economy

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Obama Could Try Some of His Vaunted Fiscal Responsibility

Administration involved in major economic gambles

(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,...

Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running

(Newser) - 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...

Fed Swears Stimulus Won't Spike Inflation

Central bank will 'adapt flexibly' and one day reverse rescue plans

(Newser) - The Federal Reserve's plans to plunge more money into the economy are “necessary, safe, and effective" and “will not lead to adverse aftereffects,” Ben Bernanke's top deputy said today. Giving a speech at Vanderbilt University, Fed Vice Chairman Donald Kohn admitted that the Fed's balance sheet...

Don't Get Excited, Crisis Isn't Over: Krugman

Tough times ain't over—and we can't afford 'complacency'

(Newser) - We’re hearing about “glimmers of hope" from policymakers, but the president’s biggest lefty naysayer has a word of warning: “Don’t count your recoveries before they’re hatched,” Paul Krugman writes in the New York Times. “Premature optimism” has been disastrous during previous downturns,...

Old Days&mdash;Good and Bad&mdash;Are Back: Noonan
Old Days—Good and Bad—Are Back: Noonan
OPINION
Apr 17, 2009 10:36 AM CDT

Old Days—Good and Bad—Are Back: Noonan

In slump, simple pleasures are chic as traditional values gain

(Newser) - Reading about a Michigan family that shed modern excess in favor of a self-sufficient farm life didn't strike Peggy Noonan as shocking in these economic times. Her fellow New Yorkers have already begun responding to the same forces, causing Noonan to predict the rise of "a certain authenticity chic,...

New Home Construction Down 11% in March

Slow pace projects that market dive hasn't run its course

(Newser) - Housing construction plunged to the second-lowest level on record last month, providing a sobering sign that the worst housing slump in decades has not ended. Construction of new homes dropped by nearly 11% , the second-lowest construction pace in records that go back 50 years. The decline was worse than economists...

Consumer Prices Dip in March
 Consumer Prices Dip in March 
Apr 15, 2009 1:18 PM CDT

Consumer Prices Dip in March

Prices drop 0.1%, despite tobacco hike

(Newser) - Consumer prices dipped unexpectedly in March, leaving prices over the past year falling at the fastest clip in more than a half-century. The recession is expected to keep a lid on inflation as widespread layoffs dampen wage pressures and weak demand keeps companies from raising prices. Consumer prices edged down...

Obama: We're Not 'Out of the Woods Just Yet'

(Newser) - President Obama said today that the US faces a long slog in finding its way out of financial tumult, but emphasized that he is seeing signs of hope, the New York Times reports. "Times are still tough," he said. "By no means are we out of the...

March Retail Sales Show Surprise 1.1% Drop

Blow to hopes that economy has hit trough

(Newser) - Retail sales fell unexpectedly in March, delivering a setback to hopes that the economy's steep slide could be bottoming out. The Commerce Department cited a 1.1% drop, the biggest decline in 3 months and a much weaker showing than the 0.3% increase that analysts expected. Falling auto sales...

In Recession, Teaching, Service Hot Jobs for Grads

Recession will effect talent flow for years to come

(Newser) - The dream of pulling in big bucks just out of college at a prestigious Wall Street job is fading in the face of the recession, and early signs point to public service, government, science, and education as today's emerging hot industries, reports the New York Times. The economy, combined with...

Frugalistas Rejoice: Recession Is a Validation

'Frugalistas' embrace new thrifty values

(Newser) - Shredding credit cards and buying less may sound like consumer America's version of hell, but some—especially those penny-pinchers long scoffed at as miserly—are downright gleeful. "This validates the choices I've made," one tells the New York Times. With the savings rate up a remarkable 4 points...

Pentagon Game Simulates Global Economic Warfare

The exercise showed China to be the savviest economic operator

(Newser) - Last month, the Pentagon hosted a new kind of war game, focused not on a “shooting war,” but on how hostile states might damage the US economy, Politico reports. Instead of decorated military brass calling the shots, shirt-sleeved hedge fund managers, academics, and executives played out scenarios shifting...

American Psyche Shows Recession Stress Fractures

70% fear family income loss

(Newser) - Depression is up as the US economy proceeds downward, but many of those complaining are not actually facing financial problems—they simply fear they could. “Even if you do everything right, something bad can happen to you,” says a woman whose doctor prescribed therapy. Polls find the economy...

Economy Sparked Recent Killing Sprees: Experts

57 kllled in mass murders in past month

(Newser) - With mass murderers having gunned down some 57 people in the last month, many observers say the troubled economy may be triggering the increase in such attacks, the Washington Post reports. “It could be the loss of a job, the loss of a lot of money in the stock...

Dr. Doom Still Gloomy on Economy
Dr. Doom
Still Gloomy
on Economy
Apr 7, 2009 9:43 PM CDT

Dr. Doom Still Gloomy on Economy

NYU's Roubini thinks more rough times lie ahead

(Newser) - Dr. Doom isn't ready to ditch his nickname. Nouriel Roubini, the New York University economist who predicted much of the current malaise, says he doesn't see a happy ending any time soon, Reuters reports. Although the stock market has generally performed well of late, he thinks it will be a...

Top CEOs Expect to Cut More Jobs

(Newser) - The unemployment rate now stands at a 25-year high of 8.5%, but the nation's CEOs say it's only going to get worse. Nearly three-quarters of the leaders of the nation's biggest companies expect to lay off more workers in the next 6 months, USA Today reports. That percentage—71%—...

Wedding Guest Lists Shrink Along With Budgets

Economy

(Newser) - With the economy slicing through earnings and savings, dream weddings are colliding with financial realities—resulting in trims to the guest list, and thorny problems choosing who makes the cut, the Boston Globe reports. The average guest list has shrunk to 139 this year, from 166 in 2007, analysts say;...

Hoe-town: 10K-Acre Farm Eyed for Detroit

Michigan investors seek to turn deserted streets into cropland

(Newser) - Motor City could turn into Maize City if a Michigan investment group has its way and turns 10,000 acres of largely deserted streets into farm plots, reports BusinessGreen. Hanz Group hopes eventually to acquire almost 10% of Detroit's 143 square miles for development into cropland, Christmas tree and lumber...

10 Recession Expenditures to Shut Up About
10 Recession Expenditures
to Shut Up About
OPINION
Apr 2, 2009 10:14 AM CDT

10 Recession Expenditures to Shut Up About

The economy has changed social etiquette

(Newser) - If you've got it, don't flaunt it. Forbes warns against boasting about these lavish purchases,:
  1. As your friends' faces get droopy, it's not cool to discuss cosmetic surgery splurges.
  2. The duck confit may have been exquisite, but resist describing a lavish meal.
  3. Lest you suffer the same scrutiny as Michigan's
...

Detroit Hopes for NCAA Boost
 Detroit Hopes for NCAA Boost 
Apr 2, 2009 8:03 AM CDT

Detroit Hopes for NCAA Boost

(Newser) - Downtown Detroit will be hopping this weekend, as hoops fans overrun the city for the Final Four. But outside the carousing along the city’s spruced-up main drag, things look as dire as ever, the Washington Post reports. One in five residents are unemployed, and abandoned homes and factories line...

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