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NEWS ABOUT: economic downturn

Obama Visit Lights Up Conservative Orange County

(Newser) - President Obama will speak today at a town hall meeting in deep-red Orange Country, Calif.—though maybe the “conservative stronghold” tag is weakening, the Los Angeles Times reports. Hundreds swarmed the event site for tickets, even camping out overnight to get them in an area that gave Obama... More »

G-20 Vows to Spur Lending

(Newser) - The world's top financial officials promised a three-tiered approach to battling the global economic slowdown today, the Wall Street Journal reports. At the G-20 summit in England, finance ministers vowed to inject money into the IMF and other institutions to lend to struggling countries, while tackling banks' toxic assets and... More »

Bartering Makes a Comeback

(Newser) - Around the world, websites that enable users to trade goods and services for the same are thriving in the down economy, the Washington Post reports. Craigslist, for instance, says bartering on the site has doubled in the past year. One Washington man got a plumber in exchange for a ride... More »

Circuit City Powers Down

Electronics retailer offers one more day of deep discounts

(Newser) - Today is the last day to benefit from the deeply slashed prices at the nation's closing Circuit City stores, NPR reports. Not everyone is pleased with the remaining selection of unwanted laptops and lonely printers, but shoppers are still finding deals, and the soon-to-be jobless employees seem to be doing... More »

Hey, Obama: Centrist Opposition Is Stirring

(Newser) - Be careful, President Obama. Your poll numbers are high, but political danger lurks, writes Fred Barnes in the Weekly Standard. The moderate candidate has shifted left as president, just as Bill Clinton did to his own detriment, and an "embryonic" centrist-right opposition is stirring. “Obama may be fostering... More »

Economy Worsens, No Relief 'til Late '09: Beige Book

Fed sees no turnaround until late '09, early '10

(Newser) - The Fed predicted more pain for the US economy in today's “Beige Book” report, with a turnaround not expected until late 2009 or early 2010, the Wall Street Journal reports. “National economic conditions deteriorated further,” across January and February, the Fed said. In a distressing turn, the... More »

Silverman Show Gets a Reprieve

Comedy Central to share show with GLBT focused network

(Newser) - The nailbiting can end: The fate of the Sarah Silverman Program is settled for another year, after Comedy Central struck a deal to finance the comedy. The producers had refused to work with a slashed budget, and negotiations stalled until an exec thought to ask sister network Logo to share... More »

US Will Collapse by 2010: Russian

(Newser) - The “collapse of the American dream” is complete, says a Russian scholar, and President Obama will declare martial law and the US will splinter into six regions by the end of 2010, the AP reports. Igor Panarin, the dean of Russia's Foreign Ministry school, cited school shootings, the prison... More »

1 in 5 Homeowners Underwater

(Newser) - More than 20% of Americans with home mortgages owe more to their lenders than their homes are worth, a 2% rise since September, the Washington Post reports. The hardest-hit state was Nevada, where 55% of homeowners with mortgages have negative equity. These 8.3 million homeowners nationwide are much more... More »

As Jobs Dry Up, Wannabe Lifeguards Head to Surf City

California's unemployed turn to jobs once held by teens

(Newser) - Huntington Beach, Calif., might be more famous for hosting surfing competitions, but the crowds lined up on the sand yesterday were there looking for work, reports the Los Angeles Times. The economic downturn has buoyed interest in $16-per-hour lifeguard positions, summer jobs once dominated by bronzed teenagers and college students. More »

Only One Fund Manager Made Money in 2008

But repeating the feat this year could prove tricky for Forester

(Newser) - Of the 8,200 stock mutual funds in the United States, only one—Forester Value—managed to turn a profit in 2008. With a gain of just 0.4%, Thomas Forester has become a minor celebrity in the financial world, and brokers are suddenly eager to sell his tiny fund... More »

Economic Woes Threaten Iraq's Stability

Declining oil prices and aid cancel urgently needed rebuilding

(Newser) - Countries around the world are suffering budget shortfalls and declining exports, but few nations have seen as calamitous a fall in revenues as Iraq. As oil prices have plummeted and American financial support has dried up, Iraq is canceling projects and struggling to pay government employees. As the New York ... More »

It's Carnival! (But Crisis Hangover Looms)

Money dries up, but Brazil keeps on partying

(Newser) - Wednesday is the start of Lent, but until then millions are sambaing in the streets of Brazil in the days-long bacchanal known as Carnival. While the celebrations in Rio de Janiero are as big as ever, the economic crisis is taking its toll on the massive party. Corporate sponsorship for... More »

Cash-Poor? Hit the Blood Bank—and Get Career Advice

(Newser) - Blood and other bodily fluids are hot sellers these days as donors line up to pocket quick cash in a plunging economy, ABC News reports. Seeing an increase in traffic, blood banks are campaigning to boost it higher, one at Stanford University even offering resumé and job interview advice to... More »

World Economy Cuts Mexican Migration by 50%

Fewer citizens are immigrating, but emigrants aren't returning

(Newser) - Who needs a border fence when you have a shaky economy? That seems to be the message of Mexico's latest migration numbers, which show net emigration down by more than half for the year that ended in August 2008, compared with the previous 12 months. And the cause isn't more... More »

Recession Hits the Oscars— Sort Of

Revenue is down, parties are scaling back

(Newser) - Even the Oscars are feeling the economic strain, People reports. Sure, there are still dozens of parties planned on the big day, but organizers are pumping up the “greenness” of the soirées and downplaying the extravagance—Vanity Fair is using decorations from past events. Even those not scaling... More »

Second-Half Rebound? Don't Bank On It

(Newser) - Economists say the prospects of a recovery in the second half of the year are looking less and less likely, the Wall Street Journal reports. Most economists surveyed predict the nation's GDP will grow in the third quarter by a measly 0.7%, less than half the rate predicted 6... More »

Starbucks Will Sell Instant Coffee

(Newser) - Baristas may turn up their noses, but Starbucks is going to start selling instant coffee, reports Advertising Age. Starbucks Via will be available in some cafes next month. The move comes on the heels of value meals and store closings by Starbucks as it adapts to tough times. Via will... More »

Will the Recession Drive Up Suicides?

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... More »

'All Obama All the Time' Garners Mixed Reviews

(Newser) - You can’t miss President Obama these days, as he undertakes a media blitz that has watchers nodding and shaking their heads in equal proportion, Linton Weeks writes for NPR. “The president who promised to be transparent is actually omniparent—appearing all over tarnation.” Some see the saturation... More »

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