Ecomomic Crisis
Daily News and Updates
Saturday - February 28, 2009:
- California unemployment rate reaches 10.1%
- Economy Shrinks at Faster-Than-Expected 6.2% Pace
- Financial crisis sparks unrest in Europe
- GE slashes quarterly dividend to save $9 billion a year
- Japan sinks deeper into recession
- Lloyds Unit Posts Huge Loss
- Ohio’s jobless rate hits 8.8% in January
- Pilgrim's Pride To Idle 3 U.S. Plants, Affecting 3K Employees
- Treasury stake in Citi to rise to up to 36%
- U.S. economy plummets
- U.S. GDP revised to decline of 6.2% in fourth quarter
Friday - February 27, 2009:
- Author: President's numbers don't add up
- New jobless claims jump unexpectedly to 667,000
- GM posts deep loss, auditors may question viability
- JP Morgan: WaMu buyout will lead to 12,000 layoffs
- New-Home Sales in U.S. Plunge to Record-Low 309,000
- Obama budget Mammoth deficits but headed lower
- Obama U.S. to survive economic 'day of reckoning'
- Rocky Mountain News to close, publish final edition Friday
- Royal Bank of Scotland Posts Largest Annual Corporate Loss in British History
- Survey finds Wall Street bonuses opposed
- US banks could post first quarterly loss since '90
- U.S. workers on jobless benefits at record high
- Obama sees soaring deficits, pushes big goals
Thursday - February 26, 2009:
- The next big financial meltdown
Wednesday - February 25, 2009:
- AIG in talks with U.S. government, sees $60 billion loss source
- Consumers fret as U.S. home prices fall at record pace
- Health spending takes rising share of U.S. economy
- Thousands demand dissolution of Thai parliament
- U.S. Clears Path to Bank Takeovers
- U.S. home prices, German morale wilt
- Spending bill stuffed with earmarks
Tuesday - February 24, 2009:
- AmEx Offers Some Holders $300 To Pay And Leave
- A.I.G. to Seek More Government Aid
- Asia Agrees on $120 Billion Currency Pool Amid Crisis
- Bank of Israel cuts interest rate to all-time low of 0.75 percent
- Taxpayer may get £500bn liability - UK
- Commission consults unions, business amid fears of unrest
- Dow, S&P 500 tumble to 1997 levels
- Factory Protest in the North Threatens to Escalate
- GM to temporarily shut down 3 plants in Mexico
- Heads of 8 European Countries Pledge Global Finance Changes
- Is the American mall dying
- Pension warning over Royal Mail privatisation bid - UK
- Unemployment Could Hit 9% This Year: NABE
- Union: Top Philadelphia papers file for bankruptcy
- World's economies tumbling like dominoes
Monday - February 23, 2009:
- 20% in Los Angeles County receive public aid
- EU heads back financial clampdown
- Clinton: US, China leadership key to aid economy
- Financial fix? Abolish the Fed, says congressman
- Latvia's government collapses
- Police warn that Britain faces summer of rage due to recession
- Report: Bailed-out bank gives bonus loans
- Soros sees no bottom for world financial collapse
- U.S. bank stress tests to show capital needs source
Sunday - February 22, 2009:
- Huge protest over Irish economy
- Bear Market's Bite Could Go Deeper
- Congressman Dennis Kucinich
- Economic woes trump rights as Clinton visits China
- FDIC, regulators shut down Oregon's Silver Falls Bank
- Harvard short on cash
- Kazakhs demand resignations at rare crisis protest
- Morgan Stanley offers $3 billion broker bonuses, Wells none
Saturday - February 21, 2009:
- ArcelorMittal Cleveland furnaces could remain down for six months or more
- Latvian government resigns as economic recession deepens
- Dodd Says Short-Term Bank Takeovers May Be Necessary
- German Cabinet Approves Bank Nationalization Plans
- GM's Saab says to file for creditor protection
- GM's Saab wins creditor protection, seeks savior
- How much will you pay for Wall Street bailout
- Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer
- Nationalization fears pummel BofA, Citi
- Hershey Co. closing Peppermint Patty plant in Pa
- Roubini Nowhere near end of crisis
- Asia, Europe Find Their Supply Chains Yanked. Beware the Backlash.
- Swiss bank shares tumble as UBS tax probe widens
- Treasury ordered to turn over bailout records
- U.S.-China Trade Ties Erode Amid Accusations
Friday - February 20, 2009:
- US lawmakers attack bank secrecy
- Dow Hits 6-Year Low as Banks Tank
- EU mulls action as Ukraine crumble triggers contagion fears for Europe
- Food makers try to hold prices as retailers push back
- Madoff Loss Spawned in ‘Bargain With Devil’ at Cerberus Bank
- New jobless claims hit 627,000, continuing benefits figure sets new record near 5 million
- Obama housing plan will have impact in March Bair
- Obama throws $75 billion lifeline to homeowners
- Roubini warns of 'sovereign' bank failure
- Sheriff Man killed wife, son, then himself
Thursday - February 19, 2009:
- Fed Downgrades Economic Forecast for This Year
- Beleaguered British Banking Giant to Sharply Cut Staff Bonuses
- Eastern Europe showing new vulnerability
- Germany, France May Face Bailout of Euro Nations
- GM, Chrysler Seek Billions More in Aid
- GM, Chrysler seek nearly $22 billion more U.S. loans
- Media General Announces Employee Furlough Program
- Swift, Steep Downturn Crosses Globe
- Taiwanese economy slumps into recession
- Industrial production, housing starts plunge
- U.S. Doubles Fannie, Freddie Aid to $400 Billion
- Economy may need more shot in the arm Fed's Evans
- Recession will be worst since 1930s -Greenspan
- Wave of Bank Nationalizations Could Be Looming
- White House Launches Recovery.gov to Track Stimulus Spending
Wednesday - February 18, 2009:
- GM and Chrysler to shed 50,000 jobs
- Dow slips nearly 300 points
- Fischer Sinks the Shekel, Pumps up the Dollar
- Iceland at the brink of failure
- Inflation to fall to lowest in nearly 50 years
- Smithfield Foods Says Fiscal 2010 Should Be a ‘Better’ Year
- Stocks Tumble as Recession Appears to Worsen
- Tech Layoffs Surge to 300,000
- Texas Financial Firm Accused of Fraud
- Trump Entertainment files for bankruptcy
- US Stocks In Broad Decline As DJIA Remains Near November Lows
- With no budget, California to cut 20,000 state jobs
Tuesday - February 17, 2009:
- Dairy cows head for slaughter as milk prices sour
- Government Pension Agency Threatened by Recession
- Irish government faces growing fears of debt default
- Japan's economy slumps as global gloom spreads
- Russia's super-rich down to last few billions as fortunes slip away
- White House dampens stimulus expectations
Monday - February 16, 2009:
- California lawmakers vote on $41 billion budget plan
- Crude oil is getting cheaper so why isn't gas
- G7 Leaders Call for Exceptional Measures to Solve Global Crisis
- GM, UAW talks resume as deadline looms
- Obama to sign stimulus bill Tuesday
- Price index drops to 3.3% annual rate
- World's richest countries pledge to fix economy
Sunday - February 15, 2009:
- Ariz. Federal Credit Union closing 4 branches
- Congress OKs $787 billion stimulus bill
- Federal obligations exceed world GDP
- Four U.S. Banks Seized, Bringing Total for Year to 13
- G7 strives to pair crisis response and free trade
- British investor in Madoff scheme kills himself
- GM considering Chapter 11 filing, new company report
- Inflation in Russia may hit 14% in 2009 - finance minister
- GOP lawmakers tout projects in the stimulus bill they opposed
- Sirius XM Preparing Worst-Case Scenario
- Specter: Republicans Support Stimulus, Don't Want 'Fingerprints' On It
- Stimulus Plan Sets New Limits on Executive Pay
- This week 32,000 jobs hit the chopping block
- Trillions? Get ready for quadrillion
- PNC pays bonuses to execs after getting TARP money
Saturday - February 14, 2009:
- Eurozone economies slow sharply
- British Prime Minister Says Bank Bonuses Should Be Reclaimable
- Economic Free Fall Accelerates, Data Show
- FILNER JOINS 20 MEMBERS OF CONGRESS TO ESTABLISH POPULIST CAUCUS FOR MIDDLE CLASS ECONOMIC ISSUES
- G7 ministers meet on crisis, fret over protectionism
- Congress to governors Use it or lose it
- Investigation looks into political pressure in bailout distribution
- J_P_ Morgan Chase, Citigroup and Bank of America Agree to Foreclosure Freeze
- No one home: 1 in 9 housing units vacant
- S&P heads to first quarterly earnings loss ever
- Toyota Plans Worker Buyouts, North America Pay Freeze
- Toyota Takes Further Measures To Reduce North American Production
- U.S. Michigan Consumer Sentiment Index Fell to 56.2
- Vacant homes delay housing recovery
Friday - February 13, 2009:
- Pioneer announces 10,000 job cuts
- Congress prepares final vote on stimulus
- ETA Press Release: Unemployment Insurance Weekly Claims Report
- FBI: Bailout fraud to strain U.S. agencies
- Financial crisis: Canada may reduce immigration
- Foreclosures push U_S_ home prices to 5-year low
- Geithner to urge bold G7 recovery moves US official
- Latest Version of Stimulus Bill Hits Elderly Hardest
- More Employers Fight Unemployment Benefits
- Ongoing jobless claims reach fresh record high
- Republicans excluded from stimulus decision
- Senator predicts swift action on credit cards
- The Chinese are coming, to buy bargain US homes
- White House may move to buy mortgages
Thursday - February 12, 2009:
- China exports continue to plunge
- US banks defend bail-out spending
- Big cuts loom for education: 574,000 jobs at risk
- Deal announced in race for $789B economic stimulus bill
- Global Crisis Takes Toll on China As Exports, Imports Plunge
- Governor to lay off workers if no budget deal
- N.Y. AG: Merrill Lynch Wasted Funds, Investment Bank Secretly Awarded $3_6B In Bonuses Using Taxpayer Bailout Money, Andrew Cuomo Charges
- Sirius XM Satellite Radio Short On Cash to Cover Debt Payment
- Stimulus bill shuts out divinity schools for funds
- The Economy Even Worse Than Obama Admits
- Corporate fraud run amok FBI investigating over 500 cases
- U.S. to weigh if more needed for bank bailout Geithner
- World stocks fall on skepticism over US bank plan
Wednesday - February 11, 2009:
- General Motors cutting 10,000 salaried jobs
- Fewer job openings, more layoffs
- Over 1.7 mln Russians officially unemployed - ministry
- Senate passes Obama's economic recovery plan
- US dairy farms in crisis as milk prices turn sour
- Senate passes $838 billion stimulus bill
- Stocks reject Obama's plans
- Wal-Mart Lays Off Workers
- U.S. offers $2 trillion bank plan but stocks slump
- UBS announces $6.9 billion quarterly loss
- WTO Panel Warned of Protectionism Threat
Tuesday - February 10, 2009:
- China wants IMF to be tougher with rich states
- Dozens of California Senate staffers get little-known pay sweetener
- G20 to draft new world economy rules by April summit - Kudrin
- Nissan to slash 20,000 jobs, sees annual loss
- Refinery cuts sending gas prices up
- Stimulus Battle May Signal Tough Sell for Bank Rescue
- Stimulus opposition rallying GOP
- Warner Brothers to outsource jobs to India
Monday - February 9, 2009:
- Adviser: Stimulus battle still on
- SC Governor: We’re moving close to ‘a savior-based economy’
- Economists Agree Time Is of the Essence for Stimulus
- IMF may run out of cash to fight crisis in six months, Strauss-Khan warns
- Stimulus will lead to 'disaster,' Republican warns
- Swiss banks to announce massive losses
- Tough week ahead with stimulus, bailout on tap
- Unemployment benefits safety net is fraying
- 'Doom' rhetoric seen by some as 'not presidential'
Sunday - February 8, 2009:
- Charles Krauthammer - The Fierce Urgency of Pork
- Chicago Tribune plans job cuts, salary freeze
- Commentary: Stimulate the economy, not government
- Fed borrowing could reach $4 trillion
- Inhofe Statement on Stimulus Compromise
- Obama stimulus plan would boost alternative energy
- Stimulus bill far from perfect, Obama says
- Regulators close failed banks in Ga., Calif.
- S.E. Asia Faces Long-Term Trade Shift
- Senate to vote Monday on stimulus bill
- SHRM Says Expect Hiring to Hit Deep Freeze in February
- Dow Jones costs News Corp $2.8 bln in writedown
Saturday - February 7, 2009:
- Chrysler Idling 3 Plants Monday
- Congressional pay raise 'ludicrous' during recession
- Ex-PM Kasyanov predicts mass Russian protests in summer
- Furloughs begin for Calif. state workers
- Gordon Brown suggests world heading for a 'depression'
- Nations Rush to Establish New Barriers to Trade
- Payrolls plunge by 598,000, the most in 34 years
- Senators Reach Deal on Stimulus Bill
- Sharp Q3 in red, sees first ever annual loss
- Stimulus could supply illegals with 300,000 jobs
- Toyota losses mount
- Treasury hires bankruptcy firms to advise on auto plans
- U.S. consumers missing more debt payments
- U.S. job losses accelerate
- U.S. Senate votes to ban executive bonuses
Friday - February 6, 2009:
- Arab unemployment 'highest in world'
- Bank of America tumbles on nationalization worries
- Bank of England Cuts Main Rate a Half Point to 1%
- Bankers under fire in countries besides U.S.
- Barack Obama - The Action Americans Need
- Deluge Is Holding Up Benefits to Unemployed
- Democrats push vote of huge U.S. stimulus plan
- Estee Lauder 2Q profit falls, will cut jobs
- Factory Orders Fall For Fifth Consecutive Month In December
- France's Sarkozy seeks to ease fears on crisis
- General Motors Mexico plant to lay off 600 workers
- Greek socialists renew call for elections
- Job market could be bleak for years
- Moody’s: Israeli economy can withstand shock
- New jobless claims surge to 26-year high
- New Jobless Claims Surge to 626,000
- Pier 1 may cut up to 850 jobs
- Report: Ohio Lost 262,383 Jobs Since 2000
- The City fears Russia's default
- Report finds TARP at risk of fraud
- Sen. Reid: We’ve got votes on stimulus
- Treasury overpaid $78 bn for toxic assets
- U.S. Housing Slump Has ‘Just Begun,’ Says Forecaster Talbott
- U.S. Treasury in plans for record debt sale
- Worker Anger Sees Brown Facing Winter of Discontent
Thursday - February 5, 2009:
- U.S. January Job Cuts Triple From Year Earlier, Challenger Says
- Asset Guarantees Gain Momentum in U.S. Bank Talks
- First quarter layoffs
- Support for Stimulus Package Falls to 37%
- US credit card delinquencies at record highs
Wednesday - February 4, 2009:
- Auto sales hit 27-year low
- Buy American plan could cost U.S. jobs study
- Chrysler sales plunge 55 pct; GM, Toyota also down
- Despite Federal Aid, Many Banks Fail to Revive Lending
- Hapoalim expects NIS 250m loss in Q4
- Love that economic pain!
- Panasonic warns of $4_2 billion loss, to cut 15,000 jobs
- Layoffs spike as recession rips through U.S.
- Recession rescue intensifies as job losses pile up
- Record 19 Million U.S. Homes Stood Vacant in 2008
- Utah cuts state workweek
Tuesday - February 3, 2009:
- Is It Time to Bail Out of America
- More Economists Say Crisis Is Worse Than Great Depression
- Bailed Out Bank of America Sponsors Super Bowl Fun Fest
- China official says 20 million migrants lost jobs
- Fed's Fisher says protectionism equals economic death
- Florida, Maryland, Utah Banks Shut as Financial Crisis Deepens
- Humana confident in 2009 outlook
- Obama Seeks Quick Senate Action on Stimulus Bill
- California holds back payments amid budget crisis
- The Conference Board Reports Online Job Demand Plunges 506,000 in January
- Time for a new world order: PM
- Zimbabwe knocks 12 zeroes off inflation-hit dollar
Monday - February 2, 2009:
- Bill Gates predicts long downturn
- L.A. Times to lay off 300 and Cuts Local News Section
- GlaxoSmithKline to slash 6,000 jobs
- GOP Stimulus used for permanent changes
- Out of Gaps In Treaties, First Salvos Of Trade War
- Stiglitz Criticizes Bad Bank Plan as Swapping ‘Cash for Trash’
- Violent clashes in Russia as angry protesters call for Putin to resign over economy
- Violent unrest rocks China as crisis hits
Sunday - February 1, 2009:
- Worst January ever for Dow, S&P 500
- Germany Suggests Creation Of UN Economic Council
- Governments across Europe tremble as effects of global recession prompt angry people to take to the streets
- Japan unveils $17B Asian aid package
Archives --
January 2009
December 2008
November 2008
October 2008
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