Archive for December 1st, 2008
Nikkei down sharply after U.S. plunge
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Schwarzenegger declares emergency
California Gov. Arnold Schwarzenegger on Monday declared a fiscal emergency, calling for fast legislative action to alleviate the state’s $11.2 billion shortfall in revenue.
Obama and governors to talk state aid
Plagued by rising unemployment, falling tax revenue and increased demand for state services, governors from across the country will meet with President-elect Barack Obama on Tuesday to press for federal money to ease their fiscal strain.
Chevron cleared of Nigeria abuses
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Dow plunges 680 points
Stocks got hammered Monday, as investors bailed out following confirmation that the U.S. is mired in a recession and indications that it’s likely to continue for some time.
Schwarzenegger declares emergency
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Bernanke: Economic weakness to continue
Federal Reserve Chairman Ben Bernanke said on Monday that the nation’s economic weakness will persist for some time, even if the government’s efforts to boost lending help restore the credit markets to normal.
It’s official: Recession since Dec. ‘07
The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .
Paulson: Feds to expand rescue
The federal government is reviewing applications from hundreds of banks seeking rescue funding and is “actively” developing new programs to right the nation’s unsettled financial system, Treasury Secretary Henry Paulson said Monday.
JPMorgan Chase to cut 9,200 WaMu jobs
JPMorgan Chase said Monday it plans to lay off 9,200 employees at Washington Mutual, the failed savings and loan that the New York City-based banking giant bought in September.
