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Latest Articles: Economy
Nearly 50 percent leave Obama mortgage-aid program (EPIC FAIL OF OBAMA PROGRAM-OUR GRANDCHILDREN STOLEN FROM, AGAIN)
Post Date: 2010-08-21 15:24:10 by Nebuchadnezzar
27 Comments
Nearly 50 percent leave Obama mortgage-aid program Aug 20 04:55 PM US/Eastern By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) - Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the United States, economists say. More than 2.3 million homes have fallen into foreclosure since the recession began in December 2007, according to foreclosure listing ...
58 out of 58 Economists Overoptimistic on Philly Fed Manufacturing Estimate; Median Forecast +7 Actual Result -7.7, a "Veritable Disaster" (Obama faux-recovery in death-spiral)
Post Date: 2010-08-19 20:01:29 by Nebuchadnezzar
3 Comments
58 out of 58 Economists Overoptimistic on Philly Fed Manufacturing Estimate; Median Forecast +7 Actual Result -7.7, a "Veritable Disaster" They may call economics the "dismal science" but it would be hard pressed to find a more optimistic lot than economists, anywhere in private industry. Fresh on the heels of a perfect 42 of 42 overoptimistic predictions on weekly claims (Please see Weekly Unemployment Claims Hit 500,000, Exceed Every Economist's Estimate; No Lasting Improvement for 9 Months), a perfect 58 out of 58 Economists were overoptimistic regarding the Philly Fed Manufacturing survey. Unexpected Shrinkage Bloomberg reports Factories in Philadelphia ...
Firm: Calif. home sales drop 22 percent in July
Post Date: 2010-08-19 16:25:43 by Nebuchadnezzar
3 Comments
Firm: Calif. home sales drop 22 percent in July Firm: California home sales drop 22 percent as tax credit expires Jacob Adelman, Associated Press Writer, On Thursday August 19, 2010, 4:09 pm LOS ANGELES (AP) -- Home sales in California plummeted 21.9 percent last month for the largest year-over-year drop in more than two years, a tracking firm reported Thursday. San Diego-based MDA DataQuick said the drop from 45,079 homes in July 2009 to 35,202 homes last month came as the market adjusted to the end of federal tax credits for first-time buyers. DataQuick said last month was the slowest July since 2007, when 35,185 homes were sold. July's year-over-year decline also was the steepest ...
More Deflation signs: China's Ghost Towns
Post Date: 2010-08-16 14:23:54 by Nebuchadnezzar
18 Comments
Rise of the Chinese Ghost Town Submitted by Holly Krambeck on Mon, 2010-07-12 11:17 In Chenggong, there are more than a hundred-thousand new apartments with no occupants, lush tree-lined streets with no cars, enormous office buildings with no workers, and billboards advertising cold medicine and real estate services – with no one to see them. As my colleagues and I wandered, on–foot, down the center of Chenggong’s empty 8-lane boulevards and dedicated bus lanes, never seeing a single person, we marveled about the fiscal and political conditions that would have to exist to create something like this. In February this year, Geoff Dyer wrote an article for the Financial ...
'The days of easy oil are over' in gulf
Post Date: 2010-08-14 12:36:11 by Fred Mertz
4 Comments
WASHINGTON, Aug. 14 (UPI) -- The gulf oil spill will do more damage to the U.S. energy industry than any incident in decades, slowing production and vastly increasing costs, experts say. Because of the BP oil leak, the Gulf of Mexico is no longer viewed as the nation's best future source of crude oil and natural gas, the Los Angeles Times reported. The disaster will likely lead to an overhaul of government review, more rigorous testing for new projects and the need for better technology, the Times said. "The days of easy oil are over," Michael Klare, program director at the Institute for Policy Studies in Washington, told the Times. "Only the tough crude remains, in ...
GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds [Full Thread]
Post Date: 2010-08-14 09:53:34 by lucysmom
89 Comments
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday. New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000. ... Republicans accuse Democrats of plotting one of the biggest tax hikes in American history, arguing that raising taxes on wealthy households would punish the very people capable of creating ...
Retail Sales in U.S. Increased 0.4% in July; Ex-Autos Rose 0.2%
Post Date: 2010-08-13 08:33:14 by war
7 Comments
Aug. 13 (Bloomberg) -- Sales at U.S. retailers rose less than forecast in July, indicating Americans lacked confidence in the economy and their finances to boost spending. The 0.4 percent increase, led by autos and gasoline, followed a revised 0.3 percent drop in June, figures from the Commerce Department in Washington showed today. Economists projected a 0.5 percent gain, according to the median estimate in a Bloomberg News survey. Excluding auto dealers and gasoline stations, purchases fell 0.1 percent. Retailers may need to step up discounting unless job growth picks up and rekindles consumer spending, which accounts for 70 percent of the economy. Federal Reserve policy makers said this ...
Angry Electorate.
Post Date: 2010-08-11 14:22:07 by Skip MacLure
2 Comments
California has a budget deficit of over twenty billion dollars. We lay off police and firefighters instead of the useless politicians, bureaucrats and administrative types that have created, and now work hard to perpetuate, disaster. It’s Bell, California on a statewide and national scale. I cannot adequately describe the utter contempt with which I hold the people who were responsible for, and contributed to, the economic chaos we’ve been living in for over two years now. Americans have a strong sense of fairness which has been outraged by the blatant excesses of the DeMarxist left. I’ve watched this whole thing simmering since the presidential campaign. There was much ...
Economy Heading for a Systemic Collapse into Hyperinflationary Great Depression
Post Date: 2010-08-06 14:08:55 by Capitalist Eric
1 Comments
Economy Heading for a Systemic Collapse into Hyperinflationary Great Depression Economics / Great Depression II Aug 05, 2010 - 02:29 PMBy: The_Energy_Report When Fed Chairman Ben Bernanke admits to seeing an "unusually uncertain" economy ahead, it's pretty terrifying to imagine what he's really thinking. What John Williams envisions—and he's by no means looking to the far horizon—is a systemic collapse, a hyperinflationary great depression and the cessation of normal commerce. Despite that bleak outlook, however, when the economist and editor of ShadowStats.com sat down for this exclusive Energy Report interview, he also had some good news. ...
Company Payrolls Rose by 71,000 in July; U.S. Jobless Rate 9.5% [Full Thread]
Post Date: 2010-08-06 08:34:10 by war
45 Comments
Aug. 6 (Bloomberg) -- Companies in the U.S. added workers in July for a seventh straight month at a pace that suggests the labor-market recovery will be slow to take hold. Private payrolls that exclude government agencies rose by 71,000, less than forecast, after a gain of 31,000 in June that was smaller than previously reported, Labor Department figures in Washington showed today. Economists projected a 90,000 rise in private jobs, according to the median estimate in a Bloomberg News survey. Overall employment fell 131,000 and the jobless rate held at 9.5 percent. The economy has been slow in recouping the 8.4 million jobs lost since the recession began in December 2007, keeping consumer ...
Jobless Claims in U.S. Unexpectedly Climb to Three-Month High
Post Date: 2010-08-05 08:34:10 by war
15 Comments
Aug. 5 (Bloomberg) -- More Americans than projected filed applications for unemployment insurance last week, indicating employers kept cutting staff as the recovery showed signs of slowing. Initial jobless claims climbed by 19,000 in the week ended July 31, the most since April and exceeding the highest estimate of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment benefits dropped, while those getting extended payments rose. A cooling economy means employers will resist taking on more staff in coming months, raising the risk consumer spending will weaken further. The jobless rate rose last month as ...
U.S. Economy: Service Companies Expanded at Faster Pace in July
Post Date: 2010-08-04 15:45:22 by war
2 Comments
Aug. 4 (Bloomberg) -- Service industries expanded in July at a faster pace than forecast, reflecting an increase in employment that eases the risk U.S. economic growth will slacken in the second half of the year. The Institute for Supply Management’s index of non- manufacturing businesses, which covers about 90 percent of the economy, rose to 54.3 from 53.8 in June. Readings above 50 signal expansion and the median estimate of economists surveyed by Bloomberg News called for a drop to 53. Another report showed companies added more jobs than projected last month. Record-low mortgage rates may prevent housing from slumping much more, while July’s rebound in stock prices, the first ...
ADP Estimates U.S. Companies Added 42,000 Jobs in July
Post Date: 2010-08-04 15:43:23 by war
2 Comments
Aug. 4 (Bloomberg) -- Companies in the U.S. added 42,000 workers in July, more than forecast, according to figures released by ADP Employer Services. Bloomberg's Michael McKee reports. (Source: Bloomberg)
Let Them Eat Cake
Post Date: 2010-08-03 18:09:52 by NMC_EXP
0 Comments
It is not unusual for members of the diminishing upper middle class to drop $20,000 or $30,000 on a big wedding. But for celebrities this large sum wouldn’t cover the wedding dress or the flowers. When country music star Keith Urban married actress Nicole Kidman in 2006, their wedding cost $250,000. This large sum hardly counts as a celebrity wedding. When mega-millionaire real estate mogul Donald Trump married model Melania Knauss, the wedding bill was $1,000,000. The marriages of Madonna and film director Guy Ritchie, Tiger Woods and Elin Nordegren, and Michael Douglas and Catherine Zeta-Jones pushed up the cost of celebrity marriages to $1.5 million. Tom Cruise and Katie Holmes ...
Pending Sales of Existing U.S. Homes Decreased 2.6% in June
Post Date: 2010-08-03 10:02:05 by war
16 Comments
Aug. 3 (Bloomberg) -- The number of contracts to purchase previously owned houses unexpectedly fell in June, indicating demand kept unraveling after the expiration of a homebuyer tax credit. The index of pending home resales dropped 2.6 percent from the prior month, figures from the National Association of Realtors showed today in Washington. Economists projected a 4 percent gain, according to the median forecast in a Bloomberg News survey. The expiration of a government tax credit on April 30 caused the gauge to slump 30 percent in May, the most since data began in 2001. The end of the incentive worth as much as $8,000 means a sustained recovery in housing now depends on employment and ...
Gold Promises and Currency Lies
Post Date: 2010-08-02 11:32:42 by Capitalist Eric
0 Comments
The signals emanating from the global economic matrix that can be considered realistic, unbiased and leading indicate strongly that we’re edging closer to another brink of some sort. Nobody can see over the edge, but if the last cataract shot by our collective connected market kayak is anything to go by, the Eskimo roll escape afforded by government counterfeiting (oops…I mean "stimulus") is not likely to deliver us to any safe harbor. Here are my favorite indicators and what they’re doing: Unemployment statistics from ShadowStats.com: The U.S. Department of Labor is shamelessly optimistic to a degree that would make George Orwell blush. Actually, optimistic is not ...
The Ruling Elite Called
Post Date: 2010-07-31 11:36:04 by NMC_EXP
0 Comments
I just got off the horn with the Ruling Elite. We had an emergency conference call and to tell you the truth, they ain’t happy. You little people are not responding the way you are supposed to. A significant portion of you are not getting more optimistic because they tell you to. Instead of just reading the headline on Bloomberg that durable goods orders skyrocketed in June, you actually read the details that said durable goods orders plunged. It is getting difficult for the ruling elite to keep the masses sedated and dumbed down. These damn bloggers, with their facts and critical thinking, are throwing a wrench into the gears. Obama and his crack team are working round the clock to ...
Bullard Urges FOMC Purchase Treasuries If Deflation Risk Grows
Post Date: 2010-07-29 12:13:10 by war
3 Comments
July 29 (Bloomberg) -- Federal Reserve Bank of St. Louis President James Bullard said the central bank should resume purchases of Treasury securities if the economy slows and prices fall rather than maintain a pledge to keep rates near zero. “‘The U.S. is closer to a Japanese-style outcome today than at any time in recent history,” Bullard said, warning in a research paper released today about the possibility of deflation. “A better policy response to a negative shock is to expand the quantitative easing program through the purchase of Treasury securities.” Fed policy makers are considering what actions to take, if any, to spur growth and reduce unemployment ...
Jobless Claims in U.S. Decreased 11,000 Last Week to 457,000
Post Date: 2010-07-29 08:32:51 by war
11 Comments
July 29 (Bloomberg) -- The number of Americans filing first-time claims for unemployment insurance fell to 457,000 last week, a figure that signals the labor market will be slow to improve even as the economy grows.
Initial jobless claims dropped by 11,000 in the week ended July 24 from a revised 468,000, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance rose, while those getting extended payments declined.
Limited job gains may restrain consumer spending, underscoring forecasts the recovery will cool in the second half. A slowing in the pace of economic growth as seen by companies such as International Paper Co. may dissuade ...
Companies hold record $837B in cash, yet won't hire workers
Post Date: 2010-07-28 10:03:35 by lucysmom
21 Comments
Anyone wondering where all the economy's jobs are might want to look into piggy banks of the world's biggest companies. Cash is gushing into companies' coffers as they report what's shaping up to be the third-consecutive quarter of sharp earnings increases. But instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses. Click for Full Text!
Capital Goods Orders in U.S. Climb, Signaling Investment Pickup [Full Thread]
Post Date: 2010-07-28 08:32:55 by war
48 Comments
July 28 (Bloomberg) -- Orders and shipments for non-military capital goods excluding aircraft climbed in June, signaling investment by U.S. businesses picked up heading into the second half of the year. Such bookings increased 0.6 percent after jumping 4.6 percent in May, more than previously reported, figures from the Commerce Department showed today in Washington. Total orders for durable goods, those meant to last at least three years, unexpectedly dropped 1 percent, depressed by a decrease in demand for aircraft which is often volatile. Eaton Corp. is among manufacturers benefiting from a pickup in demand as companies in the U.S. and abroad update equipment that is helping to support ...
U.S. MAY S&P/CASE-SHILLER HOME PRICES RISE 4.6% VS YEAR AGO [African American Hating Nebby on Suicide Watch]
Post Date: 2010-07-27 09:07:11 by war
39 Comments
June Sales of U.S. New Homes Climb More Than Forecast
Post Date: 2010-07-26 10:52:05 by war
32 Comments
July 26 (Bloomberg) -- Sales of U.S. new homes rose in June more than forecast following an unprecedented collapse the prior month, a signal the worst of the slump triggered by the end of a government tax credit is over. Purchases increased 24 percent from May to an annual pace of 330,000, figures from the Commerce Department showed today in Washington. The rate was the second-lowest in data going back to 1963 after May’s downwardly revised 267,000 pace. The lowest mortgage rates on record may help underpin demand, stabilizing the industry that triggered the worst recession since the 1930s. Even so, increasing foreclosures are swelling the number of unsold existing homes, putting ...
Housing Starts in U.S. Decrease to Lowest Level Since October
Post Date: 2010-07-20 08:32:16 by war
5 Comments
July 20 (Bloomberg) -- Housing starts fell in June to the lowest level since October as a slump in sales following the expiration of a government tax incentive caused U.S. builders to cut back. Work began on 549,000 houses last month, fewer than forecast by the median estimate of economists surveyed by Bloomberg News and down 5 percent from May, Commerce Department figures showed today in Washington. The retreat following the end of government support shows it will be difficult for the industry that precipitated the recession to sustain a recovery. Mounting foreclosures will swell the supply of houses on the market and pressure prices, while prospective buyers shy away as a lack of jobs ...
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