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Oil prices slump as U.S. downgrade stokes demand worries

World oil prices slumped Monday over fears of slowing energy demand in the United States after a shock credit rating downgrade for the world’s biggest economy, analysts said. New York’s main contract, West Texas Intermediate light, sweet crude for delivery in September, plunged $3.40 to $83.48 a barrel. Brent North…

Greenspan sees negative market take on downgrade

Former US Federal Reserve chairman Alan Greenspan said Sunday he believes the financial markets will react negatively to the downgrade of the US credit rating, and will take “a while” to settle. “Considering the momentum in which the market went down over the last week, it’s very unlikely — if…

Second U.S. recession could be worse than the first

A second recession, what many are calling the double-dip recession, could be on its way, economists warn. And should it come, it will probably be even more devastating than the previous period of economic woe. “It would be disastrous if we entered into a recession at this stage, given that…

Emergency responder network unlikely by 10th anniversary of 9/11

After the national tragedy of the September 11, 2001 terrorist attacks on the U.S., lawmakers vowed that through broadband reform, a first-responders priority network would be established. Reform being, of course, no small task, instant gratification was neither expected nor required. September 11, 2011, the 10-year anniversary of the attacks,…

Paul Ryan: Don’t call it a ‘super committee’

House Budget Committee Chairman Rep. Paul Ryan (R-WI) has plenty on his plate to worry about, between the threat of another Standard & Poor’s debt downgrade and the world market’s panic over the U.S.’s economic woes. At least one of his problems, however, is not so super. Ryan would like…

Hugh Carey, former N.Y. ‘governor for hard winters’, dies age 92

NEW YORK (Reuters) – Former New York Governor Hugh Carey, a fiscal hawk who tamed a potentially ruinous fiscal crisis in the Empire State in the 1970s, died on Sunday at his summer home on Long Island, officials said. He was 92. Carey, a Democrat, was New York’s 51st governor,…

Obama, Karzai speak after Afghan chopper crash: U.S.

US President Barack Obama and his Afghan counterpart Hamid Karzai reaffirmed their commitment to Afghanistan on Sunday after the death of 38 troops in a helicopter crash, the White House said. Thirty US soldiers, reportedly including some two dozen special forces, were killed when Taliban insurgents shot down a Chinook…

World leaders search for response to U.S.-Euro debt crisis

World leaders searched Sunday for answers to a global debt crisis, hoping to head off a massacre on markets spooked by an unprecedented US rating downgrade and Europe’s swelling malaise. France and Germany called for full implementation of measures agreed at a eurozone summit in July to safeguard the single…

Schieffer confronts top Obama adviser: ‘Is this going to be a one-term presidency?’

At the beginning of his presidency, President Barack Obama gave an interview to Matt Lauer in which he said that “three years from now,” Americans would be able to decide whether he deserved a second term. Those three years have passed, and Sunday morning, Bob Schieffer asked David Axelrod that…

Geithner to stay on as Treasury chief through 2012

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner has told President Barack Obama that he intends to stay on the job, Treasury said in a statement on Sunday afternoon. “Secretary Geithner has let the president know that he plans to stay on in his position at Treasury,” Assistant Treasury Secretary Jenni…

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