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Recession Briefing 12.16: Sad Santas at the Mall

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

The recession is bumming out mall Santas as many children are asking for essentials such as clothing and jobs for their moms and dads rather than the usual toys and games. (Wassau Herald)

Many of the lasting scars of the recession of 2008-09 are clearly understood. The world’s economic output will be persistently lower, the balance of economic power has shifted towards emerging economies, and governments face years of repair work on their budgets. But the social scars are potentially deeper, longer-lasting and harder to quantify. (Financial Times)

A 2% mortgage? A growing number of homeowners are getting dream workouts on their mortgages, and nearly 80% of all loan modifications resulted in lower payments in the second quarter. (CNN/Money)

The recession has seen the volume of antidepressants being prescribed soar to record levels. (Telegraph)

More U.S. consumers have turned to watching television as the recession strained household budgets, a new survey shows. (Reuters)

Federal Reserve Chairman Ben Bernanke has been named Time‘s “Person of the Year” for his shepherding of the economy through the recession. (Time)

Some of President Obama’s jobs proposals — his home weatherization program and small-business hiring credit — aren’t included in House Democrats’ new legislation. (Wall Street Journal)

Federal prosecutions for serious financial crime plummeted as the nation headed toward one of the worst economic meltdowns in U.S. history, an examination of Justice Department records shows. (USA Today)

When Federal Reserve policymakers finish their two-day meeting Wednesday afternoon, the big question hanging over them will be what an improving economy means for central bank policy. (Washington Post)

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Tags: economy, financial crisis, holidays