Word: downturn
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...That might not sound too bad, but keep in mind that during nonrecessionary years, charitable giving in the U.S. has increased 4.3% - which means a recession represents a more than 5% swing in the other direction. And it's gotten even worse than that: during the relatively severe downturn of 1974, giving declined 5.4%. Given that the current crisis seems unprecedented in its scope, no one is willing to predict just how bad things might get for the nonprofit sector. "The ramifications are absolutely going to be huge," says Gordon J. Campbell, CEO and president of United...
That's exactly the sort of recessionary rationalization that charity leaders fear. For now, nonprofits are preparing for winter by paring back on nonessentials, even as they look to expand their base of donors. If the downturn is prolonged, we might see consolidations in the nonprofit sector, just as there have been in the business world. Ultimately, though, Americans will need to depend on the generosity of Americans. And the hopeful surprise is that in past recessions, donations to human services, like feeding the hungry, fell the least; in some downturns, they even rose. "That says something good about...
...article to appear in a book from Oxford University Press, Aaron Levine, chair of the economics department at a respected New York college opens with the assertion: "The current downturn is the first post World War II recession that has its roots in widespread moral failure." It's an interesting, if debatable contention, but equally interesting is the authorities Levine cites as he makes his argument: the Jewish torah, the mishna (transcribed oral law), talmud, the work of medieval jurists like Maimonides, and host of rabbinical opinions (responsas) ever since. Levine is an Orthodox rabbi as well as a prof...
Welch said he was aware that the financial downturn has impacted higher education endowments, but noted that the crisis has also affected parents and students who pay tuition...
...China's .27 basis-point cut signals that the country is now less concerned with fighting domestic inflation than in joining the rest of the world in battling a global slowdown. In a report released today, the International Monetary Fund warned that the world economy has entered a "major downturn" that would likely get worse before it gets better. It said central bankers trying to get a handle on the situation were "between a rock and a hard place...