Word: downturning
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...store chain for young adults that Abercrombie shut down in June. Abercrombie & Fitch lost $26.7 million, which includes $24.4 million in charges associated with the closing of Ruehl, in the second quarter. During the same period in 2008, Abercrombie scored a $77.8 million profit. "Abercrombie has mismanaged this economic downturn more than any other retailer," says Britt Beemer, CEO of America's Research Group, a retail consulting firm. (See TIME's photos of stores that are no more...
Deficits aren't always bad: excess government spending can help alleviate the pain of an economic downturn by encouraging business and curbing unemployment (this is the theory behind the New Deal and Obama's stimulus package). But that doesn't mean that deficits are good, either. The U.S. covers the shortfall by issuing more government bonds, which can drive up interest rates and lead to inflation. Deficits also make it harder for a financially strapped government to deal with unexpected disasters. In fact, the last U.S. budget surplus occurred in 2001, when Washington was able to use fiscal and monetary...
...Great Recession has not become another Great Depression - the markets have rebounded, and Bernanke declared last week that the worst of the downturn appears to be over - so Obama really had no choice but to reappoint Bernanke, even though White House economic adviser Lawrence Summers has yearned for the job. The markets like stability, and they really like Bernanke. And Obama might have done the same thing even if he did have a choice. Bernanke hasn't been flawless - he was slow to grasp the crisis and start yanking interest rates down toward zero, and market watchers will forever second...
...jobs in July. It seemed an odd thing to boast about, but you have to consider the context. The economy was losing jobs at three times that clip when Obama took office in January. So it is possible that we are emerging from the most frightening economic downturn since the Depression. We won't be the same country when...
...Interest and demand in music memorabilia is steadily growing despite the economic downturn...