Bubble trouble? Oil cost, housing slump may burst U.S. economy.
Dark clouds are gathering. There's a chill in the air. In the distance is the low rumble of thunder. That's the "weather report" for the U.S. economy. Experts fear the economy may be in for some hard times, but they disagree about just how bad things will...

The coming recession: seven observers the (sorry) state of the economy.
[ILLUSTRATION OMITTED] AS THIS ISSUE of reason goes to press, the dollar is at a record low against the euro, oil is more than $100 a barrel, consumer prices are up 4 percent from a year ago, and Federal Reserve Chairman Ben Bernanke is cutting interest rates...

Lawmakers seeking balance in mortgage industry.
Byline: Paul Holvey Nearly twice as many Oregonians lost their homes to foreclosure last year as in the year before. And the worst isn't over yet. It is clear by now that fiscally irresponsible lending practices by some in the mortgage industry, combined with consumers'...

Can the Gulf weather the storm of US recession?
[ILLUSTRATION OMITTED] The US economic downturn is already taking its toll on global markets. In this issue of The Middle East three specialist commentators give their opinions on where the crisis in America will leave the oil-producing Gulf states. Skilled economic analyst, Moin Siddiqi, looks at the...

Home crisis relief; Bills may stem record levels of foreclosures.
Byline: John J. Monahan BOSTON - The first quarter of 2008 has brought disaster to hundreds of Central Massachusetts families who have lost their homes to mortgage foreclosures, and now lawmakers at the state and federal level are searching for ways to prevent even more foreclosures as...

Rental runaround: renters evicted because of foreclosure have trouble finding new housing.
Renters finding themselves evicted when their landlords go into foreclosure are having a hard time finding new housing in an already-saturated rental market, particularly if they are poor, experts said. Chicago has an 80,000-unit shortage of rental housing that would be affordable to households who are renting...

Legislation centers on foreclosures; Redevelopment agency involvement authorized, but not with housing funds.
Redevelopment agencies may soon have authority to assist homeowners with sub-prime loans who are facing foreclosure, and to acquire foreclosed housing. Under a measure likely to pass the Legislature, redevelopment agencies could aid homeowners, lenders and developers whether or not the subject property is within a redevelopment...

Banks may face additional writedowns of over $200 bn.
LONDON: The world's banks 'remain at risk' of up to $203 billion in additional writedowns, largely because the bond insurance crisis could worsen, UBS said. "Banks have made progress in credit-market related writedowns," London-based UBS analyst Philip Finch said in a note to investors Friday. "But more are expected,"...

Mizuho's Merrill deal shows banks looking for opportunities abroad.
TOKYO: Mizuho Financial Group's $1.2-billion investment in Merrill Lynch marks a turning point for Japan's once-reeling banks which, after shedding bad debt and rebuilding their businesses, are once again looking for opportunities abroad. Last week's deal, the first major investment by a Japanese bank in a Wall...

Words in the news.
Recession (page 4) A recession is a decline in business activity. Many economists define a recession as a drop in the output of goods and services for six consecutive months. On average, a recession lasts about one year. A recession that worsens and lasts for more than...