economic downturn news stories on Newser

Credit Stimulus for 650K Jobs: White House

Fri, 30 Oct 2009 11:18:09 CDT

The economic stimulus package has already created or saved at least 650,000 jobs, the White House said today, even though just $150 billion of the $787 billion has been spent. And the number of jobs is closer to 1 million if it includes positions added indirectly, according to the...

US Glum on Economy — and GOP, Too

Wed, 28 Oct 2009 11:47:59 CDT

Americans are bummed about the economy, but that hasn’t given Republicans the usual opposition party boost in Washington . “The mood in America may be blue, but attitudes toward Washington are just jet black,” a pollster tells the Wall Street Journal . Some 58% of respondents think the...

In Switch, 'Real Economy' Hits Big Banks

Mon, 19 Oct 2009 9:49:00 CDT

Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are still floundering...

In Tough Times, Families Reselling Burial Plots

Thu, 24 Sep 2009 13:50:58 CDT

People struggling with bills and other earthly concerns are unloading burial plots at a fast clip. One Florida cemetery made as many “buybacks” in the first half of this year as in all of 2008, another in Ohio reports a similar spike, and ads are plentiful on funeral property websites...

Economy Wallops Lawmakers' Fortunes

Mon, 14 Sep 2009 18:16:41 CDT

The 50 richest members of Congress are still rich, but their personal finances show they’re not immune to the economic downturn, Roll Call reports. Together, the pols on the list have lost $275 million in personal wealth since 2007. In 2008, the legislators' combined assets of $1.3 billion fall...

Investors Ditch Once Lofty Cerberus Fund

Sat, 29 Aug 2009 15:48:00 CDT

Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been surprised by...

Bankers Saved the World: Bernanke

Fri, 21 Aug 2009 16:02:00 CDT

Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks “responded...

How Annie Leibovitz Got Underwater

Mon, 17 Aug 2009 13:46:00 CDT

Photographer to the stars Annie Leibovitz is in a widely reported financial pickle, but it really comes as no surprise to those close to her, New York reports. Leibovitz is now engaged in baroque legal wrangling over her catalog, but her troubles started earlier. Insiders say a suspected “contract for...

Pinched Writer Picks Up the Toilet Brush

Mon, 17 Aug 2009 13:19:01 CDT

Even with two degrees and a book deal, Rebecca Golden has had a tough time keeping her bank balance above zero, she writes for Salon, so she's turned to an edifying, if often terrifying, sideline: cleaning houses. “I suppose I could find other ways to make ends meet,” she writes....