Economic Crisis in US

Earning Our Way Out of the Great Recession

editor — Mon, 06 Sep 2010 18:24:53 +0000

In a recent editorial in the New York Times, former Labor Secretary, Robert Reich, writes that this Labor Day promises to be one of the worst in decades. Organized labor, he notes, is down to a mere seven per cent of the private work force; unemployment remains high; and the prospects for a further recovery [...]

Barack Obama to announce $50bn infrastructure plan

editor — Mon, 06 Sep 2010 17:04:21 +0000

President Barack Obama is expected to call for a new infrastructure plan on Monday as he bids to find ways to jump-start the spluttering US economy. The plan will invest about $50bn (£32.5bn) in roads, railways and airports as well as high-speed rail and the creation of an infrastructure bank. US infrastructure has long been considered underfunded [...]

Experts see trouble ahead for developed world

editor — Fri, 03 Sep 2010 19:19:19 +0000

Is the global economy out of the woods? Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook — especially for the United States and much of the industrialized world. The doomsayers were led by New York University economist [...]

Bernanke Defends Record on Lehman

editor — Fri, 03 Sep 2010 17:42:10 +0000

Federal Reserve Chairman Ben Bernanke told a panel examining the U.S. financial crisis that he had no options to prevent Lehman Brothers’ failure in September 2008 even though he knew its downfall would be “catastrophic” to the financial system and economy. The Lehman failure set off severe market turmoil, spurring debate about whether the government should [...]