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FRIDAY, NOVEMBER 20, 2009
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NEWS ABOUT: economic downturn

economic downturn stories: 113 news summaries

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 Credit Stimulus for 
 650K Jobs: White House 

Directly or indirectly, $150B spent has had great effect, report says

Oct 30, 09 11:18 AM CDT
(Newser) - The economic stimulus package has already created or saved at least 650,000 jobs, the White House said today, even though just $150 billion of the $787 billion has been spent. And the number of jobs is closer to 1 million if it includes positions added indirectly, according to the... More »

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White House • recession • economic stimulus package • job creation • Obama administration • President Obama • economic downturn • federal funding

Poll

 US Glum on Economy 
 —and GOP, Too 

Republican Party lacks opposition bump usually accompanying hard times

Oct 28, 09 11:47 AM CDT
(Newser) - Americans are bummed about the economy, but that hasn’t given Republicans the usual opposition party boost in Washington . “The mood in America may be blue, but attitudes toward Washington are just jet black,” a pollster tells the Wall Street Journal . Some... More »

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GOP • recession • Republican Party • economy • opinion polls • Obama administration • President Obama • economic downturn • pessimism

PAUL KRUGMAN

 In Switch, 
 'Real Economy' 
 Hits Big Banks 

Slumping profits are 'payback' from Main Street whipped by bad practices

Oct 19, 09 9:49 AM CDT
(Newser) - Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are... More »

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Bank of America • Goldman Sachs • recession • Citibank • credit crisis • Paul Krugman • lending practices • Larry Summers • Obama administration • financial crisis • economic downturn

In Tough
Times, Families Reselling
Burial Plots

Cemeteries report
brisk sales of late

Sep 24, 09 1:50 PM CDT
(Newser) - People struggling with bills and other earthly concerns are unloading burial plots at a fast clip. One Florida cemetery made as many “buybacks” in the first half of this year as in all of 2008, another in Ohio reports a similar spike, and ads are plentiful on funeral property... More »

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cremation • recession • death • economy • cemetery • economic downturn • burial plot • family plot

 Economy Wallops 
 Lawmakers' Fortunes  

Combined, members of Congress sough off hundreds of millions

Sep 14, 09 6:16 PM CDT
(Newser) - The 50 richest members of Congress are still rich, but their personal finances show they’re not immune to the economic downturn, Roll Call reports. Together, the pols on the list have lost $275 million in personal wealth since 2007. In 2008, the legislators' combined assets of $1.3... More »

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Congress • John Kerry • Senate • House of Representatives • Jane Harman • Mark Warner • Jay Rockefeller • US Congress • financial disclosure • Darrell Issa • economic downturn • wealthy

Investors Ditch Once Lofty Cerberus Fund

Failed investments in Chrysler, GMAC have clients pulling $5.5B

Aug 29, 09 3:48 PM CDT
(Newser) - Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been... More »

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Chrysler • Cerberus Capital Management • investors • recession • hedge fund • Stephen Feinberg • liquidity • GMAC • economic downturn

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks... More »

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Ben Bernanke • Federal Reserve • recession • global economy • central bank • bailout • financial crisis • economic downturn

GLOSSIES

 How Annie Leibovitz 
 Got Underwater 


Aug 17, 09 1:46 PM CDT
(Newser) - Photographer to the stars Annie Leibovitz is in a widely reported financial pickle, but it really comes as no surprise to those close to her, New York reports. Leibovitz is now engaged in baroque legal wrangling over her catalog, but her troubles started earlier. Insiders say a suspected “... More »

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Vanity Fair • bankruptcy • photography • debt • Vogue • photographers • spending • Annie Leibovitz • underwater • economic downturn • Susan Sontag • catalog

COMMENTARY

Pinched Writer Picks Up
the Toilet Brush 


Aug 17, 09 1:19 PM CDT
(Newser) - Even with two degrees and a book deal, Rebecca Golden has had a tough time keeping her bank balance above zero, she writes for Salon, so she's turned to an edifying, if often terrifying, sideline: cleaning houses. “I suppose I could find other ways to make ends meet,”... More »

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economic indicators • recession • bathroom • toilet • cleaning • part-time jobs • economic downturn • recession depression • maid

(Newser) - Families appear to be putting off that baby until economic conditions improve, the New York Times reports. The birth rate fell 2% in 2008 compared to 2007, and the trend looks to be continuing into 2009. “It’s the recession," a sociologist says. "Children are the... More »

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pregnancy • children • baby • recession • birth rate • Great Depression • household expenses • economic downturn

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support... More »

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IRS • recession • Social Security • Internal Revenue Service • federal income tax • Federal government • tax revenue • Great Depression • financial crisis • economic downturn

(AP) - The economy is finally beginning to show signs of stabilizing in some parts of the US, bolstering hopes of a broader-based recovery this year. A Federal Reserve snapshot of economic conditions issued today finds that most of the Fed's 12 regions indicated either that "the pace of decline has... More »

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Federal Reserve • United States • recession • economy • financial crisis • economic downturn • economic crisis • stabilizing

(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... More »

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economics • recession • Federal government • economy • Obama administration • financial crisis • President Obama • economic downturn • Fred Barnes

(Newser) - A long history of sparse employment and hardships of all stripes has built a culture of frugality that leaves Maine perfectly suited to the current recession, the Boston Globe reports. “Everybody now is into shopping thrift shops, but in most of Maine, people never stopped,” a banker says.... More »

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consumer • foreclosure • New England • recession • Maine • economic downturn • thrift • frugality

(Newser) - “Anti-business may be too crude a label” for President Obama, Fred Barnes writes in the Weekly Standard, but America's leader certainly "has a dark view of profits." Surveying Obama's appointments, policies, and remarks about business, Barnes concludes that "Obama loathes the profit motive or at... More »

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business • recession • economy • Obama administration • President Obama • economic downturn • Fred Barnes • anti-business

Economic
Crisis Hits
Al Qaeda, Too

Terrorist activities
must wait as fundraising falters

Jun 12, 09 2:29 PM CDT
(Newser) - Al Qaeda operations are struggling due to a lack of capital brought on in part by the global economic downturn, the New York Post reports. “In Afghanistan, we have a severe supply deficit,” the group said in a plea for donations. “Mujahideen sit and wait and... More »

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Iraq • Afghanistan • terrorism • donation • global economy • al-Qaeda • mujahedeen • economic downturn • economic crisis

Iraq, Economy Stalling,
May Be Broke by Next Year

Drop in oil price has gutted nation's income

May 11, 09 12:46 PM CDT
(Newser) - Some people thought Iraq wouldn't be affected by the worldwide economic downturn, says an Iraqi economist. "Those people were stupid." At the very least, they were wrong: Sales of consumer goods are in the basement, along with real estate, and the unemployment rate hovers around 25%. Surpluses from... More »

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Iraq • Nouri al-Maliki • Iraq economy • unemployment • Iraq security • economy • economic downturn • Jay-ZTV

 Financial 'Pearl Harbor' 
 Is Past, Says Buffett 

Oracle confident as he prepares to be buffeted by shareholders

May 1, 09 2:05 PM CDT
(Newser) - The Oracle of Omaha still sees tough times ahead for the US economy, but he says he thinks the worst is in the past, CNCBC reports. “We’re at a war now to some degree, but Pearl Harbor was September,” Warren Buffett says. “There was a strike... More »

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investors • Warren Buffett • shareholders • recession • Berkshire Hathaway • investment fund • Oracle of Omaha • economic downturn • economic crisis

(Newser) - Even the still-rich are unhappy in this economic climate, though their dolor is more likely to come from shame than anything else, USA Today reports. 54% of people who have $100,000 to spend after such mundane things like mortgage payments and taxes “feel guilty purchasing luxury goods” nowadays,... More »

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recession • luxury goods • rich • retail shopping • economic downturn • wealthy • affluent

As Money Dries Up, So Does Architecture

Koolhaas reflects on 'end to a period' of megabuildings

Apr 24, 09 9:44 AM CDT
(Newser) - When the tower next to Rem Koolhaas’ mammoth CCTV skyscraper in Beijing went up in flames, it seemed to mark the end of an era. After years of pricey signature projects, architects are seeing commissions cut, and projects are languishing. “I don't even know about the word ‘downturn,... More »

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architecture • Beijing • recession • Norman Foster • Rem Koolhaas • CCTV • financial crisis • economic downturn

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