US economy

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Detroit Failure Could Spark 'Economic Chaos'
Detroit Failure Could Spark
'Economic Chaos' 
ANALYSIS
Dec 13, 2008 9:17 AM CST

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

(Newser) - Letting one of the Big Three go under could have disastrous effects on many corners of the American economy, McClatchy Newspapers reports. Beyond the jobs lost at the companies and their suppliers—as well as the jobs lost everywhere those workers spend their wages—the repercussions would hit sectors as...

Poll: Americans Back Economic Intervention

A growing majority blames financial crisis on deregulation

(Newser) - A clear majority of Americans approve of Washington taking firm steps to intervene in the nation's struggling economy, a Los Angeles Times poll finds. Two-thirds favor tighter restrictions on financial institutions and 60% back help for homeowners facing foreclosure. A huge 87% blamed deregulation for the economic crisis—up 25% ...

Bush, Obama Team Up on Crisis
 Bush, Obama Team Up on Crisis 
Nov 25, 2008 5:27 AM CST

Bush, Obama Team Up on Crisis

President huddles with his successor on bailout plans

(Newser) - The federal government's response to the economic crisis is part of a team planning effort, with Barack Obama working closely with President Bush in a bid to bring confidence back to spooked financial markets, the New York Times reports. The president's aides are coordinating efforts with Obama's new economic team,...

Detroit Should Look at the History of Steel
Detroit Should Look at the History of Steel
Analysis
Nov 23, 2008 2:09 PM CST

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New ...

Fears of Deflation Spook Economists

With oil below $50 and sales everywhere, economists seek solutions

(Newser) - Lower prices may sound like a good thing, but economists say sustained deflation poses a serious threat to any turnaround, the Washington Post reports. Consumer prices are tanking on everything from clothes to steel, which feeds a cycle: People stop buying as they hold out for better sales, and stores...

Military Recruitment Up Amid Job Crisis

Pending Iraq withdrawal also increasing appeal

(Newser) - More young people are considering joining the military as civilian jobs dry up and the US begins to prepare plans to withdraw from Iraq, reports USA Today. After years of difficulty finding recruits, a Pentagon survey shows a jump from 9% to 11% in the number of 16- to 20-year-old ...

Economic Slump Hits the Dog House
Economic
Slump Hits the Dog House
Nov 9, 2008 12:00 PM CST

Economic Slump Hits the Dog House

More abandonments, fewer adoptions put burden on shelters

(Newser) - Our furry friends don't know what an economic downturn is, but they're feeling its effects as much as we are, Reuters reports. Between owners finding they can't afford the best cat food to dogs being sent to foster care when homes are foreclosed, shelters are seeing a spike in abandonments....

Brothels Screwed by Economy
 Brothels Screwed by Economy 
Nov 4, 2008 12:00 PM CST

Brothels Screwed by Economy

Even sex isn't selling as truckers losing 'play money' bypass Nevada brothels

(Newser) - The flagging economy is threatening to send Nevada's whorehouses to the poorhouse, the Los Angeles Times reports. Managers of some of the state's 25 legal brothels say they have no shortage of newcomers—some as old as 74—wishing to enter the world's oldest profession, but food and fuel prices...

Everything Must Go: Hard Times Create Yard Sale Boom

'Thrift economy' thriving as households struggle to meet mortgage payments

(Newser) - Yard sales are on the rise nationwide as the economy heads for the cellar, the New York Times reports. Flyers for sales cover lampposts in formerly booming communities as struggling homeowners seek to raise cash from selling off all the non-essentials—even children's toys. Many of the bargain-hunters are in...

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...

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...

Bailout Won't Bail Out Bernanke
 Bailout Won't 
 Bail Out Bernanke 
OPINION
Oct 6, 2008 2:42 PM CDT

Bailout Won't Bail Out Bernanke

Nation needs explanation of how it will help

(Newser) - The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense...

Economic Crisis Is Too Advanced for Rescue

Layoffs just part of the problem, as states, consumers cut back

(Newser) - September's spike in US unemployment numbers was the latest indication of a faltering economy, but the country's problems certainly aren't limited to layoffs. Unfortunately, the $700 billion bailout plan won't make things much better, analysts tell the Los Angeles Times. From consumer activity to state governments, the economic signs are...

Obama Cracks Open Lead on Economic Fears

Poll finds Obama leading McCain by 9%; Palin approval ratings falling

(Newser) - Wall Street's worries are working in Barack Obama's favor, according to a new Washington Post/ABC News poll. The candidate has opened up his first clear lead of the race against John McCain, 52% to 43%, with much of the boost coming from voters who see him as more capable of...

Wrangle Over $700B Bailout Heats Up
Wrangle Over $700B Bailout Heats Up
Sep 23, 2008 6:58 AM CDT

Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in...

Main Street Skeptics Slam Bailout Scheme

Many doubt their tax dollars should cover Wall Street's 'greed'

(Newser) - While Wall Street stands to gain in the federal bailout, many on Main Street are deeply skeptical, the Washington Post finds in a heavily foreclosed-upon Virginia community. “I've been financially responsible with my own money. Why should I now be responsible for the fact that you were not?” wonders...

Economy's in for Grueling Hangover
 Economy's in 
 for Grueling 
 Hangover 
OPINION
Sep 21, 2008 6:05 AM CDT

Economy's in for Grueling Hangover

Time to pay for the party

(Newser) - The federal government’s giant bailout plan sparked a stock market surge—but it’s unlikely the economic turbulence will end anytime soon, warns David Leonhardt in the New York Times. “It’s been a long period of excess” lasting over a decade, and now the dot-com, stock market...

How Market Turmoil Affects Campaign
 How Market Turmoil 
 Affects Campaign 
ANALYSIS
Sep 15, 2008 9:50 AM CDT

How Market Turmoil Affects Campaign

Obama, McCain haven't talked much about US economy—now they'll have to

(Newser) - The crisis on Wall Street will change the shape of the presidential campaign in its final weeks, forcing both sides to adjust their messages and strategies. Mike Allen, in Politico, details four major effects:
  • Neither John McCain nor Barack Obama has talked much, or in detail, about economic plans. No
...

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,...

Wait on Rate Hikes Until Crisis Eases
Wait on Rate Hikes Until
Crisis Eases
OPINION
Sep 3, 2008 5:55 PM CDT

Wait on Rate Hikes Until Crisis Eases

Fed should ignore critics, hold its ground until markets rebound

(Newser) - Critics claim the Federal Reserve has been too eager to cut interest rates, and that lax policy has exacerbated inflation. But the Fed should hold its ground, Desmond Lachman argues in the American, until the housing and credit markets are clearly on the rebound. The credit crunch has prompted banks...

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