Bush Cops to Economic Uncertainty

Poll shows majority fear for future

(NEWSER) - The vast majority of Americans are convinced the nation is sinking into a recession—but most are not feeling the pinch themselves and have no plans to tighten their belts just yet, according to a Los Angeles Times/Bloomberg poll. A year ago a similar poll showed widespread confidence that the economy was in good shape. More»

Increasingly, 20somethings wait for their 'real' career

(NEWSER) - Stephanie Kelly graduated in 2009 with a degree in advertising; instead she works as a part-time secretary and writes freelance for an online “Secret Santa Organizer.” Amy Klein has a degree in English lit from Harvard, but the 2007 grad has been touring the country in a minivan as part of a punk rock band. Stephanie Morales graduated from Dartmouth and ended up waiting tables for $2.17 per hour. They’re part of the group of highly-educated 20-somethings with dead-end jobs that the New York Times calls “Generation Limbo,” and not all of them are unhappy with where they are in life: “I can cook and write at my own pace,” says Kelly. “I’m fulfilling my artistic goals,” says Klein. More»

Economists pile on the bad news for the struggling class of '09

(NEWSER) - The recession will mean paltry pay for the Class of '09 for many years to come, economists tell the Wall Street Journal. College grads are entering the toughest labor market in 25 years and competition is driving down starting wages for those lucky enough to land jobs, an effect research shows can linger for up to 15 years. More»

Instead of predicting financial crisis, they hid it

(NEWSER) - The men who should have been warning us about the impending financial crisis were a wee bit off the mark at times. MSNBC rounds up some of the dumbest things said:

• "Subprime market problems seem likely to be contained."—Ben Bernanke, March 28, 2007
• "The fundamentals of our economy are strong."—John McCain, Sept. 15

Price oil halves in 3 months as demand takes a dive

(NEWSER) - Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that budgeted for $100-plus oil find themselves with extra cash. More»