Recession Briefing: 3.16

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

Appearing on 60 Minutes last night, Treasury Secretary Ben Bernanke said he expected the economy’s recovery would begin next year “and it will pick up steam over time.” (New York Times/Dealbook)

Insurance company AIG, which has received over $170 billion in government bailouts so far — and is 80%-owned by U.S. taxpayers — is drawing anger from all sides for recently paying out nearly half a billion dollars in bonuses to its employees. (Wall Street Journal)

Recession Briefing: 3.13

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

The wealth of American families dropped by almost 18% in 2008, liquidating $11 trillion in net worth. This is the biggest loss since the Fed started keeping track after the Second World War. (Wall Street Journal)

President Barack Obama yesterday said that the economic crisis is actually “not as bad as we think.” He said Americans shouldn’t be swayed by bursts of either bad or good news, and that he was “highly optimistic.” (Associated Press)

Recession Briefing: 3.12

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

The annual Forbes billionaires list has 30% fewer people on it this year, as the economic recession has wiped out approximately $1.4 trillion in wealth from those on last year’s list. (Forbes) Oh, and the number of millionaires has fallen sharply too. (Wall Street Journal)

At a hearing in New York today, disgraced financier Bernie Madoff is set to plead guilty to operating a massive Ponzi scheme for the past 20 years. There is a possibility that he will now go directly to jail. (New York Times)

The U.S. government is putting forth a plan to offer $100 billion to bail out economies around the world in crisis — and is hoping to prod European governments to make similar efforts. (Washington Post)

Recession Briefing: 3.11

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

“Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” said Blackstone Group CEO Stephen Schwarzman yesterday. “This is absolutely unprecedented in our lifetime.” (Reuters)

President Obama is pushing other countries to do more to stimulate their own economies ahead of a G-20 meeting of finance ministers. His message to the world: we can’t do it alone. (Los Angeles Times)

Bernie Madoff will plead guilty to creating a Ponzi scheme that bilked investors out of approximately $65 billion, and face life in prison. Questions remain about the involvement of his family members and employees in the scam. (New York Times)

While giant companies are drowning in the down economy, some small firms are thriving. “Whether making deals, planning ad campaigns, or signing talent, all small fish have the same slogan: lighter, cheaper, faster.” (The Big Money)

Recession Briefing: 3.10

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

A study has found that CEO bonuses are falling sharply. The median total bonus pay for chiefs of 173 large U.S. companies fell 19.1 percent in fiscal 2008 from a year earlier, dropping to $889,715 from $1.1 million (Reuters)

Moody’s has published a list of 283 companies most likely to default on their debts in the coming months. The list includes carmakers, the casino sector, and many retail chains and media companies. (Wall Street Journal)

A survey indicates that the unemployment rate could reach 9.4% in the U.S. this year. “Even if things become less apocalyptic it doesn’t mean the unemployment rate will come down,” said economist Michael Feroli. (Bloomberg)

According to a new study, over 24 million people in the U.S. went from “thriving” in 2008 to “struggling.” West Virginia, Kentucky, and Mississippi have the lowest well-being ratings. (Gallup)

Recession Briefing: 3.9

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

The World Bank says the faltering U.S. economy is dragging the rest of the world into recession. It predicts that the global economy will contract this year for the first time since the 1940′s. (Washington Post)

Warren Buffett said that the U.S. economy has “fallen off a cliff,” and that he feared its eventual rebound would spark inflation. He said the economy was experiencing “close to the worst-case” scenario. (Reuters)

Recession Briefing: 3.6

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

The jobless rate jumped to 8.1%, with 651,000 workers slashed by companies in February. Revisions to past months’ numbers show that December recorded the single largest month of job reductions since October 1949. (Bloomberg)

A new bill would let the Federal Deposit Insurance Corporation temporarily borrow as much as $500 billion from the Treasury. Such a “mechanism would allow the FDIC to respond expeditiously to emergency situations,” said Fed Chair Ben Bernanke. (Wall Street Journal)

A new report finds that retail sales aren’t as bad as many had feared, but some experts warn that the sector could be hit harder as the year progresses. (New York Post)

Recession Briefing 3.5

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

The U.S. government has begun a program to provide help for distressed homeowners owing as much as $729,750. Mortgage payments for many will be reduced by as much as $1000 a month. (New York Times)

GM is warning that is faces possible bankruptcy if more government funds are not forthcoming. In order to get more, the company needs to convince the Treasury Department that it has a viable business plan. (Wall Street Journal)

February’s job loss numbers are expected to confirm fears of a deepening and prolonged recession. “Consumers and businesses are locked into a dysfunctional relationship, dragging each other down.” (BusinessWeek)

Recession Briefing 3.4

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

The recession is hitting almost every part of the U.S., and job loss disproportionately harsh on those without a college degree. An interactive map shows county-by-county unemployment figures. (New York Times)

Loan Do-Overs?: The Obama administration will begin testing a program of mortgage modifications to let struggling homeowners pay less each month. (CNN/Money)

A new report finds that 19.8% of homeowners in the U.S. owe more than their home is now worth. (Time)

Recession Briefing 3.3

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

The Dow Jones Industrial Average took a 299-point nosedive yesterday, ducking below the 6800 mark to close at its lowest level since 1997. (New York Post)

A new program from Citigroup will temporarily lower motgage payments for unemployed homeowners who are more than 60 days behind on their payments. (Wall Street Journal)

Lawyers for Ponzi schemer Bernie Madoff claim that his wife should be allowed to keep $62 million in cash and assets that are “unrelated” to his swindling. (New York Daily News)