- Consumers hold back on adding spending - Christopher S. Rugaber/AP/Buffalo News
A tepid gain in consumer spending last month could fuel a debate over whether the United States and other governments should add more stimulus to their economies to sustain the recovery.
A report that Americans spent cautiously last month followed the meeting in Toronto over the weekend at which world leaders pledged to reduce government deficits by cutting spending and raising taxes — despite warnings from President Obama that scaling back spending too fast could derail the global recovery.
About those warnings:
- The Third Depression - Paul Krugman/The New York Times
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.
And this third depression will be primarily a failure of policy. Around the world — most recently at last weekend’s deeply discouraging G-20 meeting — governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending.
- Paul Krugman and the road to serfdom -
- Closer to home:
- Holiday Inn on Grand Island continues foreclosure; auction is likely - Matt Glynn/The Buffalo News
A foreclosure action involving the Holiday Inn Resort and Conference Center on Grand Island is back on track, likely leading to an auction of the property.
The 263-room hotel on Whitehaven Road continues to operate as a Holiday Inn. An agreement struck between American Hospitality Partners, which bought the hotel in 2004, and mortgage holder Royal Bank of Canada allows the bank's foreclosure action to continue. The bank says it is owed about $7 million.
- IHOP seeks new owners for 4 sites owned by bankrupt franchisee - Matt Glynn/The Buffalo News
The IHOP chain is working on securing new owners for at least two of the four IHOP restaurants in the region in a bankruptcy case filed by an IHOP franchisee.
Mark Schlant, an attorney for franchisee Pancake Partners, said at a bankruptcy court hearing Monday that the California- based franchisor is working on lining up new owners for IHOPs in Cheektowaga and Henrietta. He did not identify the potential buyers.
Schlant said the chain also hopes to secure new owners for the other two restaurants involved in the case, in North Buffalo and Orchard Park.
Maybe this will get the credit cards blazing again:
-- George Pyle/The Buffalo News