News

Recession Briefing 2.16

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

Anna Wintour: “Value is In” (WSJ)
When the editor of Vogue rails against consumerism, the economy must be in a tailspin.

Job Losses Pose a Threat to Stability Worldwide (NY Times)
Worldwide job losses from the recession that started in the United States in December 2007 could hit a staggering 50 million by the end of 2009. High unemployment rates  have led to protests in countries as varied as Latvia, Chile, Greece, Bulgaria and Iceland and contributed to strikes in Britain and France.

White House Dampens Stimulus Expectations (Reuters)
Aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually.

Homeowners Seek Roommates to Help with Bills (USA Today)
The sour economy has more homeowners, and some renters, taking in boarders to cover their costs.

Detroit Looks to Used-Car Market (FT)
Producers and dealers are seizing on a rare positive indicator: the used-car market is reviving. Prices and volumes of used vehicles have been rising in the US and major western European markets.

A No-Frills Car, Perfect for This Age of Austerity (Washington Post)
Nissan thinks it’s a possible answer to hard times: The generic car — four wheels, front-wheel drive, an engine, a five-speed manual transmission and a steering wheel.

Obama Will Not Name ‘Car Czar’ to Oversee Detroit (WSJ)
Instead of naming one person to oversee the auto industry’s restructuring, he will instead create an inter-agency task force.

Japan’s Economy Plunges at Fastest Pace Since ’74(NY Times)
A collapse in export demand has drained life from the world’s second-biggest economy.

Economy Tests Historically Black Colleges (USA Today)
Enrollments at the schools have declined at the same time endowments have dropped and fundraising sources have dried up.

Cash for Trash is Big Loser (NY Post)
New York is on pace to lose $6.5 million on recycling this year, as the market for refuse turns to garbage worldwide.

Public Relations Fiasco (Slate)
America’s banking CEOs are criminally bad at managing their images.

A Modest Proposal (The Daily Beast)
If the stimulus package turns out to be a big flop, why not cut Obama’s $400K salary and take away other privileges-like his weekends at Camp David?

Do’s for Staying in the Work Force (Newark Star-Ledger)
What you can do to increase the likelihood that you will survive a downsizing.

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