recession

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Google Cuts 200 Jobs
 Google Cuts 200 Jobs 
Mar 27, 2009 2:07 AM CDT

Google Cuts 200 Jobs

Search king slashes sales jobs as recession shrinks revenue

(Newser) - Google is cutting 200 sales and marketing positions to save costs as companies worldwide slash their online advertising budgets, Bloomberg reports. Company officials hope the trims will also help streamline the decision-making process. The jobs will be eliminated globally, and employees have been encouraged to seek new positions within the...

Economy Sees Law Firms Defer New Hires

(Newser) - The sluggish economy has more law firms deferring offers of positions to graduating law students, Time reports. The idle young lawyers join more than 3,000 attorneys who have lost jobs since January 2008; the industry is expected to earn up to 10% less this year than last. One upside:...

Times Cuts Salaries, Jobs; Post Offers More Buyouts

(Newser) - The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations. The New York Times today announced a 5% pay cut for all employees, who were offered 10 extra days off as compensation, "in a spirit of shared sacrifice and as a way to...

Vet Bills Force Families to Euthanize Pets

Tough times make care harder to justify; few have animal insurance

(Newser) - The recession is having some tragic consequences for family pets. Experts say owners are delaying care, opting out of pricey treatments, and putting down pets they’d otherwise save, MSNBC reports. One shelter has seen a 20% jump in admittances. “They come straight from the vet and say, ‘...

Commercial Real Estate Crisis May Rival '90s Disaster

(Newser) - Commercial real-estate borrowers are defaulting on their loans at an ever-faster pace, and experts now believe the crisis could match or exceed the early-1990s slump, the Wall Street Journal reports. That catastrophe killed off 1,000 banks and savings institutions, with lenders taking $48.5 billion in charges. This time,...

Tent Cities Sprout Across US
 Tent Cities Sprout Across US 
Mar 26, 2009 5:08 AM CDT

Tent Cities Sprout Across US

'Hoovervilles' return as recession forces thousands from homes

(Newser) - Cities across the country are struggling to deal with mushrooming shantytowns, reports the New York Times. In a chilling echo of the Great Depression, tent cities are springing up on vacant lots in smaller cities, while homeless encampments in larger cities are burgeoning as more and more people lose their...

Recession a Long-Term Bummer for SoCal, Dude

(Newser) - The recession hit Southern California earlier and harder than almost any other part of the country—and it’s likely to linger a lot longer too, Steve Pearlstein writes in the Washington Post. The area played a “central role in the Bubble Economy,” and now, being the “...

Arson Catches Fire as Car Insurance Fraud Climbs

(Newser) - Car owners sideswiped by the economy have spurred a nationwide wave of arson and abandonment—last-ditch attempts to collect on insurance, the Wall Street Journal reports. Auto arson claims rose 6% nationally in 2008; in some particularly speculative states, the rate jumped as much as 18%. “Lots of desperate...

Obama: Budget Is Key to Economic Recovery

(Newser) - President Obama took to the primetime airwaves last night to make the case that his economic recovery plan is showing "signs of progress," the Washington Post reports. "We will recover from this recession," he asserted, emphasizing repeatedly that his budget is "inseparable" from that recovery,...

Group Therapy Gains on Couch in Recession

(Newser) - Increasingly, having a couch to yourself is just too pricey. Group therapy is catching on as people look for a cheaper alternative to one-on-one sessions, the Wall Street Journal reports. And despite the One Flew Over the Cuckoo’s Nest stigma it often endures, participants swear by it. “Group...

Soaring Candy Sales Sweeten Hard Times

Confectioners' profits rise as people seek comfort

(Newser) - Tough times don’t seem to be trickling down to inexpensive candy shops, where adult customers are flocking for a sugar-coated escape from their troubles, the New York Times reports. “People may indulge themselves a little bit more when times are tough,” says an analyst. And indulge they...

Sam, LiLo Bicker Over Money
 Sam, LiLo Bicker Over Money 
Mar 23, 2009 10:18 AM CDT

Sam, LiLo Bicker Over Money

Lindsay spends like crazy but has no cash

(Newser) - The recession has hit even Lindsay Lohan and Samantha Ronson’s romance, the New York Daily News reports. The ever-squabbling pair now fights about money, too: “Lindsay is spending like crazy!” a friend says, but—thanks to a lack of work since 2007—she has no cash flow...

Euro Bank Chief Slams US on Stimulus

Central bank chief says nations must get the last effort right

(Newser) - The head of the European Central Bank says the continent does not need to spend more to combat recession, heightening the standoff between Washington and European governments over response to the financial crisis. In an interview with the Wall Street Journal, Jean-Claude Trichet said governments should concentrate on executing measures...

Jobless Women Turn to Porn, Stripping

(Newser) - With unemployment rising, more women are moving on up by stripping down, the AP reports. The adult entertainment industry, is receiving a barrage of applications from women seeking good pay and job security in fields ranging from porno to exotic dancing. "You're seeing a lot more beautiful women who...

Steinbeck's Laugh Would Echo Down Wall Street
Steinbeck's Laugh Would Echo Down
Wall Street
OPINION
Mar 22, 2009 3:12 PM CDT

Steinbeck's Laugh Would Echo Down Wall Street

Grapes of Wrath author hated US affluence

(Newser) - John Steinbeck would relish our economic decline if he were alive today, writes Rachel Dry in the Washington Post. The author of the Great Depression classic Grapes of Wrath, which is regaining popularity these days, romanticized economic hardship and grieved over the affluence of post-WWII America. "He'd think that...

In Today's Economy, Nannies Must Multitask

(Newser) - As affluent Americans downsize their household staffs, the once distinct lines between nannies and housekeepers are getting a little fuzzy, the Los Angeles Times reports. More and more, nannies are being asked to scrub the toilets along with watching the kids, and housekeepers are being asked to vacuum with a...

Krugman on Toxic Assets Plan: 'What an Awful Mess'

(Newser) - The Obama administration’s new plan for dealing with toxic bank assets is “creating massive moral hazard,” Paul Krugman blogs in the New York Times. The idea of providing taxpayer money to insure the purchase of possibly worthless assets is equivalent to the poor practices laid bare in...

Unable to Fix Economy, Hungary's PM Steps Down

(Newser) - Hungary’s Socialist prime minister will step down so that a leader more adept at managing the country’s dire economic straits can take over, Reuters reports. “I hear that I am the obstacle to the cooperation required for changes,” Ferenc Gyurcsany told a meeting of his party....

Post Office Plans Big Job Cuts

(Newser) - Citing severe losses, the US Postal Service is slashing 1,400 jobs and offering early retirement to 150,000 workers, NPR reports. The post office will also shut down six district offices, but says delivery will not be affected. Hobbled by a 5.2 billion drop in mail volume in...

Chrysler, GM May Need 'Considerably' More US Aid

(Newser) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s...

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