recession

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Tight Budgets Pinch Health Care Spending

As consumers prioritize, medical expenses lose out

(Newser) - Yet another casualty of the recession could wind up being an irreplaceable one: Americans' health. Consumers are increasingly skipping doctor visits and skimping on prescription meds, the Wall Street Journal reports. "It's hard to get people to follow up when they're having to decide between the gas bill, the...

Goodbye Cheap Money, Hello Recession
Goodbye Cheap Money, Hello Recession
OPINION
Sep 18, 2008 10:06 AM CDT

Goodbye Cheap Money, Hello Recession

The end of easy credit marks a new era, writes Pearlstein

(Newser) - On paper, the losses from the credit crisis are probably "the greatest destruction of financial wealth that the world has ever seen," writes Steven Pearlstein. But the trillions that have disappeared aren't the biggest casualty of the last year. Rather, says the Washington Post columnist, we are undergoing...

Hank and Ben: Time to Play Offense
 Hank and Ben: 
 Time to Play Offense 
OPINION
Sep 17, 2008 7:15 AM CDT

Hank and Ben: Time to Play Offense

Treasury and Fed need to start playing offense, says Leonhardt

(Newser) - If you'd told economists 18 months ago what lay ahead in the financial industry, predictions for the American economy would be dire. The fact that things aren't totally awful—we still haven't entered into a recession—is testament to the good defense of Hank Paulson and Ben Bernanke. What they...

Fed Holds Line on Interest Rates; Markets Bounce

Committee leaves rate at 2%, confounding investors' expectations

(Newser) - In its first unanimous interest rate decision in a year, the Federal Reserve voted today to leave its key interest rate unchanged at 2%. The decision reflects regulators' unwillingness to get even more involved in the developments roiling the financial markets, the Wall Street Journal reports. Stocks fell triple-digits on...

As Economy Sinks, Lottery Sales Soar
As Economy Sinks,
Lottery Sales Soar
Sep 13, 2008 10:50 AM CDT

As Economy Sinks, Lottery Sales Soar

Consumers tightening belts don't scratch their lottery spending

(Newser) - As the economy falters, one thing people aren’t cutting back on is lottery tickets, the New York Times reports. In fact, higher unemployment rates usually mean higher lottery sales, says one study, and sales are hitting record highs in at least 22 states. “With companies tightening and not...

Unemployment Rate Hits 5-Year High of 6.1%

Factory workers hit hardest as unforeseen fall in jobs stuns economy

(Newser) - Jobless figures came in worse than expected today, sending the unemployment rate to a nearly five-year high of 6.1%, Bloomberg reports. The US lost 84,000 jobs in August, the eighth straight month of declines, raising the specter of a worsening economic slowdown. The jump in unemployment, which was...

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,...

Pound Plunges to Record Low Against Euro

Gloomy economic outlook sends British currency tumbling

(Newser) - The British pound has sunk to its lowest level ever against the euro since the European currency was introduced in 1999, the Financial Times reports. The fall follows Chancellor Alistair Darling's dire warning that the outlook for the British economy is the worst in 60 years. The pound dropped to...

Darling: British Economy Is at 60-Year Low

UK economic chief bluntly warns of harder times ahead

(Newser) - The outlook for Britain's economy is the bleakest since the days when the country was rebuilding from the Blitz, Chancellor Alistair Darling tells the Guardian. Darling warns that the downturn for the UK and the wider world could be "more profound and longer-lasting" than people expect. He acknowledges that...

UK Moves Near Recession as Growth Hits Zero

Economy stagnates, sends dollar soaring against pound

(Newser) - The British economy has ground to a halt, according to official figures, ending the longest period of growth in over a century. The nation's statistics office revised its estimate for first-quarter growth from 0.2 percent to zero—the first time it's been flat since 1992—sending the pound falling...

Recession May Take Down More Banks: Expert

'Worst is yet to come' for US economy, economist warns

(Newser) - The credit-market slump could take a further toll on the largest US banks, a former chief economist of the International Monetary Fund tells Bloomberg. Claiming “the worst is yet to come,” Kenneth Rogoff says the financial sector “needs to shrink” before the economy will recover, and that...

Producers Quick to Pass Price Hikes Down Food Chain

Pricier grain, energy make everything more expensive, from cereal to meat

(Newser) - Soaring grain and energy costs are driving food prices skyward, and big producers are moving to pass price hikes down the food chain to consumers on everything from cereal to meat, the Wall Street Journal reports. And costs won’t likely decrease, with biofuel demand eating up more corn than...

Home Prices Fall Again; Rate of Decline Sets Record

Consumer confidence numbers offer ray of hope

(Newser) - Home prices continued to nosedive in May, a signal that the housing crisis may be worsening and a red flag for the credit markets and Wall Street, reports the New York Times. Every region covered by the S&P/Case-Schiller home-price index showed a drop compared to May 2007, with the...

Lean Times Prove Taxing for State Budgets

Shortfalls mean serious cost-cutting, fee hikes across US

(Newser) - Reduced sales, income, and corporate taxes are forcing states to cut back on services and consider laying off workers as they look for ways to slash spending and balance budgets, the Wall Street Journal reports. The National Conference of State Legislatures says states face a $40 billion budget shortfall as...

Could-Have-Been-Worse News Now Cheers Wall Street
Could-Have-Been-Worse News Now Cheers Wall Street
ANALYSIS
Jul 23, 2008 5:56 AM CDT

Could-Have-Been-Worse News Now Cheers Wall Street

A year into crisis, analysts redefine once-shocking news as not so bad

(Newser) - Yesterday's announcements of multibillion-dollar losses at Wachovia and Washington Mutual were only the latest poundings since the credit crisis took hold a year ago. Yet Wall Street, its expectations at rock bottom, cheered the reports because they could have been worse. Shares in WaMu, which posted a $3.3 billion...

Gramm Quits McCain Campaign
 Gramm Quits
 McCain
 Campaign 
Jul 18, 2008 8:02 PM CDT

Gramm Quits McCain Campaign

Besieged adviser refuses to be a 'distraction'

(Newser) - After a week of fallout from his gripe that Americans are "whiners," Phil Gramm stepped down today as John McCain's national co-chair, Politico reports. "It is clear to me that Democrats want to attack me,” Gramm said. The “distraction hurts not only Senator McCain… it...

Gramm's Got It: We Are Whining
 Gramm's Got It: 
 We Are Whining 
OPINION
Jul 12, 2008 12:31 PM CDT

Gramm's Got It: We Are Whining

He's talking real economics–not 'campaign econ'

(Newser) - When John McCain aide Phil Gramm said America is in a “mental recession,” not a real one, he was speaking with much-needed honesty and accuracy, Amity Shlaes writes in the Washington Post. Gramm has faced an avalanche of bad press for speaking candidly rather than from the perspective...

Gramm in Doghouse After 'Nation of Whiners' Crack

Top McCain adviser in trouble with candidate, claims he was misquoted

(Newser) - After Phil Gramm, a ranking economic adviser to John McCain, described America as a “nation of whiners” suffering from a “mental recession,” the campaign trail is lit up over the topic, Time reports:
  • From McCain himself, “Phil Gramm does not speak for me. I speak for
...

McCain Insider: Economic Woes Merely 'Mental Recession'

Phil Gramm calls US a 'nation of whiners'

(Newser) - One of John McCain’s top economic confidantes said yesterday the country is in a “mental recession” and the US has “become a nation of whiners,” constantly “complaining about … America in decline.” The Democratic National Committee moved quickly to condemn Phil Gramm’s remarks—...

Tough Job Market May Last Through Late 2009

'Slow motion' recession will continue to pare jobs

(Newser) - US jobs are eroding and they're unlikely to rebound until late 2009, reports the New York Times. May’s 5.5% unemployment rate is a point higher than a year ago and the 9.7% underemployed rate is up from 8.3% in May 2007, reports the Labor Department—which...

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