Summary: In its latest effort to stimulate the U.S. economy, the Federal Reserve cut its key interest rate virtually to zero and announced the printing of new dollars. The unprecedented rate cut by the Fed will lead to lower interest rates for a variety of loans, including credit cards, home equity lines of credit, business loans, and adjustable rate mortgages.

Summary: A report claims that American homeowners lost more than $2 trillion in home value through the end of 2008, as home foreclosures continued their rise, leading to a glut of homes and few buyers. After eight consecutive quarters of declining home values, an estimated 11.7 million Americans now owe more on their mortgage balances than their homes are worth.

Summary: The weekend of September 12, 2008, changed the face of Wall Street forever. Within a brief 72-hour period, the world's most powerful bankers gathered to save Lehman Brothers Bank, but instead sparked a government intervention into the private sector that has resulted in the nationalization of Freddie Mac and AIG, as well as an estimated trillion-dollar bailout of the U.S. banking industry.

Summary: After paying $4 per gallon at the pump last summer, Americans have watched gasoline prices plummet to their lowest levels in years. Analysts say that worldwide demand for gas has dropped off sharply due to the international economic crisis and rising unemployment levels.

Summary: The financial credit crunch is forcing businesses to layoff workers, and banks are among those hurt most by the economic downturn. In an attempt to adjust to the recession, Bank of America announced plans to lay off as many as 35,000 workers. The announcement comes among other bad economic news, including a decline in both retail sales and consumer confidence during November.

Summary: The Big Three Automakers face imminent bankruptcy if they can't get the loans they need to stay afloat. Analysts say that such a collapse will have an enormous ripple effect throughout Canada, including harsh consequences for parts suppliers, transport firms, retailers, and car dealerships.