As early as mid-2007, there was speculation that the bubble had begun to deflate, and by late 2008 it had burst outright, laying the groundwork for a rough 2009. Sales at Sotheby’s and Christie’s each declined around 50% from the year before, and collectors’ interest in contemporary art (including works by up-and-coming artists) waned.
In a weak economy, many states, cities and towns may be facing billions of dollars in pension liabilities that are currently underfunded. Spencer Michels reports from California on that state’s pension challenge. Continue reading
President Obama met with community bank leaders at the White House on Tuesday and pressed them to boost lending. Yet in a year in which some 140 community banks have been forced to close, the focus among small lenders is often more about keeping afloat. Continue reading