Hedge Fund Husbands or Married to the Mob?

There has been some serious financial meshugas as of late, has there not? In short order, the bond rating agencies, banks, treasury, hedge funds, Federal Reserve and aggressively optimistic (and greedy) homeowners conspired to play Jenga with the house of cards that the American (world) economy was (is) perched upon. But it was really (says this guy) only a few Gordon Geckos that got us to this point. But what about their families?

When it comes time to pay the piper, Bernie Madoff’s family may not get off any easier than the Gottis got (though they may not land a spiky-haired reality TV gig). I read a good book once that said the sins of the father were visited on the son but made no mention of what the wife catches. Presumably, by hook or by crook, she visits whichever hell, heaven or purgatory that the husband earns.

Screwed: 1,200 at Lloyds

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

Today’s Total: 4,100

Lloyds is laying off 1,200 employees, mostly from the IT support and insurance services departments…Harley-Davidson plans to let go 1,000 workers…Cisco is set to cut up to 700 jobs in the San Jose area…McGraw-Hill plans to layoff 550 employees…Lufthansa is laying off 400 workers, primarily in Germany…

Recession Briefing 7.17

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

A roadside billboard campaign funded by an anonymous donor tells motorists “Self worth is greater than net worth” and “This will end long before those who caused it are paroled.” (Associated Press)

Most people believe the economic downturn has led to more gang violence, according to a new national survey. (Associated Press)

Economist Nouriel Roubini said yesterday the worst of the financial crisis is over and reiterated that the recession may end this year. (Bloomberg)…

Love in the Time of Layoff: Surviving a Split

Getting laid off by your boss is one thing, but downsized in your relationship? Often, that’s harder.

Jessica did not see it coming. According to the celebrity press, Ms. Simpson and Tony Romo had locked it down. He had won over her finicky dad and the rest of her posse. They ignored the hounding press and developed their own happy hideaway. But July 9, Romo called it quits, leaving Jessica “sad, mad, and confused.”

Getting dumped always sucks, no matter what else is going on in your life, or in the world. And recessions are no barrier against divorce and separation. Just ask Jon and Kate, or Amy Winehouse (well, not the best example), or Timothy Hutton, who is splitting with his wife of nine years…

Six Splurge-Worthy Buys

At this point, we’ve all heard about bargain shopping in the recession—the budget buys, the sample sales, and the deals we can’t wait to see pop up. But what about the things that never make it to the sale rack? Are we just supposed to do without?

In short answer: No. At least not according to “experts” like personal shopper and stylist Jill Markiewicz, who tells Forbes that “buying a few expensive pieces that you truly want” can actually save you more money in the long run than picking up “a bunch of discounted items” at sample sales all over town.

Of course, Markiewicz’s ideas of necessary buys included Hermès bags and $115,000 Porsche Panameras, which don’t really fly for those of us living on Planet Earth.

So what types of purchases are worth splurging on and paying full price, even during a tight economy? As they say, you get what you pay for, and some areas can’t be scrimped on, no matter what kind of economy we’re living in. Here are a few…

What the #&%@ Just Happened

A certain cinematic truant once said, “Life moves pretty fast. You don’t stop and look around once in a while, you could miss it.”

Or, to put it in the language of the Federal Reserve Bank of New York, “Over the past two years, and particularly since the intensification of the global financial crisis in the fall of 2008, new information has been released at a stunning pace.”

If you, like us, have been longing for a roadmap to the downturn, something that lays out what’s happened at recession speed, check out the global financial crisis timelines from the Fed. You can reminisce with your friends about the day the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility was born, get teary over that time the Office of Thrift Supervision shut down WaMu. Ah, those were the days…

Recession Briefing 7.16

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

To deal with its recession tourism slump, Hawaii is considering the construction of a galactic etherport to fly tourists through space. (The Atlantic)

The recession has failed to dampen philanthropic spirit, with many rich people increasing their charitable giving, according to a new report. (Economist)

New York and California are usually the leaders in producing and losing millionaires. But a new study suggests that on a percentage basis, some smaller cities were hit harder in 2008. (Wall Street Journal/Wealth Report)

Screwed: 2,000 in State of California

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

Today’s Partial Total: 4,058

Schwarzenegger warns of a possible 2,000 employee layoff in the state of California… Pentagon cutbacks are forcing 1,000 layoffs at Boeing… Another 600 employees are losing their jobs at Lockheed Martin due to the cancellation of the presidential helicopter program… 431 layoffs will hit the city of Chicago today…

What Recession? An Airline for Your Pet

Pet Airways launched Tuesday with the tagline “Travel for your best friend.” And “where pets fly in the main cabin, NOT in cargo!”

Well, thank goodness for that. If your pet has been roughing it in this downturn, good news is that Pet Airways is here. For just $300 *each way*, you can send your pup from New York to Los Angeles and back. If you want to meet him there, you’ll have to find your own way. So far, only dogs and cats are welcome.

The pets will be treated to regular bathroom, feeding and play stops along the way, and they will each have their own carrier spot where seats usually go. Flight attendants will check on the pets en route every fifteen minutes.

The real sign that boomier times are here? Pet Airways is booked for the next two months…

The ‘Forgotten, Silent Crowd’

While Dan Gross is saying the recession is over, the unemployment rate is hitting levels nearing the Great Depression. But as the New York Times’ David Leonhardt points out — it doesn’t feel like the Great Depression. The vast unemployed are not becoming the vast homeless. The few breadlines that there are have not become legion. On this site, we have even noted the “Nouveau Poor” — the pretension of the downturn, as a fashionable posture.

The point that is missing is that this is a new kind of downturn. This is the Great Recession because it is not just any recession, in which primarily lower levels of the labor ladder are hit…