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Another economist, this time Kenneth Rogoff from Harvard, piles on to say that the economy is headed downward. Economists are a lagging indicator. When everyone sells sell, it's time to think about buying.

A respected economist on the street, Milton Ezrati told the CNBC Fast Money group that he thought the consumer economy in the US would be dead for the next five years. There response: all will be well in 6 months.

There is a class of auction rate securities - SLARS - that are causing many of the problems in the ARS market. Their auctions have failed and they have low reset rates. The investment banks are going to have to figure out how to bail them out.

As part of the Housing and Economic Recovery Act of 2008, the IRS authorizes a deduction of up to $7,500 for qualified first-time homebuyers. What does that mean? Read on for an explanation.

Bloomberg reports that house prices have climbed in Cleveland for the first time in several years. That's the good news. The bad news: prices had to fall to 2000 levels before buyers returned to the market.

Over the last twenty years, financial companies have marketed second mortgages as home equity loans and lines and made it acceptable to borrow against your house. Consumers eagerly gobbled them up.

Oil and gold continue their fall, providing even more breathing space for the Fed. Will it continue?

The Federal Reserve Bank of Minneapolis President Gary Stern gave a speech saying that the current economy is similar to the US economy in the early 1990s. He believes some parallels can be drawn. There are similarities, but also differences.

Discover Bank raised the rates on its 60 Month (5 Year) and 48 Month (4 Year) Certificates of Deposit.

Goldwater Bank, a new, small bank out of Scottsdale, Arizona is offering a very competitive 4% savings account.

Michelle shouldn't be making such dumb statements.

As the credit crisis deepens, banks are becoming more and more willing to sell foreclosed homes at lower prices and take the steep loss.

In a note to his clients, Merrill Lynch's Richard Bernstein warned that the credit crisis is far from over and that financial companies have more hits to take.

Washington Mutual has raised the rate on its 12 month CD to 4.50% APY, making it the top rate on the BestCashCow rate table.