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Speaking at the Kansas City Fed Bank's two-day conference on financial stability in Jackson Hole, Wyoming, Fed Chairman Ben Bernanke said the Fed will raise rates if needed to contain inflation.

Richard Fisher, the President of the Dallas Fed, discusses recession and inflation, using the analogy of a python to illustrate his point.

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.

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.

The Fed was looking for a lifeline from energy and it has received it over the last couple of weeks as oil has plummeted from over $140 a barrel to under $120.

Downey Financial Corp. revealed in its quarterly filings that the Office of Thrift Supervision, its main regulator has imposed several restrictions on its activities.

Remember when a rebel firing a bullet in Nigeria caused the price of oil to jump $10 a barrel. Now, there's an all out way in Georgia and oil prices continue to drop. Something has changed.

One of the proponents of the commodities bubble says to go against it.

I was listening to Joseph Stiglitz today on CNBC and was struck by his gloomy assessment of the economy. Here's what he had to say.

Merrill, UBS and Citibank have all now agreed to repurchase outstanding auction rate securities at par over the next several months.

Larry Summers, former Treasury Secretary under Bill Clinton and former President of Harvard provides a grim view on the pressures facing the economy and the potential recover.