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Recession Briefing: Courtroom Drama

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

In this time of double-digit unemployment and shrinking benefits for those who do have jobs, courts are finding it more difficult to seat juries for trials running more than a day or two. And in extreme cases, reluctance has escalated into rebellion, experts say. (Los Angeles Times)

More waves of foreclosures will keep downward pressure on home prices in parts of the U.S. over the next several years, two new studies project. The studies both conclude that most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure. (Wall Street Journal)

Over the next six months, the federal government plans to wind down many of its emergency programs for housing. Then it will become clear if the market can function on its own. People in Elkhart, Ind., are pretty sure the answer will be no. (New York Times)

Back in December, the qualification dates for existing tiers of unemployment benefits were extended for an additional two months. Time is up at the end of February. Now another extension is needed or millions of workers will lose benefits over the next few months. (Calculated Risk Blog)

“Every other major country has more significant economic problems than we do and, with the resilience of our economy and the ingenuity of our people, we can meet our challenges,” writes former Treasury Secretary Henry Paulson. “Nonetheless, we must not lose our sense of urgency, or the political courage to make the necessary reforms to ensure our long-term prosperity.” (New York Times)

When employers hire temporary staff after a recession, it’s long been seen as a sign they’ll soon hire permanent workers. Not these days. Companies have hired more temps for four straight months. But they remain reluctant to make permanent hires because of doubts about the recovery’s durability. (Associated Press)

Adam Haslett’s unsettlingly prescient debut novel, Union Altlantic, deals with many issues directly related to the banking collapse responsible for the great recession. “I handed the completed draft [of the book] to my editor the week Lehman Brothers collapsed,” Haslett says, shaking his head. “It was a very strange experience, reading those headlines.” (The Daily Beast)

Sick of sending big checks to the IRS? For some business owners, this tax season will bring a rare reversal: A stimulus-fueled tax change is putting cash back into the pockets of qualifying entrepreneurs. (CNN/Money)

As the U.S. housing market boomed in the past decade and fueled a bull market in mortgage investments, foreign government funds went along for the ride — and the fall. Now, U.S. officials are looking to foreign government funds for housing again. (Washington Post)

“It is becoming increasingly clear that the financial meltdown of 2008 and the subsequent economic contraction that continues to this day represent more than just another recessionary cycle,” writes Ismael Hossein-zadeh. “More importantly, they represent a structural change, a new phase, the phase of the dominance of ‘finance capital,.’” (Huffington Post)

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Tags: jobs, real estate, unemployment benefits