News

Recession Briefing 2.13

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

25 People to Blame for the Financial Crisis (Time)
Picks for the top 25 people to blame for the financial crisis includes everyone from former Federal Reserve chairman Alan Greenspan and former President George W. Bush to the former CEO of Merrill Lynch and you–the American consumer.

No One Home: 1 in 9 Vacant (USA Today)
The surge in empty houses, condominiums and apartments is creating a wave of problems for communities desperate to shore up property values and tax revenues that pay for services.

Obama Wants to Pay Mortgages? (Reuters)
In a major break from existing aid programs, the plan under consideration would seek to help homeowners before they fall into arrears on their loans. Current programs only assist borrowers that are already delinquent.

Create Your Own Stimulus Package (NY Times)
While you wait for an official post-conference stimulus bill to be released, try out your own earmarking skills.

Next Challenge on Stimulus: Spending All That Money (WSJ)
There are signs that parts of the federal bureaucracy will need an overhaul to handle the huge workload heading their way.

Lego Sales Up (Bloomberg)
Europe’s biggest toymaker said U.S. consumer sales climbed a record 38 percent last year, as parents sought cheaper, more durable toys for their children in the sputtering economy.

Starbucks Plans Instant Coffee Debut (Reuters)
Now that people are finally taking the advice of financial experts who advised saving money instead of spending it on a daily cup of Starbucks, the company hopes insta-Joe will jhelp keep it afloat.

Love and Layoffs (The Big Money)
Recessionwire columnist Deborah Siegel writes about how alpha males are handling life after work.

Wall Street Appetite to Slim Down Perks Faces Test (WSJ)
An avalanche of regulatory filings called proxy statements are set to hit mostly in late March and April. They’ll show whether companires have cut back on  perks like jetting on the corporate dime and personal cars.

How Banks Are Worsening the Foreclosure Crisis (BusinessWeek)
How the banking industry is undermining efforts to keep people in their houses

Europe’s Economy Contracts Most in at Least 13 Years (Bloomberg)
Europe’s economy contracted the most in at least 13 years in the fourth quarter, compounding pressure on the European Central Bank to reduce interest rates to the lowest ever next month.

China’s Economy Shows Signs of Recovery on Stimulus (Bloomberg)
China’s economy is showing signs that a 4 trillion yuan ($585 billion) stimulus package is taking effect.

Goldman: What Emergency Meeting? (Reuters)
Goldman Sachs Group denied a CNBC  report that it had convened an “emergency” meeting of top investors earlier this week, prompted by worries Treasury Secretary Tim Geithner’s bank rescue plan was not viable.

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