Recession Lexicon: Clunkerf*ck

/n. What happens when the government issues coupons on cars but doesn’t use the same printing machine as it seems to for currency.

Spotted here, and in a comment on Facebook, in discussion of the cash that ran out on the government subsidy “Cash for Clunkers” program that gave consumers a $3,500 or $4,500 voucher per car for so-called gas guzzlers that could be traded in for fuel-efficient vehicles. The program was so successful at encouraging auto sales that Congress had to approve an additional $2 billion for it, on top of the initial $1 billion. But dealerships have to wade through extensive (17 pages) paperwork and face delays in getting paid by the auto giants—and some consumers lose out on vouchers that have run out. What’s more, so much for the environmental benefit since the clunkers are creating a pileup in the junkyard. No wonder some dealerships are opting out.

Ex. Dealerships are up to their ears in paperwork for the Cash for Clunkers program, and some owners will not be able to cash in after all, resulting in a general clunkerf*ck…

Recession Briefing 4.7

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

Americans’ confidence in the economy jumped from 15% in January to 39% who felt more optimistic — even while 70% of respondents worried that someone in their household would lose their job, 40% had cut spending on luxuries and 10 percent had cut back on necessities. (New York Times)

Growing economic optimism and a strengthening U.S. dollar is impacting the price of gold, which fell 2.7% after the G-20 meeting. (Wall Street Journal)

First quarter corporate earnings reports are expected to be grim and investors are bracing themselves for the reports, which kick off today with Alcoa. (CNNMoney)

If you come across a good article or blog post about the recession pass it on.

Recession Briefing 3.30

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

Economists say the odds of a depression are less than 50-50 — though still uncomfortably high. What might a a 21st-century depression look like? (Wall Street Journal)

David Owen looks at some of the environmental issues associated with economic decline, asking “How do we persuade people to drive less while also encouraging them to revive our staggering economy by buying new cars?” (New Yorker)

If you come across a good article or blog post about the recession pass it on.