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Recession Briefing 2.18
What you need to know today to survive and thrive in the recession.
Talese’s ‘Novel’ Pitch for Poor (NY Post)
Author Gay Talese has created signs for panhandlers that reads, “Please support Pres. Obama’s Stimulus Plan. Begin right here . . .”
Not So Stimulating (Forbes.com)
The stimulus package becomes law and the stock market falls 300 points.
Recession Briefing 2.16
What you need to know today to survive and thrive in the recession.
Anna Wintour: “Value is In” (WSJ)
When the editor of Vogue rails against consumerism, the economy must be in a tailspin.
Job Losses Pose a Threat to Stability Worldwide (NY Times)
Worldwide job losses from the recession that started in the United States in December 2007 could hit a staggering 50 million by the end of 2009. High unemployment rates have led to protests in countries as varied as Latvia, Chile, Greece, Bulgaria and Iceland and contributed to strikes in Britain and France.
White House Dampens Stimulus Expectations (Reuters)
Aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually.
Stimulation for Everyone!
Late last night, the final draft of the $789 billion economic stimulus bill went up on the web for public review; it’s supposed to go to President Obama on Monday. The thing is more than 1,000 pages long, and it should be no surprise that’s there seems to be something in it for everyone. No matter whether you’re young, old, working, jobless, poor, comfortable, renting, buying, you’ll see some benefit too! Here are some of the highlights we’ve seen so far.
Paid Testimony: Update
Yesterday, I estimated how much the eight bank C.E.O.s who testified in Congress were making for the day, using what I thought were the latest numbers. Turns out, I missed them being asked about their 2008 pay during the seven hours of questioning. (See video at The Business Insider.) So here’s an update.
Recession Briefing 2.12
What you need to know today to survive and thrive in the recession.
The Recession. Isn’t It Romantic? (NY Times)
Online and offline matchmakers are reporting that dating interest is up, way up. Match.com, for instance, had its strongest fourth quarter in the last seven years.
Lawmakers Pull Few Punches With Bank Executives (WSJ)
Chief executives at eight banks and securities firms that have gotten $165 billion in federal aid were barraged by U.S. lawmakers, who showed little patience for a charm offensive aimed at defusing ire over pay and lending.
The Fools on the Hill (Daily Beast)
The CEOs of the major banks may not have looked like captains of the universe yesterday, but the House committee was a major embarrassment as well. Does anyone actually want to solve this crisis?
Paid Testimony
What’s a day’s pay for being spanked by Barney Frank? If you’re Lloyd Blankfein, about $250,000.
Recession Briefing 2.11
What you need to know today to survive and thrive in the recession.
In A Toy Store Near You: Wall Street Victim Play Set (Cityfile)
“These poor people represent the emotions many of us went through as we watched our investments plummet to unimaginable lows and then plummet some more,” reads McPhee’s product description.
Some Banks Want to Return Government Money
(NY Times)
Goldman and Morgan Stanley would rather pay back billions in bailout money than let the feds have more say in their business.
Are We Bailing Out the Wrong Banks?
Earlier today, The Wall Street Journal reported that the Obama administration is considering putting pay restrictions on banks that get big bailout bucks. Top execs of the companies wouldn’t be able to get severance and would have their bonus pools cut 40 percent. (It’s not clear which companies this would be.)
Of course, not everyone likes this plan:
If the government imposes caps or other limits on compensation, some bankers worry that the most talented people will flee to firms that are less regulated.
It’s not a new argument. But according to this logic, capping pay would make smart people go to banks that didn’t need “exceptional aid” to stay alive—presumably, the stronger, smarter banks.
Recession Briefing 1.30
What you need to know today to survive and thrive in the recession.
Obama Calls Wall Street Bonuses ‘Shameful’ (NY Times)
“There will be time for them to make profits, and there will be time for them to get bonuses,” he said during an appearance in the Oval Office. “Now’s not that time.”
Recession Briefing: 1.26
What you need to know today to survive and thrive in the recession.
News
Recession Warrior?
Tim Geithner is expected to be confirmed today as Treasury Secretary — and architect of the way out of the downturn. [CNN Money]
The Quitter Economy
Slate says the waning of American confidence will be a mighty hurdle in President Obama’s aim to fix the economy. [Slate]
U.S. Bank?
Obama needs to fix the banking system, which remains broken despite infusions of cash. One sensitive option being considered: nationalization, which might be the only way to return any benefits of the bailouts to citizens. [NYTimes]
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