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NEWS ABOUT: recession depression

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Russia Touts 'Crisis Diet' for Cash-Strapped Citizens

Government urges return to traditional foods, for thrift and nutrition

(Newser) - Russia enjoyed the recent boom as much as any other country, as high gas prices funded quick economic expansion and citizens took a liking to Western foods such as burgers, pizza, and potato chips, Time reports. But with commodities cheap, credit crunched, and unemployment rising, Moscow is recommending a new... More »

'Hidden Homeless' Turn to Motels

Recession forces middle-income families into uncomfortable new quarters

(Newser) - As the economy leaves people without the income they need to afford a mortgage or monthly rent, more and more families find themselves checking into motels for indefinite stays. While they may be a step above homeless shelters, motels bring with them a unique set of problems as long-term stopgaps,... More »

Recession's Latest Victim: Maternity Leave

Struggling moms abandon plans for months, years off work with children

(Newser) - Stay-at-home moms are becoming the next casualty of the recession, the Wall Street Journal reports. Women who hoped to take several months or even years of maternity leave are now scrambling to find work or increase their hours as the family finances crumble. One mom-centric staffing agency has seen a... More »

Real 'Cheers' Bartender Laid Off

(Newser) - For 35 years, Eddie Doyle has been the most famous bartender at Boston’s most famous bar, pouring drinks, signing autographs, and raising more than $1 million for charity along the way. Now, he’s unemployed. Cheers, the bar that inspired the TV show of the same name, has laid... More »

Airlines Panic as Recession Grounds Passengers

Falling price of oil fails to make up for slump in demand

(Newser) - A steep slide in passengers has airline execs reaching for the panic button, reports the Wall Street Journal. Airlines had banked on the drastic drop in oil prices more than making up for falling demand caused by the recession, but the decline—especially in first and business class—has been... More »

Money Woes Boost Sales of Sedatives, Antidepressants

Jump comes despite dive in marketing dollars

(Newser) - Here's a downer: The sale of antidepressants and sleeping pills have jumped amid the recession, and 31% of Americans asked about their sleeping habits say financial worries are keeping them up at night. The 7% jump in sleep aids comes despite hundreds of millions of fewer dollars spent on their... 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 »

Stupidity Is Final Sign of Apocalypse

(Newser) - "Recession" and "depression" seem far too understated to describe our world's woes. With conflicts raging from the Middle East to Mexico—and politicians pandering to Wall Street crooks who ruined our economy—let's try another word: "apocalypse," writes David Sirota in Salon. "... More »

Flower Shows Wilt Under Recession

Hard times, changing tastes killing off lavish displays

(Newser) - The economic downturn and changing demographics are killing off flower shows across America, the New York Times reports. Sponsorship money is drooping and greenhouses are becoming costlier to heat. One of the most famous, the New England Flower Show, canceled this year’s event after 137 years of bringing an... More »

Broader Jobless Rate Near 15%

Economy shedding jobs at fastest rate in 50 years

(Newser) - The February job numbers released today bring the country close to the employment nadir it reached in 1982, David Leonhardt writes for the New York Times. The 651,000 lost jobs, along with 161,000 added in revisions to previous months, still bring a depressing milestone: Since the start of... 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 »

Odds of a Depression? 1 in 5

Economist crunches historic stock-market data to gauge the chances of depression

(Newser) - The bad news is that this recession is likely to be America's worst since WWII—but the good news is there's only a 20% chance it will become a depression, Robert Barro writes in the Wall Street Journal. The Harvard economist crunched numbers from 251 stock-market crashes in 34 countries... More »

Toyota Asks Japan for a Bailout

(Newser) - Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a... More »

US Risks 'Lost Decade' With Zombie Banks

Japan's mistake of liquidity vs. solvency being repeated: Baker

(Newser) - Japan’s economic troubles in the 1990s—the so-called “lost decade”—provides a cautionary tale for America’s current problems, writes James Baker, a Reagan Treasury Secretary, in the Financial Times. Japan used piecemeal bailouts and implicit guarantees to insolvent banks rather than swift action. So the “... More »

Think You've Got it Bad? Try Being a Horse

Economy woes spur owners to abandon their steeds

(Newser) - Humans aren't the only ones hurt by recession, as hundreds of thousands of horses could attest. While more owners are abandoning their steeds as the costs become a burden, fewer people are able to help fund horse rescue centers, reports the New York Times. The result has been some 100,... More »

Rocky Mountain News Dead at 150

Denver saddened, surprised by the closure of old friend 'Rocky '

(Newser) - The Rocky Mountain News published its last issue yesterday just short of 150 years after its founder hauled a printing press by oxcart to the nameless gold-rush settlement that would become Denver. Staffers and readers alike mourned the passing of the paper believed to have been Colorado's longest-running business, reports... More »

Berlin Protesters Torch Luxury Cars

Sardonically named 'BMW' claims responsibility for arsons

(Newser) - As the financial crisis inflames class tensions, economic protest in Berlin has taken the form of arson attacks on luxury cars, Bloomberg reports. Activists have torched more than 2 dozen vehicles this year, and the pace is increasing. A group puckishly calling itself “BMW”—an acronym for "... More »

Mr. T to Unemployed: 'Man Up!'

(Newser) - Feeling the recession depression? Not sure how you’re going to make ends meet? Mr T has some advice for you: “Man up,” the Mirror reports. The professional tough guy, who said he was in London to show Brits how to be a man, added, “If you... More »

Airline Eyes Charging for Toilets

Irish budget carrier may put coin slots on lavatory doors

(Newser) - Just when you thought the airlines had figured out how to wring every penny out of flyers, budget carrier Ryanair announced it was mulling a new fee: a $1.50 charge to use the toilets. The Irish airline's CEO said today he was considering "putting a coin slot on... More »

GDP Drop Worst in 26 Years

Worse than anticipated

(AP) - The US economy contracted at a staggering 6.2% pace at the end of 2008, the worst showing in more than a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession. That's drastically worse than the 3.8% the government originally estimated, and the 5.... More »

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