IMF Says World Economy Heading for `Major Downturn': Global growth is headed for a ``major downturn'' next year, as U.S. gross domestic product grinds close to a halt, the International Monetary Fund said in a staff report prepared for a Group of Seven meeting this week.
Fed joins global scramble to contain credit crisis: Russia negotiated an emergency bailout for Iceland and unveiled an aid package for its own banks on Tuesday, while Japan called for greater coordination.
Fed to provide as much as $900B in loans to banks: The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort Monday to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe.
Fed to buy massive amounts of short-term debt: The Federal Reserve moved swiftly to break through a credit clog that is imperiling the economy, saying Tuesday it would buy massive amounts of short-term debt and hinting that it may cut interest rates.
'Your company is bankrupt, you keep $480m. Is that fair?': "Your company is now bankrupt and our country is in a state of crisis," said Waxman, a liberal from California. "You get to keep $480m. I have a very basic question: Is that fair?"
Household winter heat costs to rise 15 percent: Average household heating fuel costs this winter will be 15 percent higher than last year, with heating oil and natural gas users taking the biggest hit due to more expensive crude oil and colder weather than last winter, the government's top energy forecasting agency said Tuesday
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