News

Recession Briefing 7.2

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

Gripped by the worst economic crisis in its history, Harvard University is in deep financial trouble, and no one can decide who’s to blame. (Vanity Fair)

Across the country, summer camps have reported drops of 10% to 20% in enrollment. (TIME)

Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent. (Associated Press)

With the state at the brink of economic meltdown, California will begin issuing IOUs today to tens of thousands of companies and individuals that are owed millions of dollars by the state. (Los Angeles Times)

U.S. cities that for years lost residents to the suburbs are holding onto their populations with a mix of people trapped in homes they can’t sell and those who prefer urban digs over more distant McMansions. (Wall Street Journal)

“Nowhere in U.S. Amish history has a down economy affected the Amish so much,” said Steven Nolt, a professor at Goshen College. “It’s a pivotal time for them.” (USA Today)

Millionaire investors have turned pessimistic about the economy in recent months, according to an index released yesterday. (Reuters)

During a downturn, pro bono legal work typically declines. But this time, that hasn’t happened yet. (American Lawyer)

The government will allow more distressed borrowers who owe more than their homes are worth to be eligible for refinancing assistance. (USA Today)

Some of America’s fastest-growing cities were the last to slip into the recession. Now they are hoping to harness their momentum and slingshot their way out of it. (Christian Science Monitor)

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Tags: bailout, poor rich, real estate, The Unemployed Life