economy

By consumerist.com 3.25.08

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Maybe I’m skimming the wrong articles and half-listening to the wrong news reports, but in all this belly-aching about declining consumer spending one thing seems to be missing. Now, correct me if I’m wrong, I don’t seem to see any mention of the fact that consumers have been overspending for so long and it might actually be economically healthier in the long-run for there to be a cutback. IANAE (I Am Not An Economist) but it seems to me that if you just keep building magic castles on magic castles, eventually there will have to be an implosion. The earlier it happens, the less catastrophic the end result.

By 3.19.08

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The New York Times ponders: How could irresponsible mortgage lending “take out take out the whole global financial system?” [NYT]

By 3.19.08

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Oil prices fall as demand for gasoline lessens. Been staying home? [CNNMoney]

By 3.19.08

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Amsterdam doesn’t want your stinking worthless U.S. currency. [Reuters]

Another Deep Rate Cut From The Fed

Another Deep Rate Cut From The Fed

By 3.18.08

The Federal Reserve Open Market Committee today announced a rate cut of 75 basis points to 2-1/4 percent.

By 3.12.08

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Adjust your metaphors. Chicken feed is now expensive. Pilgrim’s Pride, the world’s largest chicken processor is laying off 1,100 people due to the rising cost of corn. [CNNMoney]

Foreclosures Hit An All Time High As Many Homeowners Simply Give Up

Foreclosures Hit An All Time High As Many Homeowners Simply Give Up

By 3.6.08

The Mortgage Bankers Association says that foreclosures have hit an all-time high as more and more borrowers with adjustable rate mortgages walk away from their homes before their payments increase.

Costco Is On Fire, Profit Up 31%

Costco Is On Fire, Profit Up 31%

By 3.5.08

Costco has announced that their 2nd quarter profits are up 31%! That’s a lot!

U.S. Banking Profits Plunge To Lowest Levels In 16 Years

U.S. Banking Profits Plunge To Lowest Levels In 16 Years

By 2.26.08

Banks just aren’t making the same profits they used to says the Federal Deposit Insurance Commission.

33% Of Homeowners Say Their Homes Depreciated In Value In February

33% Of Homeowners Say Their Homes Depreciated In Value In February

By cwalters 2.23.08

A new survey from Reuters and the University of Michigan found that a third of homeowners felt their homes lost value in February, compared to 16% a year ago.

It's Bigger Than The U.S. Stock Market, It's Unregulated, And You've Never Heard Of It

It's Bigger Than The U.S. Stock Market, It's Unregulated, And You've Never Heard Of It

By 2.18.08

Credit default swaps form a large but obscure market that will be put to its first big test as a looming economic downturn strains companies’ finances. Like a homeowner’s policy that insures against a flood or fire, these instruments are intended to cover losses to banks and bondholders when companies fail to pay their debts.

Consumer Confidence Plunges To Recession Levels

Consumer Confidence Plunges To Recession Levels

By 2.15.08

Reuters says that consumer confidence has plunged to levels associated with the recessions of the ’70s, ’80s, and ’90s.

The Reuters/University of Michigan Surveys of Consumers index of consumer sentiment dropped to 69.6, the lowest reading since February 1992, and below analysts’ median forecast for a preliminary reading of 76.3.

Stimulus Checks Will Not Cut Into Your Rebate

Stimulus Checks Will Not Cut Into Your Rebate

By consumerist.com 2.13.08

False reports have circulated that the stimulus checks are an advance on your tax rebate and were going to cut into your tax rebate. That’s not the whole story. Yes, it’s an advance, but it’s an advance on an additional credit Congress passed for your 2008 earned income. It’s too late to do that for 2007, seeing as it’s already over. “So the government is making me borrow from myself?!?!?” No. Congress is giving your 2009 self a $600 credit, and is sending that $600 back in time by one year.

America's 10 Most Miserable Cities

America's 10 Most Miserable Cities

By 2.12.08

Did you know there was an index to measure misery?

Misery is defined as a state of great unhappiness and emotional distress. The economic indicator most often used to measure misery is the Misery Index. The index, created by economist Arthur Okun, adds the unemployment rate to the inflation rate. It has been in the narrow 7-to-9 range for most of the past decade, but was over 20 during the late 1970s.

By consumerist.com 2.8.08

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Consumers are not being as big sluts with their credit cards as they slowly discover that they have no money. [WSJ]

Stores In NYC Start Accepting Euros

Stores In NYC Start Accepting Euros

By 2.8.08

“We didn’t realize we would take so much in and there were that many people traveling or having euros to bring in. But some days, you’d be surprised at how many euros you get,” Chu said.

Americans Struggle With The Concept Of Spending Less Than They Earn

Americans Struggle With The Concept Of Spending Less Than They Earn

By 2.7.08

“We live in a small town, and everybody looks at your clothes and what you drive and where you have your hair done,” said Ms. Gamble, who earns about $2,600 a month as a grievance counselor at a local prison.

Macy's Sales Down, Will Eliminate Former Marshall Field's Headquarters, Fire 2,550

Macy's Sales Down, Will Eliminate Former Marshall Field's Headquarters, Fire 2,550

By 2.6.08

Macy’s Inc. plans to eliminate the former Marshall Field’s headquarters in Minneapolis and cut more than 2,000 jobs as part of a move to consolidate regional offices and boost sales and cut costs.

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