General Motors filed for Chapter 11 bankruptcy protection today as part of the Obama administration’s plan to shrink the automaker to a sustainable size. ( Associated Press )
Paul Krugman is blaming the recession on the economic policies begun in the early 1980s during the Reagan Administration. ( New York Times )
Daniel Gross is relieved that the vacation home market has cratered . ( Slate )
Unemployment in the U.S. likely passed 9% in May , which is the most it has been in more than 25 years. ( Bloomberg )
Mortgage delinquencies have increased again , with the number of borrowers at least two months behind on their payments hitting 5.22%. ( Wall Street Journal )
It’s likely that the recession will change Americans’ credit card habits , as spooked consumers cut back on borrowing. ( San Francisco Chronicle )
The recession is taking a toll on Americans’ mental health. Even people in relatively secure positions are feeling stress about their losing their homes and jobs. ( San Francisco Chronicle )
The recession has struck museums and performing-arts groups with a vengeance. Endowments have shrunk everywhere, and sizable budget cuts have been the rule at museums across the country. ( Time )
Flea markets and swap meets in California have been drawing increasingly larger crowds during the recession as consumers try tighten their belts and hunt for bargains. ( Los Angeles Times )
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