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The Layoff Effect
Sure, some of my friends have lost their jobs and my husband has taken a 10 percent pay cut, along with the 40 other employees at his think-tank. But I didn’t fully grasp the scope of this recession until I tried to rent a car at Los Angeles International Airport.
It took a two-hour effort to wrangle a rental car out of the lot to show me how mass layoffs can bring a swift-running society to a toddle. And as tens of thousands of jobs continue to be lost, I find myself fearing that the entire nation will devolve from wi-fi efficiency to dial-up.
The Local Joint That Was
The bistro was called Beato—an Italian word meaning “blessed” or “happy”—which is how I felt when it opened in my Seattle neighborhood during December 2006. The owner, a local returning to Seattle after a New York finance career and a round of culinary training, brought generous backing, an extensive wine collection, a great chef, white tablecloths, and cool servers into what was otherwise a big-screen brewpub neighborhood—along with fantastic Italian-inspired local fare.
We never guessed it wouldn’t last forever.
Screwed: 19,000 at Anglo American
A daily review of the employment fallout around the country and the world.
Following a 29 percent fall in profit last year, mining conglomerate Anglo American said it would lay off 19,000 workers. … Embraer cut 4,300 jobs as it lowered its 2009 revenue guidance and planned to deliver 28 fewer aircraft. … Boeing will issue 1,100 layoff notices today as part of its planned 4,500-strong layoff. … With the closing of its Granite City, Ill. operation, U.S. Steel will let 390 workers go.
Recession Briefing 2.19
What you need to know today to survive and thrive in the recession.
Keep your money under the mattress (The Deal)
One company has created a mattress with a built-in safe to help you sleep easier.
Do you qualify for a mortgage bailout? (Business Week)
If your total monthly home payments (interest, principal and taxes) are greater than 31% of your monthly, pre-tax income you may qualify for help under the president’s $275 billion plan. Meanwhile, Portfolio.com’s Felix Salmon likes what he sees in the plan. (Market Movers)
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 Lexicon: Outshipped
When your company lets you keep your job, but ships you to a developing country.
IBM has a new approach to laying off workers: Hang on to your job, but move to India. After pinkslipping thousands, Big Blue is telling American employees that they can have a job, but must export themselves to India, where they’ll receive…
Signs of the Recession: Retail Propportunity
This is clever: Empty retail space at West 13th Street and Sixth Avenue in Manhattan was Cosi until sometime last summer, became a pop-up store for Ricky’s at Halloween time, and now, while awaiting interested new tenants, its empty windows are used as billboard space.
Con Ed’s Customer Satisfaction Plan
Attention New Yorkers: Con Edison does not care about making any more money off of you.
At the Future of New York City conference today, several business leaders held forth on the future of business in the recession. Jamie Dimon took issue with the pervasive view that Wall Street compensation should be purely performance-based, saying that some jobs were tough enough without performance-comp pressures. NASDAQ’s Robert Greifeld asserted that over-the-counter derivatives market could be the next area of growth. And Con Ed CEO Kevin Burke, speaking to WNYC host Brian Lehrer from the conference, said the utility giant planned to stop growing its business.
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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