News

Recession Briefing 3.3

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

The Dow Jones Industrial Average took a 299-point nosedive yesterday, ducking below the 6800 mark to close at its lowest level since 1997. (New York Post)

A new program from Citigroup will temporarily lower motgage payments for unemployed homeowners who are more than 60 days behind on their payments. (Wall Street Journal)

Lawyers for Ponzi schemer Bernie Madoff claim that his wife should be allowed to keep $62 million in cash and assets that are “unrelated” to his swindling. (New York Daily News)

Could the government’s bailouts actually trigger a double-dip recession soon after the current one ends? (Reuters)

Bank of America’s CEO now admits that taking $20B in government aid in order to buy Merrill Lynch was a “mistake.” (Financial Times)

At least someone’s hiring: The Obama administration will likely need to hire tens of thousands of new workers in order to implement the spending outlined in the budget. (Washington Post)

Aiming to shed its reputation for pricey coffee beverages, Starbucks is debuting a $3.95 breakfast, which includes coffee and an egg sandwich, cup of oatmeal or coffee cake. (New York Times)

Bank loans may be hard to come by, but credit unions — which are in relatively good financial shape — have actually increased lending to small businesses. (Wall Street Journal)

“I am a heretic, an economic masochist, a traitor to my industry and my country,” writes Chadwick Matlin. “When the Dow Jones Industrial Average starts falling, I hope it keeps falling.” (The Big Money)

Paying respects: A new blog on Salon looks at brands that have fallen by the wayside. (Brand Graveyard)

What kinds of jobs are recession-proof? Careers in green energy, security, and health care are looking relatively solid. (Newsweek)

Tags: bailout, economy, employers, News, Wall Street