The Recession Really Ends… This Year. Period.

Okay, so here we are: 2010. According to even the most doomsaying of economists—none less than Nouriel “Dr. Doom” Roubini—this is when things get better.

“I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If, as I predicted, the recession is over by the end of the year, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year’s end.” (July 16, 2009, via RGE, Recessionwire)

Whether you agree with Larry Summers that “everybody agrees that the recession is over“…

Recession Briefing: Take the Foreclosure Tour!

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

Cape Coral, Fla., is a reluctant symbol for the excesses of the great American real estate bubble: foreclosed homes served up as tourist attraction. A shiny green tour bus takes speculators around the town looking for deals. Nearly a third of the houses in the area have been touched by foreclosure in the past three years. (New York Times)

With food-stamp use at a record high and surging by the day, an overlooked subgroup is growing: recipients with no cash income who live solely off of the government food subsidies. (New York Times)

As a result of the glut of foreclosures, agents and homebuilders across the country are complaining too many appraisals are coming in low, scuttling deals. The National Association of Realtors says nearly one in four of its members has reported clients losing a sale due to botched appraisals. (USA Today)

One Quick Look Back at a Tough Year

Did you ever think you’d talk so much about “sub-prime” and “stimulus”? Learn so many new, made-up terms, from “funemployment” to “collateralized debt obligations”? No doubt about it, 2009 was The Year of the Recession.

We dropped into the technical range for “recession” in December 2007, but it took months for all of the pieces to fall. In September 2008, Wall Street came to a standstill, and by the new year, it was still recovering. Layoffs spread through every sector of the economy at a rapid pace. For the first time since the Depression, no one no matter how rich or established was immune to the creeping clutch of joblessness, portfolio deflation, or even homelessness.

The headlines in our daily Recession Briefing, along with the personal experiences tracked on Recessionwire, revealed a new world en recession:…

Even though we dropped into the technical range for “recession” in December 2007, it took months for all of the pieces to fall. In September 2008, Wall Street came to a standstill, and by the new year, it was still recovering and layoffs were spreading through every sector of the economy at a rapid pace. For the first time since the Depression, no one no matter how rich or established was immune to the creeping clutch of joblessness, portfolio deflation, or even homelessness.

The headlines in our daily Recession Briefing, along with the personal experiences tracked on Recessionwire, revealed a new world en recession:…

Recession Briefing 6.23

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

Barely half of Americans are now confident that President Obama’s $787 billion stimulus measure will boost the economy, according to a new poll. (Washington Post)

Lines at soup kitchens are growing across the U.S. as they cater to a growing number of families struggling to make ends meet. (Guardian)

Shelters are struggling to house the increasing numbers of pets being abandoned by cash-strapped owners. (CBS News/Early Show)

A Mess of State Aid for the Jobless

So, we’re trying to get this straight: If you’re really, really broke, move to South Carolina. If you can control your start date for work, go to Oklahoma. On Sunday, the New York Times laid out a few examples like this to show just how erratic the systems of distributing food stamps and unemployment benefits are.

Here’s the “duh” quote: “You’ve got this kind of jigsaw puzzle that doesn’t really fit together,” said Stuart Butler of the conservative Heritage Foundation. Even so, one in 10 Americans manage to receive food stamps (see our stories on whether yuppies should receive food stamps)…

Middle Class Guilt Attack? Yuppies and Food Stamps, Part 2

Our recent post on yuppies and food stamps generated a lot of lively discussion, both on and off-line. My own first reaction to my colleague Sara’s question of whether yuppies should take food stamps was a resounding “no” coupled with a feeling of indignation. But when I started asking around, I found that lots of smart people had a wide range of views on the subject. A British friend surprised me by saying: “Oh, that’s just your middle class guilt. You should examine it.” Living through a crisis has the fortunate byproduct of getting all of us to ask ourselves questions and consider why we think the way we do. So examine it I will…

Should Yuppies Take Food Stamps?

Lunch in Tribeca with a friend and former colleague, an Ivy Leaguer who still has his media job. He looks at me over the comfort food that he will very kindly expense and asks, casually: “So are you eligible for food stamps?”

I think he is joking. Then I realize he isn’t.

“No! Of course not.” I pause. “Wait, am I?”

I can’t remember that last time I was so taken aback by a question—much less confronted with big questions about identity, need, and most of all, my own prejudices.