No Snow Job: Owner Wants $500K for Vail Parking Spot

Former Fed chief takes heat on Capitol Hill

(NEWSER) - Alan Greenspan is taking more heat on Capitol Hill today as a three-day series of hearings begins on the economic meltdown. “What we tried to do was the best we could with the data that we had,” the former Fed chief told the Financial Crisis Inquiry Commission. “Did we make mistakes? Of course we made mistakes." But he defended the central bank's efforts and said it was "quite active in pursuing consumer protections for mortgage borrowers," reports Bloomberg . More»

Fancy cars, wines, homes selling at deep discount

(NEWSER) - In the midst of its worst recession in modern history, Ireland has become a bargain hunter’s paradise, with high-end cars, homes, and wines selling for a song. “It’s a bit like old vultures over the carcass,” one shopper tells Bloomberg . “You’ll see all sorts of places coming down. The recession seems to be biting.” More»

Tenuous 3.5% growth is best showing in two years

(AP) - The economy grew at a 3.5% pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. The Commerce Department's report today delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended. More»

Recession isn't over as far as consumers are concerned

(NEWSER) - If the recession is indeed waning, nobody told consumers. Retailers of every kind reported lousy sales for the quarter ended Aug. 1, the Wall Street Journal reports. Target’s same-store sales fell 6.2%, Home Depot’s dropped 9.1% and Saks’ plummeted a whopping 15.5%. And with unemployment, stagnant wages, and tight credit squeezing shoppers, executives don’t expect to see improvement until next spring. More»

(NEWSER) - If you’re the glass-half-full type, recent economic indicators look good: Unemployment fell last month, the savings rate is up, and productivity hit a 6-year high. But that same data proves that ordinary people aren’t likely to feel the good vibrations anytime soon, the Washington Post reports. “It's going to be a recovery only a statistician can love,” said a Wells Fargo economist. More»