Tax Revenue Takes Biggest Dive Since Great Depression

(NEWSER) - President Obama has big plans for the economy, and that’s too bad because he knows nothing about it, Fred Barnes writes in the Weekly Standard. All of his proposals and angry jabs at Wall Street are counter to his professed interest in growth and job creation. “Obamanomics pays lip service to a free market economy,” Barnes writes. “But Obama hasn't a clue what makes it work.” More»

We're better prepared now, but rates are still tied to cultural trends

(NEWSER) - America is reeling from the financial crisis, and the psychological strain has analysts carefully watching national suicide rates, Time reports. Though three high-profile European businessmen took their own lives recently, suicide rates have held steady at 11 per 100,000 people; during the Great Depression, they spiked at 17 per 100,000. But there is still reason for concern, say some. More»

(NEWSER) - Though it's no secret the country is weathering a financial calamity, the crisis still lacks a catchy handle. The New York Times takes a look at news organizations' so-far unsuccessful efforts to find one: Some obvious contenders such as “credit crunch” and “Wall Street crisis” have popped up, but none have truly crystallized the trouble. "Great Recession" seems to be gaining steam, but only time will tell. More»

At least new industries arose in the 1930s: Leonhardt

(NEWSER) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs were inventing television, mass marketing refrigerators, and improving railroads. "It would clearly be nice if we could take some comfort from this bit of history," writes Leonhardt. "If anything, though, the lesson of the 1930s may be the opposite one." 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»