News

Recession Briefing 4.16

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

The Treasury Department is giving six large lenders as much as $9.9 billion each to modify mortgages that are in danger of defaulting. (Wall Street Journal)

The number of weekly initial jobless claims declined sharply this week to 610,000. That’s a decline of 53,000 from the prior week. (CNN/Money)

Advertisers have started to ramp up recession-themed campaigns, many of which, naturally, are repurposing the phrase “stimulus package.” (New York Times)

Looking for ways to cut down on food costs? Growing your own vegetables can save a lot of money. (Wall Street Journal)

The government’s “stress tests” for banks are really “fudge tests,” says economist Nouriel Roubini. “The administration and the regulators have decided to add liberally to the fog of opacity.” (Forbes)

Housing starts are continuing their dive, dropping 10.8% year-over-year in 2008. The month’s rate of new building is the second-lowest since the 1940s. (Marketwatch)

New loans by the 21 largest banks in the country — all recipients of federal bailout funds designed to spur lending — were down 6% in February. (Washington Post)

Sign of the Times: A Wisconsin nurse was called away in the middle of assisting with a surgery — to be laid off. (Associated Press)

Foreclosures across the country grew 24% in the first quarter. Nearly 804,000 homes received a foreclosure notice from January through March, up from about 650,000 in the same time period last year. (Associated Press)

Unemployment Benefits: Automakers, airlines, and clothing retailers, among others, have come up with a slew of guarantees, rebates, and freebies geared specifically to those who might get laid off or already have been. (BusinessWeek)

If you come across a good article or blog post about the recession pass it on.

Tags: banks, business, mortgages, real estate, spending, The Unemployed Life