After esteemed ratings agency Standard & Poor's lowered the United States' credit rating from AAA to AA+ (and three "Great Job!" stickers down to one) the markets are still taking time to "bottom out," in the words of Alan Greenspan, and Washington and Wall Street find themselves mired in the Kübler-Ross model of the Five Stages of Grief. Grab a bottle of Night Train and cut your last Prozac in half so you can make your journey through America's psyche go a little smoother. more ›

It's not exactly news to anyone that print media can sometimes get a story from a blog and "forget" to credit the original source. Maybe they just haven't learned how to hyperlink yet! Most recently the NY Post picked up a story without crediting blogger Miss Heather. Nieman Journalism Lab reports that when she "uncovered a major zoning violation in her Brooklyn neighborhood last month, it was only natural that the New York Post would pick up the story. But credit the blogger? That would be a violation of policy." more ›

Even though consumer banks seem to be opening on every block these days, a new study from the Pew Charitable Trust shows that a staggering 12% of New York households still don't have bank accounts, preferring to cash their checks and hide their savings in their houses. Many of those are low-income earners and the NY Times cites LES bodega owner, Jose Alberto Abreau, as an example: "When he makes 'good money,' he said, he asks friends to take it to his family in the Dominican Republic." Additionally, he has repeatedly refused offers from credit union workers trying to convince him to build a credit history. Not surprisingly, the volatile economy hasn't helped banks earn anyone's trust. Peter Mosbacher of Amalgamated Bank admitted that they "are having that challenge to get people to understand that the American banking system is stable." Maybe the skeptics are on to something, though, because how is anyone supposed to trust banks when they take years to catch NYU scammers? more ›

At a Crain's New York forum this morning, JPMorgan Chase CEO Jamie Dimon told the audience that his bank had made $100 billion in loans since getting bailed out: "He immediately added, however, that banks have tightened credit because the recession has chilled demand for new loans. He also said banks are wary because of the huge losses they still face, reminding the audience that J.P. Morgan expects to lose $10 billion next year just from dud credit card loans." Dimon thinks the Fed should regulate all parts of the financial system and also defended bonuses to executives, pointing out many of his execs were given bonuses in JPMorgan stock, whose value has plummeted. Wonder what he thought of Paul Krugman's Bailouts for Bunglers column in the Times yesterday. more ›

The number of residential construction permits issued by the Dept. of Buildings in the first quarter of 2008 declined by 46% from the same period in 2007, indicating that the construction boom that has gripped the city over the last several years may be coming to an end. The decline was citywide, with fewer permits issued in all five boroughs, although the sharpest decrease occurred in the Bronx. more ›

The New York Times has an interesting piece of service journalism for upcoming college graduates around the country planning on moving to New York. As a recent college grad, you are likely to be poor; and getting an apartment will likely be far more expensive and disappointing than you could ever dream. Fueled by expectations of a New York portrayed in the media, people imagine themselves living in neighborhoods like the West Village in a cute one bedroom apartment with lots of closet space. more ›