CNNMoney - Special Report Issue #1: America’s Money - Every day on CNN, Last Updated: October 27, 2008: 11:17 AM ET

Three years after the passing of new legislation aimed at reducing personal bankruptcies, 2008 filings approach the one-million mark.

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By Jessica Dickler, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — In 2005, Congress passed a bill aimed at reducing the number of personal bankruptcy filings. But that was before a housing meltdown, a credit crunch and a global economic downturn.

In the midst of the financial crisis, more and more Americans are filing for bankruptcy. And experts say the numbers are likely to get worse.

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Associated Press, Oct 22, 2008

By STEVENSON JACOBS, AP Business Writer Stevenson Jacobs, Ap Business Writer

NEW YORK – Wall Street headed for a sharply lower open Wednesday as investors again shifted their focus away from improving credit markets and fixated on worrisome corporate earnings that are raising fears of a deep and painful recession.

While reduced strains in world credit markets have eased some investors’ nervousness about the economy, market anxiety remains high as hundreds of companies this week release third-quarter earnings and in some cases fourth-quarter forecasts that offer a glimpse of the rough conditions that may lay ahead.

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Businessweek - News October 15, 2008, 9:39PM EST

Many argue that after the $250 billion bank capital injection the government must then stem the surge in foreclosures

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By Jane Sasseen

The financial system, perhaps, has been saved. Now, what about homeowners?

So far, attempts to slow the foreclosure epidemic at the center of the crisis have had little impact. Despite “voluntary” industrywide efforts to rework troubled mortgages—efforts that Treasury Secretary Henry Paulson jawboned banks and mortgage servicers into undertaking last fall—the numbers continue to soar. In 2008 some 1.69 million homeowners will lose their houses—double the rate of two years ago, says Rod Dubitsky, managing director for asset-backed securities at Credit Suisse (CS). He thinks 3.6 million more foreclosures could pile up through 2012.

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CNNMoney - Commentary  The Buzz, Last Updated: October 14, 2008: 12:28 PM ET

Former Fed vice chairman Alan Blinder said global governments deserve praise for latest steps to tackle credit crisis…but homeowners shouldn’t be left behind.

By Paul R. La Monica, CNNMoney.com editor at large

NEW YORK (CNNMoney.com) — The United States and the rest of the world are taking extraordinary steps to help keep banks afloat.

But a former vice chairman of the Federal Reserve, while applauding the most recent actions, still thinks more should be done to help the average consumer.

Alan S. Blinder was the Fed’s No. 2 from 1994 through 1996 and was widely thought to be in the running for the top job one day. Now a professor of economics at Princeton University, Blinder said the Treasury Department’s plan to invest directly in banks is a good sign.

“The institution-by-institution bailout strategy had to be abandoned. There always would be a slowest antelope in the herd to attack,” he said Monday, before an official U.S. plan to invest directly in banks was unveiled on Tuesday.

Blinder said that, in hindsight, one of the biggest mistakes the government made was allowing Lehman Brothers (LEHMQ) to fail last month.
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CNNMoney - SPECIAL REPORT AMERICA’S MONEY CRISIS, Last Updated: October 14, 2008: 4:05 PM ET

Here’s a breakdown of the major elements in the federal effort to restore confidence in the financial system.

By Jeanne Sahadi, CNNMoney.com senior writer

NEW YORK (CNNMoney.com) — The federal government on Tuesday announced a historic plan to restore confidence in the U.S. financial system and to spur banks to begin lending again more normally - both to each other and to consumers and businesses.

Here are the key elements that will be put in place first:

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CNNMoney - SPECIAL REPORT AMERICA’S MONEY CRISIS, Last Updated: October 12, 2008: 9:40 AM ET

Dow plunges 2,400 points, or 22%, as panicked investors run for the exits.

Akira Kurosawa: The Seven Samurai, Last Battle caption

By Alexandra Twin, CNNMoney.com senior writer

NEW YORK  (CNNMoney.com) — The Dow ended its worst week ever Friday and capped a staggering eight-session selloff that has seen the blue-chip index fall 2,400 points.

Investors could be in for another rough ride as Citigroup (C, Fortune 500) and Merrill Lynch (MER, Fortune 500) are on tap to report results this week, giving another glimpse into just how deep their losses continue to be. And a slew of economic reports are also due out, including readings on consumer spending and housing.

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InformationWeek - October 9, 2008 05:12 PM

Virtually all tech categories fell after a few, like Apple and Research In Motion, bucked the trend with some gains a day earlier.

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By K.C. Jones

The Dow Jones industrial average continued its volatility with a decline of 7.33% to close at 8,579.91, as the Nasdaq index also declined and major tech companies fell with it on Thursday.

Just three weeks ago, as Lehman Brothers’ announced bankruptcy, technology insiders predicted that it would take at least six months for the sector to feel the pain of the credit crisis.

Companies that sell software, data storage products, networking goods and services, and other IT offerings hoped that they could target companies outside the financial industry and fare well. Many also hoped that it would take months before the broader economic volatility hit vendors.

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