 | 2008 JULY
July 25, 2008
Foreclosures More than Double; Uptick Seen in Durable Goods
U.S. homeowners lost 220,000 homes to foreclosure in the second quarter, according to a report issued Friday by RealtyTrac, Inc., a marketer of foreclosed homes.
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| July 24, 2008
Housing Rescue Bill Awaits Senate, but Questions Linger
A hotly-debated housing bill aimed at helping struggling homeowners and shoring up Fannie Mae and Freddie Mac is next headed for the Senate. Sens. Chris Dodd, D-Conn., and Richard Shelby, R-Ala., discuss the details.
   
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| July 24, 2008
Ford Reports $8.7 Billion Second-Quarter Loss
The Ford Motor Co. on Thursday posted a second-quarter loss of $8.7 billion, due mostly to the declining value of its SUV and pickup truck lines, and announced a plan to overhaul its North American production to focus on small cars.
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| July 23, 2008
Wide-reaching Housing Rescue Legislation Moves Forward
The House approved Wednesday a hotly-debated housing rescue package aimed at helping strapped homeowners avoid foreclosures after President Bush dropped his opposition to the bill. Experts examine the measure.
 
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| July 23, 2008
President Bush Drops Veto Threat for Housing Bill
President Bush will sign into law a housing rescue bill hammered out in a compromise among House and Senate leaders, the White House said Wednesday.
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| July 22, 2008
Wachovia Posts Surprising $8.9 Billion Loss
Banking giant Wachovia Corp. reported a nearly $9 billion second-quarter loss Tuesday, surprising Wall Street analysts who had expected a smaller drop. The company plans to cut 6,350 jobs and slash dividends to offset the losses.
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| July 21, 2008
Airplanes Scale Back Service as Oil Prices Soar
Despite efforts to ease the burden of soaring fuel costs by adding luggage fees and slashing flights, major airlines continue to suffer losses and predict fare hikes this fall. Tom Bearden reports on the latest woes of the airline industry.
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| July 18, 2008
Analysts Tackle Economy Woes, Obama's Overseas Trip
Analysts David Brooks and Ruth Marcus take up the U.S. economy's shaky health and Sen. Barack Obama's trip to the Middle East and Europe, which has drawn vast media coverage and was described by Sen. John McCain's camp as a publicity stunt.
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| July 18, 2008
Bailout of Mortgage Firms Could Set Risky Precedent
As the nation's housing woes continue, the government announced a plan this week to shore up mortgage-giants Fannie Mae and Freddie Mac. Paul Solman weighs the role of government intervention and the possible ramifications of rewarding risky financial behaviors.
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| July 18, 2008
Is there any way we can hedge against the energy and commodities as an individual investor?
Paul Solman answers this question and many more in the "Business Desk."
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| July 17, 2008
Reporters Measure Economy's Health Across the U.S.
Business reporters and columnists from across the country assess how recent economic troubles, including inflation and housing market problems, have impacted local communities.
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| July 17, 2008
Fannie Mae CEO Defends Mortgage Giant's Stability
Fannie Mae CEO Daniel Mudd reacts to questions about the stability of the mortgage-lending giant after the government took steps earlier this week to back Fannie Mae and Freddie Mac in order to maintain stability and confidence in U.S. financial markets.
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| July 17, 2008
Tax Hike Dispute Reveals Chink in Argentine President's Popularity
Argentina's President Cristina Fernandez, elected in a landslide vote in October, has started to encounter the country's economic and political realities, as evidenced in Thursday's legislative rejection of a proposed tax hike.
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| July 17, 2008
Gore Aims High on Renewable Energy Goal for U.S.
Former Vice President and Nobel laureate Al Gore outlined a bold climate goal for the nation Thursday, challenging the U.S. to create every kilowatt of electricity through renewable energy sources within 10 years.
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| July 16, 2008
Rising Fuel Costs Damage Viability of Fishing Industry
Rising fuel costs are reaching far into the pockets of tuna fisherman, who are struggling to keep their businesses alive as the price of fuel skyrockets.
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| July 16, 2008
Consumer Prices Rise at Fastest Rate Since '82
The Labor Department reported Wednesday that consumer prices jumped 1.1 percent in June, marking the fastest rise in more than a quarter century and fueling further concerns over inflation levels in the jittery U.S. economy.
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| July 15, 2008
Small Cars Make a Comeback Amid High Gas Prices
Soaring gas prices have led many U.S. drivers to forgo large vehicles like SUVS for smaller cars. Essayist Anne Taylor Fleming examines the shift in consumer preference.
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| July 15, 2008
Tribune Co. Fraught with Debt, Leadership Loss
As the Tribune Co. searches for ways to sustain its readership, two of its major papers, the Chicago Tribune and the Los Angeles Times, suffered heavy losses in leadership. A columnist and a professor discuss the latest blows to the company and changes in the media landscape.
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| July 15, 2008
Government Bailouts, Poor Growth Fuel Concerns Over Banking Sector
Troubling economic reports and bleak forecasts from the nation's economic policymakers have fueled new concerns over the health of the economy and the stability of the nation's banks. Banking experts offer insight.
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| July 15, 2008
Continued Economic Concerns Draw Attention on Hill
Amid signs of continued economic distress, President Bush and the nation's top economic policymakers fanned out across Washington, seeking to reassure roiling markets, skittish investors, and a worried public. Ray Suarez wraps up the latest economic news.
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| July 15, 2008
A Right to Online Privacy?
How much information should online advertisers and Web site operators know about you? And how should they be able to use this information? Congress is trying to establish rules so that the rights of both online users and advertisers are protected.
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| July 15, 2008
Bernanke: Economy Faces 'Numerous Difficulties'
Amid a flurry of government-backed steps to fortify the U.S. economy, Fed chief Ben Bernanke told lawmakers Tuesday the economy continues to face "numerous difficulties" including turbulent financial markets, rising unemployment and housing troubles.
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| July 14, 2008
Treasury, Fed Propose Safety Net for Mortgage Giants
Congress must soon decide on a U.S. Treasury-Federal Reserve measure to save mortgage giants Freddie Mac and Fannie Mae from further crisis. An economics editor and House Financial Committee members weigh the options.
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| July 14, 2008
InBev to Buy Anheuser-Busch for $52 Billion
The largest U.S. beer maker and American icon, Anheuser-Busch, accepted a $52 billion cash takeover offer from rival Belgium-based brewer InBev late Sunday after a month-long standoff.
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| July 14, 2008
U.S. Government Takes Steps to Back Struggling Mortgage Giants
The Treasury Department and Federal Reserve laid out plans Sunday to help bolster lagging confidence in mortgage-finance giants Fannie Mae and Freddie Mac.
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| July 11, 2008
Shields, Brooks Assess Struggles in the Economy, Campaign News
With continued financial troubles in the headlines, the presidential hopefuls have made their plans to improve the economy central to their case to voters. Mark Shields and David Brooks discuss the Fannie Mae, Freddie Mac panic and campaign trail developments.
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| July 11, 2008
Worries of a Bailout of Mortgage Giants Hit Markets Hard
The market value of mortgage giants Freddie Mac and Fannie Mae slumped again Friday, but rebounded after officials downplayed the likelihood of government action. A reporter and analysts discuss the developments.
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| July 11, 2008
Paulson: No Bailout for Fannie Mae, Freddie Mac
Amid worries that Fannie Mae and Freddie Mac might run short of capital, Treasury Secretary Henry Paulson said Friday the government would support them "in their current form as they carry out their important mission."
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| July 10, 2008
Fannie Mae, Freddie Mac Stocks Tumble over Bailout Fears
Shares of government-chartered mortgage giants Fannie Mae and Freddie Mac plunged to their lowest levels since 1991 in Thursday trading over concerns the companies won't be able to raise necessary capital.
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| July 8, 2008
Fed Ready to Strengthen Regulations Tied to Lending Practices
Federal Reserve Chief Ben Bernanke outlined new rules Monday that are intended to protect homebuyers from risky lending practices blamed for a nationwide housing crisis. Wall Street Journal editor David Wessel examines the move.
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| July 8, 2008
Bernanke to Propose Stricter Mortgage Regulation
Federal Reserve Chairman Ben Bernanke outlined a new set of mortgage-lending rules Tuesday, which will be aimed at shielding future homebuyers from risky lending practices and avoiding a repeat of the country's current mortgage crisis.
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| July 8, 2008
Why are many oil-producing countries still unable to solve their chronic poverty problem?
Paul Solman answers this question and many more in the "Business Desk."
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| July 8, 2008
For retailers, cash or credit?
Paul Solman answers this question and many more in the "Business Desk."
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| July 7, 2008
High Oil Costs May Advance Conservation Research
Car owners have been wincing in recent months as the price of oil has shot up well over the once-unimaginable $100-per-barrel mark. But an economist at Carnegie Mellon University believes that skyrocketing oil prices are a good thing, and will lead to necessary innovations in conservation and green technologies.
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| July 4, 2008
Calif. Locked in Water Wars as Drought Worsens
As California faces one of the worst droughts in decades, Spencer Michels examines the growing struggle over water rights in the state.
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| July 3, 2008
Obama, McCain Work to Highlight Views on Key Trade Policies
With the economy a top campaign issue, presidential hopefuls Sens. John McCain and Barack Obama are working to shape their stances on international trade and free-trade policies. Analysts discuss the candidates' statements and the impact of trade policy shifts.
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| July 3, 2008
Issues with Large Commercial Carriers Trouble Small Town Airports
Trouble has been brewing among large air carriers, plagued with high costs, competition and traffic, but these troubles have now begun to take their toll on regional airports, which are struggling to just survive. Elizabeth Bracket reports from Indiana.
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| July 3, 2008
Economy Burdened by Job Losses, Slipping Sales, Oil Costs
The Labor Department announced the sixth consecutive month of job cuts Thursday as employers cut 62,000 workers, further fueling U.S. economic concerns. Analysts examine the news.
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| July 3, 2008
U.S. Employers Cuts Payrolls by 62,000 in June
The Labor Department announced the sixth consecutive month of job cuts as U.S. employers cut 62,000 non-farm workers from their payrolls in June, creating the longest-running decline since 2002.
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| July 2, 2008
FDA Expands Search for Source of Salmonella Outbreak
The U.S. Food and Drug Administration said Wednesday that it still did not know the source of a salmonella outbreak that has sickened 869 people and plans to expand its search beyond tomatoes, the first suspected culprit. A USA Today reporter updates the story.
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| July 2, 2008
Starbucks Plans to Close 600 Stores as Sales Slide
Starbucks announced Wednesday the closure of 600 stores and plans for staff cutbacks after a drop in sales. Lee Hochberg reports on the economic shifts behind the company's losses and how the coffee giant plans to recover.
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| July 2, 2008
G8 Leaders Urged to Turn Attention to Food Crisis
Ahead of the Group of Eight summit in Japan next week, World Bank President Robert Zoellick is calling on world leaders to renew their focus on the global food crisis what efforts to address food shortages as commodities' values escalate.
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| July 1, 2008
After Delays and Criticism, Pentagon Shifts Priorities to Protect Soldiers
Beginning in 2007 the Pentagon shifted its spending priorities to meet the deadly threat of roadside bombs leading to the procurement of the MRAP, or 'Mine Resistant Ambush Protected'. The fourteen-ton vehicle is credited for a drastic decline in roadside bomb fatalities, but why did it take so long? Paul Solman investigates.
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| July 1, 2008
Nearly Every U.S. Automaker Posts Double-digit Sales Losses in June
Amid record-high gas prices, a slumping economy and consumer jitters, U.S. auto sales plummeted in June, but General Motors managed to retain its No. 1 spot ahead of Toyota thanks, in part, to a six-day sale featuring zero-percent financing offers.
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| JUNE
June 30, 2008
Iraq Opens Oil Fields to Foreign Firms for Output Boost
The Iraqi government announced Monday it was accepting international bids for contracts to operate six of its oil fields. An economics expert discusses the prospect of Western oil companies working in Iraq.
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| June 30, 2008
Iraqis Open Oil to Foreign Firms to Boost Output
The Iraqi government opened six of its oil fields to international bidders Monday as the nation attempts to increase daily production by 60 percent, leaving the door open for top Western companies to tap into the world's third largest oil reserves.
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| June 27, 2008
Flooded Farmlands May Take Decades To Recover
As water rushed through Iowa, it didn't just destroy private property; acres of fertile farmland were ruined for years to come. Jerry DeWitt, director of the Leopold Center for Sustainable Agriculture at Iowa State University, talks about the agricultural damage.
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BUSINESS & ECONOMY
