Economic Crisis, Global Financial Crisis | featured news

The government panel, the Financial Crisis Inquiry Commission blames: Banks that made reckless bets, credit rating agencies that endorse risky mortgage-backed securities and government regulators who overlooked warning signs until they threatened the global financial system.

Prices have dropped as traders and investors acknowledge that a global recovery will take longer than hoped.

Despite steep discounting and unprecedented incentives, hotel occupancy in Hawaii continues to slide to new lows because of the slowed global economy.

The U.S. trade deficit rose in March for the first time since last July as the global recession cut sharply into sales of American exports. The politically sensitive deficit with China increased.

Investors booked gains on last week’s rally and turned cautious about claims that the global economy is past the worst and ready to recover.

May Day protesters clashed with riot police in Germany, Turkey and Greece on Friday while thousands angry at the government's responses to the global financial crisis took to the streets in France.

Finance chiefs from the G7 powers said on Friday the global economy may be pulling out of the depths of a recession although recovery was not yet assured, and they pledged to make certain big financial firms are sound.

Overseas aid and loans are one way Beijing is wielding its new role as a global financial leader.

The International Monetary Fund on Wednesday slashed growth forecasts for every major country and urged governments to take forceful action to ensure the world economy's recovery from a severe recession.

The US carries a 'substantial' share of the blame for the economic crisis, says Treasury Secretary Timothy Geithner.