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Tag: Recession

European Central Bank
Flickr / U-g-g-B-o-y-(-Photograph-World-Sense-)

How Low Can the Euro Go?

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 READ MORE


NYSE
AP / Henny Ray Abrams

Stock Market at 19-Month High

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.

Posted on Apr 24, 2010 READ MORE



Flickr / Dan DC

Global Recession Scars the Rich Nations

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.

Posted on Mar 21, 2010 READ MORE


All the King’s Horses and All the King’s Men

Share
Posted on Mar 14, 2010 READ MORE    


employment paper
AP / Charles Rex Arbogast

Surviving Without a Safety Net

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.

Posted on Mar 8, 2010 READ MORE



Flickr / The Photique

Robin Hood Hacker

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.

Posted on Feb 26, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Et Tu, Dick Cheney?; Woods’ Lament

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.

Posted on Feb 19, 2010 READ MORE


Obama and Congress members
White House / Pete Souza

Health Care Reform Can’t Wait—Outside Washington

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.

Posted on Feb 12, 2010 READ MORE



AP / J. Scott Applewhite

White House Pushes for Bernanke

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.

Posted on Jan 24, 2010 READ MORE



Federal Reserve

Bernanke Wins Senate Panel’s Support

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.

Posted on Dec 17, 2009 READ MORE


Wall Street CEOs
AP / J. Scott Applewhite

Wall Street’s Fat Cats Are Still in Charge

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.

Posted on Dec 15, 2009 READ MORE


Krugman
Wikimedia Commons / Prolineserver

Oh, the Naiveté, Mr. Krugman

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.

Posted on Dec 14, 2009 READ MORE


moviegoers
AP / Robert F. Bukaty

Box Office Sales Buoyant in 2009

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.

Posted on Dec 14, 2009 READ MORE



flickr.com / Bob Hannaford

Free Tuition for Harvard Law Suspended

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.

Posted on Dec 5, 2009 READ MORE


Obama

Obama: ‘I’m Open to Every Demonstrably Good Idea’ About Job Market

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.”

Posted on Dec 3, 2009 READ MORE


Workers in Pain sign
Flickr / aficio2008

Don’t Look to D.C. to Help in Job Crisis

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.

Posted on Nov 30, 2009 READ MORE


Dubai financial towers
Flickr / omar_chatriwala

Global Markets Hit by Dubai’s Debt Crisis

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.

Posted on Nov 27, 2009 READ MORE


window shoppers
flickr/specialkrb

U.S. Economic Growth Falls Short of Earlier Figure

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.

Posted on Nov 24, 2009 READ MORE


home sales

Home Sales Jump 10.1% in October

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.

Posted on Nov 23, 2009 READ MORE



Flickr / eflon

Bernanke Signals Possible End to ‘Too Big to Fail’ Era

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.

Posted on Nov 16, 2009 READ MORE


Warhol painting
AP / Sang Tan

Art Market Gets a Boost from Sotheby’s, Warhol

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.

Posted on Nov 12, 2009 READ MORE


money bags
0-60mag.com

Federal Deficit Hits Record $1.42 trillion

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.

Posted on Oct 16, 2009 READ MORE


Gourmet
teamsugar.com

Ciao, Gourmet: More Magazines Go the Way of the Dodo

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 READ MORE



Flickr / freemarketmyass

Bernanke Says Recession Is Over, Economy Still Sucks

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.”

Posted on Sep 15, 2009 READ MORE


money bags
0-60mag.com

A Graphic Look at the State of Our Economy

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.

Posted on Sep 14, 2009 READ MORE


Homeless
wordpress.com

U.S. Poverty Level Leaps to 11-Year High

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.

Posted on Sep 10, 2009 READ MORE


Fuld
Flickr / World Resources Institute Staff

Lehman Execs: Where Are They Now?

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.

Posted on Sep 8, 2009 READ MORE


Unemployment
theinsanityreport.com

Unemployment Hits a 26-Year High

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.

Posted on Sep 4, 2009 READ MORE


Bernanke
Wikimedia Commons / United States Federal Reserve

Bernanke Up for Round Two as Fed Chief

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.

Posted on Aug 24, 2009 READ MORE


Castro photo
AP / Franklin Reyes

Castro Issues Critique of U.S. Economic Policy

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 READ MORE


Sanders unfiltered

Sen. Sanders Unfiltered: Wall Street Off the Rails

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.

Posted on Aug 10, 2009 READ MORE


Paul Krugman: Big Government Prevented a Second Depression

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.”

Posted on Aug 10, 2009 READ MORE


Harvard Yard
nymag.com

Now Men Everywhere Can Dress Like Harvard Elitists

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.

Posted on Aug 6, 2009 READ MORE


banking protest
AP / Mark Lennihan

Banking Bandits Get Their Reward

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.

Posted on Aug 4, 2009 READ MORE


Met
newyorkstatesearch.com

New York Arts Institutions in Jeopardy

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.

Posted on Aug 4, 2009 READ MORE


ENTER_ALT_TEXT
Flickr / ifindkarma

Police Share in Government’s Largesse

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.

Posted on Jul 28, 2009 READ MORE


Bernanke and Lehrer
kc.frb.org

Chairman Bernanke Explains It All

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.

Posted on Jul 26, 2009 READ MORE


ENTER_ALT_TEXT
Radio Nederland Wereldomroep

U.N. Faces Nearly $5 Billion Shortfall in Aid

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 READ MORE


GS building
taisha.org

Big Money for Goldman Sachs

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.

Posted on Jul 14, 2009 READ MORE


Benjamins
Wikimedia Commons/Revisorweb

U.S. Budget Deficit Climbs to Over $1 Trillion

America’s spend-a-thon has brought some inevitable consequences, not the least being that we now are looking at a federal budget deficit of more than $1 trillion for the first time ever, and that number is projected to nearly double by October.

Posted on Jul 13, 2009 READ MORE


The Unemployed Will Roar

There’s a lot of argument in Washington about the economy, but if anyone’s looking for some clear voices, there are 650,000 of them just waiting to be heard. That is roughly the number of long-term unemployed who will begin losing their jobless benefits in September.

Posted on Jul 8, 2009 READ MORE


pink slip poster
Flickr / aflcio2008

Wall Street Pay Fattens as Rest of U.S. Suffers

Unemployment rose to 9.5 percent last month, the highest level in 26 years. Meanwhile, Wall Street payouts are not dropping. Goldman Sachs will be shelling out a whopping $20 billion to its employees this year. As we enter the 20th month of this recession, unemployment is becoming a way of life for many, and the very same people who created this mess are still reaping the profits.

Posted on Jul 2, 2009 READ MORE


Graduation

Share
Posted on May 22, 2009 READ MORE


ENTER_ALT_TEXT
AP photo / Kiichiro Sato

The Good News on Jobs: Less Bad

While the unemployment rate climbed to 8.9% in April, the number of job losses was down to 539,000, a sign that the recession may be slowing and recovery is on its way. Meanwhile, President Obama proposes an ambitious reform on education for the unemployed while Paul Krugman reminds us of the dangers of keeping banks unchecked.

Posted on May 8, 2009 READ MORE


Bernanke
AP photo / Susan Walsh

Bernanke Gets Our Hopes Up

The good news: Federal Reserve Chairman Ben Bernanke believes the U.S. economy may show signs of bouncing back before 2010—yay! The bad news: Bernanke also believes that aftershocks from the recession may continue to wreak havoc for a good while to come—sigh.

Posted on May 5, 2009 READ MORE


almunia
AP photo / Yves Logghe

Europe on the Downslide

Well, it’s official: The European economy is in gloomier territory than previously believed. EU Economic and Monetary Affairs Commissioner Joaquin Almunia announced Monday that member economies will shrink by 4% this year, likely taking a further plunge of 0.1% in 2010.

Posted on May 4, 2009 READ MORE


IMF Recession
imf.org

IMF Sees an Even Deeper Recession

A shrinking global economy has many at the International Monetary Fund worried, as economists project that 2009 will see a decline of 1.3 percent in world economic output—the first global recession since World War II.

Posted on Apr 22, 2009 READ MORE


Colbert

‘Colbert Report’: The Dow of Stephen

What’s with all these fancy economic algorithms that supposedly explain what goes down (or up) on Wall Street but are unintelligible to the average American? Why not make a new model that everyone can understand—and that’s always on the up-and-up?

Posted on Apr 2, 2009 READ MORE


Obama
cafepress.com

Pinching Political Party Purses

Both the Democratic and Republican parties are experiencing a unique form of financial comeuppance, as the economic recession they were in charge of preventing—that has now caused a 8.4 percent national unemployment rate—is causing a dramatic drop in the level of political party donations.

Posted on Mar 27, 2009 READ MORE


Newspapers’ Self-Inflicted Wounds

Most newspaper postmortems insist that decreased ad revenues brought on by the Internet and the recession caused journalism’s problems, but a look at the vapid celebrity-obsessed pages of the nation’s ever-thinner rags tells a different story.

Posted on Mar 26, 2009 READ MORE


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