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Recession Briefing: 06.01.09
What you need to know today to survive and thrive in the recession.
General Motors filed for Chapter 11 bankruptcy protection today as part of the Obama administration’s plan to shrink the automaker to a sustainable size. (Associated Press)
Paul Krugman is blaming the recession on the economic policies begun in the early 1980s during the Reagan Administration. (New York Times)
Hugo Lindgren talks to a wide variety of economic forecasters to try and determine whether the “downturnaround: is real. They didn’t agree on much.(New York Magazine)
Daniel Gross is relieved that the vacation home market has cratered. (Slate)
Unemployment in the U.S. likely passed 9% in May, which is the most it has been in more than 25 years. (Bloomberg)
Mortgage delinquencies have increased again, with the number of borrowers at least two months behind on their payments hitting 5.22%. (Wall Street Journal)
It’s likely that the recession will change Americans’ credit card habits, as spooked consumers cut back on borrowing. (San Francisco Chronicle)
The recession is taking a toll on Americans’ mental health. Even people in relatively secure positions are feeling stress about their losing their homes and jobs. (San Francisco Chronicle)
The recession has struck museums and performing-arts groups with a vengeance. Endowments have shrunk everywhere, and sizable budget cuts have been the rule at museums across the country. (Time)
Flea markets and swap meets in California have been drawing increasingly larger crowds during the recession as consumers try tighten their belts and hunt for bargains. (Los Angeles Times)
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