MetaFilter posts tagged with recession and economy

Ivy League knockos

four panels — Tue, 17 Nov 2009 11:29:42 -0800

A year and a half ago, Henry Chung was an assistant vice president at Merrill Lynch. Now he's an NYPD patrol officer.

The new faces of day labor

Joe Beese — Wed, 11 Nov 2009 14:34:52 -0800

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.

Detroit and the Economy

HP LaserJet P10006 — Sun, 11 Oct 2009 15:50:12 -0800

Last week in Detroit, where unemployment is close to 30%, one third of all households are in poverty, and whole neighborhoods have been abandoned, chaos ensued as an estimated 15,000 to 30,000 people lined up in the hopes of getting federal aid. 65,000 applications were taken for a new program that will fund only 3,500 people (via).

In Debt We Trust

HP LaserJet P10006 — Sun, 20 Sep 2009 23:30:11 -0800

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. Keen has long been concerned about the rise of household debt in the global economy, but he is not alone: although American consumers are now saving as never before, and in a way that worries some economists (see for instance the issue of "debt overhang"), personal debt remains historically high by almost any measure: Collectively, U.S. household debt rose to a high of 133% of after-tax income in 2007, double the percentage of the mid-1980s, according to Federal Reserve data.(LA Times, 9-21-09)

The Ghost Fleet of the Recession

vorfeed — Mon, 14 Sep 2009 13:29:37 -0800

A gigantic fleet of semi-abandoned cargo and container ships has been photographed east of Singapore. Meanwhile, the ship-breaking yards at Alang are booming, and the shipping industry is looking for ways to weather the storm. As the recession slashes demand, it seems the shipping industry may be heading for dry dock...

Cemented

plexi — Wed, 26 Aug 2009 16:22:50 -0800

This fall, law students are competing for half as many openings at big firms as they were last year in what is shaping up to be the most wrenching job search season in over 50 years.

“Had I seen where the market was going, I would’ve gone to a lower-ranked but less expensive public school,” [a second year law student at Penn] said. “I’m questioning whether law school was the right choice at all."

Recession over in France and Germany

malapropist — Thu, 13 Aug 2009 08:18:13 -0800

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. To be fair, the recession wasn't as severe in France and Germany, and didn't start so early. Still, this seems a far cry from talk of a second depression.

How green was my valley

KokuRyu — Fri, 24 Jul 2009 20:51:06 -0800

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. This is not a story about fish. Rather, it is a story about how efforts to save the fish through a court-ordered water shortage have pushed a region already brought to the brink by recession over the edge... "In the Central Valley regional area, we've got 40,000 unemployed people. General Motors had 30,000 and got a government bailout. We're getting nothing." See also: California v Texas

Back to the future of food

sararah — Tue, 30 Jun 2009 13:49:12 -0800

Canning makes a comeback. Is it just another foodie trend? Or is canning back for good? Eating locally has been the trend for a while now, but in-home food preservation is starting to make a comeback. And with more people gardening, it's time to learn how to preserve those delicious delights of summer. Everyone's saying it's yet another indicator of a more frugal America. How to get started? Well, here are some neat blogs: Food in Jars, Doris and Jilly, Bumblebee Blog And lots of references: National Center for Home Food Preservation, Ball Book of Home Preserving, Canning USA This year Ball has everything you need to get started, but really all you need are some jars and some other stuff you may already own.

UK and USA might lose AAA rating

memebake — Tue, 26 May 2009 15:11:41 -0800

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." How did the CDO's get AAA rated in the first place? There are reports that it may have been a bug in the rating software, although Greenspan says its because the ratings were based on only the last two decades, giving a too-optimistic outlook. This reseach paper by Vasiliki Skreta and Laura Veldkamp looks through some of the options. Incidentally, all the ratings given by the rating agencies come with a disclaimer: S&P says in small print: "Any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision". Joseph Mason, a former economist at the US Treasury Department, points out that "The ratings giveth and the disclaimer takes it away."

No Working No Die

dersins — Mon, 27 Apr 2009 11:13:57 -0800

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."

FileFront Bids Farewell

lazaruslong — Thu, 26 Mar 2009 07:53:17 -0800

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.

Writing Off Autocracy (?)

Inspector.Gadget — Tue, 24 Mar 2009 19:24:46 -0800

Twilight Of The Autocrats: Will the global economic downturn usher in a new era of democracy, or will things only get worse? [first link via]

Hidey Hole

Joe Beese — Thu, 19 Mar 2009 13:59:45 -0800

It's scary out there. It can make you just want to hide.

Wall Street on the Tundra

shii — Wed, 04 Mar 2009 18:41:55 -0800

"Iceland is no longer a country. It is a hedge fund." Also: exploding Range Rovers and the environmental impacts on elves. (Pre-vi-ous-ly.)

Squeeze in, get online for a better life

flapjax at midnite — Fri, 27 Feb 2009 23:54:48 -0800

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. See this video followup on Ito Hidefumi, who, ironically, has been able to move into somewhat nicer accommodations, thanks to his new job cleaning temporary dwellings for other jobless/homeless displaced workers in Tokyo. Here's some bite-size infobits on Japan's current economic/jobs malaise. Oh, and none of this is to be confused with this Net Room, which caters to foreigners, but may well decide to change their name if the "net room" phenomenon really takes off and becomes a household word...

How the Crash Will Reshape America

Afroblanco — Sun, 15 Feb 2009 08:35:49 -0800

" ... 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

15 Companies That Might Not Survive 2009

CunningLinguist — Wed, 11 Feb 2009 08:53:14 -0800

Say goodbye to Blockbuster, Sbarro's, Rite Aid, Krispy Kreme and Chrysler. 15 US companies that probably won't make it through 2009.

“If cartoonists would look at this more as an art than as a part time job or a get-rich-quick scheme, I think comics overall would be better.

KokuRyu — Sun, 01 Feb 2009 09:41:46 -0800

The Alternative Comics Apocalypse Has Begun What worries us, I think, is what Lloyd Dangle pointed out: "But all of us self-syndicated cartoonists are losing papers left and right, even Tom Tomorrow, the king of the weeklies, lost a big chunk of his syndication when Village Voice Media instituted its chain-wide suspension of cartoons. Some of the papers who dropped me (Lloyd Dangle) said that they might bring Troubletown back when things get better, but for newspapers, I don't know anybody who thinks it's going to get better. " Minneapolis City Pages editor Kevin Hoffman says he hopes that in the second or third quarter of the year, the economy will have improved enough that cartoonists (and theater reviewers, he said) can be brought back on. The belt-tightening now only affects network-wide cartoons, Hoffman says; other syndicated features — like Dan Savage’s “Savage Love” and Rob Brezsny’s “Free Will Astrology” — will continue to run at City Pages.

Dating A Banker Anonymous

ColdChef — Wed, 28 Jan 2009 09:54:37 -0800

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

Religious takes on the global financial crisis

desjardins — Wed, 14 Jan 2009 15:04:30 -0800

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!

Yakuman — Sat, 10 Jan 2009 12:14:33 -0800

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.

What is 10 or 20 Trillion US dollars between friends?

gen — Fri, 05 Dec 2008 10:44:25 -0800

Nassim Nicholas Taleb, author of the award-winning book The Black Swan, (previously), was interviewed recently by Charlie Rose: A conversation about economics with Nassim Taleb (as well as Time Magazine.) Taleb is more pessimistic than Nouriel Roubini, (previously, previously) who thinks that the total sum for this current global meltdown may be somewhere between 10-20 Trillion US dollars.

Enough with the "sexy librarian" jokes.

The Card Cheat — Wed, 26 Nov 2008 12:21:29 -0800

In economic hard times, public libraries generally get a lot busier. With that in mind, here's a handy list of the top 20 things librarians in public libraries wish patrons knew or did (original article here).

AAA?

Gyan — Mon, 24 Nov 2008 06:47:35 -0800

Anatomy of a Meltdown - Ben Bernanke and the financial crisis (in one page)