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Latest Articles: United States News
Durable Goods Orders "Unexpectedly" Sink; How did Economists Blow the Call?
Post Date: 2010-07-28 15:49:38 by Nebuchadnezzar
3 Comments
Durable Goods Orders "Unexpectedly" Sink; How did Economists Blow the Call? I cannot help but laugh at economists who refuse to see the economy is slowing dramatically, and somehow think manufacturing is going to lead the way to recovery. Check out this headline on Bloomberg prior to the durable goods report: Orders for Durable Goods in U.S. Probably Rebounded in June July 28 (Bloomberg) -- Orders for durable goods probably increased in June for the sixth time in the past seven months, showing business spending is supporting the U.S. recovery, economists said before a report today. Bookings for goods meant to last at least three years rose 1 percent after dropping 0.6 percent ...
SEC Says New Financial Regulation Law Exempts it From Public Disclosure
Post Date: 2010-07-28 15:33:23 by WhiteSands
1 Comments
So much for transparency. Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act. The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot. ...
Unemployment rises in 75 pct of metro areas
Post Date: 2010-07-28 14:48:12 by Nebuchadnezzar
1 Comments
Unemployment rises in 75 pct of metro areas AP By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer – 6 mins ago WASHINGTON – The unemployment rate in about three-quarters of the nation's largest metro areas rose last month as nearly one million teenagers entered the work force looking for summer jobs. The Labor Department said Wednesday that the unemployment rate rose in 291 of 374 areas in June from May. It fell in 55 areas and was flat in 28. That reverses the trend of the previous three months, when joblessness fell in most metro areas. But the report does not adjust the figures to take into account seasonal trends, such as high ...
Disclose Act Folds, Closed By Three Votes – Much Too Close!
Post Date: 2010-07-28 13:15:17 by Skip MacLure
3 Comments
There were fifty seven Democrat Senators who would have stolen your right to free speech. Senator Upchucky Schumer, one of the more detestable examples of a stinking, slimy breed, conspired with the equally onerous and creepy Russ Feingold to craft the Disclose Act, which has been inspired and supported by that sterling personality, Barack Hussein Obama. This piece of legislative legerdemain was purposely crafted to protect Democrat incumbents. The same DeMarxist cretins who are selling you, your country and your freedom down the road. Among other sleazy provisions, it was intended to muzzle the voice of the Conservative Patriot movement and the individual voices of free Americans, while ...
Recession Watch From Railfax
Post Date: 2010-07-28 11:09:50 by Nebuchadnezzar
7 Comments
Recession Watch Bloomberg.com has highlighted Waste and Scrap shipments as the rail commodity most closely correlated with the U.S. economy (GDP). Motor vehicle shipments are also highly correlated. To view the Bloomberg.com analysis, click HERE. Use Railfax to track these key indicators on a weekly basis. As with all Railshare data, these charts track shipments through the week ending on the preceding Saturday. And scrap materials/waste
Haphazard Firefighting Might Have Sunk BP Oil Rig
Post Date: 2010-07-28 11:06:35 by Ignore Amos
2 Comments
The Center for Public Integrity Haphazard Firefighting Might Have Sunk BP Oil Rig By Aaron Mehta and John Solomon | July 27, 2010 The Deepwater Horizon well lists into the Gulf of Mexico in April. The Coast Guard has gathered evidence it failed to follow its own firefighting policy during the Deepwater Horizon disaster and is investigating whether the chaotic spraying of tons of salt water by private boats contributed to sinking the ill-fated oil rig, according to interviews and documents. Related Stories Coast Guard officials told the Center for Public Integrity that the service does not have the expertise to fight an oil rig fire and that its response to the April 20 explosion may ...
President Tarball, Jindal and True Leadership
Post Date: 2010-07-28 10:32:10 by no gnu taxes
2 Comments
Here it was, the crystallizing moment that told us who is who and what is what in the Gulf oil spill disaster and that also signaled that there really is reliable leadership to be found in this country. Not that there was high drama when Louisiana Governor Bobby Jindal got 16 barges busy dredging up BP oil that was otherwise going to wreak havoc. He has been ever alert, ever in motion, ever figuring out new ways to save his state from ruin, and this decisive action was nothing new for him. Then, however, we had a counter-attack. The Coast Guard put the operation on hold for fear the barges might not have life jackets or fire extinguishers aboard. To find out the hard way, officers ...
Nevada's Economic Misery May Be America's Future [Full Thread]
Post Date: 2010-07-28 10:28:15 by Nebuchadnezzar
52 Comments
Nevada's Economic Misery May Be America's Future First Posted: 07-27-10 04:20 PM | Updated: 07-28-10 09:53 AM So many homes in Las Vegas have been foreclosed upon that banks rarely bother to hang a "For Sale" sign on the front lawn anymore. Instead, visitors identify bank-owned properties by the brown grass and the 8.5 x 11-inch sheet of paper taped to the front door or the garage. On a cul-de-sac in the once-pleasant neighborhood of Silverado Ranch, Larry Wood is the last remaining resident. Two of the four homes are in foreclosure and a third is a "party rental" only occupied by rowdy tourists on weekends. One of his neighbors made a few bucks before ...
Durable Goods Are Latest Economic Disappointment: June -1.0% Reading Is Largest Decline Since August 2009 (And Misses Consensus Of Course)
Post Date: 2010-07-28 09:31:03 by Nebuchadnezzar
5 Comments
Durable Goods Are Latest Economic Disappointment: June -1.0% Reading Is Largest Decline Since August 2009 (And Misses Consensus Of Course) The June US durable goods order is the latest disappointment in a streak of poor macroeconomic data that started well over a month ago, and which will soon enough begin to impact not only GDP but also corporate earnings, as the macro double dip which is now firmly in place, makes it all too clear why companies have been miserly conserving cash. Durable Goods came at -1.0%, a major disappointment to consensus which had been hoping to a nice boost from the previous -1.1% number (now revised to -0.8%), and looking for a +1.0% reading. Better luck next ...
What's Really Going On in the Economy: It's Worse than the 'Great Recession' of 2008
Post Date: 2010-07-28 09:29:28 by no gnu taxes
1 Comments
Consumer Metrics Institute is out with their latest numbers. It isn't pretty. As I have pointed out, CMI data is real time and light years ahead of the data put out by the government, it should be taken seriously as the best indicator of what is going on in the economy in terms of demand for capital goods in the consumer sector. Here's their latest: Since last week our Daily Growth Index has weakened further, surpassing a year-over-year contraction rate of 3%. This daily measurement of on-line consumer demand for discretionary durable goods has now dropped to the lowest level it has recorded since late November 2008. Å8; The current contraction in consumer demand for ...
Heh, Where's My Durables? (Data supports ECRI indicator of Recession)
Post Date: 2010-07-28 09:24:44 by Nebuchadnezzar
0 Comments
Heh, Where's My Durables? New orders for manufactured durable goods in June decreased $2.0 billion or 1.0 percent to $190.5 billion, the U.S. Census Bureau announced today. This was the second consecutive monthly decrease and followed a 0.8 percent May decrease. Excluding transportation, new orders decreased 0.6 percent. Excluding defense, new orders decreased 0.7 percent. Well, pick your "excludings" here, it all sucked. Let's look inside. Machinery orders, down. Shipments up - oops, that would be backlog coming off. Not good. Computers and electronics has an interesting divergence. The baseline is down 4.1% on shipments and 1.9% on orders. But both subclasses showed ...
THE OBAMA DEPRESSION -- Durable-Goods Orders Slide
Post Date: 2010-07-28 09:09:02 by no gnu taxes
1 Comments
Demand for U.S. durable goods slid 1% in June for a second consecutive month in another sign the manufacturing sector expansion is slowing.
Our Heavily Racist Society
Post Date: 2010-07-28 09:02:57 by no gnu taxes
1 Comments
There is more official racism in government right now than there ever was under Segregation in the 1940s. Fox News reports: “Days after the NAACP clashed with Tea Party members over allegations of racism, a video has surfaced showing an Agriculture Department official regaling an NAACP audience with a story about how she withheld help to a white farmer facing bankruptcy — video that now has forced the official to resign.” Since then, it was claimed that the video was taken out of context and the woman was giving that as an example of racist attitudes, which she has since overcome. Then again, if a White person ever admitted that he discriminated against Blacks in the past, ...
Obama Missing Historic Boy Scout Jamboree for Fundraisers, 'View' Taping
Post Date: 2010-07-28 00:50:44 by WhiteSands
0 Comments
President Obama will make history as the first sitting president on a daytime talk show when he visits with the ladies of "The View." But he'll be missing out on another historic occasion -- the Boy Scouts' Jamboree marking the group's 100th anniversary, right in the president's backyard. The Jamboree kicked off this week at Fort A.P. Hill in Virginia, where organizers had invited the president to speak to the 45,000 scouts in attendance. All three of Obama's predecessors have made it to one Jamboree while in office. But the president will instead be traveling Wednesday to New York for a taping of the ABC show, as well as Democratic fundraisers and a stop in ...
Hard-hitting former Raider Jack Tatum dies at 61
Post Date: 2010-07-27 23:56:04 by Ibluafartsky
7 Comments
July 27, 2010 Hard-hitting former Raider Jack Tatum dies at 61 Rusty Miller The Associated Press COLUMBUS, Ohio — He was called the “Assassin.” Jack Tatum was one of the hardest hitters in the NFL, a Pro Bowl safety who intimidated opposing players with bone-jarring tackles that helped make his Oakland Raiders one of toughest teams of its era. He’s also a player who will always be tied to one of the game’s most tragic moments — a hit in a preseason game that left New England Patriots receiver Darryl Stingley paralyzed from the neck down. Tatum died Tuesday at age 61 in an Oakland hospital. The cause was a massive heart attack, according to friend and ...
New Home Sales and Bear Market Math
Post Date: 2010-07-27 23:48:46 by Nebuchadnezzar
2 Comments
New Home Sales and Bear Market Math One can't help but laugh at headlines touting a huge 23.% jump in new home sales given that the "jump" was to the second worst month in history, dating back to 1963. Dave Rosenberg puts the headline jump into perspective in Housing Data Are Not Supportive. Market sentiment is positive and as a result of the market going straight up, people believe that the economic data are somehow getting better. Not the case at all. April new home sales were revised DOWN to a 422k annual rate from 504k when the data for the month were first released. You know what that means? It means that the homebuyer tax credit was even a bigger dud than we thought ...
How far will the homeownership rate fall? (1999 levels now..heading to 1965)
Post Date: 2010-07-27 22:52:39 by Nebuchadnezzar
3 Comments
How far will the homeownership rate fall? by CalculatedRisk on 7/27/2010 07:32:00 PM Earlier today the Census Bureau released the homeownership and vacancy rates for Q2 2010. I posted a few graphs this morning, and I noted that the homeownership rate had fallen to the 1999 level of 66.9%. A few years ago - when the homeownership rate was at 69%, I forecast that the rate would probably fall to the 66% to 67% range. Here is a repeat of the graph from this morning showing the trend of the homeownership rate since 1965. Click on graph for larger image in new window. Note: graph starts at 60% to better show the change. As I noted this morning, the homeownership rate increased in the '90 ...
Survey: Local Government job losses projected to approach 500,000 (good news for a change!)
Post Date: 2010-07-27 22:44:49 by Nebuchadnezzar
1 Comments
Survey: Local Government job losses projected to approach 500,000 by CalculatedRisk on 7/27/2010 05:02:00 PM As a follow-up to point 6 of the previous posts on the 2nd half slowdown (cutbacks at the state and local level), here is a new report released today: Job losses projected to approach 500,000 (ht Brian) The effects of the Great Recession on local budgets will be felt most deeply from 2010 to 2012. In response, local governments are cutting services and personnel. This report from the National League of Cities (NLC), National Association of Counties (NACo), and the U.S. Conference of Mayors (USCM) reveals that local government job losses in the current and next fiscal years will ...
Gibbs Misleads Public on Obama’s Broken Tax Pledge
Post Date: 2010-07-27 22:00:04 by A K A Stone
3 Comments
White House spokesman Robert Gibbs seems to have forgotten that his boss has already broken his central campaign promise – a “firm pledge” that “no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
Responding to a question during his daily press briefing today, Gibbs said, “The President believes raising taxes on the middle class during this economic time would not make a lot of economic sense.”
But President Obama has already broken his “firm pledge” at least eight times:
1. Federal Tobacco Tax Hike: On Feb. 4, 2009, just sixteen days into his presidency, ...
Jindal rallies Louisianans to oppose the feds’ drilling moratorium
Post Date: 2010-07-27 16:31:36 by no gnu taxes
31 Comments
Via Cubachi, two minutes of pure candy. Maybe my expectations were too low because I’d never seen him address a crowd before and still remember his, er, unfortunate performance following Obama’s SOTU speech a few years ago, but I’m stunned by how effective he is here even in a clip this brief. With the exception of Christie, no Republican governor’s done more over the last three months to impress the righty base, I think, than this guy has. Sometimes it takes a crisis to show what a leader can do. If you rise to the occasion, you look like Bobby Jindahl, if you don’t, you look like Barack Obama. As Vince Lombardi said, when the going gets tough, the tough get ...
Oil Spill Timeline - Shows President Tarball's Ambivalence and Lack of Caring
Post Date: 2010-07-27 16:18:36 by no gnu taxes
0 Comments
Oil Spill Timeline from RightChange on Vimeo.
ADL Audit: Anti-Semitic Incidents At ‘Troubling’ Level
Post Date: 2010-07-27 15:36:26 by Brian S
4 Comments
(JTA) -- The number of anti-Semitic incidents in the United States remained at a "sustained and troubling" level, according to the Anti-Defamation League's annual audit. The 2009 audit of anti-Semitic incidents, released Tuesday, recorded 1,211 incidents of vandalism, harassment and physical assaults against Jewish individuals, property and community institutions across the U.S. last year. The number fell from the 1,352 incidents reported in 2008, but some of the decline was likely because of revised methodology for reporting and tracking incidents that was unveiled in the '09 audit, the ADL said. In the latest audit, the incidents include 29 physical assaults on Jewish ...
Wildlife Soaked In Oil, Odor Spreads After Pipeline Leaks 840K Gallons Into Kalamazoo River (MI)
Post Date: 2010-07-27 15:30:05 by Brian S
3 Comments
MARSHALL TOWNSHIP, Mich. — Officials say 840,000 gallons of oil has leaked from a pipeline into a creek that flows into the Kalamazoo River in southwest Michigan, threatening wildlife and introducing a pungent odor to the area. Tom Fridel, general manager for Enbridge Liquids Pipelines, says a malfunction caused the leak in the 30-inch pipeline Monday. Houston-based Enbridge and the Calhoun County Sheriff’s Office of Emergency Management says the pipeline pumps were shut down as soon as the leak was discovered. The pipeline carries about 8 million gallons of oil a day from Griffith, Ind., to Sarnia, Ontario. The oil spilled into Talmadge Creek, which flows northwest into the ...
2nd Oil Spill in the Gulf of Mexico After Boat Crashes into Oil Well
Post Date: 2010-07-27 15:28:22 by Brian S
2 Comments
Fox News is being told by the Homeland Security director for Jefferson Parish, La., that a new oil leak has sprung up in the Gulf of Mexico after a boat struck an oil well in the early morning hours on Tuesday. A tugboat or other workboat collided with the well near Bayou St. Dennis, La., shearing off its valve structure and releasing pressurized natural gas and light oil, DHS official Deano Bonano told Fox News. Cleanup workers are currently booming off the area and the scene at sea has been taken over by federal agents. The U.S. Coast Guard, Jefferson Parish police and fire officials, as well as Vessels of Opportunity boats have all been dispatched to the scene. Federal officials do ...
Jindal Calls President Tarball's Actions in Gulf a ‘War’ on Louisiana
Post Date: 2010-07-27 14:05:38 by no gnu taxes
19 Comments
Governor Bobby Jindal gives a speech at the Rally For Economic Survival in Lafayette, Louisiana. Over 11,000 people gathered at the Cajun Dome to protest what they say is an assault on Louisiana’s economy by President Barack Obama. “The fact that the federal government can’t do its job shouldn’t cost thousands of Louisianans OUR jobs.”
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