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Great Recession

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OPINION
July 15, 2010 | Doyle McManus
The economic effects of the Great Recession have been easy to see: a stock market crash, a sickening drop in home values and household wealth, and the throbbing pain of persistent unemployment. But a deep recession does more than economic damage. When short-term unemployment turns into long-term unemployment, as it has in this recession to a level unseen since the 1930s, rates of depression (the psychiatric kind) increase, anxiety rises and behavior changes in ways both expected and unexpected.
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BUSINESS
February 24, 2014 | By Jim Puzzanghera
Former Federal Reserve Chairman Ben S. Bernanke first gained prominence writing about the Great Depression. Now he plans a memoir to defend how he and other officials battled the biggest crisis and economic downturn since then. “I'd like to be able to explain that it was the right thing to do and to attest to my loyalty to the United States," Bernanke said with a laugh in an interview with the Associated Press on Monday. Bernanke has been sharply criticized for the unprecedented actions the central bank took in response to the 2008 financial crisis and the Great Recession.
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NATIONAL
September 11, 2013 | By Connie Stewart
If you feel you're falling behind in the income race, it's not just your imagination. The wealth gap between the top 1% and the bottom 99% in the U.S. is as wide as it's been in nearly 100 years, a new study finds. For starters, between 1993 and 2012, the real incomes of the 1% grew 86.1%, while those of the 99% grew 6.6%, according to the  study , based on Internal Revenue Service statistics examined by economists at UC Berkeley, the Paris School of Economics and Oxford University.
CALIFORNIA | LOCAL
February 8, 2014 | By Mark Z. Barabak
SALINAS, Calif. - Tony Salameh and Danielle Clark weathered the Great Recession from two worlds just a few miles apart. Salameh, 62, owns several restaurants in Carmel, the wealthy hamlet perched like a small jewel overlooking the sea. After a significant falloff, business is about where it was five or six years ago. Salameh's bottom line, though, is a third what it used to be; tourists are back in force, but they order lamb sliders or spring rolls...
BUSINESS
July 31, 2013 | By Jim Puzzanghera
WASHINGTON -- The Great Recession wasn't quite as bad as previously thought and the recovery since 2009 has been a bit stronger, according to a periodic data recalculation designed to better reflect the economic impact of movies, TV shows and other intellectual property. The economy contracted an at average annual rate of 2.9% during the recession, which ran from the fourth quarter of 2007 through the second quarter of 2009, compared to the previous estimate of a 3.2% contraction, the Commerce Department said Wednesday.
BUSINESS
November 10, 2013 | By Walter Hamilton
When potential employers ask Tracy Blakeley about her personal life, she assumes they're not making idle chit chat. They're trying to figure out how old she is. "They ask if I have kids or grandkids," Blakeley, 53, said. "They won't ask you your birth date, but they'll ask when you graduated from high school. " Blakeley has a rock-solid work ethic, good computer skills and an upbeat personality. What she doesn't have is a permanent job, despite trying her hardest to find one. It's a common story for people in their 50s, 60s and even 70s. Nearly 2 million people ages 55 and older are looking for a job these days, twice as many as before the Great Recession.
BUSINESS
June 11, 2010 | By Nathaniel Popper, Los Angeles Times
Unemployment remains at near-record levels, and most Americans are struggling to rebuild their battered finances. But the country's wealthy are once again doing just fine, thank you. No group was immune to the downturn. In 2008, as the financial crisis raged, the stock market hit bottom and the Great Recession ate into the economy, the number of millionaires in the United States plunged. But last year the number of millionaires bounced up sharply, new data show. And after that decline and rebound, the millionaire class held a larger percentage of the country's wealth than it did in 2007.
NATIONAL
January 19, 2014 | By Mark Z. Barabak
The stock market has hit sky-scraping highs, the unemployment rate has dipped to a five-year low and any number of economic statistics - new car sales, home prices, consumer spending - point to a perked-up economy that is steadily growing. But one thing that has changed little is President Obama's job approval rating, which tumbled over the last year to the anemic 40% range and remains stuck near the low point of his administration. The chasm is striking, and a worrisome thing for Democrats already facing a tough election year.
ENTERTAINMENT
March 22, 2013 | By Hector Tobar, Los Angeles Times
In the official estimation of government economists, the Great Recession ended in 2009. But in Barbara Garson's new book, it lives on. And for the people whose stories she tells, the Great Recession may never die. "They didn't retire, and they didn't find jobs," Garson writes, describing the four New York professionals whose stories open "Down the Up Escalator: How the 99% Live in the Great Recession. " They call themselves "The Pink Slip Club. " It's a group that never loses any members, because no one ever lands a permanent, full-time work.
BUSINESS
March 24, 2010 | By Don Lee and David Pierson
For much of the last decade, the economic relationship between the U.S. and China was like a bartender and his favorite patron. American consumers knocked back flat-panel TVs, laptops and assorted other made-in-China products while Beijing rang up the charges, extending more and more credit so the customer could keep drinking. On paper, the Chinese accumulated hundreds of billions of U.S. dollars. But instead of cashing in its horde, China lent much of it back to Americans to help finance ever-higher consumer borrowing, as well as federal deficits and cheap mortgages.
NATIONAL
January 19, 2014 | By Mark Z. Barabak
The stock market has hit sky-scraping highs, the unemployment rate has dipped to a five-year low and any number of economic statistics - new car sales, home prices, consumer spending - point to a perked-up economy that is steadily growing. But one thing that has changed little is President Obama's job approval rating, which tumbled over the last year to the anemic 40% range and remains stuck near the low point of his administration. The chasm is striking, and a worrisome thing for Democrats already facing a tough election year.
BUSINESS
January 17, 2014 | By Jim Puzzanghera
Worsening income inequality is the risk most likely to cause serious damage around the globe in the coming decade, the World Economic Forum said in a report ahead of its annual gathering in Davos, Switzerland, next week. The widening gap between rich and poor "raises concerns about the Great Recession and the squeezing effect it had on the middle classes in developed economies," the group said in its Global Risks 2014 report.  While a severe income disparity has taken place in the U.S. and other developed nations, globalization "has brought about a polarization of incomes in emerging and developing economies," the report said.
BUSINESS
January 13, 2014 | By Emily Alpert Reyes
Poorer Americans suffered bigger blows than richer ones as the housing market fizzled during the Great Recession, causing wealth inequality to surge for the first time since the 1980s, a new report finds. During the recession, tumbling values in the housing market “increased wealth inequality because houses are the main asset of less advantaged groups,” reported the Stanford Center on Poverty and Inequality. Unlike the very rich, who held more of their wealth in stocks or businesses, poor and middle-class Americans banked more heavily on housing.
BUSINESS
December 31, 2013 | By Andrew Tangel
NEW YORK - Wall Street closed out an epic year with the stock market's best performance since 1995, fattening the retirement accounts for a generation of Americans crushed by the financial crisis just five years ago. The 27% gain in the Dow Jones industrial average enabled investors to recoup the last of the losses suffered during the Great Recession, when the value of America's blue-chip stocks was slashed in half. And analysts are predicting that stocks will continue their upward march in 2014, though perhaps not at such a breakneck pace.
BUSINESS
December 16, 2013 | By Jim Puzzanghera
WASHINGTON - Industrial production grew last month at the fastest pace in a year, pushing manufacturing output above its pre-Great Recession peak for the first time, the Federal Reserve said Monday. Factories, mines and utilities increased production 1.1% in November from the previous month, the Fed said. October's industrial production was revised up to a 0.1% increase from an initially reported 0.1% decrease. Year-over-year, industrial production was up 3.2% last month as demand has increased domestically and abroad.
CALIFORNIA | LOCAL
December 5, 2013 | By Gale Holland
More than 3 million people in the six-county Southern California region lived in poverty in 2012, 18% of the total population, officials said Wednesday. The figure represents a 69% increase since 1990, which is nearly three times the rate of population growth in the same period, said economists with the Southern California Assn. of Governments, a regional planning agency. One in four children were living below the federal poverty line. The findings generally track earlier studies, including one released in September , showing more than one in four Los Angeles County residents and as many as 22% of all Californians live in poverty.
BUSINESS
August 26, 2011 | By Don Lee, Los Angeles Times
Even if the U.S. economy avoids sliding back into recession, the continuing weakness is beginning to inflict long-term damage on many families and businesses that will make a full-blown recovery much harder to achieve. The devastating recession that started four years ago hit a nation flying high on a housing boom and helium-inflated clouds of consumer spending. But the current slowdown is striking a nation already on its economic knees. "That's the danger right now: You've got an economy that didn't recover," said Ethan Harris, Bank of America's chief economist for North America.
CALIFORNIA | LOCAL
September 19, 2012 | By Rebecca Trounson and Sandra Poindexter, Los Angeles Times
People of all income levels across Southern California suffered losses during and after the Great Recession, but the lowest fifth of households took the biggest hit, new census data show. Los Angeles County households whose earnings put them in the lowest fifth for income in 2011 earned 12% less, on average, than the incomes of that same group in 2007, when the recession began. The declines for low-income households in other Southern California counties were even larger, according to a Los Angeles Times analysis of newly released census data.
BUSINESS
November 18, 2013 | By Don Lee
WASHINGTON -- The rate of Americans moving to a new home fell back in the last year mostly because young adults were stuck in place. The report Monday from the Census Bureau reflects the Great Recession's lingering effects, particularly on young people, many of whom continue to struggle to obtain credit and secure income gains to move to a new home or apartment. Analysts were surprised by the latest findings as the overall domestic migration rate -- the share of the nation's population that moved -- had risen to 12% in 2012 after dropping to a record low of 11.6% in 2011.
BUSINESS
November 10, 2013 | By Walter Hamilton
When potential employers ask Tracy Blakeley about her personal life, she assumes they're not making idle chit chat. They're trying to figure out how old she is. "They ask if I have kids or grandkids," Blakeley, 53, said. "They won't ask you your birth date, but they'll ask when you graduated from high school. " Blakeley has a rock-solid work ethic, good computer skills and an upbeat personality. What she doesn't have is a permanent job, despite trying her hardest to find one. It's a common story for people in their 50s, 60s and even 70s. Nearly 2 million people ages 55 and older are looking for a job these days, twice as many as before the Great Recession.
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