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.
Tomorrow, the Fed is expected to decide whether to cut interest rates again. A big factor in its decision is inflation. Cutting the rates too much could fuel it. Nancy Marshal Genzer reports from Washington, D.C.
The price of rice is three times what it was a year ago, and that means tough choices for restaurants that serve rice. Ashley Milne-Tyte talks to restaurant owners, including one who owns four eateries named "Rice."
A two-day strike at a British oil refinery has led to the shutdown of a key North Sea pipeline, contributing to global increases in oil prices. A strike at oil facilities in Nigeria is having a similar effect. Steven Beard reports.
Luxury brands usually don't suffer much when the economy tanks. But Gucci is struggling and making a big shift to cheaper down-market goods. Meanwhile, Louis Vuitton is growing like gangbusters. Jill Barshay reports.
Higher gas prices and living expenses are cutting into the pros of living outside an urban area and commuting in to work. Stacey Vanek-Smith reports on how the economic downturn might affect urban sprawl.
Sixteen states are reporting budget shortfalls this fiscal year. More are expected to do so next year. The options? Make cuts or make money. Illinois, for example, might sell its lottery. Nancy Marshall Genzer reports.
