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Tag: Recession


Flickr / Mel R

Drop in Jobless Rate Is Nothing to Cheer

The official unemployment rate dropped from 9.2 to 9.1 percent last month as 117,000 new jobs were added to the American economy. The improvement in the rate, however, was almost entirely due to Americans giving up the search for work. (more)

Posted on Aug 5, 2011 READ MORE


American Economy

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Posted on Aug 3, 2011 READ MORE


Left, Right & Center

‘Left, Right & Center’: Till Debt Do Us Part

Another week, another standoff on Capitol Hill over the ever-pressing debt ceiling issue, with President Obama warning Friday of impending economic “Armageddon” if things don’t get sorted out soon. So what’s the good news?

Posted on Jul 15, 2011 READ MORE



AP / Susan Walsh

‘Entitlement’ Is a Republican Word

Rather than trying to conciliate the Republicans, Obama ought to speak out against them. The truth is that Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell don’t want to work with him.

Posted on Jul 14, 2011 READ MORE



AP / Pablo Martinez Monsivais

The GOP’s Sick Priorities

These threatened programs are not government handouts to a privileged class, like defense contractors and bailed-out bankers, who do feel eminently entitled to pig out at the federal trough.

Posted on Jul 12, 2011 READ MORE



Flickr / swanksalot (CC-BY-SA)

Job Market in a June Swoon

A measly 18,000 jobs were added to the U.S. economy in June, far below expectations for a rise of close to 90,000, and the unemployment rate ticked up to 9.2 percent. The numbers are a reality check ... (more)

Posted on Jul 8, 2011 READ MORE



The Dirty Secret of the Jobless Recovery

Have you ever asked yourself what makes a “jobless recovery” possible? Since the beginning of the recession, American companies have trimmed their staffs and shifted work to remaining employees, largely without increasing pay, and those workers are not reaping the benefits. (more)

Posted on Jul 3, 2011 READ MORE


Full of Debt

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Posted on Jul 1, 2011 READ MORE


Bernanke
AP / Susan Walsh

Bernanke Baffled by Troubling Economic Trends

This is not really the kind of headline we want to read about the Federal Reserve right now, but top banana Ben Bernanke acknowledged at a news conference Wednesday that the Fed was “caught off guard by recent signs of deterioration in the economy.”

Posted on Jun 22, 2011 READ MORE



AP / Paul Sakuma

Three Banks Spanked for Subpar Mortgage Practices

In a startling move, the Obama administration is holding three major banks—Wells Fargo, Bank of America and JPMorgan Chase—accountable for their bad lending habits on the mortgage market, cutting off funds from the Home Affordable Modification Program until they shape up.

Posted on Jun 10, 2011 READ MORE


unemployment office
Flickr / clementine gallot (CC-BY)

U.S. Job Seekers In for a Long, Frustrating Hunt

Anyone who’s reading this while in the midst of looking for work may not be surprised to hear that Americans who quit their search for employment spent five long months hunting before throwing in the towel.

Posted on Jun 8, 2011 READ MORE



AP / Alex Brandon

The Bernanke Scandal: Full-Frontal Cluelessness

How I wish that Ben Bernanke would get caught emailing photos of his underwear-clad groin. Otherwise we don’t stand a chance of reversing this administration’s economic policy, which is shaping up to be every bit as disastrous as that of its predecessor. 

Posted on Jun 7, 2011 READ MORE



A Road Map to Economic Armageddon

In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis.

Posted on Jun 2, 2011 READ MORE



Flickr / epicharmus

The U.S. Economy’s Stagnation Problem

The economic indicators for May aren’t pretty, throwing up red flags that American job growth and factory output aren’t enough to carry the U.S. economy into a recovery and forcing a critical look at the way the crisis has been managed. (more)

Posted on Jun 1, 2011 READ MORE



AP / Charles Dharapak

Geithner and Goldman, Thick as Thieves

What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.

Posted on May 31, 2011 READ MORE



Flickr/Images_of_Money

Plummeting Prices Deepen Crisis in U.S. Housing Market

According to at least some sources, certain sectors of the American economy are showing signs of life, but the housing market sure isn’t one of them, especially considering the news expected to surface Tuesday that prices have now dipped below the previous lowest point recorded since this recession kicked in three years ago. The recession’s earlier bottom for housing prices occurred in 2009.

Posted on May 30, 2011 READ MORE



Wikimedia Commons

No Resolution Reached at Greek Austerity Summit

A group of Greek leaders fell short of reaching an agreement on Prime Minister George Papandreou’s austerity plan by week’s end, putting Greece on shaky ground in terms of the country’s chances of receiving more bailout funds from the IMF.

Posted on May 27, 2011 READ MORE



imdb.com

Access Journalism: The Movie

It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading. 

Posted on May 24, 2011 READ MORE


Whole Again

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Posted on May 9, 2011 READ MORE    



American Solutions

Oil Prices Continue to Tumble

This is great news: Crude oil prices continued to slide Friday as dealers awaited a report on the U.S. job picture. But the average price of gas at the pump remained at a painful $3.99 per gallon.

Posted on May 6, 2011 READ MORE



Mr. Fish / Will Hope for Work

Ranks of the Jobless Still Rising

Recovery? What recovery? The number of Americans filing for new unemployment benefits rose to the highest number in eight months, a sign that nearly half a million people have lost their jobs since last summer.

Posted on May 5, 2011 READ MORE



Flickr / Steve Rhodes

Workers of the World Unite for International Workers’ Day

Suffering austerity measures imposed by many of the world’s governments to deal with a shortage of public funds, workers and activists rallied around the globe May 1 to demand the creation of jobs, decent wages and improved working conditions.

Posted on May 1, 2011 READ MORE



Flickr / el__vaquero (CC-BY-SA)

America, by Way of the Antelope Valley

Such areas contain the dispirited middle that Obama will have to win over to be re-elected, people whose struggles with daily life are so consuming that the national political debate over the budget and the deficit seems far away and irrelevant.

Posted on Apr 21, 2011 READ MORE


American Dream Declared Dead

In case you didn’t notice, the American dream is officially dead, and The Onion News Network has the footage to prove it. Watch aghast as one small-business owner runs out of steam after a particularly complacency-inducing session in front of the tube.

Posted on Apr 21, 2011 READ MORE



democracynow.org

Truthdigger of the Week: Joseph Stiglitz

This week we tip our hat to Nobel Prize-winning economist Joseph Stiglitz, who once helped calculate the true cost of the Iraq War, and more recently has been calling attention to the radical redistribution of wealth from middle- and working-class Americans to the richest among us.

Posted on Apr 8, 2011 READ MORE


Joseph Stiglitz on the Budget and ‘the 1%’

Nobel Prize-winning economist Joseph Stiglitz was Amy Goodman’s timely guest on “Democracy Now!” on Thursday, giving his much-needed perspective on the proposed 2012 budget and his must-read Vanity Fair article, “Of the 1%, by the 1%, for the 1%.”

Posted on Apr 7, 2011 READ MORE



AP / Jason DeCrow

The Peasants Need Pitchforks

The delusion of a classless America in which opportunity is equally distributed is the most effective deception perpetrated by the moneyed elite that controls all the key levers of power in what passes for our democracy.

Posted on Apr 6, 2011 READ MORE



Los Angeles Times

216,000 Jobs Added in March

The U.S. unemployment rate ticked down a tenth of a point in March to 8.8 percent—the lowest in two years—as 216,000 new jobs were created during the month.

Posted on Apr 1, 2011 READ MORE



Flickr / cliff1066™(CC-BY)

Fed Makes More Hopeful Noises

The latest economic assessment-slash-prognostication from the Federal Reserve isn’t all bad—in fact, CNN Money goes so far as to characterize it as relatively “bullish,” despite mitigating factors such as soaring oil prices and the crisis in Japan.

Posted on Mar 15, 2011 READ MORE


Richard Fuld Jr.
World Economic Forum / Remy Steinegger

Lehman Execs May Escape Charges

Officials at the SEC have begun to doubt that the agency can prove that executives of the now-defunct Lehman Brothers investment bank broke the law after the company allegedly moved billions of dollars off its balance sheet.

Posted on Mar 12, 2011 READ MORE


Hard Times and Homeless Kids

With the number of kids living below the poverty line closing in on 25 percent, homelessness and hunger are becoming normal for American children, as illustrated by this “60 Minutes” report.

Posted on Mar 11, 2011 READ MORE


When Cuts Don’t Cut It

After slamming Democrats for not focusing on “jobs, jobs, jobs,” Republicans have decided to ignore their own winning message in favor of “cuts, cuts, cuts.”

Posted on Mar 3, 2011 READ MORE


State Crises Mean New Language of Deceit

For most of history, we had undebatable definitions of words such as bailout and bankruptcy. Sadly, that’s not the case during a deficit crisis that is seeing language redefined in ideological terms.

Posted on Mar 3, 2011 READ MORE


‘Democracy Now’: Matt Taibbi’s Still on Wall Street’s Case

Good thing for that, too, as the middle and lower classes are clearly still feeling the fallout from Wall Street bandits’ fraudulent scheming. Here, Taibbi names some names and tells Amy Goodman how the architects of our current economic catastrophe got away with their crime ... so far.

Posted on Feb 24, 2011 READ MORE



Flickr / cliff1066™(CC-BY)

And Now, Some Slightly Better News from The Fed

On Wednesday, newly released minutes from the Federal Reserve’s late-January meeting reflected a more optimistic stance vis-à-vis the next phase of the U.S. economy, but unfortunately, the slightly brighter outlook didn’t extend to the Fed’s take on the job market.

Posted on Feb 16, 2011 READ MORE



YouTube

‘This Is What We Do’: Why I Hated Chrysler’s Super Bowl Ad

The Super Bowl commercial is a shell game. Detroit’s pain isn’t the result of some existential crisis of faith, but a direct consequence of the amoral, profit-seeking behaviors of Chrysler itself.

Posted on Feb 9, 2011 READ MORE


window shoppers
flickr/specialkrb

Americans Are Spending Again

Is it good news that U.S. consumer spending revved up to a three-year high in 2010? It could make for some improvement, especially if employment picks up to bolster Americans’ consumption habits in coming months, according to the BBC.

Posted on Jan 31, 2011 READ MORE


Warhol painting
AP / Sang Tan

GDP Logs a 3.2% Rise in 4th Quarter

Even though it fell short of economists’ expectations, a 3.2 percent rise in the GDP during the last quarter of 2010 has rekindled hopes that the U.S. economy may be moving toward sustainable recovery.

Posted on Jan 28, 2011 READ MORE



Center for American Progress (CC-BY-ND)

Financial Crisis Panel Names Names

Chairman Phil Angelides and the five other Democrats on the 10-person Financial Crisis Inquiry Commission have released their devastating report, which assigns blame for the economic meltdown. They pointed at Treasury Secretary Timothy Geithner (above), among others.

Posted on Jan 27, 2011 READ MORE



Flickr / fatalfuj (CC-BY-SA)

America’s Freshmen Are Really Stressed Out

Wedged between past years of standardized testing and fixating on applications and a future of paying off hefty loans with no guarantees of employment, first-year college students around the country are registering higher levels of stress and poorer ...

Posted on Jan 27, 2011 READ MORE



White House / Chuck Kennedy

Hogwash, Mr. President

What is the state of the union? You certainly couldn’t tell from that platitudinous hogwash that the president dished out.

Posted on Jan 26, 2011 READ MORE



Wikimedia Commons / Office of Management and Budget

Orszag Sees Turbulent Times Ahead

So, the former head honcho of Obama’s Office of Management and Budget, Peter Orszag, is now sitting in a very plush position over at Citigroup, from where he gave his latest economic prognostications in Thursday’s Financial Times ...

Posted on Jan 21, 2011 READ MORE



AP / Rich Pedroncelli

The Story of a Lifetime

Covering the statehouse or city hall is regarded as the minor leagues of political journalism. But this year, these too-often-unappreciated scriveners are in the middle of one of the most important domestic stories in decades.

Posted on Jan 11, 2011 READ MORE



Goldman Sachs to Gently Tweak Business Practices

Despite drawing the wrong kind of attention to themselves over the last two-plus years with news of murky dealings in “structured products” and concern over the bank’s role in the subprime mortgage crisis, execs at Goldman Sachs apparently ...

Posted on Jan 10, 2011 READ MORE


Pentagon
Flickr.com / mindfrieze

Pentagon Aiming to Slash Military Spending

The Obama administration is working on cutting back defense spending to levels the U.S. hasn’t seen since before Sept. 11, 2001, but the proposed changes have more to do with economic reasons than any big strategic change from within military ranks.

Posted on Jan 6, 2011 READ MORE



White House / Pete Souza

Obama’s Two-Year Economic Report Card

There are two potential ways to measure the economic performance of a political leader. One is by the profitability, stock prices and executive bonuses of a nation’s corporations. The other is by the financial condition of the majority of its population.

Posted on Dec 31, 2010 READ MORE



AP / J Pat Carter

Home Prices Plunge With No Bounce in Sight

October wasn’t a good month for sales of single-family homes in the U.S.—in fact, it was pretty dismal—and you know it’s bad when number-crunching economist types say there’s nothing good to say about not only the current moment but the foreseeable future as well.

Posted on Dec 28, 2010 READ MORE



Flickr / kevindooley (CC-BY)

Banking Regulation Team Pitches New Payment Rules

An international panel of banking regulators from 27 nations is aiming to crack down on outlandish pay packages for industry executives by proposing a new set of rules that call for more transparency and, wonder of wonders, some correlation between ...

Posted on Dec 27, 2010 READ MORE



Flickr / benklocek (CC-BY)

Teen Birthrate Plummets in 2009

For the second year in a row, the birthrate among American teenagers has dropped, hitting a record low point in 2009, according to the National Center for Health Statistics. So what’s the reason for the good news?

Posted on Dec 22, 2010 READ MORE



AP / Peter Morrison

Irish Take to the Streets

Tens of thousands of people took to the Irish streets Saturday to sound off against an IMF-backed austerity plan that would usher in deep spending cuts and higher taxes.

Posted on Nov 27, 2010 READ MORE


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