recession

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Thain Debacle Stings BofA Chief
Thain Debacle Stings
BofA Chief
ANALYSIS
Jan 23, 2009 5:25 PM CST

Thain Debacle Stings BofA Chief

(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,...

US Economy Isn't as Bad as 1982 ... Just Yet
US Economy Isn't as Bad
as 1982 ... Just Yet
Analysis
Jan 21, 2009 10:29 AM CST

US Economy Isn't as Bad as 1982 ... Just Yet

But downturn will definitely get worse, and only big stimulus will limit its depth

(Newser) - We’ve heard a lot lately about how this recession is the worst since the 1980s, or even since the Great Depression, so David Leonhardt, in the New York Times, tries to get some perspective. Using jobs data as his main metric, Leonhardt finds things aren’t nearly as bad...

Economy Brews Change for Coffee Drinkers

Americans splurge on Starbucks less often, make joe at home

(Newser) - Still hitting Starbucks every day on your way to work? You’re in the minority. A recent survey found 60% of Americans buying less gourmet coffee as the economy has soured, reports Advertising Age. Starbucks’ loss has been Dunkin’ Donuts’ gain, allowing the company to expand into new markets as...

Army Recruiting Soars as Job Dry Up

Recruitment soars with unemployment

(Newser) - The recession has swelled military recruitment, bumping the forces past their goals for the first time since 2004, reports the New York Times. Many Americans are being enticed from a flagging job market by the promised stability and benefits. The Army—whose recruiting has struggled most under the shadow of...

Let Them Eat Fast Food
Let Them Eat Fast Food
Jan 18, 2009 7:23 PM CST

Let Them Eat Fast Food

French restaurateurs open moins cher eateries amid financial crisis

(Newser) - French cuisine just got a little less haute, the Daily Telegraph reports. As the recession hammers consumers and restaurants alike, some of France’s top chefs are opening fast-food offshoots. Expense-account meals running $450 per head are out and $6 ham sandwiches are in as famed restaurants like l'Auberge du...

Why This Recession Won't Be Another Dot-Com Bust

Despite layoffs, companies are better prepared

(Newser) - The tech industry is going through tough times, including widespread layoffs, but it's not going to be another dot-com bust, predicts the Economist, laying out the differences between 2001 and 2009. In 2000, technology companies grew nearly 16%, only to contract by 6% a year later. “The IT industry...

Yankees Take Scorn for (Gasp!) Spending Money
Yankees Take Scorn for
(Gasp!) Spending Money
OPINION
Jan 15, 2009 7:56 PM CST

Yankees Take Scorn for (Gasp!) Spending Money

Yankees Are Doing There Job, Filling Stadiums, In It To WIn

(Newser) - Given the reaction to the Yankees' deep-pocketed acquisition of three big-name players, it's easy to assume the team is nothing less than evil personified, writes Sean Collins in Spiked. But set aside for the moment that the moves are actually a wise investment for a team that's building a new...

Libraries a Cheap Refuge, But Top Target for Budget Cuts

Popular books see huge waiting lists, while unemployed line up to use computers

(Newser) - Whether you’re looking for a job, or just a cheap respite from the horrors of the economy, the public library has become the place to be, the Wall Street Journal reports. But even as attendance swells, the same financial crisis that brings patrons has left many branches cash-poor. One...

House Dems Debut $825B Stimulus Bill

Public works, education get plenty of attention in measure

(Newser) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as...

Spielberg Pays Bills for Ailing DreamWorks

Credit crunch forces director into personal bailout for studio

(Newser) - Perhaps for the first time, Steven Spielberg is using personal funds to pay half of a $26.5 million bill his company, DreamWorks, owes ex-partner Paramount so it can keep 17 film projects under its wing. Due to cash shortages, the studio has already lost the rights to as many...

Firms Choose Pay Cuts Over Layoffs
Firms Choose
Pay Cuts
Over Layoffs
Jan 15, 2009 10:03 AM CST

Firms Choose Pay Cuts Over Layoffs

Some deem sharing the pain preferable to axing workers

(Newser) - Employers increasingly are opting to cut salaries rather than staff as they tighten budgets, a plan that helps keep them ready to respond to an economic rebound but could hurt morale, reports the Los Angeles Times. Companies also are looking to trim operating costs by eliminating bonuses, requiring employees to...

Shelters Hold Pet Free-for-All Jan. 24

Campaign aims to find 3,000 animals a home

(Newser) - Pet shelters across the nation are urging Americans to get on the Obama bandwagon and adopt a pet; as an added incentive, they're dropping regular fee for the first 10 adoptions at each of 300 participating shelters Jan. 24, USA Today reports. Fees for the 3,000 pets will be...

Poll: Americans' Trust in Gov't Plummeted in '08

62% trust feds less than a year ago; 65% think US is on wrong track

(Newser) - 2008 wasn’t a great year for the federal government’s reputation, with a Politico poll finding that 62% of Americans say their confidence in Washington has decreased in the past year. The main worry is the economy: 45% say that economic stimulus should be the highest priority (no other...

Drivers Learning to Love Older Cars

Maintenance cheaper than payment for newer models, consumers find

(Newser) - Thanks to the ongoing recession, drivers accustomed to trading in their vehicles often are warming to the idea of a longer covenant with their cars, the Wall Street Journal reports. While the concept might puzzle the less well-heeled, “the 3-year ownership mentality has crumbled,” one insider said. And...

Retail Sales Take Steep Plunge

Fall twice as far as anticipated

(Newser) - Retail sales fell more than twice as much as analysts predicted in December, thanks to mounting job losses and reduced credit, Bloomberg reports. Sales fell 2.7%, extending the longest string of declines on record to 6 consecutive months. Purchases excluding automobiles slid 3.1%. “Consumers are pulling back,...

Smarting, Credit Card Companies Cut Rewards

That airline ticket won't be so easily obtained in recession

(Newser) - Smarting from the sour economy, many credit-card companies are cutting back on rewards programs born out of 1980s excesses, USA Today reports. The cutbacks are akin to moves made by the airline industry last year as fuel prices skyrocketed. “You’re going to see more and more of the...

In Tough Times, America Relearns Thrift

(Newser) - Staring down a recession, Americans are turning tail and running to their nearest shoe repair shop, reports the Christian Science Monitor, in a look at the reversal of the United States' "throwaway" society. Thrift stores and repair shops are doing brisk business while their retail counterparts languish, or...

Beyoncé Hit Is Soundtrack for More Market Chaos: Prof

Analysis of pop charts finds steady songs predict turbulent finance

(Newser) - Beyoncé’s smash hit "Single Ladies (Put a Ring On It)" might be the harbinger of continued chaos in the financial markets, the Guardian reports. Hit songs with steady, regular rhythms—or “low beat variance”—throughout correlate with volatility in the American markets, an NYU professor...

Bush Years Were Dark for US Economy
Bush Years Were Dark for US Economy
Jan 12, 2009 11:49 AM CST

Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

(Newser) - The Bush years have not been good ones for the economy, the Washington Post reports, based on an analysis of economic data and discussions with economists of all stripes. Job growth for Bush’s tenure amounts to just 2%, the smallest 8-year gain on record, and GDP grew at its...

Jobs to Ditch Before the Recession Does It for You

Auto industry, real estate among worst fields

(Newser) - Want to keep your job this year? Steer clear of these professions, which a new study says will be hard-hit by the recession, Australia's News Network reports:
  • Car salesperson
  • Real estate agent
  • Investment banker
  • Prawn fisherman

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