economic crisis
Despite Financial Threat, Mummers Continue to Strut
Not even an economic crisis can stop Philadelphia’s Mummers from holding their annual New Year’s parade today, Bloomberg reports.
The parade, which began in 1901 and has been held every year since then, was nearly canceled this time around because the city cut its funding due to a $1 billion budget shortfall. Private donors came up [...]
Hard Times Hit the Blackjack Table
We were talking Monday about the unexpected effects of the foreclosure crisis, like skateboarders in California taking advantage of empty swimming pools behind vacant homes to practice their craft. Here’s another: Gambling is falling in popularity as more people choose instead to pay their bills, Bloomberg reports. That means tough times for Atlantic City, where [...]
Bailout Fatigue Sets In
If President-elect Barack Obama wants to win support for a package to help out struggling homeowners, he will have to help the public understand that we’re all affected by the mortgage crisis.
Foreclosure Machine Grinds On Through Holiday Season
Foreclosures were supposed to pause between Thanksgiving and the new year, but for hundreds of thousands of homeowners, like Julio Angulo of suburban Virginia, they still face losing their homes this month.
The Great Black Friday Markdown
The rise of online discounting, layaway programs, the reluctance of stores to haggle and, most important, the economic crisis could make this year’s Black Friday a dismal shopping day. But some analysts say that what has become for many consumers a ritual of the holiday season will keep cash registers busy.
Congress Digs Obama’s Economic Picks
The statements are dribbling in slowly, but the common verdict from members of Congress surrounding the economic team put together by President-elect Barack Obama seems to be one of undying love — from both sides of the aisle.
Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, said the team “has the makings of the [...]
Bush Signs Extension of Unemployment Benefits
Congressional Democrats haven’t had much luck with efforts to move stimulus legislation this week. Plans to pump billions of dollars into public works projects and state Medicaid programs went precisely nowhere. And a push to provide Detroit’s sputtering automakers with emergency cash never got over the hurdle of GOP opposition.
Party leaders will go into Thanksgiving [...]
Hoyer: Congress Could Address Auto Bailout in December
It’s the last bit of news that his colleagues want to hear, but House Majority Leader Steny Hoyer (D-Md.) on Tuesday floated the possibility that Congress could remain in Washington into December if efforts to help the ailing auto industry fail this week.
Lawmakers had hoped to tackle the Detroit bailout quickly and be gone by [...]
Bush: Free Markets Will Fix the Troubles Caused by Free Markets
Congressional Democrats may be pushing for some concessions from the finance industry in return for the billions they’re receiving in taxpayer bailouts, but President George W. Bush has other ideas. From today’s Washington Post:
Democrats Fed Up With Bailed-Out Banks
Democratic congressional leaders are increasingly unhappy with how the $700 billion rescue plan is being implemented. They want banks to make more loans to consumers and businesses, not continue to pay dividends to shareholders. A storm of new regulations may be coming.
