financial crisis

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18% of US Wealth Up in Smoke Last Year

Fed figures show $11 trillion was wiped out Americans' net worth last year

(Newser) - Last year's stock market and housing slumps wiped out nearly a fifth of the wealth of American families, the Wall Street Journal reports. The Federal Reserve announced yesterday that  $11 trillion—more than the output of Britain, Germany and combined—was erased from the net worth of households in 2008,...

Summer Camp on the Rocks in Tough Economy

Tradition shaken as families' plans up in the air

(Newser) - As recession hits parents’ wallets, it’s forcing many to debate whether they can afford to send kids to summer camp, the Wall Street Journal reports. Camps are expecting more financial-aid requests, while parents look to day camps and cheaper nonprofit alternatives. “A number of camps say families are...

Europe's New Temp Worker Class Bears Recession Brunt

(Newser) - The new class of temporary workers created by European labor reform is suffering most in the current wave of job cuts, the Wall Street Journal reports, testing the new policies amid the threat of backlash. Short-term employees—easier and cheaper to fire than permanent ones—also get fewer unemployment benefits,...

Stimulus Sours Obama's European Honeymoon

US urges more spending; EU focused on regulation

(Newser) - European leaders’ love affair with President Obama has hit its first snag: Obama is pushing Europe to spend more to battle the financial crisis, while Europe would prefer to focus on stricter regulation, the Los Angeles Times reports. “The Americans should be more modest about giving lessons, because the...

As Life Insurers Face Losses, Next Bailout Decision Looms

Life insurers, a key cog in capital markets, seek TARP funds

(Newser) - Life insurance companies, an oft-overlooked yet important cog in the financial infrastructure, haven’t been immune to tumbling markets, the Wall Street Journal reports, which are eroding both their portfolios and consumer confidence. A Dow Jones life insurance index is off 59% this year and 82% from its 2007 high,...

Economists Rate Obama, Geithner: 'F'

Obama, Geithner score poorly in survey; Bernanke does better

(Newser) - Barack Obama retains high approval ratings with the public, but a panel of economists had a far more negative view, reports the Wall Street Journal. A majority of 49 economists polled said they were dissatisfied with the president's economic policies. Asked to score his tenure out of 100, economists gave...

Geithner Urges G20 to Pump Up Global Economy

Treasury seeks billions to help IMF prop up struggling nations

(Newser) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion...

Believe It or Not, Baseball Offers Frugal Lessons

Sport re-evaluates its pay structure

(Newser) - Looking at baseball, you’d think the country wasn’t in a recession—clubs are charging exorbitant ticket prices and shelling out tens of millions of dollars on top free agents. Will the bubble ever collapse? Probably not, writes Nate Silver for Esquire. MLB is, after all, a legally protected...

Smokes, Beer Worth More Than Stock

Whole Foods shares worth less than a pound of scallops in their stores

(Newser) - Why settle for the goods when you can get the factory—or a piece of it—instead? Gawker finds more companies whose shares are worth less than products they sell:
  • Have dreams of owning a brewery? Scoop up an Anheuser-Busch share ($20.16) for less than one Bud Light case.
...

Obama Can't Blame Bush for His Economic Recklessness

President has raised taxes when business needs a break

(Newser) - Everyone loves a scapegoat. The American people have Wall Street fat cats, and President Obama has George W. Bush, writes David Harsanyi for the Denver Post. While Obama, "in a superbly eloquent and inspirational pitch, always reminds us that nothing is his fault," Harsanyi gripes, "nearly every...

GOP: Spare Us Stimulus Sequel

Republicans court Blue Dog Dems to fight further spending

(Newser) - Talk of a second stimulus proves the first one isn't working, Republican leaders said today in blasting the possibility. “We don't even know what was in the first stimulus yet,” one senator said, while Minority Leader Mitch McConnell noted that Congress had spent “$1 billion an hour”...

Unemployment Hits 10% in 4 States

California, Michigan, South Carolina and Rhode Island lead jobless statistics

(Newser) - Four states—California, South Carolina, Michigan, and Rhode Island—registered unemployment rates above 10% in January, and the national rate is expected to hit double digits by year-end. The US Labor Department's report on state unemployment, released today, showed the increasing damage inflicted on workers and companies from a recession...

Towns, Counties Create Own Stimulus Plans

Economists see mixed results, but local boost can be psychological

(Newser) - Across the US, cities, states, and counties aren’t waiting for Uncle Sam to jumpstart the economy, the Wall Street Journal reports. Many have devised their own, often creative, methods of stimulating local economies. One Texas town, for example, has used its budget surplus to create 250 temporary, low-paying jobs,...

Russia Touts 'Crisis Diet' for Cash-Strapped Citizens

Government urges return to traditional foods, for thrift and nutrition

(Newser) - Russia enjoyed the recent boom as much as any other country, as high gas prices funded quick economic expansion and citizens took a liking to Western foods such as burgers, pizza, and potato chips, Time reports. But with commodities cheap, credit crunched, and unemployment rising, Moscow is recommending a new...

Foreclosures Undercut Builders
 Foreclosures Undercut Builders 
Mar 11, 2009 11:00 AM CDT

Foreclosures Undercut Builders

(Newser) - Foreclosures and other vacant homes make this a tough time to be a builder, the Wall Street Journal reports. Consider Pulte Homes, which is selling a new, four-bedroom home in Las Vegas for $214,990—while a short sale nearby offers a similar Pulte-built home for $149,999. “We...

Tax Hike Raises Ire of Small Manufacturers

Obama plan hits hard, business owners who reinvest profits say

(Newser) - Small-business owners aren’t big fans of President Obama’s plan to let the Bush tax cuts expire in 2011, and they’re making themselves heard on Capitol Hill, Politico reports. Many small businesses file taxes as individuals, and they fall well beyond the $250,000 income threshold. The White...

'Hidden Homeless' Turn to Motels

Recession forces middle-income families into uncomfortable new quarters

(Newser) - As the economy leaves people without the income they need to afford a mortgage or monthly rent, more and more families find themselves checking into motels for indefinite stays. While they may be a step above homeless shelters, motels bring with them a unique set of problems as long-term stopgaps,...

Geithner Sees 'Dramatically Different' Capitalism

Treasury sec defends his record on Charlie Rose

(Newser) - Tim Geithner defended his performance at the New York Fed and the Treasury in a long interview with Charlie Rose last night, but conceded that "expectations got ahead of the policy." Geithner rejected suggestions that the lack of a policy detail was muddling the Obama administration's message and...

Some Banks Want to Bail on Bailout
Some Banks Want to Bail
on Bailout
Mar 11, 2009 2:20 AM CDT

Some Banks Want to Bail on Bailout

Critics charge growing list of conditions will damage industry

(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially...

'I Save a Lot of People Money': Cramer to Stewart

(Newser) - Jim Cramer is once again on the defensive, as Jon Stewart seemingly can’t stop finding damning Mad Money clips, Gawker reports. Appearing on this morning's Today show, Cramer was subjected to a CNBC snippet that ran on the Daily Show last night, from January 2008, where the host literally...

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