Aid to automakers seems doomed amid wrangling
Even as top Senate Democrats rolled out new legislation to provide $25 billion in loans to America's domestic automakers, the prospects of emergency funds appeared bleak Monday as the White House and Congress tangled over how best to help the ailing industry. Supporters of helping the cash-strapped Big Three concede they are far short of the 60 votes needed to stop an anticipated Republican-led filibuster. | 11/17/08 18:41:00 By - David Lightman and Kevin G. Hall
Summer tourism declined in Florida, statistics show
Florida saw a 3.2 percent drop in tourism between July and September, a stretch of time that saw record gas prices, economic turmoil and a string of hurricane scares. | 11/17/08 18:32:14 By - Douglas Hanks
White House lists new reasons for rejecting auto industry aid
As the Congress reconvenes for a lame-duck session to do something about the economy, the White House makes it clear that it doesn't want a new bailout for the troubled auto industry. "Taxpayers should not be asked to subsidize private companies that are unwilling to show that they can be viable. It is clear that U.S. automakers must restructure in order to be viable," White House spokeswoman Dana Perino said. | 11/17/08 13:08:18 By - David Lightman
Progress in bloom where Katrina destroyed
When Hurricane Katrina slammed into the Coast more than three years ago, it destroyed the heart of downtown Long Beach, demolishing city buildings and businesses and leaving Jeff Davis Avenue in ruins. Since then, a few businesses have returned and traffic along one of the city's main thoroughfares has picked up. | 11/17/08 07:44:41 By - Melissa M. Scallan
Cost of salting roads against snow spikes in Kansas
The rising cost of road salt is adding to the budget woes for state and local governments in Kansas. If this winter matches the last two for heavy snow and ice storms, driving conditions could become dangerous for travelers. | 11/17/08 07:21:58 By - Fred Mann
Sacramento trash-to-energy plan raises red flags
Presented with a controversial and highly technical proposal to vaporize garbage into energy, Sacramento City Council members earlier this month wondered what other cities had found — and whether those lessons were being considered in Sacramento. | 11/17/08 07:19:11 By - Terri Hardy and Chris Bowman
Credit crunch hits Raleigh for $730,000 and more
The construction of Raleigh's new convention center may be complete, but the cost continues to rise because of the worldwide credit crunch. | 11/16/08 07:27:11 By - David Bracken
World leaders agree on broad principles to calm economic waters
WASHINGTON — World leaders, who gathered here to tackle the ongoing global financial crisis, agreed to a broad range of solutions Saturday but left the details to be worked out until the spring. | 11/15/08 19:26:00 By - Jack Chang
White House's help to automakers might defuse Democrats' plans
The White House Friday tried to take steam out of Congress' bid to give new aid to the ailing auto industry, saying it would make it easier for the carmakers to tap $25 billion in an existing federal loan program. But Congress wants to spend more. | 11/14/08 17:09:00 By - David Lightman
Building industry looks hard for a bright spot
Everyone knows that things are bad in real estate. But the inner details and endless speculation are still as fascinating as a good movie. | 11/14/08 07:10:38 By - Jim Wasserman
Federal grants will be used to buy up foreclosures in Miami
In coming months, South Florida cities and counties will be armed with more than $161 million in new federal grant money and a mandate to stabilize falling home values and decay in neighborhoods hardest hit by the real estate downturn. | 11/14/08 07:04:08 By - Monica Hatcher
Budget shortfall forcing Kansas to make big cuts
The news about Kansas’ state budget grows more alarming by the day, and that means residents should prepare for potentially painful cuts in state services. | 11/14/08 07:00:07 By - David Klepper and Finn Bullers
Wachovia gets just one top spot at Wells Fargo
Wachovia will get just one spot on Wells Fargo's 12-member top management team when the two companies combine later this year. | 11/14/08 06:55:07 By - Rick Rothacker and Christina Rexrode
Wall Street rally defies odds, economic indicators
For every argument that financial Armageddon is upon us, there's a day like Thursday that brings unexpected, welcome and steep gains on the stock market and a glimmer of hope for consumer confidence, even as economic indicators show a quickly worsening economy. | 11/13/08 19:08:00 By - Kevin G. Hall
Hedge fund gurus OK with some federal regulation
Billionaires testifying before Congress on Thursday gave guarded support for proposals that would bring greater regulation of hedge funds, the investment funds for the ultra-wealthy being blamed in part for today's global financial turmoil. | 11/13/08 18:07:00 By - Kevin G. Hall
World leaders, anxious over economy, to ponder solutions
The leaders of 20 of the world's largest economies will gather Friday and Saturday in Washington to search for a way out of the biggest global economic meltdown in decades. | 11/13/08 17:43:00 By - Jack Chang
Tumbling soybean prices worry Brazilian farmers
Settlers founded the town of Primavera do Leste and rode a soybean boom that's turned Brazil into a leading breadbasket to the world. However, soybean prices have cratered in the past three months. | 11/13/08 15:52:00 By - Tyler Bridges
Givers face cash crunch in Myrtle Beach
To Kristal Leonard of Supply, N.C., the Brunswick Family Assistance Agency is a great program and needed in the community. Without the agency's help, Christmas gifts for her children ages 21 years old to 10 months old "would be very minimal." | 11/13/08 07:29:10 By - Janelle Frost
Schwarzenegger seeks federal aid
Gov. Arnold Schwarzenegger said Wednesday the federal government should give money to states as part of a financial stimulus package, insisting that such aid would not be a bailout. | 11/13/08 07:11:21 By - Kevin Yakamura
City of Raleigh adapts to drop in sales
Raleigh City Manager Russell Allen said this week that the city will continue to rein in spending as it braces for a decline in sales-tax revenue. "We don't know what the trend in sales tax is going to be," Allen said. | 11/13/08 07:07:54 By - David Bracken
Going organic may go the way of the downturn
Almost everything in Jennifer Lipscomb's shopping cart was once organic, but no more. Why? "The cost," said Lipscomb, of Fort Worth, who recently shopped at Central Market. | 11/13/08 06:56:24 By - Barry Schlacter
U.S. reports huge Alaska energy reserve — and it's not oil
The U.S. Geological Survey reported Wednesday that Alaska's North Slope contains enough frozen methane-and-water crystals known as hydrates to heat 100 million homes for as long as 10 years. Interior Secretary Dirk Kempthorne said the technology exists to exploit the reserves 2,000 feet underground. | 11/12/08 18:12:00 By - Erika Bolstad
Can Congress save the U.S. auto industry?
The lame-duck Congress is expected to reconvene next week with a bid to help the ailing Detroit carmakers, and lawmakers are weighing initiatives that could provide as much as $50 billion in new assistance. But no legislative decisions have been made, and the principal players are saying nothing publicly. | 11/12/08 17:49:00 By - David Lightman
Treasury scraps original bailout plan as economy worsens
Treasury Secretary Henry Paulson's surprise announcement Wednesday that he'll shift from purchasing troubled assets under the $700 billion Wall Street rescue plan is likely to result in spending taxpayers' dollars to shore up unregulated financial institutions that aren't banks but are vital to consumer lending. | 11/12/08 13:59:00 By - Kevin G. Hall
UBS official indicted in Florida in tax fraud scheme
The indictment, unsealed in Fort Lauderdale on Wednesday, alleges that between 2002 and 2007, the head of the Swiss bank's cross-border business helped 20,000 U.S. clients conceal $20 billion in assets in secret Swiss bank accounts. The business generated about $200 million annually for the bank | 11/12/08 13:44:09 By - Jay Weaver
A Miami family struggles with economy in a tailspin
Joseph Cappelluzzo never worried about losing his home, being unable to feed his five children or having an empty savings account. But now the licensed carpenter, who specializes in remodeling kitchens and bathrooms, is struggling to find work. | 11/12/08 07:10:06 By - Jennifer Mooney Piedra
Brazil demanding bigger role in setting the world's agenda
Brazil has surpassed the U.S. as the biggest producer of iron ore and coffee. It's become the world's biggest exporter of beef, poultry, biofuels and orange juice concentrate. It has $200 billion in reserves. When the G-20 meets to consider the world's financial crisis in Washington this weekend, Brazil wants a bigger role. | 11/11/08 17:32:00 By - Tyler Bridges
More in California riding Amtrak
With gasoline prices spiking in mid-summer, ridership on the Amtrak San Joaquins and other California intercity trains hit a record in the year ending Sept. 30, Caltrans officials announced Monday. | 11/11/08 14:11:28 By - Russell Clemmings
New federal mortgage plan offers relief to only a few
Fannie Mae and Freddie Mac announced a plan Tuesday to renegotiate mortgages that falls far short of the moratorium on foreclosures Barack Obama and Democrats seek. Officials, briefing on condition of anonymity, acknowledged the plan would help only 200,000 of the 2 million homeowners facing foreclosure. | 11/11/08 13:04:00 By - Kevin G. Hall
Charlotte home sales suffer another 30-plus percent slump
The number of closings for houses, townhouses and condos fell almost 31 percent last month, compared with October 2007. That marks the 17th consecutive month of double-digit declines and the third time this year the sales decline was above 30 percent, based on figures released today for transactions through the Carolina Multiple Listing Services. | 11/11/08 13:08:43 By - Stella M. Hopkins
High corn prices add to Pacific Ethanol loss
With the ethanol industry still facing difficult market conditions, Sacramento's Pacific Ethanol Inc. reported a $54.9 million quarterly loss Monday. The main culprit was wild fluctuations in the price of ethanol and the chief ingredient used to make it, corn. Similar problems have bedeviled others in the industry. | 11/11/08 07:09:12 By - Dale Kasler and Jim Downing
Holidays: Forget gift cards; give cash or hugs
Circuit City tried to reassure shoppers and employees alike on Monday that it would be business as usual despite its Chapter 11 bankruptcy filing. So if you have a Circuit City gift card, should you rush in today? | 11/11/08 07:06:42 By - Mary Cornatzer
Cellulosic ethanol moves from the lab toward commercial production
The idea of producing plentiful amounts of ethanol from materials such as switchgrass and wood scraps has successfully emerged from the laboratory, but challenges lie ahead. | 11/11/08 07:00:10 By - Steve Everly
Europe expects to flex its muscle at financial summit
After playing a key role in responding to the global banking crisis, European leaders head to Washington for a big global financial summit later this week with newfound confidence in their dealings with the United States, a vague set of principles and only a few specific reforms in their briefcases. | 11/10/08 18:58:49 By - Julie Sell
AIG rescue grows more costly, complicated
Troubled insurer American International Group won a new lease on life after the Bush administration said Monday that it was almost doubling September's $85 billion taxpayer rescue of AIG and broadening government intervention into the financial sector. Here are some answers to questions about Monday's complex developments. | 11/10/08 17:06:00 By - Kevin G. Hall
Relaxed mortgage terms may draw lawsuit from investors
A New York law firm says Countrywide Financial Corp.'s legal settlement last month that requires it to relax the terms of some 400,000 mortgages isn't fair to the people who invested in Countrywide's mortgage-backed securities, and it's trying to drum up interest in challenging the settlement. | 11/10/08 15:26:47 By - Christina Rexrode
Nortel to eliminate 1,300 jobs
Nortel Networks, one of the Raleigh's largest technology companies, reported a massive third-quarter loss this morning and announced plans to cut 1,300 jobs worldwide. The cuts will almost certainly trim staffing further at Nortel's shrinking Research Triangle Park campus, the company's third-largest in the world with 2,200 workers. | 11/10/08 13:49:53 By - John Murawski
Bush Middle East efforts end with little progress
Outgoing U.S. Secretary of State Condoleezza Rice is wrapping up the Bush administration's yearlong attempt to broker Israeli-Palestinian peace with little to show for her investment. The diplomatic initiative has helped to dispel the mutual distrust that chilled peace talks for seven years. But there have been few tangible successes. | 11/09/08 20:36:22 By - Dion Nissenbaum
California county asking for $30 million in foreclosure help
MERCED, Calif. -- Merced County's leaders demanded Friday that the state give the area $30 million in foreclosure aid to help it restore neighborhoods wrecked by the housing market collapse. | 11/09/08 08:59:02 By - Scott Jason
Dismal economic news — and it's certain to get worse
Employers slashed 240,000 jobs in October, sending the unemployment rate soaring upwards to 6.5 percent, its highest level since March 1994.. The agency also sharply revised September jobless figures, saying the preliminary estimate of 159,000 jobs lost that month was way off — actually the number was 284,000. The Labor Department also got August wrong: 127,000 jobs were lost, not the 73,000 initially reported. | 11/07/08 11:17:00 By - Kevin G. Hall
Survey: Women CEOs get more base pay, less total compensation
Here's a new twist on the old story about women being paid less than men: Female CEOs are getting higher base salaries than their male peers. | 11/06/08 12:41:16 By - Diane Stafford
Duke Energy misses mark
Even as Duke Energy reported earnings Wednesday that badly missed analysts' expectations, CEO Jim Rogers said he felt good about its prospects under the incoming administration in Washington. | 11/06/08 09:18:40 By - Adam Bell
Farmers see money in cow manure
With energy costs high and crop prices sluggish, farmers are turning to solar power, converting animal waste to natural gas and planting exotic trees to help them survive a tough economy. | 11/06/08 07:24:40 By - Robert Rodriguez
Big business prepares for a less friendly Washington
After years of playing offense, big business is getting ready for the less familiar role of playing defense following President-elect Barack Obama's victory and legislative gains by other Democrats. Corporate America enjoyed favorable treatment under the Bush administration for almost eight years and for most of the era of Republican control of Congress from 1995 to 2007. | 11/05/08 17:33:00 By - Kevin G. Hall
Hawker Beechcraft plans to lay off 500
Hawker Beechcraft will cut 5 percent of its work force as it faces "serious challenges" from an "unprecedented worldwide economic decline," its top executive said Monday in a letter to employees. | 11/05/08 16:24:19 By - Molly McMillan
Tremendous economic problems await Obama
Campaigning about the economy may prove easier than managing it. Beyond inheriting a global financial crisis, President-elect Barack Obama faces the challenge of reversing mounting job losses, halting an economic downturn and navigating pressure from abroad for a new architecture to govern the global economic system, long dominated by the United States. | 11/04/08 23:08:00 By - Kevin G. Hall
Georgia gas stations probed for price gouging
Six Houston County gas stations are among the 166 that Georgia is investigating for suspected price gouging in the wake of Hurricane Ike. | 11/04/08 19:07:14 By - S. Heather Duncan
Ailing economy takes toll on health
The shock of getting a pink slip or the chronic stress of watching a 401(k) account decline can whittle away at people’s health.As the economic downturn continues with no end in sight, stress is affecting the nation's health, triggering colds, shingles and more serious illnesses. And it is expected to get worse as the pressure of the Christmas holidays hits home. | 11/04/08 07:20:47 By - Jan Jarvis
Deals make NC tax holiday even sweeter for Energy Star items
Anxious N.C. appliance retailers are hoping the state's first sales tax holiday on Energy Star appliances this weekend gives them a much-needed boost. But they aren't taking any chances. | 11/04/08 07:18:33 By - Sue Stock and Jen Aronoff
Lenders shift strategy as they ease mortgages
As the nation's foreclosure crisis worsens and weighs down the larger economy, big banks are shifting gears, promising aggressive new programs to help struggling homeowners in areas like Sacramento. | 11/04/08 06:52:29 By - Jim Wasserman
Circuit City's store closings latest for retail industry
Circuit City is pulling the plug on 155 stores in response to a "deteriorating liquidity position" and "weak macroeconomic environment." | 11/04/08 06:45:12 By - John Austin
Businesses have much at stake in drug suit's outcome
Supreme Court conservatives on Monday sounded sympathetic to a drug company's pleas for protection from state court lawsuits. | 11/03/08 17:25:56 By - Michael Doyle
Back to the future: Layaway returns as shopping option
An unstable economy is forcing many consumers to adjust their spending habits. So to avoid using credit cards and the accompanying interest rates, consumers are resorting to an old-fashioned alternative: layaway. It allows retailers to hold on to merchandise until the buyer pays off the debt. | 11/03/08 12:27:55 By - Will Buss
Students see cost of college rising as economy falters
Amid the economic turmoil, students and their families are getting little relief from rising college costs, which jumped 6.4 percent at state universities this fall, according to new figures released last week. | 11/03/08 07:32:40 By - Justin Pope
Can rural charm in Idaho power economic engine?
Right now, Canyon County's scenic byway consists of a state-approved route, some signs and a lot of big ideas. But within a year, proponents hope to forge a plan to develop those 53 miles into a tourist-tempting economic engine for Canyon communities. | 11/03/08 07:26:13 By - Kristin Rodin
Is more nuclear energy in California's future?
Who knew nuclear power was the new green alternative? Gov. Arnold Schwarzenegger is now pushing that notion, suggesting that nuclear plants could help the state meet its aggressive long-term goals of reducing carbon emissions. | 11/03/08 07:19:12 By - Kevin Yamamura
Oil man preaches energy independence
T. Boone Pickens may seem an odd one to preach the saving graces of alternative energy, given he made his billions running oil and gas companies and investing in companies such as ExxonMobil and Occidental Petroleum. | 11/03/08 07:16:32 By - Kerry Hall
Startup: Warm cookies, cold milk on demand
Insomnia Cookies has arrived in Lexington, and anyone within a three-mile radius of the University of Kentucky can have this dream come true by making a phone call or visiting the company's Web site. | 11/03/08 07:11:04 By - Jim Jordan
Union agrees to Boeing contract
A two-month strike by Boeing Machinists is over after 74 percent of union members voted in favor of Boeing's four-year offer on Saturday. Hourly workers in Wichita can return to work as early as tonight and as late as Nov. 10. | 11/02/08 13:06:05 By - Molly McMillin
Alaska's Permanent Fund has lost $10 billion in last year
The Permanent Fund is Alaska's investment account for its oil earnings. Its profits provide the annual checks that go to every man, woman and child who lived in Alaska in the previous year. | 10/31/08 17:07:22 By -
Falling Fresno home prices could drop more
A study of 100 cities across the country, including Fresno, by the Center for Economic and Policy Research and National Low Income Housing Coalition compares housing prices with rents and, using a formula, determines whether housing prices are too high, whether home values will rise or fall over the next four years, and by how much. | 10/31/08 07:29:54 By - Sanford Nax
There are many culprits in California's $10 billion budget mess
A catastrophic convergence of events, ranging from a badly wounded national economy to the state's overreliance on revenues from its richest residents, has left California's budget drowning in a sea of red ink. | 10/31/08 07:13:28 By - Steve Wiegand
Bailout funds being spent in ways Congress never foresaw
The $700 billion Wall Street rescue plan was intended to go to buying up distressed mortgages and other bad assets. Instead, it's gone to equity stakes in banks, and at least one bank used the money to buy a rival. It's also likely to be used to buy stakes in life insurance companies, and maybe to help struggling Detroit automakers. Some lawmakers whether what's happening serves the public interest. | 10/30/08 16:11:00 By - Kevin G. Hall
Economists say Obama, McCain can't do much to close wealth gap
The gap between rich and poor in America has grown bigger in recent years than any time since the 1920s, and there are no easy ways for the presidential candidates to close it. | 10/30/08 14:52:00 By - David Lightman
U.S. economy shrank from July through September
In the most compelling proof yet that the U.S. economy is in recession, the Commerce Department reported Thursday that economic growth contracted by 0.3 percent during the third quarter of this year and personal consumption fell by the greatest rate in almost three decades. | 10/30/08 13:49:00 By - Kevin G. Hall
Fed slashes rate again, nearing uncharted waters
The Federal Reserve made a half-point cut to benchmark lending rate Wednesday in an attempt to bolster a slowing economy and left the door open for further cuts that could bring interest rates to historic lows. | 10/29/08 14:54:00 By - Kevin G. Hall
Small business: Who's better on taxes, Obama or McCain?
As the presidential campaign enters its final week, John McCain and Barack Obama each argue that his tax plan is better to help the ever-suffering small businessman. Tax experts, however, suggest that the candidates' blueprints for helping small business are virtually identical for all but 2 percent to 3 percent of the highest-income small businesses. For them, McCain's plan is more generous. | 10/28/08 18:36:21 By - David Lightman and Kevin G. Hall
Slumping natural gas prices cut drilling plans in Texas
The number of drilling rigs working in the Barnett Shale is holding steady for now, but most observers expect a drop of 10 to 20 percent in the next six months as producers trim their spending in response to plummeting natural gas prices. | 10/28/08 08:09:48 By - Jim Fuquay
Lagging car sales hurting California's city's budget
A double economic whammy of high gas prices and the current credit crunch has caused sales to drop at some of the central California coast'sauto dealerships and hurt cities that depend on the sales tax. San Luis Obispo, for example, saw a 10.4 percent decline in sales tax revenue from autos and transportation in the second quarter of this year, compared to the same period a year ago, according to HdL Companies, a sales tax consultant for city government. | 10/26/08 21:28:01 By - Julie Lynem
When the economy's broke, not everything gets fixed
Tough economic times are good for business at the Shoe Doc in Lexington, Ky.. "We always do better when the economy turns down," said employee Linda Stansell. "It’s cheaper to get shoes repaired than go out and buy new ones. So even if they have a $10 pair of shoes, it’s better to get new heels than go and buy a new pair," Stansell said. As the economy tightens, repair shops that fix washers, dryers, dishwashers, televisions, even automobiles, frequently see business pick up as consumers opt to get an item repaired rather than buy new. It’s cheaper. As the economy tightens, shops that fix washers, dryers, dishwashers, televisions, even automobiles, frequently see business pick up as consumers opt to get an item repaired rather than buy new. | 10/26/08 19:37:36 By - Beverly Fortune
Florida economic meltdown dampens dreams of college
For Charlie Enright, a shaggy-haired 16-year-old junior at Archbishop McCarthy in Fort Lauderdale, Fla. with a serious appetite for history and literature, a small liberal arts college in Vermont has long been the focus of his higher-education longings. But one consequence of the current economic meltdown is that the college dreams of thousands of smart, ambitious teenagers are yielding to harsh economic realities. | 10/25/08 22:47:35 By - Andres Viglucci
Treasury weighs next move amid signs of global recession
The global financial crisis deepened on yet another frantic Friday as the Treasury Department weighed expanding its rescue efforts to include insurance firms and investors everywhere sought refuge amid strong signs of a coming global recession. Stock markets around the world took another pounding. | 10/24/08 10:48:00 By - Kevin G. Hall and Jack Chang
Greenspan takes some blame for financial meltdown
Former Fed Chairman Alan Greenspan was once called the Maestro for his steady stewardship of the U.S. economy. On Thursday, he told a House committee that the views he's long held — less regulation and letting the markets police themselves — are now in question. Separately, the head of the FDIC said on Thursday that the federal government could provide loan guarantees for reworked mortgages as a way to ease the housing crisis. | 10/23/08 19:13:00 By - Kevin G. Hall
Latin America ties prompt China's entry in development bank
As a sign of China's growing ties with Latin America, the Asian giant announced Thursday that it will join the Inter-American Development Bank, which is the primary multilateral lender focusing on the Western Hemisphere. | 10/23/08 17:33:00 By - Jack Chang
Health care: Both candidates' plans promise radical change
Whether the next president is Barack Obama or John McCain, this much is assured: Each man is offering a health-care overhaul that, if successfully implemented, might hasten the end of Americans getting health insurance through their employers. | 10/23/08 15:35:00 By - Kevin G. Hall
Foreclosures continued their rise in September, stats show
Nevada, Florida and California continued to lead the country in foreclosures in September. Of the 10 worst cities for foreclosures, six were in California, two in Florida and Las Vegas and Phoenix rounded out the list. Nationwide, foreclosures were up by 21 percent over September of last year. | 10/23/08 07:48:03 By - Monica Hacher
Melting economy makes economists hot
For decades, as far as the average American is concerned, most economists might as well have lived under rocks. They were solitary soldiers, marching to the beats of their own theoretical drums. Even when they issued warnings they were too often marginalized or ignored, financial Napoleons exiled to the Elbas of academia, industry or government. | 10/23/08 07:00:45 By - James A. Fussell
Financial panic now sweeping through South America
The global financial crisis is hitting Latin America this week. On Wednesday, Brazil's two two biggest state banks bought stakes in private financial firms. On Tuesday, Argentina's government said it would nationalize the country's private pension system. Chile, Peru and other countries in the region are also launching emergency initiatives designed to prop up banks and businesses. | 10/22/08 19:14:00 By - Jack Chang
How to survive the economic crisis: Be positive, proactive
Workers are anxious and paranoid as the layoff process drags on for months. And most of us are putting in more hours than ever, struggling more with work/life balance. It is a huge challenge to stay positive. But now is the time to take on the challenge because negativity is contagious. | 10/22/08 18:06:37 By - Cindy KRISCHER GOODMAN
Turned down by its allies, Pakistan seeks IMF rescue
Pakistan has sought an emergency bailout from the International Monetary Fund, a humiliating step forced on Islamabad after allies refused to come up with the cash needed to prevent the country going bust. | 10/22/08 17:32:00 By - Saeed Shah
Wachovia reports 3rd quarter loss of $24 billion
In likely its last earnings report as an independent company, Wachovia Corp. today said it lost $23.89 billion, or $11.18 per share, in the third quarter as it took an $18.8 billion writedown to reflect the company's lower market valuation and the terms of its sale to Wells Fargo & Co. | 10/22/08 12:32:47 By - Rick Rothacker
Foreclosure crisis falls hard on veterans
James Wilson, a disabled veteran of the Iraq War, knows his monthly mortgage payment of $532 doesn’t sound like much. But living on a fixed income with a family to support caused difficulties he had not anticipated. | 10/22/08 06:53:28 By - Malcolm Garcia
Congress weighs next steps for financial regulation
As federal regulators continue to unveil new measures to reverse the global financial crisis, Congress on Tuesday began weighing what changes might be needed to restore confidence in the U.S. financial system and prevent future crises. | 10/21/08 18:23:00 By - Kevin G. Hall
Is Dubai's soaring economy headed for a rough landing?
Dubai has built its name on realizing the unbelievable and, often, the unnecessary: the world's new tallest skyscraper, an indoor ski slope, a constellation of faux islands molded to resemble a map of the world. Now the glitzy commercial capital of the Middle East has begun to wonder whether the global economic crisis will bring its high-flying real-estate market in for a rough landing. | 10/21/08 16:52:00 By - Shashank Bengali
Russians told all is well as economy sinks
Oil prices have plunged from a high earlier this year of $147 a barrel to the $70s this week, dangerously close to the minimum needed to sustain Russia's national budget. Russian stock markets have lost more than 60 percent of their value since May. The rough times have forced the recent sales of five banks, at least three of them for symbolic prices of less than $200. | 10/21/08 16:12:00 By - Tom Lasseter
Bernanke supports new stimulus, warns of downturn
Federal Reserve Chairman Ben Bernanke gave a qualified blessing Monday to congressional plans for a second economic stimulus, suggested more federal help for states and warned against raising taxes amid the economic turmoil. Bernanke made his comments before the House Budget Committee, where most of the questions carried a political tone. | 10/20/08 15:04:00 By - Kevin G. Hall
Paying for health care is everyone's concern
Respondents to three recent national polls ranked health care third -- after the economy and national security or the war -- among issues important in deciding their presidential vote. Most people can point out what is wrong with health care in the United States: too many lawsuits, insurance that costs too much, benefits that don't cover enough, difficulty getting coverage. | 10/19/08 21:18:20 By - Jeannine Koranda and Karen Shideler
U.S. will host economic summit before year's end
President Bush joined the leaders of France and the European Commission Saturday to announce that the United States would host a global summit before the end of the year to address the world's burgeoning economic crisis. Who'll be invited was unclear. | 10/18/08 17:47:00 By - Nancy A. Youssef
Florida jobless rate, at 6.6 percent, is the worst since 1994
Florida's unemployment rate was 6.6 percent last month, according to a state report released Friday. That's the worst unemployment rate the state has seen since October 1994 and higher than the current national figure of 6.1 percent. | 10/18/08 08:52:47 By - Scott Andron
2 nuclear reactors proposed for Raleigh now will cost $9 billion
Building two nuclear reactors in Wake County could cost Progress Energy customers more than $9.3 billion. The cost estimate, disclosed this month to the U.S. Nuclear Regulatory Commission, is Progress Energy's latest projection for the Shearon Harris proposal. It doubles the previous estimate of $4.4 billion provided in February, when the Raleigh utility applied to the NRC for a license to build two reactors at the site in Wake County. | 10/17/08 07:05:20 By - John Murawski
Gasoline prices are falling, but consumption still down
Oil prices settled below $70 a barrel Thursday, their lowest level in 14 months and down 53 percent from July's record price of $147. Gasoline is cheaper, too. But with the U.S. economy now widely thought to be in recession, there's no reason to think gasoline consumption is about to rise. | 10/16/08 18:34:00 By - Kevin G. Hall
Iceland still in deepest financial hole of all
The global financial crisis has hit almost every country in the world, but tiny Iceland may have been struck hardest of all. Teetering on the edge of bankruptcy, the island nation in recent weeks has seen its biggest banks collapse, jobs disappear overnight and European nations threaten legal action. | 10/16/08 17:15:00 By - Julie Sell
Dayton was bleeding jobs before financial crisis hit
When the job center in Dayton, Ohio, first opened its doors in 1997, the toughest challenge facing he staff was finding enough people to fill the thousands of new positions that were opening up in the area. But Dayton's manic job activity of the '90s has since given way to a panic that's changed the focus of the job center and the fortunes of the entire region. | 10/16/08 16:51:00 By - Tony Pugh
After 30 years, EPA toughens lead-emissions standard
The amount of lead that can be emitted into the air in the U.S. will be dramatically reduced under a new rule the Environmental Protection Agency announced on Thursday to protect the health of millions of Americans — especially children. | 10/16/08 15:23:00 By - Renee Schoof
Sacramento home builder files for Chapter 11
The excesses of the housing boom pushed another major Sacramento home builder and land developer on Wednesday to seek personal bankruptcy protection from creditors. Christo Bardis, co-founder of Sacramento-based Reynen & Bardis Communities, filed for Chapter 11 protection in U.S. Bankruptcy Court in Sacramento, the development firm announced. He listed liabilities of $100 million to $500 million and assets between $10 million and $50 million. | 10/16/08 12:41:37 By - Jim Wasserman and Dale Kasler
West Sacramento food wholesaler succumbs to weak economy
Now it's not just restaurants going out of business as the economy falters. A major Sacramento-area food wholesaler, which serves some of the biggest restaurant chains around, is parking its trucks for good. | 10/16/08 12:41:20 By - Dale Kasler
Southwest Airlines reports first quarterly loss in 17 years
Southwest Airlines posted its first quarterly loss in more than 17 years Thursday, after being hit by an accounting charge to reduce the value of its fuel hedging contracts. The Dallas-based airline said it lost $120 million during the quarter, after having to record a $247 million charge to reflect the drop in value of its hedging contracts, which allow it to purchase jet fuel in advance at predetermined prices. | 10/16/08 11:47:33 By - Trebor Banstetter
Economic woes put crimp in Georgia Cherry Blossom Festival
Local and national economic issues continue to plague the Cherry Blossom Festival. Already, the festival is coming off a year when it lost an estimated $140,000. Now, an auction scheduled for tonight to benefit the festival has been postponed until spring because of lackluster ticket sales for the event, organizers said. | 10/16/08 07:07:34 By - Phillip Ramati
More house sales figures in Fresno but still behind 2007
Sales of new houses in Fresno County picked up in August in what one veteran builder called a typical before-school spike, but the number of transactions still lagged from a year earlier. | 10/16/08 06:52:06 By - Sanford Nax
Job seekers flood Manatee job fair
For Janet Leith, an unemployed former small business owner, the job fair Wednesday didn’t raise her hopes about getting back into the work force. "There wasn’t a lot available," said the 55-year-old, who is living with her parents. | 10/16/08 06:47:01 By - Victoria Bekiempis
Local nonprofits feel the economic pinch
Raising millions of dollars during one of the worst economic downturns in American history isn't easy. During hard economic times, some Idaho nonprofits are cut twice by a troubled economy: by the rising need for services and by a downturn in donations. | 10/16/08 06:42:59 By - Katy Moeller
Florida homeowners 'under water' see benefits in defaulting
More than four in 10 South Florida homeowners who bought in the last five years owe more on their mortgages than their homes are worth. But they can't take advantage of lender programs to cut interest rates and, sometimes, principal balances because to qualify, homeowners usually must be in default or in foreclosure. | 10/16/08 06:26:11 By - Monica Hatcher
Bernanke warns of worsening slump; stocks dive
Federal Reserve Chairman Ben Bernanke warned Wednesday that the economic slowdown is growing worse and called for greater regulation to prevent future crises like the one now menacing the nation. Stocks on all three major indices plunged soon after his speech, as new data confirmed a deep and wide national economic retreat. | 10/15/08 18:46:00 By - Kevin G. Hall
Financial crisis forces fire sales of Russian businesses, banks
Known for its light government regulation and widespread corruption, Russia's economy has been unable to cope with the tightening of credit, leading to the fire sales of banks and firms. The upheaval also raises serious concerns about the Russian government's ability, or perhaps willingness, to bring transparency to its financial system. | 10/15/08 17:24:00 By - Tom Lasseter
Amid turmoil, some China factories prosper, some don't
Global financial turmoil has sent gale-force winds across some factory floors in China, and barely a breeze across others. The differing fates of factory owners such as David Xu and James Jiang illustrate why China Inc. displays some resilience in the face of the global crisis. | 10/15/08 15:29:00 By - Tim Johnson
Poll: Voters think Obama's done better explaining economy
The survey found that 48 percent think Obama has done an excellent or good job explaining his economic views, compasred to 29 percent who thought that of McCain. Roughly the same percentage thought Obama'd done only a fair or poor job explain his economic views, but that figure was much better than McCain's two-thirds. | 10/15/08 14:37:33 By - David Lightman
Bank rescue came too late for Wachovia
A day after the federal government laid out a sweeping plan to buy into the country's banks, a top regulator said Tuesday that Wachovia might have been saved as a stand-alone bank if the government had acted sooner. | 10/15/08 06:46:50 By - Christinia Rexrod
What the new Bush administration rescue plan does
The Bush administration's financial rescue plan Version 2.0 marks an abrupt change in the government's approach toward banks and the use of taxpayers' money. Here are some answers to questions about these changes. | 10/14/08 18:42:00 By - Kevin G. Hall
Poll: Few Americans panicked over market's gyrations
Despite all the recent wild swings in the stock market, Americans are not panicking about their investments, according to a new Ipsos/McClatchy poll. The poll found few investors selling or planning to sell, few saying they would stop making planned contributions to retirement plans or other programs that buy stocks, and increased confidence in bank deposits thanks to more generous government insurance coverage. | 10/14/08 18:35:00 By - Steven Thomma
Latin American markets rally, but region still shaky
Stock exchanges rebounded for the second day throughout Latin America on Tuesday, a hopeful sign for an economically buoyant region thrown off balance by the global financial crisis. | 10/14/08 18:17:00 By - Tyler Bridges
Financial crisis improves political fortunes of Britain's Brown
British Prime Minister Gordon Brown, widely credited for inspiring financial bailout plans around the world, is reaching farther with calls for a coordinated overhaul of international financial regulation. His ideas are getting a closer look after the Bush administration's decision Monday to partially nationalize banks, a step Britain took a week ago. | 10/14/08 17:02:00 By - Julie Sell
Pork-barrel spending: McCain slams it; Obama says it isn't the real problem
John McCain offers two ideas for how the government should counter out-of-control federal spending: Impose a partial one-year spending freeze and put a stop to all "earmarks." Barack Obama says that's too simple. He says a spending freeze is "using a hatchet where you need a scalpel" to make discriminating judgments. | 10/14/08 16:01:40 By - Rob Hotakainen
McCain rolls out new $52 billion economic-relief plan
Republican John McCain on Tuesday unveiled $52.5 billion worth of proposals targeting seniors, workers and the unemployed in a bid to get a handle on an economy that's hurting him in the polls. | 10/14/08 14:20:00 By - William Douglas and Margaret Talev
Buying bank stocks ends the era of deregulation
When the sun set on the nation's capital Tuesday, it marked the end of an era in the nation's economy, an end to the 30-year period ushered in by Ronald Reagan when the goal was to get government out of business. As the sun came up this morning, a new era of heavy government engagement in business had begun, from lending and borrowing practices to CEO pay. But will it work? That won't be known for several weeks, if then. | 10/14/08 19:30:00 By - Kevin G. Hall
As economy swoons, more people are joining credit unions
With all of the troubles taking place in the financial industry these days, one sector that appears to have avoided the mess of subprime and other shaky loans is credit unions — and consumers are noticing. | 10/14/08 07:11:14 By - Dave Gallagher
Demand up for free, reduced-price school lunches
As administrator over Mansfield's free and reduced-price lunch program, Debbie Wooten sees the effects of this year’s economic downturn on the faces of the parents who come to her office looking for help. The Texas district processed 5,000 applications for free and reduced-price lunches during the first month and a half of school. | 10/14/08 06:51:23 By - Traci Shurley
Bush: U.S. stake in 9 banks needed to preserve capitalism
President Bush this morning announced that the federal government will take direct ownership stakes in nine U.S. banks and guarantee nearly all lending in the United States in an unprecedented intervention in U.S. business. Recognizing the unusual nature of the intervention, which stopped short of seizure but was not voluntary for the banks, Bush said the intent was not to end capitalism but "to preserve it." | 10/13/08 19:40:00 By - Kevin G. Hall
Obama proposes tax credit for companies that create jobs
The proposal was one of about $60 billion worth of new ideas Obama offered on Monday to stimulate the ailing economy. Another one: let consumers cash out up to 15 percent of their IRAs or 401(k)s with no early-withdrawal penalties. | 10/13/08 18:09:00 By - Margaret Talev and David Lightman
California cities move to make lenders tidy up foreclosed homes
The scene is familiar in neighborhoods throughout the Valley: a dead lawn, debris in front and a murky swimming pool in back, sure signs of a foreclosed home. To prevent eyesores, Valley cities are taking steps to hold lenders responsible for maintaining foreclosed properties. | 10/13/08 16:07:14 By - Eddie Jimenez
Germany, France, U.K. launch major financial-rescue plans
Acting with urgency and unity, which had been sorely lacking, European nations unveiled plans Monday that could inject a mind-boggling $1 trillion into troubled banking systems whose failures have threatened to drag the world into a deep recession. | 10/13/08 10:53:00 By - Dion Nissenbaum
Golf industry still swinging
No way Les Renne was going to let the stock market's swings get in the way of his own. It's the third year that Renne, 63, has come to Myrtle Beach to play golf. The Mount Gilead, Ohio, native is retired and says it could be worse. | 10/13/08 07:33:11 By - Lis Fleisher
Local parents determined to keep kids in private schools in Columbus, Ga.
For the amount of money it takes to send his four children to St. Anne/Pacelli School in Georgia each year, William Dawahare could buy a new car. Tuition at the school ranges from about $4,000 to more than $6,000 a year per child. But the cost is worth it, he said. | 10/13/08 07:29:15 By - Sara Pauff
Entrepreneurs see upside in downturn
Despite a tough economic climate, starting a business now has advantages for entrepreneurs with solid business plans, adequate financing and marketable products and services. | 10/13/08 07:26:23 By - Robert Rodriguez
Florida realtors pursue international investors
Florida is becoming a hot spot in the global real estate market. Declining property prices coupled with a desirable climate is making the state an attractive investment and bargain for foreign buyers. And local real estate professionals are taking advantage of that appeal and doing more to establish international relationships. | 10/13/08 07:22:41 By - Grace Gagliano
Halloween continues to scare up business for local stores
Halloween has become big business, despite the limited window for selling merchandise. | 10/13/08 07:18:44 By - Will Buss
Couple finds future dim as costs rise, home value falls
View the full Fallout on Main Street project
These are scary times for David and Karen Hammerschmidt. Like most Americans, they're improvising their way through the current economic downturn. But as their health problems worsen and their money woes mount, the Hammerschmidts realize they can't answer every challenge the wicked economy throws at them. And they're running out of time to figure out how. | 10/13/08 06:00:00 By - Tony PughQuestions and answers about new bank rescue efforts
WASHINGTON - By adopting a banking rescue plan based on efforts in Great Britain, European leaders took a very different approach from Washington's. | 10/12/08 19:32:00 By - Kevin G. Hall
Treasury will buy stock in banks; stocks bounce back
Treasury’s new point man for the bank rescue program, Neel Kashkari, gave his first address Monday morning, laying out just how the agency will carry out a $700 billion rescue plan passed by Congress last month. He confirmed taking equity positions in struggling banks is near the top of the list. The Dow Jones Industrial Average posted its biggest one-day point gain ever, soaring more than 936 points, or 11 percent. | 10/12/08 16:06:00 By - Kevin G. Hall and Dion Nissenbaum
Notes from the road: How we are all connected
Saturday was a beautiful Indian Summer day in Quakertown, a borough about 19 miles south of Bethlehem. Lots of folks on motorcycles, in softball uniforms and the local restaurants were packed with families on weekend outings. That's a good sign for a troubled economy. The falling gas prices haven't hurt either. A gallon of regular was going for $2.99 per gallon at some stations. I haven't seen that in quite a while. | 10/12/08 13:56:38 By - Tony Pugh
Private sector loans, not Fannie or Freddie, triggered crisis
Talk radio and the blogosphere are pushing the idea that the stock market meltdown and the freeze on credit was triggered by finance giants Fannie Mae's and Freddie Mac's lending money to poor and minority Americans. But federal housing data reveal that that charge isn't true. Instead, it was the private sector that was behind the soaring subprime lending at the core of the crisis. | 10/12/08 15:56:00 By - David Goldstein and Kevin G. Hall
U.S. taps Canada's oil sands — but at what cost?
For decades, the U.S. has vowed to reduce its dependence on imported oil and to find a reliable source to meet the nation's growing oil needs. Now, Canada offers a solution. While oil supplies are dwindling in some places, or disrupted by hurricanes, threatened by terrorist attacks or controlled by hostile governments, Alberta's oil sands — a patch of forest about the size of Florida with a sea of oil beneath it — produce more crude than all the wells in Texas or Alaska. | 10/12/08 06:00:00 By - Renee Schoof
Britain, EU, buy into banks to save them
British and European leaders took unprecedented steps here late Sunday to try to halt a galloping financial crisis in its tracks, announcing aggressive action to take big stakes in banks and guarantee lending between banks.The hasty emergency action is also EU leaders' first such coordinated aggressive move since they adopted a common currency, the Euro, now used by 15 nations. | 10/12/08 16:58:43 By - Dion Nissenbaum and Kevin G. Hall
Along N.C. highway, sagging economy meets politics
North Carolina Highway 11 runs through the heart of Pitt County, N.C., linking countless economic stories: of the cafe supervisor who must pay for a ride to work, the trucker who may soon file for bankruptcy, the unemployed woman whose trailer hasn’t had electricity for a year. On television last week, Sens. Barack Obama and John McCain couldn’t say in their debate whether the economy will get worse. They should drive down Highway 11. | 10/11/08 10:30:42 By - Barbara Barrett
Bush, global leaders vow to cooperate in financial crisis
Leaders of the world's most industrialized nations agreed Saturday to work together to attack the widening financial crisis. Meanwhile, in a strongly worded statement, the managing director of the IMF offered a grim summation, saying banks weren't just having trouble accessing capital, but were in danger of insolvency, meaning many big banks and corporations are at risk of collapse. | 10/11/08 18:26:00 By - Kevin G. Hall
In latest bold step, Treasury will buy bank stakes
The Treasury Department said Friday it will buy stakes in major U.S. banks and financial institutions in hopes of easing the current financial crisis. But leaders of the world's industrialized democracies failed to announce coordinated steps to resolve the crisis. The bank stock plan adds to a growing list of unprecedented government interventions into private financial institutions not seen since the Great Depression. | 10/10/08 19:52:49 By - Kevin G. Hall
Wachovia experienced $5 billion run on deposits
Wachovia Corp. lost $5 billion in deposits on Friday Sept. 26 in a “silent run” on the Charlotte bank, leading regulators to tell Wachovia that it would be shut down within days if it were not acquired, according to court filings made by Citigroup today. | 10/10/08 19:14:59 By - Rick Rothacker
Europe's central banks still playing catch-up in meltdown
At the end of Europe's worst financial week in decades, after repeated and failed attempts to halt the tailspin of global markets and restore trust in economic leaders, some European economists are throwing up their hands in frustration. "What to do to restore confidence is something you should perhaps ask a psychologist," Jean-Christophe Caffet, an analyst at France's Natixis Bank, said Friday. "The key driver here is confidence, and . . . we don't have a way to bring confidence." | 10/10/08 16:04:00 By - Dion Nissenbaum
Entitlements: Time running out on Social Security, Medicare fixes
Social Security and Medicare long have been considered the nation's fiscal time bombs, and the ticking is getting louder. But presidential candidates Barack Obama and John McCain have no comprehensive plans to overhaul the systems, and are campaigning almost as if they don't notice them. | 10/10/08 15:41:00 By - David Lightman and Kevin G. Hall
Homeowner help: HUD-certified advisers, more refinancing available
Whether their home loan is through Countrywide, another mortgage company or bank, homeowners can get free counseling to help them avoid foreclosure. An $8.4 billion legal settlement was agreed to this week to benefit those with certain types of Countrywide mortgages. But housing counselors say many other lenders, too, have started offering options that may enable people to keep their homes. | 10/10/08 12:03:11 By - J.N. Sbranti
Aflac shares fall 17 percent, other insurers down
It was a rough day for insurance companies including Aflac. Stock for Prudential Financial Inc. dropped about 23 percent. Lincoln National fell almost 35 percent. And Protective Life Corp. saw a 44 percent drop. | 10/10/08 07:31:14 By - Andrea V. Hernandez
Keeneland, other race tracks feeling economy's pinch
If the adage holds true that misery loves company, Keeneland Race Course will have no trouble finding other tracks to join it this season in a struggle reflecting national trends. | 10/10/08 07:13:32 By - Alicia Wincze
Struggling KC area food pantries issue plea for help
If hard times have found you, you’re likely to find they’ve hit area food pantries too. An Excelsior Springs pantry is completely out of cereal. A midtown Kansas City pantry no longer gives out snacks or juice. Another has no hygiene products. Many pantries are in a double bind: More people are coming for help, but donations are down. | 10/10/08 07:10:42 By - Debra Skodack and Meredith Rodriguez
Charlotte companies still generating jobs
The Charlotte Chamber says local companies continue to generate jobs despite the nation's economic woes. Through the third quarter, 926 firms announced plans to create 9,552 | 10/10/08 07:06:06 By - Doug Smith
China's sitting on piles of money. Why won't it help?
China sits on a huge pile of money, and its policymakers crave global assets. So why doesn’t China spend a little and save the world from global financial meltdown? Economists give a number of reasons why China prefers to sit on the sidelines of the global turmoil, focusing instead on protecting its economy and maintaining growth powered by consumers at home. | 10/10/08 06:56:48 By - Tim Johnson
American heartland is suffering from Wall Street's woes
While all eyes are on Wall Street's plunge, the snowballing financial crisis is sending an already weak Main Street economy into decline. Dispatches from McClatchy newspapers in 30 U.S. cities make it clear that Main Street America is suffering from the deteriorating health of Wall Street. Banks are unable or unwilling to lend amid the growing crisis, and that's deepening the downturn. | 10/09/08 19:18:00 By - Kevin G. Hall
Citigroup breaks off talks with Wells Fargo, Wachovia
Citigroup said this afternoon that it had stopped negotiating with Wells Fargo & Co. over a possible splitting up of Wachovia Corp.’s operations, citing “dramatic differences” in possible transaction structures. Citi said it won't try to stop a Wachovia-Wells Fargo merger, but it will pursue legal claims. | 10/09/08 18:02:26 By - Rick Rothacker
Will U.S. move toward British bailout approach? Maybe
A day after the United Kingdom unveiled a big bailout plan of its own, the approach crafted here is being talked about by many analysts as the right way forward for other countries too — possibly including the U.S. Investors might be forgiven for wondering which government is at the forefront of efforts to curb the global financial crisis. | 10/09/08 17:28:00 By - Julie Sell
For legions of lawyers, bad markets are good business
As the corporate victims continue to pile up in Wall Street's great financial collapse, that flapping noise coming from the skies over Manhattan isn't the pigeons circling, it's the vultures. With personal fortunes, retirement savings and institutional assets evaporating each day, swarms of attorneys from some of the nation's most prestigious firms are positioning themselves to cash in on the escalating misery. | 10/09/08 16:41:00 By - Tony Pugh
Economy forces Florida to revisit U.S. Sugar buyout
Financing the proposed $1.75 billion purchase of the U.S. Sugar Corp. has quickly turned more complex and risky than anyone expected only a month ago -- potentially even too pricey for the South Florida Water Management District to afford. | 10/09/08 16:20:38 By - Curtis Morgan
Gas producers face leasing and drilling slowdown
Between rising concerns that the swelling U.S. natural gas supply is outstripping demand and the uncertainty of the ongoing credit crunch, the natural gas industry faces a slowdown in its frantic pace of leasing, drilling and development. | 10/09/08 16:08:44 By - Jim Fuquay
Health care: Many doubt McCain's plan would help uninsured
John McCain's health care tax credit plan would save the average household an estimated $1,241 next year. But critics charge that many people — especially those in poor health — could have a difficult time getting coverage with it. | 10/09/08 12:56:36 By - David Lightman
Loans are available, but there are new rules
The Federal Reserve cut its leading interest rate Wednesday, but the ripple effect that usually comes from such a cut isn't expected to help consumers soon. Banks continue to tighten their requirements for mortgages, car loans and in-store financing. Gone -- perhaps for good -- are the days of no down payment and 100 percent financing. | 10/09/08 07:39:51 By - Sue Stock and Jack Hagel
Budget woes: Sacramento city parks can't afford doggie bags
The problem: For weeks, dog owners have noticed the doggie bag receptacle at Glen Hall Park in River Park wasn't refilled. That has resulted in more dog poop on the grassy areas where youngsters play soccer. What gives? | 10/09/08 07:07:22 By - Bill Lindelof
Financial crisis could put crimp in defense spending plans
In the past eight years, defense spending, including the wars in Iraq and Afghanistan, has risen 52 percent, and Pentagon officials are calling for additional manpower and weapons that will push the total still higher. But military officials and experts are worrying that America may have to start reining in defense spending as the country faces huge bailout costs, an aging baby boomer population and growing health care expenses. | 10/08/08 20:11:00 By - Nancy A. Youssef
McCain's mortgage plan draws fire from Obama, economists
McCain called for the federal government to become directly involved in the housing crisis by using the $700 billion bailout package recently passed by Congress to buy troubled mortgage loans to help families stave off foreclosure. Economists saw problems with the idea. | 10/08/08 19:36:13 By - William Douglas, Margaret Talev and Kevin G. Hall
Fed's rate cut doesn't stop markets' fall. Will anything?
Under normal circumstances, rate cuts are a cause for cheer because they lower the cost of borrowing for consumers and business, spurring economic activity. But these are far from normal times, and the fear running wild on Wall Street is proving difficult to contain. For the second consecutive day, the Federal Reserve took bold action in hopes of staving off a global financial collapse. And again U.S. financial markets fell — for the sixth straight day. | 10/08/08 19:07:00 By - Kevin G. Hall
Russia shutters its markets again as deeper problems emerge
Russia, until recently the darling of foreign stock funds, is facing deeper economic problems in the ongoing crisis than many other countries are because of rampant speculation by investors who bought shares with loans they can't repay. | 10/08/08 18:55:00 By - Tom Lasseter
Familiar ring: Britain bails out its banks — and stocks tumble
The British government took a bold gamble to try stemming its financial crisis on Wednesday, unveiling a sweeping rescue plan that partly nationalizes its major banks. But the initial reaction from financial markets and people on the street was chilly. The package totals about $692 billion. About one-eighth of that money involves a direct infusion of capital. | 10/08/08 18:12:00 By - Julie Sell
Americans deeply pessimistic about economy, poll finds
The RBC Cash Index, conducted by pollster Ipsos Public Affairs, found that 64 percent of people think it's likely that they or someone they know will lose their job in the next six months. Only 35 percent said that wasn't likely. That's a big indicator that consumers will be spending less in the weeks ahead. | 10/08/08 17:11:00 By - Kevin G. Hall
Grocery employee in Macon has daily up-close look at struggle
At 70, Tom Grady bags groceries, carts them to customers' cars and sometimes mans a checkout-line cash register. Grady's job does afford him an up-close look at how others are - and aren't - coping in these unsteady economic times. At very least, the small talk he encounters while pushing grocery buggies between the checkouts and the parking lot has long since drifted away from the weather to the pocketbook pinch. | 10/08/08 14:30:52 By - Joe Kovac Jr.
N. Carolina's Wake County can't sell school project bonds
With no one buying the bonds Wake County had planned to sell this fall to cover construction projects through January 2010, county leaders will have to work together to slow, delay or even cancel some planned projects, Wake manager David Cooke said Wednesday. | 10/08/08 13:38:00 By -
Charlotte home prices slumped 9 percent in September
The average price of Charlotte-area homes sold last month tumbled nearly 9 percent compared to last September. That's almost double the previous month's loss and by far the largest drop in nearly a year of declines. The average price of $214,927 last month was the lowest of any month since March 2006, well before the housing downturn began in the region. | 10/08/08 13:26:32 By - Stella M. Hopkins
Wachovia, suitors extend litigation standstill to Friday
Wachovia, Citigroup and Wells Fargo, in consultation with the Federal Reserve, said they will extend their litigation truce until 8 a.m. Friday. The truce has allowed Wells and Citi to negotiate a possible splitting up of Wachovia’s operations as a way to resolve the fight. The Federal Reserve has been an active player in these talks. | 10/08/08 13:12:53 By - Rick Rothacker
Bank of America shares plunge 26 percent
Nervous investors drove down shares of Bank of America a punishing 26 percent on Tuesday, its biggest one-day decline since at least 1980, the day after the Charlotte bank announced a big drop in earnings and an unexpected dividend cut. | 10/08/08 13:01:20 By - Christinia Rexrod
Fed cuts lending rate, but stocks still drop nearly 190 points
Amid another swoon on global stock markets, the Federal Reserve early Wednesday announced a half-point cut to its benchmark lending rate. Five other central banks moved in tandem in a coordinated effort to bring calm to panicky markets everywhere. The Dow closed down 189 points. | 10/08/08 13:00:49 By - Kevin G. Hall
Modesto-area job seekers take scarcity in stride
With resumes in hand and the weak economy in mind, job seekers milled about a job fair sparse on employers Tuesday in downtown Modesto. Some had just lost their jobs. A few have been out of work for weeks. Others sought better paying jobs to keep up with the rising costs devouring their budgets. | 10/08/08 13:00:22 By - Eve Hightower
N.C. gas priciest in the lower 48 states
Suddenly, North Carolina has the priciest gasoline in the lower 48 states. Tar Heel motorists were paying an average $3.794 per gallon of regular Tuesday. That's 31 cents more than the national average -- and higher than in any other state this side of Alaska and Hawaii. Industry and government officials say Hurricane Ike is still to blame. | 10/08/08 07:59:28 By - Bruce Siceloff
Despite crisis, 6,100 new jobs forecast for Wichita
While the rest of world may seem to be descending into economic crisis, the Wichita metropolitan area is forecast to add about 6,100 jobs in 2009, according to a new Wichita State University forecast. | 10/08/08 07:44:09 By - Dan Voorhis
Idahoans struggle to pay utility bills
More Idahoans are struggling to pay rising utility bills as increasing power costs and declining economic fortunes collide to create harder times as winter nears. | 10/08/08 07:28:56 By - Brad Talbutt
South Florida luxury hotels tested in hard times
Is a global recession the time to be spending $1,000 a night for a hotel room? Jorge Collazo has his doubts. The sales director for the Setai predicts a sizable number of guests this winter will balk at the South Beach resort's $1,100 standard daily rate, forcing him to extend a $620 weekday special into the weekend. | 10/08/08 07:17:46 By - Douglas Hanks
Longtime hairdresser makes adjustments, urges others to cut back
Marian Heath, a 65-year-old hairdresser, has some practical advice for getting by when the bills pile up and cash is hard to come by: Don't let it get you down. Heath, who caters to both men and women at the House of Johnson hair shop on Poplar Street, has seen a gradual drop in customers during the years. | 10/07/08 14:40:51 By - Joe Kovic Jr.
Latin leftists gloating over 'Comrade' Bush's bailout
With the Bush administration's Treasury Department resorting to government bailout after government bailout to keep the U.S. economy afloat, leftist governments and their political allies in Latin America are having a field day, gloating one day and taunting Bush the next for adopting the types of interventionist government policies that he's long condemned. | 10/07/08 18:47:00 By - Tyler Bridges
With leaders divided, EU nations fend for themselves
One day after being buffeted by record stock market losses, European leaders embraced an incremental approach Tuesday in response to the economic crisis that has overwhelmed global markets. | 10/07/08 16:45:00 By - Dion Nissenbaum
Market plunge continues, despite Fed's new lending plan
The Dow fell another 508.39 points, or 5.1 percent, Tuesday bringing its decline in the last five trading days to 13 percent. That, despite a major initiative by the Federal Reserve to lend money directly to U.S. businesses in an effort to unclog the frozen credit markets. | 10/07/08 11:09:00 By - Kevin G. Hall
East Asia remembers last crisis as it braces for new one
More than a decade after the last major economic crisis, East Asia is spooked by the prospect of a new global financial tidal wave rolling its way. Some East Asians are putting a lock on their wallets, shunning the fancy banquets that are a tradition in Asia, cutting back on taxis, even buying gold to hedge against calamity. | 10/07/08 10:42:51 By - Tim Johnson
Here's what some experts are telling Texas investors
Monday's wild gyrations on Wall Street, coming on the heels of bank takeovers and collapses as well as financial stress in Europe and Asia, were reflected in concerns expressed by everyday investors in North Texas who sought advice from area experts. | 10/07/08 08:19:49 By - Barry Shlachter
Outlook 'bleak' for help agencies
Before the doors opened, more than 150 people gathered at the Salvation Army in Bradenton on Monday morning waiting for assistance. The long lines shocked the agency's most seasoned veterans. | 10/07/08 07:27:33 By - Robert Napper and Donna Wright
Kansas ethanol company files Chapter 11
Gateway Ethanol LLC has sought Chapter 11 protection, the latest in a string of regional ethanol producers to shut down or declare bankruptcy. | 10/07/08 06:57:09 By - Dan Margolies
Loan-modification in Texas could help Countrywide customers avoid foreclosure
Financially troubled North Texas homeowners with Countrywide loans could avoid foreclosure and refinance to lower mortgage payments under a deal struck with attorneys general in seven states. | 10/07/08 06:51:25 By - Andrea Jares
The only place unaffected by financial turmoil: Iraq
The Mexican peso plunged to its lowest level in years. In Argentina, stocks fell 10 percent. Brazil and Russia temporarily halted trading after a series of steep drops on their exchanges. Sweden, Denmark and Austria joined Ireland and Germany on a growing list of European countries that pledged to guarantee bank deposits to tamp down consumer worries. On the very day that Washington began to unfold the $700 billion economic rescue mission, foreign governments and investors seemed resigned to a long period of tight credit and turmoil. | 10/06/08 19:25:00 By - David Goldstein
Car loan approvals were off sharply in California this year
Californians receiving approval for new-vehicle loans in three credit categories — prime, near-prime and subprime — dropped sharply in the Jan. 1 to Sept. 20 period compared with last year, according to Bandon, Ore.-based CNW Research, one of the nation's top auto industry tracking firms. | 10/06/08 17:51:00 By - Mark Glover
As stock markets slide, McCain and Obama talk economics
As stock markets around the world tumbled Monday, John McCain urged lower taxes and tough curbs on government spending, and Barack Obama pushed his plan for a quick stimulus package to help the ailing economy. | 10/06/08 17:01:00 By - David Lightman
Tight times in Macon: water at lunch and shrinking tips
At her job not too long ago, servers were in the habit of giving away shifts, taking days off because they were making enough to get by waiting tables two or three times a week. Now more are putting in to work full weeks. Still, Mary Heenan said, tips aren't as plentiful. | 10/06/08 14:14:32 By - Joe Kovac Jr.
Dow closes at 4-year low as crisis mood sweeps the world
Monday’s drop on all three major U.S. indices to levels first reached a decade ago was a sobering reminder that Wall Street and the retirement plans of ordinary Americans are spiraling downward together. The S&P 500 was off 42.34 points to 1506.89 and the Nasdaq sunk 84.43 points to 1862.96. In Europe, many exchanges posted their worst day ever. Russia halted trading and the Brazilian exchange's close wiped out two years of growth. | 10/06/08 11:15:09 By - Kevin G. Hall
Tourism spending still robust in Washington State
Washington State tourism has been a booming industry in recent years, so it'll be interesting to see if it continues if the national economy remains sluggish. | 10/06/08 07:30:54 By - Dave Gallagher
Selling out gets tougher for business owners
A weak economy and credit crunch are making selling companies harder. Florida is on pace to experience a double-digit drop in business sales over last year, figures from Business Brokers of Florida show. The dollar volume of deals is on pace to be off by a third. | 10/06/08 07:26:46 By - Patrick Danner
Citigroup, Wells Fargo negotiating on how to split Wachovia
After a weekend of legal wrangling in New York over Wachovia's fate, Citigroup and Wells Fargo were negotiating Sunday night, under pressure from regulators, on a compromise that could essentially carve up the Charlotte bank among the two feuding buyers, the Wall Street Journal reported. | 10/06/08 07:19:03 By - Rex Rothacker and Kristin Valle
In pricey Greenwich, Conn., signs of a troubled economy
For residents of the moneyed enclave of Greenwich, Connecticut, just off the Long Island Sound, the financial tremors that have shaken Wall Street are more than just business: they are personal. Greenwich is where many of the well-heeled investment bankers, traders and hedge fund managers live, and as problems mount on Wall Street, they're feeling the pinch. Video visit of a foreclosed Greenwich home | 10/06/08 06:00:13 By - Tony Pugh
A brief history of financial woe
It's a recurring theme of capitalism. Speculative manias, loose money and sharp operators combine to inflate asset bubbles that eventually burst. Every time, though, the market recovers &mash; eventually. Here's a quick overview of financial crises and recoveries. | 10/05/08 08:06:49 By - Chris Lester
The Great Depression: Memories of the worst of times
Some warn that America is on the verge of a financial collapse comparable to that grim decade after the 1929 stock market crash. That period in U.S. history had a face. It was called despair. | 10/05/08 08:03:07 By - David Casstevens
Ripple effect of credit crunch: 'everything's on hold'
The Wachovia golf Championship starts every fall for The McLamb Group. The Charlotte printing and marketing company has been part of the intricate behind-the-scenes work since 2002. Now, everything's on hold, because tournament coordinators don't know what name will top this year's tickets. | 10/05/08 07:58:35 By - Kristin Valle
Congress looked ugly on bailout bill, but system worked
Everything America hates about Congress was on vivid display these last few weeks as members struggled to pass the $700 billion financial rescue plan. Yet experts argue that in the end the system worked, as members acted rapidly to try to ease what may be the most serious economic crisis since the Great Depression. “Democracy is messy,” explained Carl Pinkele, professor of politics and government at Ohio Wesleyan University. | 10/04/08 17:33:21 By - David Lightman
Europe's leaders find little unity in financial crisis
LONDON — European leaders, having denounced the U.S. regulatory lapses that led to the Wall Street crisis, are attempting this weekend to cope with the spillover on their own countries. | 10/04/08 16:27:00 By - Julie Sell
Bailout bill not likely to help on foreclosures, experts say
The legislation requires Treasury Secretary Henry Paulson to "implement a plan to mitigate foreclosures" and "identify opportunities to modify loans." It also requires the government to work with lenders "to encourage loan modifications." But that's not enough because such modifications remain voluntary. The government won't be able to alter loans on its own because of the way the mortgage-backed securities are structured.
That's not forceful enough, advocates say. | 10/04/08 15:23:17 By - Jim Wasserman and Dale KaslerFolks on Main Street hungry for accountability
With all the talk about Wall Street, Main Street and the November elections, the people who work and eat at the Main Street Restaurant in Carrollton, Mo., doubt that Congress really worries much about this Main Street. Ask the customers about the presidential race and few talk about personally needing anything from the federal government, much less the president. “I’ve just a one-word request: accountability,” says one man. | 10/04/08 15:11:03 By - Rick Montgomery
A phone call put Wachovia back in play
On Thursday, Wachovia and Citigroup executives and lawyers were in New York deep into outlining details for their merger. Back in Charlotte, some bank employees were slowly coming to grips with a pride-wounding, government-assisted deal brokered just days earlier. Then came the call from Wells Fargo. | 10/04/08 14:54:25 By - Rick Rothacker
Bailout is just a beginning
The turmoil in the financial markets has trickled down to Sean Wilson, who is trying to raise money for a new brewery in Durham. Wilson has $150,000 so far but recently was told by two potential investors: "I can't do it right now because I don't have the funds. My portfolio is down." | 10/04/08 08:25:42 By - David Ranii
Folks on Kansas City's Main Street hungry for accountability
Ask the customers of Main Street Restaurant in Kansas City about the presidential race and few talk about personally needing anything from the federal government, much less the president. "I've just a one-word request: accountability,” said local cabinet maker Bob Sweeney. | 10/04/08 08:18:08 By - Rick Montgomery
No quick answers as banks battle to take over Wachovia
A banking brawl broke out over the surprise announcement Friday that Wells Fargo plans to buy Wachovia for $15 billion, an agreement that upset the previously stunning Wachovia-Citigroup deal announced Monday. It seems likely that one of the banks will win Wachovia. But there's no consensus on what that new bank would look like or how many jobs would be lost. | 10/04/08 07:24:27 By - Rick Rothacker and Christina Rexrode
California pleads for $7 billion loan to meet cash shortfall
California is jockeying for a multibillion-dollar emergency federal loan with Gov. Arnold Schwarzenegger sending a letter to Treasury Secretary Henry M. Paulson warning that the state may be forced to turn to the federal treasury for help if it cannot quickly secure a short-term loan for up to $7 billion. The credit crunch has made it impossible for the state to get a short-term loan. | 10/03/08 19:30:18 By - Jim Sanders
The bailout bill is now the law. So what happens next?
The $700 billion financial-sector bailout became law Friday, but there's still only a vague idea of how it might work and whether it's enough. A lot of heavy lifting lies ahead. That was evident Friday when stock markets largely ignored passage of the legislation. The Dow finished down 157.47 points, 1.5 percent, and the S&P 500 and Nasdaq posted similar drops. | 10/03/08 18:39:00 By - Kevin G. Hall
More car dealerships going out of business
Generation Motors in Modesto shut its doors Friday morning, an apparent victim of the sluggish economy that has toppled auto dealerships nationwide. Last week, the nation's largest Chevy dealer closed in Georgia. | 10/03/08 18:48:08 By - Garth Stapley and Tim Moran
Central California lawmakers stick to their guns in bailout
Lawmakers from the San Joaquin Valley on Friday stuck to their previous positions on a financial bailout package whose specific benefits to California residents are still being tallied. | 10/03/08 16:08:41 By - Michael Doyle
House approves historic bailout bill; Bush quickly signs it
Besieged by pleas from their constituents, from corporate executives to struggling wage-earners, the House of Representatives reversed itself on Friday and approved the controversial $700 billion financial system rescue plan designed to keep the nation from falling into an economic abyss. The 263-171 vote reversed the House's rejection of the bill on Monday and came just two days after the Senate passed a revised version of the plan, including $110 billion in unrelated tax breaks. | 10/03/08 00:53:00 By - Dave Montgomery
Job losses signal that U.S. is in recession
Employers shed 159,000 jobs in September, the ninth consecutive month of job losses and a sign that the U.S. economic downturn continues, the government reported Friday.Analysts said the sharp increase in job losses raised the likelihood that the Federal Reserve Board would approve deeper interest-rate cuts in the months ahead to stir the economy. | 10/03/08 10:23:00 By - Kevin G. Hall