economic downturn

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GM Picks Mets Over Yankees for Ad Dollars

Cash-poor automaker wants toehold in NYC but 'can't do both'

(Newser) - General Motors, citing the poor economic climate and its shortage of cash, has declined to renew its sponsorship of the New York Yankees, Bloomberg reports. The struggling car manufacturer will, however, re-up with the New York Mets. “We still want a presence in New York and we can’t...

Obama Team's Stimulus 'Jolt' Nears $1T

(Newser) - Barack Obama’s economic advisers are devising a new stimulus package that could top $1 trillion over 2 years, the Wall Street Journal reports. Insiders say the $500 billion plan considered last month is too cautious given America’s mounting economic woes. "Every day there's a new bad number"...

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,...

Japan, EU Boost Economies as Bailout Dies

New stimulus packages announced to avert global paralysis

(Newser) - Japan and the European Union announced new measures to bolster their economies in the wake of the collapse of the US auto industry bailout. The Japanese government multiplied its bank recapitalization fund sixfold, to $131 billion, and announced an $11 billion package to save jobs. "We are working at...

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...

At Deep-Sixed Prices, Consider the Lobster

Cost of crustaceans hits 25-year low

(Newser) - Prices are dropping on all sorts of luxury goods—and lobster, now less than $10 a pound, is no exception. It’s the lowest price in 25 years, and might not last as fishermen give up on the trade. Spending $30 for the star of a weeknight dinner at home...

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...

Christie Hefner to Leave Playboy

Founder's daughter moving to non-profit ventures

(Newser) - Christie Hefner is stepping down as CEO of Playboy after 20 years at the helm of her father Hugh’s operation, she tells the Chicago Tribune. The company’s stock is down, and it has shuttered key divisions, but Hefner, 56, said her resignation was a personal choice. She intends...

Transit Ridership Soars—for Now

Plummeting gas prices haven't driven us back to cars ... but now fewer have jobs to commute to

(Newser) - Dramatic increases in public transportation ridership have outlived sky-high gas prices, but the souring economy could reverse the trend, USA Today reports. Nationwide, third-quarter ridership was up 7% compared to last year, spurred by $4-a-gallon gas in July. Some municipalities saw almost 20% more commuters on their trains and buses....

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...

In Poor Economic Climate, Whiskey Sells
 In Poor Economic 
 Climate, Whiskey Sells 
EARNINGS REPORT
Dec 5, 2008 5:16 PM CST

In Poor Economic Climate, Whiskey Sells

(Newser) - Amid dire economic projections, the maker of Jack Daniel’s Tennessee whiskey is having a banner year, the LA Times reports. “We had a nice quarter,” Brown-Forman’s CEO said of sales and income that bested Wall Street estimates. Even a bad employment report today couldn’t sink...

Retailers Post Worst Month This Decade

But Wal-Mart, other discounters profit from downturn

(Newser) - November was the worst month for retail in a decade, reports the Financial Times, as stores from Macy's to Abercrombie & Fitch posted double-digit falls in sales. Mid-market stores like Target posted worse-than-expected numbers, while department stores crashed. But giant Wal-Mart, leading a small number of discounters, managed to...

GM Seeks $18B in Aid, Needs $4B Immediately

(Newser) - General Motors says it needs an immediate $4 billion loan from the government to get through the month, the Detroit Free Press reports. “Absent support, we can’t continue to operate,” the carmaker’s COO told Congress. GM is requesting a total of $18 billion in federal aid—...

Is Recession in the Cards? More Turn to Psychics

One clairvoyant's advice beat the market

(Newser) - Canadian Ray Pambrun sold many of his stocks in late October and managed to miss the market’s most recent downswing. His secret? Consulting a psychic, who beat out the financial advisers and economists predicting a bottom. It may not be the soundest investment strategy, but clairvoyants have seen business...

Lame Duck Can Do More Than Just Quack
 Lame Duck Can Do
 More Than Just Quack 
OPINION
Nov 24, 2008 2:47 PM CST

Lame Duck Can Do More Than Just Quack

(Newser) - Lame-duck presidents have made their share of last-minute legislative contributions, and the current lame duck need be no different, historian Julian E. Zelizer writes for CNN. “Bush does not have to sit on his hands until January 20,” Zelizer writes, and calls on him to “follow the...

Obama: We Need 2.5M Jobs in 2 Years

(Newser) - Barack Obama says he will move quickly once in office to enact an ambitious, two-year plan to save or create 2.5 million jobs, Bloomberg reports. Obama announced his plan in his weekly radio address, where he also warned that “we risk falling into a deflationary spiral that could...

Journal Poaches Times' Ad Dollars

Expansion of coverage under Murdoch has lured high-end retailers to WSJ

(Newser) - The New York Times and the Wall Street Journal are in an advertising war, and it appears the Journal is winning, Bloomberg reports. Notable accounts, particularly in the luxury market, are fleeing to the Times’ rival. “They’re definitely stealing advertising dollars,” one analyst said of the Journal,...

Oprah's Newest Favorite Thing: Thrift

Talk-show host's holiday goodie bag will be unusually downscale this year

(Newser) - Oprah’s favorite things this year are cheap, cheap, cheap, Us Magazine reports. The TV host, who usually gives away pricey items on an annual holiday show, will bow to the economy and push affordable stocking-stuffers instead. The Nov. 26 airing also includes DIY tips, with viewers meeting “a...

Economy's Tanking Too Fast to Wait for Obama: Krugman

The downtime before inaguration could make things grimmer yet

(Newser) - The state of the economy right now reminds Paul Krugman a lot of the start of the Great Depression, including a lame-duck administration that seems to have no credibility, hence no influence on the markets, the columnist writes in the New York Times. Drastic damage was done to the country...

Asian Stocks Hammered, Europe Opens Down

Nikkei and Hang Seng plunge on grim economic figures

(Newser) - Stocks in Asia plummeted again today as further economic data from Japan and the US spooked investors. In Tokyo the Nikkei dove nearly 7%, while in Hong Kong the Hang Seng slipped 6.6% in a massive sell-off of financial and real estate stocks. This morning in London the FTSE ...

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