Out on the Street: Hope Springs Eternal

“Joe the Trader” chronicles his experiences with life after Wall Street.

On March 15th, in a remarkable show of transparency for a Federal Reserve governor, Ben Bernanke was interviewed on 60 Minutes. He sounded much like Chance the Gardener from Jerzy Kosinski’s Being There. In the classic novel and later movie, a simple gardener is released into Washington D.C. after the death of the man he has spent his life working for. Taken in by an advisor to the president who mistakes his name for the patrician sounding Chauncey Gardiner, Chance charms everyone with his botanical observations, which are misinterpreted as sage economic, financial and political allegories. In the spirit of the season, Chairman Bernanke said he saw signs of economic green shoots emerging. I sure hope that his comments were more valuable than a rambling gardener’s.

Than again, I’m not big on hoping. As a professional investor, I knew that if I was ever hoping, I was in trouble. It was my job to assess risk. It was my job to examine the merits of an investment, to know it’s pros and cons, and most importantly, to know when the facts had changed and I needed to get out of my position…

Recession Briefing 4.13

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

GM has been told by the Treasury Department to lay the groundwork for a possible bankruptcy filing, despite the company’s claims that it can reorganize outside of court. (New York Times)

$80k for a year of not working? New York law firm Skadden, Arps, Slate, Meagher & Flom is offering some employees the possibility of taking a year off for one-third of their salary. (New York Times)

James Surowiecki looks at the strategies companies employ during a recession, and which are most likely to pay off. “Although deep pockets help in a downturn, recessions nonetheless create more opportunity for challengers, not less,” he writes. (The New Yorker)…

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

Screwed: 10,000 at BT

A daily review of the employment fallout around the country and the world.
BT, a British telecommunications company, plans to cut 10,000 jobs in another round of layoffs… Konkola Copper Mines, Zambia’s largest copper miner, has cut 1,300 jobs… North Carolina’s Charlotte-Mecklenburg Schools is laying off 534 employees, excluding classroom teachers… Oklahoma-based engine plant, Mercury Mercruiser, has laid off 135 employees in the past two weeks…

Easter Hats for Madoff Victims

Today at the NYC Easter Parade, there were the usual wacky hats adorned with flowers, Peeps and other holiday-related accoutrements.

One family got more creative – and timely. The parents, their teenage daughter and dog wore Lost-Our-Nest-Egg hats. But these weren’t ordinary victims of the downturn: The mother wasn’t shy about telling everyone they had lost their savings to none other than Bernie Madoff…

Is Hollywood Trying to Save Shopping?

In Ronnie Burkhardt’s world, in “Observe and Report,” the shopping mall is a bustling mecca of happy spenders toting bags filled with self-affirming purchases. It’s even more of an enjoyable destination for the suburbanites who flock to Paul Blart’s New Jersey workplace (until they are ordered to leave the mall, of course).

“Observe and Report,” the latest movie starring Seth “jumping the shark?” Rogen, has received mixed, at best, reviews all around.

I’m generally a fan of Seth Rogen, but I’m more intrigued by the quick succession of movies that take place at the mall – Rogen’s opening tonight and “Paul Blart: Mall Cop,” which opened mid-January.

In a recession that has all but decimated retail sales, is Hollywood trying to save shopping? By reminding viewers of the mall’s inviting place to congregate, could studio execs in LaLa Land – located itself in the land of malls – be making a bid to spur the U.S. economy?…

At the End of Your Robe: Shoes on a Shoestring

The last time we looked, a new pair of Manolos cost about $650 and Tod’s loafers ran at least $400. Maybe last year we could afford to splurge on the newest and nicest, but for many of us, this season the shoe budget is now the rent payment. So how to make do with the shoes you have or at least find new styles that won’t put you in the red? Check out these seven ways to get the most out of your kicks this spring—without getting kicked out of your apartment.

Do-it-Yourself Water Garden

My kindergarten teacher had a favorite slogan: Every day is do-it-yourself day. To make your own beautiful backyard water garden, all you need is a little elbow grease and Miss Pierce’s can-do spirit. It’s not necessary to call in the pros: You can save money and turn your outdoor space into a peaceful refuge with just a few simple steps.

Location, location, location:
You’ll need a level spot that’s not too shady or too sunny. Aquatic plants have different light needs, but most seem to like at least five hours of sunlight per day. Too much sun may cause algae problems…

Screwed: 900 at Johnson and Johnson

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

Johnson and Johnson is slashing 900 jobs, mostly in sales….GE Healthcare plans to layoff 179 employees at its GE Healthcare Monitoring Solutions plant in Milwaukee…Dean Health System in Wisconsin said it would eliminate about 90 positions…an Iowa community college plans to lay off 43 faculty members, 33 of them part-timers… The Virginian-Pilot in Norfolk, Va., plans to lay off 40 employees in the third wave of cuts since last fall…

Recession Briefing 4.10

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

The economy appears to be leveling off, with retail sales slowing their decline, the stock market up, and credit markets loosening. But the recession’s not over yet… (AP)

Slowly but surely, the $787 billion American Recovery and Reinvestment Act—better known as the economic stimulus package—is beginning to percolate nationwide, six weeks after President Obama signed the legislation.(Washington Post)

It’s a renter’s market around the country, which means landlords are getting more creative (and desperate) to hold down vacancies and prevent turnover. (BusinessWeek)

President Barack Obama yesterday touted the economic benefits of refinancing, but he should keep the 30-year mortgage on his Chicago spread, a broker says. (Chicago Tribune)

When You Can’t Afford to Break Up

My older sister Catherine warned me.

She had picked me up from the airport a week before Christmas in 2006. As the dusk gave way to dark and the Texas horizon rolled out before us, we rode in silence—until I confessed. I had come dangerously close to cheating on Nathan (some names have been changed), my boyfriend of four years, with a friend of mine. Everything was confusing save for one devastating confirmation: I wanted to break up with Nathan…