Thinking Outside the White Box

In New York, Chelsea’s contemporary art galleries are feeling the pinch. Last year, the art market only declined by about 4.5 percent, but the post-war and contemporary sectors dropped by 11 percent. In recent months, notable galleries have closed their doors, but that’s not something Michael Lyons Wier plans to do. For the owner and director of the Lyons Wier Gallery, the economic crisis has become an opportunity to let his imagination run free.

For 15 years, the Lyons Wier Gallery on 7th Avenue has featured contemporary art from painters around the globe. But in the downturn, business as usual no longer fits the bill…

The Guilt of Madoff

It appears that Madoff is going to jail, and we can practically hear the shouts of joy from the rooftops of Manhattan. Madoff, with his silvery coiffure and elegant suits, looks like a man who has enjoyed exquisite pleasures and lived a life of unimaginable indulgence. He is the poster child of greed, the very portrait of the monster who smiles suavely while wreaking havoc.

The country may experience catharsis while witnessing his demise and ultimate incarceration, and that is an important thing. We may need a symbol on which to focus our profound disgust at the excesses that have been so ruinous to our economy…

The No Insurance Survival Guide

Cobra coverage is supposed to provide relief from health insurance worries after you get laid off, but it’s no panacea. First off, it’s expensive: A study by Families USA found that Cobra premiums eat up 30 percent of unemployment benefits for the average American; in some states, a family policy can cost more than your total benefits. Not everyone who loses their job is eligible. And, as we have personally learned, it’s not always easy to get the coverage you’re entitled to.

But what if you were never eligible in the first place? What if your company went bankrupt, or your coverage has expired? You could go uninsured, but if you’re hit with a medical crisis, you’re screwed. You could try to get individual insurance, but be prepared for sticker shock. Instead consider these creative strategies.

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)

Screwed: 1,725 at National Semiconductor

A daily review of the employment fallout around the country and the world.

California-based National Semiconductor plans to give 1,725 employees the axe around the world…Saab Automobile gives layoff notice to 750 employees in central Sweden…Dell manufacturing plant in Forsyth County, N.C., is laying off 300…Armstrong World Industries will be letting go 172 in Alabama…law firm Paul Hastings cuts 131 jobs in its third round of layoffs… Sesame Workshop lays off 67, about one fifth of its workforce…Apple is still yet to confirm the rumored 50 layoffs of enterprise salespeople…

Your Mane, Your Money

Can’t afford to drop a Benjamin on your lid? Don’t despair. The Empire Beauty School, located in mid-town Manhattan near the Empire State Building, has a full-service student salon where you can tame your mane for the price of a Starbucks latte…

Hot Spots on a Budget

Resorts all over the world are responding to the recession by offering staggering luxury deals at exotic and beautiful destinations. Here are three places where it’s easy to travel well for less.

South Africa
With the recent devaluation of the Rand against the dollar, it is a great time for Americans to visit. The Mantis Collection, a prestigious group of game reserves and hotels in South Africa, is offering a summer package starting at $601.48* per person. You’ll spend two nights at one of the country’s five star Game Reserve and three nights at a Last Word Retreat, Cape Town’s very charming boutique accommodations.

Traveling Tight: St. John on the (Relatively) Cheap

In the recession, extreme spending has all but been replaced by radical frugality, but even on a budget, you still need to live well and take care of yourself.

Whether you’re laid-off and living on severance or savings, job hunting, or imagining the “disruptive innovation” (my new favorite business phrase) that will lead to a better business, some downtime to think and rejuvenate is vital. Even in a recession it’s important to take some time to chill out. It’s even possible to do so luxuriously – if you just re-define luxury. That’s exactly what I did.

Signs of the Recession: Safe Bet

Can Bernie Madoff and the Lehman Brothers meltdown be good for business?

Basics Plus, a chain of housewares stores in New York, is making the (tongue in cheek) pitch that your money is safer in a big metal box than in a bank. We could argue with that, but we’re too busy avoiding looking at our 401(k) statements.

Recession Briefing: 3.11

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

“Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” said Blackstone Group CEO Stephen Schwarzman yesterday. “This is absolutely unprecedented in our lifetime.” (Reuters)

President Obama is pushing other countries to do more to stimulate their own economies ahead of a G-20 meeting of finance ministers. His message to the world: we can’t do it alone. (Los Angeles Times)

Bernie Madoff will plead guilty to creating a Ponzi scheme that bilked investors out of approximately $65 billion, and face life in prison. Questions remain about the involvement of his family members and employees in the scam. (New York Times)

While giant companies are drowning in the down economy, some small firms are thriving. “Whether making deals, planning ad campaigns, or signing talent, all small fish have the same slogan: lighter, cheaper, faster.” (The Big Money)