Despite OPEC's decision yesterday to put more oil onto the world market, crude-oil prices are trading at near record levels. Stephen Beard reports OPEC's extra half a million barrels a day still isn't enough to make a difference.
Everybody from the Federal Reserve to the European Central Bank to the newest fund manager on Wall Street is worried about subprimes and the liquidity crisis. But commentator Bruce Stokes says there's an even greater challenge out there.
The nation's largest home lender is reported to be looking for another $2 billion. The prospect that Countrywide might need more money, after Bank of America ponied up $2 billion just last month has already jittery markets on edge. Steve Tripoli reports.
A possible interest rate cut is threatening to make the dollar even less attractive abroad. Stephen Beard reports that some analysts forsee an all-time low for the currency against the euro in the next few days.
Some say one sign the economy's on a downward turn might be walking the runways not far from Wall Street: Hemlines at NYC's Fashion Week are falling. But others say that just means lots of shopping and high prices this season. Jill Barshay reports.
They usually travel in the same general direction, but recently there've been signs that the economy's going south, while oil flirts with record highs. Oh and gas prices are probably headed back up too. Stephen Beard tells us what's going on.
The news keeps getting worse for many American homeowners. New data shows that the rate of home loans in foreclosure has hit a record high for the third quarter in a row. And there's no end in sight, Bob Moon reports.