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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: economic crisis

economic crisis stories: 32 news summaries

1 - 20 of 32 Stories | 1 2 Next >>

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 Detroit's 
 Silverdome 
 Sells for 1% 
 of $56M Cost 

Stunning bargain sale marks state's desperation

Nov 19, 09 2:06 AM CST
(Newser) - In a stunning sign of the imploding economy, Detroit is selling its $56 million sports dome for a bargain basement $580,000. The 80,000-seat Pontiac Silverdome, once home to the Detroit Lions, went for 1 percent of the cost to build it 35 years ago. The city of Pontiac... More »

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Detroit • Michigan • Pontiac • auto industry • economic crisis • Pontiac Silverdome

 Pittsburgh G-20 March 
 Proceeds Peacefully 

Demonstration free of violence that marked yesterday's protests

Sep 25, 09 4:11 PM CDT
(Newser) - Protesters again marched in Pittsburgh today while world leaders met at the G-20 summit, but the demonstration has so far been peaceful, in marked contrast to the mayhem that marked yesterday’s rally. The demonstration, organized by the antiwar Thomas Merton Center, made its way across town after an opening... More »

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globalization • Pittsburgh • G20 • protesters • peace movement • economic crisis • march • G-20 • Thomas Merton Center

(AP) - The economy is finally beginning to show signs of stabilizing in some parts of the US, bolstering hopes of a broader-based recovery this year. A Federal Reserve snapshot of economic conditions issued today finds that most of the Fed's 12 regions indicated either that "the pace of decline has... More »

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Federal Reserve • United States • recession • economy • financial crisis • economic downturn • economic crisis • stabilizing

OPINION

 Goldman's Gains Are America's Losses 

Record earnings show Wall Street behavior hasn't changed

Jul 17, 09 10:01 AM CDT
(Newser) - Goldman Sachs’ record profits are good for the firm and “bad for America,” writes an irate Paul Krugman in the New York Times. With unemployment soaring, we’re seeing that “Wall Street’s bad habits” haven’t changed, and the government has actually made another crisis more... More »

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Wall Street • Goldman Sachs • banking industry • financial crisis • economic crisis

(Newser) - The Federal Reserve is confident the general economy is turning around but still pessimistic on the jobs part, the Wall Street Journal reports. In June meeting minutes issued today, those gathered agreed that data since April “indicated that the economic contraction was slowing and that the decline in activity... More »

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Ben Bernanke • Federal Reserve • recession • unemployment • predictions • financial sector • economic crisis • minutes

(Newser) - President Obama got his usual hero's welcome overseas, but this trip seemed "jarring and discordant" back in the US, writes Cynthia Tucker in the Atlanta Journal-Constitution. Our economic news keeps getting worse by the day, yet at summit after summit, “photos of the Obamas in resplendent, gold-bedecked... More »

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Europe • G8 summit • US economy • economic stimulus package • summit meeting • Obama administration • President Obama • economic crisis • palaces

OPINION

Krugman
to Obama:
I Told You So

Bush-style hedging on possible 2nd stimulus isn't helping anyone

Jul 10, 09 10:23 AM CDT
(Newser) - A second economic stimulus package looks increasingly necessary, and President Obama may get "caught in a political-economic trap" if he doesn't act soon, warns Paul Krugman in the New York Times. The Fed is out of the picture, and the White House has to deal with legislators convinced... More »

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Bush administration • Joe Biden • Federal Reserve • economic stimulus package • Obama administration • President Obama • economic crisis

G8 Roundup

 G8 Leaders Stumble 
 on Climate Change

Obama urges a tougher stance on Iran, N. Korea nuclear programs

Jul 8, 09 2:57 PM CDT
(Newser) - World leaders gathered in L’Aquila, Italy, today for the G8 summit. Highlights from the day's meetings:
  • A forum organized by President Obama for the world’s 17 biggest polluters failed to approve a proposal to cut global emissions by 50% by 2050, the New York Times reports. The
... More »

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climate change • Iran • North Korea • global warming • nuclear weapons • G8 summit • financial crisis • economic crisis

(Newser) - Pope Benedict delivers a broad criticism of contemporary capitalism in his latest encyclical, the Washington Post reports. The biggest problem with businesses today is that “they are almost exclusively answerable to their investors,” Benedict writes in the 144-page document. He proposes a radically different economic model in which... More »

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Pope Benedict XVI • economics • G8 summit • Vatican • socialism • capitalism • economic crisis

Economic
Crisis Hits
Al Qaeda, Too

Terrorist activities
must wait as fundraising falters

Jun 12, 09 2:29 PM CDT
(Newser) - Al Qaeda operations are struggling due to a lack of capital brought on in part by the global economic downturn, the New York Post reports. “In Afghanistan, we have a severe supply deficit,” the group said in a plea for donations. “Mujahideen sit and wait and... More »

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Iraq • Afghanistan • terrorism • donation • global economy • al-Qaeda • mujahedeen • economic downturn • economic crisis

Zuma's First Big Test:
South Africa's 23% Jobless

At 23.5%, unemployment keeps nation locked in poverty

Jun 11, 09 8:01 AM CDT
(Newser) - South Africa is facing its first post-apartheid recession, and unemployment has hit 23.5%—a punishing figure that has ended the honeymoon of its new president, Jacob Zuma. Many who voted for Zuma have never had a job at all and are desperate for work, Celia Dugger reports for the... More »

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Africa • South Africa • recession • unemployment • trade unions • Jacob Zuma • Poverty in South Africa • economic crisis

 Jobless Cling 
 to Their Faith 
 in Detroit 

Religions offer
comfort as jobless
face pain, hunger

May 31, 09 6:10 PM CDT
(Newser) - Thousands of Detroit's jobless are coping with fear and desperation by falling back on faith, the Detroit Free Press reports. Houses of worship are increasingly fielding calls from people seeking jobs, food, and housing—but above all, congregants say, they find comfort. "When the tension comes and the pressure... More »

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layoffs • Detroit • religion • God • church • faith • auto industry • economic crisis

 Chile's Thrift Pays Off as Downturn Bites Elsewhere

Finance minister hailed for dodging commodity bubble

May 27, 09 8:59 AM CDT
(Newser) - Chile's thrifty finance minister is starting to look like a prophet as spendthrift, "grasshopper" economies founder around him, the Wall Street Journal reports. Andres Velasco's tight grip on the country's copper revenue during the commodities boom made him and his party deeply unpopular at the time, but the country... More »

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Latin America • Chile • copper • commodity prices • economic crisis • emerging economies

(Newser) - The FDIC has shut down a Georgia-based bank that was the largest in the country to accept deposits exclusively from other banks, the Wall Street Journal reports. Some argued that Silverton Bank—known as the Bankers' Bank until last year—was “too big to fail.” The FDIC... More »

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Georgia • FDIC • bank failure • economic crisis • Silverton Bank • banker's bank

 Financial 'Pearl Harbor' 
 Is Past, Says Buffett 

Oracle confident as he prepares to be buffeted by shareholders

May 1, 09 2:05 PM CDT
(Newser) - The Oracle of Omaha still sees tough times ahead for the US economy, but he says he thinks the worst is in the past, CNCBC reports. “We’re at a war now to some degree, but Pearl Harbor was September,” Warren Buffett says. “There was a strike... More »

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investors • Warren Buffett • shareholders • recession • Berkshire Hathaway • investment fund • Oracle of Omaha • economic downturn • economic crisis

British MPs Blast Bankers
For 'Astonishing Mess'

Report by finance committee blames HBOS, RBS for meltdown

May 1, 09 7:31 AM CDT
(Newser) - Bankers bear the majority of blame for the global economic crisis for having made "an astonishing mess of the financial system," an investigation by the British parliament's finance committee has concluded. The Treasury Select Committee said in a report that bailed-out banks such as HBOS and Royal Bank... More »

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British Parliament • Royal Bank of Scotland • HBOS • banks • financial crisis • economic crisis • RBS

 UK Billionaires' 
 Ranks Halved 
 in Downturn 

Wealthiest lose collective $228B

Apr 26, 09 12:03 PM CDT
(Newser) - The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost... More »

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Richard Branson • Paul McCartney • Elton John • wealth • Roman Abramovich • recession • billionaire • rich • losses • Lakshmi Mittal • downturn • personal wealth • Tom Jones • economic crisis

OPINION

Obama Could Try Some of His Vaunted Fiscal Responsibility

Administration involved in major economic gambles

Apr 21, 09 11:10 AM CDT
(Newser) - In a recent speech at Georgetown, President Obama outlined his plans for the economy. The funny thing is, David Brooks writes in the New York Times, "he sounded like a cultural conservative." The president talked about the good old days and vowed to end fiscal irresponsibility. In short,... More »

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Barack Obama • stock market • Georgetown University • economic stimulus package • David Brooks • economy • economic crisis

Spanish Price Collapse Could Signal New Global Woes

'It’s like the front line of a new virus outbreak'

Apr 21, 09 4:45 AM CDT
(Newser) - Spain has suffered a major blow from the global economic crisis, with sky-high unemployment that could soon reach 20%, and merchants across the country are taking a drastic step: slashing retail prices. While lower costs in shops and restaurants might sound appealing, it's actually very bad news—the first sign... More »

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Spain • Europe • unemployment • global economy • deflation • economic crisis

 Zimbabwe Central Bank 
 Stole Cash to Stay Solvent 

Governor admits pilfering private accounts to keep ministries running

Apr 20, 09 11:26 AM CDT
(AP) - Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when... More »

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Africa • inflation • Zimbabwe • economics • economic reform • incompetence • central bank • economy • hyper-inflation • economic crisis • Gideon Gono

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