Shoppers in the U.K. are apparently cutting corners by swapping fancy foods for “wartime” comestibles like powdered milk, fish paste and powdered custard. One beneficiary is Shippam’s, which has been making fine products such as the pictured “bloater paste” since 1750. And, no, we really don’t want to know what this is. [More]
recession watch
CR Index: You're Buying More, Less Worried
By 5.12.10
Consumer Reports is out with the latest edition of its economic-health tracker, the CR Index, and the news is generally positive, with gains in jobs and consumer spending, and declines in stress. But that doesn’t mean it’s time to break out the bubbly: “We are seeing modest improvements across our indices since April, which demonstrate that consumers are starting the long slog out of this historic recession,” said Ed Farrell, a director of the Consumer Reports National Research Center. “But a full recovery will require a substantial period of growth for consumer confidence to fully take hold.” [More]
Service Cuts Mean $800,000 In New Signs For New York Subways
By 5.11.10
The New York subway is facing a budget crisis that is taking a toll on services. Deep cuts that will eliminate two trains and several bus routes have resulted in a pressing need for new signage. What will all these new signs cost? $800,000. [More]
The 10 Best-Paying College Majors
By 5.10.10
This is probably a little too late for those of you who will be graduating from college in the coming weeks, but might be quite helpful to anyone getting their high school diploma soon. A new study lists the 10 college majors that will net you the most income right away. And if you thought your thesis on Emily Dickinson was going to translate into paycheck poetry, you were mistaken. [More]
VIDEO: Unusual Selloff 30 Min Ahead Of Crash?
By 5.10.10
Might there be more to last week’s crash than a “fat fingered” trade, or someone mistakenly entering a “billion” instead of a “million?” An online stock trader has a video showing an unusual spike in trading volume, followed by a very quick sell-off, by funds at large investment firms BlackRock and Vanguard and some other funds 30 to 15 minutes before the big crash. Prescience? Watch the video, check the logs, and decide for yourself. [More]
As Consumer Demand Recovers, Meat Prices Are Going Up
By 5.10.10
Chicken producers like Tyson and Pilgrim’s Pride slashed production in 2008 as feed prices went up and consumer demand for meat fell — but now as the economy recovers the demand is going up — along with prices. [More]
Stock Market Typo/Robot Apocalypse Still Being Investigated
By 5.10.10
Treasury Secretary Tim Geithner will meet with federal regulators and top officials from the NYSE and other exchanges to dicuss whatever the hell happened last Thursday that caused the stock market to completely freak out. [More]
Fannie Mae Requests Additional $8.4 Billion In Federal Aid
By 5.10.10
While bailed-out banks and car companies are making headway toward repaying their loans in full, it’s a completely different story for mortgage investment firm Fannie Mae. After posting a quarterly loss of $11.5 billion, Fannie Mae has announced it will need another $8.4 billion from its federal overseers government aid. [More]
Cops Break Down Door To Foreclosure Protest House, Carry Away Homeowner
By 5.7.10
The cops in Wood County, Ohio have broken down the door to the foreclosure protest house and arrested the homeowner and several protesters who had spent the week barricaded inside. As you can see here, the homeowner was literally carried off the property by the authorities. [More]
Recession Hits Casino Gambling For $1.8 Billion Loss
By 5.7.10
In the world of gambling, one axiom holds true — In the end, the casino always wins. But a new report from the American Gaming Association says that, due to the current not-so-great status of the economy, the casino isn’t winning as much as it was before. [More]
If The Economy Added 290,000 New Jobs, Why Did The Unemployment Rate Go Up?
By 5.7.10
You might have noticed a few headlines this morning about the good jobs news — 290,000 new jobs were added in March — coupled with the rather grim realization that the unemployment rate climbed to 9.9%. What’s up with that? [More]
Ouch: Spain Has 20% Unemployment
By 4.30.10
The overall unemployment rate in the EU is about 10%, but Spain is being especially hard hit by the economy and has reached 20%. Ouch. [More]
10 Things To Keep In Mind When Buying A House
By 4.29.10
Buying a home is a trying and complicated process. It often strains relationships and puts an enormous amount of stress on buyers physically, mentally and financially. That’s why the folks at the Boston Globe have put together this list of 10 things to keep in mind as you weather the home-buying storm. [More]
Man Sells $500,000 In Raffle Tickets For House, Doesn't Hold Raffle
By 4.28.10
Last August, a homeowner in Massapequa, NY — the town that gave us the Baldwin brothers, Jerry Seinfeld, Steve Guttenberg, Marvin Hamlisch and Joey Buttafuoco — began selling raffle tickets at $50 a pop for a chance to win his 5-bedroom, 4-bath house. Eight months and 10,000 raffle tickets later, he still hasn’t given the house away. [More]
Uniqlo Paying Record $300 Million For Fifth Avenue Spot
By 4.20.10
Retailers around the country may be shuttering branches and going out of business, but New York’s Fifth Avenue is apparently recession-proof. Setting a record for a New York retail lease, Japanese clothing retailer Uniqlo will pay $300 million over 15 years for a spot on Fifth Avenue and 53rd street. [More]
Prom Night Spoiled When Limo Is Repossessed In Front Of Teens
By 4.19.10
So many things can go wrong on prom night — ill-fitting tuxes, zits, wilted flowers, your date running off with someone else — but a group of high school students in Oklahoma had their evening spoiled in a way that is all too indicative of the times we live in: They watched as the limo they’d rented was repossessed. [More]
If We Do Nothing, Taxpayers Will Be Bailing Out The USPS
By 4.13.10
The USPS is an independent agency of the US government that is self-sufficient and has not received tax dollars since the early ’80s, but according to a new report from the Government Accountability Office (GAO), taxpayers will be stuck with a bailout if something isn’t done about the recent shortfalls. [More]
New Documents Shed Light On Lethal Last Days Of WaMu
By 4.13.10
Remember in Sept. 2008, when Washington Mutual went from being the sixth-largest bank in the U.S. to the biggest bank failure in U.S. history? Well, newly released documents show just how reckless and money-grubbing WaMu was in its final months — and how some employees were reaping huge rewards as the bank sunk into the quicksand. [More]
