December 23, 2008

the S&P 500 fell 1.0% to close at 863

2 news clips from this day

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The Economy's Impact On Crime

CBS

Transcript

This is the camera that actually picked up the good images of her. In suburban Dallas, Sims White was on the lookout for a Grinch determined to steal his Christmas. A package left on his porch by the delivery man. And he got it all on tape. She just took advantage of a situation. She saw a box on the porch and decided she'd pick it up. And it's not just snatching presents from porches. There are car thefts on home burglaries. And while holiday crime may be as common as Christmas trees, this year's economic downturn appears to be driving the numbers way up. In Northern California, police caught another porch thief on tape. This year, almost 50% of the nation's police departments report an increase in burglaries. More than 40% see an increase in thefts. In Fairlaw, New Jersey, Chief Eric Rose's officers helped the county prosecutor haul in a ring accused of burglarizing 11 homes in northern New Jerseyy's wealthiest county. He says the season and the economy will keep police busy. There are people that may have jobs and when they have jobs aren't predisposed towards crime, but when they don't have jobs, nothing justifies crime, but they might decide that's an alternative. For retailers, it means more shoplifterss hurting the bottom line. Now we're seeing a rocket trajectory and it's it's increasing not just in Main Street or on Wall Street. It's increasing all across America. Stealing in stores is up 10 to 20%. In fact, one in 11 Americans shoplift costing merchants $35 million a day. On Staten Island, New York, a novel counterattack. Pictures of frequent shoplifterss posted on video screens for everyone to see. Randall Kingston, CBS News, Fairlon, New Jersey.

New home sales hit 18-year low; Madoff associate found dead

CBS

Transcript

mortgage rates are at their lowest level in 5 years but that's doing little to help The Battered housing market sales of new homes tanked to an 18-year low in November while home resale sank nearly 9% prices fell by the most on record down 133% nationwide to just over $180,000 that dismal housing news has put a cap on any wouldbe Santa Claus rally the Dow Jones Industrial Average sank 100 points while the nas de composite gave back about 11 many economists believe the recession may be bottoming out the economy shrank less than 1% over the summer but analysts think it has declined as much as 6% this fall if so it would be the worst drop since 1982 the founder of an investment fund that lost Millions with Bernard moff has apparently taken his own life he was found dead this morning in his Midtown Manhattan office mid off who is currently under house arrest is charged with defrauding inest vors out of $50 billion and finally in this bad economy even the rich are tightening their belts so far sales of luxury items are down more than 34% this month that's your money watch click on cbsnews.com for more business headlines in New York I'm Alexis christopherus