economy

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McCain Fumbles for Right Tone on Economy
McCain Fumbles for Right Tone on Economy
ANALYSIS
Sep 17, 2008 5:35 AM CDT

McCain Fumbles for Right Tone on Economy

Seeks to overcome charges he's out of touch, can't see trouble

(Newser) - John McCain struck his latest discordant note on Monday when he described the economy's fundamentals as "strong" even as the financial system shuddered under hammer blows. McCain swiftly backpedaled, calling America's workers its fundamentals, but the issue highlights the candidate's struggle to overcome Democratic charges that he's out of...

Mac: Economy's Strong—Or, Er, Maybe Not

He 'doesn't get it,' Obama responds to McCain's mixed messages

(Newser) - John McCain yesterday appeared to flip flop in his response to the deepening crisis on Wall Street, reports the Washington Post. "The fundamentals of our economy are strong," McCain declared. But just minutes later he said that the "fundamentals of our economy are at risk." A...

AIG Credit Rating Cut Triggers Mad Dash for Cash

Feds in emergency talks with investment banks to avert another crisis

(Newser) - Insurance giant AIG teetered on the brink of catastrophe last night as ratings agencies downgraded the beleaguered firm's credit ratings, forcing it to raise $14.5 billion to meet debt obligations, reports the Wall Street Journal. Federal Reserve officials were holding emergency talks with Goldman Sachs and JPMorgan Chase in...

As Economy Sinks, Lottery Sales Soar
As Economy Sinks,
Lottery Sales Soar
Sep 13, 2008 10:50 AM CDT

As Economy Sinks, Lottery Sales Soar

Consumers tightening belts don't scratch their lottery spending

(Newser) - As the economy falters, one thing people aren’t cutting back on is lottery tickets, the New York Times reports. In fact, higher unemployment rates usually mean higher lottery sales, says one study, and sales are hitting record highs in at least 22 states. “With companies tightening and not...

Credit Crisis at Tipping Point
Credit Crisis at Tipping Point
analysis
Sep 12, 2008 9:29 AM CDT

Credit Crisis at Tipping Point

As troubles mount, US government's intervention shows signs of strain

(Newser) - The federal government keeps taking aggressive steps to keep the markets from flying off the rails, and yet here we are again: facing another crisis and wondering how much intervention is necessary, the Wall Street Journal reports. With government intervention showing signs of strain amid entrenched economic problems, the crisis...

Candidates Should Be Talking Innovation, Not Abortion

Innovative new products, services will keep nation vigorous, Friedman writes

(Newser) - If America hopes to keep its economy strong, our next leaders need to prioritize support for innovation, writes Thomas L. Friedman in the New York Times. “The ability to create the new products and services that people want” is key to “growth, prosperity, environmental sustainability and national security,...

Global Stocks Down as US Job Losses Rattle Markets

Employers may have shed 75,000 posts

(Newser) - Stocks fell in Europe and Asia today, marking the worst weekly slump in 6 years, according to the MSCI World Index. Markets were depressed by grim news expected in the latest US employment report due out this morning, reports Bloomberg. Economists predict figures will show a US loss of 75,...

Sales Skid Again for GM, Ford, Toyota

Detroit heavies off at least 20% each; Japanese giant down 9.4%

(Newser) - General Motors, Ford and Toyota reported dramatic declines in sales for August stemming from the weak US economy and record gas prices, Bloomberg reports. Ford's domestic sales plunged 27% and GM's 20%, and both automakers will cut second-half production by the tens of thousands. Toyota fared better, down just 9....

Darling: British Economy Is at 60-Year Low

UK economic chief bluntly warns of harder times ahead

(Newser) - The outlook for Britain's economy is the bleakest since the days when the country was rebuilding from the Blitz, Chancellor Alistair Darling tells the Guardian. Darling warns that the downturn for the UK and the wider world could be "more profound and longer-lasting" than people expect. He acknowledges that...

GDP Grew More in Q2 Than First Reported
GDP Grew More in Q2
Than First Reported
Economy
Aug 28, 2008 12:06 PM CDT

GDP Grew More in Q2 Than First Reported

Commerce Department revision shows healthier growth

(Newser) - GDP growth was higher than initially reported in the second quarter, the Wall Street Journal reports. Commerce Department revisions put the increase at a seasonally adjusted 3.3% annual rate—the original estimate was 1.9%. Businesses decreased their inventories less than previously thought. At the same time, exports rose...

Home Sales Climb, but Prices Keep Falling
 Home Sales Climb, but
Prices Keep Falling
Economy
Aug 25, 2008 10:19 AM CDT

Home Sales Climb, but Prices Keep Falling

Expanding inventories still damaging market

(Newser) - Existing home sales were better than expected in July, rising 3.1% to an annual rate of 5 million, the Wall Street Journal reports. But inventories continued their steady expansion anyway, driving prices further downward. The median home price for July was $212,400, down 7.1% from July 2007....

Food Makers Tweak Recipes to Cut Costs

Hershey, others quietly substitute cheaper ingredients, fillers

(Newser) - Food manufacturers are adjusting their recipes to cut costs as ingredient prices climb, the Wall Street Journal reports. Hershey is replacing some of its cocoa butter with vegetable oil, while General Mills is dumping pecans for walnuts in one cookie. McCormick, McDonald's, and other companies are making similar moves. But...

Get Mad, or Go Home: Pundits
 Get Mad, or Go Home: Pundits
OPINION
Aug 21, 2008 1:15 PM CDT

Get Mad, or Go Home: Pundits

Klein, Carville to Obama: Show some feeling, already

(Newser) - It doesn’t do Barack Obama any good just to say he feels strongly—voters need to be able to see it from the Democratic candidate, Joe Klein writes in Time. His message on the economy, this year’s key issue, won’t work until he can show some “...

In Sickness and In Health ... and In Recession

More couples vowing to stretch wedding dollars in tight economy

(Newser) - In the midst of an economic downturn, many couples are scaling back their dream weddings in favor of more modest events. The Boston Globe explores the measures couples are taking to cut corners—now that the $27,800 budgeted for the average American wedding isn’t buying what it used...

EBay Slashes Listing Fees 75% to Lure Back Sellers

The online auction giant sees 'Amazonification' as a path to profit

(Newser) - Looking to compete more aggressively with Amazon for users who want to sell items at a fixed cost, eBay is changing its pricing model, lowering listing fees by up to 75% and increasing its final sales commission, BusinessWeek reports. The goal is to increase inventory of items listed at a...

Recession May Take Down More Banks: Expert

'Worst is yet to come' for US economy, economist warns

(Newser) - The credit-market slump could take a further toll on the largest US banks, a former chief economist of the International Monetary Fund tells Bloomberg. Claiming “the worst is yet to come,” Kenneth Rogoff says the financial sector “needs to shrink” before the economy will recover, and that...

Wholesale Prices Rising at Fastest Pace Since 1981

High energy, motor vehicle costs pushing inflation; Fed may be forced to boost rates

(Newser) - Wholesale prices jumped 1.2% in July—more than twice the rate economists expected and  the fastest pace in 27 years, according to government data released today, the AP reports. Core prices, which exclude food and energy, rose 0.7%, the biggest since November 2006; new home construction in July...

Feel Good Again About Your Pricey House
Feel Good Again About
Your Pricey House
OPINION
Aug 17, 2008 7:59 PM CDT

Feel Good Again About Your Pricey House

In 10 years, you'll be back in the black

(Newser) - Bought an expensive house right before the subprime crash? Fret not, writes Chris Ayres in the Los Angeles Times. With 5% inflation, lower interest rates, and a mortgage tax deduction, buyers of pricey houses will be smiling in 10 years. "If you're a boom-time buyer who can still pay...

Obama, McCain Woo CEOs to Shore Up Economic Cred

Candidates try to make up for their lacking economic records

(Newser) - John McCain and Barack Obama are doggedly courting CEOs of leading businesses in an effort to win voters' economic confidence, the Wall Street Journal reports. Each candidate has already lined up a corps of "poster CEOs," including the FedEx chairman, who is supporting McCain, and Warren Buffet, who...

Mac's Economic Strategy Memo Leaks Out

Candidate will hit grocery stores, paint Obama as 'job killer'

(Newser) - A leaked John McCain camp memo reveals his plan to look smart on economics and depict Barack Obama as a "job killing machine," the Huffington Post reports. McCain will use "grocery store visits" and "family budget roundtables" for women to show how the economy squeezes family...

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