The year 2008 is coming to an end. The two most memorable events this year that will probably go down in history books include the first black President in US history and the colossal losses in the US stock market. In 2008 the US stock market experienced on of the biggest ever stock market drops... Read More

Fannie Mae, the mortgage-finance giant under federal control, fired several hundred employees Friday at its Washington headquarters.

Fannie plans to hire a similar number of people in the Dallas area, where the company bases its anti-foreclosure unit.

Fannie Mae has about 5,500 empl... Read More

The economic crisis has risen to the top of the list of security threats to the United States according to the intelligence chief’s latest assessment.

According to a recent report by the Center for American Progress, an estimated 4 million additional Americans have lost their health insurance and 2 million have become uninsured since the recession began. The recent turmoil in the job market is likely increasing the number of uninsured at the... Read More

JPMorgan Chase & Co. (NYSE:JPM) is planning on cutting a total of 14,000 jobs this year.

The company said Thursday it will cut around 12,000 jobs as a part of its takeover of the failed Washington Mutual.

The other 2,000 layoffs will occur in the company’s investment banki... Read More

The US economy has experienced a sharp contraction in the final quarter 2008 at 6.2 per cent. The figure is much higher than the estimated 3.8 per cent fall and the worst results in 25 years.

The federal government allegedly agreed Sunday night to provide an additional $30 billion in taxpayer money to the American International Group (AIG) as well as to loosen the terms of its huge loan to the insurer.

The fourth bailout for A.I.G.

This would be the fourth time that the ... Read More

In February, US auto sale dropped to the lowest rate since December 1981. The 41 per cent drop represents the huge economic uncertainty that is keeping American auto buyers away from new purchases.

The US lost 697,000 jobs last month, according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.

4,400,000 workers have lost their job in the United States since the recession began in December 2007. Monthly jobless rates keep on presenting staggering figures with February’s official figures pointing to a collossal 651,000 people who have lost their jobs.

Bernard Madoff pleaded guilty on all 11 charges made against him on Thursday over the alleged $50 billion Madoff fraud. The plea could mean that Madoff may be sentenced to 150 years in prison.

11 Charges Against Madoff

U.S. home foreclosures took a steep 30 per cent rise in February compared to February 2008. The increase in foreclosure filings in February jumped nearly 6% from January.

In the latest twist surrounding Bernard Madoff, his longtime accountant surrendered to authorities Wednesday charged with six counts of securities fraud, investment adviser fraud, and for filing false statements with the SEC.

The U.S. Federal Reserve announced Wednesday that it would pump an additional $1 trillion into the American financial system by purchasing Treasury bonds and mortgage securities in an effort to boost the economy.

Moody’s Investors Service downgraded General Electric (GE) debt from Aaa to Aa2 on Monday after Standard & Poor’s downgraded GE’s top-notch “AAA” rating one tick to an “AA ” earlier this month.

On Monday, Treasury Secretary Timothy Geithner, unveiled a plan to remove up to $1 trillion in bad loans from the bank’s books. The program aims to bring in private investors to buy up these assets with funding from the Federal Deposit Insurance Corp., a U.S. bank regulator as well as the... Read More

Dr Pepper Snapple Group Inc. (NYSE:DPS) reported Tuesday that it had incurred $621 million losses in the fourth quarter due to heavy restructuring costs, severances and asset write-downs, nevertheless, asserting that its adjusted profit was higher than expected by Wall Street.

In the latest report by the Labor Department on Thursday, US jobless figures jumped to a record 5.56 million earlier this months, and new claims rose to 652,000 in the week ended March 21st, showing considerably higher figures than expected by analysts.

Google Inc (GOOG.O) is to cut around 200 jobs in sales and marketing in order to cope with costs during the global financial crisis, which has resulted in a heavy advertising slowdown.

U.S. President Barack Obama took a hard stance on Monday towards automakers, giving General Motors 60 days to come up with a viable restructuring plan, and Chrysler 30 days. If the companies fail to meet this ultimatum, Obama plans to allow them to file for bankruptcy.

US home prices fell at record rates in January, reaching a shocking 19 per cent, according to the latest figures reported by the S&P/Case-Shiller 20-city index.

US companies cut 742,000 jobs in March according to ADP, a payroll services company’s latest report on Wednesday. The figures are worse than analysts anticipated. These latest figures promise more bad news for the nation’s unemployment rate, which is expected to be released on Friday.... Read More

Over 30 million Americans – one out of 10 – received food stamps in January according to the governement on Thursday. Food stamps is the biggest U.S. anti-hunger program which aids the poor to buy groceries. The average benefit was $112.82 per person in January, a new record –... Read More

The U.S. unemployment rate hit a 26-year high in March as employers cut a whopping 633,000 jobs. According to the U.S. Labor Department already 2 million jobs have been lost this year and over 5 million since the beginning of 2008 leaving a total of 13.2 million U.S. citizens jobless.

President Obama said Friday, that there were “glimmers of hope” for the economy but warned that substantial, potentially difficult government action was still necessary to ensure a healthy recovery.

US retail sales fell unexpectedly in March. According to the latest figures released by the Commerce Department, sales fell 1.1 per cent. The latest drop is the biggest decline in the past three months.