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139 posts tagged with recession.
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How the Crash Will Reshape America

" ... 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 - 69 comments

Prescient Economist: Housing Crash Result of Government Incentives

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."
posted by shivohum on Feb 11, 2009 - 98 comments

15 Companies That Might Not Survive 2009

Say goodbye to Blockbuster, Sbarro's, Rite Aid, Krispy Kreme and Chrysler. 15 US companies that probably won't make it through 2009.
posted by CunningLinguist on Feb 11, 2009 - 228 comments

Crapping out

Trump Entertainment is about to run out of the third extension of its debt payments. Station Casinos is offering its investors as little as 10 cents on the dollar in a pre-packaged bankruptcy. Wynn Resorts is cutting staff hours and bonuses to avoid layoffs. MGM Mirage may see a default rate of 30% on its City Center condominiums. Harrah's long-term debt has doubled. There are no more traffic jams on the Strip. Oh... and the Borgata Hotel in Atlantic City had to settle a $70 million sexual harassment lawsuit brought by its beverage servers. In short: times are tough.
posted by Joe Beese on Feb 9, 2009 - 61 comments

We Never See A Headline / 'Bout A Breadline / Today

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.)
posted by Asparagirl on Feb 2, 2009 - 42 comments

“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.

The Alternative Comics Apocalypse Has Begun [more inside]
posted by KokuRyu on Feb 1, 2009 - 68 comments

Dating A Banker Anonymous

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 - 167 comments

Religious takes on the global financial crisis

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.
posted by desjardins on Jan 14, 2009 - 93 comments

Ladies And Gentlemen… Dow 25,000!

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.
posted by Yakuman on Jan 10, 2009 - 52 comments

Keeping it indy

Book sales are down. Powells, the largest independant bookseller in the US, is asking staff to scale back hours or take sabbaticals. Will you buy a book from an independent bookstore this Christmas?
posted by Artw on Dec 12, 2008 - 193 comments

Down, down, down.

By one measure, this stock market is as bad as any in the last 180 years.
posted by CheeseDigestsAll on Dec 9, 2008 - 21 comments

Almost Homeless

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)
posted by divabat on Dec 7, 2008 - 59 comments

What is 10 or 20 Trillion US dollars between friends?

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.
posted by gen on Dec 5, 2008 - 19 comments

Enough with the "sexy librarian" jokes.

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).
posted by The Card Cheat on Nov 26, 2008 - 115 comments

AAA?

Anatomy of a Meltdown - Ben Bernanke and the financial crisis (in one page)
posted by Gyan on Nov 24, 2008 - 61 comments

Have high oil prices caused the current recession(s)?

CIBC's Jeff Rubin and Peter Buchanan have written an article (pdf, pages 4-6) arguing that triple digit oil prices (and not plunging real estate prices) are to blame for the current economic woes of the OECD. [via]
posted by adamdschneider on Nov 7, 2008 - 41 comments

sovereign risk and the current economy

Another economic post. With the debt and equity markets in a comparative calm, a lot of people are asking what next? One area little examined is the idea of sovereign risk. Basically, those with the armies make to rules, and you don't want to be invested there when they change the rules,. The USA has been the power behind globalisation for over half a century, enforcing the rules of the marketplace we have grown to accept. Some are questioning whether it can maintain this position. [more inside]
posted by bystander on Nov 3, 2008 - 15 comments

Sad Guys on Trading Floors.

Sad Guys on Trading Floors. (via)
posted by longdaysjourney on Oct 8, 2008 - 54 comments

The Ebay Solution?

U.S. Republican presidential nominee Senator John McCain may be computer illiterate, but his campaign does think highly of eBay. Sen. McCain and Governor Palin have each suggested eBay as a fix for the economy, tool for government reform, and strategy for homeland security. Perhaps it's because former eBay CEO Meg Whitman, in spite of disagreeing with parts of his technology platform, is co-chair of McCain's campaign?
posted by Chinese Jet Pilot on Oct 1, 2008 - 24 comments

Are Americans leaving the US?

While Gerorge Soros and Jim Rodgers predict one of the worst recessions for the US, Americans seem to look for exit options in form of a second citizenship. [more inside]
posted by yoyo_nyc on Jun 10, 2008 - 128 comments

Are US Inflation and Employment Underestimated?

"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]
posted by salvia on May 5, 2008 - 73 comments

Soros: Financial crisis as bad as the Great Depression

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)
posted by stbalbach on Apr 28, 2008 - 56 comments

Contemporary Hooverville

Tent cities spring up in L.A. With foreclosures rates still rising, shantytowns have started springing up in Los Angeles.
posted by MythMaker on Mar 18, 2008 - 81 comments

Is the 2007 U.S. Sub-Prime Financial Crisis So Different?

Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University have compared the recent US subprime mortgage crisis with five downturns in industrialized economies in the past 30 years in their brief paper, Is the 2007 U.S. Sub-Prime Financial Crisis So Different? (pdf). Their conclusion: “given the severity of most crisis indicators in the run-up to its 2007 financial crisis, the United States should consider itself quite fortunate if its downturn ends up being a relatively short and mild one.” Summarized, with some data and charts, here. Via.
posted by ibmcginty on Feb 9, 2008 - 19 comments

The NYT asks six people whether the US is in a recession

You Can Almost Hear It Pop, by Stephen S. Roach
The Facts Say No, by Marcelle Chauvet and Kevin Hassett
Bet the House on It, by Laura Tyson
Not if Exports Save Us, by Jason Furman
Nobody Knows, by James Grant
Wait Till Next Year, by Martin Feldstein

Stolen, HTML and all, from Calculated Risk.
posted by Kwantsar on Dec 16, 2007 - 24 comments

They see dollar fallin', they hatin'

Is Jay-Z signaling a recession? There is something quite alarming on the recently released “Blue Magic” music video ... it wasn’t sex, drugs, violence or explicit language that shocked my conscience. It was the Euros. The Jay-Z video flashed large stacks of $500 Euros. When I start seeing rap stars flashing euros instead of U.S. dollars, I know our economy is in trouble.
posted by azazello on Nov 5, 2007 - 88 comments

Cui bono?

On Tuesday, the Federal Reserve cut interest rates by 0.5%. Wall Street aggressively demanded the cut to stop the sub-prime mortgage contagion from triggering a credit crisis among large US and foreign investment banks and the collapse of their over-leveraged hedge funds, which ultimately threatened to drag the US economy into recession. The market rallied this week in response to the Fed's move. But there is no free lunch. [more inside]
posted by Pastabagel on Sep 20, 2007 - 99 comments

Teenage Hoboes in the Great Depression.

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.
posted by matteo on Jul 7, 2006 - 25 comments

Decline in Japanese marriage and birth rate

Interesting article on the Japanese "social recession" (from the back pages of USA Today) "To an astonishing degree, the sexes are going their opposite ways in Japan. Young women are revolting against the traditional role of obedient housewife, opting instead to live at home and shop and socialize with girlfriends. Startled men are retreating into solitary ways. Check-ins at the country's famed 'love hotels' are even falling. As birthrates slip, a social crisis looms."
posted by Prospero on Jun 3, 2004 - 38 comments

Happy Days Are Here Again: Tax Cuts and The Jobless Recovery

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 - 43 comments

But it was broken when I got here!

But it was broken when I got here! New numbers indicate that the recession started before Bush came to office. Do Bush's statements succeed in making him less responsible for the recession in the eyes of the public? Do these kinds of statements restore people's faith in the economy?
posted by rks404 on Aug 7, 2002 - 24 comments

The WSJ's 6 clues that the recession is lessening.

The WSJ's 6 clues that the recession is lessening.
Number 6: Gary Condit is back in the news. (MSNBC link)
posted by o2b on Jan 4, 2002 - 7 comments

THE DISAPPEARING RICH PEOPLE:

THE DISAPPEARING RICH PEOPLE: A Seattle writer explores the deserted confines of "Seattle's newest four star hotel". Empty and sad, even though it is just the rich people's stuff.
posted by crasspastor on Dec 14, 2001 - 24 comments

Recession? What recession?

Recession? What recession? "An economic research group declared Monday that the United States has been in a recession since March of this year." It's official.
posted by shoepal on Nov 26, 2001 - 7 comments

What ever happened to ultraprosperity?

What ever happened to ultraprosperity? This 1999 article written on the middle of dotcom stocktopia may make you laugh, cry or keep scratching your head, at least. Now, where's the "ultraprosperity" we were promised when we need it the most - right now- us balancing in the verge of recession, burst bubbles and nonstop layoffs?
posted by betobeto on Aug 4, 2001 - 8 comments

F*ckedEconomy?

F*ckedEconomy? Cuts in interest rates don't seem to be helping. Layoffs persist (and not just tech/dotcoms). The market bounces, but can it sustain itself? Some say the market will rebound in the 2nd quarter of next year, but these are the same people who saw an uptick coming this fall. Are we headed towards a recession, again? Lucent even had to sell their golf course.
posted by owillis on Jul 31, 2001 - 12 comments

When you line up all the layoffs,

When you line up all the layoffs, it actually looks pretty bad. I suspect the news industry knows recession = increased news consumption & ad sales and are going for it, regardless of how "bad" our current economic climate may be. Will the dot com downturn lead to losses everywhere or will it be concentrated solely in the tech sector?
posted by mathowie on Apr 16, 2001 - 19 comments

Is the US really entering a recession?

Is the US really entering a recession? Even with recent layoffs, the last time unemployement was this low before 1999 was 1970. And maybe a recession is not such a bad idea, what with spending outmaching saving in recent years. [more inside]
posted by croutonsupafreak on Feb 3, 2001 - 3 comments

Americans believe in a recession

Americans believe in a recession within the next four years.
    But of course. It's only natural after the most prolonged economic expansion in history. So don't go blaming the next administration when it finally happens.
    If Gore is president, then people will say: "12 years of democrats is enough!", but if Bush is in charge, then the complain will go "You see? republicans don't have a clue".
posted by tremendo on Jun 3, 2000 - 6 comments

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