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Category Archives: economy
Op-Ed Contributor – How to End the Great Recession – NYTimes.com
THIS promises to be the worst Labor Day in the memory of most Americans. Organized labor is down to about 7 percent of the private work force. Members of non-organized labor — most of the rest of us — are unemployed, underemployed or underwater. The Labor Department reported on Friday that just 67,000 new private-sector [...]
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Tagged Der Spiegel, Labor Day, Mergers, peak oil, Robert Reich
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FT.com / US / Society – Luxury booms while bargain retail suffers
Personal spending in the US is diverging into two distinct categories as strong growth at high-end stores contrasts with continuing difficulties for mass-market, low-price retailers.
Nearly a year after the US economy returned to growth, corporate earnings reports in recent months have provided consistent evidence of the differing fortunes. At high-end stores such as Neiman Marcus [...]
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Tagged Gelnn Beck, Great Recession, Recovery, The Poor
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Former RNC Chairman Ken Mehlman Comes Out: I’m Gay
Ken Mehlman, who headed the Republican National Committee between 2005 and 2007, has come out in an interview with the Atlantic’s Marc Ambinder:
Mehlman arrived at this conclusion about his identity fairly recently, he said in an interview. He agreed to answer a reporter’s questions, he said, because, now in private life, he wants to [...]
Op-Ed Columnist – This Is Not a Recovery – NYTimes.com
What will Ben Bernanke, the Fed chairman, say in his big speech Friday in Jackson Hole, Wyo.? Will he hint at new steps to boost the economy? Stay tuned.
But we can safely predict what he and other officials will say about where we are right now: that the economy is continuing to recover, albeit more [...]
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Tagged Bernake, Brotherhood of Darkness, depression, Yellowstone Park
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The billionaire Koch brothers : The New Yorker
The Kochs are longtime libertarians who believe in drastically lower personal and corporate taxes, minimal social services for the needy, and much less oversight of industry—especially environmental regulation. These views dovetail with the brothers’ corporate interests. In a study released this spring, the University of Massachusetts at Amherst’s Political Economy Research Institute named Koch Industries [...]
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Tagged Brotherhood of Darkness, Koch Industries, Tea Party
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Home Sales at Lowest Level in More Than a Decade – NYTimes.com
Housing sales in July plunged to their lowest level in more than a decade, exceeding even the grimmest forecasts.
The National Association of Realtors said Tuesday that the seasonally adjusted annual sales rate of 3.83 million was 25.5 percent below the level of July a year ago.
July was the first month that buyers could not qualify [...]
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Tagged Great Recession, Housing Market, unemployment, Unexpected
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Roger Clemens Is Indicted on Perjury Charges – NYTimes.com
A federal grand jury has indicted Roger Clemens on charges of making false statements to Congress about his use of performance-enhancing drugs.
The 19-page indictment charges Clemens with three counts of making false statements and two counts of perjury in connection with his February 2008 testimony before the House Committee on Oversight and Government Reform. [...]
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Tagged House Committee on Oversight and Government Reform, perjury, Roger Clemens
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Knowing cultural view of virginity, Chinese women try surgical restoration
China has long been known as the land of fakes — Rolexes, DVDs, handbags and designer clothes.
A growing number of Chinese women — mostly in their 20s and about to get married — are opting for a surgical procedure called “hymen restoration,” which returns the hymen to its condition before it was ruptured, which typically [...]
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Tagged Fake Hymens, Fake Vigins, hymenoplasty, revirgination
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Jobless millions signal death of the American dream for many | World news | The Observer
Richard Gaines is one of the best-known faces on Camden's Haddon Avenue. It is a rough-and-tumble street, lined with cheap businesses and boarded-up houses, and is prey to drug gangs. Gaines, 50, runs a barbershop, a hair salon and a fitness business. He works hard and is committed to his community. But Haddon Avenue is [...]
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Tagged American Empire, CAMDEN, Drug Dealer, Escalade, Great Recession
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Noticed – In Park Slope, Sidewalk Entrepreneurs Grow Up – NYTimes.com
IT’S an indelible image of summer: lemonade and cookies on a folding table on the sidewalk, a jar crammed with dollars, passers-by smiling politely.
A 40-year-old man selling lemonade.
Whether a sign of recession, regression or both, a handful of adults in the Park Slope section of Brooklyn have gotten into the lemonade-stand business this summer. Add [...]
Youth Unemployment Hits Record High – CNBC
Global youth unemployment has hit a record high following the financial crisis and is likely to get worse later this year, the International Labor Organization ILO said Thursday.
The report from the ILO says 81 million out of 630 million 15-24 year olds where unemployed at the end of 2009, some 7.8 million more than at [...]
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Tagged flash mobs, Greek Riots, Inland Empire, serial killers, UN International Youth Year, unemployment
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Housing crisis reaches full boil in East Point; 62 injured | ajc.com
Thirty thousand people turned out in East Point on Wednesday seeking applications for government-subsidized housing, and their confusion and frustration, combined with the summer heat, led to a chaotic mob scene that left 62 people injured.
At the Tri-Cities Plaza Shopping Center, emergency vehicles passed each other, transporting 20 people to hospitals. Medical and police command [...]
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Tagged Great Recession, HotLanta, McMansion, Section 8, Stock Market Crash
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Stock market: Stocks dive sharply after flurry of bad news on global economy – latimes.com
Reporting from New York —
A growing list of bad news about the global economy led stocks to fall sharply Wednesday.
The Dow Jones industrial average dropped 265 points, or 2.5%, to 10,378.83, with most of the decline in share prices coming early in the day.
Overnight, international stock markets fell after the Chinese government announced that growth [...]
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Tagged Banksters, depression, Dow Jones Drop, Great Recession, Stock Market Crash
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Nascar Tries to Lure Fans Back to Seats – NYTimes.com
After years of jam-packed races, sky-high television ratings and record merchandise sales, Nascar has seen attendance at nearly every track slip this year as recession-weary fans continue to cut costs.
The Behler family could see that firsthand while sitting atop their old school bus in the infield at Pocono Raceway for last week’s race in Long [...]
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Tagged Apocalypse, Dukes of Hazard, NASCAR
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Jobless and Staying That Way – NYTimes.com
Professor Gordon doesn’t foresee a quick turnaround. But the Obama administration predicts that unemployment will drop to 8.7 percent by the end of next year, and eventually sink to 6.8 percent by the end of 2013.
To reach that level, the economy would have to add nearly 300,000 workers a month over the next three years, [...]
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Tagged Adult Conversation, New Normal
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Comparisons to the Great Depression keep popping up – USATODAY.com
NEW YORK — The images of bread lines, dust storms and squatters’; camps are missing in the aftermath of the worst financial crisis since the Great Depression. Stocks have rebounded sharply from the 12-year low hit in March 2009 during the Great Recession. The U.S. economy, while still sluggish, is growing again. And fears of [...]
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Tagged Great Depression, Great Recession, Tom Joad
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Camden Closing Library System
CAMDEN, N.J. – New Jersey’s most impoverished city will close all three branches of its public library at year’s end unless a rescue can be pulled off.
Camden’s library board says the libraries won’t be able to afford to stay open past Dec. 31 because of budget cuts from the city government. The city had its [...]
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Tagged CAMDEN, libraries, Library at Alexandria, N.J.
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Snap analysis: July jobs show odd mix of bad news | Reuters
Friday’s employment report provided an odd mix of unpleasant surprises that add another question mark to the pace of economic recovery.
Companies cut back on temporary hires, a segment normally considered a harbinger of future hiring. Government jobs dried up much faster than anticipated and not just because it saw the end of short-term census jobs.
The [...]
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Tagged 000 jobs in July, economy, Economy sheds 131, Great Recession, Job Cuts, Temporary jobs, unemployment rate
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Jobless Claims in U.S. Unexpectedly Climb to Three-Month High – Bloomberg
More Americans than projected filed applications for unemployment insurance last week, indicating employers kept cutting staff as the recovery showed signs of slowing.
Initial jobless claims climbed by 19,000 to 479,000 in the week ended July 31, the most since April and exceeding the highest estimate of economists surveyed by Bloomberg News, Labor Department figures showed [...]
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Tagged Economists, economy, jobless rate, unemployment, Unexpected
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