Business (news.yahoo.com)
- Stocks slide as economy, Bernanke raise fears
(Reuters)
Reuters - Stocks tumbled on Monday as news pointing to the deepening economic slump around the world erased much of last week’s sharp gains, with financial services companies and retailers among Wall Street’s biggest casualties.
- Fed’s Bernanke says policy must act with vigor
(Reuters)
Reuters - Federal Reserve Chairman Ben Bernanke on Monday urged decisive action to protect the U.S. economy and said the Fed could directly buy securities and backstop markets as interest rates approach zero.
- Recession started in December 2007: panel
(Reuters)
Reuters - The U.S. economy slipped into recession in December 2007, the nation’s business cycle arbiter declared on Monday, and the downturn could be the worst since World War Two.
- U.S. working on new lending programs: Paulson
(Reuters)
Reuters - Treasury Secretary Henry Paulson said on Monday that more programs were being developed to stimulate lending but warned a severe financial crisis is stubbornly persisting.
- Manufacturing slumps to 1981-82 recession levels
(Reuters)
Reuters - Factory activity dropped in November to its weakest level since the 1981-1982 recession and construction spending slumped in October, data showed on Monday, fanning fears of a protracted economic downturn.
- Stocks plunge as bad data piles up
(AFP)
AFP - Stock markets in Europe and the United States plunged on Monday, succumbing to a deluge of bad economic data pointing to a severe global slowdown and reversing some of the gains made last week.
- Investors sue Countrywide to force loans purchase
(Reuters)
Reuters - A group of bond investors sued Bank of America -owned Countrywide Financial on Monday demanding that Countrywide buy every mortgage loan for which it agrees to reduce payments under a predatory lending settlement deal. - General Growth Properties gets loan reprieve
(AP)
AP - General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders. - Retailers offer deals, discounts on ‘Cyber Monday’
(AP)
AP - Retailers who saw Thanksgiving holiday sales drop off as the weekend progressed stepped up online promotions on the day known as “Cyber Monday” to try to get consumers tired of the crowds at stores to keep shopping.
