Economic Crisis | featured news

One of President Obama's top economic advisors said today that there were already signs that the $787-billion stimulus plan was helping the economy but that it was far too early to reach broad conclusions about how successful it would be.

U.S. House of Representatives Speaker Nancy Pelosi poured cold water on the idea of another economic stimulus package on Thursday amid suggestions that some Democrats had already begun work on one.

US households suffered a record-large 9 percent drop in wealth and pared debt in the fourth quarter as a deepening recession battered confidence and finances, Federal Reserve data showed on Thursday.

What's last thing people want in a recession? More kids, apparently.

AOL is backing out of mainland China – again. Other than a PR rep or two, the company fired all 100 or so of its employees in its Beijing office, according Chinese portal Netease.com. The Wall Street Journal says the AOL China site hasn't been updated since Tuesday. The cuts are a part of AOL's plan to slash 10% of its workforce worldwide.

The global economic crisis has reduced the number of billionaires and made the richest people in the world poorer, according to Forbes magazine.

JPMorgan Chase & Co Chief Executive Jamie Dimon said on Wednesday he sees "modest signs" of an economic recovery and endorsed a plan to create a U.S. systemic risk regulator.

US President Barack Obama says that countries must take concerted action to spur global economic growth.

Some Democrats are increasingly concerned about President Obama's $787 billion financial fix for the ailing economy, and are demanding greater transparency on further spending.

Acknowledging it's an "imperfect" bill, President Barack Obama said he will accept a $410 billion spending package but insisted it must signal an "end to the old way of doing business."