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Tag: economy
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After a year of debate, Congress appears close to passing a bill intended to stem the rising tide of home foreclosures and stabilize the shaky housing market. But even if the bill wins final passage — far from a certainty — the most optimistic forecasts suggest it would help only about 400,000 of the estimated 3 million homeowners who will likely lose their homes in the next year. Prospects for the bill have been complicated by the mortgage meltdown's latest chapter — the sev... Read More
After convincing consumers it is known for trucks, it must change business DETROIT - People want small cars that get great gas mileage. General Motors Corp. is known for making top-notch trucks and sport utility vehicles. The company's survival now hinges on the difficult task of convincing buyers that its upgraded cars are just as good as its trucks and worth some extra cash. That's essentially the business plan for the reconstituted GM, the one that is trying to make it in a U.... Read More
Regulators stepped in late Friday to save the struggling institution NEW YORK - IndyMac Bank, the second-largest financial institution to close in U.S. history, reopened Monday after being taken over by federal regulators. Hundreds of worried customers lined up to pull as much money as they could from the failed financial institution. However, federal regulators said it could be years before the affairs of the bank were fully resolved. Charles Tengeri, a retired s... Read More
Famous investor says Federal Reserve should worry about inflation OMAHA, Nebraska - Billionaire investor Warren Buffett has already said he thinks the U.S. economy is in a recession, and now he says the economy is getting worse. Buffett told CNBC in a live interview that all the data he sees from Berkshire Hathaway Inc. subsidiaries shows the economy weakening. "Everything connected with construction and with consumer, I see weakness, and if anything, it's accentuating a little bit." ... Read More
NEW YORK -- The surging price of oil reached another milestone Monday, jumping to an inflation adjusted record high of $103.95. The weaker dollar that has propelled oil and other commodities prices higher sent light, sweet crude for April delivery past $103.76 a barrel on the New York Mercantile Exchange. That's the level many analysts consider to be the true record high for oil, after its $38 barrel price from 1980 is translated into 2008 dollars. The price later traded up $1.81 at $103.65, fl... Read More
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