Donald Kohn, vice chairman of the Federal Reserve, gave a little speech this morning in which he indicated the Fed might cut interest rates. Wall Street got all excited, despite the fact that Kohn emphasized how bad the economy was. Kai Ryssdal has more.
High-consuming oil countries have been putting the pressure on OPEC to pump more oil to prevent it surpassing $100 a barrel. But Stephen Beard tells Scott Jagow that OPEC blames the price hike on other factors.
The sovereign investment fund of Abu Dhabi is giving America's biggest bank, Citigroup, some much-needed capital to offset its big mortgage losses. For some insight into this news, Bob Moon talks with David Wighton of the Financial Times.
The U.S. Conference of Mayors put out a detailed report today, forecasting just how badly cities are being affected by the housing slump. Bob Moon talked with Louisville Mayor Jerry Abramson about how the downturn is affecting his city and others.
The worst consumer confidence numbers in two years came out today, along with the worst year-on-year drop in home prices in 20 years, and a report predicting the foreclosure crisis is far from over. Do all these indicators confirm a recession is near? Steve Tripoli reports.
Europe's largest bank, HSBC, is going to rescue two of its structured investment vehicles, or SIVs, that have taken a beating from recent woes in the mortgage and credit markets. It'll cost HSBC $35 billion to make things right. Amy Scott reports.