The Washington Post staff share their picks for reading around the Web.
The Confidence GameProject Syndicate | Harvard Economist Kenneth Rogoff explains how people have reached the wrong conclusions from the collapse of Lehman Brothers--and argues that the unwinding of global economic imbalances has only begun.
How Will Unemployment Fare Post-Recession?Kansas City Fed | Federal Reserve Bank of Kansas City economists Edward S. Knotek II and Stephen Terry examine the evidence on what will happen to unemployment following the recession--and reach less than sunny conclusions.
WHAT WENT WRONG?
The Crash: Foreclosure Crisis
Those in trouble are not, primarily, lower-income borrowers. It's afflicting neighborhoods of every stripe -- but particularly communities created by the boom itself.
YOUR POCKETBOOK
Have a question about how the financial crisis is affecting your pocketbook?
FDR'S FIRESIDE CHATS
First Inaugural Address
On March 4, 1933 Roosevelt gave his first inaugural address. He faced a world in which France and England were nationalizing sick industries, Germany and Italy were racing towards military dictatorships, and, at home, Americans were questioning capitalism.
1.0% Q2 GDP |
5.52% avg. 30-year mortgage |
9.4%Unemployment
GM Subsidizes Dealers Waiting on Government Money ... With Government Money
10:08 AM ET: In a shell game of find-the-taxpayer-money, General Motors is temporarily subsidizing its dealers, which are waiting on late Cash for Clunkers payments from the government.
Nice, but here's the thing: GM is 60 percent owned by the federal government, after exiting from bankruptcy.
The Post's Dana Hedgpeth wrote here today that auto dealers are grumbling, having made all these Cash for Clunkers sales and have yet to see their $4,500-per-car payment from the government.
So this new GM program, which you can read about here, is essentially moving taxpayer money from one pocket to another.
Examining the history of today's financial crisis: How risky mortgage lending fueled the housing market boom and subsequent collapse, in turn spurring more than $500 billion in losses at U.S. banks. Launch Narrated Slideshow »
Understanding the government's $700 billion plan to rescue the economy by buying up bad mortgage-related securities from troubled financial firms. View Graphic »
Track the daily developments of the crisis, as the U.S. government attempts to jump-start the economy amid increasing fears of a global recession. View Timeline »