U.S. Consumer Spending Continues to Fall
Consumer spending for the month of December fell by a full percent – the sixth straight month that consumer spending has declined in the U.S. as Americans cut back spending in response to higher unemployment and to boost savings. More
Banks Forced to Increase Lending to Receive Aid
President Barack Obama is expected to put new rules in place requiring banks to increase their levels of lending in return for receiving money from the $700 billion dollar rescue fund. More
Weak Corporate Earnings Pummels Nikkei
Several of Japan’s leading companies issued warnings today indicating that losses could be deeper than previously expected. The news has driven the Nikkei down more than 1.5 percent in today’s trading. More
World Economic Forum Wraps Up in Davos
The World Economic Forum taking place in Davos, Switzerland – which had “shaping the post-crisis world” as its theme – ended with a call to “rebuild the global economic system”. With global fundamentals worsening and new threats of protectionism from the U.S., critics claim more time was spent despairing over the problems rather than looking for solutions. More
