Category Archives: Economy

Nearly 1 in 5 workers has no health insurance

By doris | Published: March 24, 2009

Full Story At  msnbc.com WASHINGTON – American workers — whose taxes pay for massive government health programs — are getting squeezed like no other group by private health insurance premiums that are rising much faster than their wages. While just about all retirees are covered, and nearly 90 percent of children have health insurance, workers [...]

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Economy causing horse crisis: People ‘giving up their animals’

By doris | Published: March 23, 2009

Full Story At CNN.com Lifesavers President Jill Starr says she and other shelter operators are witnessing an equine crisis. “People have lost their homes, their jobs, their hope,” she said. “And they are giving up their animals.” “We’ve had horses come onto the property in a horse trailer, unannounced, and just offloaded and [owners] ask [...]

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Fed To Spend $1.2T On Ailing Economy

By doris | Published: March 19, 2009

Full Story At CBS News (AP) With the country sinking deeper into recession, the Federal Reserve launched a bold $1.2 trillion effort Wednesday to lower rates on mortgages and other consumer debt, spur spending and revive the economy. To do so, the Fed will spend up to $300 billion to buy long-term government bonds and [...]

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America’s vanishing cars

By doris | Published: March 14, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — In another sign of just how far the U.S. auto industry has fallen, this is likely to be the first year since 1945 when the number of new cars bought will be less than the number of cars turned in to the junk yard. Auto industry research [...]

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After 60 years Circuit City finally powers down

By doris | Published: March 9, 2009

Full Story At msnbc.com RICHMOND, Va. – What began 60 years ago as a humble television store in this sleepy Southern capital ended Sunday as Circuit City closed its doors for good — its 567 remaining U.S. stores to be left broom clean and vacant. For the last month and a half, a group of [...]

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Obama outlines ambitious agenda for ‘lasting prosperity’

By doris | Published: February 25, 2009

Full Story At CNN.com n his first speech to a joint session of Congress, Obama said it’s time to act boldly not just to revive the economy, but “to build a new foundation for lasting prosperity.” “While the cost of action will be great, I can assure you that the cost of inaction will be [...]

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The Senate Has Passed The Stimulus Bill. Now What?

By doris | Published: February 11, 2009

Full Story At  Political Hotsheet cbsnews.com The Senate just passed its version of the Obama administration-backed economic stimulus package, by a vote of 61 to 37. The price tag is $838 billion, according to the Congressional Budget Office. The House passed its own version of the bill on January 28th, at a price tag of [...]

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Nissan to slash 20,000 jobs and sees annual loss

By doris | Published: February 9, 2009

Full Story At Yahoo! News TOKYO – Nissan is slashing 20,000 jobs, or 8.5 percent of its global work force, to cope with what Japan’s third-largest automaker expects will be its first annual loss in nine years. “The global auto industry is in turmoil, and Nissan is no exception,” Chief Executive Carlos Ghosn told reporters [...]

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Stimulus checks scrambling many tax returns

By doris | Published: February 7, 2009

Full Story At  msnbc.com Nearly 1 of every 6 tax returns filed so far includes errors in reporting last year’s federal stimulus payments, the Internal Revenue Service said, blaming confusion among professional tax preparers and early releases of tax software.

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Refinery Workers Set To Go On Strike

By doris | Published: February 1, 2009

Full Story At CBS News AP) With a third contract offer rejected, some 24,000 refinery workers from the Gulf of Mexico to Montana prepared to head to the picket lines Saturday just hours before an existing labor agreement expires. The nation’s biggest refiner, Valero Energy Corp., said it would shut down some facilities if workers [...]

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Economists: Recession getting worse

By doris | Published: January 26, 2009

Full Story At money.com NEW YORK (CNNMoney.com) — Economists expect an already deep recession to get even worse in 2009, according to a survey released Monday. Companies will lay off more workers and hoard more cash during the next 12 months, according to the National Association for Business Economics survey, a quarterly take from a [...]

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States Hobbled By Unemployment Bills

By doris | Published: January 25, 2009

Full Story At  CBS News (CBS) One fallout of the economic crisis has been the rise in unemployment, which stood at 7.2 percent in December. More than 4.6 million Americans are now receiving jobless benefits, and that’s putting a serious squeeze on state budget, reports CBS News correspondent Michelle Miller. Twenty-six year-old Michelle Bozikova was [...]

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Fiat: Chrysler is a good fit

By doris | Published: January 23, 2009

Full Story At  detnews.com | The Detroit News Fiat SpA Chief Executive Sergio Marchionne said Chrysler LLC is worth saving and is a good fit for the Italian automaker as both companies see partnerships as key to global profitability. The first comments from a top executive at one of the companies about the non-cash deal [...]

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Despite billions, banks still teeter on the brink

By doris | Published: January 22, 2009

Full Story At  msnbc.com NEW YORK – Wall Street is losing faith in Washington’s efforts to fix the financial crisis. As bank losses pile up and bank stocks plunge, investors have an urgent question for the new Obama administration: What’s the plan? Timothy Geithner, Obama’s pick for treasury secretary, had few answers as he began [...]

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Key Democrats blast Obama stimulus plan

By doris | Published: January 9, 2009

Full Story At CNN.com WASHINGTON (CNN) — Key measures of President-elect Barack Obama’s economic recovery plan are facing a barrage of criticism from some Senate Democrats, with one charging the plan’s tax breaks were a return to “trickledown” economics.Sen. Tom Harkin, D-Iowa, says many of the tax credits in the stimulus plan amount to “trickledown” [...]

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Diplomats say US blocks UN statement on Gaza

By doris | Published: January 4, 2009

Full Story At Yahoo! News UNITED NATIONS – The United States has blocked approval of a U.N. Security Council statement calling for an immediate cease-fire between Israel and Gaza’s Hamas rulers, diplomats said. French U.N. Ambassador Jean-Maurice Ripert, the council president, said the 15 council members could not agree on a statement in closed discussions [...]

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U.S. governors seek $1 trillion federal assistance

By doris | Published: January 2, 2009

Full Story At  Reuters PHILADELPHIA (Reuters) – Governors of five U.S. states urged the federal government to provide $1 trillion in aid to the country’s 50 states to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession. The governors of New York, New Jersey, Massachusetts, Ohio [...]

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A Risk for Ford in Shunning Bailout, and Possibly a Reward

By doris | Published: December 29, 2008

Full Story At NYTimes.com DETROIT — The Big Three automakers are now two troubled companies getting government help to survive and one — the Ford Motor Company — trying to make it on its own. But Ford faces a new challenge of its own — improving its competitive position without the assistance that $17.4 billion [...]

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Bailout blow-out car deals

By doris | Published: December 26, 2008

Full Story At CNNMoney.com The global economic crisis caused a crushing drop in auto sales this year pushing America’s already-struggling automakers into a full-blown crisis requiring at least two of them – Chrysler and General Motors – to request immediate financial help from the government lest they go bust. But, at least for consumers, there [...]

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GMAC – Fed opens door to bailout funds

By doris | Published: December 24, 2008

 CNNMoney.com NEW YORK (CNNMoney.com) — The Federal Reserve on Wednesday opened the door for GMAC to get federal bailout money by granting the troubled General Motors finance arm status as a bank holding company. “In light of the unusual and exigent circumstances affecting the financial markets … the board has determined that emergency conditions exist [...]

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