Signs of the Recovery?

Spring is here, the sun is shining – and some days it feels like the dark days of the recession are over. A spate of headlines in the past few days indicated some are ready to call it a day on the recession:

Central Bankers See Turning Point Near – Wall Street Journal, May 12, 2009
Is the worst of the economic downturn over? – CNN.com, May 11, 2009
Recession ‘could be over by August’ says OECD as housing market perks up – The Daily Mail, May 12, 2009
Has the recession bottomed out? – BBC, May 12, 2009

But what are the economists saying? The bears, as usual, are still being bears. Everyone else is being erratic…

Recession Salvation Through Duct Tape

The downturn has made many of us question our priorities, become more interested in spirituality, and even seek out new religions. It’s certainly true for me. I was raised a nonbeliever, and before the recession, I lived a misguided life. Even in the wake of September 11, I resisted the call.

But now all that has changed. It took losing my job, but I have let duct tape into my heart. Duct tape, it turns out, can be a miraculous cost-saver and time-saver, and in the recession, we could all use both…

Redux: You Drive Me Crazy

Lynn Parramore looks back on the Great Depression to see the path ahead.

“God made the American restive. The American in turn and in due time got into the automobile and found it good.” –James Agee

The fascination with cars is as American as apple pie. Ever since Henry Ford’s Model T rolled off the assembly line and cars became accessible to the masses, we were hooked. By the mid-1920s, many working-class families could afford a car. By 1930, almost one in three Americans was the proud owner of an automobile.

Amid the ravages of the Recession, we’ve been hearing a lot about Chrysler, General Motors, and Ford. As the Big Three teeter on the edge of destruction, some folks are feeling waves of nostalgia, fondly remember having a Chevvy in the garage or their first time behind the wheel of a sleek Mustang.

Thinking of these cars gives us a twinge of regret.

But what about the Duesenberg, the Auburn, and the Cord?…

Recession Briefing 5.12

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

Tattoo parlors seem to be beating the recession, seeing steady profits thus far during the downturn as consumers shift toward “meaningful” purchases. (Christian Science Monitor)

At a time when most of the economy is in the toilet, the cloth-diaper business is booming. While luxury diapers still sell for upward of $100, most are no-frill models retailing for less than $20, converting a new generation of parents looking to cut costs. (The Big Money)

As the economy slows, the U.S. mint is producing far fewer coins than in previous years. The Mint will make 3 billion coins in 2009 — a 70 percent decline from the 10 billion produced in 2008. (National Public Radio)

Despite receiving stimulus funds from the Federal government, many states are still finding that they need to cut thousands of jobs. (Washington Post)

In a time of widespread job insecurity, tough times have not translated into the firings of companies’ chief executives. “Overall, 361 of the world’s 2,500 largest public companies, or 14.4 per cent, replaced their chief executive in 2008.” (Financial Times)…

Screwed: 242 at Genie Industries

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

Genie Industries has laid off 242 Washington employees, 184 in Redmond and 58 in Moses Lake… Indiana auto part plants Guardian Industries and Advances Assembly are laying off 130 and 200 employees, respectively… Delphi Electronics and Safety has laid off 200 employees… Maimonides Medial Center may cut between 150 and 170 jobs in the near future… In another round of layoffs, Berryville Graphics will let go of 47 employees.

A Mess of State Aid for the Jobless

So, we’re trying to get this straight: If you’re really, really broke, move to South Carolina. If you can control your start date for work, go to Oklahoma. On Sunday, the New York Times laid out a few examples like this to show just how erratic the systems of distributing food stamps and unemployment benefits are.

Here’s the “duh” quote: “You’ve got this kind of jigsaw puzzle that doesn’t really fit together,” said Stuart Butler of the conservative Heritage Foundation. Even so, one in 10 Americans manage to receive food stamps (see our stories on whether yuppies should receive food stamps)…

Star Trek ’09- A New Film for a New Frontier

Star Trek mania is sweeping the nation and giving a rocket-boost to the economy.

Theaters are selling out, with some viewers buying tickets for multiple screenings. Collectibles and books are moving briskly. A comic series introducing the film’s villain has flown off the shelves. Executives at Paramount are smiling, having seen their second biggest opening in the company’s history. On Rottentomatoes.com, the film has gotten an astonishing 96 % approval rating. The franchise, which had been in decline, is back, and hotter than a summer night on Vulcan.

What’s all the fuss about? When there’s a big bang in the pop culture universe, it tells us a lot about where we are as a society – our hopes, our fears, our aspirations…

Out On the Street: The Equal Opportunity Recession

It had been a while since the He-Man had gotten together to sip lattes and catch up. As usual, the shop talk gave way to gossip and anecdotes. TJ was recounting a disagreement he had with his wife, Jenny.

“So I was on the computer late one evening. The kids were asleep and my wife was reading in bed. Or so I thought. Suddenly she walks in and says ‘What are you doing?’ I turn around and say ‘What does it look like I’m doing? I’m filling out my unemployment insurance application.’” Jenny was shocked.

“Christ, I don’t think she would have been half as mad if I was downloading porn,” TJ said…

Recession Briefing 5.11

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

The recession’s lasting impact may be that Americans put more of their income into savings. “In the last year, the savings rate — the percentage of after-tax income that people do not spend — has risen to above 4 percent, from virtually zero.” (New York Times)

Is this the worst year to graduate college ever? “Ivy League grads with heaps of student loans are fighting over jeans-folding gigs at Forever 21,” reports Zac Bissonnette. (The Daily Beast)

Men increasingly suffer from recession-related depression, according to a new study. Almost 40% of men admit to feeling low at the moment with job security, work and money playing on their minds. (BBC News) This is also called recessed.

Screwed: 2,000 at DuPont

A daily review of the employment fallout around the country and the world.
DuPont plans to layoff another 2,000 employees… American General Finance will layoff 500 employees as it closes 150 locations… Virgin Media plans to close a customer service department, resulting in 322 job cuts… Student Loan company Nelnet Inc. is laying off 250 employees… The Puyulup School District will lay off 69 teachers as the distrcit suffers a decrease in funding… Capital One Financial Corp. is laying off 66 employees at its offices in Goochland County…