Poor Us: The Great Depression 2.0

March 28, 2009

Recession Equity: Wolf at Door of Sinners and Santa Claus

strawberry_prostitution_by_LunasakuramoonThis recession is turning out to be an equal opportunity beast, wolfing down profits in  what sociologist Sudhir Venkatesh calls the underground economy of  prostitutes, drug dealers and fences and then going after Santa, his elves and workshop, too.

The Other Chicago School, by Elisabeth Eaves, Forbes:”There’s far greater competition for whatever meager resources there are. The folks down on Wall Street peddling drugs, they’re fighting. The sex workers are trying as hard as they can to retain their clients,” Venkatesh says…

Venkatesh is watching black market workers slip into despair along with the rest of the population affected by the economy. Lest legal workers consider this a distant problem, one conclusion of Venkatesh’s work is that the underground and mainstream economies are intimately entwined. “The boundaries are fluid, particularly in the global city where the black market has become instrumental–one might even say vital–to the overall economy,” he says. (read on) via Economist’s View

Santa Gets New Landloard As Recession Hits Santa Park, Finnish Lapland

HELSINKI (Reuters) – Pounded by the global recession and facing a sharp economic contraction in 2009, Finland said Tuesday it would sell its stake in Santapark, home to Father Christmas, to local investors.

Finland said it would sell its 32 percent stake to Santa’s Holding Oy, which will also buy shares in the Lapland-based park from the city of Rovaniemi and travel firm Lapin Matkailu Oy to take its stake to 56 percent. (read on)

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