The Center on Budget and Policy Priorities reports today that the potential budget shortfalls in 25 states total about $40 billion. With tax revenues down and expenses up, some hard-hit states have enacted hiring freezes. Janet Babin reports.
A leading economics institute in Britain has found a new culprit to blame for the severity and worldwide spread of the credit crunch. It's America's bankruptcy laws, and they should be made more strict. Stephen Beard reports from London.
It can cost up to $200,000 a month to rent a decent summer place in the Hamptons on Long Island. With the American economy in a slump, those rentals might go empty this year, but for the foreign exchange rate. Ashly Milne-Tyte reports.
Homeowners aren't the only ones who've gotten up to their ears in debt in the subprime loan debacle fallout. Investment banks and hedge funds have gotten into trouble by borrowing more and more to finance their investments. Amy Scott reports.
Exxon Mobil reported $10.9 billion in profits last quarter, but Wall Street was disappointed. Because even though Big Oil's prospects look good at the well head, they're mostly evaporating by the time consumers pull up to the gas station. Bob Moon reports.
Corporations are subject to some of the same economic stresses as the rest of us — especially companies that sell food. Kraft and Kellogg reported lower profits today. But they did better than anybody was expecting. Alisa Roth reports.
The Federal Reserve did exactly what everyone thought it was going to do today — cut short-term interest rates 0.25%. In the process it said some not-so-reassuring things. John Dimsdale reports.
Speculators armed with subprime or adjustable-rate loans flooded the condominium market a couple of years ago. Now, many are in trouble, and other residents in their condo communities are paying the price. Dan Grech reports.
A $3 billion plan to revitalize downtown Los Angeles has been pushed back due to the credit crunch. Lisa Napoli reports on what it means when commercial real estate developers can't develop real estate.
The Federal Open Market Committee is in the middle of a two-day meeting on interest rates. Chances are good that tomorrow the federal funds rate will be trimmed again, despite worries about rising prices. John Dimsdale reports.
