Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery.

The Dow tumbled more than 150 points Tuesday after a report showed a sharp drop in existing-home sales, confirming the market s worries about the recovery. Art Cashin, director of floor operations at UBS Financial Services, discussed his insights.

Position: Argentina s economy minister Incumbent: Amado Boudou, 47 Term: Appointed in July 2009 Key Facts: -- Boudou led the country s offer to swap up to $18.3 billion in defaulted bonds, which concluded in June 2010 with an acceptance rate among bondholders of about 67 percent.

With a complete overhaul unlikely, Chris Farrell offers some modest?and achievable?fixes for a broken U.S. tax system

Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery.

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In the race of economies, China is now number two. It passed Japan and will most likely stay there for the rest of the year. China's economy is valued at $1.33 trillion beating Japan's $1.28 trillion. So, you say, what's the big deal? The big deal is that China is now the powerhouse in the East, while the US remains the leader in the West. China can use its clout to increase trading with nearby countries in the East. The number two slot is important because China beat out the European Union, even its biggest exporter, Germany. So we can say that China has moved westward.

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Oops, but aren't the US, Chinese and Japanese economies, the world's three biggest, suddenly in synch again, on the & #160;downside as economic growth slows? & #160;The question is being asked after Japan's economy hit stalling speed in the second quarter, confounding even the most pessimistic forecasters, and raising the prospect that it could be the first major economy to suffer a double dip recession.At the same time, China issued new figures on its second quarter that seem to confirm that it is on the cusp of becoming the world's second largest economy.Slowing domestic consumption, government spending and exports all contributed a part to the sharper than expected fall in growth in Japan. Nominal GDP is now back at 1993 levels.

The US Federal Reserve has taken a tiny step to boost the US economy, but it was also a big step in terms of policy switch.The Fed said in its post meeting statement & #160;that it will use money from its investments in mortgage securities to buy government debt on a small scale.In other words it won't allow its balance sheet, currently around & #36;US2.3 trillion, to contract as existing investments mature; the money will be reinvested.

Productivity in the U.S. unexpectedly decreased in the second quarter after employers expanded the workweek by the most in four years even as the world?s largest economy cooled.

Officials of the central bank decided to reinvest principal payments on mortgage holdings into long-term Treasury securities to bolster U.S. growth