December 2008
Las Vegas Business Press (10712186);12/22/2008, Vol. 25 Issue 51, p13
This section offers news briefs related to global recession as of December 2008. The U.S. Federal Reserve cut the main U.S. interest rate to between zero and 0.25% to ease the effect of the economic crisis. The Organization of Petroleum Exporting Countries (OPEC) agreed to cut oil production by as much as 4.2 million barrels a day from September 2008 to revive prices affected by the low demand for crude. Credit crisis losses and write-downs in the U.S. went beyond $1 trillion as Morgan Stanley marked down the value of mortgage and leverage loans.


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