"In 2005, the average consumer spent $20 for every $19 he earned," Wiggin went on to say, "and that was during the peak of a housing bubble that appears to have now come to a dramatic end."
David Walker, U.S. Comptroller of the GAO discussed 2 recent reports, one on recommendations for 110th Congress Targets for Oversight and Global War on Terror Costs. Walker was fairly scathing in his assessment of how things are going for the country
Elliott thought his ladder-climbing days would soon be over. With a few more years of work, his 401(k) account would be large enough to let him retire at 60. Then Elliott learned that his former employer had looted the company's 401(k) plan.
The recent rise in gasoline prices will likely continue until Christmas, making the trip home for the holidays more costly than at Thanksgiving. The nationwide average retail price of a gallon of regular gasoline has risen 8 cents since the end of
An ominous indicator has moved to center stage for world financial markets: the US dollar's plunging value relative to other currencies. How this dollar drama unfolds could end up affecting more than just the price of T-shirts at Wal-Mart or t
Fannie Mae erased $6.3 billion in profit in a long-awaited restatement capping the accounting scandal that stunned financial markets and brought the ouster of top executives and a record fine against the government-sponsored mortgage leader.
To explain the role of money, we must go even further back, and ask: why do men exchange at all? Exchange is the prime basis of our economic life. Without exchanges, there would be no real economy and, practically, no society.Entered By: Ernest Hancock
The US economy can't seem to make up its mind. It keeps showing strength and weakness, with fresh data providing still more mixed signals—and fueling a debate over whether the housing slump is dragging the nation into a recession.
The dollar's mysterious movements pose the thorniest economic question of our time: can the world economy thrive without the massive stimulus of ever-increasing US trade deficits? The US provides a global currency. But the system is shaky.
Incoming House Speaker Nancy Pelosi wants to fast-track efforts to boost the federal minimum wage and could seek to bring a bill directly to the House floor in January. The new Democrat-controlled 110th Congress
Gas prices continued to rise during the holiday shopping season. Gas prices rose about 4 cents per gallon nationwide compared to two weeks ago, industry analyst Trilby Lundberg said Sunday.
First the Shrug,... then what?
Bell Labs was founded in 1925 as the research arm of AT&T's national telephone business. Sixty years later, it was spun off as part of Lucent Technologies Inc., which on Thursday was acquired by Paris-based Alcatel SA.
A continued free fall in the housing market and an unexpectedly sharp slowdown in manufacturing are raising doubts about the strength of the economy — and the direction of Federal Reserve policy. Construction activity in October plunged a sharp 1%
Orders for big-ticket manufactured goods plunged in October by the largest amount in 6 years, in another sign of a slowing economy. The nation's factories are beginning to feel the impact of the slowdown in the overall economy.
It reassured that house prices and the huge US external deficit should steady, but warned that this could go wrong and then a sharp fall of the dollar, rise of interest rates and housing downturn might feed each other.
A Louisiana federal judge has ruled many New Orleans homeowners whose houses sustained water damage after Hurricane Katrina are not excluded from coverage under their insurance policies, a judgment that represents a loss for the insurance industry.
If you're a libertarian and are unaware, by now, that the world's premiere free market economist, Milton Friedman, died last week, it must be because you live in a cave or use the same Internet service I do.
The euro surged to $1.3086 against the dollar, with many other currencies following suit. Sterling rose almost 1% to $1.93, the yen hit a two-month high and Russia's rouble rose to a seven-year high.
Consumer products using extremely small particles of silver to kill germs will need Environmental Protection Agency approval, part of the government's first move to regulate the burgeoning nanotechnology industry.
Milton Friedman and I had our differences about foreign policy. I tried, in vain, to persuade him to be against the first Gulf war.
Yahoo Inc. needs a dramatic organizational shake-up and cuts in its work force of up to 20 percent, according to an internal memo written last month by Senior Vice President Brad Garlinghouse.
Sen. Edward Kennedy of Massachusetts said that increasing the federal minimum wage from $5.15 to $7.25 would be his top priority as chairman of the Senate Committee on Health, Education, Labor and Pensions.
A long-time opponent of the draft, Friedman served on the presidential commission that finally abolished what he forthrightly called a form of slavery. At a conference on the War on Drugs, which he also opposed, Friedman recalled the anti-draft movem
Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market at age 94. “Milton’s passion for freedom and liberty has influenced more lives than he ever could possibly know,” said Gordon St. Angelo, the foundation’s pres
Eddie Bauer, a clothing and accessories retailer, said it had accepted a $286 million cash takeover bid from Sun Capital Partners and Golden Gate Capital, becoming the latest in a long line of retailers choosing to go private.
Americans will soon pay more to foreigners than they do to their national government. So? Washington has been more powerful by far than any other force in the U.S. economy. That's not true anymore. The global economy is more so.
Most professionals involved in bankruptcy restructuring expect a rise in bankruptcies with the next 12 to 18 months, according to a survey. Over 70 percent of the 90 restructuring pros in the survey by the American Bankruptcy Institute
Oil prices rose above $61 a barrel Thursday in reaction to figures showing lower U.S. gasoline and diesel fuel inventories. [Well it's a good thing they weren't lower Tuesday, or the Dems might have taken the Senate big time.]
A Halliburton subsidiary charged the Iraqi government as much as $25,000 per month for each of as many as 1,800 fuel trucks that were to deliver gasoline to Iraq after the 2003 invasion, but the trucks often spent weeks sitting idle on the border