Record Stores Fight to Be Long-Playing

April 18, 2008
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Published: April 18, 2008

NOW added to the endangered species list in New York City, along with independent booksellers and shoe repair: the neighborhood record store.

James Estrin/The New York Times

Jammyland in the East Village.


Going, Going ... But Not Yet Gone

James Estrin/The New York Times

The Downtown Music Gallery is looking for a home.

The hole-in-the-wall specialty shops that have long made Lower Manhattan a destination for a particular kind of shopper have never made a great deal of money. But in recent years they have been hit hard by the usual music-industry woes — piracy, downloading — as well as rising real estate prices, leading to the sad but familiar scene of the emptied store with a note taped to the door.

Some 3,100 record stores around the country have closed since 2003, according to the Almighty Institute of Music Retail, a market research firm. And that’s not just the big boxes like the 89 Tower Records outlets that closed at the end of 2006; nearly half were independent shops. In Manhattan and Brooklyn at least 80 stores have shut down in the last five years. (more…)


March 15, 2008
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“If the Fed hadn’t acted this morning and Bear did default on its obligations, then that could have triggered a very widespread panic and potentially a collapse of the financial system.”

JAMES L. MELCHER, president of Balestra Capital, a hedge fund based in New York.

Military Statistics > Iraq War Costs (most recent) by state

March 8, 2008
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Showing latest available data.

Rank States Amount (top to bottom)
#1 California: $40,600,000,000.00  
#2 New York: $26,500,000,000.00  
#3 Texas: $25,600,000,000.00  
#4 Illinois: $17,700,000,000.00  
#5 Florida: $15,500,000,000.00  
#6 New Jersey: $14,500,000,000.00  
#7 Pennsylvania: $12,600,000,000.00  
#8 Ohio: $11,500,000,000.00  
#9 Georgia: $9,500,000,000.00  
#10 Massachusetts: $8,900,000,000.00  
#11 Michigan: $8,600,000,000.00  
#12 North Carolina: $8,500,000,000.00  
#13 Virginia: $8,300,000,000.00  
#14 Washington: $7,400,000,000.00  
#15 Minnesota: $7,200,000,000.00  
#16 Connecticut: $7,100,000,000.00  
#17 Maryland: $6,200,000,000.00  
#18 Missouri: $5,200,000,000.00  
#19 Wisconsin: $5,100,000,000.00  
#20 Colorado: $5,000,000,000.00  
#21 Tennessee: $4,900,000,000.00  
#22 Indiana: $4,800,000,000.00  
#23 Arizona: $4,200,000,000.00  
#24 Oklahoma: $4,000,000,000.00  
#25 Arkansas: $3,000,000,000.00  
#26 Alabama: $3,000,000,000.00  
#27 Nevada: $2,700,000,000.00  
#28 Kentucky: $2,600,000,000.00  
#29 Oregon: $2,600,000,000.00  
#30 Louisiana: $2,600,000,000.00  
#31 Kansas: $2,600,000,000.00  
#32 South Carolina: $2,400,000,000.00  
#33 Nebraska: $2,300,000,000.00  
#34 Iowa: $2,200,000,000.00  
#35 Delaware: $1,900,000,000.00  
#36 District of Columbia: $1,500,000,000.00  
#37 Utah: $1,500,000,000.00  
#38 Mississippi: $1,400,000,000.00  
#39 Rhode Island: $1,300,000,000.00  
#40 New Hampshire: $1,300,000,000.00  
#41 Hawaii: $1,000,000,000.00  
#42 New Mexico: $993,100,000.00  
#43 Maine: $909,900,000.00  
#44 West Virginia: $893,300,000.00  
#45 Idaho: $743,200,000.00  
#46 Alaska: $589,900,000.00  
#47 Wyoming: $584,100,000.00  
#48 South Dakota: $503,200,000.00  
#49 Montana: $495,700,000.00  
#50 Vermont: $488,000,000.00  
#51 North Dakota: $404,900,000.00  
  Total: $311,905,300,000.00


Fed Cuts Key Interest Rate as Global Markets Drop for Second Day

January 22, 2008
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By Howard Schneider, Neil Irwin and Ariana Eunjung Cha

Washington Post Staff Writers
Tuesday, January 22, 2008; 10:33 AM

The Federal Reserve cut a key U.S. interest rate by three-quarters of a percentage point this morning as a global stock sell-off continued on Wall Street today, with the Dow Jones industrial average dropping more than 400 points in its opening minutes.

The surprise rate cut, made via an emergency videoconference last night, responds to a growing sense of crisis in world financial markets, which have been buffeted by problems that began in the U.S. mortgage markets but have now spread well beyond it.

It is the largest single rate cut since 1984, beyond even the initial half-point reduction that the Fed made following the Sept. 11, 2001, terrorist attacks. The new federal funds rate of 3.5 percent will lead to lower rates for credit cards, auto loans and home equity lines of credit. That, in turn, can encourage economic growth by prompting consumers and businesses to spend more. (more…)

Chicken Little Reports>>Stocks Plunge Worldwide on Fears of a U.S. Recession

January 21, 2008
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The New York Times

January 21, 2008

FRANKFURT — Fears that the United States is in a recession reverberated around the world on Monday, sending stock markets from Frankfurt to Bombay into a tailspin and puncturing the hopes of many investors that Europe and Asia will be able to sidestep an American downturn.On a day when United States markets were closed in observance of Martin Luther King’s Birthday, the world’s eyes were trained nervously on the United States. Investors reacted with what many analysts described as panic to the multiplying signs of weakness in the American economy.

Shares of banks led the decline in many countries, underscoring that the subprime crisis continues to hobble the global financial system. On Monday, a big German state bank, WestLB, said it would report a loss of $1.4 billion in 2007 because of its exposure to deteriorating mortgage assets.

“There is indeed some panic,” said Thomas Mayer, the chief European economist at Deutsche Bank in London. “What we’re seeing, in Europe and Asia, is that the markets are pricing in a recession.” (more…)

The Campaign for America’s Future>>It’s the Recession, Stupid

January 16, 2008
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It ain’t sexy, I know, but a word about the economy and the presidential debate.

Wall Street banks are holding a fire sale; employment is down, holiday sales tanked. Burdened with record debt and stagnant incomes, homeowners are about to reckon with declining home values, their largest investments, with a projected $2 trillion in assets evaporating in the course of the year. Even clueless George — “the fundamentals are strong” — Bush admitted a little stimulus might be needed.

So finally, the r word — recession — hit the presidential campaign trail. In the January Myrtle Beach Republican debate, the candidates were asked what they would do to get the economy going in the event of recession. The answers expose just how preposterous conservatism has become. (more…)

CHICKEN LITTLE REPORTS:Stocks Fall Sharply on Economic Woes

January 15, 2008
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AP Business Writer

4:49 PM CST, January 15, 2008


A growing conviction that the U.S. is headed toward recession sent Wall Street plunging Tuesday, with weak retail sales figures and disappointing results from Citigroup Inc. exacerbating investors’ pessimistic mood. The Dow Jones industrials tumbled nearly 280 points.

Investors backed away from stocks amid growing concerns that consumer spending will wane and contribute to an economic downturn. The latest evidence that consumers are retrenching came from the Commerce Department, which said retail sales fell in December while it also revised its November figures lower. Spending by consumers, which accounts for more than two-thirds of U.S. economic activity, has been key to staving off economic slowdowns in recent years. (more…)

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