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By Jabari Asim
$6.99
$23
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AP / J. Scott Applewhite
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By Robert Scheer — The corruptions of journalism were on full display when CNN’s Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused.
Did you miss the live Q & A session? Listen to the podcast here.
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AP / Lynne Sladky
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The weather may have sizzled in July, but it wasn’t such a hot month for the U.S. economy. Private employers added 71,000 jobs during the month, about half what had been expected, keeping the unemployment rate at a nagging 9.5 percent.
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whitehouse.gov
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Christina Romer, who heads up Barack Obama’s Council of Economic Advisers, is exiting the White House, the National Journal’s Hotline On Call blog reported Thursday, and her rumored reasons for leaving have something to do with one Larry Summers and his continuing hold on the president.
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Wikimedia Commons
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Amid recession worries and economic hardships, much of the industrialized world has pushed international goals of curbing climate change far off into the future. Politicians are wavering over caps on carbon emissions, citing the economic costs of cutting emissions.
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On Thursday, the Senate helped bring financial reform one step closer to reality by approving legislation designed to get at some of the roots, at least, of the economic destruction that Wall Street wrought two years ago.
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Flickr / Thirteen of Clubs
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Most Americans have caught on by now that the economic implosion that rocked the national and global economy over the past two years hasn’t meant good things for their personal finances. (continued)
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By Joe Conason — We could easily slip into another Great Depression if our leaders continue to heed the chattering class on the deficit. But cutting spending is not just bad economics; it’s bad politics, too.
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Stephen Colbert’s a bit under the weather in this clip from Monday night’s “Colbert Report,” and it’s going to take a lot more than bunny slippers to make things better. Enter economics whiz Paul Krugman ... (continued)
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AP / Virginia Mayo
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Looks like banking executives in EU member nations will have to settle for slightly less ginormous bonuses in the coming year, once the European Parliament puts its official stamp on an agreement to limit banking bonuses and severance packages.
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Flickr / U.S. Treasury Department
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In the face of the stereotypical image of Americans as free-spending consumers, Treasury Secretary Timothy Geithner has told his international finance colleagues that G20 countries should not rely on American buyers for their products as they travel the road to economy recovery.
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Flickr / aflcio
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By Bill Boyarsky — As President Barack Obama, speaking last week in Buffalo, N.Y., was assuring the country that “our economy is growing again,” the usual large number of unemployed lined up at a community aid center in Los Angeles for food, clothing, advice and help finding a job.
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Flickr / U-g-g-B-o-y-(-Photograph-World-Sense-)
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The answer to the headline question, at least on Monday, would be $1.2234, as the euro dropped to its lowest point in four years. As this CNN report puts it in somewhat startling terms, ” ... Ongoing debt concerns prompted a flight to the safety of the U.S. dollar.”
Posted on May 17, 2010
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AP / Henny Ray Abrams
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Even in the face of an extended recession, devastating double-digit unemployment and a barrage of political charges that President Barack Obama’s health care reform will decimate the economy, the U.S. stock market finished the week at a 19-month high.
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Flickr / Dan DC
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According to the International Monetary Fund, the global economic crisis has not only screwed over the poor but has left “deep scars” on the developed world. The level of debt owed to richer countries is the highest since World War II, the IMF says.
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AP / Charles Rex Arbogast
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By Bill Boyarsky — People are just barely hanging on at employment offices, homeless shelters, food banks and community centers around the country. Help is needed right away and Barack Obama is struggling to give it.
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Flickr / The Photique
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A hacker using the alias “Neo” has attained almost cult status in Latvia after releasing through Twitter the confidential financial data of allegedly corrupt banks and state-owned companies that profited from the global recession.
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Tiger Woods performed his celebrity duty on Friday, making a public apology for his extramarital escapades, and, yes, even the “Left, Right & Center” lineup of regular commentators has something to say about it. Also this week: Some conservatives think (gasp!) Dick Cheney ought to run for president, and the richest Americans aren’t feeling the same recessionary burn that the rest of the country is suffering.
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White House / Pete Souza
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By Bill Boyarsky — Those telling President Obama to ditch health reform and concentrate on employment are wrong. What’s missing in such advice is a basic understanding of the grim intersection of a failing health system and rising joblessness, especially in blue-collar America.
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AP / J. Scott Applewhite
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With unemployment running at 10 percent and Wall Street bankers again pocketing big bonuses, many see Federal Reserve Chairman Ben Bernanke’s priorities as skewed. But absent from those critics is the White House, which believes Bernanke will be reconfirmed for a second term next week.
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Federal Reserve
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It’s been a good week for Federal Reserve Chairman Ben Bernanke. First came the news that he’d been chosen to be Time magazine’s Person of the Year, and then, on Thursday, the Senate Banking Committee voted to approve his nomination to lead the Fed for another four years.
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AP / J. Scott Applewhite
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By Robert Scheer — Most Americans now know that Wall Street bankers are so greedy as to never be trusted, and I suppose it is a sign of progress that our president finally seems to grasp the obvious.
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Wikimedia Commons / Prolineserver
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Here we have one of those columns that might have initially been missed (even by those of us who blog fastidiously about such things) that bears repeating, or re-posting, as the case may be: We submit, for your consideration, Paul Krugman’s latest column. That is all.
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AP / Robert F. Bukaty
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Which industries actually thrive in the midst of a crippling recession? There are many ways to approach that question, but over the past year, Americans looking for low-impact escapism on a budget went to the movies, and they did so in numbers that might put some of the hand-wringing about the impact of the Internet and the economy on the film business on hold, at least for the time being.
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flickr.com / Bob Hannaford
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Two years after Harvard Law School announced it would waive a year of tuition for students who pledged to work five years in the nonprofit sector or in government, the school has suspended the program, citing both the recession and a flood of students seeking to get in on the deal.
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President Obama laid out what he believes his administration has been doing to deal with the employment crisis in America thus far and hinted at forthcoming developments in his plan to create more jobs. During a press conference Thursday he tried to take some of the heat off his administration by stating, “Ultimately, true economic recovery is only going to come from the private sector.”
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Flickr / aficio2008
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Talk of giving a much-needed jolt to the job market has petered out in the offices and chambers where something could actually be done about the country’s pervasive employment crisis. This priority problem in policy circles is unacceptable to economics whiz Paul Krugman, who proposes ideas to fill in the gaps.
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Flickr / omar_chatriwala
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Dubai’s debt issues caused trouble in other parts of the world Friday. Stock markets from Europe to Asia to the U.S. registered the effects of the city-state’s announcement that it would need to put off paying back $60 billion in debt incurred from investments, according to The Wall Street Journal.
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flickr/specialkrb
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Whoops! The bad news in this bulletin is that the U.S. economy didn’t grow at quite the rate—3.5 percent—from July through September that the Department of Commerce previously said it had. The good news: It still grew, albeit at the whittled-down pace of 2.8 percent during that time.
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Other market sectors are another story, and this story may also change in coming months, but let’s have some good news about the residential real estate market, shall we? Right: The Associated Press is reporting that home sales rose more than 10 percent in October from their September levels, largely due to tax incentives, and November may continue along this trend.
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Flickr / eflon
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Those financial institutions that viewed last year’s bailout as an object lesson that they can carry on as they wish so long as they’re “too big to fail” may have to adopt another approach. At least, that was the message Monday from Federal Reserve Chairman Ben Bernanke, if he makes good on words of warning to big banks.
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AP / Sang Tan
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Sotheby’s enjoyed a windfall Wednesday when the auction house’s New York HQ nearly doubled its estimated high of $67.9 million for its contemporary art bid-fest, in which Andy Warhol’s works figured prominently among the biggest-selling successes of the evening.
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0-60mag.com
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If you thought last year’s federal budget deficit was pretty big, you were right—and it’s three times as big now! Thanks to the magic of the recession, as well as the government’s attempts to rescue various sectors of the economy (and throw money at others, or so it appeared), the deficit for the 12 months ending last month was a whopping $1.42 trillion.
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teamsugar.com
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Here it is, people: further sobering evidence of The Decline of Print Media. The latest publications to give up their inky ghosts include a longtime fixture in the foodie world, Gourmet, as well as two bridal and one parenting magazine, all under the umbrella of publishing giant Conde Nast.
Posted on Oct 5, 2009
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Flickr / freemarketmyass
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Fed Chair Ben Bernanke declared Tuesday that the recession is “very likely over at this point,” but don’t get too excited. The non-investment bankers among us still have a lot to worry about: “[I]t is still going to feel like a very weak economy for some time as many people still find their job security and their employment status is not what they wish it was.”
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0-60mag.com
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It’s been a year since the U.S. economy practically went to Hades in a handbasket, and since then the federal government sure has been busy trying to figure out where to allocate (read: throw) money to sort out the whole mess.
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wordpress.com
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It’s a vicious circle: Millions of job cuts and shrinking household incomes combined to push more Americans below the poverty line last year. Nearly 40 million Americans now officially live in poverty.
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Flickr / World Resources Institute Staff
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It’s been nearly a year since Lehman Brothers went belly-up, effectively kicking off the financial implosion of fall 2008. However, despite the firm’s catastrophic demise, some Lehman execs managed to land on their feet. Tuesday’s Wall Street Journal gives an update about their current activities.
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theinsanityreport.com
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Just as the Labor Day weekend arrives comes word that the U.S. economy shed another 216,000 jobs last month, pushing the unemployment rate up to a 26-year high of 9.7 percent.
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Wikimedia Commons / United States Federal Reserve
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After heading up the Fed during the nation’s biggest economic catastrophe in decades, Federal Reserve Chairman Ben S. Bernanke will be nominated to continue his role for a second term, according to another top Obama adviser, David Axelrod.
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AP / Franklin Reyes
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Just in time for his 83rd birthday, former Cuban President Fidel Castro made his presence known once again, by signaling his displeasure with the United States’ handling of the recent financial catastrophe. He spoke out in an Op-Ed article published Thursday in Cuba’s government-run newspapers.
Posted on Aug 13, 2009
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In this installment of Brave New Films’ “Senator Sanders Unfiltered,” the independent federal legislator from Vermont points out what’s becoming hard to dispute or ignore, however much other members of Congress might do both: Wall Street, along with the pharmaceutical and insurance industries, practically runs Washington.
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The Nobel Prize-winning economist writes that “around a million more Americans are working now than would have been employed without that [stimulus] plan. ... ” He also argues that “it’s possible to be dissatisfied, even angry, about the way the financial bailouts have worked while acknowledging that without these bailouts things would have been much worse.”
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nymag.com
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Now, everyone knows that even the toniest of Ivy League institutions recently suffered substantial blows to their massive endowment funds, but Harvard University’s idea to launch a menswear line called Harvard Yard just seems like school branding gone horribly awry.
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AP / Mark Lennihan
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By Robert Scheer — By now everybody must know that the top banking executives responsible for our economic meltdown have no shame. Otherwise they would not have dared give themselves such hefty bonuses as a deeply perverse reward for actions that caused millions of Americans to lose their jobs and homes.
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newyorkstatesearch.com
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The economic downturn has been rough on countless industries, and arts organizations in New York City that rely on endowment money to survive have been hit hard—not just, as City Journal’s James Panero points out, by the immediate effects of the meltdown felt round the world, but also by the “indirect effects” of how some of their funds have been managed.
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Flickr / ifindkarma
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In the midst of a recession with continuously rising unemployment, Vice President Joe Biden and Attorney General Eric Holder announced Tuesday that the government will hand out $1 billion in grants to law enforcement agencies across the country. The money will go toward hiring and rehiring police officers in all 50 states.
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kc.frb.org
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On Sunday, Federal Reserve Chairman Ben Bernanke met the media, or at least PBS “NewsHour” anchor Jim Lehrer, along with some concerned citizens of Kansas City, Mo., to discuss how the Fed has dealt with the ongoing economic catastrophe over the past few months.
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Radio Nederland Wereldomroep
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The United Nations is facing a $4.8 billion shortfall in funding for humanitarian aid to some of the world’s poorest peoples. At the top of that list are the inhabitants of Zimbabwe, Palestine and Kenya, which face increasingly dire financial needs. Although emergency relief donations have risen, the global credit crunch has made it harder for developed countries to keep pace with the need.
Posted on Jul 21, 2009
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taisha.org
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Fresh off the bailout, Goldman Sachs raked in $3.44 billion in net profit this quarter, beating analysts’ already high expectations, and the firm’s success will pay off for employees in the form of generous bonuses. Not surprisingly, pro-Goldman types think this is all good news.
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