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NEWS ABOUT: recession depression

South Korean Broker Jumps to Death Over Losses

48-year-old sent text apologizing before killing himself

(Newser) - The global markets turmoil claims a victim: A South Korean stockbroker committed suicide today after apparently suffering heavy losses, reports the AP . The 48-year-old sent text messages to his colleagues apologizing to them and to his clients for the losses before jumping from his 18th-floor high-rise residence around 7am. The... More »

Crash May Have Been Worse Than Thought

Nate Silver sees bad things in long-term GDP graph

(Newser) - Need a pick-me-up given today's depressing stock news ? Then be advised that Nate Silver's column in the New York Times is not for you. The stats guru plots GDP going back to 1877 and sees signs that our recent "economic crash was even worse than economists... More »

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

(Newser) - Thanks to the recession, the wealth gap between whites and minorities is at its widest level in 25 years. Census data show that the median wealth of white US households was $113,149 in 2009: That's 20 times that of black households ($5,677) and 18 times that of... More »

More Gloom: Layoffs Hit 9-Month High

And the future is looking bleak, say economists

(Newser) - Layoffs have climbed to their highest level in nearly a year—1.78 million workers were handed pink slips in May, the most since August 2010—increasing ever-present fears about the US economy. The Wall Street Journal highlights the latest casualties: Cisco Systems plans to slash 6,500 jobs; Lockheed... More »

It's the Busted Consumer Bubble, Stupid

With no consumer spending, economy keeps dragging

(Newser) - There are plenty of theories and explanations for the economic crisis that has afflicted the United States for years now, but they all miss the element of the continuing malaise—it's really about the bursting of the decades-long consumer spending bubble, writes David Leonhardt in the New York Times... More »

Dow Plummets Below 12K

Unemployment claims, oil prices lead to drop

(Newser) - The number of unemployment claims jumped to 429,000 last week, an unexpected rise that led the Dow Jones industrial average to fall below 12,000. Falling oil prices—they decreased 5% today—also drove US stocks lower, the AP reports. The Dow was down recently more than 215 points,... More »

California Can't Afford Teachers for $105M School

Meanwhile nearby high school badly overcrowded

(Newser) - California is just about finished building its new $105 million high school, which would be good news for the overcrowded Alvord Unified School District—if it actually had the money to run the thing. Instead, budget constraints are so tight that the district can’t afford to hire administrators, teachers,... More »

Housing Prices Hit New Recession Low

And there's no bottom in sight

(Newser) - The housing industry keeps finding new lows: Today's Case-Shiller price index shows that prices fell in the first quarter to the lowest levels since the crash began, reports the Wall Street Journal . The drop of 4.2%, on top of last quarter's 3.6% drop, is evidence of... More »

SETI Hangs Up Phone Line to ET

Budget cuts force institute to shut down search for extraterrestrial life

(Newser) - Budget cuts have forced the SETI Institute in California to shut down its famous search for extraterrestrial life, reports the San Jose Mercury News . The institute can no longer afford to operate its Allen Telescope Array, which has been scanning outer space for sign of communication since 2007. As a... More »

Disability Fund Is Running Out of Money—Fast

Without changes, could be insolvent within 4 to 7 years

(Newser) - In more we're-out-of-money news : If no changes are made, the Social Security Disability Insurance fund will run dry in four to seven years, according to government auditors. The Wall Street Journal takes a look at some of the reasons why, focusing at length on Puerto Rico, one of the easiest... More »

One-Third of US Wages? Government Handouts

Social welfare benefits make up 35% of wages and salaries

(Newser) - More than a third of the total wages and salaries in the US is made up of government payouts, CNBC reports. Social welfare benefits including Social Security, Medicare, and unemployment insurance account for 35% of wages and salaries—a record figure that is up from 21% in 2000 and 10%... More »

Providence Board Votes to Terminate All Teachers

More than 700 gathered to protest

(Newser) - Those 1,926 pink slips will definitely be going out in Providence: After two hours of debate, the school board voted last night to send out termination notices to every public school teacher in the city. More than 700 teachers gathered to express their feelings: "disrespected," "bullied,... More »

Providence Giving All Its Teachers Pink Slips

But it won't actually fire them all

(Newser) - All 1,926 teachers in the Providence Public School District are about to get termination notices. Tomorrow the school board will vote on a resolution to dismiss every teacher on the last day of school, Superintendent Tom Brady announced in a staff email today, according to the Providence Journal . Not... More »

Detroit to Close Half Its Schools

Michigan approves plan to cut $327M deficit

(Newser) - Michigan has approved a plan to close roughly half of Detroit’s public schools, pushing the average high-school class size in the struggling city to roughly 60 students, the Wall Street Journal reports. The plan is designed to eliminate the district’s $327 million deficit, but even its creator, district... More »

Did Bankers Go to Jail for Causing Great Depression?

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... More »

A Third of Working Families Live in Near-Poverty

Recession has hurt more than just the unemployed

(Newser) - Recession lamenters often focus on the unemployed, but the employed are taking a beating, too. Nearly one in three working families in America is now considered low income, meaning they earn less than twice the official poverty threshold, according to a report released today from the Working Poor Families Project.... More »

'Recovery' Looking Like 10-Year Recession

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... More »

Bank 'Foreclosure Experts' Couldn't Define 'Mortgage'

Workers with no experience or training signed paperwork

(Newser) - Work experience as a hair stylist or at Wal-Mart was good enough to get you hired as a "foreclosure expert" at financial institutions rushing through thousands of foreclosures, a Florida court heard yesterday. A lawyer defending thousands of homeowners produced depositions from mortgage company workers who testified that they... More »

US Won't Get All Jobs Back Until 2020

And we're likely to hit another recession before then

(Newser) - The US has in 2010 added 613,000 jobs as of September—a not-so-bad average of 68,111 per month. But at that rate, it will be 2020 before the US regains the 8.36 million total jobs lost in the Great Recession. That would break the post-WWII record of... More »

Census Finds Record Gap Between Rich and Poor

Young people hit hardest

(AP) - The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession. The top-earning 20% of Americans—those making more than $100,000 each year—received 49.4% of all... More »

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