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Yahoo! News: Economy News


3 Oct 2008 at 11:06pm

AP - Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead, an urgent signal the country may be careening toward a deep and painful recession just as Americans prepare to elect a new president.




3 Oct 2008 at 2:21pm
AP - THE LATEST: Employers slashed 159,000 jobs in September, the most in more than five years and the ninth month in a row of nationwide job losses. So far this year, the economy has lost a staggering 760,000 jobs.


2 Oct 2008 at 9:38am

AP - Orders to U.S. factories plunged by the largest amount in nearly two years in August as the credit strains began to hit manufacturing with full force.




25 Sep 2008 at 9:23am
AP - New claims for unemployment benefits jumped last week to their highest level in seven years due to the impact of a slowing economy and Hurricanes Ike and Gustav, the Labor Department reported Thursday.


25 Sep 2008 at 8:15am

AP - Orders for big-ticket manufactured goods plunged in August by the largest amount in seven months as demand for both airplanes and autos fell sharply.





18 Sep 2008 at 3:47pm

AP - Banks and Wall Street firms ramped up borrowing from the Federal Reserve's emergency lending facility over the past week, a fresh sign of the credit stresses plaguing the country.





16 Sep 2008 at 2:39pm

AP - The Federal Reserve kept a key interest rate unchanged Tuesday, saying that strains in financial markets have "increased significantly" but that it would keep an eye on them and act, if needed.




Reuters: Business News

BofA earnings tumble, cuts dividend
6 Oct 2008 at 6:40pm
NEW YORK (Reuters) - Bank of America Corp, citing "recessionary conditions," on Monday halved its dividend and said it would sell at least $10 billion in new common stock to bolster its capital to offset rising loan losses.



Dow dives below 10,000 on credit, recession fears
6 Oct 2008 at 6:11pm
NEW YORK (Reuters) - Stocks slid for a fourth straight day on Monday, leaving the Dow below 10,000 for the first time in four years, on fears the global economy was hurtling into recession despite government efforts to contain the fast-spreading financial crisis.



Crisis hammers stocks, U.S. urges unified response
6 Oct 2008 at 6:35pm
NEW YORK/WASHINGTON (Reuters) - Governments around the world scrambled for new measures to contain the fast-spreading credit crisis as stock, bond and commodity markets bet on deepening uncertainty and a sharp downturn.



Oil drops 6 percent to below $88 on demand concerns
6 Oct 2008 at 2:43pm
NEW YORK (Reuters) - Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further.



Insurance chief says AIG bailout was unavoidable
6 Oct 2008 at 6:54pm
WASHINGTON (Reuters) - Washington policy-makers had no choice but to rescue American International Group Inc after a dramatic investor crisis left the giant insurer starved for cash, New York insurance chief Eric Dinallo told lawmakers on Tuesday.



Lehman's Fuld: Where was our bailout?
6 Oct 2008 at 5:49pm
WASHINGTON (Reuters) - Richard Fuld, the disgraced head of Lehman Brothers, said he would wonder "until they put me in the ground" why the U.S. government did not rescue the 158-year-old Wall Street firm and claimed regulators knew the full scale of its condition far before its collapse.



Tax rule change may spur bank deals, experts say
6 Oct 2008 at 6:07pm
NEW YORK (Reuters) - A recent change in U.S. tax rules that determine how a buyer treats a target bank's losses on loans and bad debts could spur more deals in the troubled sector.



BlackRock, big funds seen winning U.S. bailout job
6 Oct 2008 at 6:37pm
BOSTON (Reuters) - Large U.S. asset managers with strong fixed-income records, such as BlackRock Inc , PIMCO and Trust Company of the West, are seen as favored to oversee the U.S. government's $700 billion financial rescue fund.



Fed, Treasury mulling commercial paper support
6 Oct 2008 at 6:05pm
WASHINGTON (Reuters) - The U.S. Treasury Department and the Federal Reserve are considering additional steps to support strained commercial paper markets, a source familiar with the discussions said on Monday.



Wachovia, Citi, Wells Fargo to halt litigation
6 Oct 2008 at 5:43pm
NEW YORK/WASHINGTON (Reuters) - Wells Fargo & Co and Citigroup Inc agreed on Monday to a 44-hour truce in their fight over regional bank Wachovia Corp after a weekend of legal wrangling.



MSNBC.com: Stocks & economy

Dow Jones ends day below 10,000
6 Oct 2008 at 4:24pm

Wall Street suffered through another extraordinary and traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points.




As economy dims, utility shut-offs are soaring
6 Oct 2008 at 3:22pm

The number of Americans whose electricity or gas has been shut off for nonpayment of their bills is up sharply in many parts of the country as people struggle in a shaky economy.




Economists getting gloomier about outlook
6 Oct 2008 at 3:50pm
A group of prominent business economists released its latest forecast Monday, predicting economy growth will virtually grind to a halt in the fourth quarter.

House panel grills Lehman chief
6 Oct 2008 at 5:08pm

Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives, Congress was told Monday.




Former Goldman exec to run financial rescue
6 Oct 2008 at 1:01pm

The administration has selected a former Goldman Sachs executive to be the interim head of its $700 billion rescue effort for financial institutions.




World markets plunge as turmoil spreads
6 Oct 2008 at 1:50pm

Global stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears that the global financial crisis would depress economic growth.




Oil drops below $90 as financial woes spread
6 Oct 2008 at 4:37pm

Oil prices plunged below $90 a barrel Monday, coming within reach of year-ago levels as a widening financial maelstrom spreads overseas and crimps global demand for energy.




Wall Street’s wild swings expected to continue
5 Oct 2008 at 5:40pm
The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue.

Next president may be hamstrung by bailout
5 Oct 2008 at 3:58pm

Even with the $700 billion bailout, the financial crisis and fragile economy promise to loom large over the opening days of the next administration.




Financial industry may face new rules next year
5 Oct 2008 at 2:40pm
With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months.

Bank on it — bank failures will rise next year
5 Oct 2008 at 6:10pm
Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry.

Will bailout work? World holds its breath
4 Oct 2008 at 10:38am

After two weeks of anguishing debate, Congress has passed and President Bush signed a massive plan to save the the economy. Now, the world holds its breath, seeing if it will work.




Depression offers lessons for financial crisis
4 Oct 2008 at 11:01am

America has been through an economic calamity before so there's a guide —  at least for mistakes to be avoided — as the nation's leaders try to prevent another catastrophe.




Employers cut 159,000 jobs in Sept.
3 Oct 2008 at 1:27pm
Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead.

Bush signs financial bailout bill
3 Oct 2008 at 3:33pm

President Bush signed into law Friday a historic $700 billion bailout of the financial services industry.




How massive bailout plan will affect you
3 Oct 2008 at 2:35pm

The House passed a financial rescue package and President Bush quickly signed it. But will it work? Here’s a look at how the massive bill will affect you.




Credit markets to D.C.: Bailout not enough
3 Oct 2008 at 6:30pm
The stranglehold on the credit markets remained tight after the House approved a revised  bailout plan, with investors nervous that it is at most a first step in repairing the economy.

Will bailout crimp Democrats' spending plans?
3 Oct 2008 at 4:19pm

At first blush, an era of constrained federal spending appears to be looming: Every $1 billion  going to the bailout would be $1 billion less for highway construction. But House Speaker Nancy Pelosi does not see it that way.




Economists say rescue plan still needs work
2 Oct 2008 at 1:53pm
It’s better than nothing. That’s the less-than-enthusiastic grade being given the government's financial rescue package by many private economists.

Newsweek: Trying to avoid the lessons of 1929
4 Oct 2008 at 11:38am
Unlike during the Great Depression the government is now a huge part of the economy. And officials have moved quickly, if clumsily, to contain the crisis.

Economic news - CNNMoney.com

How to build a better bailout
6 Oct 2008 at 3:22pm
Not that the folks at the Treasury and the White House are asking, but if I were in charge of the $700 billion bailout of the financial system - and yes, it's a bailout, because it involves paying more for toxic assets than non-government buyers would pay - I'd have the Treasury run out today and borrow $700 billion before the financial world comes to its senses.




Financial system needs reform
6 Oct 2008 at 11:30am
A lack of appropriate and necessary banking regulation by governments around the globe led to the current economic crisis, according to a report by a body of leading economists and experts released Monday.



Poll: 60% say depression 'likely'
6 Oct 2008 at 3:23pm
Nearly six out of ten Americans believe another economic depression is likely, according to a poll released Monday.




Paulson taps bailout chief
6 Oct 2008 at 4:32pm
The Treasury Department on Monday sought to answer the first of many questions surrounding how it will implement the $700 billion financial rescue plan.




Citi files $60 billion Wachovia suit
6 Oct 2008 at 4:37pm
Citigroup, whose planned purchase of Wachovia was scuttled by Wells Fargo, announced Monday it is seeking more than $60 billion from the banks, accusing them of interfering with its earlier purchase agreement.



G-7 unsuited to global crisis - World Bank
6 Oct 2008 at 1:45pm
Read full story for latest details.



Market meltdown: Global problem, global cure
6 Oct 2008 at 3:21pm
Global stock markets are in free fall Monday as European banks are starting to look like they may need their own bailout.




FDIC: Insurance increase boosts confidence
6 Oct 2008 at 12:14pm
Read full story for latest details.




Fed pumps billions more into banks
6 Oct 2008 at 10:55am
The Federal Reserve announced Monday that it will increase by hundreds of billions of dollars the money it makes available to the nation's banks.



Treasury to expand debt auctions
6 Oct 2008 at 7:43am
Read full story for latest details.




EU shapes bank rescue strategy
6 Oct 2008 at 8:27am
Read full story for latest details.




Dollar plummets against yen
6 Oct 2008 at 5:27pm
The dollar continued to rally against European currencies Monday but plummeted more than 4% to hit a 6-month low against the Japanese yen, as the credit crisis spreads around the globe.



Bailout for major German lender
5 Oct 2008 at 6:38pm
Read full story for latest details.




Manufacturing (ISM)
1 Oct 2008 at 8:39pm
Nov. 3




Consumer Confidence
1 Oct 2008 at 8:38pm
Oct. 28



Leading Indicators
23 Sep 2008 at 5:42pm
Read full story for latest details.



Inflation (CPI)
18 Sep 2008 at 4:25pm
Oct. 16



Retail Sales
18 Sep 2008 at 4:23pm
Read full story for latest details.




Job Growth
10 Sep 2008 at 6:53am
Oct. 3



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