Latest Articles: Economy
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Now wiTh The UniTed StaTes Taken ouT --- They have a glide paTh To “build iT back beTTer” / “susTainabiliTy” / “social justTce” us --- inTo “The GreaT ReseT
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Will Obama Outmaneuver the GOP Again?
Post Date: 2011-07-15 14:34:31 by jwpegler
The debt showdown in D.C. is getting really nasty. This week Obama upped the ante by claiming that if the debt ceiling isn't raised, the government might not be able to send out Social Security checks. This is an old Democrat scare tactic. Whenever there is a budget battle at any level of government, unscrupulous Democrat politicians hold up the programs that would be most painful to cut as a way to scare voters to put pressure on the GOP to cave into their demands. The GOP shouldn't fall for it any longer. The Federal government is expected to take in $179 billion in revenue in August. Interest on the debt, Social Security, Medicare, and military salaries will add up to $143 ...
Boehner: No Debt Limit Solution Til After Vote On Balanced Budget Amendment
Post Date: 2011-07-15 12:58:49 by jwpegler
Whatever the ultimate outcome of the debt limit fight, the theatrics will continue in the House of Representatives for another week or so. Scores of House Republicans say they won't vote to raise the debt limit unless a Constitutional balanced budget amendment has been sent off to the states for ratification. And so whatever Speaker John Boehner (R-OH) and other Congressional leaders decide about the real path ahead, he'll hold votes next week on a major spending cut and spending cap plan that includes a hike in the debt ceiling, and, separately, on a balanced budget amendment. The latter would require a two-thirds vote in both the House and Senate and, in its current form, stands ...
Call Obama’s bluff [Full Thread]
Post Date: 2011-07-15 12:04:22 by jwpegler
President Obama is demanding a big long-term budget deal. He wont sign anything less, he warns, asking, If not now, when? How about last December, when he ignored his own debt commissions recommendations? How about February, when he presented a budget that increases debt by $1041;trillion over the next decade? How about April, when he sought a debt-ceiling increase with zero debt reduction attached? All of a sudden hes a born-again budget balancer prepared to bravely take on his own party by making deep cuts in entitlements. Really? Name one. Hes been saying forever that hes prepared to discuss, engage, converse about entitlement cuts. But never ...
“God, Gold, and Guns”: Right-Wing Whackjobs, Shameless Hucksters, and Economic Fraud [Full Thread]
Post Date: 2011-07-15 10:50:58 by Godwinson
God, Gold, and Guns: Right-Wing Whackjobs, Shameless Hucksters, and Economic Fraud July 28, 2010 by Kevin T. Keith Its hard to keep track of the craziness on the right birtherism, creationism, secessionism, supply- sideism, the Gold-Fringed Flag conspiracy . . . the range of delusions they gin up to obsess over and rile each other up about is so broad and ever-changing that you cant keep it straight. But weird economic fads, often fraudulent, are part and parcel among it all. I dont mean just large-scale weirdness, like voodoo economics and the constant yammering about socialism. Here Im talking about retail-level con games ...
Return of the Gold Standard as world order unravels
Post Date: 2011-07-15 00:32:50 by Hondo68
As the twin pillars of international monetary system threaten to come tumbling down in unison, gold has reclaimed its ancient status as the anchor of stability. The spot price surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train. Gold surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train. Photo: AP On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save - Spain and Italy - though RBS thinks a 3.5 trillion rescue fund would ensure survival of Europe's currency union. On the other side, the recovery has sputtered out and the printing presses ...
Democrats ... Faking Debt Ceiling Crisis in Order to --- Continue Irresponsible Spending
Post Date: 2011-07-14 15:04:13 by BorisY
Democrats Faking Debt Ceiling Crisis in Order to Continue Irresponsible Spending 7/13/2011 Rachel Alexander President Obama and the Democrats are issuing dire warnings that the U.S. may default on its debts if the debt ceiling is not increased. This is a false threat. If the debt ceiling is not increased by August 2, it is highly unlikely that even one member of Congress would vote to stop paying on debt owed. They would not dare to be seen as voting to stiff other countries on money owed them by the U.S. Defaulting on our debt is a red herring argument Democrats are using to force people into thinking our only choices are raising the debt ceiling or raising taxes by closing tax ...
CBS: Most Americans oppose raising debt limit
Post Date: 2011-07-14 14:52:13 by jwpegler
Despite Obama administration warnings that failing to do so would devastate the economy, a clear majority of Americans say they oppose raising the debt limit, a new CBS News/New York Times poll shows. Just 27 percent of Americans support raising the debt limit, while 63 percent oppose raising it. Eighty-three percent of Republicans oppose raising the limit, along with 64 percent of independents and 48 percent of Democrats. Support for raising the debt limit is just 36 percent among Democrats, and only 14 percent among Republicans. Seven in ten who oppose raising the debt limit stand by that position even if it means that interest rates will go up. Poll: Approval ratings for Obama, ...
Lights Out… Democrats Block Repeal of Lightbulb Ban – Vote Gives Jobs to China
Post Date: 2011-07-13 16:09:45 by BorisY
Democrats Block Repeal of Lightbulb Ban Vote Gives Jobs to China Jul 13, 2011 Jim Hoft House democrats blocked the repeal of the light bulb ban. A majority of Americans oppose the governments unpopular and unnecessary ban on incandescent bulbs and infringement on choice. On January 1 2012, 100 watt incandescent bulbs will become illegal, with lower wattages to follow. The democrats just voted to give jobs to China. The Politico reported: House lawmakers Tuesday stymied an initial effort by Republicans to put an end to infamous light bulb efficiency standards. The bill from Rep. Joe Barton (R-Texas) to repeal part of a 2007 energy law requiring ...
Satyajit Das: “Progress” of the European Debt Crisis
Post Date: 2011-07-13 09:57:01 by lucysmom
In Oscar Wildes Importance of Being Earnest, Lady Bracknell memorably remarks that: To lose one parent
may be regarded as a misfortune; to lose both looks like carelessness. The Euro-zones need to rescue three of its members (Greece, Ireland and Portugal) with three others increasingly eyed with varying degrees of concern (Spain, Belgium and Italy) smacks of institutionalised incompetence. snip In Greece, the austerity program has led to a deep recession with Gross Domestic Product (GDP) falling by 4.5% in 2010 and forecast to fall by over 3.0% in 2011, a result worse than the IMF plan forecast. Unemployment, currently around 15%, is expected to ...
Doug Smith: The Maximum Wage
Post Date: 2011-07-12 10:54:37 by lucysmom
We face severe and growing income inequality with negative effects on people and the economy. Yet, no surprise, the cant do right wing continues a scorched earth campaign against the minimum wage. These self-promoting haters actually prefer no wages and indentured servitude for example using prisoners to replace employees and cheerfully promoting internships for the unemployed. They glory in income inequality and wish it to expand instead of contract. Enough of that. They are destroyers of the American Dream. But people who seek to shrink income inequality to insure life, liberty and the pursuit of happiness for all and not just some must ...
No, We Can’t? Or Won’t?
Post Date: 2011-07-11 11:37:05 by lucysmom
If you were shocked by Fridays job report, if you thought we were doing well and were taken aback by the bad news, you havent been paying attention. The fact is, the United States economy has been stuck in a rut for a year and a half. Yet a destructive passivity has overtaken our discourse. Turn on your TV and youll see some self-satisfied pundit declaring that nothing much can be done about the economys short-run problems (reminder: this short run is now in its fourth year), that we should focus on the long run instead. This gets things exactly wrong. The truth is that creating jobs in a depressed economy is something government could and should be ...
Veterans face high unemployment after military service
Post Date: 2011-07-11 10:07:44 by Skip Intro
Many lack the college degrees that employers are seeking. The jobless rate for veterans who served at any time since September 2001 was 13.3% in June. Unemployment among recently returned veterans, already in double digits, is poised to get worse as more soldiers return from Iraq and Afghanistan. The jobless rate for veterans who served at any time since September 2001 called Gulf War-era II veterans was 13.3% in June, up from 12.1% the month before, according to the Bureau of Labor Statistics. In June 2010 it was 11.5%. The difficulties veterans face in finding work was in evidence Sunday at the Hiring Our Heroes job fair at Sony Pictures Studios in Culver City, where ...
Stocks dive after dismal June jobs report
Post Date: 2011-07-08 13:32:16 by Hondo68
Stock indexes fell sharply Friday, erasing most of the week's gains, after a dismal report on the job market stifled hopes for a quick economic rebound. U.S. employers created only 18,000 net jobs in June, the fewest in nine months and a fraction of what many economists expected. Private companies added jobs at the slowest pace in more than a year. The unemployment rate edged up to 9.2 percent, its highest level this year. A broader measure of weakness in the labor market was even worse. Among Americans who want to work, 16.2 percent are either unemployed or unable to find full-time jobs. That was up from 15.8 percent in May. The Standard & Poor's 500 index dropped 15 points ...
The Economy Cannot Recover As Long As Inequality Continues to Skyrocket ... But Government Policy Is INCREASING Inequality
Post Date: 2011-07-07 11:34:03 by mininggold
The Economist noted in January: Hu Jintao, David Cameron, Warren Buffett and Dominique Strauss-Kahn ... have all worried, loudly and publicly, about the dangers of a rising gap between the rich and the rest. *** A new survey by the World Economic Forum, whose annual gathering of bigwigs in Davos begins on January 26th, says its members see widening economic disparities as one of the two main global risks over the next decade (alongside failings in global governance). Numerous prominent economists in government and academia have all said that large inequalities can cause - or at least contribute to - financial crises, including: Robert Shiller Joseph Stiglitz John ...
Ron Paul’s Surprisingly Lucid Solution to the Debt Ceiling Impasse
Post Date: 2011-07-05 21:15:10 by jwpegler
Representative Ron Paul has hit upon a remarkably creative way to deal with the impasse over the debt ceiling: have the Federal Reserve Board destroy the $1.6 trillion in government bonds it now holds. While at first blush this idea may seem crazy, on more careful thought it is actually a very reasonable way to deal with the crisis. Furthermore, it provides a way to have lasting savings to the budget. The basic story is that the Fed has bought roughly $1.6 trillion in government bonds through its various quantitative easing programs over the last two and a half years. This money is part of the $14.3 trillion debt that is subject to the debt ceiling. However, the Fed is an agency of the ...
Christina Romer: Good Democrat, Bad Economist
Post Date: 2011-07-04 20:05:48 by CZ82
Christina Romer: Good Democrat, Bad Economist Randall Hoven Christina Romer, President Obama's first chief of his Council of Economic Advisers, is now advocating tax hikes, saying that federal spending cuts would be worse for the economy than tax hikes. Coming from just any Democrat, this would not be news. This is news because Ms. Romer did an academic study, with her husband David that showed how harmful a tax increase would be to the economy. I wrote about her original study, in which she concluded that a tax increase of 1% of GDP would cause a recession and then a permanent decrease in real GDP of 1.84%. She had also done previous academic studies which concluded fiscal ...
Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job (causing the economy to shed jobs)
Post Date: 2011-07-04 10:26:30 by Hondo68
The stimulus is now causing the economy to shed jobs.When the Obama administration releases a report on the Friday before a long weekend, its clearly not trying to draw attention to the reports contents. Sure enough, the Seventh Quarterly Report on the economic impact of the stimulus, released on Friday, July 1, provides further evidence that President Obamas economic stimulus did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.The report was written by the White Houses Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged ...
Down on the Fourth of July: the United States of gloom (unprecedented uncertainty and self-doubt)
Post Date: 2011-07-03 22:26:08 by Hondo68
The Stars and Stripes flying in Beaufort, South Carolina. Photo: Toby Harnden NEWS REVIEW: Americas deepening recession and widespread pessimism about the countrys prospects add a bitter note to Independence Day, reports Toby Harnden, US Editor. Across America today, people will gather for barbecues in their backyards, parades through their towns and firework displays lighting up the night sky. Theyll be celebrating Independence Day the birthday of the United States and the 235th anniversary of shaking off the oppressive yoke of British rule. On this day in 1776 a group of 13 colonies broke away to found a new nation free to govern itself as it saw fit, pledging ...
Andrew Sheng Says Sustainability Means Caging Godzillas
Post Date: 2011-07-01 20:14:11 by lucysmom
Andrew Sheng, Chief Adviser to the China Banking Regulatory Commission, is wonderfully straightforward and realistic for an economist. He is willing to say, as he does in this video, things that are obvious yet somehow unacceptable to fess up to in policy circles, like the planet simply cannot support 3 billion people in Asia living European lifestyles. He warns of the danger of creating the mother of all crises if governments cannot stem the tide of leveraged capital flows, and also discusses the role of China on the global stage. Enjoy! Click for Full Text!
U.S. ISM Manufacturing Index Rose to 55.3 in June From 53.5...GOP In Mourning For Expanding Economy
Post Date: 2011-07-01 10:37:40 by war
July 1 (Bloomberg) -- The Institute for Supply Managements factory index unexpectedly rose to 55.3 in June from 53.5 the prior month, the Tempe, Arizona-based group said today. Economists projected the gauge would drop to 52, according t o the median forecast in a Bloomberg News survey. Estimates of the 77 economists ranged from 49 to 55. Other figures today showed manufacturing growth is slowing from China to Europe. Chinas factory index fell in June to the weakest level since February 2009, while in the 17-nation euro area, a gauge slipped to an 18-month low. German manufacturing expanded at the slowest pace in 17 months, while Italy, Ireland, Spain and Greece contracted.
Fed Scorecard: Five Ways QE2 Worked—And Where It Failed
Post Date: 2011-06-30 22:02:06 by Sebastian
Fed Chairman Ben Bernanke launched the program with hopes that it would create a wealth effecta rise in asset prices that would help convince Americans that the financial crisis had passed and better days were ahead. No doubt there has been a considerable rise in a variety of assets, and if youre lucky enough to own them you probably did quite well in the eight months since the central bank launched the second wave of easing, known as QE2 in market lingo. But if you were one of those stuck in the mud of the housing market downturn and jobs slump, you didnt do nearly as well. A look, then, at five areas where QE2 workedand five were it failed. WHERE IT ...
Bad News For The GOP: Manufacturing Report RISES Unexpectedly [Full Thread]
Post Date: 2011-06-30 09:46:55 by war
June 30 (Bloomberg) -- The Institute for Supply Management- Chicago Inc. said today its business barometer unexpectedly rose to 61.1 in June from 56.6 a month earlier. Figures greater than 50 signal expansion. Economists projected the gauge would drop to 54, according to the median estimate in a Bloomberg News survey. Another report today showed the labor market is struggling to improve as more Americans than forecast filed first-time applications for unemployment benefits. Jobless claims dropped by 1,000 to 428,000 last week, the Labor Department said. Economists surveyed by Bloomberg projected 420,000 claims, according to the median estimate. For Related News and Information: Click ...
Pending Sales of U.S. Existing Homes Increased 8.2% in May
Post Date: 2011-06-29 10:02:27 by war
June 29 (Bloomberg) -- More Americans than forecast signed contracts in May to buy previously owned homes, signaling the residential real estate market may be rebounding from a slump earlier in the year. The index of pending home resales increased 8.2 percent from April after a revised 11 percent drop the prior month that was smaller than initially reported, the National Association of Realtors said today in Washington. Economists forecast a 3 percent increase, according to the median estimate in a Bloomberg News survey. Falling home prices that make properties more affordable may be luring potential buyers into the market even as 9.1 percent unemployment and stringent loan terms hold ...
Concept of property rights may come naturally to preschoolers (socialism unnatural)
Post Date: 2011-06-26 01:06:12 by Hondo68
Kids own up to ownership WASHINGTON Young children are possessed by possessions. Preschoolers argue about what belongs to whom with annoying regularity, a habit that might suggest limited appreciation of what it means to own something. But its actually just the opposite, psychologist Ori Friedman of the University of Waterloo in Canada reported on May 28 at the Association for Psychological Science annual meeting. At ages 4 and 5, youngsters value a persons ownership rights say, to a crayon far more strongly than adults do, Friedman and psychology graduate student Karen Neary found. Rather than being learned from parents, a concept of property rights may ...
Bernanke Admits He’s Clueless On Economy’s Soft Patch
Post Date: 2011-06-23 04:07:29 by Happy Quanzaa
In his second post-FOMC press conference, Fed Chairman Ben Bernanke touched on every topic, admitting that the recovery was weaker than expected and that beyond temporary factors like supply chain disruptions in Japan and high energy prices, he was at a loss as to what was causing the soft patch. In a Q&A session with reporters, Bernanke said... Click for Full Text!
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