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Recession Briefing 8.4: Blankfein Warns Goldman Execs on Personal Spending

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

Vermont’s Eric Hagen, sole proprietor of Recession Ride Taxi, has built his business on his slogan: “Pay What You Want!” (Burlington Free Press)

Goldman Sachs CEO Lloyd Blankfein has warned his employees to avoid making big-ticket, high-profile purchases as the firm hunkers down amid a firestorm of public and political anger over outsize bonus payments. (New York Post)

A New York City woman who says she can’t find a job is suing the college where she earned a bachelor’s degree for the $70,000 she paid in tuition. (MSNBC)

The world economy cannot sustain any further rise in the oil price, the International Energy Agency’s chief economist warned. (Financial Times)

Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion. (Associated Press)

It can take years for a worker’s earnings to bounce back after a layoff, and it can take even longer for a layoff during a recession. (New York Times)

By publishing the names of companies that are lagging behind in the government’s plan to ease the housing crisis, the Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes. (Associated Press)

Personal income fell in June after surging in the previous month on government stimulus, while spending by individuals increased, the government said Tuesday. (CNN/Money)

Foreclosure rates in three states hit hardest by the housing bust — California, Arizona and Florida — stabilized in June, offering hope that the worst of the real estate crisis is over. (Associated Press)

Coming off last week’s stronger-than-expected report on gross domestic product, tentative good news about the economy continued to flow on Monday. (Chicago Tribune)

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Tags: layoffs, taxes, taxis