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NEWS ABOUT: recession depression

Why America Is So Angry and Miserable

Blame our culture of entitlement, victimhood, and greed

(Newser) - These days, America seems defined by a near-ubiquitous “simmering resentment, frustration, and anger,” writes Charles Hugh Smith on his Of Two Minds blog. Why is that? Smith blames:
  • A culture of entitlement: From Social Security recipients to Wall Street welfare queens, “most of us have to elbow
... More »

US Poverty Rate Hits Record 14.3%

One in 7 fall within guidelines; highest since at least '65

(AP) - The ranks of the working-age poor climbed to the highest level since the 1960s as the recession threw millions of people out of work last year, leaving one in seven Americans in poverty. The overall poverty rate climbed to 14.3%, or 43.6 million people, the Census Bureau said... More »

Home Repos Hit Recession High

US on track for 1M foreclosures this year

(AP) - Lenders took back more homes in August than any month since the start of the US mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, RealtyTrac said today. In all, banks repossessed 95,... More »

Lawyers Mad at Law Schools Over Lack of Jobs

Yet applications for fall rose 2.2%

(Newser) - As with most other professions, recent law school grads have met with a harsh employment market ... and some of them are mad at law schools for "misrepresenting" the wealth-producing, exciting, and glamorous careers they were expecting and don't have. The woman behind UnemployedJD.com has gone on a hunger... More »

US Could See Record 1M Foreclosures in 2010

Numbers 'unprecedented'

(AP) - More than 1 million American households are likely to lose the roof over their heads to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. Nearly 528,000 homes were repossessed by lenders in the first six months... More »

Screw Charity, Millionaires Spending More on Bling

Financial crisis scares money out of stocks, into stuff

(Newser) - Spooked by the financial crisis, millionaires have pulled their money out of stocks and put it where their passions are—think yachts, art, private jets, and expensive jewelry—while simultaneously cutting back on their donations to charity, according to a new report from Merrill Lynch and Capgemini. Most millionaires now... More »

How You Can Lose Your Paid-Off Home

Localities sell your unpaid bills to investors who foreclose

(Newser) - Vicki Valentine's father paid off the mortgage on their home a quarter-century ago, but she's been foreclosed on and evicted anyway, thanks to a $362 unpaid water bill. Valentine's one of a growing number falling prey to “tax sales,” the Huffington Post reports. Basically, the city sold Valentine's... More »

The Millennial: Tech-Savvy, Still Living With Mom

Peter Pan lurks among underemployed 20somethings

(Newser) - Maybe it's the crap economy, or maybe they're just sensitive, but 20-something millennials are proving you can go home again—in fact, you can never leave. Long lauded for their tech savvy, the Washington Post notes that 20-somethings are not only not flying the coop later than previous generations, they're... More »

Dr. Doom Fears a Double Dip Recession

Roubini thinks macro data contradict cheery recovery theories

(Newser) - There’s a debate raging over whether the US will recover quickly or undergo a painful double-dip recession . Guess which side eternal pessimist Nouriel Roubini is on? Dr. Doom doesn’t like the macroeconomic numbers he’s seeing. The horrendous consumer confidence, housing and employment numbers “actually suggest a... More »

Arizona Dem: Congress, We Need a Paycut

Ann Kirkpatrick wants to take $8,700 hit—first since Depression

(Newser) - Many lawmakers are calling on Congress to once again forego its annual raise, but Arizona Democrat Ann Kirkpatrick is taking things a step further, proposing an $8,700 pay cut. That would amount to 5% of a House member’s base salary of $174,000, and $4.7 million in... More »

Lending Falls at Fastest Rate Since 1942

Boatload of bank failures likely in 2010

(Newser) - Banks tightened credit last year at what the Wall Street Journal calls an “epic pace,” recording their biggest full-year decline in loans outstanding in 67 years. The figure comes from a new FDIC report that paints the picture of a banking industry that, apart from a few top-tier... More »

Jobless Will Stay That Way—for Years

Recovery robust enough to pull 15M off unemployment rolls unlikely

(Newser) - "Jobless recovery" is no mere catchphrase to the millions of Americans that the middle class has shed from its ranks. Many have been out of work for so long that they've exhausted unemployment benefits as the systems strains under what one expert says is "the reality of long-term... More »

1 Year In, Stimulus Has Saved 2M Jobs

Critics who say it's failed are off base: David Leonhardt

(Newser) - It may not “yet feel like much of a recovery” to jobless Americans, President Obama concedes, but it’s thanks to the massive economic stimulus package passed a year ago “that a second depression is no longer a possibility.” Obama celebrated the anniversary of the recovery act... More »

Nonprofits Under Pressure: Merge or Die

Boom spawned many small charities now forced to close doors

(Newser) - The recession is ravaging the nonprofit sector, forcing many to consolidate or disappear, even as demand for their services rises. Over the past 15 years, the number of registered nonprofits doubled to 1.5 million organizations. Now, as funds dwindle—private donations fell 6% throughout the sector in 2008, their... More »

Income=$0, and Some Food Stamps

States seeing double-, triple-digit growth among those with zero income

(Newser) - The recession has pushed millions from their homes and jobs, but there's a rising new class of economic victim—the American with zero monthly income surviving on food stamps alone. The New York Times examined states' data, and found that some 18% of food stamp recipients were in households with... More »

Poll Lays Bare Jobless Toll on Families

Parents are panicked and ashamed, kids are anxious as savings go

(Newser) - Unemployment is taking an alarming toll on the mental health and family life of American workers, a New York Times / CBS poll finds. Some 86% say unemployment has caused a life crisis. Almost half say they've suffered from anxiety and depression, they've argued more with their family and friends... More »

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

(Newser) - Britain will levy a 50% tax on bank bonuses over $40,800 this year, in an attempt to shore up the nation's finances—and appease angry voters—ahead of the coming election. Alistair Darling slammed banks who paid out hefty bonuses even as Britain remains in recession: "Their priority... More »

Clothes Resellers Getting Extra Picky

The resale business is booming in the recession

(Newser) - Stores that specialize in reselling trendy used clothes are doing a booming business these days—enough so that they can afford to be picky. So many people are looking to make a quick buck by thinning out their closets that even Dior and Juicy Couture can be rejected, the Wall ... More »

Advertisers: Take a Cue From Ketel One

TV spots hint at hard times, and does it well

(Newser) - Advertisers trying to market to recession-bruised consumers could take a cue from Ketel One vodka, suggests Seth Stevenson in Slate . Rather than playing Debbie Downer and addressing the recession with coupons—or ignoring it entirely à la Grey Goose’s glamorous yachting women—Stevenson says Ketel One has made “... More »

Young Black Men Hit Hardest By Recession

Demographic's unemployment reaches Depression-era levels

(Newser) - The recession has sent the unemployment rate among young black men soaring to rates not seen since the Great Depression. The jobless rate among black males aged 16 to 24 hit 34.5% last month, more than triple the rate for the general population. The demographic has been especially hit... More »

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