recession

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Law School Grads Scramble as Big Firms Slash Hiring

(Newser) - Top law school grads are competing this fall for just half the number of entry-level positions big firms offered last year, in what the New York Times calls the most difficult employment season in half a century. One of New York's biggest firms has cut its hires by more than...

Companies Use Recession to Stomp Hurting Competition

(Newser) - When the recession hit, Bed Bath & Beyond saw an opportunity. Chief competitor Linens ‘n Things was laden with debt, so Bed Bath & Beyond “decided to destroy them,” says one analyst. It matched every Linens’ discount, issued a barrage of coupons in Linens’ key markets, and,...

Obama Nominates Bernanke for 2nd Term

Prez: he 'approached a financial system on the verge of collapse with calm and wisdom'

(Newser) - President Obama has nominated Ben Bernanke for a second term as Federal Reserve chairman, saying Bernanke “led the Fed through the one of the worst financial crises that this nation and this world have ever faced,” the AP reports. “Ben approached a financial system on the verge...

Hotels Woo New Cash Cow: Kids
 Hotels Woo New Cash Cow: Kids 
Aug 24, 2009 4:41 PM CDT

Hotels Woo New Cash Cow: Kids

(Newser) - Families are traveling more often, and recession-battered hotels are ramping up their kid-friendly offerings, the Boston Globe reports. Rooms occupied by families with children accounted for 27% of the total in 2008, up from 25% in 2004, and lodgings are watching the trend. Whether it's free Wii, a dog to...

After Clunker Frenzy, Dealers Expect a Slump

(Newser) - Just as the "cash for clunkers" program sparked a boom in auto sales, its cancellation will likely depress the industry, CNNMoney reports. As of today, the last day of the government-funded incentive, rebate applications for 625,000 trade-ins totaling $2.58 billion had been submitted. “We're definitely going...

Recession Soon Over, but Here Comes Another
Recession Soon Over, but Here Comes Another
OPINION
Aug 24, 2009 7:02 AM CDT

Recession Soon Over, but Here Comes Another

Roubini: Unwinding rescue could produce 'W-shaped' recovery

(Newser) - The global recession is nearly over, but the recovery is far from certain, writes NYU professor and professional pessimist Nouriel Roubini in a Financial Times op-ed. The economist who predicted the financial crisis chides colleagues who foresee a V-shaped recovery, with a quick return to growth. Rather, the recovery will...

Here Comes the Cheap Wedding
 Here Comes the Cheap Wedding 
Aug 23, 2009 8:36 AM CDT

Here Comes the Cheap Wedding

(Newser) - With Vera Wang gowns and tropical honeymoons well out of budget reach, recession brides can turn to hand-sewn invitations, homemade cakes, and a general community "barn-raising" approach for a dream wedding on the cheap, writes Melissa Dalton for Salon. "Anyone with a good idea, and a willingness to...

DIY Projects Go Frugal
 DIY Projects Go Frugal 
Aug 22, 2009 7:26 AM CDT

DIY Projects Go Frugal

(Newser) - With the five-figure granite-countertopped kitchen overhaul now an emblem of prerecession excess, home-improvement chains are seeking a new niche for themselves in more frugal times, the New York Times reports. DIY projects these days have shifted from upgrades to maintenance—consumers won't redo the bathroom but will fix the leaky...

Bankers Saved the World: Bernanke

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks...

For Once, Super-Rich Not Getting Richer

Recession halts 30-year rise of the super-wealthy

(Newser) - Since the 1970s, the rich have been getting richer with stunning consistency, but now, thanks to the recession, that decades-long run has hit a wall, the New York Times reports. Wall Street pay is indeed returning to normal, but for every investment banker who’s benefiting from that, several more...

Starbucks' New Jolt Doesn't Involve Caffeine

Prices up for complex drinks—though regular joe gets cheaper

(Newser) - As promised, Starbucks today began raising prices on some of its more complicated concoctions, the Wall Street Journal reports—though it’s also slicing a few pennies off its more pedestrian offerings. That venti (large) caramel macchiato will cost 25¢ more, for instance; store employees have been told to expect...

Why Stimulus Gets a Bad Rap
 Why Stimulus Gets a Bad Rap 
OPINION
Aug 20, 2009 10:04 AM CDT

Why Stimulus Gets a Bad Rap

(Newser) - The Democrats’ $787 billion stimulus package is less popular than ever—even though it’s already working, writes David Wessel for the Wall Street Journal. The case against it is weak: Fed rate cuts hadn’t slowed the recession, already a year-old at that point, making the stimulus an appropriate...

Bernanke: Hero on Wall Street, Despised in Congress

(Newser) - Ben Bernanke can expect a standing ovation from economists at a Fed retreat in Jackson Hole today—for the financial establishment, the Fed chairman is a superhero, hailed for his aggressive, unprecedented actions to stem the worst crisis in generations. Yet on Capitol Hill he's far less popular, and the...

Lousy Retail Sales Will Delay Recovery

Recession isn't over as far as consumers are concerned

(Newser) - If the recession is indeed waning, nobody told consumers. Retailers of every kind reported lousy sales for the quarter ended Aug. 1, the Wall Street Journal reports. Target’s same-store sales fell 6.2%, Home Depot’s dropped 9.1% and Saks’ plummeted a whopping 15.5%. And with unemployment,...

JPMorgan Chase to Lend California $1.5B

(Newser) - After joining other major banks in snubbing cash-strapped California last month, JPMorgan Chase has changed tack and is lending the state $1.5 billion to end its IOU program a month early. The short-term loan will enable California to start redeeming on Sept. 4 the IOUs it has been using...

Towns Pay Up to Keep Airlines From Taking Off

Small cities pull out all the stops as airports threaten to close

(Newser) - With airlines feeling the pain of the economic crash, many mid-sized cities, too big for federal help but too small to draw many travelers, have resorted to shaking the money tree to keep the planes flying, the New York Times reports. Some, like Myrtle Beach, have slashed fees across the...

Desperate for Cash, People Sell Grave Sites

Final resting place is just another asset for the down-and-out

(Newser) - When she got sick, Debbie Jenkins lost her job, both her houses, and burned through her savings. Living in an unheated garage and still unable to pay rent, she discovered her last remaining asset: two cemetery plots. She posted them on Craigslist, declaring they “MUST SELL!!!” It’s...

Pinched Writer Picks Up the Toilet Brush
Pinched Writer Picks Up
the Toilet Brush 
COMMENTARY
Aug 17, 2009 1:19 PM CDT

Pinched Writer Picks Up the Toilet Brush

(Newser) - Even with two degrees and a book deal, Rebecca Golden has had a tough time keeping her bank balance above zero, she writes for Salon, so she's turned to an edifying, if often terrifying, sideline: cleaning houses. “I suppose I could find other ways to make ends meet,”...

Japan Says 'Sayonara' to Downturn

(Newser) - Japan appears to be pulling out of its recession, posting its first economic growth in more than a year, reports the New York Times. The world’s second-largest economy grew by 0.9% in the last three months ending June 30—equivalent to 3.7% annualized growth. Exports grew 6....

'Relaxation' Sodas Promise to 'Slow Your Roll'

(Newser) - In the boom times, people quaffed energy drinks and the industry bloomed to its current $896 million in sales. Naturally, the Washington Post reports, the recession has produced a new star: “relaxation beverages.” Loaded with a somewhat questionable “calming” ingredient also in green tea, the drinks are...

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