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Recession Briefing 10.1: The Rich List

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

In this job market, people will do some crazy things. Say, for instance, flailing around with their clothes on fire, plunging 50 feet into an enormous air bag, or being catapulted through the air headfirst like a human missile. At the International Stunt School, those daring feats are just part of the beginner’s course.(Associated Press)

America’s 400 richest people became a whole lot poorer over the last 12 months, according to the latest Forbes list. Their total wealth fell by a whopping $300 billion to a total $1.27 trillion, with 314 of the 400 experiencing a fall in fortunes. (Newser/Forbes)

In hard times, entertainment either grinds it out with the rest of us, or it waltzes. As much as people want to see their experiences mirrored in pop culture, they also want to escape them. (Associated Press)

The pace of U.S. job losses continued to slow in September as the private sector shed fewer jobs than in the previous month, according to a report offering a preview of government data due Friday. The government also says the number of metropolitan areas with jobless rates of at least 10% decreased in August. (Wall Street Journal, CNN/Money)

The recession has ramped up demand for Medicaid and states that manage the healthcare program for the poor are worried they may not be able to cover future costs, a study showed on Wednesday. (Reuters)

The future of CIT Group, one of the nation’s largest lenders to small businesses, was in doubt Wednesday as the firm sought a deal with bondholders that would help it avert a collapse and preserve the federal government’s $2.3 billion stake in the company. (Washington Post)

There will be plenty of heating fuel supplies in the United States this winter thanks to the weak economy, the government said on Wednesday, which is likely to save consumers money on their utility bills. (Reuters)

While the pace of job cuts has slowed in recent months, many experts think that the number of people working on Wall Street will dwindle even further. (CNN/Money)

In a depressing new report, two Rutgers professors predict that it will take more than seven years to restore the health of the nation’s labor market to prerecession levels. (New York Times/Economix)

Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says more than half of borrowers who get help fall behind again. (Associated Press)

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