Rick Newman

Birmingham's Century Plaza mall was a consumer mecca when it opened in 1971, drawing shoppers from outlying suburbs and even from other states. Over the years, however, people moved outward from central Birmingham, and new shopping centers sprouted around them. Sales at Century Plaza declined. Three of the mall's four big "anchor" tenants eventually left, and smaller retailers followed. By 2008, Century Plaza was a shadowy hulk with more shuttered stores than open ones. Then the last anchor tenant, Sears, announced it was leaving. The mall finally closed for good in early June.

[Slideshow: America's Most Endangered Malls]

Malls have a natural lifespan, as population centers shift, architecture evolves, and shopping habits change. But a sharp recession is clearly accelerating the demise of vulnerable retailers—and some of the shopping centers they inhabit. Plunging sales are one obvious reason. Many retailers are also saddled with heavy debt taken on in recent years to fund aggressive growth. And the credit crunch has made cash scarce for firms that need it most.

Those tough conditions have already driven retailers like Circuit City, Linens 'N Things, and Steve & Barry's out of business. Other chains are closing stores and slashing costs as they fight to survive. General Growth Properties, a Chicago firm that operates more than 200 malls—and owns the remnants of Century Plaza—declared bankruptcy in April and is working on a restructuring plan.

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Our esteemed Congress seems determined to make rapacious bankers look good.

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President Obama’s ambitious overhaul of the financial regulatory system would create a new layer of consumer protections, expand the Washington regulatory establishment and change the way America’s banks do business. The goal is to provide more stability to the financial system, which would benefit most Americans. But such abrupt change would also cause some casualties. Here’s who stands to lose under Obama’s reforms:

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It's a buyer's market for talent these days—and a few firms are actually hiring. But with so many applicants competing for so few jobs, it's more important than ever to differentiate yourself from everybody else in line. To figure out what companies want—and how they view applicants who have been laid off—I spoke with Bob Damon, president for North America at executive recruiter Korn/Ferry International. Excerpts:

Is there a stigma associated with getting laid off? Or does that include so many people that it's now considered a mainstream experience? I don't think there's a stigma associated with being let go, but it depends on the nature of why somebody ends up on the beach. If it's because of a merger of two companies, I think people understand that. You can see through a merger and tell that some good people end up out there. If a company goes Chapter 11, that's not necessarily a black mark on an executive, either. The individual manager doesn't necessarily bear responsibility for what happened to his company. And there's still a shortage of leadership across all companies.

[On the hunt for a new job? Use our new search tool to help you find the best place to work.]

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