Remember 1694? No? Well, the Bank of England has cut the benchmark interest rate “to the lowest since the central bank was founded in 1694 as policy makers tried to prevent the credit squeeze from deepening Britain’s recession,” says Bloomberg.
recession
By 12.30.08
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According to Bloomberg, retailers expect to close 73,000 stores in the first half of 2009, because no one bought enough Christmas presents. Thanks, Marc!
Auto Executives Will Have To Give Up Their Private Jets
By 12.19.08
One of the conditions of the auto bailout is the elimination of private corporate jets. Guess they probably shouldn’t have flown them to Washington to ask for a tax payer bailout. Whoopsie!
Bush Approves Auto Industry Bailout
By 12.19.08
President Bush has approved a $17.4 billion auto bailout, with $13.4 billion in emergency loans to prevent the collapse of GM and Chrysler and another $4 billion to be handed out in February.
Top 9 Good Habits For A Deep Recession
By 12.19.08
For many of us, this is the first recession where we are responsible for our own financial well-being. How should we react? What habits are important during a long, deep recession?
America's 10 Fastest Dying Towns
By 12.11.08
Here’s a bleak list from Forbes — America’s 10 Fastest-Dying Towns. Many of the towns have something in common — manufacturing jobs moving overseas or to cheaper, more rural, areas.
Investors Willing To Pay The Treasury To Borrow Their Money
By 12.9.08
Here’s a sad bit of news, investors are so shaken that they’re willing to put their money into Treasury bills — even if it means losing money.
Yes, It's Official: That Stupid "Saved By Zero" Commercial Isn't Working
By 11.4.08
You, dear consumer, have abruptly stopped purchasing automobiles. GM’s sales are down 45%. Ford has sunk by 30% and Toyota, yes, that Toyota is down 23%.
There's No Such Thing As A Free Lunch Seminar
By 10.24.08
A 2007 SEC report said over half the free-lunch seminars they scoped out had misleading claims, 13% were straight up frauds, and 100% of the “free seminars,” many marketed at seniors, were, shock of shocks, actually sales presentations.
Global Financial Panic: At Least We're Not Iceland…
By 10.24.08
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.
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.
New Ideas For Kids' Books About The Lean Times Ahead
By 10.13.08
Last week, Slate published a list of children’s books about poverty, unemployment, shoe-eating, dust bowls, depressions, and recessions. From a late-19th century series called The Five Little Peppers through to 2007’s How To Steal a Dog, the list captures over 100 years of poverty-level slice of life–what we might call the Plight of the Raggedy Children.
What Is Commercial Paper And Why Is The Federal Reserve Suddenly Buying It?
By 10.7.08
The Federal Reserve today announced the creation of something called the Commercial Paper Funding Facility (CPFF), that will buy commercial paper directly from issuers. So, you’re asking yourself, what is commercial paper? Why do I care that the Federal Reserve is buying it?
5 Scams To Watch Out For During A Recession
By 10.6.08
The LA Times says that recessions are boom times for scammers looking to take advantage of desperate people. They’ve listed 5 common scams that do well in a poor economy. They include bankrupcy scams, foreclosure scams, and fake home-based businesses.
Mrs. Fields Files For Bittersweet Bankruptcy Protection
By 8.16.08
Mrs. Fields, the sweet old woman with the cookies, filed for Chapter 11 bankruptcy protection today because flour and milk have become too expensive. Besides, you people aren’t splurging on luxuries likes sweets or meals out anyway thanks to the ongoing non-recession inflation thing that also killed off Bennigan’s.
Time For Plan B? Top 10 Recession-Proof Jobs
By 7.21.08
Forbes has a list of the (supposedly) most recession-proof jobs, and oddly “funeral home director” isn’t among them. How strange… The list is very heavy with accounting work and jobs that require computer skills with a little nursing and sales thrown in for variety. Seemingly missing from the list is the guy who “deals with the goddamn customers so the engineers don’t have to.” Oh well.
Five Sites That Will Help You Recession-Proof Your Life
By 6.16.08
Although we are not technically in a recession, it’s starting to feel like one. As gas prices and unemployment continue to rise, we’ve rounded up a collection of useful advice for the current period of economic austerity.
Four Ways To Make The Most Of Unemployment
By 6.13.08
With unemployment rising to 5.5%, more Americans are finding themselves with more time to catch up on their daytime TV or put in some serious time on World of Warcraft. Others see unemployment as an opportunity to begin a new career, take a mini retirement, invest in yourself, or find other sources of income. Their perspectives, inside.
