The turmoil, which some say was inevitable given aggressive hiking cycles, exposes the dependency of advanced economies on cheap credit
Democratic hopeful Barack Obama on Wednesday dismissed Republican White House candidate John McCain’s economic plan as an insult, which left homeowners to face a mortgage crunch alone. In his first campaign appearance since a short vacation, Obama fired a new volley at the Arizona senator in a battle that is sure to intensify.
Hillary Clinton on Monday pitched a plan to stop a mortgage crisis degenerating into a full-blown recession as new vitriol spilled over in her Democratic White House struggle with Barack Obama. Obama’s camp said Clinton would do anything to win, while her aides accused him of stooping to gutter politics.
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/ 14 November 2007
Chevron, the number-two United States oil company, has agreed to pay -million to resolve criminal and civil liabilities related to procurement of oil under the United Nations oil-for-food programme, US prosecutors said on Wednesday. Chevron will not be prosecuted and will continue to cooperate with investigators, they said.
The core recommendation of the report is that the larger industrial countries move towards a system of "flexible exchange rate bands".