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...save a few bucks on the essentials. "Right now, the auction business is in a downfall," says Raymond Toler, owner of Raymond's Auction House in Archdale, N.C. He started running monthly grocery auctions in October, after hearing that they were becoming popular among other auction companies in his area. "We're just trying new things to get people in here," he says. (See pictures from a grocery auction...
...downturn's effects are visible everywhere: Harrah's recently halted construction of a $700 million casino project on Mississippi's Gulf Coast, leaving barely a set of pillars, and threatening the recovery of an area battered by a series of hurricanes earlier this decade. Meanwhile, bankers in Charlotte, N.C., are awaiting their walking papers: No one knows how many of Wachovia's roughly 20,000 employees there will be cut in the company's merger with Wells-Fargo. Or how many of Bank of America's 15,000 Charlotte employees will survive the company's plans to shed some...
This city came to view the breadth of its industrial base as a shield from economic downturns. But no sector is immune to this recession, not even Atlanta's core tourism industry. Occupancy at Atlanta-area hotels is down 16.4%, and some are barely half-full, partly because corporate travel has declined...
...particularly unforgiving place: Blood Falls, on the East Antarctic Ice Sheet. Blood Falls got its unlovely name due to red staining that comes from a snout on the Taylor Glacier - the result of heavy deposits of iron in its water. In ages past, a fjord ran through the area and brought with it swarms of marine life, but more than 1.5 million years ago the ice began to rise, and a pool of seawater became trapped - and then capped - creating a huge, salty deposit buried hundreds of yards beneath the glaciers...
Florida's Gulf Coast was crawling with shady real estate investors like Neil Husani during this decade's housing boom. According to the U.S. Attorney's office in Tampa, Husani and three co-conspirators working with his Sarasota-based Capital Force, Inc., bilked seven area banks out of $83 million in a mortgage fraud scheme. Between 2003 and 2006, they bought up dozens of properties, used false information to secure mortgages far in excess of the actual property values, then pocketed the difference, which amounted to more than $40 million. The properties went into foreclosure and the banks, as well...