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Former Fed Chief: U.S. Already in a Recession

Staff / Truthdig Oct 15, 2008 Former Federal Reserve Chairman Paul Volcker said Tuesday that the US was already in a recession, despite the efforts of the U government and other nations' leaders to intervene "I have seen a lot of crises but I have never seen anything quite like this one," said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987. Dig deeper ( 1 Min. Read )

And Now, Even More Bad Financial News

Staff / Truthdig Oct 8, 2008 There will hopefully come a day when the news from Wall Street is actually good (at the moment, anything better than utterly terrifying news would be nice), but Tuesday was not that day, despite Federal Reserve Chairman Ben Bernanke's intimations that help could soon be on the way. Dig deeper ( 1 Min. Read )

Obama Ads, McCain-Is-Economically-Clueless Edition

Staff / Truthdig Sep 19, 2008 Turns out that having Phil Gramm on one's economic advisory team may not be the best way to demonstrate one's readiness to inherit the gigantic mess that the U.S. economy has become under the Bush administration's not-so-close watch -- or at least that's what Obama's camp is pointing out in this ad on the financial debacle. Dig deeper ( 1 Min. Read )

Greenspan Talks Recession as Oil Prices Soar

Staff / Truthdig Jun 25, 2008 Seems like everything is a crisis these days, what with the subprime mortgage crisis, the oil crisis and, perhaps most troubling of all, the climate change crisis. Former Federal Reserve Chairman Alan Greenspan acknowledged the complexity and interconnectedness of these unsettling trends Tuesday, stopping short of declaring that a major recession is on the way but without ruling out a recession of lesser magnitude. Dig deeper ( 1 Min. Read )

Too Big to Fail

Ellen Goodman / Truthdig Mar 20, 2008 The government spread out a nice, soft net to catch the collapsing financial firm Bear Stearns. But if you're a little guy who gets in trouble, expect to meet up with a somewhat harder surface. Dig deeper ( 3 Min. Read )

U.S. Job Loss Highest in 5 Years

Staff / Truthdig Mar 7, 2008 The short month of February was long on economic problems, as 63,000 U.S. jobs were lost over the 29 days. In other words, for those betting that a recession isn't around the corner, the outlook is dim. Dig deeper ( 1 Min. Read )

Fed Forecasts Slow Growth in 2008

Staff / Truthdig Feb 21, 2008 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. Dig deeper ( 1 Min. Read )