News

Recession Briefing 2.18

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

Talese’s ‘Novel’ Pitch for Poor (NY Post)
Author Gay Talese has created signs for panhandlers that reads, “Please support Pres. Obama’s Stimulus Plan. Begin right here . . .”

Not So Stimulating (Forbes.com)
The stimulus package becomes law and the stock market falls 300 points.

When Will This End? (Ad Age)
Ad Age takes a look at the marketers paring back their budgets — and finds it’s all the big ones. “The reality today is that we are all driving in fog at the moment,” asys Euro RSCG.

GM Seeks $16.6 Billion More in U.S. Aid (WSJ)
Automakers go back to the government for more, even as they make bankruptcy contingency plans and dramatic changes to their product lines, including, in GM’s case, phasing out the Hummer.

Swift, Steep Downturn Crosses Globe (Wash. Post)
The sharpness of the global slowdown has alarmed economists, who see no obvious engine for recovery.

EU acts as budget deficits bulge (BBC)
Fearing a crash, the European Commission has reprimanded and disciplined six countries, including France, which let their budget deficits exceed 3 percent of their GDP.

The Most Stimulated States (Forbes.com)
While California, Texas, New York and Florida, the four biggest states, get the most total jobs, yoming, Washington, D.C., Vermont, North and South Dakota, and Delaware that are getting the biggest boost per citizen.

How to Get the Credit Card Collector to Stop (HuffPo)
There is an easy and free way to get collectors to stop. Just tell them to stop. Federal law allows you to do that.

A New Sign That The Government Bailout Isn’t Working (Business Week)
An index set up to monitor the TARP effectiveness and returns found that, so far, the government lost $86.5 billion of its original $195.5 billion investment.

Citi Cost-Cutters Skip Offices, Staff for Ex-CEOs Prince, Reed (Bloomberg)
Caps on exec pay haven’t extended to former top execs, some of whom are still receiving out-sized pay and benefits, including offices and assistants for Chuck Prince and others.

For Uninsured Young Adults, Do-It-Yourself Health Care (NY Times)
Twentysomethings are borrowing leftover prescription drugs from friends, self-diagnosing ailments online, stretching their diabetes and asthma medicines for as long as possible and setting their own broken bones. In New York, Gov. Patterson has proposed allowing parents to claim dependents up to age 29 to extend health care benefits.

JetBlue to refund airfares to laid off workers (AP/MSNBC)
JetBlue Airways Corp. said Tuesday it will issue full refunds to eligible customers who lose their jobs after purchasing tickets.

What To Be When I Grow Up? (Forbes.com)
A consultant offers a service to help the laid-off with a comprehensive self-examination, with thousands of questions, to map out their vocational options.

Tags: bailout, business, economy, layoffs, News