Floyd Norris at the New York Times is live blogging the global financial panic today, and has compiled a list of how the world’s markets have performed in October. Compared to some countries, our situation doesn’t seem that bad. Which is scary.
economy
Walmart: 6 "Disturbing Behaviors" Exhibited By Consumers
By 10.22.08
9 of 10 American families shop at Walmart at least once a year, says USAToday, which puts the retailer in an excellent position to tell us something about consumer behavior. So, what has Walmart been observing? “Disturbing behavior.”
By 10.22.08
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Wachovia announced their $23.7 billion third quarter loss with an all-too-easy-to-mock pre-taped conference call. “Let’s just close our eyes and imagine what the combination of Wells Fargo and Wachovia will create,” said CEO Bob Steel. We suppose that does make it easier not to rudely stare at the number “23,700,000,000.” [WSJ Deal Journal]
10 Things That Are Going Right For Consumers
By 10.17.08
Kiplinger’s is more optimistic than we are, so they had the cheerful idea to put together a list of 10 things that are going right for consumers — despite the financial apocalypse. Hooray!
Hold On To Your Hats And Sunglasses, Here Comes The Credit Card Meltdown
By 10.16.08
We hope you’re enjoying our current economic roller coaster because it’s likely to continue — According to a new report from research firm Innovest Strategic Value Advisors, titled “Credit Cards at the Tipping Point,” the fun has only just begun. As the credit crunch begins to affect consumers, they’re going to have more difficulty paying their credit card bills. The report suggests that credit card companies’ misleading practices and cavalier extension of credit may come back to bite them. Who should be worried? Capital One.
The Best Cities To Live In During A Recession
By 10.15.08
BusinessWeek asks, assuming that we keep sliding down into an official recession, where are the best places to live? They’ve pulled data from PolicyMap.com and the U.S. Census to make some educated guesses about local economies that will be least damaged by a large-scale downturn. They reason that no matter how the national economy fares, there will always be government jobs and a need for health care; higher education institutes provide a cushion for local economies, too.
By 10.15.08
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The Dow fell 500 points after Fed Chairman Ben Bernanke gave a speech about the state of the economy. If you’re interested, the text of the speech can be found here. [CNBC]
Back-To-School Season Was Abject Failure For Retailers
By 10.15.08
The Back-To-School season is usually the best season for retailers aside from the holidays, but not this year. Retail spending was down for the third consecutive month as shoppers stayed away from stores and ignored bargains.
Europe vs USA: Who's Handling The Crisis Better?
By 10.13.08
The debate on the BBC news right now is who is cooler, America or Europe. Europe is getting props for acting speedily and decisively in contrast to Paulson’s pace, which is getting characterized as dawdling and indecisive. Some of the very policies Treasury derided, they’re now considering since Europe enacted them. The ex-Reagan economic adviser talking head says it’s nationalizing risk, a backdoor way of calling them socialists. However, it wasn’t until Europe’s “socialistic” actions did the markets rebound. Who is right? Only time will tell; we’ll see if the rally sustains or is just another fitful shiver in this economic fever dream. The key here is confidence, and it seems to be the most precious and rare commodity on the face of the earth right now.
Mother's Cookies Goes Out Of Business, Kills Off Circus Animals
By 10.9.08
If you’re a fan of those pink and white frosted Circus Animal cookies from Mother’s, either stock up or start priming your nostalgia, because this week the company closed its doors abruptly. They’ve cited the expected reasons—the rising cost of raw materials, and an inability to borrow in the frozen credit market.
Backlash: Outrage Forces AIG To Cancel Second Pricey Hotel Party
By 10.9.08
AIG has decided to cancel a second pricey hotel party for their brokers after receiving another loan from the Federal Reserve for $37.8 billion dollars. AIG defended throwing a $400,000 week long bash for its top independent insurance agents and some AIG employees immediately after the bailout — claiming that these events were “standard industry practice” and that they must continue. They announced that they would go ahead with another event at the Half Moon Bay Ritz-Carlton in northern California. 50 AIG employees were expected to attend.
Find Out Where Your Money Goes When You Buy Gas
By 10.7.08
Want to know where your fifties go when you fill up your car with gas? GOOD’s latest chart breaks down the assorted costs, and compares them with other places around the globe. You can grab a free printed copy at any Starbucks, or go here to check it out in bright RGB goodness.
Financial Crisis Grips Earth
By 10.7.08
Just when you thought you were beginning to barely understand the financial cancer destroying America, it metastasized. Now it’s global.
By 10.6.08
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After falling 800 points in a single trading session, the Dow pulled back to finish down just 369.88. [NYT]
"Funny" Economic-Meltdown-Themed Marketing Fails To Impress Consumers
By 10.6.08
The Wall Street Journal says that big discounts and hilarious bailout-themed marketing has failed impress consumers, and retailers are expecting sales to worsen before they get better. Restoration Hardware launched a “bailout” themed promotion offering $100 off purchases of $400 or more at the home furnishings chain, while Steve Madden posted signs depicting “a declining stock chart and implored shoppers to “Sell Stocks, Buy Shoes.”
Jim Cramer Tells America To Get Out Of The Stock Market
By 10.6.08
Jim Cramer, host of CNBC’s “Mad Money” and dedicated yelling enthusiast is apparently no longer content to behave strangely on his own television program, so he’s taking the crazy to the Today Show.
Consumer Spending Will Shrink For The First Time In Nearly Twenty Years
By 10.6.08
Consumer spending, the engine that powers our economy, is probably going to shrink for the first time in nearly two decades, says the NYT — a move that will “all but guarantee” that the current economic crisis will deepen.
Citibank, Wells Fargo May Carve Up Wachovia, Feast On Its Bones
By 10.6.08
Bloomberg is reporting that Wells Fargo and Citibank may split Wachovia. Neither bank would get assistance from the government and taxpayers under the deal being discussed now.
