Fears of job loss rise amid stimulus debate and oil slump
An AP GfK poll shows nearly half fear unemployment as support for the 787 billion stimulus falls slightly. Venezuelan President Chavez announces a $6 billion fund expansion with China to boost oil exports and development. Benchmark oil slips below 35 dollars as markets doubt the stimulus will end the recession.
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Obama unveils 75 billion plan to curb foreclosures
President Obama announced a 75 billion plan in Mesa to prevent 7 to 9 million Americans from losing homes. He warned the housing crisis endangers families and the economy while aiming to stem the continuing foreclosure wave amid a broad recession. Moody's Economy.com notes about 13.8 million homeowners are underwater.
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Fed Downgrades Economic Outlook and Forecasts Higher Unemployment
The Federal Reserve sharply lowers its year projections predicting the economy will shrink 0.5 to 1.3 percent and the unemployment rate will rise to 8.5 to 8.8 percent this year. The new view follows Obama’s $787 billion stimulus and signals a prolonged, weak recovery amid housing, credit, and financial crises.
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