economic downturn

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Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support...

Fed Sees More Signs of Recovery

(Newser) - The economy is finally beginning to show signs of stabilizing in some parts of the US, bolstering hopes of a broader-based recovery this year. A Federal Reserve snapshot of economic conditions issued today finds that most of the Fed's 12 regions indicated either that "the pace of decline has...

Barnes: Obama's an 'Economic IIliterate'

(Newser) - President Obama has big plans for the economy, and that’s too bad because he knows nothing about it, Fred Barnes writes in the Weekly Standard. All of his proposals and angry jabs at Wall Street are counter to his professed interest in growth and job creation. “Obamanomics pays...

Frugal Mainers Easily Weather Economic Storm

(Newser) - A long history of sparse employment and hardships of all stripes has built a culture of frugality that leaves Maine perfectly suited to the current recession, the Boston Globe reports. “Everybody now is into shopping thrift shops, but in most of Maine, people never stopped,” a banker says....

Anti-Biz Obama 'Loathes Profit Motive': Barnes

(Newser) - “Anti-business may be too crude a label” for President Obama, Fred Barnes writes in the Weekly Standard, but America's leader certainly "has a dark view of profits." Surveying Obama's appointments, policies, and remarks about business, Barnes concludes that "Obama loathes the profit motive or at least...

Economic Crisis Hits Al Qaeda, Too
Economic
Crisis Hits
Al Qaeda, Too
Jun 12, 2009 2:29 PM CDT

Economic Crisis Hits Al Qaeda, Too

Terrorist activities must wait as fundraising falters

(Newser) - Al Qaeda operations are struggling due to a lack of capital brought on in part by the global economic downturn, the New York Post reports. “In Afghanistan, we have a severe supply deficit,” the group said in a plea for donations. “Mujahideen sit and wait and cannot...

Iraq, Economy Stalling, May Be Broke by Next Year

Drop in oil price has gutted nation's income

(Newser) - Some people thought Iraq wouldn't be affected by the worldwide economic downturn, says an Iraqi economist. "Those people were stupid." At the very least, they were wrong: Sales of consumer goods are in the basement, along with real estate, and the unemployment rate hovers around 25%. Surpluses from...

Financial 'Pearl Harbor' Is Past, Says Buffett

Oracle confident as he prepares to be buffeted by shareholders

(Newser) - The Oracle of Omaha still sees tough times ahead for the US economy, but he says he thinks the worst is in the past, CNCBC reports. “We’re at a war now to some degree, but Pearl Harbor was September,” Warren Buffett says. “There was a strike...

Rich Feel 'Guilty' Spending Now: Poll

(Newser) - Even the still-rich are unhappy in this economic climate, though their dolor is more likely to come from shame than anything else, USA Today reports. 54% of people who have $100,000 to spend after such mundane things like mortgage payments and taxes “feel guilty purchasing luxury goods” nowadays,...

As Money Dries Up, So Does Architecture

Koolhaas reflects on 'end to a period' of megabuildings

(Newser) - When the tower next to Rem Koolhaas’ mammoth CCTV skyscraper in Beijing went up in flames, it seemed to mark the end of an era. After years of pricey signature projects, architects are seeing commissions cut, and projects are languishing. “I don't even know about the word ‘downturn,...

Livid Wall Streeters See Themselves as Victims

(Newser) - Main Street doesn’t hold a monopoly on victimhood, Gabriel Sherman writes in New York. From AIG execs and their disappearing bonuses to Wall Street bankers who get dirty looks, the once-privileged feel like they’re shouldering too much blame. “It is difficult to sympathize with these people,”...

Bono: 'It's Not Charity, It's Justice'
 Bono: 'It's Not 
 Charity, It's Justice' 
OPINION
Apr 19, 2009 5:41 AM CDT

Bono: 'It's Not Charity, It's Justice'

Singer-turned-activists says Easter is time to reflect on priorities

(Newser) - Bono returns to his New York Times guest columnist spot a week after Easter with a spiritual meditation about the holiday and economics. The season of Lent is not just a time for individual reflection, opines the singer, but also for rethinking our social priorities. Of global projects like the...

'Recession Angels' Help the Struggling

(Newser) - The recession has led to some antipathy toward moneyed Americans, but the haves are not casting a blind eye to the have-nots' troubles, ABC News reports. Colleges across the country are seeing millions in anonymous donations designed to save endowments, and at least one hospital has spared hundreds of jobs...

Obama: We're Not 'Out of the Woods Just Yet'

(Newser) - President Obama said today that the US faces a long slog in finding its way out of financial tumult, but emphasized that he is seeing signs of hope, the New York Times reports. "Times are still tough," he said. "By no means are we out of the...

'Glimmers' of Economic Hope, But Work's Not Done: Obama

(Newser) - After a meeting today with the administration's top economic officials, President Obama said he’s starting to see “glimmers of hope,” Bloomberg reports. The president noted that government loans to small business are up but cautioned, “We’ve still got a lot of work to do.”...

Economy's 'Free-Fall' Nearly Over: Summers

(Newser) - Top Obama economic adviser Lawrence Summers said today that measures to stabilize the economy will have a discernible effect in the next few months, the Hill reports. Loosening credit and an increased flow of inventory from manufacturers means the sense of “free-fall” will dissipate, though jobless numbers will continue...

Men's Skivvy Sales Spell More Trouble

Stimulus package or not, underwear metric indicates downturn

(Newser) - More bad news, this time from the men’s underwear department. One of former Fed chairman Alan Greenspan’s favorite metrics for predicting changes in consumer spending was the sales of men’s skivvies, the Huffington Post reports. It seems that sales are projected to decline 2.3% this year,...

Climate, Financial Crises Two Sides of One Coin

(Newser) - The key issue behind both the global economic and climate crises is exactly the same: “mispricing risk,” Thomas L. Friedman writes in the New York Times. “We have been mispricing risk in both arenas,” he contends, “producing a huge excess of both toxic assets and...

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...

G20 Protest Draws 35K to London Streets

(Newser) - Security patrols for next week's G20 summit, take note: A protest in London today drew an estimated 35,000 people, about three times as many as expected, the Guardian reports. Organizers of the march—a coalition of unions, church groups, and charities—are pushing for movement on “jobs, justice,...

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