Boxcars Idled by Recession Become Residential Blight

But most remain upbeat about their future: Pew survey

(NEWSER) - The economy is doing a number on those aged 18 to 34, according to a new survey from the Pew Research Center :

• Half say they have taken a job they didn't want.
• More than a third have gone back to school because of the job market.
• Nearly a quarter have taken unpaid work to gain experience.
• About a quarter have moved back in with the folks.
• More than 1 in 5 have postponed having a baby, and about the same number have put off getting married.

No, although a couple were charged and some were embarrassed

(NEWSER) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian Palmer in Slate ’s Explainer column: “The rampant speculation and eventual crash of 1929 weren't caused by fraud or illegality, but by unreasonable optimism and loose financial regulation.” More»

Uncertainty is the 'new normal' in America

(NEWSER) - For many Americans, "recovery" feels a lot like recession—and it may take a decade for that to change, finds the New York Times . At the current rate of job creation, for instance, it would take nine years to recapture jobs lost thus far. Home prices, meanwhile, are down 20% since 2005; even assuming 2% inflation, it would take 13 years for the market to reach pre-crisis levels. Everywhere, offices sit empty. More»

Blame our culture of entitlement, victimhood, and greed

(NEWSER) - These days, America seems defined by a near-ubiquitous “simmering resentment, frustration, and anger,” writes Charles Hugh Smith on his Of Two Minds blog. Why is that? Smith blames:

• A culture of entitlement: From Social Security recipients to Wall Street welfare queens, “most of us have to elbow our way to the crowded public trough” for government cash.
• A culture of victimhood: We reward victimhood, and punish thrift and carrying one’s own load. And so we all feel inclined to get our claim on victimhood.

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»