Many investors see light, some fear more tunnel is ahead
Looking ahead to 2009, most investors fear they could be in for more losses. What should you do with your money in 2009? | 12/31/08 07:12:07 By - Andrew McIntosh
Locals are forced to choose lights or rice, heat or meat
So many York County, S.C. families with a couple of bucks got clothes or electronics for Christmas. Linda Mathis got a letter. It was not from Santa Claus. The letter had one word that knows no holiday. In big letters: "Disconnect." | 12/30/08 16:53:23 By - Andrew Dys
Job seekers learning to 'adjust to the market'
Over the past two years, Mike Wilczewski has been told he is overqualified and underqualified. He doesn't know whether he's reaching too high or too low in the job market. Ultimately, he's just trying to survive. | 12/30/08 16:01:33 By - Eve Hightower
Bellingham homebuilder's collapse leaves millions in debts
The collapse of Bellingham homebuilder Apex Construction & Partners Inc. has left behind millions of dollars in unpaid bills and about 20 lawsuits, as materials suppliers, subcontractors and homeowners struggle to sort out who owes what to whom. | 12/30/08 07:37:59 By - John Stark
Some nonprofits pleasantly surprised by donations in tough economy
Nonprofit groups that serve needy people in the Sacramento area got an unexpected dose of good cheer this holiday season. Braced for lean times in a woeful economy, many are reporting holiday campaigns that matched or even exceeded donations of previous years. | 12/30/08 07:32:33 By - Cynthia Hubert
Where's the nation's greatest income disparity? Miami Beach
Census data released earlier this year -- based on figures from 2006 to 2007 -- show Miami Beach, the tropical sandbar city of some 90,000, has the highest income disparity in the nation. That means the richest 20 percent of Miami Beach households have 62.3 percent of income while the lowest 20 percent have a mere 2.3 percent. | 12/30/08 07:26:23 By - Trenton Daniel
Prescription drug abuse rises in recession
During the Great Depression, Kansans chased away the blues with palliatives like Crawford County Deep Shaft — moonshine, that is. Today, in what may be the worst economy since, they’re reaching for a vast array of prescription medications. | 12/30/08 07:14:36 By -
Treasury says it will buy $5 billion in GMAC stock
The Treasury Department announced Monday night that it will purchase $5 billion in stock in General Motors Acceptance Corp., the financial arm of the giant U.S. automaker that the Bush administration earlier pledged to loan $13.4 billion to in early 2009 to help it avoid bankruptcy. In addition, Treasury said it would lend General Motors another $1 billion to help GM participate in a GMAC reorganization to become a bank holding company so that it qualifies for loans from the Federal Reserve. | 12/29/08 22:10:51 By - Robert A. Rankin
When textile quotas end this week, will U.S. jobs go, too?
The U.S. textile industry is worried that what happened in 2005, when similar safeguards were lifted temporarily, will happen again in 2009. China flooded the U.S. market in 2005, with a more than 1,500 percent increase in cotton trousers alone. While that drove down the prices of those products for American consumers, U.S. textile companies lost about 55,000 jobs that year, more than 8 percent of the industry's work force, trade officials say. | 12/29/08 17:38:00 By - Lisa Zagaroli
Decision on F-22 fighter jets looms for Obama
Sometime during his first couple of months in office, President-elect Barack Obama will have to confront one of his first big decisions about U.S. defense policy and budgets – whether to continue spending about $4 billion a year to buy F-22 Raptor fighter jets built by Lockheed Martin. | 12/29/08 09:15:05 By - Bob Cox
Food stamp usage up in Florida
In the last two years, the number of Floridians on food stamps has increased more than 40 percent to 1.7 million. That increase is the highest in the nation, according to the U.S. Department of Agriculture. | 12/29/08 07:15:56 By - Jose Pagliery
Many Beaufort businesses say they weathered slow Christmas season
Nationally sales were down this holiday season, according to a retail analysis group, but for some businesses on Beaufort, Ga.'s Bay Street the economic slump hasn't meant financial ruin. | 12/28/08 07:14:52 By - Meghann Ackerman
Experts debate role of housing in Sacramento economy's recovery
Mark Wintz and Bruce Evans have an angle that hints at better days to come in real estate. They believe central cities will be the West's first markets to roar back. When that happens, Details, their McClellan prefab home factory with thousands of square feet of expansion space, will supply a new generation of urban infill housing. | 12/28/08 07:09:18 By - Jim Wasserman and Dale Kasler
Major airlines expected to be profitable in 2009
Many analysts are predicting the major airlines to turn a small profit despite the downturn, although projections have been slashed in recent months. | 12/28/08 06:53:47 By - Trebor Banstetter
Was 2008 the beginning of another Great Depression?
It wasn't 1929, but like that infamous year, 2008 is sure to be remembered by economic historians as one unlike any other. Where to begin? In March, there was the overnight collapse of Wall Street titan Bear Stearns, in hindsight the first domino to fall in what would become a meltdown of the global financial markets. | 12/28/08 02:00:00 By - Kevin G. Hall
Florida proposes tough new rules for mortgage brokers
After months of stinging criticism for letting crooks and con artists prey on Florida borrowers, regulators have proposed sweeping changes in state law that would make Florida one of the most tightly regulated mortgage markets in the country. The provisions call for annual criminal background checks for everyone selling mortgages in Florida, a ban on the most toxic types of loans and reviving a state fund that used to compensate victims of mortgage fraud. | 12/27/08 13:21:22 By - Jack Dolan, Matthew Haggman and Rob Barry
Less interest means more mortgages for homeowners
Many homeowners, and some buyers too, are celebrating the holiday season with a welcome gift from the Federal Reserve Bank — a big drop in mortgage rates. A month ago, the interest on a 30-year fixed mortgage was hovering around 6 percent, but last week it fell to 5.14 percent after a mid-December decision by the Fed to cut the rate charged banks to as low as zero. | 12/27/08 13:08:34 By - Kevin Collison
There's little gain for gas station owners
Consumers have benefited greatly from the roughly 60 percent decline in gas prices since summer's peak. An average household with two vehicles could be saving nearly $200 a month. The savings were even better recently in Independence, where a gas war drove prices down to $1.24 at some stations. But the rapid drop in pump prices increased the pressure on independent stations to sell fuel at or below cost. | 12/27/08 13:02:21 By - Steve Everly
Even fake money isn't what it used to be
More counterfeiters are using today's ink-jet printers, computers and copiers to make money that's just good enough to pass. In the past, the best American counterfeiters were skilled printers who used heavy offset presses to turn out decent fakes. Now that kind of work is rare and almost all comes from abroad. | 12/26/08 07:26:49 By - Joe Lambe
Retailers aim to make after-Christmas returns pleasant
Many stores are doing all they can to make things a bit nicer for shoppers, including revision of their return policies. | 12/26/08 07:16:45 By - Sue Stock
Economic crunch hits market for recyclable materials
The recyclable materials market, which was booming only a few months ago, has dropped sharply, along with the worldwide economy, creating a backlog of materials at processing plants. Reduced demand for used paper, plastic bottles, glass, and metal cans has caused prices to plummet. | 12/26/08 07:10:17 By - Wade Rawlins
Florida Keys hopes snowy weather boosts tourism
With winter conditions kicking in early across much of the United States, the Florida Keys tourism industry is banking that the weather will send more snowbirds to the Keys. | 12/26/08 07:03:27 By - Cammy Clark
Fewer homeowners qualify for lower refinance rates
Interest rates may have reached their lowest level in nearly 40 years, but that doesn't necessarily spell relief for struggling homeowners. | 12/26/08 06:55:57 By - Monica Hatcher
Economy hits Anchorage trust fund
A savings account that contributes millions of dollars to finance city services each year lost more than 25 percent of its value in the past 12 months and likely will take years to recover. | 12/26/08 06:33:30 By - Don Hunter
Public sector jobs still growing
Though the pay usually isn't great, the wide variety of government work helps keep it recession-proof. | 12/25/08 06:58:28 By - Jefferson George
Miami may see more parks due to condo bust
With the economy stalling any short-term development plans, Miami hopes to turn vacant properties into temporary city parks. | 12/25/08 06:51:29 By - Michael Vasquez
In survey, Florida shoppers feel a little better
Florida consumers got a confidence boost this month, according to a new survey released Wednesday. But they're still worried about their current financial situation – and that's a bad omen for holiday spending. | 12/25/08 06:42:22 By - Scott Andron
Kentucky's limits on direct wine sales rejected, but confusion remains
A 2005 Supreme Court opinion is the gift that keeps on giving for California winemakers hoping to sell directly to customers in other states. Continuing their legal winning streak, winemakers won an opportunity Wednesday to open up the Kentucky market. A federal appellate panel upheld a trial court's decision striking down Kentucky's direct-selling restrictions. | 12/24/08 16:12:00 By - Michael Doyle
Flaunting, sales of luxury goods down
Some have dubbed it luxury shame. Others say it's anxiety and fear over dwindling fortunes. Either way, many wealthy consumers are spending less on luxury items this holiday season. | 12/24/08 07:09:40 By - John Murawski
Wachovia shareholders finalize Wells Fargo deal
Wachovia shareholders sign off on the sale of the N.C. institution to California's Wells Fargo. Says one: 'It was a funeral.' | 12/24/08 06:57:44 By - Rick Rothacker
Consumers, travelers play waiting game
A difficult economy means people are waiting until the last minute for everything from holiday shopping to travel and entertainment. | 12/24/08 06:46:12 By - Evan S. Benn and Jose Pagliery
Recession slows Mexican immigrants' holiday trips home
Typically, a million Mexicans head south in December loaded down with toys for Christmas. At home, they receive a hero's welcome for their hard labor and largesse. This year, however, with an economic recession, drug war and tougher border enforcement, fewer cars are rolling across the border with less bounty to unload. | 12/23/08 13:36:00 By - Sara Miller Llana
Needy going online to ask for holiday help
With joblessness in North Carolina at a 25-year high and the needy standing in line for aid, some are making direct pleas for help online instead. In recent weeks, dozens of people have posted requests for help on the Raleigh edition of Craigslist, the Web site that offers free classified ads. | 12/23/08 07:15:17 By - Martha Quillin
Hospital jobs offer bright spot in economy
In a bright spot to an otherwise gloomy economy, hospitals in California are continuing to hire and new medical offices are opening. However, hospitals are dialing back on expansion projects because of jitters over the economy. | 12/23/08 06:45:53 By - Bobby Caina Calvan
Amid the economic wreckage, some sectors still hiring
The U.S. economy is sinking deeper into recession and companies are shedding hundreds of thousands of jobs, but the technology firms that Santa Fe, N.M., venture capitalist Trevor Loy invests in haven't stopped growing. They're part of a select swath of the U.S. economy that's been protected — so far — from the bad economic weather. They're schools and health-care providers, information-technology firms and green energy start-ups and other firms that, while not thriving, are at least still hiring. | 12/22/08 14:48:00 By - Jack Chang
UC Berkeley economist to play role in Obama administration
University of California Berkeley professor Christina Romer, an expert on the Depression, was named by President-elect Barack Obama to chair the White House Council of Economic Advisers. | 12/22/08 06:57:51 By - Dale Kasler
Demand for welfare services soars
As California looks for ways to cut its budget, welfare benefits could be cut to levels of seven or eight years ago under at least one proposal. However, demands for welfare services are increasing. | 12/22/08 06:49:27 By - Cynthia Hubert
Where is the Sacramento-area housing market going?
There are big years when the bottom drops out, the unimaginable occurs and minds reel from it all. That was 2008.
So what now for 2009? The Bee recently gathered four housing market watchers to assess the departing year in real estate and see where we're going. | 12/21/08 15:17:59 By - Jim WassermanGolden West deal doomed Wachovia in crisis
In front of a ballroom full of N.C. bankers in January 2006, Wachovia chief executive Ken Thompson warned of the dangers of “toxic” home loans.
Four months later in May 2006, Thompson took a $24 billion plunge into the mortgage business by buying Oakland, Calif.-based Golden West Financial. Its specialty? The same loans he had cautioned against: option ARMs. | 12/21/08 14:57:54 By - Rick RothackerOil price drop makes for some losers as well as winners
Lower oil prices mean declining revenue for oil companies and governments that depend on oil revenue for their spending. But the declines — 75 percent since July — also worry advocates of alternative energy sources who fear that public support and financing will wane as oil prices tumble. | 12/19/08 17:59:00 By - Jack Chang
California officials lining up for a piece of any stimulus bill
In California, officials have identified $28 billion worth of ready-to-go projects. They range from upgrading the access to the Golden Gate Bridge to realigning Interstate 5 north of Redding -- and the wish lists just keep growing. Mayors from Sacramento to Fresno have big wish lists. | 12/19/08 16:47:00 By - Rob Hotakainen and Michael Doyle
Utilities seek stimulus money to improve energy efficiency
A utility association that represents 70 percent of the U.S. power industry joined environmental and energy groups Friday in calling on Congress and the new administration to jump-start the economy by helping Americans save energy. The groups asked that any economic recovery package $33 billion for such programs. | 12/19/08 16:41:00 By - Renee Schoof
Stimulus plan could be mother of all 'Christmas tree' bills
Christmas falls on Thursday, but in the nation's capital it will come in early January, when the 111th Congress convenes and begins assembling an economic stimulus plan worth anywhere from $600 billion to $850 billion, and counting. Just where it will stop is anyone's guess. On Friday, for example, the Association of Zoos and Aquariums called for "shovel-ready zoo and aquarium infrastructure projects to be eligible for federal stimulus funding." | 12/19/08 14:48:00 By - David Lightman and Kevin G. Hall
Will Bush's auto bailout work? We'll know by March
The program would provide Chrysler and General Motors with more than $17 billion in the next two months. Bush offered targets for the companies Friday, but not requirements, meaning that tough negotiations lie ahead among labor and auto company executives and officials in the incoming Obama administration. Even if they reach agreement, the fates of the Big Three automakers could well be out of their control. | 12/19/08 09:52:20 By - David Lightman and Kevin G. Hall
Housing prices continue to fall in Sacramento area
As rates fell to 5 percent or less for 30-year fixed mortgages, MDA DataQuick said Thursday, the median sale price for a home in Sacramento County dropped to $185,000 last month. That was the lowest level since September 2001 and represented a $10,000 drop in one month. Prices have fallen $105,000, or 36 percent, in a year. | 12/19/08 07:51:05 By - Dale Kasler
Lennar CEO says housing market getting worse, not better
The housing market is getting worse, not better, the leader of Miami-based Lennar said Thursday as the homebuilding giant announced its second straight year of billion-dollar losses. Lennar CEO Stuart Miller said home prices are in ''freefall,'' and the only way to break the downward spiral is a federal government stimulus package. | 12/19/08 07:43:43 By - Matthew Haggman
Obama to financial sector: More regulation is coming
Obama said he'll soon unveil plans to intensify and perhaps restructure regulation of the financial sector. He criticized Wall Street greed, saying that "there needs to be a shift in ethics. ... "Everybody from CEOs to shareholders to investors are going to have to be asking themselves, not only is this profitable ... but is it right?" | 12/18/08 18:20:00 By - Kevin G. Hall and Margaret Talev
Economic fallout: On the road to ruin in America's RV capital
When RVs aren't selling — and they aren't — Elkhart, Ind., is hurting. As home values decline, retirement savings shrink, job losses mount and consumer credit becomes harder to find, discretionary spending for RVs has become a luxury that many no longer can afford. | 12/18/08 17:21:00 By - Tony Pugh
Obama to fill SEC, transportation and trade roles
President-elect Barack Obama has made his selections for Securities and Exchange Commission chairman, transportation secretary and U.S. trade representative, insiders said Wednesday. The trio, former SEC commissioner Mary Schapiro, retiring Illinois Rep. Ray LaHood and former Dallas Mayor Ron Kirk, could play an important collective role in restoring investor confidence and reviving the nation's economy. | 12/17/08 20:53:00 By - Margaret Talev, Kevin G. Hall and Maria Recio
Treasury says New York firm is a front for Iranian bank
The Treasury Department said Assa Corp. was really a straw company Iran's Bank Melli had established in order to hold an ownership stake in prime real estate. The acting U.S. attorney for the Southern District of New York filed a civil complaint seeking forfeiture of Assa's 40 percent ownership in a 36-story building on Fifth Avenue near Rockefeller Center. | 12/17/08 20:02:00 By - Kevin G. Hall
An ounce of prevention can save a pound of car repair costs
The state of the economy and cold winter weather contribute to a vicious cycle of poor automotive maintenance. Owners hold on to every spare penny instead of putting money into regular maintenance, he said. Neglect, however, can contribute to bigger and more expensive problems later. | 12/17/08 07:33:31 By - Kelli Bamford
Economy putting a pinch on nurseries, landscapers
At H&H Nursery, Sales Manager Scott Edwards has watched inventory stockpile at the company’s facility on State Road 64 East. Shrubs, hedge bushes and trees have been a tough sell at H&H Nursery as well as at other Manatee County plant nurseries due to the decline in the construction industry. | 12/17/08 07:22:46 By - Grace Gagliano
Retailers, desperate for sales, are slashing prices
Retailers are desperate to unload goods, and prices are plunging. Many merchants are cutting prices 20 percent to 50 percent. At some stores, discounts are already as high as 70 percent. Only big screen TVs seem to be immune from the idscounting. | 12/17/08 07:09:37 By - Staff reports
Billions later the same question: Will banks lend again?
The Federal Reserve pushed its federal funds rate from an already low 1 percent to a record low target range of zero percent to 0.25 percent. The Fed signaled that more unconventional actions are ahead amid a deepening U.S. recession. Tuesday's move sparked a rally on Wall Street: The Dow Jones Industrial Average shot up 359.61 points. But despite low interbank rates and billions of new dollars from the federal government, banks aren't lending to most consumers and businesses. | 12/16/08 14:47:00 By - Kevin G. Hall
Tight job market confronts new grads
The University of South Carolina graduated 2,500 students at its fall commencement Monday, a pre-holiday rite that is usually met with unfettered joy. But USC’s graduates, like those of other schools across the state, are finding something less than joyful tidings as they look for work. | 12/16/08 07:30:20 By - Wayne Washington
Recession turns holidays into arduous time
On a back alley on 12th Street, in a sudden hailstorm, Narda Segura Guerra, Iris Higareda and 4-year-old Yair A. Segura walked quietly to the back of The Salvation Army headquarters. The three family members were there, like a lot of other people this year, looking for food. They walked out with three loads of it. | 12/16/08 07:25:28 By - Carol Reitter
State of Kansas juggling accounts to pay bills
Kansas has a cash-flow problem, one so serious that it's forcing state officials to dip into other accounts to pay the state's public education bills. | 12/16/08 07:05:41 By - David Klepper
Tight budgets dampen 'me-shopping'
If there's one good thing about a slumping economy, it's that it pushes people to put others first. This Christmas, many shoppers are shelving the time-honored tradition of sneaking in presents for themselves. Some simply can't afford the extras. Some feel bad about spending on themselves when they are cutting back on others. | 12/16/08 06:59:13 By - Sue Stock
Dropping price of recyclables hits Texas cities
Recycling isn't bringing in as much green as it used to, waste managers say. The slumping economy worldwide has driven down demand and prices for recyclable commodities such as paper, steel, aluminum and plastics. | 12/16/08 06:51:38 By - Susan Schrock
Fed likely to slash rates, but that won't lower cost of loans
The Federal Reserve is expected to slash its benchmark lending rate to record lows Tuesday. In theory, that'll drive down the cost of borrowing for businesses and consumers, but in practice that isn't happening, as banks are still charging consumers more than double the rate they usually offer their best customers. | 12/15/08 18:06:00 By - Kevin G. Hall
Ruling hands big tobacco big setback on state suits
A divided Supreme Court ruled Monday that smokers can sue tobacco companies in state court for making fraudulent claims. | 12/15/08 15:48:00 By - Michael Doyle
It isn't just the cars: Lawmakers say executives are 'lemons,' too
WASHINGTON — Sen. Charles Grassley, R-Iowa, knows what he wants from the Big Three auto executives: They should bow down to stockholders and apologize. | 12/15/08 15:25:00 By - David Lightman
State awards $19.8 million to protect salmon
The state Salmon Recovery Funding Board has awarded $19.8 million in grants to protect and restore salmon populations throughout the state, including more than $2 million for a dozen projects in South Sound. | 12/15/08 07:29:18 By - John Dodge
Valley's rising library use a good read on bad economy
The bleak economy means big business for public libraries. With less money to spend on books, videos and home computers, people have dug out their library cards -- or got one for the first time -- and headed to their local branch. | 12/15/08 07:22:47 By - Anne Dudley Ellis
Increase in thefts hurting retailers' holiday hauls
A tough sales month for Locust, a clothing store on Railroad Avenue in downtown Bellingham, got tougher on Nov. 23, when burglars broke in, damaged merchandise and made off with about $1,500 worth of products, employee Matt Mikota said. | 12/15/08 07:11:24 By - Peter Jensen
Bad economy has been a boon for 2-year colleges
Businesses and schools across the state are shutting their doors, and people are living in fear that their jobs and savings will disappear. But community and technical colleges across the country are thriving, with record enrollment. | 12/15/08 07:09:11 By - Kira Millage
Recession hits immigrants’ businesses especially hard
On a Thursday evening, Cabdul Barrow sits in the dimly lit Somali restaurant and waits for customers. Usually at this hour at Towfiq Restaurant in Kansas City’s Northeast area, African immigrants who work late shifts come in for a meal of goat meat and rice or just a cup of green tea. These days, the restaurant is quiet. | 12/15/08 06:53:09 By - Malcolm Garcia
Bank of America layoffs hit longtime execs
Bank of America Corp.'s layoffs are extending deep into the upper ranks of management, with more than a dozen high-level executives abruptly losing their jobs last week, sources told the Observer. | 12/15/08 06:48:09 By - Rick Rothacker
GOP hangs tight on taxes as red ink rises in California
California is hurtling toward a financial abyss, projecting a $40 billion shortfall by July 2010, and no deal can be struck without at least three Republican votes in both the Assembly and Senate. GOP officials clutch that trump card with relish as the state braces to pull the plug on $5 billion in public works projects and warns it won't be able to pay all its bills by February or March. | 12/14/08 07:16:19 By - Jim Sanders
Car dealers' suffering is contagious
To get a sense of why the economic health of local car dealers matters, consider Gus Machado Ford in Hialeah. The 24-year-old dealership prides itself on its community involvement, sponsoring the annual American Cancer Society golf tournament, the Hialeah-Miami Lakes Senior High football team, even the local mom raising money to send her daughter to a beauty pageant. But this year, sales have declined almost 30 percent to $70 million. | 12/14/08 07:04:03 By - Niala Boodhoo
High school students and families pinched by economy
Saving for college has always been a bit scary. Now it's becoming a nightmare. The economic crisis is ruining families' savings plans and forcing students to make hard decisions about where they can afford to attend - if they can afford to go at all. | 12/14/08 06:56:49 By - Mara Rose Williams
It's not easy, selling cars these days
ARLINGTON — From his desk in the front corner of the showroom, Pete Argumaniz anxiously scans the rows of new cars and trucks at Classic Buick-Pontiac-GMC in Arlington, hoping someone's ventured out on this cold windy day to shop for a new vehicle. There haven’t been many buyers or even shoppers lately. | 12/14/08 06:52:44 By - Bob Cox
US, oil generate two-thirds of Alaska jobs
If federal funds and oil dollars suddenly evaporated from Alaska, two-thirds of the state's jobs would disappear too, according to a new analysis from the University of Alaska Anchorage. The cash flow from the rest of the state's economic drivers -- including tourism, seafood and air cargo -- support only about a third of the state's jobs, according to the analysis. | 12/14/08 06:45:19 By - Elizabeth Bluemink
Northwest lawmakers seek bigger, greener power grid
Seven thousand workers employed by the Works Progress Administration built Grand Coulee Dam along with Bonneville Dam and a transmission grid that electrified the Northwest. The electricity from the dams still powers the region. Now, as the current economic downturn deepens, there is talk of another major public works project for the Northwest. | 12/14/08 06:00:00 By - Les Blumenthal
Will Obama's stimulus plan help even small town America?
The president-elect has provided few hard details of the stimulus proposal that he and Democrats in Congress hope to push soon after the Jan. 20 inauguration. But economists expect his plan to include stepped-up federal aid to state governments and perhaps a payroll-tax holiday or middle-class tax rebate. The question is will that help economically deprived areas like Dillon, S.C. | 12/14/08 06:00:00 By - Kevin G. Hall
Bernanke's hometown a snapshot of America
Under grilling from Congress, Federal Reserve Chairman Ben Bernanke frequently reminds lawmakers that he's not cut from Wall Street cloth and doesn't forget his Main Street roots. In Dillon, S.C., the smalla town Bernanke calls home, the locals have his back. | 12/14/08 06:00:00 By - Kevin G. Hall
Obama says mortgage crisis must be resolved
WASHINGTON — President-elect Barack Obama Saturday said he will nominate New York housing official Shaun Donovan as Secretary of Housing and Urban Development, calling the job "essential" to restoring the economy. | 12/13/08 10:00:00 By - Steven Thomma
If automakers fail, here's a flavor of what might happen
With the Senate's refusal to approve a loan package to keep auto companies afloat, the potential economic impact of bankruptcy or failure of any or all of the Big Three is worrying typical Americans and industry analysts alike. The 239,000 jobs at General Motors Ford and Chrysler are just a fraction of what's at stake. | 12/12/08 18:59:00 By - Lisa Zagaroli
Obama, Democrats agree to $500 billion stimulus package
While an auto bailout is on life support, President-elect Barack Obama and Democratic congressional leaders have agreed to a $500 billion economic-stimulus package that they want to move next month even before Obama takes office. | 12/12/08 18:19:00 By - James Rosen
Business bankruptcies keep rising; no relief in sight
As the curtain falls on one of the most devastating financial years on record, business bankruptcies — both large and small — continue to soar. | 12/12/08 17:26:00 By - Tony Pugh
Why the Senate GOP scuttled the automakers' bailout
Most Senate Republicans were willing to scuttle the $14 billion auto bailout Thursday night because of their longstanding disdain for labor unions, free-market preferences — and a yearning to show that a month after stinging defeats at the polls, they could stick together. | 12/12/08 17:26:00 By - David Lightman
White House may tap Treasury funds to help automakers
The Bush administration will weigh its options over the weekend, deciding how best to proceed with its promise to keep Detroit automakers out of bankruptcy. | 12/12/08 11:54:00 By - Kevin G. Hall and David Lightman
North Texas cities wish upon a new stimulus plan
Cities across the country are dusting off their municipal wish lists as they wait for the federal government to pass a proposed economic bailout plan that could include billions of dollars for new infrastructure. | 12/12/08 07:41:48 By - Mike Lee
$1.4M to help restock Northwest food banks
Jason Clark, executive director of the agency that provides food to more than 300 nonprofits in Eastern Washington, said more food banks are having to buy food to supplement community donations -- which aren't coming in as fast as the need is rising in the faltering economy. | 12/12/08 07:38:04 By - Michelle Dupler
Living with less: How to shop in your own closet
Consumers tightening their proverbial belts are saving money by altering clothes already in their wardrobes and not stretching their budget with pricey purchases. | 12/12/08 07:34:28 By - Robin Cowie Nalepa
Macon car dealers feeling pinch
The proposed $14 billion government rescue plan might not have solved all the automobile industry’s problems, but it could have jump-started lagging confidence among many consumers who — for now, at least — are not buying, area car dealers say. | 12/12/08 07:23:43 By - Rodney Manley
Bank of America to lay off as many as 35,000
Bank of America announced what's likely its biggest round of layoffs ever Thursday, confirming plans to cut 30,000 to 35,000 jobs over the next three years. The bank declined to say how many jobs might be lost in Charlotte, where it has its headquarters. The company employs 15,000 in Charlotte and is a major civic and economic driver. | 12/12/08 07:07:02 By - Christina Rexrode
Auto bailout failure highlights a regional carmaking split
The Senate's rejection of a bailout for U.S. auto companies will heavily affect the South, which experienced an economic rebirth through a symbiotic relationship with foreign automakers and domestic auto suppliers. Yet it was opposition primarily from the South, led by Senate Minority Leader Mitch McConnell, that doomed the bailout. | 12/11/08 19:26:00 By - Halimah Abdullah
Consumer confidence plunges amid heightened job anxiety
Consumer confidence has dropped to near the all-time lows witnessed during this year's record energy prices, driven down anew by anxiety over job losses, according to a new poll of consumer attitudes released Thursday. | 12/11/08 17:27:00 By - Kevin G. Hall
Aid for carmakers dead over labor costs; next steps unclear
Senate efforts collapsed late Thursday to negotiate an assistance package for U.S. automakers. Lawmakers had bargained throughout the evening with each other and labor and auto company officials in a last-ditch effort to provide $14 billion in loans to the car companies. Majority Leader Harry Reid of Nevada called the measure's failure "a loss for the country." | 12/11/08 13:31:00 By - David Lightman
The next step? Mutual funds might ask you to pay them
Savers in Treasury-only money market mutual funds may have to start paying the fund companies if the Federal Reserve cuts interest rates very much next week, says a website focused on money funds. | 12/11/08 07:44:38 By - Mark Davis
Auto fallout: 'Christmas will have to wait this year'
"Christmas will have to wait." James Smith was one of about 800 standing in line on a stormy Wednesday at a job fair for Legacy Chevrolet in Columbus, Ga. The location was the former Bill Heard lot on Manchester Expressway. | 12/11/08 07:28:33 By - Larry Gierer
Do some truckers face the end of the road?
This is a bad year for trucking companies. First, it was fuel prices. Next, the economy collapsed. Now, state regulations threaten to make matters even worse, requiring them to add costly smog controls or buy new rigs. Quite a few say they can afford neither. | 12/11/08 07:24:43 By - Bethany Clough
California nears 'financial Armageddon,' governor warns
Saying California is "headed toward a financial Armageddon," Gov. Arnold Schwarzenegger blistered lawmakers on Wednesday as administration officials said the state's two-year budget hole has grown to about $40 billion. | 12/11/08 07:11:49 By - Jim Sanders
Investors can't pay bills; liens pile up
Raleigh Triangle developers, desperate to trudge through a frozen lending landscape, are facing new pressures: mountains of unpaid invoices from contractors, suppliers and consultants who need to pay bills of their own. | 12/11/08 07:09:10 By - Jack Hagel
Florida unveils new low-cost health insurance
The 3.8 million uninsured Floridians will have the option to buy affordable health insurance plans starting Jan. 5 under Gov. Charlie Crist's Cover Florida health initiative. | 12/11/08 07:05:09 By - Marc Caputo
Stores try marketing to the opposite sex from their usual clientele
Joe Cardoza Sr. seldom shops for lingerie presents. So the lingerie shop came to him, or at least to a place more in fitting with his comfort zone. | 12/11/08 07:00:55 By - Joyce Smith
Central California GOP lawmakers oppose auto industry bailout
Mariposa Republican George Radanovich supported a $700 billion economic bailout plan but now opposes a $15 billion package aiding the auto industry. | 12/10/08 18:25:00 By - Michael Doyle
Auto bailout bill clears House but faces roadblock in Senate
The House of Representatives approved a $14 billion auto industry rescue Wednesday night by a vote of 237 to 170. However, Senate Republicans' doubts about the emergency loan plan for Detroit's ailing auto industry threaten to put the brakes on the effort. | 12/10/08 18:23:00 By - David Lightman
White House backs down on easing air-pollution rules
The Bush administration today abandoned two rule changes that would have weakened controls on pollution from coal-fired power plants and industry, spokesman Jonathan Shradar confirmed it. He said there wasn't enough time to complete the action on relaxing the rules before the Bush administration ended. | 12/10/08 18:16:00 By - Renee Schoof
Poll: Most Americans plan to spend less this Christmas
A slight majority of Americans intend to spend less on gifts this Christmas than they did last year, but half plan to spend at least $500, according to a new Ipsos/McClatchy survey released Wednesday. | 12/10/08 16:59:00 By - Kevin G. Hall
Modest growth predicted for aerospace industry
Despite anticipated financial turbulence in the new year, the aerospace industry should experience modest growth in 2009, a leading aviation group forecast Wednesday. | 12/10/08 16:43:00 By - Les Blumenthal
Auto bailout's magic number? 60 Senate votes
The White House and Congress reached agreement Wednesday on how to pump $15 billion in emergency aid to auto companies, but many key Republican lawmakers remained wary of the deal, jeopardizing its prospects. Some Republican Senators were threatening a filibuster. | 12/10/08 00:43:00 By - David Lightman
5 Turlock auto dealerships calling it quits
Five car dealerships in Modesto, Calif.'s Turlock Auto Plaza will close, sell the last of their inventory and lay off 42 employees during the next three weeks. | 12/10/08 11:53:53 By - J.N. Sbranti
Forecast: N.C. to lose nearly 96,000 jobs
For the first time in five years, North Carolina will see a loss in total jobs this year – more than 58,000, according to an economic forecast released today. | 12/10/08 07:39:14 By - Jefferson George
Some turn to firewood as way to beat high heating bills
With North Texas getting another brief blast of cold air, firewood season is in full swing. And some wood retailers say buyers may be using firewood to cut down on heating costs. | 12/10/08 07:38:57 By - Bill Hanna
Lexington's finances improve a bit
Lexington's financial outlook took a turn for the better in November, but city officials still plan to move forward with budget cuts. | 12/10/08 07:38:43 By - Michelle Ku
Thrift stores, resale shops see increase in sales
Area thrift stores report increased sales and higher customer traffic as the worsening economy convinces consumers to find creative ways to stretch their dollars. | 12/10/08 07:30:27 By - Kelli Bamford
Wichita charities struggle to fill holiday needs
Holiday charity programs in Wichita are in dire shape. Organizers expected problems because of the economic downturn, but even they are shocked. | 12/10/08 07:12:30 By - Fred Mann
$15 billion Detroit bailout stalls over GOP reservations
Efforts to craft a $15 billion auto-industry rescue plan stalled Tuesday as key Republican lawmakers raised questions. Democrats remained optimistic they'd get an agreement soon. Republicans raised questions about the extent of the overseer's authority and insisted on stronger action against car companies that don't become profitable. | 12/09/08 18:28:00 By - David Lightman
'Car czar'? Auto-crat would be more like it, some critics say
Congress is weighing the appointment of a "car czar" with potentially far-reaching power over American automakers. Some business advocates find it heretical that a government bureaucrat or bureaucrats could determine what is or isn't in the best interest of a private company's long-term viability. | 12/09/08 18:24:00 By - Kevin G. Hall
Let bankruptcy judges alter mortgages, lawmakers urge
As the U.S. recession deepens, two members of Congress pledged Tuesday to make the rising rate of foreclosures their top priority in January. | 12/09/08 17:42:00 By - Barbara Barrett
Push for quick auto bailout could stall over GOP objections
Mitch McConnell, the Senate's top Republican, said he's unhappy with the auto industry rescue plan being pushed by Democratic congressional leaders. The White House also hasn't signed off on the Democratic plan.Democrats scrambled to make changes that would win Republican approval by the end of the week. | 12/09/08 12:29:57 By - David Lightman
Stockton-based nut giant thrives despite recession
Not much is going well in the region's economy, but Stockton-based nut giant Diamond Foods Inc., has been making nearly all the right moves. When the farm price of walnuts rose, Diamond simply raised the cost of its packaged nuts. Shoppers kept buying. | 12/09/08 07:18:03 By - Jim Downing
Big Three auto bailout would put U.S. in driver's seat
The plan, which Congress is likely to consider later this week, would give the government authority over major decisions by the automakers. General Motors, Ford and Chrysler would have to report progress to Congress regularly and come up with a long-term restructuring plans by March 31. The government would also set executive pay. The companies couldn't own private aircraft. | 12/08/08 18:59:00 By - David Lightman and Kevin G. Hall
Business dead, car dealers say they deserve help, too
Would-be car buyers can't get credit, vehicle sales are plunging and auto sales jobs are in jeopardy — but as Washington considers aid to the auto industry, it's offering no direct help for car dealers. Yet across the nation, many dealerships face serious problems, and their fate could affect not just those who work for them, but their entire communities. | 12/08/08 17:48:00 By - David Lightman
N.C. tourists out of luck for help on Tuesdays
Visitors in North Carolina might feel a little less welcome these days. At least on Tuesdays. To save money, the state's nine welcome centers will now be closed Tuesdays as the Division of Tourism, Film & Sports Development tries to trim 5 percent off its budget. | 12/08/08 16:03:05 By - Lisa Fleisher
Sacramento schools see aid requests rising
At Sacramento Country Day School – a private school that draws many of the area's more affluent families – financial aid requests are up. The spike is a sign of the times, say school officials across Sacramento, as private schools, even those with hefty endowments, are being forced to tighten their belts in light of the economic downturn. | 12/08/08 15:54:37 By - Robert Faturechi
Schwarzenegger warns budget gap may force state layoffs
Schwarzenegger spokesman Aaron McLear said the governor met last week with advisers about cutting state jobs and other cost-saving measures. Unlike Schwarzenegger's recent proposal to furlough state workers one day each month, a governor can impose layoffs without getting state worker unions or the Legislature to go along. | 12/08/08 07:34:32 By -
Hold the plastic, the layaway is back
This holiday season, a retail classic is back: layaways. For many families, it's long been a shopping mainstay. Put $10, $20 or $50 down on that new dress, winter coats for the kids or a crib for the baby. Make regular small payments, then pick up the merchandise in 30 to 90 days. But in recent decades, layaways got shelved by many retailers as consumers increasingly were only too happy to plunk down the plastic. | 12/08/08 07:34:13 By - Darrell Smith
Food banks busier than ever in rough economy in SC
SC area food banks are starting to see the effects of a weakening economy hit families that otherwise never would have walked through their doors. | 12/08/08 07:09:42 By - Liz Mitchell
Detroit's downfall hits home in Raleigh
Michael Sperber, president of Asheboro Ford, has his office stocked with trophies from amateur racing.It's a hobby he loves, but he has given it up for now. It would send the wrong message, he says, to keep up the costly pursuit when he's had to lay off six employees. | 12/08/08 06:57:26 By - Jonathan B. Cox and Lorenzo Perez
Economy's woes nipping at Alaska
So how is Alaska's economy doing? How are you doing? Alaskans, it seems, are faring fine compared to people elsewhere. | 12/08/08 06:46:00 By - Wesley Loy
Corrupt loan practices left a blight of decaying homes
Decaying and neglected homes are Orson Benn's legacy in Miami-Dade County, where the New York lender and his associates at Argent Mortgage wrote $349 million in loans on nearly 2,000 properties. At least 600 of the homes entered the foreclosure process, three times the rate of other homes in Miami-Dade. Experts say the impact of foreclosured homes will be felt for years. | 12/07/08 23:34:42 By - Rob Barry, Jack Dolan and Matthew Haggman
Go green: Algae could be next hot biofuel
A 75-gallon tank of goo that in the course of a week or so changed color from lime green to almost black was one of the stars of last summer's Farnborough International Air Show in England. | 12/07/08 06:00:00 By - Les Blumenthal
At 13 months and counting, no one sees end to recession
Now that the U.S. economy officially has been in recession for a year, it's certain that this downturn will be deeper and more punishing than the past two, in 1990-91 and 2001. That makes it harder to gauge where the end may be and what's necessary to restore the world's largest economy to health. | 12/07/08 06:00:00 By - Kevin G. Hall
Big jobs losses point to deepening recession
November dealt a one-two punch to the U.S. economy, as employers shed more jobs than any month since December 1974 and mortgage delinquencies and foreclosures leapt to their highest quarterly totals since records have been kept, new reports showed Friday. | 12/05/08 10:00:00 By - Kevin G. Hall
Economic downturn also hits California lottery sales
Lottery ticket sales, including Super Lotto Plus, Mega Millions, Fantasy 5 and scratcher games, dropped by 10 percent during the first four months of the fiscal year beginning July 1. The $985 million in ticket sales represented a $105 million drop in sales compared with the same period last year. | 12/05/08 08:27:30 By - Peter Hecht
Contrite auto execs say they'll drive back to Detroit, too
A month ago, the CEOs of the Big Three American automakers flew to Washington in separate corporate jets to ask for $25 billion in federal aid, cementing an image of being out of touch. This week, as they pitched Congress again on what turned out to be $34 billion in aid, they struck a different image. They'd driven from Detroit and they said they'd be driving home after this week's hearings. | 12/04/08 19:23:34 By - David Lightman
Are sweeping changes coming for mortgage finance?
His comments came a day before the Mortgage Bankers Association is expected to report record mortgage delinquencies and foreclosures from July to September. Among the steps, Bernanke suggested that lenders need to write down the principal of loans owed by homeowners whose property is worth less than the amount they owe. | 12/04/08 18:23:00 By - Kevin G. Hall
Auto executives try harder, but lawmakers remain wary
Detroit's Big Three automakers presented themselves to skeptical senators Thursday as humble, contrite and badly in need of $34 billion in federal help quickly. But senators who heard their testimony offered little to reassure them. Even those who support giving lending money to the carmakers worried that they couldn't be trusted to spend it well. | 12/04/08 10:55:00 By - David Lightman
Could electric cars charge up struggling automakers?
Now that automakers are all busy gearing up to make electric vehicles, consumers should be getting a choice of roomy, speedy, gasoline-free models that charge up at a standard 110-volt socket. So when will those cars roll out of factories so plentifully that prices drop to what ordinary people can afford? That's the $64,000 question — or more. | 12/04/08 15:59:00 By - Renee Schoof
Obama administration may portend shift in trade policy
U.S. trade strategy probably will change dramatically when the Obama administration and new Congress take power in January, with U.S. negotiators forgoing the kinds of bilateral free-trade agreements popular with the Bush administration, according to Democratic officials and experts. | 12/04/08 15:26:00 By - Jack Chang
Missouri's new governor says economy will force budget cuts
Missouri Gov.-elect Jay Nixon takes office Jan. 12. On Wednesday, he called for reviews of all state agencies, long-term contracts and tax-credit programs after his top budget adviser projected a $342 million shortfall in the current fiscal year's budget, resulting from an economic downturn "like none that we have ever seen in the past." | 12/04/08 07:36:35 By - Jason Noble
Another Sacramento auto dealer closes its doors; 14th this year
The dealer in the city of Auburn is the latest casualty of a downturn that's humbled the entire industry. Parking their now-infamous corporate jets, top executives drove from Detroit to Washington in hybrids this week to beg Congress for up to $34 billion in emergency loans. Hearings are set for today and Friday. | 12/04/08 07:26:45 By - Dale Kasler and Mark Glover
Wine competitions in California show shift away from zins
Petite sirah, syrah and barbera are challenging zinfandel as the wine most responsible for the standing of fine-wine appellations in Sacramento's backyard. | 12/03/08 20:44:31 By - Mike Dunne
Bank of America CEO's strategy: Hoard cash for next 6 months
Ken Lewis of Bank of America joined three other prominent North Carolina business executives at a roundtable on Wednesday in predicting a business recovery in 2009. But until then prudence should be the watchword. What will drive a recovery: low interest rates and a bottoming of the housing market. | 12/03/08 19:07:52 By - Jefferson George and Christina Rexrode
Union concessions may improve prospects for auto bailout
On the eve of congressional hearings, union leaders agreed to give the Big 3 carmakers more time to make pension contributions and will suspend a program that let laid-off workers collect most of their salary. But key congressional leaders still weren't willing to say whether the carmakers will get the aid they are seeking. | 12/03/08 17:53:00 By - David Lightman and Kevin G. Hall
Obama taps another ex-rival: Richardson for commerce
President-elect Barack Obama on Wednesday named a third former Democratic presidential rival to his administration with his formal announcement of New Mexico Gov. Bill Richardson as his nominee for commerce secretary. | 12/03/08 16:22:00 By - Margaret Talev
Christmas tree sales enjoy a growth spurt
Shoppers may buy fewer holiday gifts this year, but they don't appear to be skimping on Christmas trees. Local tree farms say opening weekend Christmas tree sales have far outpaced last year's numbers. | 12/03/08 06:46:04 By - Darrell Smith
Help arrives for the newly needy
On Tuesday, just hours after the Critical Need Response Fund was unveiled, Jeriann Allen and her three children were making their first visit to one of the free food pantries sponsored by Loaves & Fishes. It is among five charities that were given immediate grants of $50,000 or $100,000. | 12/03/08 06:35:02 By - Mark Price
Pelosi says Congress won't let Big 3 carmakers go bankrupt
Their fates now in the hands of lawmakers, Detroit's Big Three automakers are girding for congressional hearings later this week to determine if they'll receive a government bailout of as much as $34 billion or face the prospect that at least one of them might file for bankruptcy. They got an important declaration of support from House Speaker Nancy Pelosi on Tuesday. | 12/02/08 14:18:28 By - Kevin G. Hall and David Lightman
Myrtle Beach pets lose in downturn
Officials from several local animal shelters say the economy's strain on area residents also is affecting their four-legged friends. | 12/02/08 07:36:11 By - Janelle Frost
What took economists so long to say the word 'recession?'
What's been obvious for months became official Monday: The recession is here. In fact, it's already a year old. The official declaration came from the National Bureau of Economic Research, a private organization in charge of locating the turning points in the business cycle. The national recession started last December, it said. The recession is probably even older in places like California. | 12/02/08 07:17:01 By - Dale Kasler
Carmakers return to Congress today to try again for bailout
American auto executives, stung by declining sales and unprecedented turmoil in credit markets, are braced for a tense showdown this week with still-skeptical lawmakers over whether the federal government will give them a $25 billion lifeline. | 12/01/08 19:39:13 By - David Lightman and Kevin G. Hall
McClatchy, Christian Science Monitor to exchange stories
McClatchy and the Christian Science Monitor announced Monday that they have begun exchanging news stories from their bureaus in South Asia, Africa and Latin America. The agreement allows both organizations to expand news coverage in an era when American newspapers are struggling with declining circulation and advertising revenues. | 12/01/08 17:58:09 By -
Florida, banks halt foreclosures for 45 days
Gov. Charlie Crist announced the halt in foreclosures, but neither he nor the president of the Florida Bankers Association, Alex Sanchez, could say just how many people this could help. Florida has the third-highest foreclosure rate in the nation. The moratorium only affects people facing foreclosure on their primary residence. | 12/01/08 17:02:20 By - Marc Caputo
What to do with that old TV? If you've got cable, keep it
If your holiday shopping list includes a new TV, either as a family gift or as preparation for the upcoming national switch to digital television, consider your options for pitching your old tube. "It just doesn't make sense to throw away those materials when we could be reusing them," said Miles Kuntz, of solid waste and financial assistance at the Washington State Department of Ecology. | 12/01/08 07:35:36 By - Ingrid Stegemoeller
Frugal folks fix what they've got
The problems are as tiny as a worn-down heel or a torn seam and as major as a smashed up car. These days, customers pinched by stagnant or falling wages increasingly are choosing to get those things fixed instead of buying a shiny new item. | 12/01/08 07:24:53 By - Lisa Fleiser
Cyber Monday: Online retailers seek a slice of sales today
Cyber Monday is no Black Friday – at least not yet. More than 80 percent of leading online retailers will offer special promotions today in hopes of producing the sort of buying frenzy that filled stores Friday, according to a retail industry survey. But while the Web's official holiday-shopping launch is gaining importance as a marketing tool, it's still far from being the phenomenon that the day after Thanksgiving has become. | 12/01/08 07:08:49 By - Jim Downing
NC tree growers hope for good season
Jessica Woltz spent Sunday hugging Christmas trees at Brock's Tree Farm. Keeping to her family's tradition of cutting their own tree, it is her usual way of choosing a stout one. "If my arms can go all the way around it, it's not big enough," said Woltz, 23. | 12/01/08 07:06:12 By - Marti Maguire
N. Carolina bickers over who can sue Freddie Mac over losses
A turf battle between state Treasurer Richard Moore and state Attorney General Roy Cooper has cost North Carolina the chance to lead a class action lawsuit against mortgage backer Freddie Mac. On Monday, a federal judge in New York found that North Carolina had the most money at stake in the Freddie Mac suit – $18 million – but wouldn't let North Carolina control the case because state officials can't agree on who has authority to sue. | 11/28/08 06:42:55 By - Dan Kane
Borrowers move as new bailout plan drops mortgage rates
An $800 billion stimulus plan for the credit markets, unveiled Tuesday by the Federal Reserve and U.S. Treasury Department, sent fixed-rate mortgages tumbling as much as 1 percentage point. Almost immediately, homebuyers with deals pending raced to lock in rates. Potential homebuyers called their agents and said they were ready to look in earnest. Homeowners took a fresh look at the refinance market. | 11/27/08 07:50:11 By - Dale Kasler
D/FW Airport reports 7 percent decline in holiday travel
D/FW officials estimated that 2.17 million passengers would pass through the airport in the 14 days starting Nov. 19, a decrease of up to 7 percent from last year. That would be the smallest Thanksgiving crowd D/FW has seen since the 2.11 million passengers in 2003 — when many airports were still struggling to recover after 9-11. | 11/27/08 07:39:14 By - Bryon Okada
N. Carolina governor says new state buildings will create jobs
Gov. Mike Easley wants to get a two-month head start on about $722 million in building projects to create jobs and take advantage of low interest rates. Easley announced Wednesday that he will ask the Council of State, a panel of elected executive branch officials, to give the go-ahead in January to a list of projects that includes new buildings on university campuses, new space in prisons and renovation of the N.C. Zoo's polar bear exhibit. | 11/27/08 07:20:28 By - Benjamin Niolet
Hard bargain: Retailers brace for decline in spending
A self-confessed "shopaholic," Cherie Martin typically spends about $3,000 on gifts each Christmas. Not this year, however. "I'll probably spend about $500," said Martin, a Washington-area attorney. "I told everyone, with the exception of my daughter, that I'm not Christmas shopping this year." | 11/26/08 15:39:00 By - Tony Pugh
Gasoline prices keep dropping; but what does it mean?
Last week when Harvey Wall filled up his Plymouth Voyager minivan for $1.68 a gallon, his business reaped the rewards of lower gasoline prices. | 11/26/08 07:28:57 By - Jack Weinstein
Therapists helping more money-stressed people
As the economy continues to weaken, local therapists say they are getting flooded with calls from people stressed out by money woes. “We are seeing an amazing increase,” said Jane Pavich, a Bradenton therapist who counsels individuals and couples. “It’s been very difficult for many people, and for those who are already struggling with depression and anxiety, economic stress makes those conditions worse.” | 11/26/08 07:20:18 By - Donna Wright
Decision to not stock lakes irks some mountain counties
Alpine County depends heavily on fishing. So when the state Department of Fish and Game this week released a list of lakes and streams that won't be stocked with fish until at least 2010, it landed in Alpine County with a thud. | 11/26/08 07:11:07 By - Phillip Reese and Cathy Locke
Spratt praises Obama budget choice
Rep. John Spratt on Tuesday praised President-elect Barack Obama's choice of Peter Orszag as White House budget director and expressed relief the job wasn't offered to him. | 11/25/08 18:29:00 By - James Rosen
Environmental groups tell Obama to move fast on climate
Don't wait until the financial crisis is over to attack global warming because cleaner ways to produce and use energy will lead to a stronger economy, leaders of environmental groups said Tuesday as they outlined their wish list for President-elect Barack Obama. | 11/25/08 16:11:00 By - Renee Schoof
Can government keep spending? Most economists say yes
Since the U.S. economy went into freefall in September, the federal government has announced hundreds of billions of dollars in bailouts and economic stimulus packages in attempts to shore up banks and reignite the economy. | 11/25/08 15:52:00 By - Jack Chang
Financial scammers target homeowners facing foreclosure
A temporarily laid-off Internal Revenue Service employee, Patricia Ireland was scrambling to meet her mortgage payments recently. Out of the blue, a company called to offer help. For a $2,500 fee, Ireland was told, the company and its Irvine-based lawyers would renegotiate the mortgage. Desperate, Ireland paid a $500 down payment. Then she found the fine print. | 11/25/08 14:42:00 By - Michael Doyle
New $800 billion rescue includes money for credit card debt
Treasury Secretary Henry Paulson, warning that "millions of Americans cannot find affordable financing for basic credit needs," announced a major expansion of the federal bailout on Tuesday — as much as $800 billion to make mortgages and consumer credit more available and affordable. | 11/25/08 00:03:00 By - David Lightman
Big line for free turkeys in Sacramento; police called
Those seeking evidence of the struggling economy needed to go no further than the Saramento food bank and a nearby thoroughfare Monday morning where a line of people stretched around the block. Things got testy at times as line jumpers thwarted the crowd control efforts of food bank volunteers, and the police had to be called in to keep order. | 11/24/08 18:48:54 By - Ed Fletcher
S. Florida home sales up in October on sharply lower prices
Prices for existing single-family homes dropped 30 percent in Miami-Dade County and 29 percent in Broward compared to October last year. The steep price drops spurred sales. Existing single-family home sales were up 23 percent in Miami-Dade and 46 percent in Broward. | 11/24/08 18:28:45 By - Matthew Haggman
Wealthy continue to get farm subsidies, GAO finds
Millionaire farmers continue to pluck crop subsidies they don't deserve, federal investigators say. At least 2,702 farmers nationwide received subsidies between 2003 and 2006 even through they were making more than the $2.5 million gross income cutoff. The unwarranted payments totaled $49 million and exposed enduring Agriculture Department management problems, investigators concluded. | 11/24/08 16:28:00 By - Michael Doyle
Washington State officials to press Obama on Hanford cleanup
Sens. Patty Murray and Maria Cantwell are giving the president-elect plenty of advice on the $2 billion-a-year cleanup of one of the most toxic sites on Earth. Murray has had "several" conversations with Obama's transition team about Hanford. Cantwell is optimistic the new administration will be easier to work with when it comes to Hanford cleanup money. | 11/24/08 15:02:42 By - Les Blumenthal
Summers brings experience in crisis to economics role
Lawrence Summers', Barack Obama's head of the National Economic Council, led the Treasury Department during the final two years of the Clinton administration. He was one of the key decision-makers during the global financial crisis sparked by Mexico's collapse in 1994 and during the Asian and Russian crises in the late 1990s. | 11/24/08 14:33:00 By - Kevin G. Hall
Obama introduces his economic 'dream team'
President-elect Barack Obama worked to send a message of confidence to jittery markets and consumers Monday, unveiling an economic team tested in crises past and present and promising a massive stimulus package big enough to send a "jolt" through the economy. | 11/24/08 13:30:00 By - Steven Thomma and David Lightman
Bush promises more aid to banks if needed
President George W. Bush said Monday that Washington was ready to help other faltering financial institutions as it was helping Citigroup, the banking giant that just got a government guarantee for billions of dollars in risky assets and a $20 billion capital injection. | 11/24/08 00:01:00 By - David Lightman
Kentucky politicians split on state's budget shortfall
At issue is whether the budget shortfall is large enough that the governor has the authority to make cuts and call the legislature into a special session. Democratic Gov. Steve Beshear says yes, Republican Senate President David Williams says no. | 11/24/08 07:51:22 By - Jack Brammer
Bell Helicopter abandons effort to win India military contract
Bell Helicopeter has been trying to sell military helicopters to India's military for nine years. Last week, however, it pulled out of competition, saying India's procurement system is too intricate and its demands for work for Indian subcontractors too great. | 11/24/08 07:36:59 By - Bob Cox
Early transition? Obama takes the lead in economic crisis
Barack Obama is taking a more active role in the economic crisis, leaking the name of his Treasury secretary Friday, in part to stem fears in the stock market; announcing a major stimulus package in his address Saturday, and on Sunday letting it be known that he'll announce his economic team on Monday. That's a reversal from his pledge to leave President Bush to handle the economic crisis until Jan. 20. | 11/23/08 19:49:00 By - James Rosen
Housing is bad enough, but wait — it'll get worse
If you think the housing slump can't get much worse, Martin Feldstein thinks that both home prices and the broader economy can — and very likely will — get a whole lot worse. The Harvard University professor and former chief economic adviser to Ronald Reagan isn't part of the crowd that continually forecasts doom. So when he says that one in four U.S. homeowners owe more money than their home is worth, it's worth taking note. | 11/23/08 06:00:00 By - Kevin G. Hall
Incoming, outgoing presidents offer dueling fixes for economy
The incoming and outgoing presidents Saturday urged solutions to the country's economic crisis that were worlds apart. Obama promised a sweeping, New Deal-like plan to jump-start the economy. Bush, meeting with international leaders in Peru, warned against government intervention in free markets after overseeing the largest government financial interventions in U.S. history. | 11/22/08 19:09:00 By - James Rosen
Just the name Geithner made stocks soar. Why?
New York Federal Reserve Bank President Timothy Geithner is expected to be President-elect Barack Obama's choice to head the Treasury Department. Reports of his selection sent stocks soaring at the close of trading Friday. | 11/21/08 19:12:00 By - Kevin G. Hall and Margaret Talev
Despite hard times, retailers expect holiday-sales growth
The economy appears headed toward the deepest recession in modern times, consumer confidence is at record lows and personal wealth is being destroyed daily on Wall Street. Against that backdrop, retailers must convince weary Americans to pull out their wallets and shop this holiday season. | 11/21/08 18:13:00 By - Kevin G. Hall
Florida jobless rate hits 15-year high; state leads in job loss
For the past 12 months, Florida has lost 156,200 jobs, more than any other state, including the much-larger California, which lost 101,300. From September to October alone, Florida lost 27,300 jobs, more than any state except Washington, according to federal statistics, also released Friday. | 11/21/08 14:19:15 By - Scott Andron
Chinese invest $30 billion in California-based retailer
Gottschalks, a Fresno, Calif.-based department store chain, announced Friday that a Chinese company has agreed to invest $30 million, including a $15 billion equity stake. | 11/21/08 12:12:15 By -
House prices hit new low in Sacramento; now at 2002 levels
The median sales price for a house in Sacramento County in October was $195,000, the lowest since April 2002. The reverse breakthrough – below $200,000 – came exactly one year after the county's median sales price fell below $300,000. The silver-lining: homes are selling, as buyers see the low prices as a bargain. | 11/21/08 07:47:40 By - Jim Wasserman
California cities, beset by budget gaps, consider bankruptcy
When the city of Vallejo, Calif., filed for bankruptcy protection in May, the logical question was: Is this a sign of things to come? Now two more California cities – Rio Vista and Isleton – are considering bankruptcy protection as an option as they face large budget shortfalls and staggering debt. | 11/21/08 07:40:45 By - Robert Lewis
Laid off workers weigh options in hard times
Alvin Barefoot cradled his tiny daughter Thursday and waited for news about receiving unemployment benefits and retraining classes during his layoff from ArcelorMittal Steel in Georgetown. | 11/21/08 07:19:17 By - Kelly Marshall Fuller
'Never seen it like this,' veteran money managers say
Still own stocks? Congratulations. You’re surviving the worst year in Wall Street history - so far. Stocks plunged again Thursday as joblessness grew, Congress stalled on a rescue for domestic automakers and oil slid below $50 a barrel. “I’ve never seen it like this,” admitted Mark Eveans, a veteran money manager. “You could almost compare this to a 100-year flood.” | 11/21/08 06:51:17 By - Mark Davis
Can't spare a dime for the red kettle? How about a credit card?
Don't have spare change? Some of the Salvation Army's Red Kettles now take plastic. | 11/21/08 06:47:06 By - Sue Schrock
Pirates along African coast send shipping costs soaring
When Somali pirates last weekend seized the Sirius Star, a Saudi Arabian supertanker carrying $100 million worth of oil, they jolted a global shipping industry that's long coped with threats on the high seas. Now, in the face of increasingly bold and frequent pirate attacks off the east coast of Africa, the industry is facing spiraling costs and calling for a more forceful and coordinated response from governments that have sent naval vessels to the region. | 11/20/08 16:38:00 By - Julie Sell
Congress 'bails' on helping the auto industry. Now what?
Everybody agrees the auto industry needs help. But congressional leaders decided at a private meeting Thursday that they simply couldn't agree to do anything until they had a better idea of how executives of the Big 3 American automakers would use the money. Showing up in private jets didn't help the auto executives' cause, everyone agreed. | 11/20/08 15:13:00 By - David Lightman
How low can market go? Outlook for economy is grim
Wall Street's agonizing bear market plunged to new depths Wednesday amid more hand-wringing about the receding economy, the faltering auto industry and Washington's stop-and-go rescue efforts. In that vein, Wednesday's release of minutes from the October meeting of the Federal Reserve showed that policymakers continued to ratchet down their expectations for the economy. | 11/20/08 07:35:11 By - Mark Davis
Washington state faces $5.1 billion budget shortfall
Washington faces a bigger-than-expected budget shortfall of at least $5.1 billion in the 2009-11 cycle, raising the specter of immediate spending cuts to balance the books. | 11/20/08 07:34:22 By - Brad Shannon
Swelling prices for food changing how we shop
Prices for oil, corn and wheat have been dropping for months, but food prices in the supermarket are climbing. Food inflation slowed in October, according to federal figures released Wednesday, but grocery prices are up 7.5 percent over last year.
Combined with the bad economy, the higher cost of eating is changing the way we shop for food, from choosing store labels over national brands to using more coupons to switching to cheaper cuts of meat. | 11/20/08 07:31:32 By - Jim DowningStashing cash in a smaller bank
As big banks and brokerages get battered by the economy, some consumers in the central San Joaquin Valley are moving their money to community banks and credit unions. | 11/20/08 07:21:27 By - Tim Sheehan
Federal Reserve official says stimulus funding is 'not a bailout'
The federal government is assuming risk at a reasonable price with its $700 billion economic stimulus funding, said an economist with the Federal Reserve Bank of St. Louis. But don't call it a "bailout," said Chris Neely, an assistant vice president with the Fed. "I hate the term 'bailout.'" | 11/20/08 07:15:25 By - Will Buss
Sacramento's upscale jeweler is set for lackluster season
With the Dow below 8,000 and retail sales numbers at their lowest in decades, Bo Grebitus may be the only one who feels appreciative. But hand-wringing isn't his style. Experience has taught him that. Grebitus is one of many retailers in the Sacramento area anticipating a glum holiday shopping season. The luxury goods sector has been among the hardest hit in retail. | 11/20/08 07:05:55 By - Darrell Smith
Southwest wants ATA's slots at New York LaGuardia
Southwest Airlines wants to fly to New York City’s LaGuardia Airport, a market the airline has long avoided because of its congested skies and the difficulty in obtaining slots for takeoffs and landings. | 11/20/08 06:55:54 By - Trebor Banstetter
As stocks and oil prices fall, Russians worry about the ruble
The value of the ruble is crucial for Prime Minister Vladimir Putin, who's built much of his reputation on returning financial stability to the nation during his eight years as president. Now the price of oil has fallen to $55 a barrel from a high of $147 this summer and stocks have lost 70 percent of their value, and there are fears the ruble could slide as well. | 11/19/08 17:12:00 By - Tom Lasseter
Economic crisis squeezing colleges, universities
Shrinking endowments, state funding reductions and families struggling to pay tuition are forcing many colleges and universities to cut staff and spending. The California State University system plans to trim 10,000 students across its 23 campuses. Dartmouth College has frozen hiring. The University of Florida is trimming enrollment by 1,000 and hiking tuition by 15 percent. | 11/19/08 16:27:00 By - Tony Pugh
Women business owners making tough calls
Some women business owners are laying off staff. Others are turning away less profitable work. While yet another is taking only clients that pay in a timely fashion. Entrepreneurs, the backbone of our economy, realize that these tough economic times take strategy to survive. | 11/19/08 15:33:19 By - CINDY KRISCHER GOODMAN
Enviromentalists win first round in Waxman-Dingell battle
The House Steering committee voted 25-22 to put Rep. Henry Waxman in charge of the House Energy and Commerce Committee, replacing Michigan Democratic Rep. John Dingell, the most senior member in the House. Waxman had criticzed Dingell for blocking tougher mileage requirements for U.S. automakers. | 11/19/08 14:51:20 By - Rob Hotakainen
Why not let Detroit's Big Three go bankrupt?
To hear the chief executive officers of Detroit automakers and union leaders tell it, bankruptcy and economic hellfire await if lawmakers don't craft a government bailout for them, soon. So what? | 11/18/08 18:59:00 By - Kevin G. Hall
Central California activists plead for foreclosure aid
WASHINGTON -- Prayers and politics combined Tuesday as Fresno minister Bill Knezovich joined some 170 activists pleading for help with the foreclosure crisis that's stricken the San Joaquin Valley. | 11/18/08 16:38:00 By - Michael Doyle
Has the worst of financial crisis passed? Paulson says yes
Taking care not to declare victory, Secretary of the Treasury Henry Paulson told Congress on Tuesday that the unprecedented rescue efforts over the past eight weeks appear to have prevented the collapse of financial markets and returned them to a semblance of normalcy. He said he doesn't expect to spend the rest of the $700 billion bailout. | 11/18/08 00:45:00 By - Kevin G. Hall
Gasoline prices have plunged. So why is no one cheering?
Gasoline prices have fallen $1 in a month and more than $2 since the all-time high in June. Motorists are collectively saving billions at the pump. But they aren't dancing. Why? The effect of cheaper gas is being overwhelmed by the housing crash and the financial crisis. Even a stunning decline in energy prices won't be enough to steer the nation out of recession. | 11/18/08 08:11:54 By - Dale Kasler and Darrell Smith
Florida judge says borrowers, lenders must see eye to eye
With foreclosure cases swamping local courts, the area's top judge is planning a novel approach: Forcing lenders to talk with borrowers. | 11/18/08 07:21:48 By - Duane Marstellar
Kentucky's banks fending off frenzy
The new PNC would be so large — 12.5 percent of all deposits held by the state's 234 banks — that it probably would trigger action by federal regulators in more normal economic times. | 11/18/08 07:05:43 By - Jim Jordan
Ky. auto industry mulls options
As prospects dimmed in Washington on Monday for a $25 billion bailout of the U.S. auto industry, those watching in Kentucky feared that one of the state's leading industries could be crippled. | 11/18/08 07:02:37 By - Scott Sloan
Dallas Mavericks owner accused of insider trading, faces fine
Dallas Mavericks owner Mark Cuban has been accused of insider trading for allegedly selling stock in an Internet firm hours after learning of a planned stock offering that would reduce the value of the company's shares. | 11/17/08 19:07:38 By - Trebor Banstetter
Gasoline prices plummet — and are expected to drop further
Gasoline prices are dropping at a rate never seen before: a $2 decline in two months for a gallon of regular. On Sept. 15, the North Carolina average for regular peaked at $4.08 a gallon. Sunday, it was $2.07. And it likely will be less. | 11/17/08 19:01:27 By - David Perlmutt
Aid to automakers seems doomed amid wrangling
Even as top Senate Democrats rolled out new legislation to provide $25 billion in loans to America's domestic automakers, the prospects of emergency funds appeared bleak Monday as the White House and Congress tangled over how best to help the ailing industry. Supporters of helping the cash-strapped Big Three concede they are far short of the 60 votes needed to stop an anticipated Republican-led filibuster. | 11/17/08 18:41:00 By - David Lightman and Kevin G. Hall
Summer tourism declined in Florida, statistics show
Florida saw a 3.2 percent drop in tourism between July and September, a stretch of time that saw record gas prices, economic turmoil and a string of hurricane scares. | 11/17/08 18:32:14 By - Douglas Hanks
White House lists new reasons for rejecting auto industry aid
As the Congress reconvenes for a lame-duck session to do something about the economy, the White House makes it clear that it doesn't want a new bailout for the troubled auto industry. "Taxpayers should not be asked to subsidize private companies that are unwilling to show that they can be viable. It is clear that U.S. automakers must restructure in order to be viable," White House spokeswoman Dana Perino said. | 11/17/08 13:08:18 By - David Lightman