies Fannie Mae and Freddie Mac. While U.S. officials had hoped to avoid a bailout, the deterioration of the two companies could no longer be ignored.

The U.S. Treasury Department has announced the government is taking over troubled mortgage giants Fannie Mae and Freddie Mac. As details of the plan emerge, the possible impact on the economy and individual borrowers remain in question.

U.S. mortgage giants Fannie Mae and Freddie Mac will be put into conservatorship and their top executives will be removed, Treasury Secretary Henry Paulson said. The intervention comes after the companies lost billions in the housing market turmoil, with no sign things are getting better.

The Treasury Department is poised to announce it will takeover Fannie Mae and Freddie Mac, which together back roughly half of all outstanding U.S. mortgages. The government intervention comes after the companies lost billions in the housing market turmoil, with no sign things are getting better.

Host Liane Hansen speaks with Nariman Behravesh, Chief Economist at Global Insight. Behravesh says that without major action, chances of the housing crunch and credit crisis dragging on for another year are very high. But early action will probably save taxpayers in the long run, because the damage to the economy will be less.

Jeffrey Birnbaum, a managing editor at The Washington Times talks about how Fannie Mae and Freddie Mac got to this point.

The U.S. government is poised to take control of Fannie Mae and Freddie Mac, according to a number of reports published on Saturday. The reports, quoting unidentified officials, say the government will take the companies into conservatorship in an effort to shore up the battered housing and mortgage markets.

Picket lines went up early Saturday at Boeing airplane factories. As many as 27,000 machinists are on strike. With many airlines desperate to update their fleets, Boeing can ill-afford a protracted walkout.

Boeing's machinists have voted to strike, but also to return to the bargaining table for one last try. Boeing and the International Association of Machinists will have 48 hours to see if they can close the gap on pay, benefits and job security.

With more flights filled to capacity, airline passengers are rediscovering the middle seat. Airplanes are now typically more than 80 percent full, and that can translate into a host of problems for travelers — including the possibility of getting bumped.

As the auto industry struggles, people in Detroit are growing increasingly worried. We find out why some think that Michigan may be the true Ohio this election season.

Despite economic woes, domestic ticket sales topped a record $4 billion this summer. Slate.com's Mark Jordan Legan caught up with a few movie-goers to see what they enjoyed about their cinematic experience. Food prices weren't part of it.

August was a bad month. Employers slashed 84,000 jobs and the unemployment rate hit a five-year high. We explore why this is particularly bad for female workers.

The gritty Pennsylvania city has emerged as a symbolic battleground this election season. We talk with the Obama campaign and a neighborhood organization about how a slumping economy is affecting Scranton.

Fears about the global economy have flared up again, with worries starting in the United States and then infecting Asian markets. Nearly every stock index in Asia lost 2 percent to 3 percent of its value Friday, and European shares also started the trading day lower. The latest flight from financial markets was sparked by gloomy reports on U.S. retail sales and the U.S. labor market.

Internet search giant Google unveiled Chrome, a new piece of Web browser software on Tuesday. Danny Sullivan, editor-in-chief of SearchEngineLand.com, explains what Google's open-source browser can do, and why a search engine leader wants to get into the Web software market.

The stock market took another hit Thursday on bad economic news. All of the major indices were down. On Friday morning, investors awaited the government's latest jobs report.

With the NFL season under way, the New England Patriots are asking fans, "Are you ready for some shopping?" Team owner Robert Kraft has built a huge new mall next to Gillette Stadium that costs as much as the stadium itself: more than $300 million.

Stocks have fallen Thursday amid worries about the economy. The Dow Jones industrial average fell by more than 300 points. The slump is stocks Thursday followed an unexpected increase in the number of jobless claims.

The bike messenger business is changing. Electronic document transfer — especially for legal documents — has cut into the business. But now, high gas prices and new bikes that can carry bigger loads mean that bike messengers are branching into bigger deliveries.

Renee Montagne and Steve Inskeep have today's Last Word in business.

August was not a good month for U.S. car sales. At GM, sales were down 20 percent compared with a year ago. Nissan was the only major automaker to report an increase over August 2007. Dustin Dwyer reports from Michigan Radio.

Aircraft assembly workers at Boeing have voted to strike for an unprecedented second time in three years. But their contract has been extended 48 hours at the request of Washington Gov. Christine Gregoire and a federal mediator.

The northern Minnesota Iron Range region is home to one of the country's richest iron ore deposits. It has also long been a democratic stronghold. A weakening union and a faltering economy are causing that to change, however.

Former CEO of eBay Meg Whitman will speak at the Republican National Convention Thursday. Known as John McCain's "right hand man" on economic issues, she works the crowd at the convention like an experienced politician.

An Australian company is bringing its Gold Class luxury cinemas to the U.S. The Los Angeles Times reports that the plan is to make movies even more of an escape. Tickets cost $35, but customers get smaller crowds, plush seats and tables, and waiters offering lobster spring rolls, creme brulee, chardonnay and pinot noir.

The world's biggest soft drink maker is about to become the biggest juice seller in the world's most populous country. Coca-Cola has struck a deal to pay more than $2 billion for China's largest juice company. It'll be Coke's biggest-ever overseas deal.

David Wessel, economics editor of The Wall Street Journal, talks about the beleaguered housing finance companies Fannie Mae and Freddie Mac. "If they get bailed out, then mortgages are easier to get than if they go under, and that's what this is all about," he says.

Members of Boeing's largest union vote Wednesday on whether to go on strike. The machinists union says the commercial aircraft maker's contract offer isn't good enough.

Google's new browser, Chrome, launched Tuesday and aims to offer a faster and more reliable user experience. Analysts say the browser was created in response to the heavier use of applications on the Web. Tabs are the centerpiece of Chrome, which also offers new security measures and privacy options.

Hurricane Gustav has forced oil and natural gas companies to shut down production and refining operations along the Gulf Coast. The region produces about a quarter of all domestic oil and nearly 15 percent of U.S. natural gas output. Janet Babin talks about what Gustav could mean for the price of energy.

Google is introducing its new Web browser Tuesday. Google Chrome is designed to deal with video and sound better than the ubiquitous Microsoft Explorer. The company statement calls its new product "a fresh take on the browser," but is it overkill?

So you came into a large inheritance. What do you do with it? Our personal finance expert weighs spending it, saving it, paying off credit card debt and reducing students loans.

Disney is dusting off the Tinker Bell character from the movie Peter Pan, giving her a new movie of her own and launching a whole new merchandising campaign. Disney marketers say Tink could be as big as its "Princess" franchise, which this year generated more than $4 billion in retail sales.

A government bank in Korea confirmed Tuesday that it's in talks with Lehman Brothers about the possibility of buying a stake in the Wall Street securities firm. Lehman has been hit hard by the mortgage crisis and is under pressure to boost its finances. Officials at the Korea Development Bank won't say how much they might invest. One media report said it could be as much as $6 billion.

The punch of Hurricane Gustav appears to have landed not as hard as expected on the nation's vast energy complex along the Gulf Coast.

Details leaked out early about Google's first Web browser, which the company is releasing Tuesday in 100 countries. The browser, called Chrome, is expected to challenge the dominance of Microsoft's Internet Explorer.

Officials along the Gulf Coast began checking the damage left behind by Hurricane Gustav as New Orleans' mayor urged residents who had evacuated to stay away for at least a few days to be sure it's safe.