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Chris Hedges
$10.20
By Blaine Harden
$10.20
$18
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flickr.com/ikkoskinen
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One sign of the nation’s shaky economy can be seen in the growing numbers of newly homeless people forming “tent cities” around the U.S. The rise of these encampments is being attributed partly to the foreclosure crisis in the housing market, and the newest economic developments aren’t likely to ease the situation.
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Flickr / epicharmus
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President Bush and Treasury Secretary Henry M. Paulson Jr. attempted to head off mounting market woes and investor freak-outs at the pass on Monday as Wall Street suffered its worst losses since right after the Sept. 11, 2001, terrorist attacks.
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Stagflation: It’s always sounded like a dirty word, and is hopelessly tied to retro jokes about the ‘70s. But with GDP growth already, well, stagnant, the Labor Department announced Thursday that July saw the highest rate of inflation in 17 years, meaning you can now appropriately drop the word into water cooler convo without seeming like a potty-mouth or a retro hipster. On the downside, you are now paying 5.6 percent more for things than you did at this time last year.
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AP photo / Richard Drew
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Finally, some slightly better financial news has hit the wires after months of sobering reports: Oil prices dropped to a three-month low on Tuesday, which may be due to “the softening market,” as one analyst puts it in this NYT account, but whatever the reason it still means a slight reprieve from weeks of punishing prices. Stock markets had their biggest gains in four months.
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AP photo / Richard Drew
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Here’s a bit of news that’s sure to inspire some uncomfortable jokes on the trading floor: A Cambridge University research team found that stock traders’ performance, and their willingness to take risks, may be partly, well, hormonal.
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Officials at the Federal Reserve are running out of creative ways to stave off a recession and expect the U.S. economy to slow to a crawl in 2008, with a growth rate of only 1.3 to 2 percent over the year.
Posted on Feb 20, 2008
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John Mackey, the CEO of Whole Foods, apparently behaved in not so wholesome a manner when he spent time bashing Wild Oats stocks on a Yahoo stock-market forum under the pseudonym “Rahodeb” not long before his company bid to take over the competing natural foods market chain. The Federal Trade Commission is attempting to block the takeover on antitrust grounds. (Via BoingBoing)
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Dipping American stock prices caused a ripple effect on world markets Tuesday and Wednesday, as analysts predicted more instability soon. The U.S. mortgage market is the source of the current concern, which some stock-watchers believe portends a “bloodbath.”
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news.yahoo.com
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The stock market Tuesday had its worst day since 9/11 as investors around the world began to lose faith in the U.S. economy. The Dow fell by 4.3 percent, and S&P estimated total losses at $632 billion. The development came only a day after Alan Greenspan warned of a potential recession.
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Truthdigger of the Week: Sen. Angus King
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