Recession Briefing 8.4: Blankfein Warns Goldman Execs on Personal Spending

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

Vermont’s Eric Hagen, sole proprietor of Recession Ride Taxi, has built his business on his slogan: “Pay What You Want!” (Burlington Free Press)

Goldman Sachs CEO Lloyd Blankfein has warned his employees to avoid making big-ticket, high-profile purchases as the firm hunkers down amid a firestorm of public and political anger over outsize bonus payments. (New York Post)

A New York City woman who says she can’t find a job is suing the college where she earned a bachelor’s degree for the $70,000 she paid in tuition. (MSNBC)

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.

Spitzer’s Cabbie Econometer

How can you tell when the recession is really over? Former New York Governor Eliot Spitzer has an idea, and it doesn’t involve asking any economists or financial analysts for help. Spitzer thinks we should look to cabbies, instead.

“The moment that I can’t get a cab anymore, I will feel the economy is picking up. Right now, it’s raining this morning, but I have no doubt I can get 10 cabs in 30 seconds. That’s a bad sign for the economy.” (via The Takeaway)

As silly as it sounds, Spitzer does have a point. Luckily, the folks over at Kiplinger have taken it a step further, putting together a list of a handful of economic indicators that just might be as good an economic barometer as any stock picker on TV.

So what exactly are the everyday life clues we should be using to judge the economy? Glad you asked. Here are some of our favorites…