The National Bureau of Economic Research has published a new paper analyzing 138 years of economic history in 14 advanced economies, which proves that high levels of private debt cause severe recessions.
Money As Debt
posted by infini
on Sep 10, 2012 -
"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence
posted by vidur
on Aug 13, 2012 -
Welcome to the world of Britain's working poor.
The Rowleys belong to a section of society not much mentioned in ministerial and media dispatches. They are neither the very wealthy affected by the 50p tax nor the "squeezed middle" expressing anxiety about child benefit and this week's budget; nor are the Rowleys representative of the long-term unemployed or one of the 120,000 "troubled families" in which the government is investing £448m over the next three years. [more inside]
posted by modernnomad
on Mar 18, 2012 -
"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
, has not slowed. The Great Recession: Life in Tent City, Lakewood NJ
/ Photo Gallery
. [more inside]
posted by zarq
on Nov 10, 2011 -
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]
posted by finite
on Sep 26, 2011 -
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.
posted by Joe Beese
on Nov 11, 2009 -
A government stimulus can overwhelm the impact of a credit crunch, and the innate dynamic of a productive economy can re-assert itself after such a crisis, leading to renewed growth. But this not merely a crisis of liquidity. It is one of excessive private debt, on a scale that is also unprecedented.
Economist Steve Keen
on the global debt bubble
. [more inside]
posted by HP LaserJet P10006
on Sep 20, 2009 -
How green was my valley: California's economic meltdown The fields of wheat, cotton and cantaloupe that sustained his family for three generations are gone. The land is a mess of fallow fields, cracked earth and swirling dust. (PDF - By some estimates, 12.8% of the United States' agricultural production (as measured by dollar value) comes from California, and the majority of that is in the Central Valley).
However, his particular scene of devastation, Mr. Allen argues, has nothing to do with the credit crisis, the housing crash or the downturn that has California in a vice grip.
It has to do with a seven-centimetre-long, semi-translucent, steel blue fish known as the Delta smelt. [more inside]
posted by KokuRyu
on Jul 24, 2009 -
Standard & Poor’s changed the UK's credit outlook from stable to negative
a few days ago, and warned that there is a chance the UK could lose its AAA rating. Meanwhile, Moodys, another of the big 3
rating agencies, has warned that the US might also eventually lose its AAA rating
. The UK announcement caused sterling to drop by 1% and the FTSE by 2%
. However, many blame
the same rating agencies for their part in triggering
the subprime crisis. The irony of this is not lost on the Wall Street Journal
, who note that "After all, those governments are jacking up spending, in part, to bail out the financial firms who gobbled up those 'AAA' asset backed securities duly blessed by the credit ratings firms." [more inside]
posted by memebake
on May 26, 2009 -
Unemployment: good for the heart and the soul
. "In studies over the past 10 years, Ruhm has consistently found death rates decline during recessions and rise when the economy expands. If unemployment rises 1 percent, he estimates the death rate will fall by about half a percent."
posted by dersins
on Apr 27, 2009 -
Dear FileFront User:
We regret to inform you that due to the current economic conditions we are forced to indefinitely suspend the FileFront site operations on March 30, 2009. If you have uploaded files, images or posted blogs, or if you would like to download some of your favorite files, please take this opportunity to download them before March 30th when the site will be suspended.
We would like to give a warm thank you to all of you who have been part of the FileFront communities we have built together. Your support has had a meaningful impact for all of us here at FileFront. Again, we want to give you a sincere “thank you” for your support over the years and wish you all the very best.
Keep gaming alive,
FileFront Management and Team.
posted by lazaruslong
on Mar 26, 2009 -
Newly jobless and homeless former members of the Japanese upper or upper-middle class are turning to a distinctly 21st century version of the flophouse, the net room
: a tiny cubicle, rented by the day, with that all-important feature... an internet connection and a computer. [more inside]
posted by flapjax at midnite
on Feb 27, 2009 -
" ... the recession, particularly if it turns out to be as long and deep as many now fear, will accelerate the rise and fall of specific places within the U.S.—and reverse the fortunes of other cities and regions." From The Atlantic Online - How the Crash Will Reshape America
posted by Afroblanco
on Feb 15, 2009 -
Dating A Banker Anonymous Are you or someone you love dating a banker? If so, we are here to support you through these difficult times. Dating A Banker Anonymous (DABA) is a safe place where women can come together – free from the scrutiny of feminists– and share their tearful tales of how the mortgage meltdown has affected their relationships. Via
posted by ColdChef
on Jan 28, 2009 -
The change in private employment, two years after recession began, for 1953 to Present.Details
: The jobless recovery continued in March 2003 as the nation's payrolls contracted by 108,000, according to report released today by the Bureau of Labor Statistics (BLS). These losses are in addition to last month's payroll declines, which also were revised up to 357,000. Taken together, the economy has lost 465,000 jobs in the past two months. In the two years since the recession began in March 2001, total payrolls have fallen by 2.1 million and private sector payrolls are down by 2.6 million.The Jobless Recovery
. Low growth accompanies record trade deficit
Last month in Beijing, Robert Zoellick, President George W. Bush's international trade ambassador, had nothing but praise for China's growing trade surplus. Meanwhile in St. Louis in January, the president stumped for more tax cuts, standing before a facade of boxes with the words "Made in China" covered over in tape. 2001 Tax Cuts and the Proposed 2003 Cuts
Details: Discarding pretense of tax cut equity
Also: Economists Voice Opposition to Bush Tax Cuts
posted by y2karl
on Apr 16, 2003 -