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Economy - Economics USA

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New York Times

The economy is in tatters and, for millions of people, the future is uncertain. But for some employees at the Hormel Foods Corporation plant here, times have never been better. They are working at a furious pace and piling up all the overtime they wa

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Aero-News Network

A message at the 800 number given to employees Thursday states that money will be in their checking accounts by Tuesday. It appears this funding was not the reported $200-$300 million Eclipse needs to continue operations.

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CNBC.com

The cuts could result in a loss of roughly 35,000 jobs, based on the bank's reported 352,000-person workforce as of Sept 30. Citigroup has already cut 23,000 jobs this year. Additional reductions would come from layoffs

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Washington Post

Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.

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Washington Post

The first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning it may ultimately cost more than the government has suggested.

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Associated Press

Investors did an abrupt turnaround on Wall Street Thursday, muscling the Dow Jones industrial average up more than 550 points after driving it down near its lows for the year on a stream of negative economic and corporate news.

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Michael Shedlock / Mish

"This is going to be all year, so it's going to be a very frightening economy," Mayor Daley said. "Each one tells me what they're laying off, and they're going to double that next year. We're talking huge numbers of per

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Aero-News Network

Barring a financial miracle, it appears to be another nail in the coffin for Eclipse Aviation. The struggling planemaker told third shift workers Thursday morning their paychecks due on the 15th of this month will not be honored.

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Forbes.com

Obama will inherit an economic and financial mess worse than anything the U.S. has faced in decades: the most severe recession in 50 years; the worst financial and banking crisis since the Great Depression...

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Bloomberg.com

The Labor Department reported that jobless claims last week increased by 32,000 to a seasonally adjusted 516,000. That is the highest total since just after the Sept. 11 terrorist attacks and second-highest since 1992.

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