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NEWS ABOUT: recession depression

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Wedding Guest Lists Shrink Along With Budgets

Economy

(Newser) - With the economy slicing through earnings and savings, dream weddings are colliding with financial realities—resulting in trims to the guest list, and thorny problems choosing who makes the cut, the Boston Globe reports. The average guest list has shrunk to 139 this year, from 166 in 2007, analysts say;... More »

Post Office Will Stop Wilderness Deliveries

Remote Idaho area too expensive to get to; residents are at a loss

(Newser) - Neither rain nor sleet nor snow ... but remote location will keep the US Postal Service from delivering mail to the Idaho wilderness starting June 30, NPR reports. Faced with a $6 billion deficit, the mail carrier is cutting back across the board, and that includes the last airstrip service in... More »

Boaters Jumping Ship in Troubled Times

Erstwhile skippers scuttle their craft for the insurance payout

(Newser) - Many boaters who bought their vessels during sunnier economic times are now regretting their purchases, and some of them are resorting to desperate measures, reports the New York Times. Facing hefty maintenance costs and docking fees, some skippers are simply cutting their crafts—often fully paid for—loose to drift... More »

Boss Hijackings Spike in France

Anger moves to menace as economic tensions mount

(Newser) - Worrisome "hijackings" of bosses are spiking in France, underlining the threatening tensions within a staggering economy, reports the Wall Street Journal. Workers angered by layoffs surrounded the car of Salma Hayek's retail tycoon hubby François Pinault in Paris yesterday for over an hour until they were dispersed by... More »

Site Reaches Out to Those Worried Sick About Money

Addresses economy-related health issues

(Newser) - A federal agency has launched an online rescue kit for people whose mental and physical health is being wrecked by economic worries, reports Reuters. The "Getting Through Tough Economic Times" website aims to help people spot the warning signs of emotional distress in themselves and others and point them... More »

Recession Marks the End of Supersized America

'Great Recession' comes as a reality check after decades of '80s-style excess

(Newser) - The recession has brought the long '80s boom to an end, but maybe a better America can emerge from the ashes of a self-destructive age of excess, Kurt Andersen writes in a Time cover story. It was plain that the years of giddy growth that started around 1983 had to... More »

Tent Cities Sprout Across US

'Hoovervilles' return as recession forces thousands from homes

(Newser) - Cities across the country are struggling to deal with mushrooming shantytowns, reports the New York Times. In a chilling echo of the Great Depression, tent cities are springing up on vacant lots in smaller cities, while homeless encampments in larger cities are burgeoning as more and more people lose their... More »

Iconic Depression Setting Makes Do Amid Recession

Could things get as bad for Sallisaw, Okla., as they did in the 1930s?

(Newser) - Many have made the parallel between the current economic slump and the Great Depression. Interested in pursuing the connection, Rafael Alvarez visited Sallisaw, Okla., an icon of the troubled 1930s as the setting of John Steinbeck’s The Grapes of Wrath, he writes for the Christian Science Monitor. The downturn... More »

As Economy Tanks, So Does Alimony

Wealthy argue that falling assets make old settlements unfair

(Newser) - The impact of plunging asset values is making itself felt in divorce courts, reports the Daily Telegraph. Celebrities and corporate high-fliers pleading poverty have managed to wrangle reduced payments to their exes in recent months. Lawyers warn that the trend toward cut-price settlements is now becoming mainstream and urge estranged... More »

RI Strip Club Hosts Job Fair

Establishment hopes to attract 'new faces' to adult industry

(Newser) - A prominent Rhode Island strip club is betting that long spells of unemployment will attract newcomers to the adult entertainment industry, the Providence Journal reports. The Foxy Lady is even hosting a job fair tomorrow, looking to hire up to 25 new dancers, bartenders and bouncers. Unemployment in Rhode Island... More »

French Demand for Sex Toys Fizzles

Worried consumers cutting kinky goods from their budgets at exotic fair

(Newser) - The economic downturn has thrown cold water on France's usually robust demand for sex toys, lingerie, and other naughty goods, Reuters reports. Organizers of the world's largest erotic fair, which opened near Paris last week, say that while attendance is still healthy, sales of kinky products are down around a... More »

Give Summers' Genius More Leeway

To combat crisis, perhaps Obama's economic genius should be given free reign: Scheiber

(Newser) - The most common worry over Larry Summers’ directorship of President Obama’s economics advisory council has been that his hard-charging intellectual style would alienate politicians the administration needs, writes Noam Scheiber in the New Republic. But considering Summers’ experience as Clinton’s Treasury Secretary, as well as his prescient 1991... More »

Recession Blues Rot Big Apple

(Newser) - Sure, people everywhere are suffering from the recession, but most of the country is managing to deal with it. Not New York. The Big Apple is “perpetually freaked out,” writes Hugo Lindgren in New York. The city is so packed with people, Lindgren theorizes, that it’s “... More »

Volunteer Boom Becoming a Burden

Charities overwhelmed by would-be free workers

(Newser) - As more people lose jobs, they’ve got hours to fill—and many are turning to volunteer work, looking to do good and perhaps network, the New York Times reports. But organizations have been so flooded that many have had to put would-be helpers on waiting lists—and for some,... More »

In Barren Job Market, to Get a Job, Create One

Recession becomes the mother of invention for would-be businesspeople

(Newser) - New businesses are sprouting up across America as unemployed people running out of time and money decide that the only way to get a job is to create one, the New York Times reports. Economists say now is the time in the downturn cycle when "forced entrepreneurship" starts,... More »

Noonan: Maybe Wall Street Was High on Xanax

Maybe money men were hopped up on anti-depressants

(Newser) - Peggy Noonan has a novel explanation for the crash (“or the great recession, or the collapse—it’s time it got its name”): What if the bankers were all hopped up on happy pills? Antidepressant use became widespread in New York after 9/11, she notes in the Wall ... More »

18% of US Wealth Up in Smoke Last Year

Fed figures show $11 trillion was wiped out Americans' net worth last year

(Newser) - Last year's stock market and housing slumps wiped out nearly a fifth of the wealth of American families, the Wall Street Journal reports. The Federal Reserve announced yesterday that  $11 trillion—more than the output of Britain, Germany and combined—was erased from the net worth of households in 2008,... More »

US Household Wealth Falls Record $5.1T

Combined five-quarter drop is nearly as big as US GDP for 2008

(Newser) - The wealth of US households fell at a record pace in the last quarter of 2008, as drops in home values and stock prices accelerated, Bloomberg reports. Net worth for households and non-profits fell $5.1 trillion to $51.5 trillion, nearly twice the decline between the second and third... More »

Wall Street's Woes Hit Sesame Street

Drop in donations forcing round of layoffs at Sesame Workshop

(Newser) - The recession is pushing Sesame Street closer to Skid Row, reports the Financial Times. The educational foundation behind the TV show and a variety of community programs is laying off a fifth of its 355 staff. The Sesame Workshop has been hit hard by market turmoil eroding its investments and... More »

Unemployment Hits 10% in 4 States

California, Michigan, South Carolina and Rhode Island lead jobless statistics

(AP) - Four states—California, South Carolina, Michigan, and Rhode Island—registered unemployment rates above 10% in January, and the national rate is expected to hit double digits by year-end. The US Labor Department's report on state unemployment, released today, showed the increasing damage inflicted on workers and companies from a recession... More »

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