News

Recession Briefing 2.19

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

Keep your money under the mattress (The Deal)
One company has created a mattress with a built-in safe to help you sleep easier.

Do you qualify for a mortgage bailout? (Business Week)
If your total monthly home payments (interest, principal and taxes) are greater than 31% of your monthly, pre-tax income you may qualify for help under the president’s $275 billion plan. Meanwhile, Portfolio.com’s Felix Salmon likes what he sees in the plan. (Market Movers)

Stimulus guidance calls for agencies to submit data to Recovery.gov (NextGov)
A 62-page memo instructs them to report on all aspects of administering stimulus funds, providing information and requirements on financial reporting, risk management and contracting.

Fed adopts a de facto inflation target of 2% (Financial Times)
The move came as Fed policymakers slashed their growth forecasts for this year and raised their forecasts for unemployment at the end of this year by more than a full percentage point relative to their estimates in October.

Not road-tripping: Americans drive fewer miles, again (CNN Money)
While the weak U.S. economy reduced total highway travel, falling pump prices during December helped keep some drivers on the roads longer.

S.E.C. Commissioner Backs ‘Say on Pay’ (NY Times)
The idea of giving public company shareholders a so-called say on pay on executive compensation is a concept gaining momentum among investors and lawmakers amid the financial crisis.

Laissez-Faire Capitalism Has Failed (Forbes.com)
“Dr. Doom” Nouriel Roubini is getting even gloomier, writing that “there is now a rising risk that this crisis will turn into an uglier, multiyear, L-shaped, Japanese-style stag-deflation (a deadly combination of stagnation, recession and deflation).”

Bonus Cuts Hurting More Than Top Wall Streeters (NY Times)
An argument for paying exorbitant salaries to financial executives: Those outsized checks help pay for cars, trips, home renovations, and school tuitions and summer camp for their children.

Polls show rising public stress about economy (AP/MSNBC)
Fears are mounting about losing a job, not having enough money to pay the bills and evaporating retirement accounts.

Troubling Signs Around the Shows (NY Times)
On the runways at New York’s Fashion Week, it has been hard this week to ignore a prevalent feeling of retrenchment and low-level dread.

Jump to a New Career with a Killer Resume and Plan (Lifehacker)
Start with a list of reasons why you’re great, then distill it into your resume.

Tags: business, economy, News, TARP, Wall Street