Yale University said Tuesday its nearly $23 billion endowment has dropped 25 percent to about $17 billion in recent months due to the recession, prompting the college to delay construction projects and take other cost-cutting measures.
With the U.S. recession in full swing, the Federal Reserve System is poised to cut its benchmark interest rate for the seventh time this year. Analysts expect the Fed's Open Market Committee will announce today that it will reduce the key Federal Funds rate by at least half a percentage point to 0.5 percent, the lowest level in more than half a century.
A surprised Wall Street bolted higher Tuesday after the Federal Reserve's historic decision to further slash interest rates and provide broad support to revive the troubled economy. The Dow Jones industrials surged 360 points, or 4.2 percent.
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Most of us take for granted that those rectangular green slips of paper we keep in our wallets are inviolable: the physical embodiment of value. But alternative forms of money have a long history, and appear to be growing in popularity. It's not merely barter, or primitive means of exchange like, say, seashells or beads.
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The House last night approved an emergency plan to prevent the collapse of the nation's domestic automobile industry, but the measure faces serious opposition in the Senate, where Republicans are revolting against a White House-brokered deal to speed $14 billion to cash-starved General Motors and Chrysler.
As they face looming college application deadlines in a soured economy, many families are grappling with how personal resources and financial aid could affect decisions on college. The economic downturn, with parents' job losses and investment declines, is adding an extra layer of anxiety to what can be a stressful chapter of family life even in a booming economy.