Europe just reported that its economies collapsed in Q4. According to High Frequency Economics, Japan will do the same on Monday:
After 15 years of snorting at the wimpy Japanese for nursing along their zombie banks and trying to spend their way out of their economic malaise, we’re rushing headlong down the same road. Easier said than done, we guess.
The NYT reports that 100 banking regulators have already gone into Citi (C) to perform a “stress test”, as part of Geithner’s new plan to figure out who is healthy, who needs help, and who needs to die.
In the last of our series of Nouriel Roubini wisdom this morning, here’s the good Doctor’s explanation of why Tim Geithner’s latest brainstorm won’t fix the banking system. (If you don’t want to miss a word of Nouriel, you can sign up to read him directly at RGE Monitor here […]
A Minneapolis Fed paper summarizes the lessons of recent financial debacles in an attempt to help us avoid another Great Depression. The bottom line? We’re not out of the woods.
Paul Kasriel, the great Northern Trust economist who saw much of this mess coming, uses history to explain why recovery may now come sooner than most people think.
Floyd Norris notes that the decade through January was the worst decade ever for the stock market after adjusting for inflation:
The recession has produced a nice boost for the DVD business, particularly the DVD rental industry, since it’s far cheaper to stay at home and watch a movie than to go out to the theatre. But what happens if the recession whacks the people who make DVDs—not the studios, the […]
As if concert tickets weren’t expensive enough, particularly with all of those ridiculous convenience fees…
As the internship market tightens amidst the global economic downturn, many parents are willing to pay hundreds and thousands of dollars to give their kids the training they need to land a full-time position in this treacherous job market.
The recession and a not-very-exciting matchup have combined to make Super Bowl tickets the cheapest they’ve been in years.
In an attempt to help cut costs by $400 million by next September, Starbucks has said they will stop brewing decaf after noon. They’ll still make a pot if someone orders a cup, however.
According to the oh-so-reliable Page Six, both John Thain and his precedecessor at Merrill Lynch, Stan O’Neal, were spotted saving money recently; we’re sure Thain is just saving up to pay back Merrill for his $1.2 million office renovations.
The latest cost-cutting move undertaken by restaurants: firing busboys. Those plate-clearers have always seemed a bit redundant to us, but apparently waiters are bristling at having to remove dirty dishes and mop floors and some are quitting or, even worse, forgetting to wash their hands before returning to work. So, […]
Now we know it’s really bad out there. The economic downturn has forced the makers of Girl Scout cookies to reduce the number of cookies they put in each box and shrink certain varieties.
Has the recession got you feeling sad? Angry? Of course. So, go ahead, cry and get mad all you want! Those feelings will help you save the economy.
David Leonhardt clarifies: The current economic collapse is not yet “the worst since the Great Depression.” It won’t be the worst since the Great Depression until the end of the year.
The total price tag for this week’s Inaugural festivities is roughly $170 million, the majority of which came from personal donations from bailed-out Wall Street execs and wealthy moguls. But how much does the government plan to spend on the event, and how much does the actual swearing-in ceremony cost?
You had to see this coming, didn’t you? In the wake of Slumdog Millionaire‘s success, ABC is reportedly considering bringing back the once-wildly popular game show at the centre of the film: Who Wants To Be A Millionaire?
Even though we highly enjoyed Slumdog Millionaire when we saw it last November, we’ve been sort of mystified as to why so many people have characterised it as the best picture of the year.
So much for all of those reports that the recession had made the image-conscious hesitant about paying for Botox injections or other cosmetic treatments. Apparently, when it comes to putting your best face forward for Obama, all of those pesky pocketbook concerns go out the window.
The past few months have likely not shaped up the way Steven Spielberg and his new DreamWorks partner, Reliance’s Anil Ambani, planned. After announcing in September that they’d reached a deal to start a new studio, with $550 million from Reliance and an additional $700 million to be raised by […]
Ok, this is getting ridiculous. We thought it was kind of cute when a finance professor analysed what the beat of Beyoncé’s “Single Ladies” meant for the markets and even when people suggested that AC/DC’s renewed popularity signified that we were in a recession. (Wouldn’t you know it, just a […]
As people shy away from restaurants and department stores, more and more individuals are going to the public library. Not long ago, many believed that libraries had been destroyed by the Internet, but now money-minded patrons are flocking to the facilities to take advantage of free WiFi, computers, books and […]
Will the recession’s diminished wealth lead to fewer marriages for money? Maybe for a while, but we doubt the concept of gold digging will die.
Yesterday Nouriel Roubini weighed in on the recent rally and said anyone that thought the worst was behind us is “delusional” and as a matter of fact the worst is yet to come, citing the gruesome macro data that’s been released as of late, and the fact that that trend […]
rumours that the CW wants to revive the hit ’90s drama Melrose Place have been swirling online for weeks, but now network president Dawn Ostroff says that the current economic climate would make the show particularly successful.
Discovering that there’s less demand this year for lavish items like the titanium fighter motorcyle for $110,000 featured in this year’s Christmas catalogue (pictured below), Neiman Marcus is getting rid of 375 employees, becoming the latest luxury retailer to slash its workforce.
We know, we know. It’s no longer cool to flaunt your wealth with Hermes bags and logo-ed goods. So now that you can no longer decorate your apartment like Donald Trump or paint your fingernails with Chanel logos like Heidi Montag, who should you model your spending behaviour after? The […]
High-end restaurants worried they’ll have to stoop to offering gauche sounding “recession specials” should stop fretting. Plenty of especially wealthy people are still willing to spend lots of money at your fine establishments.
Has the recession forced you do away with shopping at Whole Paycheck, er, Foods? There’s really no need for that. You can still consume gourmet fruits and vegetables as long as you’re willing to get over any pesky moral qualms about stealing.
START > The global economic collapse has been rough on everyone. But it’s been really rough on these guys.
It was only a matter of time before disappointing art sales forced Christie’s to cut jobs and reorganize again.
Amidst the sea of recession (sometimes called “anniversary”) specials offered by various restaurants, JoeDoe restaurant in New York’s East Village is setting itself apart by naming its discount dinner menu after Bernie Madoff. For people who lost money with him?
The cast of Bravo’s reality TV show, The Real Housewives of New York City, were at the premiere of the Anne Hathaway/Kate Hudson wedding comedy, Bride Wars, Monday night. Who knows why? But it did give us a chance to ask the women who are supposed to represent the rich […]
Encouraged by the wave of discount shoppers at winter sales and worried that consumers won’t want to pay full price for new items, many stores are cutting prices on spring merchandise as soon as it arrives.
The new Anne Hathaway/Kate Hudson movie Bride Wars centres around two lavish weddings—booked (if you haven’t seen the many ads) on the same day—including ceremonies at The Plaza, Tiffany engagement rings, Vera Wang dresses and various other luxury components. Unfortunately between the time the film was shot and now, the […]
What are people still willing to spend money on in this economy? Elvis merch, music and trips to Graceland.
In the battle of the luxury-store discounts, Saks just trumped Barneys New York by raising its discounts to 80 per cent off, according to a Racked tipster. So basically, they’re just giving their clothes away.
It seems like every day we read about another designer choosing not to show their collection in the Bryant Park tents in February. (Apparently putting on those fashion shows is kind of expensive.) But New York Fashion Week organisers, IMG Fashion, says its got 52 designers who will put on […]
Declining retail sales have increased the rate of vacancies at shopping malls to a 10-year high. Meanwhile, the asking rent for stores has dropped. Experts predict both trends will continue until sales recover and the recession nears its end.
The free wi-fi formerly available at many New York City parks is no longer available as a vendor that supplied Internet access for 10 patches of green, including Central Park, has shut down due to lack of financing.
In this crowded job market, many savvy seekers are hiring professional marketers to sell themselves to potential employers. Here’s how to pick the right man (or woman) for the job.
Karl Lagerfeld seems to be searching for the silver lining to the current economic malaise. We can’t blame him, given that luxury goods aren’t doing very well and Chanel itself just slashed 200 jobs. So keep telling yourself whatever you need to believe, Karl.
While many restaurants are offering various recession specials to get people in the doors, some high-end establishments would rather not take the gauche step of putting their vittles on sale. However, a few have recently unveiled special “anniversary” menus, which coincidentally feature lower prices. Hmmm…
The other day, we told you about a waitress in San Diego who received an “It Could Happen To You”-ish $1,000 tip. At the time we thought this display of excessive generosity was a rarity in these recessionary times, but it seems tipping someone a grand is all the rage. […]
We’ve noted repeatedly that the financial meltdown seems to be fueling a rise in sales of cheap alcohol (makes sense) and a few weeks ago, we said that rudimentary Craigslist research indicates that the illegal-drug market is still booming.
Apparently the recession hasn’t yet spread to sushi chefs in Asia.
Forced to cut costs, book publishers have cut back on exotic trips, fancy lunches, lavish parties and the limousines that took them to such places.
As the recession continues, more people who are lucky enough to still be employed in their main job are searching for sources of secondary income, scooping up hourly and part-time work.
As we suggested when we pointed out how Katie Holmes and Suri Cruise were helping FAO Schwarz by shopping there in December, Mrs. Cruise has been supporting New York’s economy since she arrived in July. Now that she’s reaching the end of her six-month stay in the Big Apple, Page […]
In a blow to fans of $40 pasta, the Ciprianis have announced that they’re temporarily closing the restaurant portion of the Rainbow Room because of the economic crisis and their ongoing dispute with their landlord. We’re not exactly sure how the latter affected the restaurant’s closing, but the Ciprianis did […]
Afraid of losing members to the recession, fitness centres are offering discounts and other perks to keep customers committed to their clubs well into the new year.
They say laughter is the best medicine, so we can’t blame those of you depressed about the recession from seeking out something to make you laugh. But spending $370 for an unspecified joke on eBay in this economy? Well, that’s just silly.
Now that we’re mired in the worst economic crisis since the Depression, forecasters who didn’t see it coming are consoling themselves by saying, “no one saw it coming.” This is hogwash. Many people saw it coming: Gary Shilling, Nouriel Roubini, Jeremy Grantham, Dean Baker, Peter Schiff, Robert Shiller, et al. […]
The recession may have forced a German zoo to lay off one of its most popular polar bears, but no such thing will happen in New York, even though both the Bronx Zoo and New York Aquarium are facing massive cuts in funding. So rest assured zoo animals, you have […]
Remember a couple of weeks ago when we told you that hotels in St. Barts were calling prospective guests and asking them to please stay in their underbooked resorts? Well apparently those calls were either premature or unnecessary. The billionaires showed up and partied like there was no recession at […]
As the economic downturn has decreased occupancy at luxury hotels, many have been forced to slash rates or offer special perks to get people in the door.
Did you buy someone a gift card for Christmas/Hanukkah/Kwanzaa this year, assuming that cash was too impersonal? You figured you should at least think about where the recipient would like to shop, right? Wrong. It turns out they’d probably rather just have the money.
Monday night, the annual International Debutante Ball went on as scheduled at the Waldorf, despite the recession. In fact, don’t even suggest to the ball’s defensive organiser that the economic downturn made the event irrelevant.
Until the housing market is “fixed,” most experts agree, the economy is screwed. So for the past year, the best and the brightest have brainstormed dozens of plans to fix the market. No plan we have seen is likely to do anything other than delay the inevitable.
There will be a number of airfare discounts in 2009, FareCompare.com CEO Rick Seaney predicts, but they won’t be available on all flights. Here’s where to look for the cheap seats.
The Christian Dior store in Palm Beach has apparently closed. Could it be because most of its customers were Bernard Madoff victims who aren’t shopping there anymore?
Fear of being alone, lack of money, and boredom are sending the recession-hammered online in search of their perfect mate. Not sure that seems like the right mindset for finding that special someone, but you can’t succeed if you don’t try.
Fretting about how to ring in the New Year on a recession-reduced budget? Worried you’ll spend all night simply staring at a clock? Then check out these tips from party planner to the stars, Mindy Weiss, to celebrate like an A-lister.
The recession is forcing wannabe New Year’s revelers to replace Champagne with less-expensive sparkling wine. Which makes sense; it’s probably hard to toast to better days when you’re constantly reminded that you can’t really afford what you’re drinking.
New Yorkers seem to be overwhelmingly in favour of increasing the income tax for millionaires (wonder how many millionaires were asked?) and strongly opposed to the tax on sugary sodas, a new poll reveals.
Shopping for that token bottle of wine to give the host of a party can create a number of dilemmas: What wine to buy? And this year, how to find somethng cheap that doesn’t taste like swill? Read on for the solution to both problems.
Weddings are special, romantic events. But nothing says “love” more than wanting to save money on taxes.
A shocking four million New Yorkers are struggling to pay for groceries, according to a study by the Food Bank for New York City. And contrary to what your parents told you when you were younger, graduating from college won’t help you afford food. But having a well-paying job probably […]
Kind of bored in between collecting your unemployment check and sending out hundreds of resumes? Join the club—literally. A number of clubs catering to those without a job have begun to materialise offering help finding a new 9-to-5 gig, moral support, and golf.
Forced to slash prices and confronted with a recession that makes spending hundreds or thousands of dollars on designer clothes seem like not such a wise move, we can’t really blame Barneys for finding ways to save money on advertising. We just wish that they weren’t so sneaky about it.
The dilemma of dressing for this year’s Inaugural Balls, which we’re sure is what’s really keeping Michelle Obama from revealing who she’s wearing, is trying to look stylish but also sensitive to the country’s current economic plight.
Hotels are experiencing fast declines in occupancy according to Time. In order to get people in the rooms, hotels are rolling out a bunch of gimmicks from kinky adults-only weekend getaways in Bermuda (?) complete with sex therapists to upgraded perks like free gym access and wi-fi. Why are vacancies […]
President George W. Bush explains why he is bailing out Detroit:
Shockingly, people don’t seem to be that interested in buying power boats. Weird.
Dr. Nouriel Roubini’s forecast remains unchanged. Which is actually good news (because over the past six months it has steadily gotten worse). He’s also now less bearish than a lot of folks, which is also good news.
Various fashion designers have opened flashy new boutiques amidst the recession, throwing parties to fete their new stores. But Tory Burch is above such showy displays.
When David Mamet’s American Buffalo closed just a few days after opening, observers said it was just the latest case of the recession hurting Broadway ticket sales. But maybe ticket sales weren’t hurt by the recession. After all, that doesn’t explain why Mamet’s other play, Speed The Plow, is still […]
It was only a matter of time before navel gazing reporters started wondering what we should name this recession. (Well we only found out that we were in one a couple of weeks ago, so give us time…Sheesh!) The New York Times ponders the name game, while correctly noting that […]
Luxury watch retailer Panerai just opened a Madison Avenue boutique, but will the in-demand brand’s clientele still be able to afford their pricey timepieces?
We’ve already told you that the recession was leading to an increase in liquor sales, even before we officially knew we were in a recession. But apparently the types of alcoholic beverages people are craving, at least in New York, are bourbon and scotch. We wonder how many people are […]
Even Karl Lagerfeld feels the need to cut back because of the recession. Much like fired Lehman COO Joseph Gregory, Lagerfeld has axed most of his staff (everyone except for the maid, chef,and chauffeur—just the necessary servants). Fortunately Lagerfeld doesn’t have kids so no nannies needed to be terminated. Also, […]
As we continue to slide into the recession (assuming its not already over as New York magazine would lead us to believe), we’ve worried about the fate of high-end toy store FAO Schwarz, which filed for bankruptcy back in 2004. After all, low-end toy store KB Toys, which also declared […]
Pointing to a few small signs in today’s news that the economy is recovering, New York magazine’s Daily Intel blog goes a step further and declares that the recession is over. OK, we know they’re mostly kidding, but we still think such a statement is a bit premature. Who knows, […]
The recession has forced cost-conscious U.K. residents to turn to eating offal or the oft-unused parts of animals, including livers, kidneys, tongues, and tripe. Given England’s history of mad cow disease, we’re a bit surprised that they’re willing to be so adventurous. So, be careful, because the only thing worse […]
Leave it to Paul Tudor Jones to not let a little recession get in the way of his Christmas celebration. He’s set up a garish light display at his Greenwich mansion. This at a time when even public squares are cancelling their Christmas light displays because of costs. But the […]
Broadway producers are, somewhat foolishly, hoping the recession will actually increase ticket sales, promoting the hopeful tone of Mary Poppins and other shows. Never mind that as the recession worsens, people might not be as willing to spend money on a play.
There was a time when all economic downturns were called depressions, which was brought in to replace the word panic sometime in the early twentieth century. These days we use the word recession, and reassure ourselves that we won’t have a depression. Federal judge Richard Posner thinks we should abandon […]
This financial crisis has become one big black hole engulfing anything from the homes of the poor to the billions of the billionaires.
Yep, the new daycare facility is called grandma and grandpa’s house. The only cost is a lot of guilt.
Times are so tough that even supertanker Bloomberg LLP saw a rare drop of net sales of Bloomberg terminals in November. New orders minus cancellations were -1100 for the month, representing a loss of about 0.4% on the 270,000 installed base (at the end of 2007). (The number of actual […]
Despite the recent crop of articles urging those people who still have copious amounts of cash on hand to refrain from shopping extravagantly—or at least not talk about shopping extravagantly—because it’s unseemly in these troubled times, there are still some rich people who have no shame. God bless ’em!
The recession has claimed another holiday party. This time, it’s Mayor Bloomberg’s free Gracie Mansion get together for City Hall reporters. Instead, the poor journalists will have to trek down to the not-so-glamorous Chinatown, where they’ll be charged $45 a head.
We’re guessing he probably believes Trump Tower is, too.