News

Recession Briefing 3.24

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

The stock market reacted exuberantly to the Obama Administration’s plan to buy up banks’ “toxic assets”, with the Dow Jones Industrial Average spiking more than 500 points yesterday. (New York Times)

World airlines will lose a staggering $4.7 billion as a result of the recession this year, according to a new report. Revenues will drop even more precipitously than the did after the terror attacks of Sept. 11, 2001. (Dow Jones Newswires via CNN/Money)

Some folks who are having a hard time selling their houses are shifting gears and swapping them with another house on the market. These swaps can be difficult, as they require the parties to have homes of comparable value, and often involve the resolution of mortgages. (Christian Science Monitor)

Unconventional recession stock picks like Apple, Netflix and Starbucks may be among the early winners of the downturn, according to Brent Arends. (Wall Street Journal)

Sales of previously owned home in the U.S. are up slightly, as bargain hunters are starting to take advantage of foreclosures and dropping prices. (Bloomberg via New York Post)

Stock market losses are taking a toll on investors around the country who have lost $9.3 trillion dollars collectively in the past year. Many investors are rethinking their approach to investments and ratcheting down risk. (USA Today)

“Micro-luxury” hotels are becoming an attractive option for cash-strapped travelers. At places like New York’s Jane Hotel, the prices are low — but the rooms are barely large enough to fit a bed. (AP via BusinessWeek)

The International Monetary Fund says that the global economic crisis is increasing the risk of unrest and war. As the downturn spreads to developing countries, there could be widespread poverty and famine. (Reuters)

Tony Schwartz writes that it was self-interest which destroyed the economy: “Far too many of us conspired to get as much as we could while the getting was good, never stopping to consider that … there will eventually be a day of reckoning.” (Huffington Post)

“A fascinating aspect of these frantic times is the speed with which reputations soar and crash and are suddenly made over,” writes Tina Brown.  (The Daily Beast)

Tags: business, News, politics, real estate, Wall Street