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Date:

Thu, October 23, 2008 10:24:52 AM

From:

AM Business Break by STLtoday.com

Subject:

AM Business Break: Greenspan laments 'credit tsunami'

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latest news Greenspan: 'Credit tsunami' to have severe impact Former Federal Reserve Chairman Alan Greenspan tells Congress in prepared testimony that the current global financial crisis is a "once in a century credit tsunami" that policymakers did not anticipate. [more] FDIC chief suggests guarantees for loans The head of the FDIC says the government can use its new emergency authority to help struggling homeowners overhaul mortgages by giving banks an incentive to modify the loans. [more] Stocks fluctuate after jobless claims report Wall Street wobbles in erratic trading. [more] Oil rises to $67 as OPEC prepares to cut output Oil prices rebound from a 16-month low on expectations that OPEC will move to shore up plummeting prices with an output quota cut on Friday. [more] Chrysler cutting 1,825 jobs with moves at 2 plants The automaker will eliminate one shift at a Toledo Jeep plant and accelerate the closure of its sport utility vehicle factory in Newark, Del. [more] Latest business news from the Associated Press from today's post-dispatch Foreclosures still rising here Although the growth has slowed, there's no sign the problem is going away. [more] Sales fall along Hwy. 40 shutdown Stores and restaurants near Highway 40 (Interstate 64) have been hit with a triple whammy this year: high gasoline prices, a sluggish economy and a closed interstate. [more] New drink promises to relax you It's called 'drank.' Its name is a takeoff on an illicit street beverage. Illinois is concerned. Officials will look into its ingredients and marketing. [more] Canadian tax benefit puts Smurfit-Stone in the black The firm swings to a profit in the third quarter. [more] McCarthy names new regional leaders The president of the construction firm's largest regional division will retire next year and the company will split management into two divisions. [more] More business news from the Post-Dispatch

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