recession

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Bankers Saved the World: Bernanke

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks...

For Once, Super-Rich Not Getting Richer

Recession halts 30-year rise of the super-wealthy

(Newser) - Since the 1970s, the rich have been getting richer with stunning consistency, but now, thanks to the recession, that decades-long run has hit a wall, the New York Times reports. Wall Street pay is indeed returning to normal, but for every investment banker who’s benefiting from that, several more...

Starbucks' New Jolt Doesn't Involve Caffeine

Prices up for complex drinks—though regular joe gets cheaper

(Newser) - As promised, Starbucks today began raising prices on some of its more complicated concoctions, the Wall Street Journal reports—though it’s also slicing a few pennies off its more pedestrian offerings. That venti (large) caramel macchiato will cost 25¢ more, for instance; store employees have been told to expect...

Why Stimulus Gets a Bad Rap
 Why Stimulus Gets a Bad Rap 
OPINION
Aug 20, 2009 10:04 AM CDT

Why Stimulus Gets a Bad Rap

(Newser) - The Democrats’ $787 billion stimulus package is less popular than ever—even though it’s already working, writes David Wessel for the Wall Street Journal. The case against it is weak: Fed rate cuts hadn’t slowed the recession, already a year-old at that point, making the stimulus an appropriate...

Bernanke: Hero on Wall Street, Despised in Congress

(Newser) - Ben Bernanke can expect a standing ovation from economists at a Fed retreat in Jackson Hole today—for the financial establishment, the Fed chairman is a superhero, hailed for his aggressive, unprecedented actions to stem the worst crisis in generations. Yet on Capitol Hill he's far less popular, and the...

Lousy Retail Sales Will Delay Recovery

Recession isn't over as far as consumers are concerned

(Newser) - If the recession is indeed waning, nobody told consumers. Retailers of every kind reported lousy sales for the quarter ended Aug. 1, the Wall Street Journal reports. Target’s same-store sales fell 6.2%, Home Depot’s dropped 9.1% and Saks’ plummeted a whopping 15.5%. And with unemployment,...

JPMorgan Chase to Lend California $1.5B

(Newser) - After joining other major banks in snubbing cash-strapped California last month, JPMorgan Chase has changed tack and is lending the state $1.5 billion to end its IOU program a month early. The short-term loan will enable California to start redeeming on Sept. 4 the IOUs it has been using...

Towns Pay Up to Keep Airlines From Taking Off

Small cities pull out all the stops as airports threaten to close

(Newser) - With airlines feeling the pain of the economic crash, many mid-sized cities, too big for federal help but too small to draw many travelers, have resorted to shaking the money tree to keep the planes flying, the New York Times reports. Some, like Myrtle Beach, have slashed fees across the...

Desperate for Cash, People Sell Grave Sites

Final resting place is just another asset for the down-and-out

(Newser) - When she got sick, Debbie Jenkins lost her job, both her houses, and burned through her savings. Living in an unheated garage and still unable to pay rent, she discovered her last remaining asset: two cemetery plots. She posted them on Craigslist, declaring they “MUST SELL!!!” It’s...

Pinched Writer Picks Up the Toilet Brush
Pinched Writer Picks Up
the Toilet Brush 
COMMENTARY
Aug 17, 2009 1:19 PM CDT

Pinched Writer Picks Up the Toilet Brush

(Newser) - Even with two degrees and a book deal, Rebecca Golden has had a tough time keeping her bank balance above zero, she writes for Salon, so she's turned to an edifying, if often terrifying, sideline: cleaning houses. “I suppose I could find other ways to make ends meet,”...

Japan Says 'Sayonara' to Downturn

(Newser) - Japan appears to be pulling out of its recession, posting its first economic growth in more than a year, reports the New York Times. The world’s second-largest economy grew by 0.9% in the last three months ending June 30—equivalent to 3.7% annualized growth. Exports grew 6....

'Relaxation' Sodas Promise to 'Slow Your Roll'

(Newser) - In the boom times, people quaffed energy drinks and the industry bloomed to its current $896 million in sales. Naturally, the Washington Post reports, the recession has produced a new star: “relaxation beverages.” Loaded with a somewhat questionable “calming” ingredient also in green tea, the drinks are...

Hong Kong, Singapore Emerge From Recession

(Newser) - Hong Kong emerged from the recession with a bang last quarter, posting better-than-expected growth of 3.3% from April to June. The Chinese territory suffered four quarters of contraction but came out of the red thanks to a pickup in exports and increased private consumption. Singapore also blasted out of...

Sales of Men's Undies Rebound With Economy

Analyst sees hope in unusual indicator's promising numbers

(Newser) - Amid mixed reports about recession and economic recovery, here's a bright spot: Men’s underwear sales are on the rebound. Believe it or not, that's a reliable indicator, because selling unmentionables is “such a need-based business that it really is a good indication that the consumer hasn't checked...

Cash-Strapped Drinkers Spurn Bottled Water

(Newser) - A combination of penny-pinching and environmental concern has pushed bottled water sales off for the first time in at least 5 years, the Washington Post reports. In 2008, consumption of bottled water fell for the first time this decade. “It's an obvious way to cut back,” a researcher...

France, Germany Pull Out of Recession

(Newser) - The two largest economies in Europe pulled out of the recession last quarter, with Germany and France both posting 0.3% growth between April and June, reports the Wall Street Journal. The figures were far better than expected, and the French finance minister described the result as "very surprising....

Fed Holds Rates, Sees Economy 'Leveling Out'

(Newser) - The Federal Reserve has slowed its recovery-minded plan to purchase Treasury securities but said that "economic activity is leveling out," the Wall Street Journal reports. The Fed’s policy committee hopes to complete its $300 billion purchase of Treasury securities by October—originally slated for September—and also...

Recession? McDonald's Is Loving It
 Recession? 
 McDonald's 
 Is Loving It 
Analysis
Aug 12, 2009 1:42 PM CDT

Recession? McDonald's Is Loving It

(Newser) - Now that the recession’s supposed to be just about over, it’s time to survey the battlefield and pick out winners, and nobody was a bigger winner than the Golden Arches, writes Daniel Gross for Slate. McDonald’s sales grew more in 2008 than in 2006 or 2007, and...

Economy Is Only Recovering on Paper
Economy Is Only
Recovering on Paper
Analysis
Aug 12, 2009 9:03 AM CDT

Economy Is Only Recovering on Paper

(Newser) - If you’re the glass-half-full type, recent economic indicators look good: Unemployment fell last month, the savings rate is up, and productivity hit a 6-year high. But that same data proves that ordinary people aren’t likely to feel the good vibrations anytime soon, the Washington Post reports. “It's...

Recession Pulls Plug on Electricity Prices

(Newser) - Electricity prices across America have nosedived amid an almost unprecedented fall in demand, the Wall Street Journal reports. Market prices are down up to 40% from the historic highs of last year, and are on course to keep plummeting. The lower prices aren't always seen by consumers immediately because of...

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