The XX Factor

Recession Briefing 8.4

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 )

The world economy cannot sustain any further rise in the oil price , the International Energy Agency’s chief economist warned. ( Financial Times )

Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression , while the federal deficit balloons to a record $1.8 trillion. ( Associated Press )

It can take years for a worker’s earnings to bounce back after a layoff, and it can take even longer for a layoff during a recession. ( New York Times )

By publishing the names of companies that are lagging behind in the government’s plan to ease the housing crisis, the Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes. ( Associated Press )

Personal income fell in June after surging in the previous month on government stimulus, while spending by individuals increased , the government said Tuesday. ( CNN/Money )

Foreclosure rates in three states hit hardest by the housing bust - California, Arizona and Florida - stabilized in June, offering hope that the worst of the real estate crisis is over. ( Associated Press )

Coming off last week’s stronger-than-expected report on gross domestic product, tentative good news about the economy continued to flow on Monday . ( Chicago Tribune )