Economist Adam Price answers your questions on the deepening economic crisis.

San Jose, CA – Silicon Valley's boom is going bust. Hi-tech corporations that were once the darlings of Wall Street, such as Cisco, Hewlett Packard, and Juniper Networks are laying off thousands of workers. The unemployment rate here in Santa Clara County has doubled since the beginning of the year.

Laid off or your hours cut back? Falling behind on your loan payments or finding yourself with a bigger credit card balance each month? Or you just can't manage to save for emergencies or retirement? Think that your tax refund check will help out? Better think again.

San Jose, CA – A standing ovation greeted Maha El Genaidi’s denouncement of “Bush’s secret government of oil barons and multinational corporations,” as she blasted the attacks on Arabs, Muslims, and South Asians at the annual Day of Remembrance program. The theme of the program was “Race Prejudice, War Hysteria, and a Failure of Political Leadership,” and it made the connection between the World War II internment of Japanese Americans into concentration camps and today’s attacks on civil liberties as the U.S. government wages war on Iraq.

San Jose, CA – More than 200 people gathered at the Buddhist Church in San Jose's Japantown, Feb. 17, for the annual Day of Remembrance program. For more than twenty years, the Japanese American community has commemorated President Roosevelt's Executive Order 9066, which led to the removal of 120,000 Japanese Americans from their homes on the west coast, and forced their imprisonment in U.S. concentration camps during World War II.

San José, CA -On July 2, the Labor Department announced that another 467,000 jobs were lost in June as the official unemployment rate rose to 9.5%. This brings the total job loss during the recession to more than 7 million. This means that all the jobs gained under the Bush administration have now been wiped away by the recession. This is the first time since the Great Depression of the 1930s that all the job gains of an economic expansion have been lost.

San Jose, CA – Latest figures from the Federal Reserve show that the basic measure of the country’s money, or M-1, rose by $100 billion in the last three months of 2008. M-1 includes coins, paper money and checking deposits, which are all used to buy goods and services and also serve as a store of wealth. This increase in money in only three months comes to an almost 25% annual rate of increase in money.

San Jose, CA – On Jan. 29 the IRS released a report on the country’s 400 richest taxpayers in 2006. The report found that this group paid only 17.2% of their adjusted gross income in federal income taxes, despite making an average of more than $263 million each that year. This was the lowest rate for the entire time (15 years) that there are records.

Three-month Job Loss Worst Since Great Depression

San Jose, CA – On Feb. 6 the Labor Department reported that 598,000 jobs were lost in January and at the same time revised upwards their report on job losses for November and December. The January report marked the first time since 1939 that the economy has lost more than a half a million jobs for three months in a row. The economy has now lost more than 3.5 million jobs since the recession began in December 2007; half the job losses have been in the last three months alone.

San Jose, CA – Representatives of the U.S. Senate and House of Representatives agreed upon a compromise economic package Feb. 11 totaling $789 billion in federal spending and tax cuts over the next two years. The bill is expected to quickly pass the House and Senate and be signed into law by President Obama within the next week.