Is Your Gift Card Suddenly Worthless?
OPEC set to snub Bush call for extra crude oil
UK banks write off record £6.8bn in household debt
Gulf investors may not save Citigroup, Dubai executive says
Hard times are on the menu at restaurants
US auto sales fall amid economic woes
Boom times for 'gently used' clothes
U.S. Stocks Fall on Bernanke Plan, Oil's Retreat; Banks Decline U.S. stocks fell, led by financial and commodity shares, after Federal Reserve Chairman Ben S. Bernanke urged banks to forgive more late loans and oil, gold and copper prices dropped from records.
Bernanke Urges Banks to Forgive Portion of Mortgages (Update6) Federal Reserve Chairman Ben S. Bernanke, battling the worst housing recession in a quarter century, urged lenders to forgive portions of mortgages held by homeowners at risk of defaulting.
There's a headline this morning that the government's "Loans program for coal plants suspended" which goes to the idea that because of global warming and tons of uncertainty, new technology coal plant development should be suspended. This, after a lot of states including in our backyard here in East Texas, were out fighting tooth and nail to get nods for new coal-fired plants.
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Curiously, the price of oil has not yet reacted, although it certainly seems possible. Although oil took a dip on Monday, there's an OPEC meeting today which could see output held steady which wouldn't help the US economy any. The US is pushing for higher production quotas in order to contain prices.
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In the Middle East, stress is building because Syria is floating a proposal for a transitional government to lead to early parliamentary elections. And in Iraq, the Oil Ministry has been given the green light to sell oil to key Western corporate customers.
