recession

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Fed Hangs Recovery Hopes on Nothing
Fed Hangs Recovery Hopes on Nothing
ANALYSIS
Dec 18, 2008 11:42 AM CST

Fed Hangs Recovery Hopes on Nothing

Cutting benchmark rate to zero points up risks of plenty of nothing

(Newser) - Nada. Naught. Zip. Zero, as in the 0% interest the Federal Reserve is asking banks to pay—or, rather, not pay—for short-term loans. What does getting zero back for loaning money mean, wonders Paul Farhi of the Washington Post. "The strategy is to hose down America's sclerotic financial...

4 Financial Doomsday Scenarios
 4 Financial Doomsday Scenarios 
ANALYSIS
Dec 17, 2008 11:20 AM CST

4 Financial Doomsday Scenarios

(Newser) - James Rickards is far more pessimistic about the economic crisis and its global implications than most of his analyst colleagues, Politico reports. But he’s also well respected by US intelligence and defense services. Here are four of his nightmare scenarios.
  • Terrorism: Al-Qaeda has long sought to disrupt the US 
...

OPEC Slashes a Record 2.2M Barrels

(Newser) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will...

Pets Are Losing Homes, Too
 Pets Are Losing Homes, Too 
Dec 16, 2008 2:29 PM CST

Pets Are Losing Homes, Too

Recession sparks rise in animal abandonment

(Newser) - Animal shelters are being filled with pets abandoned because of the recession and home foreclosures. In Massachusetts, a rescue league has seen a 45% jump in owners citing money or housing problems when they surrender a cat or dog. Others are just leaving their pets on the streets or in...

Fed Cuts Rate to 0%-0.25%
 Fed Cuts Rate to 0%-0.25% 
Dec 16, 2008 1:40 PM CST

Fed Cuts Rate to 0%-0.25%

Target is record low as Reserve battles recession

(Newser) - The Federal Reserve today cut its target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat a severe financial crisis and prolonged recession. The central bank says it reduced the federal funds rate, the interest that banks charge...

Recession Bites Into Apple
 Recession Bites Into Apple 
Dec 16, 2008 4:57 AM CST

Recession Bites Into Apple

November sales down, stock falls

(Newser) - Even apparently recession-proof Apple is now beginning to show signs of strain, and some analysts are predicting a major slowdown for the computer giant next year, the Wall Street Journal reports. US sales of Macs last month declined 1% over a year ago, while PC sales rose 2%. One analyst...

Recession Packs 'Em in the Pews

As the economy crumbles, churches witness burst of interest

(Newser) - Hard times are emptying company payrolls and government coffers, but they’re big business for churches, reports the New York Times in a look at America's renewed Sunday-morning religious fervor. Since September, evangelical pastors in particular have reported a burst of interest and standing-room-only congregations. “It’s a wonderful...

Economy Hobbles Horsey Set

Recession reins in discretionary income for horse lovers saddled with boarding costs

(Newser) - Like Big Brown at the Belmont Stakes, many horse owners are finding it difficult to stay on track, the Philadelphia Inquirer reports. With feed and stable costs rising, fewer horse lovers are able to buy new steeds or keep the ones they have. "I've had calls from people who...

Analysts Fear Recession Will Kill the Video Star

November sales dip aside, titles remain popular with gamers

(Newser) - With many Americans singing the recession blues this holiday season, they may not be willing to shell out $200 to groove to Guitar Hero or Rock Band. Some analysts say the dueling, popular video game franchises are beginning to peak, MarketWatch reports. “The music game genre is getting a...

Yes, It's a Crisis: But We Still Need a Catchy Name

(Newser) - Though it's no secret the country is weathering a financial calamity, the crisis still lacks a catchy handle. The New York Times takes a look at news organizations' so-far unsuccessful efforts to find one: Some obvious contenders such as “credit crunch” and “Wall Street crisis” have popped up,...

Noonan: Expect a Frugal Holiday
 Noonan: 
 Expect a Frugal Holiday 
OPINION
Dec 12, 2008 7:41 AM CST

Noonan: Expect a Frugal Holiday

Nation not in an excessive mood

(Newser) - Will this be the last Christmas of the big-spending era? Will stalwart shoppers, who still can’t see this recession, grab big-ticket items, “sliding the platinum card along the counter with a ‘We who are about to die salute you’ flair”? Or will everyone hunker down for...

BofA Will Lay Off 35K
 BofA Will Lay Off 35K 
Dec 11, 2008 4:59 PM CST

BofA Will Lay Off 35K

Recession, takeover of Merrill to blame for latest employee dump

(Newser) - Bank of America said today it will cut between 30,000 and 35,000 jobs in the next 3 years, the AP reports; the move is spurred by the continuing economic downturn and the bank’s recent purchase of Merrill Lynch. Cuts will be broad and will affect both the...

Oil Slides Into Its Own Recession

A weak global economy is dragging oil consumption down for the first time in 25 years

(Newser) - Oil is officially entering a recession of its own, as a foundering global economy has caused the first reduction in consumption in a quarter-century, the Wall Street Journal reports. The International Energy Agency estimates that 2008 demand for oil will finish down some 300,000 barrels a day, the first...

Chinese Exports See First Drop in 7 Years

Unexpected 2.2% fall has analysts fearing major crisis for powerful economy

(Newser) - China’s exports have taken a sudden, unexpected hit from the global economic crisis, possibly an early indication that the world’s fourth-largest economy is on the verge of crisis. Exports, expected to rise at least 15%, shrunk instead by 2.2%, marking the first such fall in 7 years...

Downturn Naughty, Not Nice to Seasonal Santas

Recession killing to holiday cheer

(Newser) - If you dress up as Santa Claus for extra holiday holly, you may need a miracle on 34th Street to make it through Christmas. The recession has spread to the North Pole, reports the Boston Globe, as Santas-for-hire find less work due to scaled-back Christmas party budgets and report rising...

End the Recession: Throw Us All a Grand

Banks just horde cash; citizens will spend it

(Newser) - The financial crisis has begotten a global recession, but government leaders across the world are still concentrating their efforts on fixing the banking system. That's a waste of time, writes Simon Jenkins; the banks only horde cash to save themselves and ride out the downturn. For the Guardian columnist, the...

Hit Hard by Economy, NFL Is Downsizing

(Newser) - Even the mighty NFL is not safe from the economy's tailspin. The league will eliminate around 14% of its workforce—office workers, not the fellows who wear helmets—and is freezing salaries and hiring until 2009, Bloomberg reports. “I would like to be able to report that we are...

Media Frenzy Makes Recession Worse
 Media Frenzy Makes 
 Recession Worse 
OPINION
Dec 8, 2008 12:37 PM CST

Media Frenzy Makes Recession Worse

Sky isn't falling for many, but barrage 'crackling with panic' makes us feel that way

(Newser) - There’s no doubt the economy is bad. The of flood sky-is-falling news stories make that abundantly clear. But the avalanche of bad news—delivered faster than ever before through myriad, ever-present media outlets—has fed upon itself, sinking all of us into a deeper state of collective panic than...

North Dakota Laughs at Your Puny Recession

Rectangular wonder has more jobs than it can fill

(Newser) - There may be a recession going on, but you wouldn’t know it by visiting North Dakota, the New York Times reports. The state budget boasts a hefty $1.2 billion surplus, auto sales are up 27%, and unemployment is just 3.4%. In fact, the sparsely populated state has...

The Rich Get Poorer
 The Rich Get Poorer

GLOSSIES
Dec 6, 2008 2:36 AM CST

The Rich Get Poorer

Richest are abandoning homes, jewels ... and some are even broke

(Newser) - Before Wall Street's woes reached Main Street they pillaged Fifth Avenue, the Upper East Side, and the Hamptons, upending the culture of Rich America in the process. Manhattan bankers—some of whom went from multi-millionaires to debtors—are offloading Central Park apartments, high-end art, and private helicopters in a dizzying...

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