Consumerist
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laundry
Laundromats Enter Underfilled Recession Cycle
Are you doing laundry this weekend? Are you running fewer loads than you used to, going longer between washes, or even using a friend or relative's equipment in order to avoid unloading a pocketful of quarters at the laundromat? If so, you're not alone. Laundromats, once thought to be a recession-proof business, are surprisingly vulnerable to economic downturns. More » -
recession watch
Problem Solved! GDP Shows 3.5% Growth
No, just kidding. We know you still don't have a job. The Commerce Department announced that the economy grew 3.5% in the third quarter — snapping the longest streak of economic contraction since 1947. More » -
auctions
Nobody Wants To Buy (Four Fifths Of) Detroit
Detroit tried to auction off almost 9,000 homes and lots last week—enough property to fill Central Park—but Reuters says less than 1/5th of what went on the block actually sold. Unfortunately, it sounds like speculators snatched up few decent properties, leaving actual Detroit residents looking for new homes out in the cold.
"Detroit house auction flops for urban wasteland" [Reuters]
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lost generation
Being Unemployed In A Downturn Will Damage Your Career Forever
If you're just starting out in your career, BusinessWeek has some sobering news for you. Statistics show that people who come of age and spend the early years of their careers un- or underemployed will fall behind their always-employed peers in both earnings and career status, and most will never recover the lost ground. More » -
please look at my resume, barbara
Unemployment Visualized As A Zombie Outbreak
At some point, we're going to have to stop referring to every red-hued outbreak map as being zombie-like, but this is not that point. It's nearly Halloween, the #2 movie in the nation is Zombieland, and yesterday the president of the Federal Reserve Bank of St. Louis warned that unemployment may exceed 10% before the end of the year. This is the appropriate way to view unemployment today. More » -
recession
Christmas This Year Will Be Less Tacky
Because retailers plan their Christmas offerings so far in advance, most were too far along with trendy or ostentatious Christmas merchandise to change course last year, reports the Associated Press. This year they're prepared to pursue the fiscally conservative consumer, which means everyone is selling the holiday decor equivalent of comfort food. More » -
foreclosures
How To Buy A Foreclosed House (That You Might Actually Want To Live In)
Buying a foreclosed home may seem like a great deal, since the bank that's selling it would rather unload it at a loss than stay on as owner. But foreclosures come with a lot of risks — including vandalism by former owners or theives who strip vacant homes of just about anything that isn't bolted down — and even things that are (you know, like toilets). More » -
unemployment
13 More Weeks Of Unemployment Benefits For Some Americans
On Tuesday, the House voted to extend unemployment benefits for Americans who live in states where the unemployment rate is greater than 8.5 percent. 400,000 people were set to run out of benefits at the end of September, and will now continue to receive them until the end of the year if the bill passes. More » -
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rescission
Insurer To 17-Year-Old: Your Parents Lied On Application, Good Luck Paying Your Bills
The Chicago Tribune says that when 17-year-old Brianna Rice was diagnosed with celiac disease in February — she had insurance. Her insurance company, however, has rescinded that coverage because her parents allegdly lied on her application — by neglecting to mention her troubling medical history of dizziness, elevated cholesterol levels, ongoing fatigue and a persistent cough. More » -
tiny violins
Chrysler Executive Has Fallen On Hard Times, Too
Are you struggling financially these days? You're certainly not alone, and you even have something in common with Jim Press, one of Chrysler's top executives. Press, hit hard by the housing market collapse and the lack of bonuses from Chrysler as the company failed, faces debts including a $800,000 unsecured personal loan and a $947,000 federal tax lien on his home. More » -
yeah, that recession
Survey Says: If You're Not Eating Cat Food Tonight, You're Lucky
A new survey from employment site CareerBuilder has some cheery news: About 61% of employees live paycheck-to-paycheck, and 21% of workers are stealing from their retirement funds to make ends meet. And these are the lucky folks who still have jobs. More » -
stubborn
NFL Not Going To Budge On Blackouts — Will Post Games Online
The NFL's blackout rule — which prevents games from being broadcast in home markets if there is no sellout — is coming under fire lately as some teams (ok, let's face it, we're talking about Jacksonville) might not have a single home sellout all season. More » -
yeah, that one
Yay! Economists Polled By WSJ Declare Recession Over
A panel of wizard-hatted forecasters consulted by The Wall Street Journal has declared the recession officially over. But don't break out the champagne just yet — unless you're one of those gilded bankers we mentioned earlier. "We are in a technical recovery, but risks remain abundant," Diane Swonk of Mesirow Financial told the paper. "It will still take some luck and skill to get Main Street to feel some of the relief Wall Street has felt." More » -
oh, that recession
You Can't Even Afford To Pay For Porn
You cheapskates are really ruining this economy. First, you decided you couldn't afford to gamble. And now you're giving up on another industry that could be crucial to pumping up our flaccid economy: porn. According to The Economist, revenues in the $6 billion a year adult entertainment industry have dropped by 30%-50%, with some producers claiming that they're down by as much as 80%. Film production has dropped from 5,000 to 6,000 a year to about 3,000 to 4,000. More » -
what recession?
Welcome To The New Gilded Age, Fueled By Your Money
Remember all of those banks that were "too big to fail" and had to be bailed out? Newsweek's Niall Ferguson is out with a report today pointing out that a year after the collapse of Lehman Brothers signaled the start of the bailout boom, they're still big, and thanks to the safety net you tossed them, they're "back to making serious money and paying million-dollar bonuses. Meanwhile, every month, hundreds of thousands of ordinary Americans face foreclosure or unemployment because of a crisis caused by ... a few Wall Street giants." More » -
know when to fold
Recession Hits Casinos, Hurting State Tax Revenues
States that put it all on double zero and let it ride may start wishing they'd listened to Ace Rothstein, and walked out instead of choosing to take the money — and the hammer. The casino industry — once considered recession-proof — is starting to feel the pinch of the current downturn. The New York Times reports that some of the biggest gambling havens, including Nevada, New Jersey and Illinois, have seen massive drops in gambling-related tax revenues. New Jersey's take was down $62 million, Nevada dropped $122 million, and Illinois spun and lost $166 million in tax revenues. More » -
economy
Consumers Cut Spending, Save Money, Pay Down Debt, Ruin Economy
Good work, consumers of America! You've collectively reduced your outstanding debt by $21.5 billion during the month of July. We're so proud. Except, oops, that's not so great for the economy. More » -
money
Six Money Lessons of the Great Recession
Ok, so our collective net worth is down several trillion dollars and personally our fortunes have nose-dived, but at least the recession provides a "learning opportunity." Or at least that's MSN Money's point-of-view. They suggest we've learned (the hard way unfortunately) the following money lessons from the recent recession : More »
recession
New York, 6:39 AM
Mon Nov 9
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