Debt Downgrade

Richard Dekaser, economist with the Parthenon Group, says people are concerned about the rising probability of a recession, and perhaps more importantly, that the government's economic policy 'looks a bit rudderless'

Interest rates for banks that borrow from the Fed will remain near zero percent for the next two years. But keeping rates that low for that long is unprecedented and making such a bold statement carries risk.

Michael Bissonette, mayor of Chicopee, Mass., discusses how the S&P downgrade decision is already affecting his city and its plans for expansion and job growth

The Federal Reserve said the economy is still suffering, and took the unprecedented step of saying it will hold rates at nearly zero until the middle of 2013

With market volatility comes bargain-basement prices for stocks, a drop in oil prices and spike in the price of gold

The difference between now and three years ago may be more in cause than in effect. The first crisis was fueled by Wall Street -- this one, some analysts argue, was caused by the government's mishandling of the debt crisis.

In response to the S&P downgrade and market fears, global investors are living by the mantra: when in doubt, get out.

The Federal Reserve bank is scheduled to meet this morning. One thing the Fed could do is a third round of quantitative easing -- but analysts say not to expect any major policy moves this afternoon.

Investors in Asia are preparing for another recession in the U.S. by selling off stocks like Toyota, Sony and Samsung