Whatever the Federal Reserve annnounces for its expected interest-rate cut tomorrow, the housing meltdown and the credit crunch might have too big of a headstart for it to make much difference. Jeff Tyler reports.
Thousands of Northern Rock customers lined up in branches around England over the weekend to withdraw their money from the credit-crunched bank. Stephen Beard told Scott Jagow it was reminiscent of another bank run from decades before.
Alan Greenspan is on tour in support of his memoir, "The Age of Turbulence," in which he describes how he managed market crises over 18 years. But some economists think he may have encouraged the tumultuous ride. Jill Barshay reports.
The Bank of England stepped in with an offer of emergency credit today to bail out Northern Rock, one of the U.K.'s biggest mortgage companies. Stephen Beard reports it's just the latest sign the global liquidity squeeze might not yet be contained.
While much of the retail economy is feeling the pinch of subprime, luxury spending seems only to be growing. But Steve Henn reports the high-end market could be skewing retail numbers across the board.
A lot of economists have been notably optimistic about the subprime crisis, saying it wouldn't lead to a recession anytime soon. But a poll out today from Reuters may indicate a change of heart. Alisa Roth reports.