Archives of Monthly News Updates
for a Time of Transition
Economy in Distress
September, 2008 - January 2010
January, 2010
*
Arizona Decides to Close Most Parks
LA Times 1/16
* America's Next Decade: Shifting Economy of Change and Challenge to Reshape Society USA Today, 1/5/09
November, 2009
* Economic Crisis Hits States and Municipalities Global Research 11/3
October, 2009
* Recession Drives College Tuition Up Nationwide Los Angeles Times 10/21
* World Bank Could Run Out of Money in 12 Months Telegraph, UK, 10/2, quoting the President of the World Bank
September, 2009
*
As
Owners Leave Foreclosed Home Squatters Move In
McClatchy, 9/9
*
US Poverty Rate Hits 11-Year
High Los Angeles Times
9/1
August, 2009
* With reserves at lowest level since the 1993, FDIC may have to turn to taxpayer money to cover expected future losses
FDIC Bank Insurance Fund Shrinking; Concern Grows as Failures Continue Los Angeles Times 8/27
* Very
little lifeline for the small banks that are suffering
100 Banks to Fail in Next Two
Years CNBC
8/20 Coupled with the news item above, this suggests
reason for exceptional concern.
* With retailers desperate for
sales, lowly penny makes a
comeback
Stores Getting on 1-Cent Sales Los Angeles Times
8/20
* Rough economy inflicts
hardship even at death
Crisis
in Indigent Burials 'Sign of the Times' USA Today
8/20
* Number of poor jumps as
rising US poverty rate could
near15%
Population Living in Poverty Increasing
CBS News 8/19
* Worst season in many many
years.
Retailers See Back-to-School Sales Slowing NY Times
8/14
*
Surprise drop in retail sales
Consumers Not Feeling a Recovery CNN Money 8/13
We desparately need to evolve a sustainable
economy that is not based on perpetual growth, spending, and debt.
July, 2009
*
Federal tax revenue plunges by 34% in April vs. a year
ago
IRS Tax Revenues Fall along with Taxpayer Income USA Today 7/27
*
Travel safety could suffer
States Close Rest Areas in Bid to Stave Off Shortfalls USA Today 7/17 This
is just one effect of falling state and local revenue. California is closing
state parks and cancelling mental health counseling for poor adults; Arizona
is trying to sell of its state building; Boston verges on closing its zoo
* Apartment
building owners abandon their property, leaving tenant in limbo
Struggling Landlords Leaving Repairs Undone
NY Times 7/15 This development has been predicted by Dmitry Orlov in
Reinventing Collapse, a must-read book for those wishing to
understand what could lie ahead for us in the US.
*
Demand for after-school programs rises as programs
close
Recession Wallops After-School Budgets
USA Today 7/16
* Without state funds zoo will
run out of money
Cash-Strapped Boston Zoo Maybe Be Forced to Close ; Euthanize Animals
Boston Globe 7/10
*
To pare back to a sustainable level, customers will
have to pay off or walk away from some $5 trillion; more than China's total
economic output.
U.S. Debt Shrinking at a Glacial Pace USA Today 7/7
*
"The financial system is crashing
and action must be taken by the US government" Nassim Taleb
We're
in the Middle of a Crash MSNBC 7/2
* Current rate of bankruptcy -
300 businesses a day: fewer new businesses starting to replace them
Why
Business Bankruptcies Up 240% since 2006 USA Today
7/1
* Higher taxes and spending
cuts will be needed
Why Taxes Will Need to Go Up CNN 7/1
* 20 million empty
homes, office towers with 90% vacancy rates, empty storefronts
Interlocking Traps Of Two Minds 7/1
Read down the page on this site for these and
more startling stastics.
* 32 states have no budget yet: five prepare to
close most services
States Brace for Shutdown
Los Angeles Times 6/30
June, 2009
* 32 states have no budget yet:
five prepare to close most services
States Brace for Shutdown
Los Angeles Times 6/30
* US Postal Service could shutter up to 3,200 post
offices and retail outlets
Could Your Post Office Be Closing?
MSN.com 6/26
* In the 1st three months of the
year personal wealth plummets
Americans' Networth Falls $1.3 Trillion to Lowest in Almost 5 Years
USA
Today 6/12
* Ionic institutions close after
decades of service
Hard Times Burying Treasure Landmarks
USA Today 6/12
* Number of students on lunch aid
reach is at all-time high; nearly 20 million
More Students on Lunch Program
USA Today 6/11
* National highway fund to run out
of money this fall
U.S. Highway Fund Low on Cash Again
Wall Street Journal Today 6/3
* Unemployment likely to rise
U.S. Deficit Poses Risk to Fiscal Stability USA
Today 6/4
* Concerns rise mounting debt will
be costly for all
Rising Interest on Debt May Stop World Growth New
York Times 6/3 This isn't really unexpected and since
growth beyond sustainable levels is the problem. Stopping it is actually a
sign transition is underway but also hints at how painful it may be if we
don't take needed steps personally and within our communities.
May, 2009
* Wanting a healthier lifestyle for
his family, less anxiety, fewer 14-hour days, worker trades his deluxe
apartment life a place he considers relatively better: sub-Saharan Africa.
A Better Life Beckons in Africa
Washington Post, 5/26
* Some police forces see unprecedented cuts
Economy Limiting Services of Polics USA Today, 5/18
* “This is the most difficult
period of humanity that we’re going through today because governments have
no control.” Nassim Nicholas Taleb, author,
Black Swan: The Impact of the Highly Improbable
Global Crisis ‘Vastly Worse’ Than 1930s Bloomberg 5/8
* Rural Small Town Collapse as Job
Vanish
Commuters No More Washington Post 5/4
*Employers large and small resort
to slashing hours and unthinkable wage cuts
US Workers' Wages Stagnate as Firms Rush to Cut Costs, Washington
Post, 5/3
* Alarm grows at how much debt is bought by the Federal Reserve in absence of foreign investors
China Cancels America's Credit Card Press TV 5/1 Commentary
April, 2009
* US economy in steepest decline in
50 years
Economic Decline in Quarter Exceeds Forecast. New York Times
4/29.
* Biggest drop in US exports in 40
years
Economy Shrinks at Worse-Than-Expected Pace Associated Press
4/29
* Flu fears dampen talks of
worldwide recovery
Swine Flu Hits Markets C
NBC 4/27
* Global economy expected to lurch
in reverse
IMF Warns of Worse to Come USA Today 4/23 factoid not on
web but reported
more widely and in depth in Europe
* Recessionary times force a wave
of conference cancellations
Canceled Conventions Hurt Local Economies USA Today, 4/13
This is another of those good news/bad news stories.
That people are traveling less is a very good sign, but it means local
economies need to localize ... now!
* Large uptick in first-time
delinquent income taxpayers
More Americans wary of U.S. tax man this year
Reuters 4/14
* Consumer pending heading into the
second quarter means the recession is likely to persist
US Retail Sales Unexpectedly Drop as Jobs Evaporate Bloomberg
4/14
* Simultaneous combination of
despair and hopelessness lead to acrimony, anger, and blame
Some Link Economy with Spate of Killings FourEXHound 4/9
* Worry about workers, not Wall
Street, says Robert Reich
It's a
Depression Robert Reich's Blog
1/3
March, 2009
* Car loans past due up 17%
More Car Owners Behind on Loans, USA Today 3/19
*Loss of wealth worldwide is
enormous
Global Financial Assets Lost $50 Trillion Last Year
Bloomberg
3/15
* World Bank issues a pessimistic
assessment
Global Economy to Shrink for First Time since WWII,
Bloomberg 3/9
* Number
of people on food stamps sets a new record
Food Stamp Enrollment Soars to Nearly 32 Million
Reuters 3/t
*
Stock prices tumbled around the world Monday, amid new evidence that
economies were weaker than had been thought
Dow Below 6800 Los Angeles Times, 3/2
The stock market is always fluctuating so we rarely post stock update, but
this screams across headlines.
* Consumers cut spending by the
most in over 28 years
Pros Say US Recession Looks
Endless CNBC, 3/2
* International trade is foundering faster than
ever seen before
Port Cargo Levels Are Sinking Fast Los Angeles Times, 3/2
* Can the show go on in tough
economic times?
Fine Arts Are in Survival Mode as Funds Dry Up
USA Today 3/2
* The world economic crisis has
unleashed forces threatening to split Europe into rival camps.
Growing Economic Crisis Threatens One Europe
New York Times
3/2
Comment: "It's important to notice that both in the U.S. and Europe, national and regional unions are becoming obsolete and unworkable. Global economic crisis is forcing small communities to become economically independent and self-sufficient. The global and regional economies have been obliterated; localization is the preferred, if not the only, road to survival. " Carolyn Baker, Speaking Truth to Power
February, 2009
* As bad as it, the economy keeps
getting worse
Economy Still Going South LA Times, 2/27
* What to do with a rash
of massive abandoned retail stores
Big Box of Trouble: Dealing with the Plague of Empty Super Stores
The Infrastructurist Feb 2/25
* Shortages, higher
prices, blackouts feared
Utilities Spending Cuts' Raise Red Flags
USA Today 2/23
* Prices fall along with sales for
commercial property
Commercial Real Estate at 12 Year Low Reuters
2/19
* Nowhere is recession proof: rich
cities face decline
Even Wealthiest Cities Feel Chill of Recession
LA Times, 2/17
* Stores close and government
budgets suffer.
Retailers'
Troubles Ripple Across USA USA Today
2/16
* California Crisis Deepens. Are Other States to Follow? CNBC News 2/02
*
President says the financial system is very vulnerable
More
Banks Likely to Fail MSNBC, 2/01
January, 2009
* Economic downturn forces
Hollywood to fundamentally change
A
Bleak Picture for Big Studios
Los Angeles Times 1/2
* Facilities are closing as patient
visits drop, insurers pay slowly and credit remains tight.
Recession Is Squeezing Life Out of Many Hospitals
Los Angeles Times 1/2
December, 2008
* Struggling retailers face what
could be a very unhappy New Year
Weak Holiday Shopping Leaves Retailers Reeling
Los Angeles Times 12/29
Holiday Sales Fall 5% to 8% Los Angeles Times 12/26
* Health coverage for the poor is
curtailed, deeper cuts expected
State Slash Medicaid Amid
Economic Woes Washington Post 12/26
* Many banks don't have enough
money to survive in 2009
1/3 of Banks
Will Disappear Next Year
CNBC 12/24
* More Americans are staying put
Recession Slows Migration in US Wall Street Journal 12/23
*
Offenses increase as people try to cope with desperation
Crime Rising as Economy Sinks USA Today 12/22
* Reasonable people are stocking up on essential
supplies
Do You
Need to Stock Up the Bunker?
BBC
News 12/20
* To cut costs,
New Hampshire courts won't hold criminal or civil jury trials for a month.
At least 19 other states have slashed court budgets and other state
services.
Even Jury Hiring Is Frozen Los Angeles Times 12/22
*Losses threaten to create a self-sustaining downward
cycle
Recession
3-Month Job Toll: 1.25 Million
Los Angeles Times 12/6
Most jobs lost in 34 years - half a million in
one month
*
4 million now collecting unemployment benefits
Year-End Cuts Adding to Bad News
USA Today 12/5
* It's
official! We've been in recession for 12 months, the longest recession since
the end of WWII.
Recession
Could Last into 2010 Los Angeles Times 12/2
* The
vast majority of the effective money supply today is credit
Rattle: Inflation Deflated
Automatic
Earth
See
also
Sharon Astyk's comment
Energy Bulletin 12/1
* Global
automotive industry gets more bad news
Car Sales Creator Worldwide Moneynews.com, Reuters 12/1
* State governments in deep financial trouble
States Forecast Deficits Exceeding $100 Billion Wall Street Journal 12/1
*
Cities cut salaries, jobs, services
Cities
Cut Back, Expecting Shortfalls USA Today 12/1
* New
crisis could turn out the lights on malls, hotels and storefronts nationwide
Malls Are Next to Face Foreclosore
Chicago Tribune Today 12/1
November, 2008
*
Banks in trouble shoots up 50%
FDIC's List of Problem Banks Swells to 171
AP 11/25
*Numbing
number of stores closings or shrinking
The
Growing List of Closures Grows Snopes 11/24
*A
fifth of the country's largest 2,000 regional malls are failing
Is the Shopping Mall Dead?
News Week 11/12
*
Consumer spending plummets, heightening
recession fears.
Retail Data Feed Anxiety Los
Angeles Times 11/07
* Consumers and small firms are
holding off on borrowing
Banks Have Cash but Find Borrowers are in short supply.
Los Angeles Times 11/07
What an irony. Reluctance to take on loans is chastised in this article as boiling down to fear they won't be able to pay back loans. Isn't that just what was needed to have avoided this problem in the first place?
*
Gloomy projection for U.S. economy
U.S. Heading for
Economic Depression The Market Oracle, 11/3