recession

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Surprise: G20 Had More Substance Than Hot Air
Surprise: G20 Had More Substance Than Hot Air
ANALYSIS
Apr 3, 2009 7:08 AM CDT

Surprise: G20 Had More Substance Than Hot Air

(Newser) - Unlike most economic summits, the G20 talks have delivered more than just a promise to talk some more in the future, Steven Pearlstein writes in the Washington Post. The meeting may not have been the turning point declared by President Obama, but the market-boosting measures agreed upon represent a more...

Strapped Californians Pan Like It's 1849

Soaring gold prices and a lousy economy have many hoping to strike it rich

(Newser) - The miserable state economy and the soaring price of gold have sent Californians back into them thar hills, USA Today reports. Prospecting clubs all over the state report a huge jump in the number of people panning for gold just as a 10.5% unemployment rate has left cash-strapped residents...

G20 Measures 'Necessary, But 'No Guarantees': Obama

(Newser) - President Obama touted the resolutions of the G20 summit today in London, saying swift and muscular action was needed to reverse the global economic downturn, the AP reports. Steps like the injection of funds into the IMF and the creation of a global regulatory body “were necessary,” he...

10 Recession Expenditures to Shut Up About
10 Recession Expenditures
to Shut Up About
OPINION
Apr 2, 2009 10:14 AM CDT

10 Recession Expenditures to Shut Up About

The economy has changed social etiquette

(Newser) - If you've got it, don't flaunt it. Forbes warns against boasting about these lavish purchases,:
  1. As your friends' faces get droopy, it's not cool to discuss cosmetic surgery splurges.
  2. The duck confit may have been exquisite, but resist describing a lavish meal.
  3. Lest you suffer the same scrutiny as Michigan's
...

Recession's Victims Overwhelm Libraries

Surge in jobseekers, homeless, and crime stresses out library staff

(Newser) - Libraries that once worried about staying relevant are finding themselves on the front line of the recession, the New York Times reports. Attendance has surged as the newly unemployed—some of whom can't read or write or navigate the Internet—use facilities to write resumés and search for jobs,...

Europe Cuts Rates Less Than Expected to 1.25%

Economists, markets had hoped for 50-point cut

(Newser) - The European Central Bank cut interest rates today by 25 basis points, less than expected, to 1.25%. Economists had widely expected a cut double that size, reports the Financial Times, and financial markets soared on the news this morning. The ECB has been more hesitant to cut rates than...

Report: 742K Jobs Cut in March

(Newser) - US employers cut an estimated 742,000 jobs in March, a larger drop than expected, Bloomberg reports. The figure, from a report based on private payroll data, comes days before the Labor Department is expected to make a similar announcement. If the numbers prove accurate, it would mean that employers...

Site Reaches Out to Those Worried Sick About Money

Addresses economy-related health issues

(Newser) - A federal agency has launched an online rescue kit for people whose mental and physical health is being wrecked by economic worries, reports Reuters. The "Getting Through Tough Economic Times" website aims to help people spot the warning signs of emotional distress in themselves and others and point them...

In Wine Market, a Bubble Has Burst

Futures sales in trouble after years of spiraling prices

(Newser) - The most serious wine collectors buy their bottles "en primeur"—paying vineyards for futures of wines that haven't been produced yet. Futures prices for wine had spiraled higher and higher in recent years, even for inferior vintages, as a new class of big spenders moved into the market....

Intel Unveils High-Speed Chip

(Newser) - Intel has rolled out a new chip for servers that will more than double the effectiveness of systems but consume no extra power, the Wall Street Journal reports. The Xeon 5500 excels at “virtualization,” allowing multiple operating systems and applications to run on one server—which Intel hopes...

Uptick in Mass Murders Could Be Linked to Economy

(Newser) - The recent spate of shootings could point to a link between violence and the faltering US economy, the Christian Science Monitor reports. “Most of these mass killings are precipitated by some catastrophic loss, and when the economy goes south, there are simply more of these losses,” said criminologist...

How the US Became a Banana Republic
 How the US Became 
 a Banana Republic 
GLOSSIES
Mar 30, 2009 2:51 PM CDT

How the US Became a Banana Republic

America is a textbook IMF case—but one without a solution

(Newser) - As chief economist at the International Monetary Fund, MIT professor Simon Johnson saw a pattern in bankrupted countries from Argentina to Indonesia: "The powerful elites within them overreached in good times and took too many risks." The current US crisis, Johnson writes in the Atlantic, is "shockingly...

Obama: G20 Will Prepare World for Recovery

Upbeat prez dismisses rift with Europe over need for stimulus

(Newser) - Barack Obama voiced optimism for a global deal at this week's G20 summit in London and downplayed talk of a split between the US and Europe, in his first interview with a foreign publication, the Financial Times. Saying that "we need stimulus and we need regulation," the president...

Posh Eateries Uncork Deals in Downturn

(Newser) - High-end eateries are rolling out three-course deals and wine specials to lure America's hungry in hard times, CNN reports. "A year ago, to be honest, I didn't have to hit that three-course menu at $35 a head," said a Manhattan restaurateur whose business is down 20%. "...

Pinched Fathers Plead for Break in Child Support

Modification cases flooding courts across the country

(Newser) - Newly unemployed fathers have begun flooding courts across the country for reductions in child support payments, the New York Times reports. The faltering economy is prompting judges to decrease payments, angering financially strapped mothers and forcing families to go on welfare, apply for food stamps, and face possible eviction. “...

Recession Marks the End of Supersized America

'Great Recession' comes as a reality check after decades of '80s-style excess

(Newser) - The recession has brought the long '80s boom to an end, but maybe a better America can emerge from the ashes of a self-destructive age of excess, Kurt Andersen writes in a Time cover story. It was plain that the years of giddy growth that started around 1983 had to...

'Tentative' Signs Point to Healing US Economy

But changes on paper may take time to hit pockets

(Newser) - Next month, the US recession is set to become the longest since the Great Depression, but the Wall Street Journal, in the first up-beat prediction in months, musters “tentative” signs that things could be turning around. Consumer spending and sentiment rose in February, the housing market is looking more...

Downturn Dulls Gem Trade's Gleam

Effects felt worldwide as Americans stop buying bling

(Newser) - The worldwide slowdown in spending is making for rough times in all facets of the jewelry business, reports the Washington Post. More than a thousand jewelers in the US—which buys almost half the world's polished diamonds—have gone bust, and the effects are being felt from the mines of...

Recession Dents Party Coffers
 Recession Dents Party Coffers 
Mar 27, 2009 10:17 AM CDT

Recession Dents Party Coffers

Fundraising unusually low for this point in the cycle

(Newser) - With recession raging and without a campaign to attract attention, donations to both political parties have fallen, reports the Washington Post. Donations to the six major party committees are off 26% from the same period 2 years ago. “People are feeling it,” an energy executive told Rep. Chris...

Safety Nets Help Europe Resist Stimulus
Safety Nets
Help Europe
Resist Stimulus
ANALYSIS
Mar 27, 2009 6:53 AM CDT

Safety Nets Help Europe Resist Stimulus

Protections for workers put in place long ago may lessen the need

(Newser) - Ahead of next week's G20 summit, the US and Europe are engaged in a major dispute over the best way to end the global recession: Washington wants more stimulus, while Germany and other EU nations say they've done enough. One overlooked factor in the debate, writes Nicholas Kulish in...

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