recession

The recession might be hitting all of us hard here at home. But at least we’re not alone in our struggles.

On a recent trip to Ireland I had a chance to talk with David Daly, a well known Dublin Developer for Albany Homes. Real estate values in Ireland have taken as big a hit as in the U.S. And just as here, the economic collapse has forced Ireland to dramatically cut public spending and raise taxes. Banks are under water. Unemployment is above 13% and there is no rapid turnaround in sight. Daly says they have only themselves to blame for overbuilding. Daly says the money was spent as fast as it was coming in but the boom is over. And Daly says we have yet to learn, in Ireland and in America.  read more »

If you didn't make a habit of saving money, the past year has taught you a harsh lesson. So maybe 2010 is the year to bank a little change and maybe it can be easier than you think.

MSN Money has put together a list of nine sneaky ways to save money. Nine things you can do to boost your bank account without feeling the pinch. Rebecca Schreiber is a Financial Planner in Washington, D.C. and while she acknowledges that these days it's hard to set aside money, even two to five dollars a week will eventually add up. Skipping your latte twice a week could mean an extra $200 a year. A cushion that could come in handy for the next rainy day.  read more »

Analysts say the recession is coming to a close and while this is good news for your bank accounts there may be some left over lessons you remember.

During this period of economic uncertainty you made some cuts to your lifestyle and started saving a little more for a rainy day. Well with the sun about to shine again US News and World Report says you should keep up these habits and provide yourself with a better economic future no matter what's on the horizon.  read more »

While famous for its culture and architecture, Paris isn’t known for having the world’s friendliest citizens. But that may soon be changing, thanks to the worldwide recession.

Parisians have a well-deserved reputation for rudeness to foreigners. Have you ever walked into a Paris shop knowing the clerk speaks English, but insists on speaking French? Or have you noticed that while traveling by train in other countries, stops are announced in the local language and in English, except on French trains, where only French is spoken.  read more »

There certainly are some dark clouds hanging over our struggling economy. And that depressing economic news has Americans cutting spending and agonizing about the future. But it may be time to take in a strong dose of positive thinking and look for the silver lining.

For example, one major impact of the global economic slowdown is the dramatic drop in the price of oil—bringing you lower gas prices. Home values have plummeted. But that means you can ask for a re-assessment to pay lower property taxes. Also people, who were priced out of a home in the boom years, can now buy at a price they can afford.  read more »

With unemployment on the rise, more and more workers are taking pay cuts in exchange for keeping their jobs. Some are even working for free.

In an effort to cut costs and show work-place solidarity, British Airways Chief Executive Willie Walsh is planning to work the entire month of July with no pay. There’s only one glitch in his plan for generating some positive public relations. He forgot to tell his wife.

Walsh says because he neglected to tell her about the plan to turn down his July paycheck, she wasn’t too happy when she first read about it in a London paper.

Walsh enjoys an annual salary of $1.2 million U-S dollars, and is hoping his lower salary encourages employees to also cut costs. This comes after 2,500 employees at the airline have already lost their jobs.  read more »

In todays weak economy, consumers are cutting back on frills such as eating out. Not good news for restaurants hoping to fill their tables.

At the recent Pebble Beach Food and Wine Festival sponsored by American Express I talked with Roy Yamaguchi, Head Chef and Founder of Roy's popular restaurant group about how he views the recession. Yamaguchi says its all about location.

"For us we have locations in a lot of different cities so some of the cities of course have taken a bigger hit than others. For instance in Honolulu our restaurants are still doing quite well but on Maui with the failure of two airlines and the lack of tourism on that island our business is tremendously down."  read more »

Perhaps you’ve been hearing this very graphic Wall Street trader term bandied about during these tumultuous times. It’s actually been used for decades as a warning to investors that buying into temporary rallies during bear markets can be wealth-threatening.

The other well-worn phrase is “Don’t catch a falling knife”. That refers to watching your favorite stock taking a plunge, and buying more in the often mistaken belief that the fall is temporary.

Actually I think these terms are perfect warning signs right now. After a brief four day rally some Wall Street pundits are predicting the bottom has been reached, and the markets will soon come roaring back. I am an insufferable optimist, and wish I could share their enthusiasm. It’s just that facts get in the way.  read more »

Now We Really Are In Trouble.

Every day you hear about home and stock prices falling still further. Jobs are vanishing as fast as your retirement money. In California, and most other states, you will be paying even higher taxes for far fewer services.

But 3 different business news reports out today prove just how dramatically Wall Street’s decline is changing traditional buying habits on Main Street.  read more »

That light at the end of our dark economic tunnel is a train. And it could roll over you this year.

Every day headlines scream the latest bad news about yet another company announcing massive layoffs. Household names such as Boeing, Pfizer, Home Depot, United Airlines, and hundreds of financial institutions are sending out pink slips by the millions. (No, that is not a misprint).

According to Yahoo News, the Labor Department reports that 21,137 mass layoffs took place last year, up from 15,493 in 2007. That's the highest annual total since 2001, the last time the economy was in recession, and the second-highest since the department began tracking mass layoffs in 1995.  read more »