recession depression

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Things We Want, and Don't, in Odd Recession

Hard-times staples fall by the wayside

(Newser) - The current economic crisis is breaking the recessionary mold, Time reports, with American purchases running counter to expectations. A few surprises:
  • Soup isn’t selling. Typically, the cheap, decent food is a recession staple, but health concerns and rising prices may be driving us away from it.
  • Organic food sales
...

10 Tips for Homeless Survival

(Newser) - Millions of Americans had lost their homes long before subprime crisis plunged the nation into economic peril. Recognizing the plight of the homeless, The Nation offers 10 tips for street survival:
  • Try to relieve passersby of their misconceptions without internalizing their cruel remarks. "Let go of your pride—but
...

Parents Save, Send Kids to 'Camp Granny'

In recession, grandparents replace summer camp for many

(Newser) - The lingering recession is forcing cash-strapped parents to cancel camp for the kids—instead, they're being packed off to their grandparents'. The arrangement shifts the child-care burden to grandparents, many of whom enjoy the extra time with their grandchildren. Mom and dad save money and get some time to themselves,...

Looking for Work? Better Have a Job Already

Another hurdle for job-seekers as unemployment nears 10%

(Newser) - Finding a job when unemployment is at 9.4% is hard enough. But the recently laid-off have another hurdle to contend with: Many employers are most interested in attracting candidates who are still working, the Wall Street Journal reports. “If they’re employed in today’s economy, they have...

Celtic Tiger Hangover Pounds Dublin Bars

Busted Celtic Tiger forces dozens of restaurants, nightclubs out of business

(Newser) - Once the poor man of Europe, Ireland rode a breathtaking economic boom that transformed Dublin into one of the region's swankiest capitals. But now that the Celtic Tiger has gone bust, the ambitious restaurants and exclusive lounges of the new Dublin are closing their doors. Cash and credit have dried...

Many Toil Through Forced Leave

Workers on furloughs aren't granted—or won't allow themselves—time off

(Newser) - Sure, required time off beats a layoff—but that can be tough to remember as many continue working through their furloughs, the New York Times reports. Some worry their jobs are at stake if they don’t keep working; others just can’t get their employers to schedule days off....

Uncertainty, Not Poverty, Behind Recession Blues

It's not the lack of funds, it's the lack of knowing that brings us down

(Newser) - Americans are worrying more than they were last year, and happiness is down while sadness is up, writes Daniel Gilbert in the New York Times. But it’s not the lightness of our pocketbooks that’s weighing on us; it’s the uncertainty of the times. While most of us...

German Economy Dives 3.8%
 German Economy Dives 3.8% 

May 15, 2009 7:28 AM CDT

German Economy Dives 3.8%

Quarterly fall in GDP is worst in over 40 years

(Newser) - The German economy has suffered its worst decline in more than 40 years, with GDP shrinking by 3.8% in the first quarter of 2009. The fall is the most severe on record and worse than economists had predicted, reports the Guardian. News of the contraction in Europe's largest nation...

Chrysler Execs Dodge Bailout Pay Caps

As automaker cuts 3500, top employees will draw pay from Fiat

(Newser) - Bankruptcy documents filed by Chrysler show that the chief executives of the bailed-out automaker will avoid executive pay restrictions—by declaring themselves employees of Fiat. Despite new Treasury rules that cap pay at $500,000 for execs whose firms received "extraordinary assistance," but Chrysler's top officers will be...

Pressure on Freddie Exec Was 'Relentless'
Pressure on Freddie
Exec Was 'Relentless'
UPDATED
Apr 23, 2009 5:53 AM CDT

Pressure on Freddie Exec Was 'Relentless'

Colleagues say Kellermann lost weight, barely went home

(Newser) - The acting chief financial officer at Freddie Mac, who hanged himself yesterday, was working nonstop and had recently asked the company for a security detail, colleagues tell the New York Times. David Kellermann was struggling to balance the contradictory demands of investors, regulators, and lawmakers, and coworkers say he had...

Md. Man Who Killed Family Was $460K in Debt

Father detailed mortgage, credit card woes in notes

(Newser) - The Maryland man who murdered his family before shooting and killing himself complained of his financial troubles in notes left at the scene, the Washington Post reports. Christopher Wood’s family was at least $460,000 in debt from two mortgages and credit card charges. The family owned a Florida...

Freddie Mac CFO Found Dead in Apparent Suicide

(Newser) - Acting Freddie Mac CFO David Kellerman was found dead this morning in what appears to have been a suicide, the Washington Post reports. Kellerman, 41, joined Freddie Mac as an analyst in 1992. He was promoted to CFO when the government took over Freddie last fall, but the company, which...

Pulitzer Winner Was Laid Off
Pulitzer Winner Was Laid Off
Apr 21, 2009 3:39 AM CDT

Pulitzer Winner Was Laid Off

But he started Arizona news site with axed editor who supervised heralded series

(Newser) - Pulitzer, Schmulitzer: being a terrific journalist is no insurance against unemployment. East Valley Trib reporter Paul Giblin was laid off from the Arizona paper last year even though he co-authored its series on immigration crackdowns that won a Pulitzer Prize for Local Reporting yesterday. The supervising metro editor was also...

Maryland Family Dead in Apparent Murder-Suicide

(Newser) - Police discovered five bodies in a Maryland house today after a man apparently butchered his family and killed himself, the Frederick News Post reports. Few details are known, but police in Middletown, Md., say Christopher Alan Wood, 34, died of a self-inflicted gunshot wound, the AP reports. His wife, two...

Etiquette for 2009: Don't Mention Your Job

Unemployment straining friendships

(Newser) - The onetime small-talk staple “So, how's the job going?” is liable to get you into trouble these days, reports Newsweek. Rising unemployment is straining friendships as the haves learn to interact with the have-nots. Among 30- and 40-somethings, discussing luxurious vacation plans is not a good idea, and for...

American Psyche Shows Recession Stress Fractures

70% fear family income loss

(Newser) - Depression is up as the US economy proceeds downward, but many of those complaining are not actually facing financial problems—they simply fear they could. “Even if you do everything right, something bad can happen to you,” says a woman whose doctor prescribed therapy. Polls find the economy...

In Recession, Wine Drinking Falls—But Not in US

(Newser) - Shun that bottle and save your euros: That's what French and Italians are saying as the recession cuts into wine consumption—but only in traditional lands of the vine. New World drinkers are still sipping steadily, with US tippling surpassing Italy's for the first time. After years of non-stop growth,...

Wedding Guest Lists Shrink Along With Budgets

Economy

(Newser) - With the economy slicing through earnings and savings, dream weddings are colliding with financial realities—resulting in trims to the guest list, and thorny problems choosing who makes the cut, the Boston Globe reports. The average guest list has shrunk to 139 this year, from 166 in 2007, analysts say;...

Post Office Will Stop Wilderness Deliveries

Remote Idaho area too expensive to get to; residents are at a loss

(Newser) - Neither rain nor sleet nor snow ... but remote location will keep the US Postal Service from delivering mail to the Idaho wilderness starting June 30, NPR reports. Faced with a $6 billion deficit, the mail carrier is cutting back across the board, and that includes the last airstrip service in...

Boaters Jumping Ship in Troubled Times

Erstwhile skippers scuttle their craft for the insurance payout

(Newser) - Many boaters who bought their vessels during sunnier economic times are now regretting their purchases, and some of them are resorting to desperate measures, reports the New York Times. Facing hefty maintenance costs and docking fees, some skippers are simply cutting their crafts—often fully paid for—loose to drift...

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