Recession Briefing 10.9: Rappers Not Recession-Proof!

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

The recession is even affecting rappers like Slim Thug, their hangers-on, and those that make their bling. “I haven’t sold a single diamond-encrusted glock in about two years.” (Daily Show)

As Harvard cuts back as a result of the recession, students no longer have hot breakfasts in their dorms and varsity athletes are no longer guarantees free sweat suits. (New York Times)

Airline delays at South Florida airports have eased during the recession because fewer people are traveling and fewer planes are flying. (Miami Herald)…

Recession’s Celebrity Fashion Victims

The recession has impacted fashion on a number of levels, from the decline in popularity of “it” bags to the rise in thrift-store shopping. But there may be no singular shift in retail culture that elicits as much positive reaction as the death of celebrity clothing lines.

Celebrity-backed clothing lines were all the rage during the boom years, with everyone from movie stars (Sarah Jessica Parker, Jennifer Lopez) to reality TV fixtures (Heidi Montag, Lauren Conrad) and even rappers (Eve, Snoop Dogg) signing on. By 2006, sales of “celebrity-licensed products” had risen to $3.5 billion, according to the Wall Street Journal. But things just haven’t been the same since the recession began, now that many customers are considering cost and quality over labels and luxury when it comes time to shop for clothes….

How Hollywood Gets Hit By Recession

Remember the days when everyone in L.A. wanted to be a slasher? You know—actor/director, screenwriter/producer. With film budgets being but, some celebs will have to take on less glamorous roles…

8 Things We’re Glad the Recession Killed

There have been many sad passings in the downturn, some the results of the economy (lots of jobs, Domino magazine) others not (John Hughes). But as always, there is an upside: The bust seems to have killed off some of the more distasteful boom trends, expressions of excess that just aren’t appropriate anymore.

McMansions
All around the country, sprawling new developments sit empty, oversized homes are being foreclosed on, and home buyers are choosing—for the first time in 15 years, more normal-sized properties. A double-height great room does not a happy (or financially sound) family make.

SUVs
The McMansions of cars also boomed in the boom, when we didn’t care how much we spent for gas and were happy to tower over pathetic hippie cyclists. Wired.com says that 60 percent of the cars that have been junked through the Cash for Clunkers program are gas-guzzling Ford Explorers…

Budget Living Tips from Celebrities

We want to look like them, dress like them, travel like them, but there are plenty of celebrity habits you don’t want to follow–especially in a recession. Jennifer Lopez reportedly doesn’t let her children wear an outfit twice, and some of the getups cost more than $1,000. Celine Dion used 6.5 million gallons of water at her Florida home a couple of years ago. And Lindsay Lohan—well, we advise you not to emulate her in any economy.

But some celebs have budget-friendly advice to share. After all, many of them were broke once too. It’s hard for mere mortals to follow the most common penny-pinching practice–get stuff given to you for free–but these are some savvy tips.

Brad Pitt: Luxury Bedding for Less
You always knew Brad would be good in—oops, I meant on—bed…

Madoff’s Celebrity Marks: Where Are They Now?

There’s never a good time to lose a million dollars, let alone tens or hundreds of millions of dollars. And for most of Bernie Madoff’s victims — many of whom lost their life’s savings and are now being forced out of retirement or into a second job in the midst of the worst labor market in generations — a 150-year sentence isn’t a day too long for this seemingly remorseless swindler to be kept behind bars.

Still, some victims are in better shape than others. Among Madoff’s celebrity clients, a lucky few are already on pace to recoup their financial losses by the end of the year, while still others may never recover. Here’s a who’s who list of Madoff’s higher profile marks and how they’re likely to fare in the days ahead…