News

Recession Briefing: 3.12

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

The annual Forbes billionaires list has 30% fewer people on it this year, as the economic recession has wiped out approximately $1.4 trillion in wealth from those on last year’s list. (Forbes) Oh, and the number of millionaires has fallen sharply too. (Wall Street Journal)

At a hearing in New York today, disgraced financier Bernie Madoff is set to plead guilty to operating a massive Ponzi scheme for the past 20 years. There is a possibility that he will now go directly to jail. (New York Times)

The U.S. government is putting forth a plan to offer $100 billion to bail out economies around the world in crisis — and is hoping to prod European governments to make similar efforts. (Washington Post)

Despite the fact that several major lenders have halted foreclosures, the number of Americans threatened with losing their homes rose 30% in February. (Associated Press)

Despite the financial meltdown, Wall Street salaries may actually be going up this year. With bonuses falling out of favor, some analysts believe firms will raise base salaries significantly. (Bloomberg)

The recession is hitting laid off Gen Y-ers in a variety of ways. Some are moving back in with their parents, while others use their unemployment checks to take a trip through India. (The Big Money)

More states are seeing double-digit unemployment rates, as worries mount that the national jobless rate could top 10% by the end of the year. (AP via Washington Post)

The U.S. government is now considering whether to bail out major life-insurance companies with money from the Troubled Asset Relief Program. The Dow Jones Wilshire U.S. Life Insurance Index has fallen 59% this year. (Wall Street Journal)

Recession TV has arrived: The major networks have responded to the economic crisis with new shows and storylines that reflect Americans’ changed circumstances. (ABC News)