Retail sales plunged by the largest amount on record in October as the financial crisis and the slumping economy caused consumers to sharply cut back on their spending.
It's very sad that 280 billion of the 700 billion dollar bailout fund has spent and Bush nor Congress has acted yet to produce oversight on how and why the money is being spent. It's like we the taxpayers are being fleeced and no one on Congress seems to care.
Treasury Secretary Henry Paulson says that the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.
This again backs up my arguments that this whole $700 bailout is a joke and is a final going away present from the lame duck Bush White House to his financial friends on Wall Street.
GW basically sat on his hands and allowed this crisis to happen and then he decided to fleece taxpayers while giving away trillions to those who put him in power.
Steve Kroft examines the complicated financial instruments known as credit default swaps and the central role they are playing in the unfolding economic crisis.
Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever.
Wall Street extended its devastating losses Friday, but prices swung sharply as investors scooped up shares decimated by more than a week of intense and panicked selling.