Fallout: The Financial Crisis

Marketing executive Christine Elbert's morning routine has changed pretty significantly since she was laid off, but she's weathering the storm and enjoying the holiday with her family. Jill Barshay has her story.

Representative Barney Frank is drafting new legislation to help stem home foreclosures and reduce mortgage rates. The plan would use some bailout money and ideas from FDIC chair Sheila Bair. Nancy Marshall Genzer reports.

The FDIC takeover of failing bank IndyMac in July cost several billion dollars. But the maneuver may have been avoided if not for a cover-up that allowed the bank to continue operating while nearly out of money. Steve Henn reports.

It's been more than a year since the Fed started auctioning emergency loans. Since then, the Fed has lent out trillions of dollars to big businesses, relaxing standards for the collateral it accepts along the way. As Steve Henn reports, the Fed has taken on unprecedented risks.

Tech companies feeling the effects of the recession are forcing employees to stay home for the holidays. Janet Babin reports on the forced furloughs some companies are making their white collar workers take.

Money market funds, cash invested in short-term debt, used to be pretty reliable places for investors who wanted to get moderate returns. But with interest rates near zero, yields on funds are tumbling. Jeremy Hobson reports.

The Irish government has begun a bailout of its banking system by injecting over $7 billion into the top three banks. Of course, there are strings attached. Stephen Beard reports what will be required in return.

Property developers have mortgage debt scheduled for refinancing due by 2011 — about $530 billion. Because of the credit crunch, developers will likely have trouble coming up with the money. Nancy Marshall Genzer reports

This week, federal regulators rolled out the biggest overhaul the credit card industry has seen in decades. What does this mean for the average consumer? Ashley Milne-Tyte reports what will be changing — and when.

The $17.4 billion that President Bush made available to General Motors and Chrysler today is being seen by auto industry analysts as only a temporary lifeline. Big decisions await the next administration. Nancy Marshall Genzer reports.