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The Panic of 1907 was a financial crisis that occurred in the United States when its stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of market liquidity by a number of New York City banks, a loss of confidence among depositors, and the absence of a statutory lender of last resort. The crisis occurred after the failure of an attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs which later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. The panic would have deepened if not for the intervention of financier J.P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. By November the contagion had largely ended. The following year, Senator Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System.

Photo credit: Marlith Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). The office supply industry was estimated to be worth US$ 225 billion in 1999 and is still growing. As of 2006[update], the largest office supply chains in the United States (in terms of revenue) are Staples (US$16B), Office Depot (US$15B), and OfficeMax (US$8.9B).

The United States is a highly developed/advanced mixed economy. It is the world's largest economy by nominal GDP; it is also the second largest by purchasing power parity (PPP), behind China. It has the world's sixth highest per capita GDP (nominal) and the eighth highest per capita GDP (PPP) as of 2024. The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency. Since the end of World War II, the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology. (Full article...)

"Manufacturing is also done through teamwork. It might take 10 or 15 workers, for example, to take a job from raw materials to finished product. The idea is teamwork - not how many parts were machined or drilled by one worker, but how many products were completed by the line as a whole.

Years ago, I used to tell production workers one of my favorite stories about a boat rowed by eight men, four on the left side and four on the right side. If they do not row correctly, the boat will zigzag erratically.

One rower might feel he is stronger than the next and row twice as hard. But this extra effort upsets the boat's progress and moves it off course. The best way to propel the boat faster is for everyone to distribute force equally, rowing evenly and at the same depth.

Today a volleyball team has six players; previously there were nine. If a nine-member team tried to play a six-member team using the same plays, players might be injured bumping into one another. They would probably lose also because having more players is not necessarily an advantage.

Teamwork combined with other factors can allow a smaller team to win. The same is true in a work environment."

—Taiichi Ohno, Toyota Production System, English edition of 1988

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• ... that the British political theorist Chris Armstrong has called for a "blue new deal" to secure ecological resilience for the ocean and a just blue economy?
• ... that the economy of Reineh, now in northern Israel, was so strong in the Mamluk era that they could afford imported pottery from Syria and Italy?
• ... that only months after going out of business, Milkrun relaunched?
• ... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?
• ... that Malaysian businessman Lim Kok Wing was depicted as "King of Africa"?
• ... that German economist Ingo Böbel became Professor of Economics at International University of Monaco after serving a prison sentence for embezzlement and tax evasion?

June 8:

• 1921 - Gordon McLendon, a radio pioneer and pirate radio broadcaster, was born on this day.

• ...that Kiran Mazumdar-Shaw, chairman of Biocon, is India's richest woman?

• ...advertising management is a function of marketing starting from market research, continuing through advertising, leading to actual sales or achievement of objectives?

• ... that a value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls?

• ...that EID Parry is one of the oldest business entities in the Indian subcontinent and owes its origin to Thomas Parry, a Welshman who came to India in late 1780s?

• ... that an agrarian society is one that is based on agriculture as its prime means for support and sustenance?

• ... that the expression Hindu rate of growth is used to refer to the low annual growth rate of the economy of India, which stagnated around 3.5% from 1950 to 1980?

• ...that Massachusetts Institute of Technology professor Daron Acemoğlu received the 2005 John Bates Clark Medal for his work on Skill Acquisition and Technological Change, Investment and Growth, Directed Search and Unemployment, The Role of Institutions in Economic Development and Political Economy?

Wikinews Economy and business portal

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
• June 16: Wikinews interviews Victor Kline, leader of newly registered The New Liberals party in Australia
• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour