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January 2008
- Consumer, Housing Numbers Slump
  
  newser | Bloomberg | Jan 29, 08 11:14 AM CST
  
  Consumer confidence fell a bit less than expected but still approached a 2-year nadir in January, reinforcing fears that Americans will put the brakes on personal spending. In other economic reports out today, the S&P/Case-Shiller housing-price index report showed a 7.7% year-over-year drop for November, Bloomberg reports, and durable good sales saw a better-than-expected rise in December. More »
  
  Tags
  
  recession • housing crisis • home prices • consumer confidence • Consumer Price Index • consumer confidence index • Case Shiller price index
- World Money Chief Calls for Global Action
  
  newser | Financial Times (UK) | Jan 28, 08 10:55 AM CST
  
  With a global recession looming, the head of the IMF has warned bankers meeting in Davos, Switzerland, that lower interest rates alone won’t avert a crisis, the Financial Times reports. Dominique Strauss-Kahn called on governments to follow the US in easing fiscal policies, reversing a quarter-century of emphasis on tight spending. IMF forecasts due this week show a “serious slowdown” globally, he said. More »
  
  Tags
  
  recession • subprime crisis • interest rate cut • International Monetary Fund • IMF • John Thain • Davos • Dominique Strauss Kahn
- Stocks Retreat in Asian, Euro Markets
  
  newser | Reuters | Jan 28, 08 5:59 AM CST
  
  European and Asian markets slid again today as fears that the US is in a recession gained ground—despite efforts to shore up its economy and the likelihood the Fed would cut rates up to 50 basis points this week, reports Reuters. Commodity producers and banks suffered as investors worried about a global slowdown and anticipated more losses tied to the subprime contagion. More »
  
  Tags
  
  recession • Nikkei
- Ailing Yahoo! Can't Keep Up With the Times
  
  newser | ABC News | Jan 25, 08 2:25 PM CST
  
  After miraculously withstanding the dot-com crash, Yahoo is again poised to fall face first off a virtual cliff, with its plummeting stock hardly masked by national economic disrepair. But despite hemorrhaging users to Google, the company is still a huge presence on the Web, with 3 billion daily hits. So "what has gone wrong at Yahoo?" asks ABC's Michael S. Malone. More »
  
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  Google • Yahoo • recession • Web 2.0 • tech stocks • stock price
- Poll: Most Expect Recession but Aren't Hurting—Yet
  
  newser | Los Angeles Times | Jan 25, 08 3:34 AM CST
  
  The vast majority of Americans are convinced the nation is sinking into a recession—but most are not feeling the pinch themselves and have no plans to tighten their belts just yet, according to a Los Angeles Times/ Bloomberg poll. A year ago a similar poll showed widespread confidence that the economy was in good shape. More »
  
  Tags
  
  George W. Bush • Iraq war • US economy • recession • Wall Street • mortgage crisis • weak dollar • trade deficit • mortgage rates
- US to You: $600 Check's in Mail
  
  newser | CNN | Jan 24, 08 10:39 AM CST
  
  Congress today announced an economic stimulus package that would put a $600 check in every American taxpayer's mailbox by early summer, sources tell CNN, and a likely $300 per child. The refunds are "there to strengthen the middle class, to create jobs and to turn this economy around," said Nancy Pelosi in announcing the deal this afternoon. More »
  
  Tags
  
  Congress • recession • unemployment • Social Security • economic stimulus package • economic stimulus • tax breaks
- US Sneeze Doesn't Spook Many at Davos
  
  newser | CNN | Jan 23, 08 5:01 PM CST
  
  Bigwigs spooked by the downturn in the US economy aren't spreading their usual cheer at the World Economic Forum in Switzerland, Fortune reports, but many other Davos attendees are smiling. Representatives say the Indian and Chinese economies are strong enough to weather recession; many agree with George Soros that “the current crisis is the end of an era based on the dollar.” More »
  
  Tags
  
  China • recession • India • World Economic Forum • Davos
- Did Fed Freak With Emergency Rate Cut?
  
  newser | Reuters | Jan 23, 08 10:13 AM CST
  
  Yesterday's steep interest rate cut—just a week ahead of a scheduled policy meeting—made the staid Federal Reserve come across as spooked and jumpy, leaving many to wonder if the Fed knows of worse news to come, Reuters' Ros Krasny writes. The surprise .75-point cut "is a declaration of a state of emergency for the US markets and the economy," a market strategist said. More »
  
  Tags
  
  Federal Reserve • recession • Ben Bernanke • interest rate cut • Asian markets • financial markets • European markets
- Bush Vows Quick Boost for Economy
  
  newser | Washington Post | Jan 22, 08 6:47 PM CST
  
  President Bush pushed his fiscal stimulus plan with lawmakers today and vowed the bipartisan group will find "common ground," the Washington Post reports. The economic boost—which he set at $150 billion—will not kick in overnight, he warned, but said congressional leaders must reach an accord in 3 weeks. That means checks would reach taxpayers and businesses in 5 or 6 months, analysts say. More »
  
  Tags
  
  George W. Bush • Congress • US economy • subprime mortgages • recession • bipartisanship • economic stimulus package
- Advice Amid Market Turmoil: Don't Panic!
  
  newser | MarketWatch | Jan 22, 08 12:55 PM CST
  
  If you’re watching today’s economic news with trepidation, financial experts want you to take a deep breath. “This is not the beginning of the end,” said one analyst. “If you’re going to invest in stocks, this kind of volatility comes with the territory.” Instead of selling with the crowd, analysts suggest you keep funding your 401k and paying down debt, MarketWatch reports. More »
  
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  stock market • recession • personal finance • retirement fund • 401k
- EU Frets Over Fallout From US Economy's Slide
  
  newser | Bloomberg | Jan 22, 08 10:38 AM CST
  
  Stock markets around the world continued to hemorrhage today on worries the US would slide into recession, prompting finance ministers to warn that the slump is threatening EU growth. They revised forecasts downward for the 15-member EU, reports Bloomberg. “There is great concern about the financial crisis,” said the Belgian finance minister. More »
  
  Tags
  
  US economy • recession • European Union • globalization
- US Recession Fears Pummel World Markets
  
  newser | Bloomberg | Jan 21, 08 6:09 AM CST
  
  Markets across Asia and Europe fell sharply today on fears of a looming US recession and a lack of confidence in Bush’s $145 billion economic rescue plan, reports Bloomberg. Japan's Nikkei was off 3.9% and the Hong Kong Seng Index fell 3.5%, the most since Sept. 11, 2001. In Europe, the Dow Jones Stoxx 600 slid 5.6% by midday. More »
  
  Tags
  
  US economy • recession • Asian markets • Asian stocks
- Bush Favors Tax Rebates for Stimulus
  
  newser | Associated Press | Jan 17, 08 8:22 PM CST
  
  President Bush's plan to give the economy a temporary lift favors tax rebates of up to $800 for individuals and tax breaks for businesses, the AP reports. Bush met privately with lawmakers today and will outline his plan tomorrow. Congress hopes to act quickly as fears of a recession grow. The president did not push for a permanent extension of his tax cuts, the AP notes. More »
  
  Tags
  
  George W. Bush • Congress • recession • White House • Nancy Pelosi • economic stimulus package • John Boehner • House Democrats
- Bernanke Backs Quick Bailout
  
  newser | CNN | Jan 17, 08 10:50 AM CST
  
  The country needs a federal stimulus package ASAP, Federal Reserve Chairman Ben Bernanke told the House Budget Committee today, advocating immediate legislation designed “so its effects on aggregate spending are felt as much as possible within the next 12 months.” But he said the package should be “explicitly temporary,” to avoid unwanted long-term stimulus and an undue deficit bulge, CNNMoney reports. More »
  
  Tags
  
  Congress • subprime mortgages • Federal Reserve • recession • Ben Bernanke • inflation • economic stimulus • budget deficit • House Budget Committee
- Economists Fear It's Too Late to Save Economy
  
  newser | New York Times | Jan 13, 08 7:41 AM CST
  
  It may already be too late to quickly stop the economic tailspin triggered by the implosion of the housing market and booming energy prices, several experts believe, reports the New York Times . Perhaps the best that can be done is to make the crunch hurt a little less. “The question is not whether we will have a recession, but how deep and prolonged it will be,” said one analyst. More »
  
  Tags
  
  US economy • recession • housing market • housing crisis • crude oil
- Congress, Bush Push Stimulus Plan
  
  newser | New York Times | Jan 12, 08 8:55 AM CST
  
  With Democrats and Republicans increasingly spooked about a looming recession, the two sides appear ready to work together on an economic stimulus package of about $100 billion in tax cuts and spending, the New York Times reports. Reps. Nancy Pelosi and Harry Reid yesterday wrote to President Bush, "We want to work with you"; Bush looks poised to accept the overture. More »
  
  Tags
  
  George W. Bush • US economy • recession • housing crisis • Nancy Pelosi • Harry Reid • economic stimulus
- Clinton Unveils $70B Fix for Economy
  
  newser | Reuters | Jan 11, 08 8:25 PM CST
  
  Hillary Clinton upstaged her rivals today by proposing $70 billion in emergency spending to help avoid a US recession, Reuters reports. Her plan would include $30 billion for homeowners, $25 billion for families with high energy bills, and another $15 billion aimed at unemployment insurance and alternative energy plans—all on borrowed money. "I don't think we can wait," Clinton said during a stop in California. More »
  
  Tags
  
  Hillary Clinton • John McCain • Mitt Romney • US economy • Rudy Giuliani • recession • foreclosure • economic stimulus
- Economists Say Recession Risk Rising
  
  newser | Wall Street Journal | Jan 11, 08 8:45 AM CST
  
  The odds of a recession hitting the US are rising as the cumulative effects of soaring energy costs, a flailing job market, and a dogged housing slump put the brakes on the economy, predicts a panel of economists in the Wall Street Journal today. Those economic woes, they say, are likely to lead to a Democrat in the White House. More »
  
  Tags
  
  Barack Obama • Hillary Clinton • John McCain • election 2008 • US economy • recession
- Goldman Predicts Recession
  
  newser | NPR | Jan 10, 08 12:31 PM CST
  
  Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we don't get income growth, we don't get consumer spending, and we do get a recession,” another firm’s economist told NPR. More »
  
  Tags
  
  US economy • Federal Reserve • recession • inflation • Goldman Sachs • unemployment • interest rate cut • consumer spending
- US Slump, Oil Trouble Could Rock World: Report
  
  newser | Associated Press | Jan 9, 08 8:48 PM CST
  
  The world economy may be in for some shocks this year because of a potential US recession, record-setting oil prices and food shortages, warns a report by the World Economic Forum. Worries about terrorism, disease, and natural disasters have taken a back seat to world business leaders' concerns about an economic implosion. Slower growth in China and Middle East volatility are also on the watch list this year. More »
  
  Tags
  
  recession • oil • food shortage

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