Deepening US Financial Crisis

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Consumer spending, after adjusting for inflation, fell in June as shoppers were hit with the biggest increase in prices in nearly three decades.

University of Calif. plans furloughs to cut costs

The president of the University of California (UC) said on Friday he would propose to its regents that they approve pay cuts through furloughs to shave $515 million from the public university system's costs amid the state's broader budget crisis.

Study: US economy, out of ICU, remains fragile
Fewer Australian small businesses to recruit permanent staff
SKorea's Lee: recovery needs 2 more years
Japan economy shrinks at record 15.2% pace
US retail sales fall in April, dent recovery hope
Evidence piling up that worst of recession is over
US layoffs slow to 539K in April; jobless rate rises
Buffett sees tough times ahead before recovery
Sources: Chrysler to file for bankruptcy
US economy shrinks more than expected
G7: Worst of global recession may be over
Fiat in frame as GM ready to sell Opel
$103b withdrawn from US hedge funds in Q1
White House questions viability of GM, Chrysler
Japan's exports suffer record plunge
Japan mired in recession, no sign of quick recovery
Hedge funds to cut 20,000 jobs in 2009
Recession on track to be longest in postwar period
Report: AIG to get 30 bln dollars more bailout aid
No more lunch bills: Schools go after deadbeats
AIG in talks with Washington on 'challenges'
Soros sees no bottom for financial crisis
Banks urged to extend loan period for small firms
GM, Chrysler seek more govt aid, to cut more jobs
With no budget, California to cut 20,000 state jobs
In depths of gloom, German firms gear for recovery
US trade deficit at 6-year low of $39.9B
GM to cut 10,000 jobs amid crisis
Rising unemployment hits 98% of metro areas
Auto suppliers request $20.5 billion in US aid
S. Korean gov't warns of economic recession
Senate votes to give a tax break to new car buyers
US auto sales hit 27-yr low, topped by China
US manufacturing sector shrinks for 12th straight month
Japan's new car sales plunge to lowest in 37 years
Americans' saving more, spending less
US economy shrinks at 3.8% pace in fourth quarter 2008
Despair spreads amid mounting job losses
IMF cuts 2009 world growth forecast to 0.5%
Britain enters 1st recession in 17 years
Intel to shut sites and cut up to 6,000 jobs
Fiat and Chrysler in partnership talks
S. Korean gov't to continue efforts to bolster economy
US jobless rate jumps to 16-year high in December
US budget deficit seen hitting $1.2 trillion
M&S to shed over 1,000 jobs
Steelmakers press Obama for rescue plan
Over 1,600 UK retailers to go bust in 2009
Billionaire investor dumps Ford shares
Thai leader proposes $8.7 billion stimulus package
British economy to shrink by 2.9 % in 2009: think tank
Japan's auto production marks worst drop since 1967
Medvedev: Russia to spend despite crisis
Russia expects first deficit in a decade
UK home prices to dip 10 pct in '09, say surveyors
British economy shrinks 0.6 pct in 3rd quarter
EU approves Latvian bank aid
Japan exports plunge record amount on weak demand
Obama increases jobs goal to 3 million
Motor City's woes extend beyond auto industry
Japan proposes record budget to bolster economy
NY to lose millions in Wall Street bonus taxes
Hollywood gears up for more tough times in 2009
Chrysler, Ford idle factories, GM delays new plant
Chrysler says to shut down all production for month
2009: World economy in big trouble
$14B US auto bailout dies in Senate
In America, spending no longer fashionable
California budget woes worsen
Sony to cut 16,000 jobs, largest by Asian company so far
Young graduates find degrees no guarantee for Silicon Valley jobs
Economy bad all over - even before current crisis
US media giant Tribune files for bankruptcy
Dow Chemical to slash 5,000 jobs, close 20 plants
Progress made in bailout plan for Big 3 automakers
Senator calls for Chrysler merger, new CEO at GM
California may be out of cash in Feb.
US sees biggest job cuts in 34 years
Employers shedding jobs as recession deepens
AT&T to cut 12,000 jobs due to economic downturn
Sales of imported autos plunge 37.7% in Japan
Oil tumbles under $45 on weak economy
Private sector cuts 250,000 jobs in November
Meltdown far from over, new mortgage crisis looms
US economy shrinks at fastest pace in seven years
Indian expert predicts economic recovery after July
No relief seen in global economic crisis
Fed sees economic woes persisting into next year
US sees long road to recovery as economic gloom spreads
US autos in vehement fight to survive
Big 3 carmakers beg for $25B, warn of catastrophe
US is in a 14-month recession, forecasters say
Fed survey: US recession will last 14 months
Japan joins Europe in recession; G20 fails to cheer
US in recession, jobless to peak at 7.5%: survey
Unremitting gloom and capital flight await new week
World leaders urge fast action on financial crisis
Washington summit targets at crisis
Chinese premier calls for support of SMEs
World leaders head for summit, euro zone in recession
US retail sales fall by record amount in October
Majority of S. Korean firms pessimistic about economy
OECD says developed world in recession
Oil falls to 22-month low at $55 on recession fears
Stores in US see surge in applicants for holiday help
Pelosi calls for emergency aid for auto industry
Deutsche Post to cut 9,500 jobs in US
Circuit City files for bankruptcy protection
US government increases AIG bailout to $150b
US Congress leaders want Bush to help automakers
Ford announces $129m 3Q loss, burns $7.7b in cash
US jobless rate bolts to 14-year high of 6.5%
Oil steady at $61 after 2-day plunge
Vanishing jobs, stressed consumers feed downturn
Schwarzenegger: $4.4B in tax hikes to end deficit
Longer-term jobless benefits hit 25-year high
Circuit City closing 155 stores
EU: Euro economy to barely grow next year
Evidence of a recession piles higher with new data
US economy shrinks 03%, Japan unveils stimulus
US, China kick off global round of rate cuts
US Fed cuts rates by half point to combat crisis
Hopes rise for rate cuts; US consumers gloomy
US gas prices fall nearly 53, steepest ever
More employers in San Francisco Bay Area considering layoffs: survey
Chrysler slashing 5,000 jobs as sale talk goes on
Iceland strikes deal with IMF on $2B rescue plan
Financial crisis must be 'tackled globally'
Oil tumbles to 16-month low, below $67
Bernanke says more government stimulus 'appropriate'
Financial crisis may end boom for Suez Canal
OPEC may cut oil supplies in 2 rounds: Khelil
White House aide says parts of US in recession
ECB will do what it takes to restore confidence
WTO chief trying to avert economic crisis
NYT: Probe of Lehman collapse escalated
Fear and loathing over economy spreads
New York City may lose 165,000 jobs
Former Fed chief says US now in recession
Suicides from financial crisis cause concern in US
McCain proposes $52.5 billion economic plan
IMF: World economy to slow sharply, led by US
EBay cutting 1,600 jobs, 10% of work force
Economists say shaky US economy may last for a while
Americans cut back on life after bailout
Central American states vow to promote regional economy
US angst-ridden economy leads to more job losses
US jobless claims pushed to 7-year high
Bush: Bailout bill will stabilize economy
Sour economy tied to psychology that fed gas panic
Bush warns of 'long and painful recession'
Financial chaos could lead to 'real crisis'
Bush team, Congress negotiate $700B bailout
Judge approves Lehman, Barclays pact
Poll: Economy top issue; energy worries grow most
Widespread earnings woes reflect consumer fears
Economists: 2nd half US growth likely to be anemic
Oil closes below $100 for first time in 6 months
Morgan Stanley has held Wachovia talks: source
AIG may get $85 bln bridge loan in govt-brokered deal
AIG seeks capital, considers selling units for funds
AIG, facing liquidity crisis, seeks Fed lifeline
Bush: Takeover of housing giants 'critical'
Freddie Mac reports loss of $821 million
Bush signs housing rescue plan into law
Wall Street analysts see bigger 2008 loss for Merrill
White House says Bush will sign housing bill into law
Paulson braces public for months of tough times
Bernanke: Markets under stress; outlook uncertain
Pledge fails to lift cloud over Fannie, Freddie
Americans' unhappy birthday: 'Too much wrong'
Inflation-wary Fed looks ahead to rate increases
Paulson: Credit crisis may be easing
US economy grows by only 0.6% in 1st quarter
Buffett: Recession may be worse than feared
Bush says rebates going out Monday will boost economy
Many states in US appear to be in recession
Fed: US economy weakened further in the spring
Calls against big CEO pay grow louder
IMF sees US falling into recession
Subprime crisis may cost $945B worldwide: IMF
US government recession-fighting record is mixed
US employers chop 80,000 jobs in March
Shoppers scrimp as food prices rise in US
Bernanke warns of possible recession
UBS writes off $19b, chairman goes
Wall Street may cut 20,000 jobs over 2 years
US ponders: How deep is economic abyss?
'Pay day' loans exacerbate US housing crisis
US households face the unthinkable: budgeting
Greenspan sees many casualties from crisis: report
Charities brace for Wall Street decline
Wall Street to be uneasy over Bear Stearns deal
Wall Street tumbles after a plan to rescue Bear Stearns
With high risk and cheap stock, will Bear be sold?
Bush: US economy in tough time
Dangerous cracks appearing in US job market
Analysis: Sharp job drop suggests US economy in recession
Michael Jackson faces forced sale of Neverland
Confidence plunges, inflation rate soars in US
US banker warns of slower growth
With oil prices rising, wood makes a comeback
Mortgage crisis spreads past subprime loans
New mortgage rescue goes beyond subprime
World bourses lost $5.2 trillion in January
US Senate passes economic stimulus package
Bush unveils $3 trillion spending plan
US consumer spending records weakest growth in 15 months
Wall Street shed losses after MBIA reassures investors
Bush urges economic action
Wall Street braces for more volatility
Tax rebate deal could mean checks by May
US stocks surge as financial shares revive
White House, lawmakers push for economy plan
Agreement closer for US economy rescue pact
Asian markets rebound after Fed cut
Consumers retrench as US economy weakens
Americans pay for housing boom's excess
Fed: US economy losing momentum
US CEO confidence declines at seven-year low
US home sales plunge, feed recession fears
Foreign buyers snap up 2nd homes in US
Unpaid credit cards bedevil Americans
Subprime crisis impacts European, US growth
MS Asia chairman: US heading to recession
Americans criticize subprime plan from all sides
US markets plunge on mortgage, credit woes
Ailing dollar falls to historic low against euro
US stocks fall amid banking concerns
Bernanke: US economy likely to slow
US stocks fall; Dow plunges 300 points
Paulson: Housing woes take bigger toll on economy than expected
Stocks end volatile week with huge drop
Official warns of slowing US economy
Bernanke: US economy likely to slow
Fed move prompts 2nd rate cut
Greenspan: US recession risk up, but prices a worry
'US downturn imperils global growth'
Economist: China can evade US subprime debt crisis

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Markets Responses

US stocks tumble 4% as bailout plan unveiled

Wall Street sinks as investors dump banks
World markets surge on recovery hope
Japan's exports suffer record plunge
European stocks slip; US futures fluctuate

Impact on China

FDI sees 4th monthly dive in row

Data mixed on China's road to recovery
Shanghai auto expo: showdown for global automakers
Wen: Stimulus package plan paying off
How far is China away from the crisis?