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Recession Briefing: Did Wall Street Really Cause the Crisis?

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

Satisfying as it can be to stick it to the Wall Street, and especially the traders on Wall Street who are the most avid consumers of $500 bottles of champagne, as a response to the financial crisis, they aren’t really the ones who caused it, writes Mark Gimein. (The Big Money)

Unemployment rates rose in 43 states last month, the government said Friday, painting a bleak picture of the job market and illustrating nationwide data released two weeks ago. (Associated Press)

If the revival of Depression-era drinks has begun to hit a little too close to home — not to mention the wallet — take heart. High-end cocktail bars, ones that ordinarily serve 1930s favorites like Ramos Gin Fizzes and Singapore Slings for as much as $18, are offering drink deals that speak to contemporary economic concerns. (Liquor.com)

The owners of Stuyvesant Town and Peter Cooper Village, the iconic New York City middle-class housing complexes, have decided to turn over the properties to creditors. The decision by Tishman Speyer Properties and BlackRock Realty comes four years after the $5.4 billion purchase of the complexes’ 110 buildings and 11,227 apartments in what was the most expensive real estate deal of its kind in American history. (New York Times)

President Obama’s stimulus package saved jobs — but the government still needs to do more to breathe life into the economy, according to a survey of 50 economists. (USA Today)

The outlook for Ben S. Bernanke’s confirmation to a second term as Federal Reserve chairman brightened over the weekend, as the Obama administration and key senators expressed confidence in his prospects.  (Washington Post)

“There is plenty of reason to believe that this crisis was … an expression of structural problems,” writes Dan Froomkin. “And if that is so, and we don’t take the proper action, then the wait could be a long one.” (Huffington Post)

President Barack Obama is set to announce a series of economic initiatives today aimed at helping struggling middle-class families. The proposals include a doubling of the child care tax credit, caps on student-loan payments, and aid for families taking care of elderly relatives. (Wall Street Journal)

More companies in the U.S. plan to increase payrolls and invest in new equipment this year as demand strengthens and credit availability improves, a quarterly survey of economists showed. (Bloomberg)

Having a hard timing landing a job? Here’s one way to tell if the problem is more about you or where you live. You’re going to have more competition for jobs, and a tougher time finding one, in Detroit, St. Louis, Miami and some hard hit California towns. Jobs are more plentiful in Washington, D.C., San Jose, Baltimore and Salt Lake City. (CNN/More Money)

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