Tag Archive | "recession"

The Biz Roundup January 1

Let’s start the new year out right. With a bailout. “What we are asking,” said Daniel R. DiMicco, chairman and chief executive of the Nucor Corporation, a giant steel maker, “is that our government deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a ‘buy America’ [...]

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The Biz Roundup December 30

And the first one voted off the island is . . . eToys! On Monday, the Parent Company, an Internet retailer of children’s products, had the dubious distinction of apparently becoming the first well-known retailer to file for Chapter 11 bankruptcy protection after Christmas. The company, whose majority owner is the hedge-fund firm D.E. Shaw [...]

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The Biz Roundup December 23

Take a number. The National Retail Federation called for three periods of sales tax-free shopping that would last 10 days each in March, July and October 2009. The trade group estimates that it would save consumers about $20 billion, or $175 per family. Under the industry group’s proposal, which would exclude alcohol and tobacco sales, [...]

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What did I say, huh? Video games and crafts!

In a previous post, I predicted that video games and inexpensive craft items would fare very well in the coming recession. Here’s the pudding in the proof from tomorrow’s New York Times; Craft stores, from giant chains like Michaels Stores to small scrapbook supply shops, are reporting that sales are higher compared with the last [...]

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About those business plans you were making . . .

As a subscriber to Macroeconomic Advisors, I get all the dry and dusty latest. They’ve just released a report forecasting the length and strength of the current economic downturn. I won’t bore you with details, so let’s plunge the fork right in the meat: Given the deteriorating fundamentals, the limited room for further use of [...]

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What happens after the auto company shakeout

Bailouts shmailouts. Everyone knows somebody is going to fold their tent, close the doors, buy the farm, and go the way of the dinosaur in the auto industry. Since this recession is poised to break the 16 month record and become the longest business downturn since the Great Depression, the shakeout in the auto industry [...]

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The Biz Roundup 12-6

Bush’s response: “Are there no prisons? Are there no poor houses?”. :: “Business shut down in November. Businesses are in survival mode and are slashing jobs and investment to conserve cash. Unless credit starts flowing soon, big job losses will continue well into next year.” (New York Times, December 5, 2008) I don’t have the [...]

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Some clear thinking about the uncertainty of the times

Justin Fox in his must-read blog revives Frank Knight’s Risk, Uncertainty, and Profit (one of my favorite books on economics) to give us all a much-needed pep talk about the current economy. Money quote: Knight argued that making decisions was the job of an entrepreneur, and that business profit was the reward for for [sic] [...]

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The Biz Roundup
Must-reads for December 3

Let’s do something original and lead with Detroit since every one else seems to be ignoring it. :: “The U.A.W. president, Ron Gettelfinger, said the union would suspend its jobs bank, which requires carmakers to keep paying laid-off employees, and would consider changes to its labor contracts. The union has also agreed, Mr. Gettelfinger said, [...]

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The Biz Roundup December 2

Did I say $10 billion? Actually, I meant to say $18 billion, sorry, really, for the misunderstanding. :: “Of that $12 billion, GM wants $4 billion this month. In addition to the $12 billion, GM wants another $6 billion line of credit in case the market gets even worse.” But the car wash is free. [...]

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But immigrant-based businesses are doing great . . .

This is ancient by Internet standards (about ten days old), but Joel Kotkin in this Forbes.com article points out that ethnic businesses are doing fine, even while other businesses struggle during the recession.

Money quote:

Throughout the country, ethnic-based businesses continue to expand, even as mainstream centers suffer or go out of business. The key difference, notes Houston real estate investor Andrew Segal, lies in the immigrants’ greater reliance on cash. “When cash is king,” observers Segal, president of Boxer Properties, “immigrants rule.”

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The Biz Roundup

That sucking sound you’ve been hearing all this last year actually was a recession :: It’s official: “The committee identified December 2007 as the peak month, after determining that the subsequent decline in economic activity was large enough to qualify as a recession.” And while you’re fixing the economy and the war and just about [...]

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