recession

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Oil Sinks Below $70 as Economy Tanks

Price oil halves in 3 months as demand takes a dive

(Newser) - Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that...

Pork or Stimulus? Wrangling Sharpens Over 2nd Bailout

Partisan battle lines already being drawn as economic slump appears to worsen

(Newser) - Congress’ partisan battle over the Wall Street bailout could look amateur compared to what lies ahead, the Los Angeles Times reports, as lawmakers consider a second stimulus package to keep the nation out of a steep recession. Republicans want tax cuts, while Democrats are pushing infrastructure projects and other federal...

Asian Markets Plunge Again


 Asian Markets Plunge Again 


Oct 16, 2008 1:52 AM CDT

Asian Markets Plunge Again

Key indexes down across board amid continuing recession fears

(Newser) - Share prices tumbled in Asia again today amid fears of a US recession and a braking global economy, reports MarketWatch. The key Nikkei 225 Stock Average plummeted 10%, the Hang Seng Index dropped 7.6%, and the China Enterprises Index lost 9.9%. The MSCI Asian Pacific Index—set for...

Avon Looks to Ailing Economy for Growth

(Newser) - Avon's cosmetic-toting army is growing as troubled economic times make door-knocking more attractive to women struggling to make ends meet, reports the Wall Street Journal.  Incentives including price cuts, gas vouchers, and advice from celebrity financier Suze Orman, helped attract 5% more sales reps in the second quarter of...

Panic Has Passed, but We Haven't Hit Bottom

Get ready for a long recession

(Newser) - The most panicky phase of the global financial crisis is likely over, thanks to the combined efforts of the world’s governments, writes Steven Pearlstein in the Washington Post. But don’t “confuse this moment of calm with a stock market bottom or a sign that a serious recession...

Global Stocks Skid Amid Recession Fears

New rash of selling in Europe and Asia despite mammoth bailout packages

(Newser) - The global market rally lost steam today as fears of a deepening recession prompted investors to resume looking for cover after profit taking—despite more than $2 trillion being pledged by governments to help thaw frozen credit markets, reports Bloomberg. Markets closed lower in Hong Kong, Seoul and Sydney. London,...

Dems Pitch $300B Plan to Jump-Start Economy

But it may have to wait until January

(Newser) - House Democrats are mulling a huge infusion of public cash to kick start economic growth, the New York Times reports. The proposal, announced after a meeting with top economists, would use up to $300 billion to create jobs in new public works projects, and boost food stamp and unemployment insurance...

What to Play When You're Poor
 What to Play When You're Poor
Oct 13, 2008 5:22 PM CDT

What to Play When You're Poor

LA Times delivers the perfect soundtrack for financial woe

(Newser) - No matter how bad the current financial situation gets, popular music offers something to ease your woes. Hope you haven't pawned that iPod just yet: the LA Times brings you the best in recession-tastic classics:
  • "Can't Buy Me Love" (Beatles): Single, former Lehman Bros workers will be spinning this
...

In Tough Times, TV Goes Blue-Collar

(Newser) - As the financial crisis deepens, expect TV to trade upper-crust environs for jokes about crustiness, reports the New York Post. Entertainment execs are pushing the development of blue-collar comedies that allow for a little old-fashioned escapism. "I don't think audiences want to see a show about the fall of...

Paulson Can't Sack AIG Execs
 Paulson Can't Sack AIG Execs 
analysis
Oct 10, 2008 6:58 PM CDT

Paulson Can't Sack AIG Execs

(Newser) - Barack Obama is probably far from alone in wanting the heads of AIG execs who staged a $440,000 employee spa retreat just after the government's bailout of the company. The question is, does Treasury Secretary Henry Paulson have the authority to can the wayward execs? Nope, explains Juliet Lapidos...

Oil Sinks to $83 on Global Panic

(Newser) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and...

Wary Consumers Spell Trouble for Retailers

71% miss projections, worst showing since September of 2000

(Newser) - With the holiday season looming, retailers' only hope may be a genuine Christmas miracle. In reports on last month's business, 71% of retailers missed sales and profits estimates, making it the worst September since data collection began in 2000, MarketWatch reports. Experts widely attributed the dismal numbers to the struggling...

Calif. Portends Recession to Come

The housing bubble burst there first ... is California a sign of things to come in US?

(Newser) - Trend-setting California may be the “canary in the mine shaft,” its own recession showing the rest of the country what a national downturn could look like, reports the Wall Street Journal. The state’s $1.8 trillion economy has been bludgeoned by an unemployment rate among the worst...

Wall Street's Woes Will Breed Cheaper Gadgets
Wall Street's Woes Will
Breed Cheaper Gadgets
ANALYSIS
Oct 7, 2008 7:16 PM CDT

Wall Street's Woes Will Breed Cheaper Gadgets

Luxury brands will drop prices; digital media apt to boom in downturn

(Newser) - Wall Street's current tremors will be felt in Silicon Valley for years, "worst case, the next decade," John Biggs writes in TechCrunch, and that could be good news for gadget freaks. Though pinched consumers probably won't "be able to stomach even mild extravagances," luxury brands—Apple...

French Economy Enters Recession

After Ireland, it's the second EU nation in economic trouble

(Newser) - France has entered a recession. The national statistics agency projects that the economy will contract by 0.1% in the third and fourth quarters of 2008, meeting the generally accepted definition. Finance Minister Christine Lagarde blamed the troubles on high oil prices, the strength of the euro earlier this year,...

Employers Cut Payrolls at Fastest Rate in 5 Years

Some 159,000 positions disappear

(Newser) - Employers slashed payrolls by 159,000 in September, the most in more than 5 years and a worrisome sign that the economy is hurtling toward a deep recession. Today's snapshot also showed the nation's unemployment rate held steady at 6.1% as hundreds of thousands of people streamed out of...

Fed Weighs Emergency Rate Cut

As economy deteriorates, inflation becomes less of a concern

(Newser) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the...

Pass the Bailout, Or Else We'll Become Japan
Pass the Bailout, Or Else We'll
Become Japan
OPINION
Oct 2, 2008 8:27 AM CDT

Pass the Bailout, Or Else We'll Become Japan

Its decade of decline shows the risks of inaction: Kristof

(Newser) - Watching the House vote down the bailout package this week, Nicholas Kristof recalled a bad memory: Japanese politicians doing the same thing during the financial crisis of the 1990s. The New York Times columnist, who was then based in Tokyo, watched as a desire to punish "corrupt, profligate, and...

Dear Iraq: It's Time to Step Up. Sincerely, W
Dear Iraq: It's Time to Step Up. Sincerely, W
OPINION
Sep 24, 2008 8:57 AM CDT

Dear Iraq: It's Time to Step Up. Sincerely, W

'Financial 9/11' calls for nation-building—at home, says Friedman

(Newser) - As America faces "a financial 9/11," what does the $1 trillion bailout mean for the country's other huge expense—the war in Iraq? Thomas L. Friedman plays ventriloquist in the New York Times, imagining President Bush telling Iraqi leaders that "you are now going to have to...

Stocks Drop in Europe, Asia Amid Recession Fears

(Newser) - Stocks were down in Europe and Asia today amid fears of a global recession despite the massive government bailout being arranged in the US. Europe's Dow Jones Stoxx 600 Index dipped for a second day, falling 1.8% in early trading, Bloomberg reports. Barclays fell 3.6% and Australia's Macquarie...

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