The worst consumer confidence numbers in two years came out today, along with the worst year-on-year drop in home prices in 20 years, and a report predicting the foreclosure crisis is far from over. Do all these indicators confirm a recession is near? Steve Tripoli reports.
Europe's largest bank, HSBC, is going to rescue two of its structured investment vehicles, or SIVs, that have taken a beating from recent woes in the mortgage and credit markets. It'll cost HSBC $35 billion to make things right. Amy Scott reports.
The British government said that it favored the Virgin consortium's bid for struggling bank Northern Rock. But Stephen Beard reports Sir Richard Branson's move still needs to be approved by Rock shareholders.
They call today Black Friday because holiday sales supposedly help retailers climb into the black for the year. Yet, despite the long lines seen today, this could be the slowest holiday season in five years. Scott Jagow got a perspective from Rob Snowden, general manager of Outlets at Hillsboro in Texas.
Australian Prime Minister John Howard could lose re-election in this weekend's national elections. Eleanor Bell reports on factors involved, including the subprime mortgage crisis and the U.S. economy.
The Organization for Economic Cooperation and Development shook investors today when it warned that overall subprime lending losses could feasibly hit between $200 billion and $300 billion. Can anything be done to limit the losses? Bob Moon has more.