The XX Factor

Recession Briefing 6.25

California’s controller said Wednesday that he would have to issue IOUs in a week if lawmakers can’t quickly solve a $24 billion budget deficit. ( Reuters )

The number of millionaires in the world shrunk at a record rate in 2008, according to new data . Last year cut the number of millionaires worldwide by 15 percent to 8.6 million. ( Los Angeles Times )

Warren Buffett said yesterday that the economy is a “shambles” and likely to stay that way for some time, though he remains optimistic there will eventually be a recovery over a period of years. ( CNBC )

With the unemployment rate at 9.4%, some Americans are willing to go wherever they can to nab a job . To adapt, they find living quarters near the job in campers or cheap apartments, giving up normal family life for a paycheck. ( Wall Street Journal )

As part of a series comparing today’s recession to Charles Dickens’ Hard Times Paul Vallely looks at how the recession is damaging Britain’s emotional health . ( Independent )

Depending upon how long the downturn lasts, historians, economists and psychologists say it could shape the values and attitudes of young people in much the same way the Depression shaped the attitudes of those growing up in the 1930s. ( USA Today )

With so many folks out of work, people are turning any gathering into a time to network. Cocktail parties, kids’ birthday parties, even dentist appointments - it seems like nothing is off limits.  ( CBS News )

How can you deal with a morally bankrupt boss when the economy is threatening your job? ( ABC News )

School daze: State and local budget cuts are hitting school districts hard - forcing many of them to make cuts in summer programs that many educators consider critical to students’ academic success . ( Wall Street Journal )

Sales of newly constructed homes fell unexpectedly in May and were down almost a third from last-year’s levels , a government report said. ( CNN/Money )