recession

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Don't Blame Fannie for Mess
 Don't Blame Fannie for Mess 



Glossies
Jan 5, 2009 9:11 AM CST

Don't Blame Fannie for Mess

Wall Street, banks, and government also at fault

(Newser) - Fannie Mae and Freddie Mac, the "toxic twin" housing financing behemoths blamed for setting the world on fire, were not operating any differently than the entire financial sector, Bethany McLean writes in Vanity Fair. McLean documents Fannie Mae's history starting from conception in FDR's New Deal, when it was...

Pols: No Stimulus By Jan. 20
 Pols: No Stimulus By Jan. 20 
Jan 4, 2009 6:58 PM CST

Pols: No Stimulus By Jan. 20

Republicans voice opposition to Obama's plan

(Newser) - President-elect Barack Obama’s massive economic stimulus bill may not move as quickly as Democratic leaders had hoped, Politico reports. Republicans began suggesting alternatives to the plan today, and House Democrats now say they likely won’t vote on the bill until the week of Jan. 19 or later. Obama’...

Rainbow Room Grill to Close
Rainbow Room Grill to Close 
Jan 4, 2009 4:54 PM CST

Rainbow Room Grill to Close

In throes of recession, rent dispute, the Big Apple landmark will shutter its dining hall

(Newser) - New York’s vaunted Rainbow Room will shut down its dining hall next week amid the recession and a rent conflict, the New York Daily News reports. With the Rainbow Grill’s closure, the tourist hotspot at 30 Rockefeller Plaza will—temporarily or otherwise—be 40 employees lighter and limited...

Steel Industry Hopes Stimulus Will Forge Recovery

Execs want projects using American steel to be center of economic recovery

(Newser) - Leaders of America's sagging steel industry are hoping their operations will spearhead the economy's recovery with some major help from the US government, the New York Times reports. Steel orders have collapsed since September, causing thousands of layoffs. Execs are pushing hard for the expected stimulus package from the incoming...

Shoppers Go Whole Hog for Piggy Banks

Newly frugal consumers use little pink pals to help save

(Newser) - Piggy banks have been flying off the shelves this holiday season, reports Reuters. Newly frugal consumers see the pigs as symbolic of the need to save, retailers say. The savings rate across America has shot up from zero to 2.8% as worried households start to sock away cash—although...

Dumbest Gaffes on the Economy

Instead of predicting financial crisis, they hid it

(Newser) - The men who should have been warning us about the impending financial crisis were a wee bit off the mark at times. MSNBC rounds up some of the dumbest things said:
  • "Subprime market problems seem likely to be contained."—Ben Bernanke, March 28, 2007
  • "The fundamentals
...

Just How Bad Was 2008?
 Just How Bad Was 2008? 
Dec 31, 2008 4:37 PM CST

Just How Bad Was 2008?

The worst anyone under 70 has seen, Bloomberg reports

(Newser) - If you're under the age of 70, 2008 was probably the worst year you've lived through, reports Bloomberg. Here's why:
  • In housing, which started the downturn, median resale prices saw a 13% decline, the largest since the 1930s.
  • Foreclosure rates reached 2.97%, and mortgage delinquency hit 6.99%, both
...

Dow Rises 108 to End Year
 Dow Rises 108 to End Year 
MARKETS
Dec 31, 2008 3:21 PM CST

Dow Rises 108 to End Year

Dow off 33%, S&P down 40% for 2008

(Newser) - Stocks posted gains in the last trading session of the year, but this two-day rally will do little to erase the indices' dismal record in 2008, MarketWatch reports. Amid light trading volume ahead of New Year's Day, the Dow gained 108 points to close at 8,776. The Nasdaq closed...

Sign Spinners Toss, Twirl the Sandwich Board

Businesses embrace cheap advertising idea in recession

(Newser) - Sidewalk sign holders in California have spun a boring job into art that's drawing attention, on the cheap, from advertising-inundated consumers. Sign spinners twirl, toss, and wheel ad boards around the body—all while ensuring the board's message displays prominently. As ad dollars dry up, the complicated showmanship is helping...

Pawn Shops Attract Upscale Clientele

(Newser) - Pawn shops are turning from the shady realm of the lower class to a place for rich people to get loans, the Wall Street Journal reports. The typical household income of a pawn shop customer is $29,000, but new middle- and upper-class clients are surging. One such client pawned...

Consumer Confidence Hits All-Time Low

Economists expected a rise this month after dreary November

(Newser) - US consumer confidence hit an all-time low this month, dropping unexpectedly in the face of layoffs and deteriorating investment markets. The Consumer Confidence Index, expected to rise incrementally to 45, fell to 38 in December from a revised 44.7 last month. The Present Situation index, which measures how respondents...

Recession Shutters Famed Yale Club

Mory's has closed until further notice

(Newser) - Mory's, a legendary Yale University eating and drinking club that traces its roots to the Civil War—and whose membership includes two presidents named Bush—is the latest victim of the recession. A list of patrons that has included the likes of Al Pacino, Tom Hanks, and Jodie Foster hasn't...

Keep State's Woes From Dragging Down Economy
Keep State's Woes From Dragging Down Economy
OPINION
Dec 29, 2008 10:13 AM CST

Keep State's Woes From Dragging Down Economy

Now is no time to require balanced budgets

(Newser) - When the economy goes south, the government has no business aiming for a balanced budget. But all 50 governors are faced with slashing spending to do so, and “at the expense both of their most vulnerable constituents and of the nation’s economic future,” Paul Krugman writes in...

Amid Recession, Visitors Flock to National Parks

Every dollar spent on parks generates $4 in spending

(Newser) - Local economies enjoyed a federal bailout of sorts from National Parks visitors, who spent $11.8 billion in businesses surrounding parks and monuments last year. For every government dollar dispensed on upkeep and some 200,000 workers, $4 were generated in local spending, reports the Washington Times. Sales were up...

Amazon Has 'Best Ever' Holiday Season

Online retailer beat the market with HDTVs, iPods, and Wii

(Newser) - The Grinch apparently didn’t sour shoppers on Amazon this year: The company said today the 2008 holiday season was its “best ever,” MarketWatch reports. Amazon sold more than 6.3 million items worldwide on Dec. 15, its peak day, amounting to “a record-breaking 72.9 items...

Recession-Battered States Slash Medicaid

Governments lower payments, cut add-ons to health program

(Newser) - As states across the country struggle to cope with staggering budget shortfalls, 19 of them have cut back on Medicaid, reports the Washington Post. The states, along with DC, are lowering payments to hospitals and nursing homes, ending coverage for less common treatments, and booting some citizens out of the...

No Christmas Miracle for Retailers
 No Christmas  
 Miracle for Retailers 


RETAIL SALES
Dec 26, 2008 1:57 AM CST

No Christmas Miracle for Retailers

Even luxury sector sales in free fall

(Newser) - It was a bleak Christmas and promises to be a less than prosperous New Year for retailers with consumers tightening their belts and spending less, reports the Wall Street Journal. Retail sales dropped 5.5% in November and 8% in December, compared with the same months last year. Luxury goods,...

US Students Flock North for Cheap Tuition

Canadian universities appeal to Americans in tough economy

(Newser) - Cash-strapped Americans with their sights set on college see Canada as an affordable alternative to domestic institutions, the Boston Globe reports. Low tuition fees and a stronger US dollar—it’s worth $1.21 in Canada right now—are luring more high school students in the northeast across the border,...

Strapped? Sell Your Gold—at the Mall

(Newser) - Up and down the East coast, cash-strapped shoppers are trading in gold and silver, not at pawn shops, but at the mall, the Boston Globe reports. Merchants at kiosks buy the precious metals for less than half of market value, but customers are still pouring in. “It's certainly something...

Chocolate Sales Are Bittersweet

 Chocolate Sales Are Bittersweet 

Dec 24, 2008 9:03 AM CST

Chocolate Sales Are Bittersweet

Battle to elevate taste to expensive brands proves bittersweet as economy sours

(Newser) - Chocolate sales, reputed to be recession-proof, are taking a hit in this downturn as consumers’ taste for more expensive brands has soured, reports the Financial Times. Companies that jumped into premium candies have been hurt by the downturn, and analysts say the market has been “trading down” from premium...

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