Bush: Economy needs ’shot in arm’

NEW YORK (CNNMoney.com) — President Bush proposed a series of short-term tax cuts Friday that he said would provide a boost for the struggling U.S. economy.
Speaking at the White House, the president did not give details of his plan but said it would include tax breaks for businesses and individuals worth at least 1 percent [...]

DOW Drops 306

NEW YORK (MarketWatch) — U.S. stocks on Thursday sold off for a third day straight, with the Dow sinking to 10-month lows, after Federal Reserve Chairman Ben Bernanke spoke about the country’s economic trouble and a regional measure of economic activity contracted. The Dow Jones Industrial Average ($INDU:
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News, [...]

Have any money in a 401(k)? You just lost a huge chunk

NEW YORK (CNNMoney.com) — Stocks tumbled Thursday, extending the 2008 selloff on recession worries following comments from Federal Reserve Chairman Ben Bernanke, a big quarterly loss by Merrill Lynch and weak readings on the housing and manufacturing sectors.
Bernanke told Congress that the economic outlook has worsened and that lawmakers should enact a fiscal stimulus plan [...]

US recession creates “meltdown” in stock markets

 European and Asian stock markets have reported a fall following fears of a US recession, reports the BBC.
The UK’s FTSE 100 and Germany’s Dax both fell by one per cent, France’s Cac by 0.5 per cent and Japan’s Nikkei by 3.4 per cent.
According to the news provider, disappointing earnings from firms such as JP Morgan [...]

School destroys video of students being shocked

A special education school destroyed videotape showing two of its students being wrongly given electric shock treatments despite being ordered to preserve the tape, according to an investigator’s report.
One student was shocked 77 times and the other 29 times after a prank caller posing as a supervisor ordered the treatments at a Judge Rotenberg Educational [...]