The New York Times says there are about 1,500 malls in the US and many of them are in trouble. They’re being converted to office buildings or closing their doors for good. And yet, Minnesota’s Mall of America is allegedly doing fine.
economy
What Is Mark To Market?
By 2.3.09
One buzzphrase going around about the financial crisis is “mark to market.” Some think banks are being overly punished by being forced to “mark to market” the investments they own, or price them according to current market value. As you can probably figure out, those assets have plummeted. Marketplace’s Paddy Hirsch explains with his trusty whiteboard and stick figures what “mark to market” means, and what it means for the economy.
300 Starbucks Will Close, Brand New Fancy Jet Will Be Sold
By 2.2.09
Starbucks is closing an additional 300 stores, says the Seattle Times, and will eliminate 700 non-store and 6,000 store jobs. The store closings will save the company $500 million per year. Meanwhile, the company is trying to sell a fancy corporate jet it bought last month for $45 million. Read CEO Howard Schultz’s memo to employees inside.
Macy's Fires 7,000 People
By 2.2.09
Macy’s is slaying 7,000 positions from its payrolls. No news about any store closing so far. Things are not looking good for retail stores with large stores in the physical universe these days. Economy = asteroid, creating large dust cloud over planet so the sources of food for the dinosaurs dries up, which is very sad for the massive reptiles, but then it creates space on the food chain for small furry mammals to thrive. Cockroaches, too, though. [Marketwatch] (Photo: u2acro)
By 2.2.09
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Barbie may have to move out of the dream house or whatever — sales are down 9% and Mattel is hurting. [Bizjournals]
Consumer Spending Falls For Record 6 Months Straight
By 2.2.09
Consumer spending has fallen for a record 6 straight months in December, the worst since 1961. By all accounts, it’s slated to keep falling for more to come. Incomes fell for three straight months, the worst since 1954. On the plus side, consumer savings increased to 3.6% of their paychecks. Spending less and saving more, sounds like the frugality mantra is catching on. It means fewer jobs for dog-walkers in the short term but a healthier base for future growth down the road. [Bloomberg] (Photo: nsub1)
What Are Your Super Bowl Plans?
By 2.1.09
Of course you’ll be watching Ben liveblog the commercials tonight, but from where will you be watching? The L.A. Times tells us that Super Bowl parties are the latest victim of the financial godzilla angrily stomping down our spendthrift ways. Take a minute tonight between Ben’s updates to look around and ask yourself if there was more guacamole to spread around last year.
AmEx Denies Existence Of A Store Blacklist, Will Slash Your Credit Whenever They Want
By 1.31.09 — Updated: 11.1.12
Despite sending customers letter saying otherwise, American Express now insists that it never blacklisted cardholders based on where they shopped. Those notes explaining that “other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express?” Whoops! Just a big misunderstanding! Not unlike the comment they gave to ABC explaining that “shopping patterns” were used as a “contributing factor” in slashing credit lines, a statement AmEx later retracted. So what’s really going on? Let’s explore…
What Is A Depression And Are We In One?
By 1.30.09
Yes, we’re saying the “D” word. Now that we’ve officially entered a recession — it’s time to wonder if we’re in a depression. We’d love to be able to give you a yes or no answer, but according to Marketplace’s personal finance guy, Chris Farrell, nobody agrees about what makes a depression different from a recession.
By 1.30.09
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The economy might be in a tailspin, but Amazon.com is doing just fine. “Amazon’s net profit rose 9 percent, to $225 million, or 52 cents a share, in the quarter that ended on Dec. 31, up from $207 million, or 48 cents, in the same quarter a year earlier,” says the New York Times.
USPS Wants To Cut Back To Five-Day Work Week
By 1.30.09
A $3 billion deficit and expected losses of $6 billion more have led the Postmaster General to suggest cutting mail delivery from six to five days.
By 1.30.09
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Exxon has set another record for profitability, with $45.2 billion in 2008, up from $40.6 billion in 2007. As prices fell in the fourth quarter, however, Exxon’s income fell 33 percent. [NYT]
This Is How Bad It Is: Part-Time Receptionist Help Wanted Gets 3520 Resumes In Under 24 Hours
By 1.29.09
A Consumerist reader and property manager in Virginia posted a notice for a part-time evening receptionist, and in response to the 12-hour a week job, she got 3520 emails. Roberta writes, “The attached picture was my email in-box this morning, with 0 spam emails and 0 non-Craigslist emails. 3520 (and climbing as we speak)…” Perhaps this can become a new metric to gauge how bad the employment situation is, how many resumes a 12-hour receptionist-job posting on Craigslist receives in a 24-hour period.
Put Quantifiable Successes On Your Resume
By 1.27.09
If you’re looking for a job these days, you know how tough it can be to separate yourself from the pack. One key is being sure your resume is as good as it can be — that it sells your skills in full force to make you stand out. But US News says that there are five resume mistakes that most job hunters are making, mistakes that are killing their chances of making it to the next step (getting an interview). Of those five, we think this one is the most egregious: your résumé has no numbers, as in, measurable accomplishments…
By 1.26.09
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Sprint will cut a total of 8,000 jobs by March 31st, says CEO Dan Hesse, who enjoys being filmed in black and white as he takes long walks toward cameras. Sprint is also suspending its 401(k) match program, tuition reimbursement program, and is freezing salaries. [CNNMoney]
Thain's $35,000 Commode On Legs Actually Chest Of Drawers
By 1.23.09
Regarding the $35,000 “commode on legs” ex-Merrill-Lynch CEO John Thain bought for his office, commenter VikramJaffe informs me that it is not as I theorized, a claw-footed toilet, but rather a chest of drawers on legs introduced by the French in the early 18th century. Too bad no one informed me of the distinction before I took a crap in it.
By 1.22.09
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To fix the economy, the Fed needs to lower interest rates below zero. Trouble is, that’s impossible. [Business Week]
