EU Frets Over Fallout From US Economy's Slide

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• Newfound Thrift Battering Economy

  Jan 6, 09 1:51 CST
  Americans worried about the recession are stashing away cash at the highest rate in decades—but economists fear that the thrift will prolong hard times, reports the Wall Street Journal. The national savings rate has rebounded from less than zero to levels expected to hit 5% or higher this year just when consumer spending is needed most.
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• Steel Industry Hopes Stimulus Will Forge Recovery

  Jan 2, 09 2:32 CST
  Leaders of America's sagging steel industry are hoping their operations will spearhead the economy's recovery with some major help from the US government, the New York Times reports. Steel orders have collapsed since September, causing thousands of layoffs. Execs are pushing hard for the expected stimulus package from the incoming administration to be heavy on steel-hungry infrastructure projects—and to include a "buy American" clause.
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• Shoppers Go Whole Hog for Piggy Banks

  Jan 1, 09 12:08 PM CST
  Piggy banks have been flying off the shelves this holiday season, reports Reuters. Newly frugal consumers see the pigs as symbolic of the need to save, retailers say. The savings rate across America has shot up from zero to 2.8% as worried households start to sock away cash—although economists warn that the recession will last longer if consumers cut back too much and savings rates return to the 10% level of the early '80s.
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• Dumbest Gaffes on the Economy

  Dec 31, 08 6:12 PM CST
  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
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• Recession? Not for Botox Docs

  Dec 23, 08 2:14 PM CST
  Botox, apparently the poor man's plastic surgery, has not taken a hit in this recession, according to a recent survey. In fact, some doctors say demand for the pay-as-you-go treatment has increased as patients put off pricier surgeries, the Wall Street Journal reports. A lip plump or wrinkle-smoothing costs a few hundred to a few thousand dollars per visit, chump change compared with a $15,000 facelift.
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