Check out Caitlin McDevitt’s slideshow over at The Big Money chronicling how the look of credit cards has changed since 1951, when the first Diner’s Club card was issued.  “The idea behind it—a third party facilitating a ‘buy-now, pay-later’ process—was revolutionary,” she writes.  The show includes the flashy gold American Express Executive Card, ancestor of the company’s ultimate tool of conspicuous consumption, the titanium Centurion Black Card.  Also represented in the lineup are the university logo cards our alma maters used to actively market to freshmen—until they got caught.

Tags: American Express, Centurion card, credit cards, Diner’s Club, the big money

Publishers are seeing strong sales in the romance genre as other categories decline and consumers cut back on spending. (Associated Press, Recessionwire)

The U.S. economy sank at a 5.7 percent pace as the recession carried over into the start of the year. It marked the second straight quarter where the economy took a huge tumble. (Associated Press)

The turn of the century saw a huge burst of babies, worldwide, conceived with assisted reproductive technologies. But now, in the United States, infertility treatments are down due to the recession. (Los Angeles Times)

For millions of families the recession is not a layoff, or a drastic reduction in income, but a pay cut that has forced them to recalculate their daily spending. (New York Times)

A spate of new ad campaigns address today’s economic anxieties by invoking the Great Depression. (New York Times)

The global economic crisis is exacerbating human rights abuses, Amnesty International has warned. Rising prices meant millions were struggling to meet basic needs in Africa and Asia, it said, and protests were being met with repression. (BBC News)

The recession—and the higher job losses that have come with it—is playing an increasingly profound role in the rise of mortgage delinquencies and foreclosures. (U.S. News & World Report)

Unethical behavior in business occurs even in good times. But when you throw in a recession, job losses and pay cuts, it seems to get worse. (Dallas Morning News)

A report released yesterday indicated that recent increases in the minimum wage are acting as a “stealth stimulus,” helping to prevent the recession from spiraling out of control. (Reuters)

Robert Guest says that businesses that survive the recession will end up leaner and stronger as a result of the cutbacks they are making now. (Economist)

Tags: advertising, ethics in the workplace, foreclosure, furlough, Great Depression, human rights, infertility, layoffs, minimum wage, pay cuts, recession, reproductive technology, Robert Guest, Romance novels

A guest post from Double X intern Polly Rosenwaike:

Last week Emily Bazelon wrote about people relocating in the recession. Some are moving to ply their trades in a more economically hospitable country, some to take advantage of their parents’ hospitality, some to escape expensive big cities. In the first quarter of 2009, only 21 percent of New York City area homes were affordable to a family making $64,000 to $69,000 a year—compare that to the more than 90 percent of homes affordable for families in the same income bracket in smaller cities like Indianapolis, Akron, and Grand Rapids.

But Emily also noted that more people are staying put in this recession than have during previous downturns. Homes in Akron may be affordable, but not if you can’t sell the house you have, or have to sell it for dramatically less than you paid for it. And it’s hard these days to find a new job anywhere, near or far.

What’s surprising is that New York, Los Angeles, and several other cities with populations well over a million—and very high costs of living—are among the places holding onto their residents in higher numbers than in recent years. Lane Wallace at the Atlantic suggests it might be psychologically easier to be unemployed in certain places: “Being laid off in New York or L.A. or Silicon Valley just means you've joined a well-populated club with a long and cherished tradition. Even if you don't want to stay in that club forever, you don't have to be embarrassed to be a part of it.”

It’s an interesting idea, but starving artist solidarity doesn’t explain the population retention and growth in Atlanta, Houston, and Dallas—not storied stomping grounds of the creative unemployed. How are people there managing to stick around? Is it just that things look pretty bad everywhere else, too? Or is there a unique shared heritage in these places—one just as strong as New York’s artistic community—that residents there are equally unwilling to give up?

Tags: Emily Bazelon, home buying, home sales, Lane Wallace, relocating for the recession, unemployment, young artists

At a time when consumers are in a serious saving mode, why are sales of $100 yoga mats soaring? (Time)

Retailers and service technicians have long advised that it often makes sense to buy a new product rather than repair a broken one. But repairmen say many consumers are rejecting this suggestion and trying to spend as little as possible. (New York Times)

Nouriel Roubini, the famously glum economist who predicted the financial crisis, said that while the recession in the United States may well be over at the end of the year, another dip was still possible next year. (Reuters)

A government program designed to rid banks of bad loans, part of a broader effort once viewed as central to tackling the financial crisis, is stalling and may soon be put on hold. (Wall Street Journal)

Are some people hard-wired to make bad choices? A new study looks at the neurological reasons so many consumers may have fallen into risky financial traps like adjustable mortgages. (Newsweek)

With household budgets getting tighter, more Americans are cutting their cable television service. (Wall Street Journal)

Recession budgeting could put a damper on the summer plans of affluent teens, as families that might once have readily paid for service-travel, precollege courses or sleep-away camps reconsider their options. (New York Times)

As the recession bears down, children are grappling with more stress at home, and low-income families, already highly mobile, are being forced to pull up stakes and move more often. (Associated Press)

The number of homes sold is on the rise, but prices across the country keep dropping, according to new figures. (Washington Post)

Once-sacrosanct veterans’ programs are no longer safe from the knife as tax revenues continue sliding in the recession. (Associated Press)

Tags: budgets, Dr. Doom, economy, loans, real estate, yoga

Dear Double Xers,

A couple of weeks ago we introduced our new initiative, in partnership with the Center for Work-Life Policy, to take a close look at what companies are actually like to work for. And we need your input. Our ambition is to come up with data from our readers about the reality of their workplace. Many companies say they've got great flextime policies—but when push comes to shove, that promise goes out the door. And the recession is reshaping work and life in all sorts of ways.

So we hope you'll fill out this questionnaire. And pass it to your friends. You're welcome to answer just one question, but we hope you'll answer many. The main thing is that we want you to participate. We'll consider your comments publishable unless you state otherwise. (We'll take care to keep you anonymous if you request, though.)  Over the next few months, we'll begin reporting on what we discover.

So: How does your workplace measure up? Take the survey and join the conversation.

Tags: best companies; work life balance; CWLP; survey

The results are in. Unless you majored in engineering or accounting, it's not a great year to be graduating from college. This spring, only 19.7 percent of graduating seniors who applied for a job have one lined up for after graduation, according to a survey by the National Association of Colleges and Employers, compared to 51 percent of students graduating in 2007 and 26 percent in 2008.

Last week we invited college seniors to e-mail us about their experiences of graduating into a recession. Here are a few of their stories.

From Sophie at Wesleyan:

Not too long ago, a friend of mine pointed out that the Wesleyan Meal Point is currently stronger than the dollar. We can laugh about that right now, because it’s Senior Week and we have no responsibilities except putting together great costumes for Senior Cocktails. Tonight's theme is "Would You Be My Friend if I Wore This?" In many ways, the recession doesn’t feel real to us. I don’t have any money of my own, and I don’t have a job. So far, not a whole lot has changed.

What’s more, as an aspiring writer, I have never been so naïve as to think I would land a job right after graduation that paid me to write. I like to remind myself that I am part of a long tradition. Hawthorne worked in a customs house. Melville took to the High Seas. Orwell shot an elephant.

However, I did think that when the day came when someone was willing to pay for my words, paper would be involved. I’ve wanted to be a writer for as long as I can remember (aside from brief flirtations with the standard elementary school goals–vet, unicorn, the kid from Rookie of the Year). And here I am about to embark on life just as print publications are falling apart. I do not want to be one of a million writers lost in the Internet.

So as much as I want to believe that a world without paper periodicals cannot exist, it might be time for me to face facts. Or get better at writing something book length.

From Jessica in D.C.:

I just graduated with a degree in Spanish and Linguistics from Georgetown, and am definitely feeling the sting of the recession. I started applying for jobs as early as last November, and didn't expect to still not have anything after six months. I've applied to so many jobs that I can't count them all, and lost track after I hit 100. I've had at least eight phone interviews and nine in-person interviews, including two final-round in-person interviews. But no offers.

I really wanted to stay in D.C. after graduation, but was forced to come home because I had no way of paying my rent. Right now I'm looking for summer jobs and thinking about doing Americorps or some other sort of year of service, and then going back to grad school, if the full-time job thing doesn't work out.

From Rachel in Oklahoma:

Last Saturday, I graduated from the University of Oklahoma. I graduated summa cum laude with a 3.84 GPA, a double major in Letters & Political Science, and a minor in German. I have been employed for two years as a Writing Fellow at the Honors College, interned for a Women's Leadership Program, interned for two female Democratic political consultants during the 2008 election cycle, and interned at the U.S. Capitol all last summer for an Oklahoma Congressman.

While I'd like to think that resume makes me no slacker, my job search has been telling me otherwise. I've already applied to 15-20 positions via e-mail... and heard nothing. Well, to be fair, four places have responded with gracious rejections.

I have been telling myself that no one is interested in hiring a woman still in school with a Norman, Okla. address on her resume, but that theory will soon be put to the test. Armed with a D.C. address (I move into my sublet on May 29th) and a diploma, I'll soon find out exactly how (un)employable I am, or how unforgiving this job market is for recent grads like myself. I plan on being aggressive, even obnoxious if necessary. We're talking phone calls, walk-ins, lunch meetings, happy hour networking—the works. I have only three months to find myself a job, or else I'll find myself on Mom and Dad's couch, just like Noreen did. But instead of Reality Bites, I'll probably be crying over episodes of The West Wing, pining for what might have been.

Tags: college, graduation

There’s been a lot of buzz around a recent study that shows that women today are less happy than they were 35 years ago—regardless of marital or employment status or whether they have little kids. Although in the past women reported being happier than men, now men may be happier than women.

When I asked my friends to speculate on this finding, their answers reveal a lot about their view of the female condition. On one end: “It’s because women have so many more opportunities. Choice is exciting, but it can make you anxious. It’s worth that price.” On the other end: “We expect ourselves to be super-women who can pursue a high-stress career while not cutting corners at home—and still go to the gym every day. No wonder women are unhappy.”

I fall into the “choice is worth it” camp. What do you think?

Tags: career, happiness study, happiness; question of the week

“The recession is cramping the style of hip-hop artists and wannabes — many of whom are finding it difficult to afford the diamond-encrusted pendants and heavy gold chains they have long used to project an aura of outsized wealth.” (Wall Street Journal)

During the first quarter of 2009, more bicycles were sold in the US than cars and trucks.While the Great Recession is hurting bike sales, they didn’t fall as fast as automobiles. (Huffington Post)

The majority of top economists believe the recession will be over by the end of this year.(Christian Science Monitor)

There have been some promising economic signs lately, but the U.S. could be at risk of a recession relapse after the massive dose of government stimulus wears off. (Reuters)

“Ethicist” columnist Randy Cohen looks at whether layoffs are ever unethical, and in what circumstances. (New York Times/Moral of the Story)

People who have lost their employer-provided health insurance are turning to a little-known strategy to get coverage: forming a small business, or using an existing one, to buy a group policy. (Wall Street Journal)

Some Washington policymakers are taking a fresh look at a money-making idea long considered politically taboo: a national sales tax. (Washington Post)

The recession lexicon is expanding, as more slang from the downturn is entering the American vernacular. (ABC News) (Also, see Recessionwire’s Recession Lexicon.)

Some tips on how to beat the recession by saving money on your fitness routine. (Chicago Tribune) (See Recessionwire’stips for frugal fitness.)

State agencies and nonprofit organizations that make student loans and sponsor loan forgiveness programs are being forced to cut back. (New York Times)

Tags: cycling, frugal fitness, health care, hip hop, layoffs, national sales tax, slang, stimulus, student loans

Today in her new Double X column "The Princess," Linda Hirshman takes women's blogs, including our own XX Factor, to task for their soft coverage of the recession. She argues that lady blogs need to do more number crunching. These blogs, Hirshman argues, need to provide hard evidence of the toll the recession is taking on women. "When you do," Hirshman writes, "it's easy to knock down the claim that men should get most of the stimulus benefits because they lost most of the jobs." Check out the full piece here.

Tags: double x, Linda Hirshman, recession, XX Factor

Emergency supply retailers and military surplus stores nationwide have seen business boom in the past few months as an increasing number of Americans spooked by the economy rush to stock up on gear that was once the domain of hardcore survivalists. (Associated Press)

Lately, a steady stream of data has suggested the pace of the economy’s decline is slowing. That, in turn, has stoked fears that the Fed’s efforts to steer the economy away from a 1930s-era depression would push the country toward ’70s-style inflation. (Washington Post)

Some recession-weary farmers, hit by rising feed costs, are downsizing by stocking up on small breeds of cattle. (Los Angeles Times)

The prime-time TV lineups for 2009-10 are full of sitcoms meant to make recession-weary viewers laugh and feel better.(New York Times)

There’s pretty good evidence that white-collar crime, primarily embezzlement, increases during a recession. (Denver Business Journal)

Instead of seeing older workers staying on the job longer as the economy has worsened, the Social Security system is reporting a major surge in early retirement claims. (Los Angeles Times)

A little more than a decade ago, former Federal regulator Brooksley Born predicted that an economic disaster would result from derivatives trading and sought to increase regulation.  (Washington Post)

High tech regions, which throughout most of 2008 were far more economically secure than the rest of the country, are now seeing unemployment, foreclosure and bankruptcy rates on par with national averages, and in some cases even higher. (Associated Press)

Planning a recession-friendly “staycation” this summer? Here are some tips for daytrips and other activities that won’t take you far from home. (Consumer Reports)

Some self-starters among the ranks of the unemployed are starting businesses to finally launch that invention they’ve been mulling over for years. (Los Angeles Times)

Tags: Brooksley Born, emergency preparedness, entrepreneurship, farming, inflation, Social Security, staycation, TV, unemployment, white collar crime