Bush Signs Bailout After House Passage

WASHINGTON — President George W. Bush signed the biggest government intervention in the financial markets since the Great Depression after U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted Friday in favor of a $700 billion Wall Street rescue package.President Bush is greeted by Treasury Secretary Henry Paulson after [...] continue reading world news

Half of Zimbabwe dependent on aid, says UN humanitarian chief

UN calls for increased farming production to prevent an extra 2 million people becoming reliant on food and medical aidAlmost half the population of Zimbabwe could soon be dependent on food and medical aid, the UN’s humanitarian chief said today.John Holmes, the UN’s under-secretary general for humanitarian affairs, said that around 3 million people were [...] continue reading world news

Life in Zimbabwe: Wait for useless money

At a bank in Harare, Zimbabwe, this week, the police directed customers trying to withdraw their nearly worthless savings. (Associated Press)HARARE, Zimbabwe: Long before the rooster in their dirt yard crowed, Rose Moyo and her husband rolled out of bed. “It is time to get up,” intoned the robotic voice of her cellphone. Its glowing [...] continue reading world news

The Elephant in the Room: Credit Default Swaps

Studies show that people often fear the wrong things. We are terrified of things which probably won’t hurt us, but blissfully unconcerned with things that might really kill us (see this, this and this). So we put a tremendous amount of energy into solving non-problems, and get blindsided by things that we don’t know about [...] continue reading world news

Ford’s September sales drop 34 percent

Tight credit, economic worries and high gasoline prices auto purchasesDETROIT - Tight credit, economic worries and high gasoline prices combined to cut Ford Motor Co.’s U.S. sales once again in September, with the beleaguered automaker reporting a 34 percent decline from the same month last year.It was Ford’s worst sales month this year, and the [...] continue reading world news

U.S. Factories Contracted at Faster Pace in September

Oct. 1 (Bloomberg) — Manufacturing in the U.S. contracted in September at the fastest pace since the last recession as sales slowed, signaling the credit crisis is spreading beyond Wall Street.The Institute for Supply Management’s factory index dropped to 43.5, the lowest level since October 2001 and less than economists anticipated, the Tempe, Arizona-based group [...] continue reading world news

Senate May Try to Revive Financial-Rescue Legislation

U.S. Senator Christopher Dodd, chairman of the Senate Banking Committee, left, and Senator Judd Gregg, a Republican from New Hampshire, speak to reporters at the U.S. Capitol in Washington, Sept. 29, 2008. Photographer: Jay Mallin/Bloomberg NewsSept. 30 (Bloomberg) — The U.S. Senate will try to salvage a $700 billion financial-rescue package after the measure was [...] continue reading world news