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Financial Turmoil Grips World Markets A crisis that began in subprime mortgages spreads through the U.S. and world economies, choking credit and sending stock markets spiraling downward. The U.S. and other countries approve costly stimulus measures and move to save the financial system by injecting billions into banks.
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Financial Turmoil Grips World Markets

Is The Recession Over?

It was a year ago that the financial crisis took a devastating turn for the worse with the collapse of Lehman Brothers. A lot has happened since then. David Wessel of The Wall Street Journal tells Steve Inskeep that he believes the recession is over, but there are still some effects from the financial crisis.

Is The Recession Over?

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Jobs Shrink Faster Than Stimulus Creates New Ones

The Obama administration says the government's stimulus program and other actions aimed at jump-starting the economy have saved or created more than a million jobs so far. Republicans, who generally voted against the stimulus, are skeptical of that number.

Jobs Shrink Faster Than Stimulus Creates New Ones

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New Jersey Town's Ex-Brokers Adjust To The Times

Ridgewood, N.J., is a bedroom community full of former New York City stockbrokers, bankers and executives. A neighborhood Episcopal church offers them a support group where they can help one another cope with their industry's recent downturn. NPR returns to check in on the group, first visited in June.

New Jersey Town's Ex-Brokers Adjust To The Times

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Post Recession: Some Jobs Gone For Good

The labor market will remain tough for many months to come. But when jobs eventually come back, traditionally strong areas such as health care and education are expected to lead the way. Analysts say weaker ones — such as construction — could take years to return. And many jobs in areas such as autos and newspapers are gone for good.

Post Recession: Some Jobs Gone For Good

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Will Treasury Make Money On Bank Rescues?

The Treasury and Federal Reserve bailed out some of the major banks last year. Now a portion of that money is coming back, and with it some hefty profits for the government. Is the rescue of the banking system turning out to be a good investment for taxpayers? David Wessel of The Wall Street Journal talks with Renee Montagne about whether the Treasury and Fed are turning a profit.

Will Treasury Make Money On Bank Rescues?

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Bargains: Calif. Holds Giant 2-Day Garage Sale

CapRadio News

California is holding one of its periodic garage sales to sell off surplus state equipment and supplies. The one that starts Friday promises to be one of the biggest, as the state scrambles to replenish its coffers. Gov. Arnold Schwarzenegger has signed the visors of 15 state cars for sale.

Bargains: Calif. Holds Giant 2-Day Garage Sale

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FDIC: Private Investors May Buy Failed Institutions

WNYC

The Federal Deposit Insurance Corporation adopted rules for buying failed banks on Wednesday. More than 80 banks have closed so far this year — the most since the height of the savings-and-loan crisis in the 1990s. The new guidelines open the door for private investors who see opportunities in the troubled industry.

FDIC: Private Investors May Buy Failed Institutions

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Unintended Consequence: Questionable Appraisals

Things have been looking better for the housing market. Sales are starting to pick up. Prices, at least in some areas, appear to be leveling off. Realtors, however, complain that new regulations are causing headaches for homebuyers. They say one problem centers on home appraisers — the people who estimate how much a house is worth.

Unintended Consequence: Questionable Appraisals

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'Save The Dream' Tour Helps Troubled Homeowners

WABE

As foreclosures continue to mount, a group called Neighborhood Assistance Corporation of America is trying to help. Organizers are holding Save the Dream sessions across the country to help homeowners figure out how to get their mortgages restructured.

'Save The Dream' Tour Helps Troubled Homeowners

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Recession's End May Be In Sight, But Jobs May Not Be

Long-term joblessness is at its highest level since the 1940s, according to the government. In real terms, that means about 5 million people have been out of work for more than half a year. Economists expect that for many, the pain will continue well after the economy rebounds.

Recession's End May Be In Sight, But Jobs May Not Be

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Calif. Lawmakers To Reduce Prison Population

Lawmakers in California begin overhauling some of the state's prison policies this week. They have to figure out how to cut $1.2 billion dollars from the corrections budget. They also have to figure out how to comply with a federal court order requiring California to cut its prison population by about 25 percent.

Calif. Lawmakers To Reduce Prison Population

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Economists Say Recession May Be Over

The Federal Reserve on Wednesday held interest rates steady, kept other stimulus measures in place and, in a sign of hope, said the economy was stabilizing. These steps and other signs are leading a growing number of economists to say they think the recession is finally over.

Economists Say Recession May Be Over

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'Seattle Times' Sees Profitability After Cutting Costs

KUOW

Good news is rare in the newspaper business these days. But one paper says it's clawing its way back from the brink. The publisher of The Seattle Times says his paper has started turning a profit. He attributes that to dramatic cost cutting and to the demise of the city's other newspaper, the Seattle Post Intelligencer, which now exists only online.

'Seattle Times' Sees Profitability After Cutting Costs

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Billions Of Stimulus Money Goes Unspent

In April, the U.S. Education Department released billions of dollars in stimulus funds for education. Four months later, much of that money is still sitting in state coffers — despite long lists of unmet needs in many school districts.

Billions Of Stimulus Money Goes Unspent

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Haggling Picks Up Steam During Recession

With household budgets as tight as ever, haggling is increasingly popular these days. Customers are contesting the price they pay at gas stations, chain stores and other places you might not think to negotiate. The key, says one pro, is always ask for a discount. If you don't ask, forget getting a deal.

Haggling Picks Up Steam During Recession

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Businesses Learn To Make Do With Fewer Workers

Since December 2007, the labor market has seen a net decline of 6.5 million jobs. Instead of replacing workers, many employers across the country are operating with leaner, more efficient staffs.

Businesses Learn To Make Do With Fewer Workers

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Bonus, Is It Still A Dirty Word

The financial crisis isn't over yet, but already Wall Street firms are back to awarding astronomical bonuses. David Wessel, of The Wall Street Journal, talks with Steve Inskeep about why big bonuses are returning despite public outrage for such compensation just weeks ago.

Bonus, Is It Still A Dirty Word

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Survey: 'Underwater' Mortgages To Hit 48 Percent

A new study indicates that by 2011 nearly half of American homeowners will have a house worth less than what they owe on the mortgage. When more is owed, than what the house is worth, it's called being under water. One-fourth of U.S. homeowners are estimated to be under water on their mortgages already.

Survey: 'Underwater' Mortgages To Hit 48 Percent

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Treasury Issues Mortgage Loan Report Card

The Treasury Department releases its first monthly "report card" tracking how the various banks and mortgage companies are doing in their efforts to prevent foreclosures. The Obama administration is pressuring the mortgage industry to do more. The latest figures indicate foreclosure rates keep rising.

Treasury Issues Mortgage Loan Report Card

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Some States Cancel Sales Tax Holidays

Parents are gearing up for their children to return to school. Many states offer "sales tax" holidays on school-related items like computers, clothes and supplies. Parents like the discount and retailers enjoy the boost in sales. But this year, government budgets are squeezed and some say states can't afford the loss in sales tax revenue.

Some States Cancel Sales Tax Holidays

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Two Retirees Bid Golden Arches Adieu

Marlene Wickerink and Janet Chapman are both saying goodbye to McDonalds in North Muskegon, Mich. Between the two, they have more than four decades of experience with the franchise. The owner tells The Muskegon Chronicle the women were great examples for their fellow workers.

Two Retirees Bid Golden Arches Adieu

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