People always need to do laundry—the question is how often, and where.

Yet in a measure of the potency of this particular downturn, some coin laundries are closing, and many others are battling sales declines. Job loss and economic woe are forcing Americans to cut back even on their laundry costs, either by using the home equipment of friends or relatives or by wearing items multiple times between washes. Even urban flight and reverse migration due to economic hardship appear to be agitating the industry.

"Now more than ever the adage that we're recession-proof is being tested," says Brian Wallace, president of the Coin Laundry Association.

Where do you do your laundry, and have your habits changed in the last few years? Do you try to save a few quarters by wearing jeans an extra day or two?

Even Laundries Tumble in This Economic Cycle [Wall Street Journal] (Thanks, PecanPi!)

(Photo: malias)

If you're interested in statistics the Bureau has another one that you might like. The employment-to-population ratio calculates the proportion of the country's working-age population that is employed. Currently, our employment-to-population ratio is at 58.5%. Wikipedia tells us that a "high" ratio would be around 70%.

There's also something called the "underemployment" rate, which tracks part-time workers and those who have simply given up. This rate is currently at 17.5%, says the NYT.

As far as industries go, if you're in construction and manufacturing, you're in trouble. Manufacturing in particular has lost 2.1 million jobs in just the last 2 years.

Heath care, however, is doing fine. The Bureau of Labor Statistics tells us that since the recession began, heath care has added 597,000 jobs.

The news is most grim if you're a teenager: 27.6% of teenagers who are looking for work are unable to find it.

Here's a scary/depressing graph:

Employment Situation Summary [Bureau of Labor Statistics]
U.S. Unemployment Rate Hits 10.2%, Highest in 26 Years [NYT]
(Photo:Jay Adan)

Here's the thing. If you don't want to go to work, this is not the excuse to use — A) Because you have to stab yourself, and B) because nobody argues with the word "diarrhea" and they certainly do not go review security camera footage.

From ABC 7 in Denver:

Investigators reviewed surveillance video taken at a nearby business that failed to show an attack where [the Blockbuster guy] claimed it had happened.

[The Blockbuster guy] was re-interviewed by detectives who said he finally admitted he stabbed himself because he didn't want to go to work.

Police: Man Who Claimed Stabbing Didn't Want To Go To Work [ABC 7 via HuffPo]
(Photo:FleaTheMagician)

From WLTX:

The man, whose description was sketchy , entered the fast-food restaurant just after 2 p.m. Monday and pointing a gun at the cashier, demanded money and told the cashier to get on the floor, said Lt. John Hickey of the Haverstraw Police Department.

The man then walked into the manager's office, which is located at the back of the store.

"He requested an application for employment and the manager said 'No,'" Hickey said. The manager asked the suspect to leave; he left the premises in an unknown direction.

This is total failure. He got neither money, nor tacos, nor a job application.

Police: Man Robs Taco Bell, Then Gets Job Application [WLTX] (Thanks, Nicholas!)
(Photo:Morton Fox)

Researchers at Midan Marketing surveyed customers about what meat they're buying to cook at home, and discovered an increase in sales of premium meats in the past year. Consumers can't afford to go out to restaurant, but still want delicious, delicious steaks.

The accompanying sales data showed sales remain strong for lower-priced meats such as ground beef, hot dogs, and chicken drumsticks. But, there was a noticeable increase in sales of higher-priced premium meats.

The sales volume of the more expensive "premium" steaks was up 15.5 percent in the third quarter from a year ago, versus a 13.2 percent rise in "regular" steaks, they said.

Much of that increase is being attributed to supermarkets having greater access to higher quality meats. Also stores have been running promotions to win customers during bad times so they will come back when the economy improves, said Uetz.

I think this is where everyone chimes in with their favorite steak-cooking tips.

Stay-at-home consumers bite into pricey steaks [Reuters]

RELATED:
All About Steak
9 Affordable Steaks And How To Grill Them

(Photo: RBerteig)

From the AP:

The third-quarter's performance - the strongest since right before the country fell into recession in December 2007 - was slightly better than the 3.3 percent growth rate economists expected.

Armed with cash from government support programs, consumers led the rebound in the third quarter, snapping up cars and homes.

Something about the phrase "armed with cash from government support programs" makes us wonder what surprises next quarter will hold.

Economy grows in 3Q, signals end of recession [AP]
(Photo:mraaronmorris)

According to Nielsen data quoted by Retailer Daily, 68% of consumers are cutting back on "fine dining" and 59% are spending less time in bars, opting instead for the "trend toward in-home entertaining" (that part about the stoop is what's known in the data biz as "extrapolation"). That's contributed to the closure of almost a thousand bars and clubs over the past year, but has helped to fuel to a boom year for convenience stores, drug stores and mass retailers.

For the 26-week period ended August 22, 2009, domestic wine sales rose 5%, domestic vodka sales rose 8.1%, and domestic beer sales rose 3.2% compared to the same period a year earlier. According to Nielsen, compared to imports the average price of domestic wine is 25% cheaper, the average price of domestic vodka is 50% cheaper and the average price of domestic beer is 35% cheaper. In addition, for the 52-week period ended August 22, 2009, private label wine sales grew more than 20% and private label spirits sales grew more than 10% compared to the same period a year earlier.

So, have you switched from swish to swill? Or have you finally realized that all vodka tastes the same? Share your recession drinking tips in the comments.

Consumers Seek Alcohol Savings [Retailer Daily]

(Photo: Maulleigh)

Inside: Poll - Will the new look get you to eat at BK more often?

The concept, dubbed "20/20," is already in place at about 60 BK outlets, but the chain now plans to take it global. According to CEO John Chidsey:

As we continue to grow and strengthen the brand worldwide, this new restaurant design exemplifies our vision for the brand's future and reinforces our goal of delivering superior products and positive guest experiences. ... [T]he 20/20 design takes this distinction a step further by creating an exceptional and memorable dining environment that builds on our signature assets.

The new look comes as consumers have begun trading up from traditional fast food outlets to "fast casual" chains like Panera. Sales at fast casual restaurants were up 63% least year, according to industry estimates.

Renovations will cost franchisees as much as $600,000 per restaurant, with no guarantee that the metallic accents and faux concrete will bring in new customers. "I don't think they'll change their perception," Morningstar analyst R.J. Hottovy told the AP. "They're pretty entrenched in their reality."

Burger King Corp.'s Bold New Global Restaurant Design Takes Flight at Amsterdam's Schiphol Airport [Business Wire]
Burger King revamp aims at higher-priced kin [AP]
Fast casual restaurants sizzle with combo of speed, price and freshnesss [Dallas Morning News]

According to Planet Money:

My youngest daughter, who these days is sometimes a kid and sometimes an adult when it comes to menus, got a kid's menu. You know, with word puzzles, tic-tac-toe layouts, mazes, and figures to color in. It used to come with a pack of 4 crayons — red, blue, yellow and green. Yesterday it had a pack of two — red and blue.

We don't know if this is a trend, or just cost-cutting by one chain. Either way, we think Red Robin would be better off dropping its costumed mascot, who, according to the poster on Planet Money, "scares the bejesus out of the little kids."

'Sign Of The Times': Fewer Crayons [Planet Money Blog : NPR]

(Photo: frankieleon)

[Editor's Note: Marc is a parent and was 100% kidding. Please don't take him seriously. As you know, taking things seriously is not allowed at Consumerist HQ. Thank you. -Meg]

According to the Bureau of Labor Statistics, the unemployment rate is now at 9.8%, and there are over 5.4 million people who've been unemployed for more than 27 weeks. Even though layoffs have tapered off from their peak — 253,000 people lost their jobs in September, vs. over 600,000 per month earlier in the year — there hasn't been a whole lot of new hiring.

Employment Situation [Bureau of Labor Statistics via Planet Money]

(Photo: Daquella manera)

The biggest drop in spending is expected to come at the candy counter, with 46.5% of consumers telling the NRF they'll be buying fewer sweets. About 35% are going to use last year's decorations (at least they're not using last year's candy).

Phil Rist of BIGresearch, which conducted the survey for the NRF said: "The overriding theme for Americans' Halloween celebrations this year will be, 'How creative can I be, and how little can I spend?'"

One bright spot: Despite the number of consumers buying less candy, only about 5% said they won't be giving out any treats. So, kids, get out early this year. And you know what to do with the eggs.

As Economy Impacts Halloween, Americans Get Creative [National Retail Federation]

The new federal extension applies to 27 states, and will be funded, to the tune of $1.4 billion, with a tax on employers.

As Federal Reserve chairman Ben Bernanke stated earlier this month, while the recession may be over and the economy is growing, that isn't doing anything to reduce the jobless rate. In fact, many experts expect it to go higher.

The House action reflects the continuing depressed state of the job market despite some signs that the economy is recovering. The unemployment rate now is 9.7 percent and economists see it topping 10 percent in 2010.Some 5 million people, about one-third of those unemployed, have been without a job for six months, the highest number since data was first collected in 1948. There are nearly six unemployed for every available job.

''The job-finding situation is still dire,'' said Andrew Stettner, deputy director of the research and advocacy group National Employment Law Project. ''Until we figure out how to create jobs there is so much collateral damage'' from neglecting to help the jobless, including people losing their homes and facing food insecurity and mental depression, he said.

Here, according to the AP, is the list of states where the extension will apply, if passed.

Alabama, Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Massachusetts, Maine, Michigan, Mississippi, Missouri, Nevada, New Jersey, North Carolina, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Washington, Wisconsin and West Virginia.

House Votes to Extend Jobless Benefits [AP]
Meltdown 101: How extended jobless benefits work [AP]

(Photo: clementine gallot)

The Men's Underwear Index is the brainchild of research firm Mintel, and it's based on a fairly simple concept: When times are good, men buy new underwear on a regular basis. But when the bottom drops out of the economy, sales slow as more guys begin to allow the tighty wihties to slowly turn gray (psst: start separating the whites and colors and use some bleach if this is you).

Mintel began checking out men's underwear in 2003, and this year, the company expects sales to fall about 2.3% — the first droop, er, drop since then. A further decline, by about 0.5%, is expected next year, though if you're still waiting at that point, we really think you should skimp on something else, and splurge on a few new pairs. Either that or just go commando; it's a better option than what's going to be left in your dresser by that point.

Blue Chip, White Cotton: What Underwear Says About the Economy [Washington Post]
via Real Estate Dispatch

(Photo: midorisyu)

Here is a lovely graph from Credit Suisse that should scare you. As you can see, the subprime resets are now mostly behind us, and the next wave of resets are Option-Arm and Alt-A.

These loans were often issued to borrowers with good credit who were speculating on the housing market or who lacked the proper documentation of income to qualify for a traditional mortgage.

Option-ARM or "pay option" loans are so risky that they are illegal in some states. Option-ARM mortgages allow the borrower to pay little or nothing at first - and any unpaid interest is added to the principal due on the loan. This results in a mortgage that grows over time. Eventually, when the borrower owes 10-15% more than the original loan, the payments increase rapidly. By rapidly, we are talking about 5 to 10 times as much as the borrower was used to paying. These loans tend to be "jumbo" which makes them even more difficult to refinance than regular loans.

Iowa AG Tom Miller is sounding the alarm:

"Pay option ARMs are about to explode," he announced, "That's the next round of potential foreclosures in our country."

Meanwhile in Arizona, where, according to Reuters, 128,000 pay option mortgages are scheduled to reset within the next year, AG Terry Goddard seems sort of depressed:

"It's the other shoe," he said. "I can't say it's waiting to drop. It's dropping now." Right on time.

"Option" mortgages to explode, officials warn [Reuters]
(Photo:rappensuncle)

PREVIOUSLY: Monthly Mortgage Rate Resets, 2007-2016
The Subprime Meltdown Will Be Nothing Compared To The Prime Meltdown

Case-Mate does, however, also claim that the case will make you awesome, and we're not so sure about that one. What might really make do the trick is a DIY cardboard iPhone case made out of a recycled juice box. Sure, you'll spend more than 99 cents, and you'll have to do some actual work. But you'll get a sugar high from the juice, and your case may even protect your phone a little. (And, yes, we know Case-Mate is just having some fun, and 99 cents doesn't seem like an unfair price for this thing. But the juice box ones really will make you awesome. Trust us.)

iPhone 3G / 3GS recession case [Case-Mate]
JuiceBox iPod Touch and Camera Cases [Randomly Ross]

"The recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution.

He thinks that the economy is likely growing at this point. He also said that Wall Street reform "will be forthcoming."

What do you think? Is Bernanke right?

Bernanke says recession 'very likely over' [AP]
(Photo:Ed Yourdon)

Time says that the NFL is sticking to the blackout rule. The teams themselves aren't budging either. So far, despite the recession and a decrease in sales — they've actually raised ticket prices:

And as much as some local officials may be griping about it, teams aren't necessarily helping. Some teams that are facing the prospect of blackouts haven't even lowered their ticket prices to entice fans. In Jacksonville, for example, the average general-admission ticket costs $57.34, a 3.7% increase from 2008, according to Team Marketing Report. The average premium seat now costs $229.17, a 15% increase over the previous year. And local network affiliates aren't necessarily upset that they have to sometimes air a different game, since more competitive teams playing can actually translate to better ratings.

It looks like the following teams are in danger of blackouts: Arizona, Cincinnati, Detroit, Jacksonville, Minnesota and San Diego. Gothamist is concerned that there may be a blackout of the upcoming Jets/Patriots game, though we suspect they worry needlessly.

NFL commissioner Roger Goodell says that he expects about 20% of NFL games to be blacked out this season. Last year 9 games were unavailable — and five of them involved the still-winless Detroit Lions. Time sums up that situation rather succinctly:

With unemployment hovering around 30%, it's not easy for folks in the Motor City to shell out a few hundred bucks to attend a game and cheer on the first team in NFL history to finish the season 0-16, as the Lions did last year.

For those of you in blacked-out markets, the NFL is offering those games on-line free of charge through their NFL Game Rewind service. You can watch the games beginning at midnight on the day of the game and they remain available for 72 hours (except during ESPN Monday Night Football telecasts).

"We understand that the economy is limiting some families and corporations from buying as many game tickets as they had previously," said NFL Commissioner Roger Goodell. "These free re-broadcasts on NFL.com will allow our fans that can't get to a blacked-out game an opportunity to see the entire game."

NFL Network's NFL Replay to Encore Four Games Each Week [NFL]
With Fewer Sellouts, NFL's Blackout Rule Under Fire [Time]
(Photo:Wigstruck)

The report spotlights a consumer determined to sock away cash and pay down debt following the stock market and real estate crashes. Households have saved about 5% of their income in recent months, vs. less than 1% before the downturn.

Long-term, the trend "puts (consumers) in a healthier financial position" by trimming interest costs and encouraging investments for "future needs like college education and retirement," says John Ryding, chief economist of RDQ Economics.

In the short run, though, "This does not bode well for a significant, sustained rebound in real consumer spending," Steven Wood, chief economist for Insight Economics, said in a report.

In other words, what's good for us as individuals is bad for financial institutions. And for the overall economy, which counts on Americans to spend, spend, spend.

But don't let that stop you from being, you know, responsible and sensible with your finances.

Consumers cut outstanding credit by record $21.5 billion [USA Today] (Thanks, snarkysnake!)

(Photo: Arria Belli)

Cupcake bakeries (and even a cupcake truck) have sprung up in the last year. The ascendancy of the cupcake shop due to a number of factors other than inherent deliciousness. Mostly, cupcakes are small, affordable gourmet indulgences, perfect for a spoiled American urban population in the midst of a recession. But is the trend nothing but a nationwide sugar rush?

In America, bubbles form because any good business idea gets funded a dozen times over. That's the American way. Cupcakes are now showing every sign of going through the bubble cycle. The first-movers get buzz and revenues, gain critical mass, and start to expand rapidly. This inspires less-well-capitalized second- and third-movers, who believe there's room enough for them, and encourages established firms in a related industry to jump in.

Sounds like any number of bubbles we've seen. But maybe it's just as well. Wonderful as cupcakes are, does anyone need to be paying as much as $3 for one in an urban cupcakery?

The Cupcake Bubble [Slate]

(Photo: splityarn)

From the NYT:

Across America, from 2000 to 2005, upward of 3,000 self-storage facilities went up every year. Somehow, Americans managed to fill that brand-new empty space. In June, Public Storage, the industry's largest chain, reported that its 2,100 facilities in 38 states were, on average, still about 91 percent full. It raises a simple question: where was all that stuff before?

"A lot of it just comes down to the great American propensity toward accumulating stuff," Litton explained. Between 1970 and 2008, real disposable personal income per capita doubled, and by 2008 we were spending nearly all of it - all but 2.7 percent - each year. Meanwhile, the price of much of what we were buying plunged. Even by the early '90s, American families had, on average, twice as many possessions as they did 25 years earlier. By 2005, according to the Boston College sociologist Juliet B. Schor, the average consumer purchased one new piece of clothing every five and a half days.

That seems like an awful lot of clothing. Then again, I'm not the "average consumer." The average consumer is apparently drowning in a sea of their own purchases:

A 2006 U.C.L.A. study found middle-class families in Los Angeles "battling a nearly universal overaccumulation of goods." Garages were clogged. Toys and outdoor furniture collected in the corners of backyards. "The home-goods storage crisis has reached almost epic proportions," the authors of the study wrote. A new kind of customer was being propelled, hands full, into self-storage.

You've probably assumed that the self-storage business would be booming with all the foreclosures — but the uptick in rentals of large storage units is being obliterated by the retreat of people who were paying to store a bunch of old crap they didn't really need. So it goes.

If you don't have the time for the whole article, skip to the end and read about the Vietnam Vet who put his stuff in storage and is camping out while he pays down his debt.

"It's feeling good," he said, "and it's working. That's the thing: it's working. Debts are down to almost zippo right now." We're rooting for him.

The Self-Storage Self [NYT]
(Photo:oneiroi)

From the WSJ:

The bank isn't offering to repay all of its $45 billion in aid from the Troubled Asset Relief Program, as several other banks have done. Instead, BofA is suggesting it could start with the $20 billion of additional aid supplied in January when the bank was hesitating to complete its takeover of loss-ridden Merrill.

Repaying this would mean BofA would no longer be considered an "exceptional" aid recipient — a designation that has put it under a microscope by Congress and regulators, with its pay packages subject to review by the federal "pay czar."

In a somewhat ironic twist, Bank of America is also trying to get out of a loss-sharing agreement it has with the government, but according to the WSJ, there is a dispute about... well... it sounds like an early termination fee to us:

In addition to giving Bank of America extra TARP money, the government agreed in January to absorb a chunk of losses on a $118 billion pool of assets owned by BofA and Merrill. The bank would be on the hook for the first $10 billion in losses, and the U.S. would cover 90% of the remainder....

If the bank wanted to end the arrangement, an "appropriate fee" was required. The Treasury and the Federal Reserve are asking the bank to pay between $300 million and $500 million to end this plan and pushing executives to consider a number on the high end of that spectrum, said a person close to the situation. The bank is now considering the request.

What's the word for this? Oh yes, schadenfreude.

BofA Seeks to Repay a Portion of Bailout [WSJ]
(Photo:e. wilder)

The WSJ says that the price of Pepsi's "Aquafina" has dropped by half in some cases — and is still more expensive than store brands.

"It used to be $6.99 for a 24-pack, then $5.99," said Michael Bellas, chief executive of New York consulting firm Beverage Marketing Corp. "But $2.49? That's the lowest I've seen."

There is speculation that as Pepsi absorbs other bottlers and lowers its costs, the price could drop even lower. The botted-water makers told the WSJ that the low prices are just promotional and are common ahead of Labor Day.

Bottled-Water Price War Heats Up as Demand Falls [WSJ]
(Photo:Charliux)

From the NYT:

The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 percent annually, according to calculations compiled for The New York Times.

These early returns are by no means a full accounting of the huge financial rescue undertaken by the federal government last year to stabilize teetering banks and other companies.

Of course, there is still a chance that those billions will just help to offset the huge losses incurred in other bailouts. Only time will tell.

As Big Banks Repay Bailout Money, U.S. Sees a Profit [NYT]
(Photo:Great Beyond)

The manufacturing work done in Indiana will move to Mexico and another location yet to be named.

Whirlpool to Cut About 1,100 Jobs [ABC News]
New jobless claims and total benefit rolls drop [AP]
INSTANT VIEW: Consumer confidence hits four-month low [Reuters]

(Photo: MShades)

That's unlikely to happen this time—instead, the FDIC plans to keep a closer eye on currently troubled banks, and potentially raise insurance premiums in the future.

FDIC Chairman Sheila Bair said this week that bank failures will remain elevated as banks go through the painful process of recognizing loan losses and cleaning up balance sheets.

The total of 84 failures this year marks a sharp rise over the 25 last year, and the three failures in all of 2007.

She noted that the banking industry's performance is a lagging indicator and will continue to suffer even as the economy begins to improve.

They're keeping a more careful eye on new banks, too, changing capitalization requirements in order to prevent more failures.

U.S. bank failure tally rises to 84 for 2009 [Reuters]
Analysts Predict FDIC Will Charge Additional Fees to Prop Up Insurance Fund [American Banking News]
FDIC to Increase Scrutiny of New Banks [Wall Street Journal]

(Photo: Ryan McFarland)

The AP acknowledges that there's little hard evidence for their theory:

Hard numbers are difficult to come by, but Burt P. Flickinger III, a retail consultant, estimates that in 25 percent of shoppers' trips to the store, they're ditching at least one item. In the recession of the early 1990s, it was 15 to 20 percent. In good times, it's more like 10 percent.

Ashley Nichols Guttuso of Midlothian, Va., dumped a red cardigan last week at the counter at the local Limited store after she found out she couldn't use a $15 store coupon on the $15 sweater.

She told the AP that she only went to the store because she thought she could get something for free. They also suggest that some people are going to the store so they feel like they are shopping, and then just ditching the cart. Other reasons given include new-found frugality, and having one's credit card declined.

What do you think?

More shoppers thinking twice in the checkout line [Baltimore Sun]
(Photo:cromonna)

From CNN:

Guaranty was the third largest bank to fail in 2009. It tied for the title of 11th largest bank failure in U.S. history with First City Bancorporation, which failed in 1988.

The estimated cost of Guaranty's failure to the FDIC is $3 billion.

And what was Guaranty Bank's downfall? Option adjustable rate mortgages. The bank also financed home builders in, gulp, California.

Third largest bank failure of 2009 announced [USAToday]

The price of sugary Starbucks concoctions with several ingredients, like Frappuccinos and caramel macchiatos, will increase an average 10 cents to 15 cents, but in some cases as much as 30 cents, or about 8 percent, said Valerie O'Neil, a Starbucks spokeswoman.

The price of the most popular beverages - 12-ounce lattes and brewed coffees - will decrease an average of 5 cents to 15 cents. This is the first time Starbucks has lowered prices, she said. It last increased the price of drinks by 5 cents in 2007.

They'll also be changing menus around to make less expensive brewed coffee and espresso drinks more prominent.

Counter-intuitive move in a recession, maybe, but perhaps customers who once spent larger totals will buy less expensive drinks while maintaining their Starbucks habit. Oatmeal prices remain unchanged.

Will the Hard-Core Starbucks Customer Pay More? The Chain Plans to Find Out [New York Times]

(Photo: Atwater Village Newbie)

After he lost his job, Clinton Cole continued to wake up early, dress in a suit, and leave the house. Instead of going to the office, he spent the day in a park or public library. While his family knew about his situation, friends and neighbors didn't, and he wanted to keep up appearances.

"In this area, in the shadow of our nation's capital, so much is about appearances," said Cole, a carefully spoken man of medium height with thinning brown hair and tortoise-shell glasses, which he removes for photographs. "There was fear that other kids wouldn't play with your kids. You won't be invited to parties or be ostracized. Or that others would distance themselves from you because you might need help they won't be able to provide. All those thoughts race through your mind."

After about two months, Cole tired of the charade, and now he thinks that talking about it publicly could help him find employment and inspire others. He realized that those he once thought would shun him often reached out to help. Perhaps they saw a bit of themselves in his anxious eyes — just one severance check away from disaster.

The recession has hit college-educated workers hard, people who never imagined being on food stamps or even being unable to afford a summer vacation. The charade can be exhausting and sometimes expensive, and deprives people of job leads and other help the people in our lives can provide.

And only in America would someone think that they could "inspire" people by publicly admitting that they're out of a job.

Lying Low After a Layoff [Washington Post]

(Photo: swanksalot)

If you take out a loan with Advance America, and lose your job before it comes due, they won't charge you their usual fee (APR of 200-386% for a two-week loan)

Pay no fees if you lose your job while you have a current cash advance with us.

Get a Worry-Free Advance, and if you lose your job while you have a current cash advance out with us, you'll pay no fees. It's one less thing to worry about. And one more way we're here for you with trusted financial solutions that make your life a little easier.

Of course, you still have to worry about paying the money back. And they won't be quite as sympathetic when you go take out another payday loan to pay the first loan back.

RELATED:
Study Shows People Take Out Loans At 400% Even When They Do Know Better
Most Payday Loans Are To Repay Other Payday Loans

Worry-Free Loans [Advance America] (Thanks, Nikki!)

(Photo: Hulgatha Doodlesack)

From Reuters:

"July marks the third time in the last five months where we've seen a new record set for foreclosure activity," James J. Saccacio, RealtyTrac's chief executive, said in a statement.

"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions."

RealtyTrac says notices of default, auction or repossession have reached nearly 2.3 million in the first seven months of the year. There are now more than half a million bank repossessions currently on the books. Repossessions are particularly awful because they represent properties that the bank couldn't even sell at auction. These vacant properties lower the value of the surrounding real estate.

As unemployment rises and property values fall it makes it more difficult for people to sell their homes, which in turn increases the number of foreclosure filings.

The national unemployment rate is currently at 9.4%. I am sorry to have to tell you all of this. Here is a picture of a kitty playing XBOX.

U.S. home foreclosures set another record in July [Reuters]
(Photo:Seven_Null7)
(Photo:darabidduckie)

Volume sales of Bud Light, the top-selling brew in the U.S., have fallen this year and may register their first annual sales decline in the brand's 27-year history.

The new ads, set to coincide with the start of the U.S. football season on networks such as ESPN, will include more of the humor that drinkers have been accustomed to seeing from Bud Light over the years. The ads will refine the company's "Drinkability" campaign — which sought to persuade drinkers that Bud Light is neither too heavy nor too light in taste — that began last year and has struggled to gain traction.

Do you like the "Drinkability" campaign? Are we the only ones who find it really annoying?

Anheuser Refreshes Bud Light Campaign [WSJ]
(Photo:Dyanna)

When officials in Stamford, Conn., posted a single position at the local sewage plant, more than 300 people raised their hands — about twice the number who would seek such jobs before the recession.

About 100 of them made the cut and were allowed to take a test and interview. The work: Drying up wastewater sludge and operating chlorine tanks.

After months of unemployment, that job sounded appealing to 26-year-old Gary Cappiello of nearby Norwalk. Cappiello had worked in the maintenance department of a Target store before being laid off in the spring of last year.

"I'm just applying for anything now — even if the job is low-paying or not a comfortable position," he said. "It's just getting to a desperate point. The bills need to be paid."

Recently, he found out he didn't make the cut at the sewage plant.

Competition is heating up for slaughterhouse jobs too. Tyson spokesperson Gary Mickelson says they've seen "an increase in the qualifications and experience of those applying."

Now hiring: Everywhere you didn't want to work [Yahoo!]
(Photo:Daquella manera)

"Our results reflect stabilization in certain of our businesses," said Edward M. Liddy, the chairman and chief executive installed by the government during A.I.G.'s rescue last fall.

Liddy said that the company's insurance business "remains challenged," due to, you know, people totally hating them. He described our disdain for the company as "the lingering effect of negative A.I.G. events earlier in the year."

A.I.G. Reports Profit, Saying Business Is Stabilizing [NYT]
(Photo:eflon)

The big problem may be poor customer service.

From USAToday:

"We have been disappointed …about the variation in service performance in helping people in a timely fashion and with the respect they deserve," says Michael Barr, Treasury's assistant secretary for financial institutions. "We're going to be requiring ramped up efforts across the board."

For more information about the program and how to take advantage of it, click here.

Making Home Affordable Program on Pace to Offer Help to Millions of Homeowners [Department of the Treasury]
Just 9% of eligible homeowners have had mortgage modified [USAToday]
(Photo:wmliu)

EBT use has increased 20% from last year and formerly reluctant retailers like Costco are getting in on the action.

The cards are so "popular" that some retailers are crediting them with their "success" in the current economy.

In its third-quarter earnings report July 8, Family Dollar cited EBT as among the reasons for its success in this economy. Same-store sales were up 6.2% for the quarter, and food and beverages gained the most. Food stamps represent "a significant opportunity for us," said CEO Howard Levine. EBT spending at Family Dollar (FDO) was up 18% from March 2008 to March 2009, says spokesman Josh Braverman.

More retailers say yes to food stamps [USAToday]
(Photo:Maulleigh)

It may sound like a waste of money, but compared to the $36,000 a year it costs to house a family in a shelter — the city sees it as a bargain.

Many of them are longtime New Yorkers who have come upon hard times, arrive at the shelter's doorstep and jump at the offer to move at no cost. Others are recent arrivals who are happy to return home after becoming discouraged by the city's noise, the mazelike subway, the difficult job market or the high cost of housing.

"I didn't expect the city to be the way it is," said Hector Correa, who was in a homeless shelter last week and flew home to Puerto Rico on Tuesday. "I was expecting something different, something better."

Apparently, people are always landing in NYC unprepared for the reality of life in the city.

"An adventurous but ultimately unlucky Michigan couple drove to the city in search of jobs and a new life. They got $400 in gas cards to drive back," says the Times.

The program allegedly "works," so far, no homeless people have come back. Critics say the city isn't actually solving the problem, just relocating it.

"The city is engaged in cosmetics," Mr. Cohen said. "What we're doing is passing the problem of homelessness to another city. We're taking people from a shelter bed here to the living room couch of another family. Essentially, this family is still homeless."

City Aids Homeless With One-Way Tickets Home [NYT]
(Photo:Craig)

Economists were expecting a better score, because of "surging stock prices" and "a stabilizing housing market." Apparently they still don't quite understand that people need jobs in order to be confident.

"Consumer confidence is a reality check for folks," said Mark Vitner, senior economist at Wells Fargo. "Even though we have seen an improvement in economic indicators, there hasn't been any meaningful improvement in household finances. Consumers are not in the position to step up their spending in a major way.This doesn't bode well for the back-to-school season."

[NPR] (Thanks, Jay!)
(Photo:rolumusnr)