News

Recession Briefing 2.23

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

A Dose of Deference and Earnest Showbiz (NY Times)
Jackman channels Depression-era glamour at the Oscars. He sang, he danced, he sat on Frank Langella’s lap and he also presented the 81st annual Academy Awards. Hugh Jackman was a shrewd, even thrifty choice for a recession-era Oscar night — the hosting equivalent of a value meal.

Disagreements About Stimulus Embroil G.O.P. (NY Times)
Republican governors split sharply during the weekend over how to respond to the economic crisis, a debate whose outcome will go a long way toward shaping how the national party redefines itself in the wake of its election defeats of recent years.

Bernanke to reassure help is coming for economy (Reuters)
Federal Reserve Chairman Ben Bernanke this week will offer assurance that help is on the way for the troubled U.S. economy and may offer clues on additional steps that could be taken to halt an ever-steepening dive.

Report: 4 million Americans lost health insurance since recession began (Business Review)
Advice to unemployed: Don’t get sick. An estimated 4 million Americans have lost their health insurance since the recession began, and as many as 14,000 people could be losing their health coverage every day, according to a report by liberal think tank Center for American Progress’ Action Fund.

U.S. Recession Worst in Three Decades, Business Economists Say (Bloomberg)
Incredible shrinking economy? The U.S. recession will be the worst in more than three decades as job losses mount and consumers and companies retrench, a survey of business economists showed.

As Doubts Grow, U.S. Will Judge Banks’ Stability (NY Times)
The Obama administration will begin taking a hard look at the financial condition of the country’s 20 biggest banks this week to judge whether they could hold up even if the downturn worsens further than policy makers already expect.

Will the Recession Doom the Last Sunday Blue Laws? (Time)
It might be closing time for Sunday alcohol sales restrictions in states where extra day of sales could give their foundering budgets a much-needed shot of revenue. Georgia, Connecticut, Texas, Alabama and Minnesota enjoy overwhelming voter support for an extra day of sales, but face opposition from the Christian right.

9021-Ouch: Recession trickling up to Beverly Hills (CNN)
The Lamborghinis and Bentleys still cruise Rodeo Drive in Beverly Hills. But these days, visitors to California’s most famous ZIP code are more likely to take note of the empty storefronts and deep-discount signs. Call it recession, 90210 style.

Obama Plans to Slash U.S. Budget Deficit by 2013 (Bloomberg)
President Barack Obama plans to increase taxes on the wealthy and cut spending for the war in Iraq as part of a plan to slash the U.S. budget deficit to $533 billion by the end of his first term, according to an administration official.

Thai Economy Shrinks More Than Expected (WSJ)
Thailand’s economy shrank more than expected in the fourth quarter of last year — its first contraction in nearly a decade — as the global slowdown shriveled demand for its key exports and domestic political unrest spooked its tourism sector.

Tags: News