recession

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National Parks Plan 3 Free Summer Weekends

(Newser) - The National Park Service is looking to stimulate summer vacations, with Interior Secretary Ken Salazar announcing today that entrance fees at 147 national parks and monuments—including the Grand Canyon and Yosemite—will be waived on three weekends this summer: June 20-21, July 18-19, and Aug. 15-16. “During these...

No Hard Knocks for Peace Corps in Downturn

Obama, recession boost interest in volunteer group

(Newser) - During a commencement address last month, Barack Obama singled out the Peace Corps as an American institution dedicated to "opportunity, equality, and freedom." As the Los Angeles Times reports, the president's glowing praise—combined with Obama-era idealism and a weak job market—has contributed to a 16% jump...

Feds Mull Taxing College Sports, but Pickings Are Slim

(Newser) - The Congressional Budget Office, eager for new sources of income, is considering taxation options for the nation’s collegiate athletic franchises, the Economist reports. Among the proposals are curtailing deductions for charitable donations to college sports programs; limiting tax-exempt bonds; and, most drastically, stripping the programs of their traditional tax-exempt...

Red Wings Give Hard-Luck Detroit Reason to Cheer

(Newser) - As Detroit reels from the automotive crisis, a much-needed emotional uplift is coming from a dependable source: the Red Wings, currently in the Stanley Cup finals against the Pittsburgh Penguins. We “are one of the good stories that are coming out of Detroit right now,” a Red Wings...

GM Will Declare Bankruptcy June 1: Insiders

(Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “...

'Haute Pink' Is the New Black
 'Haute Pink' Is the New Black 
May 28, 2009 11:15 AM CDT

'Haute Pink' Is the New Black

Bright colors spell optimism in troubled times

(Newser) - As economic woes plague the country, fashionistas are turning to bright, cheery colors—most notably hot pink, the Wall Street Journal reports. Even in New York, those who once wore only black are buying fuchsia ties and designing magenta kitchens. With men who might balk at the traditionally feminine hue,...

Pricey Yoga Mats Defy Recession

(Newser) - Consumers are cutting back in all sorts of ways amid the recession—just not when it comes to yoga. Sales of designer mats, which fetch in the ballpark of $100, are surging, reports Time. One leading company, Manduka, has seen sales shoot up 87% on Amazon in the last 4...

Flush Mafia Invests Big in Recession Italy

It's buying up struggling companies

(Newser) - As banks spurn borrowers, Italian mafiosi are lending out their cash stockpiles to profit from the global recession, Bloomberg reports. Long invested in cash-intensive businesses like food distribution, the mafia is using its liquidity to take control of other legitimate businesses—and as a bonus, the three main mob outfits...

Policymakers Float Federal Sales Tax Idea

American VAT long rejected as politically impossible policy

(Newser) - A federal sales tax has long been seen as politically off-limits, but the massive deficit has some in Washington pushing for it. “It's common to the rest of the world, and we don't have it,” a tax analyst tells the Washington Post. In dire times, “fundamental tax...

Recession Will End Next Quarter: Economists

(Newser) - If economists are right, the worst is over for the US economy. In a survey released today by the National Association for Business Economics, 74% of economists said the recession would end in the third quarter. But the coming recovery won’t be a strong one, they warned. Job losses...

Homes Shrink With the Economy

Builders' 'Depression' helps drive reduction

(Newser) - Home sizes are aligned with the shrunken economy, the Los Angeles Times reports: last year, the typical home size dropped 11%—likely the fastest plunge since the 1970s. Some 90% of builders are working on a smaller scale now, an industry poll found. “People are realizing, 'Hey, I don't...

Recession Pushes African Immigrants to Head Home

Many opt for slower, cheaper lifestyle

(Newser) - The US recession is driving many middle-class African immigrants home, where life is slower and growth has lately pointed to a bright economic future, the Washington Post reports. Diaspora societies of immigrants say many members are planning to return to Nigeria, Kenya, and Ghana.“The people I know here...

Scammers Target Panicky Job Hunters
Scammers Target
Panicky Job Hunters
May 26, 2009 2:10 AM CDT

Scammers Target Panicky Job Hunters

Experts warn work-from-home frauds are mushrooming as unemployment rises

(Newser) - Scammers are taking advantage of the recession to con people desperately seeking work out of what little cash they have left, the Atlanta Journal-Constitution reports. Watchdog groups warn that phony work-from-home offers promising quick cash in return for an initial outlay of money are proliferating, and that some fraudsters are...

Fugitive Execs: Good at Scams, Bad at Being on Lam

(Newser) - In the midst of a recession, so-called “executive fugitives” are driven to increasingly desperate efforts to flee as schemes implode and they face ruin—or prison time. NPR examines the tactics of these con artists—and how more often than not, say the law-enforcement authorities who chase them, their...

Early Retirees Face Shaky Financial Future

Bucking poll, older workers ditch work in tough economy

(Newser) - A growing number of older US  workers are bucking expectations and retiring early, risking financial hardship in their senior years, the Los Angeles Times reports. Instead of staving off retirement to rebuild diminished nest eggs, many older Americans, frustrated by the job market, are simply calling it quits. Add aging...

Recession Whacks Tinseltown Agents

(Newser) - Hollywood's toughest power brokers—the big shot "10 percenters" of the top talent agencies—are no longer immune to the recession, reports the Independent. With the merger between former rival agencies William Morris and Endeavor officially approved, 100 top agents got the ax. Officials of the new entity hope...

Recession, Competition Imperil Malls

100 shopping centers could be 'dead' by year's end

(Newser) - A half-century-old American standby is ailing as shopping malls around the country struggle to stay afloat, the Wall Street Journal reports. Same-store sales in shopping centers fell 6.5% in the year ending March 31, and the biggest mall operator has seen sales drop 7.3%. Some 100 malls could...

Designer Jeans Thrive in Tight Times

Pants provide 'affordable luxury'

(Newser) - The economy may be tight, but consumers aren’t cutting their pricey denim loose, the Los Angeles Times reports. Sales of premium brand jeans climbed 17% in 2008 and continued a smaller increase into this year—one of the few bits of good news for retailers. A new “focus...

Cash-Strapped Country Clubs Welcome the Public

Upper crust forced to adjust as struggling clubs aim for the common touch

(Newser) - Struggling country clubs have decided to ditch their exclusiveness to stave off extinction, the Washington Post reports, slashing fees and opening facilities to the public. Long-standing members often sniff as dress codes vanish, nachos replace filet mignon on menus, pickup trucks appear in parking spots, and the public floods in—...

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...

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