Tag Archives: economy

Virgin Megastore has announced that it will close its San Francisco location at the end of April. NYC’s Times Square store closes then too, with the Union Square store following at the end of May. That leaves the chain with three remaining locations: Denver, Orlando, and Hollywood. However an industry insider tells me today that those three stores will shutter …

Yesterday a coalition of Maine innkeepers lobbied the state capital in support of that state’s pending marriage equality bill. [Innkeeper Jim] Davitt, 67, said Tuesday he supports the bill for business and personal reasons. “We get people from all over the world staying here — straight and gay,” he said. “We’ve had gay and straight guests here at the same …

According to this graphic, the current recession is only slightly worse than the ’73-’74 event, at least in terms of the value of the stock market. And the Wall Street Journal -owned site MarketWatch says the recession has already bottomed out and recovery is now being seen in 21 leading economic indicator categories. (Graphic via – Andew Sullivan)

Chesley Sullenberger became a hero for the second time today when he testified before Congress and strongly criticized airlines for putting profits ahead of safety. Sullenberger, a 58-year-old who joined a US Airways predecessor in 1980, told the House aviation subcommittee that his pay has been cut 40 percent in recent years and his pension has been terminated and replaced …

Even though NYC’s MTA is facing service cutbacks due to a $1.2B budget shortfall, ridership in 2008 exceeded levels not seen since 1950. Ridership on New York City’s subways was the most in almost six decades in 2008, even as growth began to slow because of the economic slump, according to statistics released today. Bus and subway ridership combined increased …

A just-released study predicts that same-sex marriage would bolster Maine’s economy by $60M over its first three years. Supporters of a bill to allow gay marriage in the state released the study this week from the Williams Institute at the University of California, Los Angeles School of Law. Opponents say the study has come out at a time when people …

Gotham’s blogs were buzzing this weekend over the rumor that Wal-Mart is looking into leasing the giant Union Square building soon to be vacated by Circuit City and Virgin Megastore. New York Magazine reports that Wal-Mart reps have issued a “non-denial denial” of the story, saying that the discounter has no “announced” plans for a NYC presence. I can only …

Calling it the “first domino to fall” as the economy wreaks havoc on gay social agencies, Karen Ocamb reports on Pam’s House Blend that LA’s gay youth shelter GLASS has voted to declare bankruptcy. Wednesday night, eight days after its 25th anniversary, the board of directors of Gay and Lesbian Adolescent Social Services (GLASS) voted 7-0 (with one abstention) to …

The construction boom town of Dubai, where 200 fantastically tall skyscrapers have been started in the last five years, is emptying out of foreigners who fear being sent to debtors prison for defaulting on their home loans. With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai …

NY Gov. David Paterson is looking rilly rilly hard for new revenue streams. To that end, he is proposing a 4% sales tax on all digital products downloaded in New York. And since a huge throbbing wet hunk of that business is porn, the XXX world is not pleased. Now Gov. Paterson is rubbing the porn industry the wrong way. …

It looks like the top executives at bailed out firms won’t have to give up that house in the Hamptons after all. Congressional efforts to impose stringent restrictions on executive compensation appeared to be evaporating yesterday as House and Senate negotiators worked to fine-tune the compromise stimulus bill. Provisions to impose a penalty on banks that paid hefty bonuses and …

Gun dealers are running out of bullets. But folks don’t know if that because of the coming race war thanks to Obama’s election or if people just fear increased crime during a bad economy. Selling bullets may be the most secure job in Florida as long as supplies last. After months of heavy buying, gun dealers across the state are …

The Czech Republic has come up with a novel way to deal with unemployment. The Czech Republic will offer a free plane ticket and 500 euros ($649) to foreign workers who voluntarily agree to return home after losing their jobs in the economic downturn, the government said on Monday. The sweeteners are among measures to cope with security risks stemming …

And we’re off. The Senate voted on Tuesday to approve an $838 billion economic stimulus plan that stands to become the most expansive anti-recession effort by the United States government since World War II. Congressional leaders said they would immediately begin to work out the differences between the Senate measure and an $820 billion version passed by the House, with …

The Center for an Urban Future has released a shocking report which reveals that it’s expensive to live in New York City. You knew it was tough to live in New York City — but this tough? A new report shows just how ugly — and expensive — New York City can be, especially for the middle class, squeezed by …

Damn, Mr. President. Tell us what you really think. Seriously, this rocks.

My congresswoman Carolyn Maloney (whom I adore) is telling her constituents how the Second Avenue subway construction is helping the city economically. Yesterday, Representative Carolyn Maloney released a report detailing how construction for the Second Avenue Subway, as well as the East Side Access plan, have helped out the economy. According to the findings, the Second Ave Subway has created …

The editor of the New York Times says the paper may go back to the paid subscription model for some of its online content, a format the paper abandoned two years ago. Executive Editor Bill Keller gave no specifics or timetable, and company officials characterized the internal discussions as general and ongoing. In an online question-and-answer exchange with readers this …

The Obama administration is planning to impose a $500K annual salary limit for the executives of companies receiving federal bailout money. Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends. President Obama and Treasury Secretary Timothy F. Geithner plan to announce the executive compensation plan on Wednesday morning at the White …

This infomercial for upstate New York’s Forever Leather wins the internet. Amazingly, this guy was NOT a cast member of The Soprano’s. (Via – Gothamist)