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Now, with a deal on the financial bailout expected soon, let's get back to the real economy—and the recession already in progress.
The number of workers filing new claims for jobless benefits jumped 32,000 last week,while new orders for durable goods dropped by a sharper-than-expected 4.5 percent in August.
The Treasury’s bailout plan for Wall Street will also benefit Main Street, Bill Gross, founder and chief investment officer of investment management firm Pimco, told CNBC Wednesday.
In the debate over homeowner aid in the Wall Street bailout, both sides appear to have forgotten that Congress approved a $300 billion mortgage rescue in July.
The Federal Reserve, which has encouraged excessive borrowing, is to blame for the credit crunch that has gripped world markets for more than a year, Marc Faber, the author of the Gloom Boom & Doom Report, told CNBC on Tuesday.
“The Wall Street mess will now have collateral damage to the real economy,” says Steve Hanke, a former White House economist. “We're coming into this thing in a terrible situation.”
Investing experts and economists worldwide weigh in on AIG and what this recent run of bailouts means for financial sectors across the globe.
The Federal Reserve, meeting during an unprecendented crisis on Wall Street, decided to leave interest rates unchanged but expressed concern about the crisis escalating.
The Federal Reserve left rates unchanged on Tuesday, giving little relief for Wall Street one day after the Dow's 500 drop. What follows are video highlights of the experts' reactions.
Financial markets are widely expecting the Federal Reserve to cut interest rates today, but they may not get their wish.
Financial markets are widely expecting the Federal Reserve to cut interest rates today, but they may not get their wish. Take our Poll:
Don't expect the central bank to cut interest rates on Tuesday at its regularly scheduled FMOC meeting following the Lehman Brothers-Merrill Lynch-AIG developments, even though that's the action it took in March when Bear Stearns was on the ropes.
Attention Wall Street: Add the precipitous slowdown in consumer spending to the list of worries and reasons to think a recession is underway or imminent.
The Fed may start considering another interest rate cut at the end of this year or early 2009, which was widely considered out of the question a week ago.
Global financial leaders convened at an economic summit held at the University of Virginia to discuss the world's economic concerns. The conference tried to design a blueprint for how to solve some shared economic problems, such as the subprime mortgage crisis and rising fuel and food costs.
Despite a Fannie-Freddie takeover, a $168-billion stimulus measure, a housing rescue package and Fed rate cuts, the economy is still struggling. Now what?
U.S. President Bush Wednesday signed into law a housing rescue plan passed by Congress as foreclosures rise and property values slump, including emergency backstop credits for the big mortgag elenders.
The surprising jump in August unemployment couldn't have come at a worse time for the already struggling housing market.
The unemployment rate zoomed to a five-year high of 6.1 percent in August, proof of the mounting damage the economy is inflicting on workers and businesses alike.
The following is the full text of the Beige Book released by the Federal Reserve on September 3, 2008 and based on information collected on or before August 25, 2008: