China's economy poised to join the rest of us in the toilet. I certainly hope one of you smart people can prove this article wrong.
"Imagine if you had never been homeless before and you'd just lost your job and you lost your home. What would you do? Would you immediately go begging or knocking on a door? No, you would downsize, move into cheaper accommodations, if that did not work you'd move in with friends or relatives and then you'd move into a cheap motel and then ... where would you want to go before winding up at a shelter door? You would much prefer to live at a park with your family and your dog." ... "In just about every major city, there are tent cities. Unfortunately, we're in a growth industry and the numbers are going to continue." -- Michael Stoop, a community organizer for the National Coalition for the Homeless, explaining that the surge in American tent city shantytowns, first highlighted on MeFi in 2008/09: 1, 2, 3, has not slowed. The Great Recession: Life in Tent City, Lakewood NJ / Photo Gallery / Video. [more inside]
BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
"At first, I thought, 'Why should I be on food stamps?'" said Magida, digging into her dinner. "Here I am, this educated person who went to art school, and there are a lot of people who need them more. But then I realized, I need them, too." Salon takes a look at the growing wave of young people utilizing food stamps.
It sounds like a George Lopez joke. “Times are so bad that I saw an Anglo day laborer standing outside Home Depot the other day.” Except it’s true.
The economy is abjectly terrible, right? It's so bad that nowadays, a picture is only worth 200 words. On the other hand, the recession is over in Germany and France, and in the United States, the unemployment rate dropped just a smidgen last month. [more inside]
Product Panic - Bruce Sterling on industrial design in the slump.
They are known as “quants” because they do quantitative finance. Seduced by a vision of mathematical elegance underlying some of the messiest of human activities, they apply skills they once hoped to use to untangle string theory or the nervous system to making money. "They Tried to Outsmart Wall Street." [spoiler inside] [more inside]
Peter Wallison, an economist who arguably predicted the housing crash and bailout in 1999 explains his current views on the crash: "Other players...played a part" but "...government policy over many years--particularly the use of the Community Reinvestment Act and Fannie Mae and Freddie Mac to distort the housing credit system-- underlies the current crisis."
Say goodbye to Blockbuster, Sbarro's, Rite Aid, Krispy Kreme and Chrysler. 15 US companies that probably won't make it through 2009.
LayoffDaily.com -- thoroughly cataloging each day's depressing layoff news, from the very small companies to the very large, and updated several times a day. (But there's also a small section of the site devoted to news of companies and government org's that are hiring.)
The Dalai Lama blames the financial crisis on a decline in spirituality. Hindus blame it on greed. Saudi Grand Mufti, Abdul Aziz al-Sheikh, blames the crisis on ignoring God's rules. Jewish scholars say we could have avoided a crisis by following Talmudic traditions. Pope Benedict sees the global financial system as "self-centred, short-sighted and lacking in concern for the destitute." Is it right to pray for the economy? (a Christian perspective). A Malaysian conference brings together Buddhists, Christians, Muslims, Hindus, Taoists, and Sikhs to discuss the crisis.
Ladies And Gentlemen… Dow 25,000! A few years ago, some financial wizards thought the good times would go on and on and on. The mega-market could bring Dow 30,000 or Dow 36,000. Maybe the real estate boom will not bust.
By one measure, this stock market is as bad as any in the last 180 years.
Ex-Director of Operations of Sababa Toys Paul Nawrocki lost his job after the parent company filed for bankruptcy. Posting, faxing, and emailing thousand of copies of his resumes (including through LinkedIn) did not get him anywhere, so he's resorted to standing at a Manhattan street corner wearing a sandwich board saying "Almost Homeless". Business blogger Barry Ritholtz blogged about Nawrocki, which led to a Businessweek interview describing his difficulty affording his wife's medical needs or even the cost of relocation. He's been noticed by an executive recruiting firm, and a job-hunting website was made in his honour. Will his Depression-era tactic bring him luck in this recession? (Via MetaChat)
"Hard Numbers: The Economy is Worse than You Know" [full article for Harper's subscribers, a different abridged version] discusses how the Consumer Price Index and other US economic statistics have been manipulated over time. Among other things, the article claims, these changes make Social Security checks 70% lower than they would otherwise be. [more inside]
The Financial Crisis: An Interview with George Soros. "We are in the midst of a financial crisis the likes of which we haven't seen since the Great Depression." (video, April 4)
Tent cities spring up in L.A. With foreclosures rates still rising, shantytowns have started springing up in Los Angeles.
Teenage Hoboes in the Great Depression. During the Great Depression over 250,000 young people left home and began riding freight trains or hitchhiking across America. Most of them were between 16 and 25 years of age. Many finally found work and shelter through the Civilian Conservation Corps, a government relief project that Franklin D. Roosevelt established in 1933 as part of the New Deal. From 1933 to 1942, CCC enrollees built new roads, strung telephone wires, erected fire towers, and planted approximately 3 billion trees. By 1935, the program was providing employment for more than 500,000 young men.