Results tagged “economy”

A rough economy and rainy summer have conspired to make it particularly difficult for many people to provide for their animals this year. The MSPCA received twice as many kittens as usual in August (more than 300), and the organization is currently hosting a record number of horses (59 surrendered so far this year) as well. Because of their size and status as livestock animals (despite how much people may try to make them “pets”), horses need more involved care than most animals, including space to roam, shelter, and feed that you can't get at the grocery store. As a result, there are far fewer eligible homes for horses in need than for kittens in crises.

Apparently 8 billion didn't do it, but a bit more did. The New York Times reports that Harvard is cutting cookies out of the budget for faculty meetings, leaving Skip and co to fret for lack of chocolate chips, raisins, and maybe even peanut butter. Hot breakfasts, Widener pastries, and track suits are also off the ledger, as are shuttle rides, as we noted some time ago. MIT dropped sports teams and Emerson College denied employees bagels and coffee at meetings starting earlier this year. What will be next on the list of collegiate cuts?

Got financial questions in this tough economic environment? Beth Kobliner, financial columnist and author of Get a Financial Life: Personal Finance in Your Twenties and Thirties,, will be in the Money Bus at City Hall today until 2:00 pm to counsel you on financial crises. Whether you have questions about credit cards, student loans, investments, or whether to keep your money in your mattress, she can help out. So bring your lunch (you do pack your own to save money, right?) to City Hall this early afternoon and get some advice from an expert.

Eleven-year-old Linda Qin of Allston read the following masterwork at the America SCORES Poetry Slam last week.

When you think MIT, you think alpine skiing, competitive pistol, golf, wrestling, ice hockey, and gymnastics. Right? Well, think again; the school has eliminated all these sports in the interest of saving money. The cuts bring the school's sports team tally down to 33, the average number offered in the Ivy League. The sports were axed due to student interest, coaching turnover, availability of appropriate competition, quality and proximity of practice facilities, as well as program costs, according to the college.

If selling eggs isn't the recession solution for you, perhaps you'd prefer to spend money to make money. Reuters reports that folks are getting plastic surgery to look better for job interviews. Research has shown that good-looking folks earn more and are also more likely to get gigs, so the drastic action makes sense&dmash;though it is still quite a gamble. We still think you might do better to focus on developing your actual skills: after all, no one can see how good you look on paper.

Jay Leno, Andover High and Emerson College grad, recently put on several successful free shows in economically troubled Detroit, calling it Jay's Comedy Stimulus Plan. We feel for the automakers (the actual automakers, not the execs who got them into this spot), but where's the love for your native state, Jay? Massachusetts is at about 8% unemployment, perhaps paltry compared to Michigan's 12%, but it's still not all roses in the Bay State. Is Jay mad at WHDH for their decision not to air his new show, or is it just not bad enough in Boston for him to care about us? It's time for other Emerson funnymen to step up to the plate. Denis Leary can fulfill his mission of alienating everyone by planning a recession show and then charging for it. Or maybe Detroit can save the auto industry by implementing some of Steven Wright's genius automotive ideas: "I replaced the headlights in my car with strobe lights, so it looks like I'm the only one moving," or "I hooked up my accelerator pedal in my car to my brake lights. I hit the gas, people behind me stop, and I'm gone."

Today, Mayor Menino will present Boston's proposed 2010 budget to the city council. The budget balancing magic derives from laying off more than 500 workers, including 212 teachers and classroom aides, 67 police officers, 44 police cadets, 39 community center employees, and 26 library workers. Even horses are being let go: some of the police officers are mounted patrol, meaning that 24 horses will have to find new adoptive homes. Those figures are somewhat prematurely alarmist, though: successful wage negotiations, particularly with unions, could mean reduction in hours or wages rather than layoffs, and resignations can cover some of the teacher cuts. Stimulus money from the federal government might also help out. All is not lost, but there is cause for concern.

Desperate times call for desperate measures. In an uncertain economy, people are turning to some of their most personal possessions for fundraising. No, not family heirlooms or precious collectibles; rather, folks are selling their sperm and eggs for profit. According to the Globe, both sperm and egg "donations" (legally, folks can't be paid for the reproductive materials themselves, but are compensated for their time and, er, efforts?) are up from 25 to as much as 100 percent over last year. Sanford Benardo of Northeast Assisted Fertility Group told the globe, "It's almost like an employment agency flooded with resumes but people aren't hiring so much." It makes some sense: these reproductive tools are present in excess, if not unlimited, supply, and can command good money (up to $10,000 for each egg donated; only $85 to $100 for cups o' sperm). Still, it's troubling that tough times may force people to give up a part of themselves out of desperation rather than desire, and give rise to biological children they may never connect with. And what's next: kidney donations? Folks cutting out their organs in the bathtub for a buck? Let's hope the economy turns around before we resort to fingers.

Wasted money aside, Boston may have a few things going for it. The South Africa–based National Association for Female Executives recently announced the Top 50 Companies for Executive Women based on programs for women and women in existing positions of power. Boston Business Journal points out that at least 20 of these top 50 companies have offices in Massachusetts, making this a decent state to be in if you're a female executive. Listmakers located in Mass. include AstraZeneca, Bank of America, IBM, Intel, The New York Times (Boston Globe), Pearson, Verizon, and Wal-Mart.

The Herald laid off 24 people recently, 13 voluntarily and 11 involuntarily. In a twist on recent reductions in reporting staff, the cuts were made on the business side of the paper instead of in the newsroom. The voluntary departures were partially in response to a buyout offer sent to 20 folks. The Globe is also suffering in this economy, recently offering buyouts to 50 employees; 24 accepted.

Authorities are now looking to seize the assets of Ruth Madoff, Bernard Madoff's wife. Investigators suspect that $69 million of "Ruth's" assets are not actually hers, but belong to investors that Bernie bilked. Did he do it with Ruth's help? The wife is not under suspicion at this time, but Bernie is not disclosing any accomplices he may have had in the endeavor. Bernard Madoff has appealed a decision to deny him bail, and is awaiting sentencing that may be for a term of up to 150 years.

Eddie Doyle is sorta Sam Malone, except somewhat older and endowed with a reasonably rad mustache. But even fine facial hair couldn't save him from this economy: the longtime Cheers bartender has been laid off like millions of other Americans. The sixty-something Doyle had been at Cheers for almost 35 years and was known for holding charity events at the bar, where he also met his wife. Everyone laments the loss, but an insider speculates that Doyle's longevity may have made him too costly for the company. When you can hire college students who've never seen Cheers to pour beers for a quarter of the price, the value of knowing everybody's name pales a little bit—but at the same time, that's what makes a bar worth going to. It's a loss for the community, but we hope Doyle's smiling face will still be seen around town. And if he needs a new job, maybe he can go into moustache consultation.

Much as we mock the Globe, it has always seemed to sometimes aim a little higher than its tabloid counterpart. So it was interesting to see the Globe at #5 on a list of the top ten newspapers most likely to fold or go online-only (also at Time). Number 1 on the list, the Philadelphia Daily News, is already nothin' but an edition of the Philadelphia Inquirer and #2, the Minneapolis Star Tribune, has filed for bankruptcy. Time notes that the Globe suffers from being part of the troubled New York Times' New England Media Group, dead weight the NYT might have to shed to survive (UHub commenters point out a Boston Business Journal article that pegs the Globe as worth about $192.8 million, down from $1.1 billion when the NYT purchased it in 1993). So what does this bode for Boston? Will the Metro (also partly owned by NYT and subject to its woes) and Herald be our only daily print options? Will Boston.com save the day? Is it all up to citizen journalists?

Last week, we wondered what the new economic trend piece would be. Well, we wonder no more: it's the "Pity the poor (ex-)executives" piece. Forced from Executive Pay to Hourly Wage, the lamentation of former executives pushed into janitorial work and other "survival jobs" by the atrocious economy, has been among the New York Times' most emailed pieces since its publication on Saturday, and continues in the privileged tradition of white people being shocked to discover that life isn't all peaches and cream outside the corner office (and then arguing about who discovered this first).

Our beloved Herald has offered buyouts to 400 employees in a bid to shed at least 20 people. Newspapers are dying left and right, but publisher Patrick Purcell says the Herald is doing well and the buyouts are just a "proactive" move. As long as the Herald can maintain its Tom and Gisele coverage, everything should be fine.

Because we've got to accentuate the positive in every situation, the Globe is out with a new article on how to love being laid off. Not working is great because you can spend time with your kids, find new hobbies, and just plain hang out. How cool!

It was only a matter of time until someone came out arguing on behalf of those poor economy-destroying financiers whose pay Obama wants to limit to $500,000 a year. Turns out that's just not enough money for someone living in New York to get by on! There's the nanny, the private school, the summer home, the ski trips, the chauffeur, the personal trainer, the Brooks Brothers suits, the kennel for the dogs, the $8.50 frozen hot chocolates. Obviously the taxpayers must help rich folks kowtow to other rich folks and maintain a minimalist lifestyle! Bow down, middle class people whose children attend public school, and pony up so that rich execs' daughters can have ponies! If you need us, we'll be cleaning puke off our discount shoes, using only the knowledge afforded by a tutor-free public school education.

Those 14 percent T raises be damned—teachers are what's costing us money! And at least 400 of them may have to be fired to make room for budget cuts. (Compare that with the 400+ T workers who earned over $100,000 last year—we're betting that most teacher salaries are not quite at six figures.) 500 other jobs need to be eliminated in the process of whittling our education budget down by 5.5%. The transportation budget is cited as a big portion of costs. We say make those kids walk to school—we did it uphill both ways in the snow back in the day. If you've got a problem with the budget cuts, there's a budget hearing tonight at Blackstone Elementary School, and several others coming up as well. To prepare, you can read the superintendent's budget proposal (Word doc).

Sike! Brandeis may be closing the Rose Art Museum, but it's not necessarily selling all the art. Ha! That was a good one, Brandeis! We are slapping our knees over here.

If you've never been, get to Brandeis' Rose Art Museum as soon as you can: the art is for sale and the museum is set to close soon. The school is selling the works in order to raise money for continued operations; as our inside source at Brandeis described it, the school's financial situation is "wicked bad." Brandeis president Jehuda Reinharz puts it a bit more mildly, saying "These are extraordinary times," with the school facing a possible budget shortfall of $10 million. Brandeis has already implemented a hiring freeze and is considering some other radical measures, such as requiring students to take summer courses.

Unemployment has hit 6.9% in the state last month, the highest it's been in 15 years but still lower than the national average of 7.2%. Education and health services jobs constituted a somewhat bright (or at least less dim) spot, growing by 1.5% last year according to the Executive Office of Workforce Development. Most other sectors were down for the year, with notable declines in Trade, Transportation and Utilities as well as Construction.

To go with your $100 sandwich, the robots with tits at Svedka present the 700 Billion Dollar Martini:

The New York Times reports that plausible complaints of fraud had been issued to the SEC against prominent (accused) Ponzi scheme perpetuator Bernard L. Madoff (who's now under house arrest) as many as nine years ago, but were never seriously investigated. Now that individuals and organizations (including the Robert I. Lappin Foundation, which has shut down completely) are out at least $20 and possibly as much as $50 billion, the Securities and Exchange Commission is starting to take things seriously. Chairman Christopher Cox said, “I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them." We're a little concerned, too, but more for the folks who lost their shirts. Fortunately, if they can find 40 extra bucks, they can buy new ones. (Wonder who the proceeds of those go to?)

Poor people. Who needs 'em? They're just lazy, stupid, and ugly besides, right? Not so, says Stephen Pimpare, and we might want to listen. Particularly in an economy threatening to make us all (even Harvard) poor, it's time to rethink the way we conceive of poverty—from its causes to its cures.

The Saga of the B-Side Lounge continues. In trouble since August, the lounge closed in November. Now, owner Catherine Sullivan has filed for bankruptcy for the business. The company's assets and debt are both in the $500k to $1 million range, leading a bankruptcy attorney to recommend auctioning off the assets to pay the debts. An auction of the bar's property, liquor license (though maybe you could get one cheaper another way), and lease may happen on January 15. This is the B-Side's second bankruptcy, following the first in 2003, in which it had over $800,000 in debt. Earlier this year, the B-Side made Esquire's list of Best Bars. How quickly they fall.