Economy

Democrat Barack Obama said Tuesday that Republican John McCain is offering little more than “willful ignorance, wishful thinking, outdated ideology” to an economy in crisis, seeking to capitalize on the main issue that is propelling him forward in the race for the White House.

Momentum increased Monday for a new economic stimulus package to help cash-strapped Americans as President Bush and Federal Reserve Chairman Ben Bernanke threw their weight behind an idea they earlier opposed.

Beaten down by housing, credit and financial crises, the bruised economy is likely to drag into next year, leaving more people out of work and more businesses wary of making big investments.

Wild gyrations on Wall Street, a loss of confidence in the U.S. banking system and worries the economy will be weak for some time are raising Americans’ anxiety level.

Wall Street remained tense Thursday, extending its huge slide as investors examined mixed economic and earnings data for clues about the economy. The Dow Jones industrials fell more than 170 points, and all the major indexes were seeing wide swings.

The country hit fresh economic potholes Wednesday as President Bush sought to reassure anxious Americans that the government’s latest rescue plan will eventually bring relief.

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President Bush on Tuesday announced a $250 billion plan by the government to directly buy shares in the nation’s leading banks, saying the drastic steps were “not intended to take over the free market but to preserve it.”

Democratic nominee Barack Obama on Monday called for more immediate steps to heal the nation’s ailing economy, proposing a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs.

A gallery of NewsOne’s top photos of the week ending on October 10, 2008.

President Bush said Friday that the government’s financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in. “We can solve this crisis and we will,” he said in brief remarks from the White House Rose Garden.

Federal Reserve Chairman Ben Bernanke warned Tuesday that the financial crisis has not only darkened the country’s current economic performance but also could prolong the pain.