Huge Job Cut

As part of a cost-cutting plan that is expected to save the company $1.8 billion next year, credit card giant American Express announces that it will cut 7,000 jobs. They are making this move because credit card companies report results that cardholders have trouble paying off debt and pull back their spending.

A Recessions to Come

The economy shrinks at a 0.3 percent annual rate over the last quarter as consumers cut back on their spending by the biggest amount in 28 years -- the most obvious sign that the country is soon to see a recession.

Governors Seek Bailout for Automakers

So not only do the banks need a bail out but apparently automakers do to. The governors of Michigan, Delaware, Kentucky, New York, Ohio and South Dakota petition Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke for action to help the countries struggling automakers.