Airfares May Sag in '09: Report

That airline ticket won't be so easily obtained in recession

(NEWSER) - Smarting from the sour economy, many credit-card companies are cutting back on rewards programs born out of 1980s excesses, USA Today reports. The cutbacks are akin to moves made by the airline industry last year as fuel prices skyrocketed. “You’re going to see more and more of the trimming down of the benefits that aren’t so popular,” one watcher said. More»

Airlines, cruises, hotels slash prices for those who can still afford it

(NEWSER) - There’s a spot of good news for travelers amid the barrage of dire economic reports: Those looking for a flight, cruise, or hotel stay may find surprisingly good deals. As financial woes keep many Americans grounded, the travel industry is forced to drop prices to fill space, the Los Angeles Times reports. For the industry, “it’s very bad,” says a consultant. More»

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»

(AP) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and oil is the front line commodity for that. There's just a lot of panic and fear." More»

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»