The Commerce Department’s Bureau of Economic Analysis released its “advance” estimate for second-quarter gross domestic product this morning. GDP shrank at just a 1% annual rate in the quarter (adjusted for inflation). The consensus forecast among the sad folk who while away their days predicting quarterly GDP numbers had been for a 1.5% …
Sex & Jokes: The Great (and Free!) Recession Stress Relievers
You might think that a financial crisis and a dreary, prolonged economic downturn might be a total bummer. People wouldn’t find much of anything funny, and they wouldn’t exactly be in the mood for other kinds of fun, either. Actually, it appears the opposite is true: In tough times, people seek out releases more than ever—and what are …
Should Everyone Make at Least $10 an Hour?
The minimum wage just went up, from $6.55 to $7.25 an hour. Many observers say that the timing of the wage hike—in the thick of the longest recession on record—is unfortunate if not counterproductive. But now a coalition of religious and community leaders is pushing for another minimum wage boost—to $10 an hour by 2010.
Another Victory for the Florida Marlins—and the Cheapskate
My very amateurish work as a statistician turned out to be pretty on the money, if I do say so. A few weeks ago, at the Major League Baseball All-Star Break, I took a look at which teams paid proportionally the least—and the most—for their wins. Seeing as cheapskates are always concerned with value and wise spending, the idea was to …
Do bankers still have clout in Washington?
In working on my column last week about the good times at Goldman Sachs and JPMorgan Chase, I had interesting conversations with a couple of people who know a lot more than I do, MIT economist Simon Johnson and Brookings Institution/Kauffman Foundation economist/lawyer/all-around-policy-wonk Robert Litan. Sadly, none of their quotes made …
It’s a Deal: First-Class Flights On Sale from $199
United Airlines is hosting a “Taste of First Class Sale” on several routes within the U.S. Fares for seats in first class start at $199 each way, and must be purchased by July 31. More details here.
The economic boom ahead (?)
It has gotten to be pretty much consensus opinion that:
(1) the Great Recession is about to end, or already has
but
(2) the recovery will be weak and fitful.
That’s what Dan Gross’s cover story in this week’s Newsweek says, at least. I made the same claim in my column a few weeks ago, and one can find lots of bona fide economic …
Why Isn’t Your Roof White Already?
Studies are showing that most—but not all–Americans should be following U.S. Secretary of Energy Steve Chu’s recommendation that people paint their roofs white. On hot days, it’s 20 percent or more cheaper to air-condition a house with a white roof rather than a traditional charcoal-colored asphalt roof. It’s another simple solution …
Bob Shiller weighs in on the important matter of Tim Geithner’s bathroom tiles
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The Daily Show‘s John Oliver took a look at Tim Geithner’s hard-to-sell Larchmont, N.Y., house last night. The segment wasn’t all that funny, but the part where Oliver gets Robert Shiller to comment on whether Geithner’s turquoise (aqua? teal?) bathroom tiles are driving …
Obama’s Beer Summit: For a True Show of Unity, They’d Drink a Pitcher of Whatever’s on Tap
What beer will they drink? That’s been the big question around the meeting of President Obama, Harvard professor Henry Louis Gates Jr., and Cambridge police officer James Crowley to discuss race relations in the aftermath of Gates’ arrest.
The Government Saved $102 Million Without Really Trying. How Much Could You Save?
Three months ago, President Obama challenged his cabinet secretaries to come up with $100 million in budget cuts. Apparently, the task wasn’t that difficult. They’ve already found 77 different ways to save a total of $102 million. Most savings came through the simplest of solutions, like eliminating unused phone lines and printing on …
Finally, a Modest Limo for the Newly Less Rich
A new Rolls-Royce limo model called the Ghost is $135,000 less than an older model, the Phantom. The “cheaper” and “less ostentatious” model that’s being called a “recession-ready limousine” can now be yours for a mere $245,000.