The Human Toll

Demographers like to refer to my cohort as Generation X. But anymore, when we talk about our growing up, my friends and I sound like Generation Recession. We grew up in the 1970s malaise. We graduated into the early 1990s contraction. And now we're looking at a wave of layoffs just when we're hitting the prime of our careers.

Because it's on my mind, I'll start the morning headlines with a Houston Chronicle story about school kids moving because their families have hit hard times. I'm guessing I'm not the only who has so been there.

From the Houston Chronicle: Schools say kids suffer as families move in weak economy.

From the BBC: U.S. rate cut toward zero expected/ Goldman Sachs reports huge loss/ Watchdog queried over Madoff case.

From the New York Times: Madoff case leaves charities reeling/ Retail prices fell at record rate in November/ Big oil projects in jeopardy.

From the Korea Herald: President Lee says economic crisis to peak in first half of 2009.

From Baseline Scenario: The new scenario.

From the Washington Post: The frenzy of collateralized debt obligations.