The Reverend Jesse Jackson has told a South Carolina audience that the federal bailout has failed to create jobs in America.

Federal Reserve Chairman Ben Bernanke says banking supervisors must pay “close attention” to compensation practices as they examine the soundness of financial institutions.

Bank of America Chief Executive Ken Lewis has received a subpoena from the New York state attorney general’s office in connection with Merrill Lynch’s payment of employee bonuses before the companies combined Jan. 1.

Obama is warning auto companies that “the American people’s patience is running out.“ He says the automakers should “seize on this opportunity” to come up with a plan to make their companies
sustainable.

Gettelfinger said at a news conference Friday in Detroit that he’s happy the Treasury Department says it’s ready to act to stop a possible collapse of the industry.

Minority Leader Mitch McConnell says the measure “isn’t nearly tough enough” on struggling automakers. The Kentucky Republican says a primary weakness in the measure is with the so-called “car czar.“ McConnell says that post wouldn’t have the power to force the car companies to make the tough concessions needed to ensure their survival.

To dramatically force down rates and stimulate the housing market.

Investors are hoping the rescue of Citigroup will help lift some of the uncertainty hounding the financial sector and the overall economy.

The governor wants an investigation into whether Greenville-based Carolina First Bank “gamed the system” by possibly moving up its CEO’s retirement date so he could get an $18 million golden parachute and the bank would qualify for federal bailout money.

Stocks finished about 200 points lower today after swinging back and forth in a wide range.

Federal Reserve Chairman Ben Bernanke is offering a bleak assessment of the impact of the current financial crisis.

wspa.com covers the economy in trouble

The massive financial plan to ease the financial crisis will get at least two votes in favor of the package that an earlier version didn’t receive when it was defeated on Monday.

The Labor Department says new applications for unemployment benefits rose to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav.

A local economics professor told us loans and mortgages will be much more difficult to obtain in the wake of the current economic crisis.