News

Recession Briefing 7.9

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

“Our first stimulus bill … was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in,” said Warren Buffett, backing the idea of another stimulus package. (ABC News)

While parents may scrimp on their own clothing allowances during the recession, they won’t on their baby’s, making basic baby apparel one of the most defensive discretionary consumer categories in the economic downturn. (Wall Street Journal)

The free and cheap daytime activities at Seattle’s Recession Camp are designed to bring summer camp-style socializing to unemployed adults. (KOMO News)

In this climate it isn’t difficult to imagine that some museums are looking to the works on their walls (or more likely in the their collection vaults) as a possible solution to to their financial problems. Should they? (Chicago Now)

Two-thirds of the country lives in large metropolitan areas, home to the nation’s worst traffic jams and some of its oldest roads and bridges. But cities and their surrounding regions are getting far less than two-thirds of federal transportation stimulus money. (New York Times)

The recession is fostering more long distance relationships.  For more married couples, staying employed means living in different times zones. Also: Read “Recession Killed My Romance” about the impact of distance on new relationships. (ABC News, Recessionwire)

Will 401(k) matching programs be reinstated by companies after the recession is over? (Associated Press)

The U.S. housing market is facing new downward pressure as holders of subprime-mortgage bonds flood the market with foreclosed homes at prices that are much lower than where many banks are willing to sell. (Wall Street Journal)

The continuing decline in consumers’ use of charge cards and other forms of credit  suggests a fundamental shift in the way Americans save and spend that is likely to act as a drag on the economy for at least several years. (Los Angeles Times)

Sales fell at many apparel retailers and warehouse club stores in June as the weak economy and cool, rainy weather in the northeast dashed interest in summer shopping for consumers across the country. (Reuters)

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Tags: housing, parents, retail, romance, stimulus