Are you buying forecasts of an economic recovery? Don’t believe another global recession is possible? Just ask Michael Spence, professor at New York University’s Stern School of Business and winner of the 2001 Nobel Prize in economics. Recently, Professor Spence told Bloomberg Television Wednesday that there's "probably a 50 percent" chance of the global economy slipping into recession.
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Jen Jones's blog
As Hurricane Irene slammed into the East Coast, leaving in its wake wind-torn cities and towns, flooded roadways, and hundreds of thousands without power, the late-summer storm also took a lesser-reported economic toll on many geographic areas already devastated by the lingering financial crisis.
In fact, more than 400,000 homes as well as businesses lost power Saturday as Hurricane Irene hit the Carolinas with these significant losses most heavily concentrated in Wilmington and Wrightsville Beach, North Carolina, where Progress Energy reported well over 250,000 customers without power. In the process of shutting off the lights, the storm generated winds in excess of 80 mph, leaving much of North Carolina’s coast unable to open restaurants, extend hotel hospitalities, and finish out the all-important fishing season.
At a time when a full-fledged recovery remains a distant prospect for many average Americans and their beleaguered budgets, the outlook is also pretty grim for the overall American economy itself.
As millions of men and women flood unemployment lines awaiting word of jobs that may never return, and with few signs that the federal government nor the nation's central bank will make any further efforts to stimulate our flagging financial state, according to government estimates released Friday, the United States economy grew at a slower pace this spring than even previously thought.
With the first major storm of the 2011 hurricane season now in the record books, it’s also worth remembering that a very rare east coast 5.8 magnitude earthquake, immediately preceded it. This unprecedented pairs of natural disasters over the past several days have forced many people up and down the East Coast thinking about earthquake and hurricane coverage.
Some are calling a recent drop in consumer bankruptcies during the first half of 2011 a sure sign that the tides may finally be turning for the U.S. economy, as these new figures from the American Bankruptcy Institute Americans fuel the idea that American may be more financially stable in 2011 than they were at the same time last year.
Standard and Poor's recent downgrade of U.S. government debt is capturing headlines across the country and around the world. And with the major agency’s actions to cut the United States government’s top credit rating, financial experts and commentators are finding themselves increasingly concerned that the American economy is headed back into another economic downturn.
As active duty service members come home from wars winding down abroad in Iraq and Afghanistan, they are welcomed to friends, family and staggering unemployment. Now, tens of thousands of veterans are flooding the job market at a time when millions of civilians can't even head back to work.
Amid the lingering housing crisis, full of fraudulent foreclosures, falling home prices, missed mortgage modifications, and underwater homes drowning in delinquencies, many disenfranchised Americans have turned to renting to keep a roof over their heads, and their heads above financial water.
But new numbers from the Census Bureau and Morgan Stanley reveal that home ownership rates have fallen even more dramatically than previously thought, with average Americans avoiding the real estate reckoning through a variety of rental safety nets.
Are you buying forecasts that we’re in a slow-but-steady economic recovery?
Well some believe the economic recovery never actually happened.
Just ask Nobel Prize winning economist and New York Times columnist Paul Krugman. On the heels of the recent debt ceiling crisis, 500-point plunge in the Dow Jones industrial average and the drop in interest rates to near-record lows, Krugman warns that the United States economy was never truly 'on the road to recovery.’
Three years back, Iceland's entire financial system collapsed and despite being unable to bail itself out of its economic troubles on its own, the country is already recovering quickly and strongly.
As a result, there are valuable lessons anyone considering bankruptcy here at home (or even other countries) can learn from the this spate of Icelandic insolvency and what the Nordic nation ultimately did to solve it and emerge stronger than ever.