As the UK coalition government
plans swingeing cuts and students
take to the streets to protest, one mother asks us to remember the 'Nouveau Pauvre
'. Some commentators react
unfavourably to her
impending 'austerity Christmas'. [more inside]
Right Wing Radio Duck "Donald's life is turned upside-down by the current economic crisis and he finds himself unemployed and falling behind on his house payments. As his frustration turns into despair Donald discovers a seemingly sympathetic voice coming from his radio named Glenn Beck. "
Earlier this week, Toxie, NPR's cutest toxic asset died
. One of the mortgages bundled into this asset was an investment property in Bradenton, Florida, which, like many Florida homes, has never been occupied or served as anything other than a financial instrument. Boston.com's Big Picture recently took a look from above
at the effects that this (and previous) housing bubbles have had on the development of Florida's cities and landscapes. How do you design a city that nobody plans to live in? (Previously
Cairo, Illinois is mostly abandoned.
It was once a thriving city of 15,000, but the Mississippi barges don't stop there anymore, and racial turmoil,
including a three-year boycott of white-owned businesses
that refused to hire black workers, killed the town's economy. The Cairo Project
, from Southern Illinois University, is a good overview of Cairo's history and its current situation.
Can punk label Plan-it-X
start a rebirth by moving to Cairo
and opening a coffeeshop
? If it helps, there's still good barbecue
After more than 160 years of treating patients, historic St. Vincent's Hospital
in New York City's Greenwich Village filed for bankruptcy protection on Wednesday
and will close its doors to new patients. The last remaining Catholic Hospital
in NYC, St. Vincent's was originally founded in 1849 to serve the poor
. The effect is already being felt
at other hospitals in the area.
But despite the filing, there was still time for one last cry
: Abigail Jancu
was the the last baby
ever born in St. Vincent's maternity ward
"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.
V, Double dip (W) or L recession? Things look bad for the EURO is the skyscraper index is right. We have heard recently about problems in the Eurozone
Is the worst over or is the worst still to come? The skyscraper index
indicates: Trouble ahead. [more inside]
The recession is hitting Ohio's former steel towns hard.
As other areas of the country start to revive, the recession's full force is still on display here
. Since January 2008, another 10,000 manufacturing jobs have been lost, according to recent Ohio employment figures. "There were other places that were dirtier, but you didn't get shocked every 15 minutes," Tomlin says with resignation. "This is what people around here without union jobs have to do to survive."
The Decline: The Geography of a Recession
Flash animated map showing county unemployment rates from Jan 2007 until Sept 2009
A year and a half ago, Henry Chung was an assistant vice president at Merrill Lynch. Now he's an NYPD patrol officer.
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.
More than two dozen bacterial, viral or parasitic infections are known to be transmitted largely or exclusively through sexual contact. U.S. public health authorities focus on a limited set of these STIs. Read more about it in "Facts on Sexually Transmitted Infections in the United States
" published by the Guttmacher Institute
. [more inside]
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
Saturn is no more.
"Other industries could learn from the Saturn Corporation
Certainly GM is taking what they have learned from their Saturn
investment and incorporating it into their existing plants and
facilities where practical. It will not be an overnight
experience. Like Saturn, it will take time, investment and a
strong commitment to regain the role of world leader in the
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]
Recession Road Trip
Similar to Andrew Sullivan's Views From Your Recession
, Christina Davidson has been touring across the country
collecting and documenting individuals' tales of how the recession is affecting them, such as in Full Grown Boy Lost, in Las Vegas
A gigantic fleet of semi-abandoned cargo and container ships
has been photographed east of Singapore. Meanwhile, the ship-breaking yards
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...
"What do you get
when you combine the worst economic downturn since the Depression with the first black president
? A surge of white racial resentment, loosely disguised
as a populist revolt
As part of what Mayor Michael Nutter has dubbed the "Plan C" budget, the Free Library of Philadelphia
(the Pennsylvania city's public library system), chartered in 1891, will close all its branches and cease all services
October 2, 2009, unless measures to raise sales tax and delay some pension payments
are approved by the State Legislature in Harrisburg. The closing could be a huge blow for a city whose most famous citizen, Benjamin Franklin, founded The Library Company of Philadelphia
, the United States' first successful lending library, there in 1731. [more inside]
"Mr. Penumbra's Twenty-Four-Hour Bookstore
," by Robin Sloan. 'A short story about recession, attraction, and data visualization.' (via Boing Boing) [more inside]
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]
Detroit is one of the most visually interesting cities in the world, however it is also one of the most misunderstood and misrepresented. Detroit Book of Love
is a group of photographs illustrating what contemporary Detroit artists have been doing in regards to developing an understanding and appreciation for this complex and diverse city; from street portraits of the survivors, to the landscapes of wild new growth, to the industrial leftovers. As a group they show Detroit as it is, not what it should be or what it once was. [more inside]
Looking for work? Avoid this job
With Chinese buffets - an all-you-can-eat fixed price restaurant - making a killing in Manchester, a new chain
of traditional English buffet-style restaurants
are seeing a sharp rise in trade during a recession that is seeing 100 restaurants per month go to the wall
. [more inside]
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]
Warren Buffett says his favorite economic indicator
(last 30sec) is the FTSI or Freight Transportation Services Index
(blue line). Since 1979, across four recessions, the index "shows a strong leading relationship to the economy", with an acceleration of freight leading the economy "by an average of approximately 4 to 5 months". Explanation of the index
(recommend PDF version), most recent analysis
The New York Times commissioned Portuguese photographer Edgar Martins to travel around the United States and take photographs of abandoned construction projects
left in the wake of the housing and securities market collapse.
the Hatton Ferry
in Hatton, VA, has been helping people
cross the James River - under pole power
[ferry is cable-assisted, and poling starts at 3:42
]. Before the nation was connected by a network of bridges, pole barges like this
were a common means
of transportation across smaller waterways. Hatton Ferry is thought to be the very last working survivor of those thousands of the pole-driven ferries; but today, due to DOT budget constraints
, it may
go out of existence
. [more inside]
Too Poor to Make the News
"The super-rich give up their personal jets; the upper middle class cut back on private Pilates classes; the merely middle class forgo vacations and evenings at Applebee’s. In some accounts, the recession is even described as the “great leveler,” smudging the dizzying levels of inequality that characterized the last couple of decades and squeezing everyone into a single great class, the Nouveau Poor, in which we will all drive tiny fuel-efficient cars and grow tomatoes on our porches.
But the outlook is not so cozy when we look at the effects of the recession on a group generally omitted from all the vivid narratives of downward mobility — the already poor. From their point of view “the economy,” as a shared condition, is a fiction."
Parents can no longer support their hipster children's lifestyle. Oh, the humanity.
I realize that schadenfreude is a particularly ignoble emotional response, but how am I expected to control myself after reading: [more inside]
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]
In these hard economic times, everyone's feeling the pinch. Some farmers have started downsizing to miniature cows
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."
of recession good
for the contemporary art market
? "Affordable" is becoming a leitmotif
: there are events
, international fairs
, as well as various galleries
. Some collectors
and artists are sharing survival tips
; and there are plenty of special offers to be had: Josh Poehlein - screenshot collages, free
; Shepard Fairey - "Obey Eye" screen print, 18 x 24 inches, signed and numbered, at a random time on April 21st: $45.00
; Michel Gondry - your portrait, signed: $19.95
(allow 6 to 8 weeks for delivery); 'Damien Hirst' - "For the love of Paris" postcard, 10.5 x 14.8 cm, signed and sent: € 1,80
; Banksy - original, freely usable, high-quality jpg files: free
"We're a demonstration project, if you would, of all the things that can go wrong at once." "You know Yolanda, I think most people watching this interview think to themselves that if they get cancer and they don't have health insurance that somebody’s going to take care of them," Pelley remarked.
"No, no, there's nobody to take care of you," she said. [more inside]
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.
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
What do the following cars have in common?
The Chrysler Neon
. The Daihatsu Charade
. The Dodge Viper SRT-10
. The Ferrari SuperAmerica
. The Fiat Croma
. The Hummer H2
. The Hyundai Terracan
. The Hyundai Trajet
. The Rover 75
. The CityRover
. The Smart Cabrio
. The Tata Safari
Give up? Each one of the cars listed above sold exactly one
new (as in, not previously registered) unit last year in the UK, according to the Daily Telegraph. This makes them the most exclusive cars of 2008.
- Bruce Sterling on industrial design in the slump.
out there. It can make you just want to hide
Eddie Doyle, 69, has been laid off from his job in Boston.
Who is Eddie Doyle? Nobody special, just a bartender at a bar in Boston (that used to be) called The Bull & Finch
. If that doesn't sound familiar, you might have seen the outside of it in the credits of a little television show
in the 80s. The show brought thousands to the bar each day but the current recession has taken its toll and the owner, who has been friends with Eddie for 40 years, had to make some tough choices. [more inside]
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]
The world's economic crisis has cost more men their jobs than women in Western countries. But in Asia and most of the developing world, the economic meltdown has a woman's face.
The Toronto Star: Today, International Women's Day, women celebrate the gains made in achieving equal rights and highlight the widespread wrongs that damage the lives of the 3.3 billion females around the world.
But the issue foremost in women's minds is the global recession, which has hit the most vulnerable half of humanity with exceptional force.
The Bangkok Post: The latest International Labour Organization (ILO) report revealed that the global unemployment rate could rise as high as 7.1% in 2009, compared to 6% in 2008. What is worrying is that the consequences of the global crisis could come knocking on your door. What was the global economic crisis last year could easily become a global social crisis this year.
"Iceland is no longer a country. It is a hedge fund."
Also: exploding Range Rovers and the environmental impacts on elves. (Pre
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]