The XX Factor

Recession Briefing 6.19

Pop group New Kids on the Block are citing the global economic recession as a main reason for canceling their reunion tour. ( OK! )

No land-lines, “virtual” swim meets and trayless cafeterias. Cost-cutting colleges and universities have come up with some smaller, quirkier economies that add up to big savings. ( New York Times )

Could it be that companies will suddenly lose large numbers of their employees when the recession is over? A survey shows the majority of working Americans are planning to launch a job hunt when the economy turns around. ( U.S. News & World Report )

Experts warn that a new wave of mortgage foreclosures may be coming soon and could rival the default rates for subprime mortgage s and slow efforts to find bottom in a prolonged national housing slump. ( McClatchy Newspapers )

As unemployment continues to rise in the U.S., drastic reforms are likely. Here are four broad measures the administration could take to provide some relief. ( Forbes /Oxford Analytica )

With so many Americans losing their homes and moving away with their children, many school districts are faced with a new problem - empty desks. ( CBS News )

In this job market, the idea of quitting might sound crazy, but some people are giving notice and finding that they’re better off without their jobs. ( ABC News )

The Obama administration’s $75 billion program to reduce foreclosures has been beset by backlogs and delays , leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren’t clear. ( USA Today )

The Senate has passed the Cash for Clunkers Program, which gives consumers with cars that get less than 18 miles per gallon the ability to turn them in for a $3,500 or $4,500 cash voucher. ( Reuters )

“As we debate what to do for the millions of homeowners who are ‘under water’ we could learn from a city that knows a thing or two about being under water,” writes Dan Baum. “New Orleans can teach us that the life we build with our neighbors deserves at least as much attention as our endless thrust towards newer and bigger.” ( New York Times /Happy Days )