News

Recession Briefing 2.3

What you need to know today to survive and thrive in the recession.

Economy won’t stop the spring break party (USA Today)
Bring on the keg and break out the bikinis. It’s party time, and college students aren’t planning a staycation.

In Recession, Libraries Are Booming (CBS)
Libraries are becoming the hot spot for just about everyone. Funding is scarce, but applications for library cards are up and the unemployed are flocking to use resources for job-hunting.

More families move in together during housing crisis (USA Today)
Hey, Mom, I’m home! Love isn’t all that’s keeping family together today. The bruising housing market is, too.

Madoff Feeder Sues Own Auditors for Not Finding Fraud (Bloomberg)
In what some term a “Don Quixote” strike, a Maxam Capital Management LLC fund that placed all of its $280 million in holdings with Madoff sued its own auditors for missing red flags. Good luck with that.

Small Payroll, but Big Woes on Insurance (NYT)
Keep your job, but don’t get sick! Small business owners struggle over whether to terminate the health benefits for employees and themselves.

Australia Doubles Rescue Plans in A$42 Billion Boost (Bloomberg)
The downturn makes its way Down Under. Australia’s government to spend A$42 billion ($26.5 billion) on grants and infrastructure, doubling its rescue package as the global financial crisis drags the economy to the brink of recession.

Recession to help online games firms push West (Reuters)
Asian firms get their game on as laid-off workers turn to cheap entertainment. Could the spreading downturn mean that Web-based games in North America will finally catch up with successful Asian markets?

Some Furloughed Workers May Get Unemployment (MSNBC)
A bright spot in a bleak economy: state workers forced to take leave might be able to collect state unemployment benefits in California. Seasonal, part-time, and intermittent state workers may qualify.

Stimulus Would Pump $700 Billion Into Economy by 2010, CBO Says (Bloomberg)
The U.S. Senate’s proposed stimulus plan promises speedier boost than an alternative version approved last week by the House, according to the Congressional Budget Office.

Consumer spending falls again, drags down economy (AP)
What, no wide-screen? Consumers cut back for an unprecedented sixth straight month in December, feeding the already painful recession as households opted to save funds.

As unemployment rises, Uncle Sam has jobs (AP)
As pink slips fly, guess whose hiring? The federal government. Obama’s proposed $800-plus billion economic aid plan could increase the ranks of government workers, although mostly at the state and local level.