Recession Watch 2008

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ECONOMY:

Consumer confidence at 5-year low

Mar 25: Key index plummets amid pessimism about jobs and income. (more)

Musical chairs at the mall

Mar 21: Amid the highest number of store closings in 4 years, a breed of innovative service sellers is moving right in. (more)

U.S. ready to act to calm markets - Paulson

Mar 16: Treasury secretary defends Fed's decision to loan money to troubled Bear Stearns and says Bush administration will 'do what it takes' to help economy. (more)

Bush tax cuts center stage in Congress

Mar 13: Lawmakers begin work on $3 trillion federal budget and put Bush tax cuts and pork barrel spending in focus. (more)

Slower growth, but no recession - forecast

Mar 11: Report forecasts downturn with rising unemployment and anemic GDP, but predicts U.S. will avoid a recession. (more)

Consumer confidence lowest on record

Mar 7: RBC Cash Index surpasses the previous low set in February, sinks to the lowest point in data going back to 2002. (more)

House Democrats vow new push on economy

Mar 5: Bill that could be introduced next week would aim to prevent foreclosures and spur the mortgage market. (more)

Service sector improves, but still weak

Mar 5: Despite rebound, report on businesses such as retail, finance and transportation shows second straight reading of contraction. (more)

Bank regulators: 'Asleep at the switch'

Mar 4: Senate banking committee chair blasts regulators for not sounding warning about risky lending practices. (more)

Boom times for 'gently used' clothes

Mar 4: One retail chain that sells used children's apparel and toys is seeing big sales and traffic increases, even in high-income neighborhoods. (more)

New recession worry: Bank failures

Mar 3: Construction loan problems threaten spike in smaller bank failures and add to worry over credit crunch. (more)

Economists: Market turmoil is top threat

Mar 3: New survey shows a near doubling of percentage of group's members who see fallout from credit crunch as biggest problem. (more)

Wall St. casts wary eye on economy

Mar 2: Reports on manufacturing, jobs could make investors jittery in the coming week. (more)

Income, spending higher than expected

Feb 29: Spending up mainly on price increases as inflation indicator comes in slightly above Federal Reserve's perceived target. (more)

Housing bill will 'bail out lenders' - Bush

Feb 28: President reiterates his objection to a proposed change to help homeowners in bankruptcy and the creation of a $4 billion fund to let agencies buy foreclosed homes. (more)

10 sure-fire tax breaks

Feb 28: Beat the tax man with these valuable deductions, credits and exemptions. What you need to know before you file. (more)

Economy gauge still shows weakness

Feb 28: A revised reading of gross domestic product showed no change in the 0.6% annual growth rate in the fourth quarter. (more)

Wall Street sees signs of a bottom

Feb 27: Bad news Tuesday didn't upset investors, adding to bets that the worst for stocks may be over - for now. (more)

Consumer confidence lowest in 5 years

Feb 26: Conference Board's measure tumbles below expectations amid concern about jobs and slowing business activity. (more)

Angry shareholders gear up for battle

Feb 25: Labor unions and hedge funds, upset at faltering companies, step up proxy fights for board seats and better disclosure. (more)

Recession more likely this year - survey

Feb 25: Business economists see growing evidence that the country has toppled into a recession. (more)

Interest rates: The new conundrum

Feb 25: When Alan Greenspan hiked short-term rates, long-term rates barely moved. Ben Bernanke is cutting interest rates but bond yields are rising. Here's what it means. (more)

Watch inflation now!

Feb 21: Worries about 1970s-style stagflation have moved to the forefront to rival recession fears. Should the Fed be more worried about rising prices? (more)

Cosmetic surgery market stands firm

Feb 20: Economic belt-tightening hasn't slowed down sales of implants, Botox or laser surgery - so far. (more)

New single-family homes at 17-year low

Feb 20: Starts and permits continue to be weak, but pickup in condo and apartment construction lifts overall housing starts. (more)

Fed official: 2008 similar to 1991 recession

Feb 19: Minneapolis Fed chief Stern says current economic conditions suggest the United States may have a ways to go to get out of slump. (more)

Greenspan: Recession chances '50% or better'

Feb 15: Former Fed chairman, speaking at Houston conference, also promotes nuclear power and electric cars. (more)

Paulson, Bernanke: Slow growth ahead

Feb 14: Treasury secretary and Fed chairman say rate cuts and rebates should keep economy out of recession but warn of tough times. (more)

Wanna tax rebate? You gotta file first

Feb 13: Taxpayers who file their 2007 tax returns on time will get their rebates sooner than those who seek extensions. Direct deposit will speed things along. (more)

Bush signs bill aimed at boosting economy

Feb 13: President signs $170 billion economic stimulus package passed last week by Congress. Consumers could see tax rebate checks by May. (more)

Five questions for Ben and Hank

Feb 13: Amid growing recession fears, Fed chair Bernanke and Treasury Secretary Paulson head to Capitol Hill. Here is what they should be asked. (more)

Rebates for seniors: The next steps

Feb 13: Low-income seniors, many of whom ordinarily don't have to file with the IRS, will need to file tax returns to claim their checks. (more)

Survival strategies: Recession-proof your life

Feb 11: The economy and the markets may be in for a hard fall. Here's how you and your family can land safely. (more)

Rebates: What you need to know

Feb 8: The lowdown on Washington's new tax rebates: Who qualifies and how much will you get? What do you have to do? And most importantly: When will you see a check? (more)

Consumer confidence sinks lower

Feb 8: RBC Cash Index shows consumer confidence hurt by deteriorating jobs market, recession worries. (more)

Congress seals the deal on rebates

Feb 7: Both chambers pass final $170 billion plan aimed at boosting the economy. Next stop: White House. Swift action expected. (more)

What slump? Homeowners in denial

Feb 7: Survey shows 3 of 4 homeowners believe their home has gained or retained its value, despite evidence of price decline. (more)

Senate OKs rebates to juice economy

Feb 7: $170 billion plan adds to House bill, giving payments to senior citizens, military veterans. Next steps: Back to House, on to president. Swift action expected. (more)

Senate set to vote again on rebates

Feb 7: Lawmakers are debating what - if anything - to add to a $150 billion stimulus package approved by House. Key issues include aid to seniors and the unemployed. (more)

Home prices set to slide in '08

Feb 7: National Association of Realtors pulls back on outlook and forecasts second consecutive annual decline in prices and sales (more)

Wal-Mart's distress signal

Feb 7: The world's largest retailer leads a parade of sales misses in January, indicating trouble in the U.S. economy. (more)

Vote near in Senate showdown over economy

Feb 6: Senate Democrats want $200 billion stimulus plan. House version would cost $150 billion. Key issues include aid to seniors and unemployed. (more)

Recession is here - economists

Feb 5: A weak report about the services sector has caused some experts to declare that the economy has already entered downturn. (more)

Study: Rebates to be applied to debts

Feb 5: Consumer survey says that many Americans would use tax rebate funds from a Washington stimulus package to help repay what they owe. (more)

Stimulus plan may not lead to many new jobs

Feb 4: Even if $150B tax rebate plan gives economy a shot in arm, it won't necessarily prompt employers to add staff. (more)

Job cuts on the rise - report

Feb 4: The nearly 75,000 layoffs were the highest total since August, according to a consulting firm, but the cuts are still not at 2001's recession pace. (more)

Tax rebates may be a roll of the dice

Feb 1: Gaming analysts expect many consumers will gamble their rebates, and casinos want in on the action. (more)

Credit card, auto debt to spike in 2008 - Fitch

Feb 1: Fitch Ratings predicts increase in debt, loan writeoffs amid slumping economy. (more)

Why job market is even worse than you think

Feb 1: Nation's first job loss in more than four years tells only part of the story of the weak labor market. The ranks of the long-term unemployed are growing. (more)

Senate panel approves economy plan

Jan 30: Finance committee gives nod to stimulus measures. Proposals to give tax rebates to seniors and aid the unemployed gain support. Next step: Full Senate vote. (more)

Dollar's slide: It's the economy, stupid

Jan 30: Wednesday's rate cut by the Fed may erode the dollar's value, but it's the economy that will drive the greenback lower going forward. (more)

Economy much weaker than expected

Jan 30: Gross domestic product slowed to a 0.6% growth rate in the fourth quarter, raising both recession fears and hope for another deep Fed cut. (more)

Food stamps offer best stimulus - study

Jan 29: Moody's study suggests extending unemployment benefits, increasing food stamps fastest ways to stimulate economy. (more)

House nears vote on stimulus bill

Jan 29: Senate plans add-ons for senior citizens despite Bush's State of the Union pleas. (more)

Home ownership in record plunge

Jan 29: Fourth quarter saw biggest one-year drop in since tracking began in 1965 - as mortgage problems and rising foreclosures take their toll. (more)

Consumer confidence falls in January

Jan 29: Index tumbles after posting a modest gain in December. Short-term outlook turns bleak. (more)

Stimulus proponents need to navigate Senate

Jan 25: House will vote on $150 billion measure soon. Then it's on to the Senate, where lawmakers are already talking of adding provisions. (more)

Stimulus plan boosts higher-priced housing

Jan 24: Fannie and Freddie would have their mortgage cap raised 50% above the current $417,000 limit. (more)

Bush tax guru backs stimulus plan

Jan 24: Martin Feldstein says rebates should go to high-income earners as well; cautions against extending unemployment benefits. (more)

Deal struck to send checks to taxpayers

Jan 24: Compromise would provide $600 rebates to most taxpayers in effort to spur spending and head off recession. High-income earners are mostly left out. (more)

Juicing the economy will come at a cost

Jan 24: Boosting economic growth is great, but it's not free and it's not guaranteed. Lawmakers need to weigh the cost of any stimulus package with its benefits. (more)

Recession 2008: How bad it can get

Jan 23: Many economists are predicting a short, shallow recession. But there's also a significant risk of a more serious economic decline. (more)

Budget deficit expected to reach $250B

Jan 23: Slowing economy and cost of wars are expected to send the 2008 budget deficit to $250 billion, compared with $163 billion last year. (more)

The Fed is on your side

Jan 22: The rate cut will help consumers with large home equity credit payments and may help credit card borrowers as well. (more)

Why the Fed can't save us

Jan 22: Bernanke and company are using up their limited ammunition, but genuine problems remain with the low dollar and U.S. debt, argues Allan Sloan. (more)

Wall Street bets on more Fed cuts

Jan 22: The market still expects the Fed to cut rates again next week but some economists say not so fast. (more)

Stimulus debate turns on rebates

Jan 22: President Bush and congressional leaders say they are ready to push ahead on plans to boost the ecnonomy, but big sticking points remain. (more)

Stocks down at end of rocky ride

Jan 22: Wall Street cuts losses, but still ends lower as investors worry about the global economy. Emergency interest rate cut provides little support. (more)

A recession of global dimensions?

Jan 22: Globalization is a wonderful thing for the U.S. economy. It's also driving the dramatic slowdown that's underway. (more)

High gas prices: Recession-proof

Jan 22: Americans may see falling stock markets and employment rates, but worldwide demand and OPEC should keep the heat on oil and gas prices. (more)

Rebates: No big deal for stores

Jan 21: Economists dismiss the tax stimulus proposal, saying it's unlikely to save retailers from the weakest sales growth in 6 years. (more)

Bush: Economy needs 'shot in arm'

Jan 18: President says immediate, temporary tax cuts for businesses and individuals are needed to keep economy on track. (more)

Americans: Recession near - or already here

Jan 18: More than three out of four Americans believe that a recession has already started or will hit in '08. Half have cut their spending, which could make a slowdown worse. (more)

Videos

Ben Stein: No angst about recession

Actor, Comedian and Economist Ben Stein explains why he's more worried about his eating habits than an impending recession. (more)

Solutions 2008: Fighting recession

Mark Zandi, Chief Economist of Moody's Economy.com says that policy makers need to be more aggressive to stimulate the economy. (more)

Solutions 2008: Immediate stimulus

U.S. Chamber of Commerce Chief Economist Martin Regalia discusses the need for immediate economic stimulus. (more)

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