Some say one sign the economy's on a downward turn might be walking the runways not far from Wall Street: Hemlines at NYC's Fashion Week are falling. But others say that just means lots of shopping and high prices this season. Jill Barshay reports.
They usually travel in the same general direction, but recently there've been signs that the economy's going south, while oil flirts with record highs. Oh and gas prices are probably headed back up too. Stephen Beard tells us what's going on.
The news keeps getting worse for many American homeowners. New data shows that the rate of home loans in foreclosure has hit a record high for the third quarter in a row. And there's no end in sight, Bob Moon reports.
The subprime mortgage crisis is exposing the fact that American consumers have very little money in their pockets. And commentator Robert Reich says that realization could lead the nation right into recession.
Wall Street can be an incestuous place... When Merrill Lynch downgraded its rating on Lehman Bros. because of Lehman's exposure to the credit turmoil, the investment bank downgraded Merrill Lynch. Amy Scott reports.
The non-profit sector is waiting nervously to see how much fallout it'll feel from the credit crunch, and steeling itself for leaner times ahead as wallets everywhere tighten. Ashley Milne-Tyte reports.
The financial world is waiting to see if Ben Bernanke will give any indication of a cut in interest rates at an annual monetary conference tomorrow. Tess Vigeland talks to Michael Sheldon of investment banking firm Spencer Clarke.