Those pesky unions, always asking for reasonable pay for their employees, decent working conditions, continued employment and the like. Well, the New York Times Company found a way to deal with the scalawags at the Boston Globe: threaten to fire ’em all and shut down their place of business.
recession
About 10 Banks May Need More $ After Gov Stress Test
By 5.5.09
The number of banks that will need more capital has grown. Now it looks more like 10 banks that underwent the government stress-tests are undercapitalized, possibly among them Wells Fargo, Bank of America, Citigroup and some regional banks, reports WSJ. The good news seems to be that the problems the stress tests are revealing aren’t as bad as analysts had been saying. Clearing out some of that fear contributed to Monday market gains and the S&P 500 entered positive territory for the year for the first time in months.
Not Everyone Is Having a Financial Meltdown
By 5.1.09
For all the financial news of doom and gloom, the Money Crashers blog reminds us that not everyone is hit hard. In fact, they say that for every person struggling right now, there are a majority of people who are doing just fine in this economic climate (note: no data is presented for this claim, but it does sound at least directionally correct). As such, they list five money-related tips for those out there who are not struggling in this recession as follows:
Yankees Cut Premium Ticket Prices From "Exorbitant" To "Expensive"
By 4.30.09
For some reason, the New York Yankees are having trouble selling the most expensive seats in the new Yankee Stadium. Especially the ones in the front rows that are noticeably empty on TV. The New York Times has a rundown of the pricing changes.
6 Major Banks Fail Initial Stress Tests
By 4.29.09
6 of the major 19 banks failed the Treasury’s “stress tests” and need more cash as a buffer against losses, according to leaked preliminary results.
Who Is Mourning The Death Of Circuit City? Monster Cable
By 4.28.09
The notoriously litigious manufacturers of insanely and (some would argue) needlessly expensive cables, Monster Cable, are apparently hurting after the death of Circuit City. USAToday says that the company is slashing prices in order to increase market share.
KFC's Grilled Chicken Giveaway Used Very Small Chickens
By 4.28.09
We sort of figured today’s grilled chicken giveaway at participating KFC’s would be approximately meal-sized—if you could stand the crowd and make it to the counter before they ran out, you’d have a free lunch in your belly. Apparently we were wrong. Here, for your freebie-craving pleasure, is a virtual KFC chicken piece just like what reader BlazerUnit received earlier today.
Impoverished High School Seniors No Longer Able To Finance Gaudy Proms
By 4.26.09
The recession continues to rot America’s cultural core, this time by attacking one of our most cherished traditions: prom. Gone are the ice sculptures and $1,000 dresses. America’s children are now buying dresses off racks and trading limos for the family car. Imagine!
Dalai Lama On The Recession: See, Money Can't Buy You Love
By 4.25.09
Is the recession making you sad? Then go hug a friend because your money doesn’t care and can’t make you happy, the Dalai Lama reminded us yesterday. The exiled Tibetan leader said that if nothing else, the economic crisis is doing an excellent job showing people the limit of money.
General Motors Defaults, Idles Plants
By 4.22.09
General Motors is projected to default on its next bond payment—the last before the June 1st government-imposed restructuring deadline. Next freeway exit: bankruptcy.
8.5% Unemployment? More Like 15.6%
By 4.15.09
Officially, the unemployment rate is 8.5%, but that’s just part of the picture. It doesn’t count those who have given up looking for work, or those who are working part-time when they’d rather be working full-time. The real unemployment rate may be closer to 15.6%, according to the Bureau of Labor Statistics. Yikes.
If Everyone Is Broke, Is There Still A Class System?
By 4.15.09
Will The Great Recession dissolve our system of symbols and affluence and remake America into a classless society? Nah, not only would that be boring, but it’s impossible. A river with less water is still a river. Speaking of conspicuous consumption and water, here’s what Paul Fussel, snarky author of Class: A Guide Through the American Status System, says about cruise ships:
Romance Novels Selling Like Hotcakes Because We're All Poor
By 4.15.09
Harlequin, the been-around-forever romance novel company, reported a 32% increase its 4th quarter from a year ago, says ABC News. In this video clip, they look at the company’s single minded focus on churning out 1200 new titles per year at $5 each, in pretty much every sub-genre you can invent. The best parts of the segment, however, are watching various celebrities—especially Martin Bashir, George Will, Seth Rogen and Paul Rudd—read samples. Their interpretations will make you feel “the purely caveman urge to pick her up and carry her to bed.”
Grocery Auctions: Going Once, Going Twice, Going Off!
By 4.14.09
Grocery auctions are sweeping the nation! The concept is simple: you bid on super-low-priced food items and paper goods, and walk away with a cart full of groceries for $100s less than you’d spend at your local supermarket. But the reality is that most of the food is expired, damaged, or past its promotion deadline. So are you really getting a good deal? And what do those “best before” dates really signify?
What The G-20 Said, And What They Meant
By 4.6.09
WHAT THEY SAID: “We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4 percent and accelerate the transition to a green economy.”
People Haven't Returned Hyundais b/c They Weren't Yet Eligible
By 4.1.09
Rather than some secret barometer of the economy’s resilience, the real reason why no one has returned a car yet under the Hyundai Assurance Program is that you have to make at least two payments before you can return a car. Also, you must first miss three payments, so the earliest you would start to see returns is Mayish. Yeah, that makes a lot more sense than the armchair social economics crap I was coming up with. (Thanks to readers kman and Dennis!) (Photo: popofatticus)
Nation's Only State-Owned Bank Earns Record Profits, Wall Street Salivates
By 3.30.09
The Bank of North Dakota is the only state-owned bank in America. It also reaped record profits last year. [Mother Jones] (Photo: afiler)
Is It Ok To Give Cash To Needy Friends?
By 3.29.09
Yes, it’s ok to lend cash to needy friends, but only if you have a clear understanding of your gift and its effects. Money undeniably alters relationships, and giving can greatly complicate, if not entirely undermine, a valued friendship. Yet, money is also one of the most direct ways to provide help. The Times provided several questions to consider before making a gift…
