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Banking "broken," consumers need help: watchdog

WASHINGTON (Reuters) - The outspoken head of a U.S. Congressional watchdog panel will strongly urge lawmakers on Wednesday to set up a new government agency to protect consumers from "tricks and traps" set by banks.

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Emerging Economic Powers Meet in Russia

(NYT) MOSCOW — Leaders of some of the world’s most powerful economies gathered Tuesday to plot how they can exert more control over the global financial system as it takes its first wobbly steps toward recovery.

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Laid-off foreigners flee as Dubai spirals down

(IHT) Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai's fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

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U.S. bank bailout to rely in part on private money

(IHT) Wall Street helped produce the global financial and economic crisis. Now, as the Obama administration prepares to unveil a revised bailout plan for the banking system, policy makers hope Wall Street can be part of the solution.

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House passes Obama's $819B stimulus

(IHT) WASHINGTON: The Democratic-controlled House of Representatives approved a historically huge $819 billion stimulus bill Wednesday night, offering an early legislative victory in Barack Obama's presidency even as he failed to win over Republican support.

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Unemployment reveals impact of crisis on real economy

(Mercopress) The global economic crisis is expected to lead to a dramatic increase in the number of people joining the ranks of the unemployed, working poor and those in vulnerable employment, the International Labour Office (ILO) said in its annual Global Employment Trends report released on Thursday.

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House Passes Auto Rescue Plan

(New York Times) WASHINGTON — The House voted on Wednesday to approve a $14 billion government rescue of the American automobile industry, but the bailout plan, which would provide emergency loans to General Motors and Chrysler, was in jeopardy because of strong Republican opposition in the Senate.

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Chicago factory sit-in offers a window onto hard times

(LA Times) At Republic Windows and Doors, the standoff between workers, the company and the bank has become a symbol of the divide between rescue plans for Wall Street and Main Street.

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Americans' Food Stamp Use Nears All-Time High

(Washington Post) Fueled by rising unemployment and food prices, the number of Americans on food stamps is poised to exceed 30 million for the first time this month, surpassing the historic high set in 2005 after Hurricane Katrina.

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