economic crisis

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Obama Could Try Some of His Vaunted Fiscal Responsibility

Administration involved in major economic gambles

(Newser) - In a recent speech at Georgetown, President Obama outlined his plans for the economy. The funny thing is, David Brooks writes in the New York Times, "he sounded like a cultural conservative." The president talked about the good old days and vowed to end fiscal irresponsibility. In short,...

Spanish Price Collapse Could Signal New Global Woes

'It’s like the front line of a new virus outbreak'

(Newser) - Spain has suffered a major blow from the global economic crisis, with sky-high unemployment that could soon reach 20%, and merchants across the country are taking a drastic step: slashing retail prices. While lower costs in shops and restaurants might sound appealing, it's actually very bad news—the first sign...

Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running

(Newser) - Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when...

Herd Mentality Moves Many to Needless Penny-Pinching

Psychology has everyone spending less, even those who don't need to

(Newser) - Amid the economic distress, many people who can spend as freely as they could before aren’t, the Washington Post reports. Such consumers, economists say, take psychological cues from friends and the media and pinching pennies needlessly—which only helps deepen the downturn. Upper-income consumers cut spending from $185 in...

Chilly Reception Awaits Obama at Summit

Odds are, summit will be full of awkward moments

(Newser) - President Obama got a warm welcome on his recent Europe trip, but he shouldn't expect the same from Latin America, the Washington Post reports. At the upcoming Summit of the Americas in Trinidad and Tobago, the new president is likely to face some tough questions, and potentially awkward moments, as...

Liberian Prez's Plea: Don't Let Global Crisis Kill African Gains

This mess is not of Africa's making

(Newser) - Africa is in the midst of a great turnaround, with economies growing and democracy and human rights improving, Liberia’s president writes in the Washington Post. But progress is threatened by a global economic crisis it had no hand in creating. Some $50 billion in income could be lost as...

As Capitalism Crumbles, Chinese Embrace Mao, Marx

(Newser) - The woes of international capitalism are fueling renewed interest in the ur-texts of Chinese Communism, MSNBC reports. Sales of Karl Marx’s Das Kapital and Mao’s “little red book” are skyrocketing in China, where the publisher of Kapital has seen a fivefold increase in sales since late last...

Dems to GOP: Draft Your Own Budget

(Newser) - Frustrated Senate Democrats today urged their GOP counterparts to stop criticizing President Obama’s proposed budget and provide an alternative, the Hill reports. “If it were easy to write a budget, then the Republicans would be writing one,” Dick Durbin said. Republicans responded that as the minority, that...

'09 Airline Losses Likely Worse Than Post-9/11

Companies to lose $4.7 billion in economic crisis

(Newser) - World airlines will lose $4.7 billion this year, and revenues will plummet $62 billion—worse than after 9/11, a top industry association said. The grim estimate is almost twice what it was in December and reflects “the rapid deterioration of the global economic conditions,” said the International...

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...

Spitzer Returns to Blast AIG
Spitzer Returns to Blast AIG
Mar 22, 2009 5:18 PM CDT

Spitzer Returns to Blast AIG

Disgraced ex-guv admits his mistakes on CNN, but slams insurer's payments

(Newser) - A humbled Eliot Spitzer re-entered the limelight last week with an interview on CNN, admitting that he "failed in a very important way." But the former New York governor, ousted by a prostitution scandal last year, also took aim at AIG, calling it "at the center...

Stewart-Inspired Media Watchdog Barks at CNBC

Liberal Media Matters urges network to get tough on Wall Street

(Newser) - Jon Stewart's attacks on CNBC have greased the wheels at Media Matters. The liberal watchdog group launched an online petition drive today urging the network to be tougher on Wall Street leaders. It's asking CNBC to hire economic voices with a track record of being right about the current crisis...

New Strategy for Obama: Blame Bush

Post-partisan pledges give way to new attack role

(Newser) - President Obama is reminding Americans more and more lately that he's inherited much of this mess from George Bush, reports the Washington Post. It's a shift for Obama, who has long preached against the petty politics of old. The move comes as Republicans step up their own attacks against Obama...

'Hidden Homeless' Turn to Motels

Recession forces middle-income families into uncomfortable new quarters

(Newser) - As the economy leaves people without the income they need to afford a mortgage or monthly rent, more and more families find themselves checking into motels for indefinite stays. While they may be a step above homeless shelters, motels bring with them a unique set of problems as long-term stopgaps,...

Stewart's Right: Screeching CNBC Is Whacked
Stewart's Right: Screeching CNBC Is Whacked
OPINION
Mar 11, 2009 7:16 AM CDT

Stewart's Right: Screeching CNBC Is Whacked

Shouting heads are so very far off base

(Newser) - It should come as no surprise to fans of Jon Stewart, but CNBC is as hysterical as he says—and worse, Gabriel Winant writes in Salon. After 12 hours watching the network "I was huddled in the corner of my couch, wondering why the angry faces were yelling at...

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