6 September, 2008. “U. S. Jobless Rate Rises Past 6%, Highest Since ‘03. ” Uchitelle, Louis. New York Times. This article informs about the fact that the unemployment rate reached its highest level since 2003; causing workers to worry about the fact that many of them will be jobless and also centers on the high unemployment rate became one of the centers of the presidential debates. This article relates to our course since it suggests how unemployment can affect the economy as a whole and how inflation impacts the job status of a society.
The article is also relevant to our course because it also gives the opinion of both McCain and Obama on the unemployment escalation and gives a glimpse of what both candidates would do about it. 9 September, 2008. “Who Else Can Pile on for a Federal Rescue? ” Schwartz, Nelson D. New York Times. This article informs about the federal rescue of the companies Freddie Mac and Fannie Mae. The article also informs about the automakers worries and the bailout plans that Washington D. C. has proposed to help automakers out of the same financial crunch.
It further opens a debate of whether or not we should allow companies to fail or if we should bail them out as has been proposed by some. This article relates to our course since it suggests that in our market economy we should be realistic enough to realize that at times companies do fail and that economic bail out plans are good as a quick fix but they fall short in the long term. Often we like to think that big business is above the common failings, but as we see from the recent events, big business is no longer an elite thing. It is just what it has always been, businesses that have been built over years with the hard work of the owners.
Big business is no different then the small company and in this tough economic times this is spelled out clearly. 13 September, 2008. “Off the Charts: The Return of the Misery Index. ” Norris, Floyd. New York Times. This article informs about the “misery index”. The misery index is the sum of the inflation rate and the unemployment rate over the preceding 12 months. The misery rate hasn’t been seen since the Carter administration, but yet in this year both rates have seen to be rising. The article also looks at how the misery index has risen in the past during the past presidencies.
This article relates to our course since it suggests unless something is done, we are likely to not see an improvement in either the inflation rate or the unemployment rate. The article also is relevant to the course since it suggests by looking at this index we can have a very good gauge of how our economic atmosphere will fare in the coming months. 15 September, 2008. “A Video Contest To Illustrate Democracy. ” Cohen, Noam. New York Times. This article informs about the International Democracy Day and the video contest that was created in conjunction with this day.
The video contest offers students and people around the world the chance to say what democracy means to them. This article relates to our course since it talks about the importance of democracy on the global and business stage. Democracy is not just an American concept but one that transcends our country. The article also talks about the companies that are helping with this contest. The companies include NBC and YouTube. The partnership between these companies act as a hallmark for all of us because they are showing that everyone from all walks of life cars about democracy and through democracy we can work together.
18 September, 2008. “As Fears Grow, Wall St. Titans See Shares Fall. ” White, Ben and Dash, Eric. Contributed reporting by Sorokin, Andrew R. New York Times. This article informs about the failing of Wall Street titans like Morgan Stanely and Goldman Sachs. The fear that other company could face the same fate as these giants has spread through Wall Street in the last few months. It is estimated that globally there are losses in the 100 billions as far as stocks are concerned.
This article relates to our course since it suggests that the failure of investment firms such as Morgan Stanley affects not only the market here in the United States but also has an impact on the global market as well. We tend to forget when we think about our own economic bad times, that other countries the world over are also experiencing the same economic crunch. 23 September, 2008. “With Politics in the Air, a Freedom Free-for-All Comes to Town. ” Cotter, Holland. New York Times. This article informs about an art exhibit that was going on at the Park Avenue Armory during the middle of September.
This exhibit is a tongue-in-cheek look at the political system and demonstrates the true meaning of democracy: the right for people to express their views, no matter how differently they do it, and to show other people a different side to every subject. The art exhibit used speeches, music and silly hats to give people another side to the political elections. This article relates to our course since it suggests that elections and democracy can be talked about in a completely non-partisan, non-electoral but still intensely political way.
People who went to the exhibit also got a first hand look at how the freedoms of our country allow for people to express themselves in the ways that they want to, which is what democracy is all about. 25 September, 2008. “Criticizing Capitalism From the Pulpit. ” Pfanner, Eric. New York Times. This article informs about how even religious leaders have joined the crusade in criticizing America’s rogue style of capitalism. World religious leaders have taken the fall of Wall Street icons and used that as a means for criticizing the cowboy style of economics that America has been globally portrayed to utilize.
This article relates to our course since it suggests that even a pulpit is a place where economics and business standards can be discussed from. Religion is as far from economics as one can get yet this article clearly shows that the global economics pictures is something that is on everyone’s mind, no matter where they live or what they do. We tend to forget that all things are connected and this article clearly shows us that everything in life is connected and has a more far reaching affect then we first may think. 1 October, 2008. “Brother, Can You Spare a Loan? ” Tarquino, J. Alex.
New York Times. This article informs about the credit crisis that the small business and individuals have faced in the last few months. The article also talks about the speculation of many in the business world that the escalation towards the credit crisis will only get worse and will eventually be the death of the small businessman. The article ends by saying that the saddest day for America will be the day that small business does die in this country. This article relates to our course since it suggests that in these frightening economic times we could see the end of the small business.
American was founded on the ideals that anyone could make their dreams come true and if the credit crisis totally obliterates the small business it will be a sad day indeed for America. 3 October, 2008. “As Economy Weakens, Federal Reserve Officials Consider Lowering Rates. ” Andrews, Edmund L. New York Times. This article informs about the Federal Reserve’s feelings on the Bush administrations economic bailout plan. According to the Fed, even if the bail out is approved it is too little to late and will do hardly nothing to stop the economic slow down from happening.
The reason, in the Fed’s eyes, is that financial institutions are fearful of lending out cash and making bad investments. This article relates to our course since it suggests that the economic slow down affects everyone in our economic atmosphere. It also allows people to see how the Federal Reserve is interpreting what is happening so that the average citizen can gauge what they should do in this economic turmoil. 4 October, 2008. “End of an Era on Wall Street: Goodbye to All That. ” Arango, Tim and Creswell, Julie. New York Times.
This article informs about theft of a bronze bust of a saloon owner on Hanover Street. The saloon was a frequent favorite of Wall Street execs and the theft happened just as Wall Street was swept up in the financial whirlwind of economic troubles. This article isn’t about a theft of a statue, but more indicative of the times that we are living in when someone would take a well loved art piece, bound with tradition, to perhaps make a quick buck. This article relates to our course since it suggests that the traditions and ideals of Wall Street are slowly falling by the wayside as the economic crunch gets tighter.
Wall Street has always been steeped in economic traction, but the theft of this well loved art piece shows that even tradition can be trampled in the hopes of making some money to pay your bills. 12 October, 2008. “Finance Students Keep Their Job Hopes Alive. ” Leland, John. Contributed Reporting by Fairbanks, Amanda M. ; Koppel, Niko; and Zezima, Katie. New York Times. This article informs about the current job outlook for those who are thinking of making finance a possible career. The article talks about how for many business majors law school seems a viable option now more then ever.
Others look at the current economic situation as just something they shouldn’t worry about since they have already figured that they will change jobs five or six times in their careers. This article relates to our course since as people who have made business our major (or for those who this is a first class and they haven’t made up their minds on this as a major) it is important to take a look at the job outlook that we will have to look forward to in the coming years. 14 October, 2008. “Commodity Prices Tumble. ” Krauss, Clifford.
New York Times. This article informs about how the global financial panic and economic slowdown has lead an end to the commodity bull market that we have seen in the last seven years. This ending of the commodity market has sent prices on the raw ingredients (such as oil) of the world economy tumbling to an all time low. This article relates to our course since it suggests that we don’t just have economic worries here in the United States, but that other countries are also worried about the current state of the economic situation.
The United States is part of a broader wide sweeping world economy and the economic slowdown is not just affecting things here at home but also globally. This article clearly gives the reader a better idea of how the United States fits into the broader global economy. In our own economic hard times we tend forget that we are not alone, but are facing the same issues that other countries are. 19 October, 2008. “The Guys From ‘Government Sachs’. ” Creswell, Julie and White, Ben. New York Times.
This article informs about how Treasury secretary Paulson used his former firm of Goldman Sachs as a means to investigate what was happening on Wall Street prior to the financial difficulties. It also raises eyebrows and speculates about the amount of participation Goldman Sachs is being perceived to have in the Treasury Department. This article relates to our course since it speculates on corporate interference in a governmental department. In the world economics, such speculation is something that we have to watch carefully so that the economic system is not stained in anyway.
When companies interfere with the running of government departments, it makes all actions that have sprung out of that suspect. By bringing Goldman Sachs into the Treasury, Paulson has created a suspicious circumstance that we all should learn from. That above all else is what should be learned from this article. 22 October, 2008. “China, an Engine of Growth, Faces a Global Slump. ” Yardley, Jim and Bradsher, Keith. New York Times. This article informs about the slump in economic level of China.
Always seen as the world’s workshop, the threat of global recession has many wondering if the prevailing Communist Party has the wherewithal to stop the further economic decline of China. The article makes a nice point in saying that China is the world economy gauge for how the economic slowdown will eventually affect everyone. This article relates to our course since it informs on how one country is dealing with the long reaching effects of the global financial slowdown. It is interesting to see how one country is going to deal with this global issue because then other countries have a blueprint by which to also take action.
28 October, 2008. “Denmark Is Rethinking It’s Spurning of the Euro. ” Dougherty, Carter. New York Times. This article informs about looking closely at one country and the effect that the global financial situation has on it. Denmark, a country formerly against the euro, now is rethinking things because of the ice cold credit situations of the banks of Denmark. As it stands now a bare majority of Danes do back the adoption of the Euro. This article relates to our course since it suggests that countries that were previously opposed to a financial idea may now have to rethink their opposition as the global economy faces this slowdown.
Every country has to figure out ways in which they are going to deal with the global financial crunch. It also relates to this class because it shows us how as a global economy we are all in the same boat. 29 October, 2008. “Paterson Sees a Budget Gap $47 Billion. ” Hakim, Danny and Peters, Jeremy W. New York Times. This article informs about the deficit that the state of New York is facing and the loss of job in the 100,000 in the private sector. The article also suggests the ways in which the state plans on fixing the deficit.
Deficits are something that we as a society have to watch carefully especially in these economically unstable times. This article relates to our course since it suggests that everyone, from the state level to the private sector, is affected by the financial crunch that is being seen globally as well as here at home. We tend to forget when we look at big businesses that the private sector is just as affected and this article gives us a glimpse into this fact. We all tend to forget that big business is run by people and people do make mistakes. 31 October, 2008. “Economy Shrinks With Consumers Leading the Way.
” Goodman, Peter S. ; contributing reporting by Norris, Floyd and Zeleny, Jeff. New York Times. This article informs about how the drop in the economy is a bad precursor to the coming holiday seasons. Consumers who are being laid off and having their hours cut have less to spend this holiday season and this is being reflected in the economy more then ever. This especially hits home as we think about the upcoming holiday season, a time when consumer spending is at a high point. This article relates to our course since it shows how the economy is really a circular relationship.
The consumer has to work to make money, but no job or less working hours leads to zero money to be spent. This article is important because everything in the world of business and life are interconnected and this article is a very good example of that idea. 4 November, 2008. “Wall Street’s Extreme Sport: In Modeling Risk, the Human Factor Was Left Out. ” Lohr, Steve. New York Times. This article informs about how the risk models that have been used on Wall Street for years have failed due to not being applied, managed, or even understood.
Technology that has been made use of on Wall Street has gotten ahead of our ability to act responsible. Often, we forget that technology is only as good as the people that run it, and as such has the capacity for many risks. This article relates to our course since it suggests that risk factors that are associated with the economic downturn come from every sector and that they have a more far reaching concern then we first thought. Risk factors are important to look at since by seeing where the risks have been in a situation, we can hopefully in the future prevent the same economic situation from happening again.
8 November, 2008. “Colleges Rich and Poor Strain to Respond in Tough Times. ” Lewin, Tamar. New York Times. This article informs about how colleges are more then ever struggling to meet the financial needs of students. In the past, the majority of college students were able to fund their education through scholarships that the colleges and universities offered. In this tough economic time, that no longer looks like it will be an option. Students will have to rely more on grants (which may be just as limited), loans and paying out of pocket.
This article relates to our course since it hits close to home about how the financial crisis that we are seeing everywhere even affects those of us in college. Previously, being in college meant all you had to do was study hard for finals. Now, though, even college students are feeling the economic burden. 9 November, 2008. “Remember That Capitalism is More Then a Spectator Sport. ” Blinder, Alan S. New York Times. This article informs about the daunting tasks that are ahead for president elect Obama. Among these tasks are to restore a sense of fairness in and faith to our economic system.
This article relates to our course since it gives a nice overview of how President-elect Obama needs to go about restoring the faith of he American people in the tattered economic system that has failed us time and again. In watching the elections, President-elect Obama made a lot of nice speeches about what he plans to do, and this article gives us a first glimpse of rather he will be successful or not. I think it is also a nice all inclusive article that sums up the ideals that we have been studying in this course.