Recession Briefing 10.06: Family Businesses Close, Sadly

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

After months of slow sales, many family businesses are being forced to close, ending legacies and leaving behind a wake of sad customers and loyal employees. (Wall Street Journal)

As the recession grinds on, more students are choosing to attend community colleges. Sky-rocketing university tuition, along with more reluctance to take on huge loans has spurred students to reconsider an alternative they once dismissed. (Boston Herald)

The adult entertainment industry certainly hasn’t been in freefall like the auto manufacturers, but it has felt the pinch of consumers with shallower pockets than they once had. Many agree the multibillion dollar industry is finding it harder to sell sex. (CNN)…

Recession Briefing 10.05: America is on Sale

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

There has never been a better time to be a consumer. America is on sale. The recession has caused massive job losses and hardship for millions, but it has also fostered a shoppers’ paradise. (Associated Press)

Former Fed Chairman Alan Greenspan said on Sunday that the U.S. economy was “getting close” to the point where it would stop losing jobs. But he also predicted that the level of unemployment would “penetrate the ten percent barrier” and stay at the level for some time before going down. (Huffington Post)

For the first time, the average amount of time it takes fired employees to find a new job exceeds the length of their standard unemployment benefits. (Bloomberg)…

Recession Briefing 9.24: Super-Rich Now Thrifty

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

Even the super-rich and those with trust funds are cutting back as a result of the recession. They might not be going poor, but once high-flying socialites are finding that it’s either imprudent or in bad taste to spend the way they once did. (ABC News)

“We’re in one?” asked Texas Gov. Rick Perry recently when asked about the recession. He later said that the quote was taken out of context. (Houston Chronicle)

African Americans and Hispanics have lost more economic ground and done so more quickly than their white counterparts from the end of 2007 to the summer of 2009. (Center for American Progress)…

Recession Briefing 9.22: More Traffic, Less Marriage

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

A broad survey of Americans has provided striking measures of the recession’s effect on life at home and at work: People are now stuck in traffic longer, less apt to move away and more inclined to put off marriage and buying a house. (Associated Press)

The FDIC, which is rapidly running out of money after a wave of bank failures, is considering a plan to borrow money from some of the nation’s healthier banks in order to continue to rescue the sickest banks. (New York Times)

The number of foreign-born residents of the U.S. declined for the first time since at least 1970, as a recession and tight labor market dented America’s image as the land of opportunity. (Wall Street Journal)

Lasting Lessons from the Recession

We’ve all gotten schooled in some way by the recession. Maybe it was a shock to learn that she loved your money more than she loved you. Perhaps the interest-only mortgage wasn’t as great a deal as it seemed. Or it might have been a good idea to have some money in the bank, in case your job evaporated.

It’s been a hard education for some of us. But once we have new homes or new jobs, and our financial situations are back on track, will we remember what welearned? Here are five lessons we hope will outlast the recession, the recovery and beyond:

1. Bad things can happen to good careers. A lot of talented, experienced, hard-working people lost jobs in this recession. (And some of them, we hope, are getting hired again.) The question is not why you, but what’s next?

2. You can live on less than you think…

Love to Spend? Your Best Match Should, Too

We’ve all heard (and perhaps lived by) the motto: opposites attract. Maybe we’ve only leaned on this old cliche in order to quiet naysayers and excuse an illogical attraction to somebody so obviously wrong. Opposites Attract When It Comes To Spending Money

A recent study by the University of Michigan proves (once again) that when it comes to spending and saving, those with a strong inclination to either financial style end up attracted to their opposite. Out of a pool of 1,000 married and unmarried adults, the researcher found this attraction has roots in the individual’s discomfort in his/her own ways. In other words, spendthrifts who feel extreme guilt for their extravagant ways tend to be attracted penny pinchers. A wild shopper who beats herself up for collecting racks of pricey shoes may find solace in the coupon-cutting mate who rationalizes holes in his sneakers in lieu of a heftier savings account…

Recession Briefing 8.5: The Downturn Helps Standup

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

The recession is sparking a new era in stand-up comedy. People still want to laugh. In fact, they need to laugh. They just can’t afford to go out and spend too much money. (The Atlantic)

The recession has made legal service a more daunting expense for many. That has created a surge of litigants who must navigate the often-bewildering justice system by themselves. (Chicago Tribune)

Fun-seekers venturing out to farm fairs, art festivals and other mainstays of the American summer are finding either crowds or cancellation notices this year. (Associated Press)

If you come across a good article or blog post about the recession pass it on. To receive Recession Briefing in your inbox, subscribe to our daily email.

Recession Briefing 7.14

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

In Japan, even robots are starting to feel the effects of the recession. (New York Times)

Is the recession bad for your health? A recent study from Yale University found that job losses can make the fat fatter and the drinkers drunkards. (Wall Street Journal)

U.S. Treasury Secretary Tim Geithner says that the American and world economies will be out of the recession in a matter of months. (Telegraph)

Recession Briefing 6.17

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

New analysis of job market data finds that Phoenix, Ariz., is where college graduates have the best chance of finding work in the current economy. (BusinessWeek)

Even sex is selling for less as a result of the recession: clubs and brothels in Europe have been offering discounts and other special offers to drum up business. (Associated Press)

President Barack Obama yesterday predicted that the unemployment rate would reach 10% this year. (Bloomberg)

The economic downturn is redefining retirement for many baby boomers. After losing jobs during what they thought would be some of their peak earning years, many are struggling to get back into the workforce. (USA Today)

A report from the State Department says the recession is causing a rise in human trafficking around the globe. (USA Today/On Deadline)

Forget about all the fired workers: What we really need to know is how New York’s super-rich hedge fund wives are learning to cope with the recession. (Times of London)

Economists advising the American Bankers Association said the U.S. recession will end in the third quarter, but lingering high unemployment and large federal deficits may pose a longer-term threat. (Reuters)

Whither the “American Dream?” Some families discover that cutting back from the boom’s excesses isn’t such a bad thing. (ABC News)

Banks continue to write off credit card debt as consumers hurt by record high unemployment default at an increasing rate. (CNN/Money)

“If our economy picks up too quickly, price cuts for food, real estate, and consumer goods due to the recession will fizzle quickly and be replaced by soaring inflation,” worries Boonie Erbe. (U.S. News & World Report)

If you come across a good article or blog post about the recession pass it on. To receive Recession Briefing in your inbox, subscribe to our daily email.

Recession Briefing 6.16

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

The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy — the state of California. (Washington Post)

Credit card companies are increasingly doing something they have historically scorned: settling delinquent accounts for substantially less than the amount owed. (New York Times)

As the recession lingers on, more travelers are redeeming their frequent flyer miles. (USA Today) But credit card companies have said they may be reducing rewards. (Recessionwire)

Many companies are turning to a novel but unheralded program known as work-sharing, where employers reduce their workers’ weekly hours, often by 20 or 40 percent, and then states make up some of the lost wages. (New York Times)

Since the recession started blocking many traditional career paths, record numbers of 20-somethings, and even many established professionals, have ventured out on a new track: public service. (Houston Chronicle)

Like many Americans who have been forced to redefine success because of the recession, laid off auto worker Troy Long is trying to shrug off his misfortune and become a professional wrestler. (Washington Post)

The not-so-great financial lessons we learned from board games as kids. (The Big Money)

Still lucky enough to have a job? You’re likely doing the work of two or three people, working longer hours and not getting any extra pay. (CNN/Money)

Everyone knows how the recession has impacted job seekers — there are fewer jobs and lots more competition — but here’s what it looks like from an employer’s side. (U.S. News & World Report)

High style at low prices may be possible for smart shoppers — many of whom are finding the best deals at their neighbors’ houses. (CBS News)

If you come across a good article or blog post about the recession pass it on. To receive Recession Briefing in your inbox, subscribe to our daily email.