Recession

The city of Stockton, California, population 291,000 is trying to avoid becoming the biggest U.S. city to go bankrupt during this economic downturn.

Today three big banks in Portugal were forced to draw on $8.25 billion worth of European Union bailout money to weather the current financial storm. Portugal has been slogging through very tight budgets in order to be eligible for money like this.

May's jobs reports has worried investors worldwide about their short-term prospects. But there are more acute fears of a global slowdown, caused by what’s going on in Europe and emerging markets.

Dewey & LeBoeuf filed for bankruptcy protection last night. In the last half century, large corporate law firms have enjoyed an enormously lucrative run. Although in the last four to five years revenue has flattened out.

Dewey & LeBoeuf, one of the largest law firms in the country, filed for bankruptcy last night after months of financial turmoil and partner defections.

Some point to the Facebook stock flop as sign of a slowing tech sector. Meanwhile, employment growth for unskilled workers in the U.S. remains stalled.

In the last week, we've heard of a possible Greek exit from the euro, a U.S. debt ceiling showdown, HP layoffs, and a Facebook stock lawsuit. How does this news affect our psyche and what stories should we focus on amid all the turmoil?

The non-partisan Congressional Budget Office released a study yesterday warning of a U.S. recession if lawmakers let the Bush-era tax cuts expire and enact a round of automatic spending cuts -- allowing for a 'fiscal cliff.'

Spain has officially slipped back into recession and to make matters worse, Standard & Poor’s has downgraded the credit rating on 11 Spanish banks. That makes it harder for those banks to borrow money.

Far too many poor people are living in the modern-day equivalent of debtors' prison without a chance of a fresh start. It's wrong -- a terrible state of affairs.