Recession

Additional Step in Governor’s Ongoing Efforts to Address Economic Downturn’s Impact on State Revenues

April 11, 2008 -- CONCORD - New Hampshire Governor John Lynch will issue an Executive Order expanding the freeze on state purchasing to cover all but essential equipment and commodities as part of his continuing efforts to address the impact the national economic downturn is having on state revenues.

Recession lunch special: Photo by Andy Martin (CC)    » read more »

April 10, 2008 - David Sloane, AARP Senior Vice President, issued the following response to the U.S. Senate’s passage of the “Foreclosure Prevention Act of 2008”:

“AARP is disappointed the legislation failed to include needed provisions that would help prevent foreclosures. While we appreciate the inclusion of the reverse mortgage provisions of the FHA Modernization Act, we hope this bill is the down payment on a broader overall effort to protect millions of American families from the crashing housing market.    » read more »

April 11, 2008 -- Economies in the Latin American and Caribbean (LAC) region have generally held up well so far in the face of recent global financial strains, according to the IMF's latest Regional Economic Outlook: Western Hemisphere, released today. Many countries in the region are benefiting from stronger fiscal and external positions and improved credibility of policy frameworks, said Mr. Anoop Singh, Director of the IMF's Western Hemisphere Department.    » read more »

April 10, 2008 -- WASHINGTON, DC – United States Senator Dick Durbin (D-IL) issued the following statement today, after the Senate passed the Foreclosure Prevention Act, which makes important strides in stemming the effects of the current housing crisis.

“I’m pleased that the Senate is addressing the housing. While it is not a perfect bill, it is a recognition that this is a crisis which is not capable of healing itself.”    » read more »

April 10, 2008 -- Washington, DC -- “Several provisions included in the Senate's housing bill are important proposals, and I am pleased to see them passed today. The additional mortgage revenue bonds to increase affordable housing and refinancing opportunities, the increase in the Federal Housing Administration's mortgage limits which I have pushed for nearly two years,

Century 21 bank foreclosure sign: Photo by Mark Sardella (CC)    » read more »

April 10, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama released the following statement today on the Senate's passage of the Dodd-Shelby housing package. The measure passed by a vote of 84 to 12.

"With millions of American homeowners at risk, our government must act now to avoid a wave of foreclosures, which could devastate our neighborhoods, deal another blow to credit markets, and send the economy into a severe recession. The time has long past for far-reaching relief.

Foreclosure help sign: Photo by Cory Doctorow (CC)    » read more »

Rising Food Prices May Require Stepped Up Social Assistance to Help Poor

WASHINGTON, April 9, 2008 — World Bank officials today warned that the countries of Eastern Europe, Central Europe, and Central Asia face slower economic growth as a result of the economic downturn in the U.S. and Western Europe, and should step up their efforts to protect poor and vulnerable people from the effect of higher food and energy prices.

Rice-fields in a valley near Lao Cai, northern Vietnam: Photo by Tran Thi Hoa / World Bank (CC)    » read more »

4/9/2008 -- After weeks of ignoring and downplaying my calls for action, the Bush Administration is finally acknowledging the need to help more struggling families restructure their mortgages and stay in their homes. But their proposal today simply underscores how out-of-touch they are with the magnitude of our economic challenges.

George W. Bush: Photo by Talk Radio News Service (CC)    » read more »

April 03, 2008 -- Chicago, IL - Senator Barack Obama released the following statement in response to today’s unemployment figures.

"Today's job news is the latest indicator of how badly America needs fundamental change from Bush-McCain policies that have been devastating for working families and catastrophic for our economy.

While George Bush and John McCain's answer to this recession has been to watch it happen while pushing for more tax cuts to the wealthiest Americans, more families are facing foreclosure, rising costs, and disappearing jobs.    » read more »

(As Prepared for Delivery)

April 2, 2008 -- Thank you, Mr. Chairman, for holding this important and timely hearing. In recent weeks, we’ve seen a widespread breakdown in the financial markets. A massive housing bubble is collapsing. One of our nation’s largest investment banks nearly collapsed, and the Federal Reserve has put hundreds of billions of dollars on the line to preserve economic stability.

The crisis has had far-reaching effects on the rest of the economy as well, taking its toll on the job market and shaking the credit

market. 7.4 million Americans are now unemployed, and two million families are at risk of foreclosure.    » read more »

(As Prepared for Delivery)

April 2, 2008 -- Mr. President, the nation is facing a continuing financial crisis. A massive housing bubble is collapsing. We’ve seen the near failure of one of our nation’s largest investment banks, and the Federal Reserve has already put $260 billion on the line to ensure the stability of the financial markets. But as bad as things are on Wall Street, the picture is even worse on Main Street.

Working families have suffered for years under an economy in which stagnating wages have not kept up with the skyrocketing price of essentials like food, gas, and health care. Now, the financial crisis is battering their safety net, leaving families at the center of a perfect storm of economic failures.    » read more »

02 April 2008 -- The head of the U.S. central bank, Ben Bernanke, told a congressional committee the U.S. economy could face a mild recession, but it should recover later this year. VOA's Barry Wood reports.

Federal Reserve Chairman Ben Bernanke said the economy is going through a very difficult period. While conceding that a recession is possible, he said it is too early to say the economy is in recession, usually defined as six months of negative growth.

Federal Reserve Chairman Ben S. Bernanke: Photo by trackrecord (CC)    » read more »

April 1, 2008 - Seasonally unadjusted unemployment rates increased over the month in 13 of Michigan's 17 major labor market areas, according to the Michigan Department of Labor and Economic Growth. In February, total employment levels declined slightly in the majority of areas, while labor force levels were mixed throughout the regions.

Port Huron, Michigan: (Photo: CC mdprovost)

"Labor markets in February displayed typical seasonal employment patterns," said Rick Waclawek, director of the Bureau of Labor Market Information & Strategic Initiatives. "However, regional jobless rates have edged upward over the prior year."    » read more »

3/31/2008 -- "Secretary Jackson's resignation ends a tenure at HUD marked by an indifference to Congressional oversight powers, cronyism, and corrupt contracting practices that have no place in our government. Yet while Secretary Jackson’s resignation is appropriate, it does nothing to address the Bush Administration's wait-and-don't-see posture to our nation's housing crisis, which is threatening to drive our economy into a painful recession.    » read more »

Area Jobless Rates Little Changed Over Year

March 19, 2008 - Seasonally unadjusted unemployment rates increased over the month in all of Michigan's 17 major labor market areas, according to the Michigan Department of Labor and Economic Growth. In January, total employment levels declined seasonally in all regions.

"Regional labor markets in January were dominated by seasonal patterns with the onset of winter and the end of the holiday season," said Rick Waclawek, director of the Bureau of Labor Market Information & Strategic Initiatives. "Over the year, there were mostly modest changes in area unemployment rates; however, the majority of regions throughout the state reported job losses and a reduced labor force."    » read more »