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On brink of financial collapse, state lawmakers struggle with budget passage

a shared story    300 weeks 6 days 5 hours 46 minutes ago
Lawmakers continued struggling to pass a budget this afternoon after working nearly around the clock to end a three-month impasse that has brought California to the brink of fiscal collapse. An all-night legislative session failed to yield enough Republican votes for the spending plan, as GOP legislators...(more) 




Bikes help commuters get around gas prices

a shared story    332 weeks 4 days 16 hours 57 minutes ago
High gasoline prices are fueling bicycle sales, and on some days Michael Hall's blood pressure. At least three times a week, Hall pedals to his job in Hollywood from his home in northern Glendale, a 25-mile round-trip commute that is faster on two wheels than four. "It's definitely...(more) 




Wholesale prices soar in June; sales are sluggish

a shared story    331 weeks 4 days 18 hours 20 minutes ago
The economy showed the depth of its twin problems on Tuesday, slow growth and rising inflation, as the nation wrestled with a teetering financial system, a slumping dollar and rising prices for food and fuel. The Labor Department reported that soaring costs for gasoline and food pushed...(more) 




In Silicon Valley, more homeowners are spending more than half their income on housing

a shared story    319 weeks 6 days 14 hours 30 minutes ago
Laura Meneses made the same fateful choice that thousands of local home buyers have made since 2004: She decided to spend most of her family's income on housing. Over the last four years, the number of Santa Clara County homeowners who spend over half their income on...(more) 



buzz  5  + buzz


Price to PepsiCo for Not Being in Court: $1.26 Billion

a shared story    264 weeks 3 days 4 hours 47 minutes ago
What's the cost of not showing up to court? For PepsiCo Inc., it's a $1.26 billion default judgment. A Wisconsin state court socked the company with the monster award in a case alleging that PepsiCo stole the idea to bottle and sell purified water from two...(more) 




As Finances Tighten, Furloughs Give Way to Pay Cuts

a shared story    224 weeks 4 days 2 hours 56 minutes ago
The furloughs that popped up during the recession are being replaced by a highly unusual tactic: actual cuts in pay. 




Jobs outlook weak as state's unemployment rate hits 6.9% in June

a shared story    331 weeks 1 day 32 minutes ago
California's jobless rate crept ahead Friday as experts saw weakness spreading into new areas of the economy. For months, job losses were concentrated in the state's housing industry. But with June's increase of one-tenth of a percentage point to 6.9%, it was evident that a broader downturn...(more) 



buzz  10  + buzz


UC System Could Gain Millions From Stimulus

a shared story    303 weeks 14 hours 57 minutes ago
If the $819 billion stimulus package passed by the U.S. House of Representatives Wednesday survives the legislative gauntlet in the coming weeks, it would boost financial aid chances for students and pump millions of dollars into the University of California, higher education officials say. It is unclear...(more) 




Dow loses 777 points, Worst Single-Day Drop in Two Decades

a shared story    320 weeks 5 days 11 hours 26 minutes ago
Stocks fell by nearly 9 percent on Monday — the worst single-day drop in two decades — after the government’s bailout plan, touted by its supporters as a balm for the current market stress, failed to pass the House of Representatives, setting off a fresh wave...(more) 




Economists see longest recession since World War Two

a shared story    306 weeks 8 hours 21 minutes ago
The U.S. recession will probably be the longest since World War Two and could worsen without heavy government spending, according to a closely-watched survey of economists released on Saturday. The Blue Chip Economic Indicators poll of 52 economists from top financial firms, major companies and academia found...(more) 




Senate passes $700B 'sweetened' rescue package

a shared story    320 weeks 3 days 6 hours 56 minutes ago
WASHINGTON (AP) -- The Senate has passed a $700 billion bailout for the financial industry aimed at preventing the economy from plunging into a recession. Democrats and Republicans teamed to approve the bill after sweetening it with tax breaks. The House plans to vote on it...(more) 



buzz  16  + buzz


In Frantic Day, Wall Street Banks Teeter in Historic Crisis

a shared story    322 weeks 6 days 3 hours 49 minutes ago
In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, hurtled toward liquidation after it failed to find...(more) 



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