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Latest Articles: Economy
3M chief warns Obama over business regulation~"choice between manufacturing in Canada & Mexico – which tend to be pro-business – or America.”
Post Date: 2011-02-27 21:34:15 by Happy Quanzaa
29 Comments
The head of one of the US’s biggest industrial groups has launched a scathing attack on Barack Obama’s attempts to repair relations with companies, dubbing him “anti-business”. Manufacturers could shift production out of the US to Canada or Mexico as a result, warned George Buckley, chief executive and chairman of 3M. “I judge people by their feet, not their mouth,” he told the Financial Times. “We know what his instincts are – they are Robin Hood-esque. He is anti-business.” The Obama administration has struck a more conciliatory tone towards business since the Democratic defeat in November’s midterm elections. Last month, the president ...
Libyan turmoil, $100 per barrel oil fuel Republican drilling push on Capitol Hill
Post Date: 2011-02-26 15:21:46 by Hondo68
15 Comments
The Libyan uprising and triple-digit oil prices are reinvigorating GOP-led attacks on White House offshore drilling policies — a collision that will burst into public view next week on Capitol Hill.Republicans will press Interior Secretary Ken Salazar on offshore drilling restrictions when he appears before two committees to defend the Interior Department’s fiscal year 2012 budget plan. It will be Salazar’s first Capitol Hill appearance since uprisings in North Africa and the Middle East began, sending oil prices to their highest levels in more than two years. With gas prices rising, Republicans have seized on the crises to ramp up calls for the Obama administration to ...
U.S. Corporations Are Paying Even Less in Taxes than Recently Reported
Post Date: 2011-02-26 15:18:01 by Godwinson
1 Comments
U.S. Corporations Are Paying Even Less in Taxes than Recently Reported February 4, 2011 1:30 PM There's been a lot of talk lately about how much U.S. corporations actually pay in federal income taxes, and a lot of it has been wrong. This is not surprising, since corporations go to a lot of trouble to obscure what they pay in the financial reports that they must file with the Securities and Exchange Commission (SEC) each year. For example, the New York Times recently reported that General Electric paid 14.3 percent of its profits in taxes over the 2005-2009 period. While this is surprisingly low (compared to the statutory corporate income tax rate of 35 percent) it is incorrect, and ...
Shoddy Anti Derivatives Reform “Study” From Firm That Falsely Claimed Top Academics as Advisor
Post Date: 2011-02-26 11:25:38 by lucysmom
3 Comments
It’s high time that reporters start lifting the veil to look at exactly who is behind the “research” put out by think tanks. Even drug company research, which many members of the public now know to view with some doubt, at least has an actual investigation of some sort underpinning it (the doubts about them usually involve study design and/or interpretation of results). Think tank end product should be taken with even more salt, since it too often is the intellectual equivalent of a CDO: taking junk ideas and dressing it up in a structure and a brand name so that most people will regard it as AAA-rated thinking. A piece by Andrew Ross Sorkin at the New York Times is an ...
Obama’s Top Adviser on Job Creation Has Presided Over a Company That Shed Jobs
Post Date: 2011-02-25 19:22:30 by Happy Quanzaa
0 Comments
(CNSNews.com) – The chairman of the new President's Council on Jobs and Competitiveness has presided over a corporation that has seen a steady U.S. job decline since 2005. President Barack Obama named Jeffrey Immelt, chief executive officer of General Electric since 2001, as chairman of the jobs council last month. GE faced hefty fines from the Securities and Exchange Commission in 2009 and 2010. According to GE’s own Web site, in 2005, GE employed 160,000 U.S. workers. By 2009 that fell to 138,000. Meanwhile non-U.S. jobs gradually increased from below 160,000 in 2005 to about 170,000 in 2008. But in 2009, the figures dropped below 160,000 jobs again. The jobs council ...
Companies, even Obama's Government Motors, concerned about rising fuel costs
Post Date: 2011-02-25 17:40:45 by Happy Quanzaa
1 Comments
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/0/de612ac2-410f-11e0-bf62-00144feabdc0.html#ixzz1F0sQw0g5 Companies around the world have begun to warn about the impact of higher fuel costs on their businesses, raising fears about profits and inflation. Companies in the most energy-intensive sectors, such as airlines, have been the first to raise the alarm, but analysts warned that a sustained period of high oil prices would have a widespread effect on ...
Government Motors Falls Below IPO Price as Rising Oil Dims Truck Sales Outlook
Post Date: 2011-02-24 15:08:08 by Happy Quanzaa
1 Comments
Feb. 24 (Bloomberg) -- General Motors Co. fell to the lowest since its initial public offering in November as rising oil prices dimmed the outlook for truck sales after the largest U.S. automaker’s most profitable year since 1999. GM slid $1.89, or 5.5 percent, to $32.70 at 1:21 p.m. in New York Stock Exchange composite trading. The drop marked the first day GM traded at less than its $33 initial offering price in November. Chief Executive Officer Dan Akerson is speeding the development and introduction of new models, including more fuel- efficient cars that may sell better as gas prices rise. GM used larger discounts and sales incentives in January and February to lure buyers before ...
Crude breaches $119 in frantic trading:::Obama Domestic Drilling Moratorium expires in 6 years, 10 months
Post Date: 2011-02-24 09:14:13 by Happy Quanzaa
15 Comments
Published: February 21 2011 08:31 | Last updated: February 24 2011 13:34 Thursday 12.40 GMT. Oil’s grip on global investors gets ever tighter, crushing risk appetite with another sharp move higher. Brent crude breached $119 a barrel during a period of frantic trading around 0745 GMT as industrial needs were hedged and traders exploited momentum. Worries that reduced supplies from Libya may be replicated in other regional producers facing potential political turmoil has seen the world’s oil benchmark jump nearly $17 this week. Brent is now trading at $114.95, up 3.3 per cent, as fear delivers extreme volatility to dealing desks. The scramble to secure output is shown by a ...
Brent climbs above $110 on Libya unrest
Post Date: 2011-02-23 13:48:13 by Happy Quanzaa
3 Comments
(Reuters) - Brent crude futures rallied above $110 a barrel on Wednesday, posting the biggest three-day percentage gain in a year, as the escalating violence in Libya could further reduce its production. Between 300,000 and 400,000 barrels per day of Libyan output -- up to 25 percent -- has been shut down, according to Reuters calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East. After Libyan leader Muammar Gaddafi vowed in a defiant speech on Tuesday that he would not step down, promising severe punishment to his detractors, analysts fear that long-lasting supply disruptions or even permanent damage ...
ABC News: Gas prices highest for February since 1990
Post Date: 2011-02-23 12:56:23 by Happy Quanzaa
28 Comments
The U.S. average price of regular gasoline this week is $3.19 per gallon, the federal Energy Information Administration said in its weekly report (delayed from the usual Monday by the Presidents Day holiday). That's the highest average February price since the government started keeping track in 1990, ABC News says. While we're having a tough time validating ABC's claim of a record, the rapid price rise has been remarkable: The price was up 54 cents from a year ago, the EIA reports, and up a nickel from last week's $3.14. The price increases are being driven by instability in Africa and the Mideast and fear it could spread to the big oil-producing countries. The turmoil ...
Seahawk becomes first Gulf of Mexico drilling company killed by Obama's drilling moratorium
Post Date: 2011-02-23 11:38:28 by Happy Quanzaa
1 Comments
Seahawk becomes first Gulf of Mexico drilling company to file bankruptcy due to Obama's offshore drilling moratorium The first off-shore drilling company in the Gulf of Mexico to declare bankruptcy has blamed the government-imposed standstill for a shortage of shallow-water permits following the summer’s massive oil spill. Texas-based Seahawk Drilling, the second-largest shallow-water driller operating in the Gulf, announced it had filed for bankruptcy Friday and would be selling its remaining assets to Hercules Offshore. The asset sale through Chapter 11 is valued at $105 million. According to the press release announcing the sale, the company’s liquidity and revenue ...
WATCH: Mark Ames on today's Dylan Ratigan Show ranting about the Great American Inflation Scam
Post Date: 2011-02-22 21:52:12 by Godwinson
3 Comments
WATCH: Mark Ames on today's Dylan Ratigan Show ranting about the Great American Inflation Scam Feb 22, 2011 Click for Full Text!
Companies close door to former govt workers~"such people not equipped to contribute"
Post Date: 2011-02-21 07:38:50 by Happy Quanzaa
0 Comments
Companies close door to former public sector staff Business digest: Government hopes of privatesector employing redundant state employees lookforlorn LAST UPDATED 10:32 AM, FEBRUARY 21, 2011 Share Although more than half of private sector companies plan to create jobs this year, an equal number will not be looking to hire public sector workers made redundant, according to a survey of 500 companies by Barclays and the Financial Times. 52 per cent of private employers say that such people are not equipped to contribute to their business. Kevin Wall, Barclays Corporate's managing director, said that the results reflect a prejudiced attitude that was "dangerous". London is ...
Wisconsin Republicans Step Up Pressure on Dems Who Fled State
Post Date: 2011-02-20 13:13:41 by Happy Quanzaa
8 Comments
12K State Workers Could Be Fired WithoutBudget Deal, Wisconsin Governor Warns
If changes aren't made to the benefit contributions paid by Wisconsin's nearly 300,000 public sector employees, about 10,000-12,000 workers will lose their jobs, Wisconsin Gov. Scott Walker warned Sunday.
The Republican governor has been targeted by protesters for nearly a week for negotiating a bill now in the state Senate that would require workers to increase their contributions to pensions and health care coverage, would limit collective bargaining rules and tie raises to inflation.
But Walker said while the state enjoys a lower-than-average unemployment rate -- about 7.5 percent compared to 9 percent ...
Breitbart in Madison: ‘America Will Be Community Organized No More!’
Post Date: 2011-02-19 18:40:32 by Happy Quanzaa
1 Comments
Breitbart in Madison: ‘America Will Be Community Organized No More!’
Obamanomics Raises Unemployment to 10%, Underemployment 19.6%
Post Date: 2011-02-18 08:01:51 by Happy Quanzaa
0 Comments
Gallup Finds U.S. Unemployment Up to 10.0% in Mid-FebruaryUnderemployment surged to 19.6% in mid-February from 18.9% at the end of January PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, hit 10.0% in mid-February -- up from 9.8% at the end of January. The percentage of part-time workers who want full-time work worsened considerably in mid-February, increasing to 9.6% of the workforce from 9.1% in January. Underemployment Surges in Mid-February Underemployment, in which Gallup combines part-time workers wanting full-time work with the U.S. unemployment rate, surged in mid-February to 19.6% -- mostly as a result of the sharp increase in those working ...
Shocker: NC Dem governor wants govt job & coorporate tax cuts
Post Date: 2011-02-17 14:23:14 by Happy Quanzaa
1 Comments
North Carolina's Democrat governor wants job cuts (Reuters) - North Carolina's Democratic governor on Thursday proposed eliminating more than 10,000 government jobs and cutting corporate taxes as part of a $19.9 billion state budget. The spending plan Governor Beverly Perdue sent to the Republican-controlled General Assembly in Raleigh is nearly $1 billion higher than the current year's spending plan, to make up for $1.4 billion in federal stimulus funds that had been used to close budget shortfalls the past two years. In a proposal welcomed by Republicans, Perdue also wants to attack the state's nearly 10 percent unemployment rate by reducing North Carolina's ...
Disaster Capitalism: Why The Recession is Good for Business, not People
Post Date: 2011-02-16 11:40:19 by lucysmom
1 Comments
Given the media's endless resuscitation of upward trends in stock market charts, graphs and quarterly earnings, we would think we’ve transcended the slump of our latest recession. Sure unemployment is still quite high (at around 9% officially), but this isn’t such a problem because our unemployment rate has nothing to do with impeding profits; it actually guarantees them in fact. An unemployment rate such as ours has less to do with a lack of availability than with an unwillingness to hire. This serves its purpose well, it drives wages down and keeps workers in a perpetual state of dependency because, as Marx noted, there is a “reserve army of labour” ready and ...
South Carolina lawmaker wants separate currency for state (gold and silver-based)
Post Date: 2011-02-14 17:37:26 by Hondo68
0 Comments
(Dollar coins in a U.S. mint in Philadelphia: AP/Matt Rourke.) A South Carolina state politician wants the state to develop its own gold and silver-based currency in case the Federal Reserve collapses and hyper-inflation ensues. "If folks lose faith in the dollar, we need to have some kind of backup," State Sen. Lee Bright told the Spartanburg Herald Journal's Stephen Largen. His bill asks a committee to look into the development of a state currency, citing the Constitution and Supreme Court precedents to prove the bill's legality. Slate's Annie Lowrey tracks down similar bills in Georgia and Virginia, and points out that the legislation reflects a larger trend of ...
Obama Debt now equals total U.S. economy
Post Date: 2011-02-14 12:48:11 by Happy Quanzaa
6 Comments
President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly than $21 trillion in five years’ time. Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large. Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent ...
Produce prices skyrocket with Global Warming freeze in Mexico, Southwest
Post Date: 2011-02-13 17:57:36 by Happy Quanzaa
1 Comments
PORTLAND -- Get ready to pay double or even triple the price for fresh produce in the coming weeks after the worst freeze in 60 years damaged and wiped out entire crops in northern Mexico and the southwestern U.S. The problem started less than a week ago, when our nation was focusing on the Superbowl and sheets of ice falling from Texas Stadium. Farmers throughout northern Mexico and the Southwest experienced unprecedented crop losses. Now devastation that seemed so far away, is hitting us in the pocketbooks. "We've had to double and triple some prices and consumers come in and it's quite a shock to them," said Rusty Peake, GM of Food4Less in Southeast Portland. ...
Mitch Daniels Wows CPAC
Post Date: 2011-02-12 13:05:37 by jwpegler
2 Comments
Indiana Gov. Mitch Daniels Friday summoned frustrated Americans to join together in a broad coalition to set the nation on a healthier fiscal and economic course. But Daniels, a Republican quietly weighing a presidential candidacy, did so in a cerebral call-to-arms by also asking a select audience of conservatives to welcome non-ideologues into the tent. “We must be the vanguard of recovery, but we cannot do it alone,” Daniels told about 500 attending a banquet at the Conservative Political Action Conference in Washington, D.C. “We have learned in Indiana, big change requires big majorities,” the second- term governor and former Bush administration budget director ...
Made in the USA
Post Date: 2011-02-11 16:34:18 by jwpegler
7 Comments
IN ECONOMICS as in apparel, most fashions come and go. But like the navy blazer or the little black dress, bewailing the decline of American manufacturing never seems to go out of style. Foreman says these jobs are going boys and they ain’t coming back.’’ So sang Bruce Springsteen in “My Hometown,’’ a hit song from his 1984 album, “Born in the U.S.A.’’ More than a quarter-century later, that sentiment (if not the song) is as popular as ever. “You know, we don’t manufacture anything anymore in this country,’’ says Donald Trump in an interview with CNNMoney. “We do health care; we do lots of different services. But . . . ...
U.S. Initial Jobless Claims Fell 36,000 to 383,000 Last Week
Post Date: 2011-02-10 08:33:27 by war
5 Comments
Feb. 10 (Bloomberg) -- The number of Americans filing first-time claims for unemployment insurance fell to the lowest since July 2008 last week, showing further strength in the labor market after the jobless rate declined to a 21-month low. Applications for jobless benefits decreased by 36,000, more than forecast, to 383,000 in the week ended Feb. 4, Labor Department figures showed today. Economists forecast claims would fall to 410,000, according to the median estimate in a Bloomberg News survey. The total number of people receiving unemployment insurance fell, while those collecting extended payments increased. A slowdown in firings means U.S. companies may begin creating enough jobs to ...
Ryan confronts Bernanke over Fed’s purchases of U.S. debt, raises concerns about the dollar
Post Date: 2011-02-09 17:45:53 by Happy Quanzaa
1 Comments
House Budget Committee Chairman Paul Ryan challenged Federal Reserve Chairman Ben Bernanke’s policy of so-called quantitative easing – the printing of new U.S. dollars to buy government debt – and raised concerns that a weakened dollar and inflation could cause the loss of the currency’s global reserve status. “There is nothing more insidious that a country can do to its citizens than debase its currency,” Ryan told Bernanke. “Chairman Bernanke: We know you know this. We know that you’re focused and concerned about this. The Fed’s exit strategy and future policy – it will determine how this ends.” Ryan said he believed a “course ...
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