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Conditions today are hazardous. A major financial crisis precipitated them. Reckless policies caused it. It threatens the solvency of major banks and other financial institutions. It also hurts the greater economy. Solutions - massive liquidity injections, interest rate cuts and reckless deficit spending. Result - financial malpractice for a short-term fix. Consequences - “financial Armageddon” according to Williams.

The stock market is beginning to show major stress and the dollar is not looking much better.

At first simply a nuisance, the on-going Atlanta gas crisis is beginning to have severe economic consequences. It only serves to further illustrate the need for cheap, reliable public transportation.

GEwas one of the alleged last safe harbors in corporate America. The company said the credit issues facing the economy would not damage GE Financial. The conglomerate indicated that it could make its way through the downturn.

No one lied, but a lot of people at GE must have miscalculated.

We're at the beginning of a major down cycle in the market, Thomas Kee writes in MarketWatch. The good news, he writes, is that a near-term bottom is in place, and tech stocks could be one place to look for short-term gains because technology is relatively sheltered from financial crisis.

Will the massive Fed rate cut actually help the economy? Not if banks don't change their lending standards...

I'm sorry, but we're beyond the need for Band-Aids. The only way to save our economy is to let the bad parts die off and prepare the rest for radical surgery. No amount of election year money thrown at consumers can save us now.

China's economy is expected to grow by 10 percent in 2009 despite the impact of the financial crisis and global economic downturn, a researcher with the country's Cabinet said.

US federal officials have said the bailout of firms may not have had a dramatic effect on the economy but had nevertheless prevented widespread failure of financial institutions.