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Related Debt News for our Teaneck NJ visitors

Reuters - Australia slashed rates by a full percentage point on Tuesday and Japan's central bank met to consider its response to an acute cash squeeze, kicking off another global push to shore up economies and soothe markets.

AP - Walloped by the recession, automakers' U.S. sales are plummeting as hard-to-get credit, job losses and other stresses make many Americans wary of taking on big-ticket financial commitments.

AFP - Stock markets around the world have taken another drubbing, falling sharply on news that the US economic recession began a year ago, as a deluge of weak data pointed to a severe global slowdown.

AP - The global financial crisis is overshadowing U.S.-Chinese trade tensions as Cabinet ministers from the two sides meet this week for talks on the long-range growth of one of the world's most important economic relationships.

AP - South Korea's economic growth was slower in the third quarter than originally estimated, the central bank said Tuesday, further evidence that Asia's fourth-largest economy is being hit by the global meltdown.

Reuters - California Gov. Arnold Schwarzenegger declared a fiscal emergency on Monday to call lawmakers into a special session to focus on a swelling state budget gap just days after another special session failed to close the shortfall.

Reuters - Tata Steel unit Corus has applied for Dutch government financial aid to temporarily reduce the work hours of 4,600 workers to cope with the global economic slowdown, Dutch news agency ANP reported on Monday.

AFP - A US recession began in December 2007, a panel of economists charged with the official designation of business cycles said Monday.

AP - A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn.

AP - Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007 and the Dow Jones industrial average fell nearly 700 points.

AP - It's official. The U.S. economy has been in a recession for the past year.

AFP - The dollar and particularly the yen strengthened on Monday as investors sought safe havens in global economic jitters that sent US and European stock markets plunging.

Reuters - Federal Reserve Chairman Ben Bernanke on Monday urged decisive action to protect the economy and said the central bank had alternative tools it could employ to help as interest rates approach zero.

Reuters - Treasury Secretary Henry Paulson said on Monday the government was working on new programs to stimulate lending and expressed impatience that banks were not making more credit available.

AP - Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year.

Reuters - Factory activity dropped in November to its weakest level since the 1981-1982 recession and construction spending slumped in October, data showed on Monday, fanning fears of a protracted economic downturn.