News

Recession Briefing: 3.16

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

Appearing on 60 Minutes last night, Treasury Secretary Ben Bernanke said he expected the economy’s recovery would begin next year “and it will pick up steam over time.” (New York Times/Dealbook)

Insurance company AIG, which has received over $170 billion in government bailouts so far — and is 80%-owned by U.S. taxpayers — is drawing anger from all sides for recently paying out nearly half a billion dollars in bonuses to its employees. (Wall Street Journal)

The outlines of President Obama’s long-delayed plan for reviving the nation’s financial system are becoming clear. The U.S. will attempt to partner up private capital with government funds while at the same time limiting the risk to taxpayers. (Los Angeles Times)

“For the economy to recover and thrive,” writes Daniel Gross, “hoarders must open their wallets and become consumers, business must once again be willing to roll the dice. In our economy, in which 70 percent of activity is derived from consumers, we need our neigh­bors to spend.” (Slate)

Hugo Lindgren writes that New Yorkers have an excess of recession-fueled depression. “People in the rest of the country, whatever their own problems might be, aren’t as perpetually freaked out as we are here.” (New York Magazine)

If you can’t get enough news and views about the recession, head over to CNN — the network is devoting the bulk of its news effort this week to covering issues related to the global economic crisis. (New York Times)

African-American males are faring particularly badly in the economic downturn. Employment among black men has fallen 7.8 percent since November of 2007, according to a report by the Center for Labor Market Studies.  (Christian Science Monitor)

“The standard goodbye e-mail is a model of outstanding impulse control,” writes Megan Hustad. “Especially considering the nonstandard circumstances that surround many leave-takings today.” (The Big Money)

Even as the economy sinks, MBA programs are continuing to grow. A record-high 246,957 GMAT tests were administered last year, and 77 percent of the MBA programs in the country say they saw applications rise. (McClatchy)

Volunteer programs in New York are overwhelmed by the volume of newly unemployed people who want to give of their time. (New York Times)

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