recession

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British Execs Released After Latest French 'Bossnapping'

(Newser) - In the latest demonstration of French employees refusing to take job losses sitting down, workers at a glue factory took 3 British execs and their French manager hostage last night, and released them today, the BBC reports. The “bossnappers” demanded a renegotiation of their severance package from Scapa, which...

Michelle's Cover Dress: $126.75

First lady moves from J.Crew to Talbots

(Newser) - Michelle Obama continues to rock recession chic, this time by appearing on the cover of Essence clad in a $126.75 dress from Talbots, E! reports. A Talbots exec said the company sent clothes to Michelle’s stylist after the inauguration, but her appearance on the cover was a surprise—...

Contractors Bid Hot and Heavy for 'Shovel-Ready' Jobs

States saving big time in fight for contracts

(Newser) - Contractors are scrambling to get in line for stimulus-funded "shovel-ready" jobs, reports the Washington Post, and states are finding their stimulus dollars are going a lot further than expected as a result. Companies that were building subdivisions not so long ago are now competing for government jobs and going...

Wedding Guest Lists Shrink Along With Budgets

Economy

(Newser) - With the economy slicing through earnings and savings, dream weddings are colliding with financial realities—resulting in trims to the guest list, and thorny problems choosing who makes the cut, the Boston Globe reports. The average guest list has shrunk to 139 this year, from 166 in 2007, analysts say;...

In Hard Times, Pride Can Keep You Afloat

Can help you function better and raise you in others' eyes

(Newser) - Swallowing your pride might not be so healthy—especially in times like these, psychologists say. While the emotion historically hasn’t meant much to psychologists, new studies are showing that pride can help us function and improve how others perceive us, the New York Times reports. “It’s the...

Art Prices Tumble 35%
 Art Prices Tumble 35% 
Apr 7, 2009 10:22 AM CDT

Art Prices Tumble 35%

(Newser) - Art prices went into freefall in the first quarter, as cash-strapped collectors unloaded their masterpieces, the Financial Times reports. Prices dropped 35%, after falling just 4.8% for all of 2008. Postwar and contemporary artists, favorites of the Wall Street elite, have been hit especially hard, with even the best...

'Job Sprawl' Sucking Work From Downtowns to Suburbs

(Newser) - More and more US companies are setting up shop in suburban areas far from urban centers in a trend known as “job sprawl,” USA Today reports. Though urban jobs increased overall from 1998-2006, a Brookings Institution report shows the share of employment opportunities within 3 miles of downtown...

Indian Suitors in US Lose Points With Women at Home

Potential brides' families worry about recession

(Newser) - Indian guys who return home from the US to scout for brides are being met with skepticism instead of open arms, reports the Wall Street Journal. Eying the recession abroad, would-be brides and their parents are giving preference to local matches and even demanding to see tax returns from US-based...

Can Baseball Save America &mdash;Again?
 Can Baseball 
 Save America 
 —Again? 
glossies
Apr 5, 2009 5:30 PM CDT

Can Baseball Save America —Again?

(Newser) - Players like Joe DiMaggio and Babe Ruth inspired America to endure the Great Depression, but with the season kicking off tonight, can overpaid and steroid-ridden players still mean something in hard times? Eric Spitznagel hits the spring training circuit for Vanity Fair to find out—and puts the question to...

Layoffs Will Trigger Layoffs: Economists

(Newser) - Unemployment has hit a 25-year high, but analysts say it will worsen as job cuts force consumers to cut back, triggering yet more payroll reductions, Bloomberg reports. Manufacturers, service providers, and even the US Postal Service are planning to lay off workers in the face of declining consumer demand. “...

Obama Fakes Center, Goes Liberal
 Obama Fakes 
 Center, Goes Liberal 
OPINION
Apr 4, 2009 6:36 PM CDT

Obama Fakes Center, Goes Liberal

(Newser) - If President Obama were a quarterback, he’d be a master of the fake, Fred Barnes writes in the Weekly Standard. Using “misdirection,” he markets “his product—the liberal agenda, plus a few add-ons—in a manner that disguises what he's really up to.” While trumpeting...

Cash-Poor MGM Mirage May Sell Casinos

(Newser) - MGM Mirage, the gambling conglomerate, is considering the sale of casino properties in Michigan and Mississippi to pay down debt and save an underfunded Las Vegas development, the Wall Street Journal reports. The Vegas-based company has retained Morgan Stanley to shepherd the sales of the MGM Grand Detroit and Biloxi’...

Recession Squeezes 'Grandfamilies'
Recession Squeezes 'Grandfamilies'
Apr 4, 2009 11:52 AM CDT

Recession Squeezes 'Grandfamilies'

Layoffs sting rising number of people raising grandkids

(Newser) - The recession is putting a serious strain on the safety net millions of American grandparents provide for their grandkids, the Wall Street Journal reports. The number of children who live in a household headed by a grandparent has been rising for decades, but older workers are finding it tough to...

Men Protest Economy With 'Recession Beards'

Trend could actually mark return of clean-shaven faces

(Newser) - Some newly unemployed men are willing to take it on the chin—literally. The “recession beard” has emerged as the new act of “playful rebellion” against being a “corporate slave,” Esquire’s grooming editor—who also works for Norelco—tells Advertising Age. Despite the trend, the...

Surprise: G20 Had More Substance Than Hot Air
Surprise: G20 Had More Substance Than Hot Air
ANALYSIS
Apr 3, 2009 7:08 AM CDT

Surprise: G20 Had More Substance Than Hot Air

(Newser) - Unlike most economic summits, the G20 talks have delivered more than just a promise to talk some more in the future, Steven Pearlstein writes in the Washington Post. The meeting may not have been the turning point declared by President Obama, but the market-boosting measures agreed upon represent a more...

Strapped Californians Pan Like It's 1849

Soaring gold prices and a lousy economy have many hoping to strike it rich

(Newser) - The miserable state economy and the soaring price of gold have sent Californians back into them thar hills, USA Today reports. Prospecting clubs all over the state report a huge jump in the number of people panning for gold just as a 10.5% unemployment rate has left cash-strapped residents...

G20 Measures 'Necessary, But 'No Guarantees': Obama

(Newser) - President Obama touted the resolutions of the G20 summit today in London, saying swift and muscular action was needed to reverse the global economic downturn, the AP reports. Steps like the injection of funds into the IMF and the creation of a global regulatory body “were necessary,” he...

10 Recession Expenditures to Shut Up About
10 Recession Expenditures
to Shut Up About
OPINION
Apr 2, 2009 10:14 AM CDT

10 Recession Expenditures to Shut Up About

The economy has changed social etiquette

(Newser) - If you've got it, don't flaunt it. Forbes warns against boasting about these lavish purchases,:
  1. As your friends' faces get droopy, it's not cool to discuss cosmetic surgery splurges.
  2. The duck confit may have been exquisite, but resist describing a lavish meal.
  3. Lest you suffer the same scrutiny as Michigan's
...

Recession's Victims Overwhelm Libraries

Surge in jobseekers, homeless, and crime stresses out library staff

(Newser) - Libraries that once worried about staying relevant are finding themselves on the front line of the recession, the New York Times reports. Attendance has surged as the newly unemployed—some of whom can't read or write or navigate the Internet—use facilities to write resumés and search for jobs,...

Europe Cuts Rates Less Than Expected to 1.25%

Economists, markets had hoped for 50-point cut

(Newser) - The European Central Bank cut interest rates today by 25 basis points, less than expected, to 1.25%. Economists had widely expected a cut double that size, reports the Financial Times, and financial markets soared on the news this morning. The ECB has been more hesitant to cut rates than...

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