Now the real test begins for Obama

Will President Barack Obama be a modern-day Franklin D Roosevelt, who pulled the US back up over the economic precipice, or will he be a disastrous copy of his predecessor, Herbert Hoover?

Stephen King: Sometimes the economic beauty contest gets us into an ugly mess

Given Alan Greenspan's dose of the doubts last week, at what level should we trust markets? The strongest defence is, surely, the idea that markets provide the best single way of allocating the world's scarce resources. Unfettered capitalism, on this view, is desirable because it potentially makes all of us better off.

Greenspan says crisis left him in 'shocked disbelief'

Alan Greenspan, the formerchairman of the US Federal Reserve, has dramatically repudiated large parts of his laissez-faire ideology and joined the chorus of voices saying that the credit crisis reveals a need for more regulation of the finance industry.

Jeremy Warner: Greenspan admits to 'flaw' in his free market thinking

Outlook Alan Greenspan, quoting Keynes, insists that when the facts change, he changes his mind. It wasn't exactly a mea culpa we had from the former Federal Reserve chairman in Congressional testimony yesterday, but it was about as close as we are likely to get to it.

Masters of the universe but not of their own destiny

They used to be the masters of the universe. Now they are not even masters of their own destiny.

Up is down: The credit crunch quiz

David Randall sets the questions on the new through-the-looking-glass economic orthodoxy (answers at the bottom of the page)

Paulson hedge fund now looks to buy banks

The man who made a personal $3.7bn (£1.85bn) fortune by predicting the credit crisis is hoping to make another killing by helping to prop up financial companies brought to the brink of ruin by the chaos in the debt markets.

Pearson set for record sales in education unit despite US fears

Pearson, the publisher that owns the Financial Times as well as Penguin books, has soothed fears that the company's exposure to the US education market could inhibit its growth prospects in the year ahead arguing that it is confident that it can sustain its progress in 2008.

Hedge fund employs Greenspan as adviser

The hedge fund that has profited most from the bursting of the US housing bubble has hired the man widely blamed for inflating it in the first place: former Federal Reserve chairman Alan Greenspan.

Danny Gabay: When the Fed stops its neutral talking, we'll know the squeeze is about to be applied

Once upon a time, Alan Greenspan, the Federal Reserve chairman, revelled in his ability to leave his audience none the wiser as to what he had just said. He famously once told Congress: "I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said."

Greenspan warns of further US rate rises

Alan Greenspan, the Federal Reserve chairman, signalled yesterday that US short-term interest rates would continue to rise. He also issued his sternest warning yet on the need for the Bush administration to reduce the country's massive trade and budget deficits.

Greenspan's Delphic message on US deficit

ALAN GREENSPAN, chairman of the Federal Reserve, is a man who once said, famously, "I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." On Friday, Mr Greenspan was back to his Delphic best. Presenting to the Advancing Enterprise conference in London, he decided to focus on the balance of payments or, more specifically, current accounts within the balance of payments.
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