News

Recession Briefing 2.12

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

The Recession. Isn’t It Romantic? (NY Times)
Online and offline matchmakers are reporting that dating interest is up, way up. Match.com, for instance, had its strongest fourth quarter in the last seven years.

Lawmakers Pull Few Punches With Bank Executives (WSJ)
Chief executives at eight banks and securities firms that have gotten $165 billion in federal aid were barraged by U.S. lawmakers, who showed little patience for a charm offensive aimed at defusing ire over pay and lending.

The Fools on the Hill (Daily Beast)
The CEOs of the major banks may not have looked like captains of the universe yesterday, but the House committee was a major embarrassment as well. Does anyone actually want to solve this crisis?

Deal Reached in Congress on $789 Billion Stimulus Plan (NY Times)
The package of spending increases and tax relief, intended to spur an economic recovery and create jobs, ended up smaller than either the House or Senate had proposed.

Here’s Who Will Benefit from Stimulus Deal (LA Times)
First-time home-buyers would get a larger tax break. Laid-off workers would receive higher unemployment benefits and new subsidies for heath insurance.

Bernie Madoff the Real Estate Broker (USLaw.com)
If you figure Bernie Madoff’s investors may have to sell their homes to retire on, you can scope out 10,000 potentially distressed real estate deals in one sitting.

Laid-Off Foreigners Flee as Dubai Spirals Down (NY Times)
With Dubai’s economy in free fall, more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners. Some are said to have maxed-out credit cards inside.

World’s Oil Demand Is Seen Dropping 1.2% (WSJ)
Global demand for oil is expected to fall 1.2% this year, the biggest annual drop in 27 years, as U.S. consumption declines and Chinese growth weakens.

Foreclosures Ease as Lenders Await U.S. Plan to Aid Borrowers (WSJ)
Even though more Americans are falling behind on mortgage payments, the torrent of home foreclosures is slowing as lenders await a U.S. government plan aimed at keeping troubled borrowers in their homes.

Economy Down, Fraud Up (Reuters)
The FBI’s caseload of fraud investigations into major corporations and banks could climb from 38 into the hundreds as the economic crisis deepens, a bureau official told Congress.

The House Loses (Bloomberg)
Christie’s says its auction sales are down 11 percent because of the economy.

Nearly 700 at Merrill in Million-Dollar Club (NY Times)
For nearly 700 lucky Merrill Lynch employees, 2008 was a million-dollar year, even though the brokerage firm lost $27 billion.

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