Latest Articles: Business
Marketplace Fairness Act
Post Date: 2012-05-14 09:13:48 by CZ82
Tech at Night: Q&A with with Steve Scalise on Retransmission Consent; Snyder backs Marketplace Fairness Act; Lieberman-Collins gets opposition Posted by Neil Stevens Saturday, May 12th at 1:30PM EDT I know many RedState readers are big fans of Jim DeMint, so in my coverage of the Retransmission Consent debate, Ive focused on him. However hes not the whole story. This Congress, due to the TEA party-driven Republican majority, its been the House where our major regulatory reform successes have happened. And its Steve Scalise, Republican of Louisiana and Bobby Jindals successor in the House, who is the champion of the Next Generation TV Marketplace Act ...
Some Ala. Farmers Plant Fewer Crops, Say Immigration Crackdown Drove Away Workers To Pick Them
Post Date: 2012-05-13 19:33:23 by Brian S
ONEONTA, Ala. Some Alabama farmers say they are planting less produce rather than risk having tomatoes and other crops rot in the fields a second straight year because of labor shortages linked to the states crackdown on illegal immigration. Keith Dickie said he and other growers in the heart of Alabamas tomato country didnt have any choice but to reduce acreage amid fears there wont be enough workers to pick the delicate fruit. Some farmers lacked enough hands to harvest crops because immigrants fled the state after Gov. Robert Bentley signed the immigration law last fall, and some told The Associated Press they fear the same thing could happen this year. ...
How Wall Street Killed Financial Reform
Post Date: 2012-05-11 11:13:29 by lucysmom
Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he'd dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. "These reforms represent the strongest consumer financial protections in history," the president told an adoring crowd in downtown D.C. on July 21st, 2010. "In history." This was supposed to be the big one. At 2,300 pages, the new law ostensibly rewrote the rules for Wall Street. It was going to put an end to predatory lending in the mortgage markets, crack down on hidden fees and penalties in credit contracts, and create a ...
JPMorgan's Big Surprise: We Lost $2 Billion in 'Egregious Mistakes'
Post Date: 2012-05-10 19:19:10 by Brian S
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said the firm lost about $2 billion on synthetic credit securities after an egregious failure in its chief investment office, which the bank says focuses on hedging. This portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed, the New York-based company said today in a quarterly securities filing. JPMorgan declined 5.5 percent to $38.50 in extended trading at 5:55 p.m. in New York. The chief investment office has been transformed in recent years under Dimon into a unit that makes bigger and riskier speculative bets with the ...
Taxing jobs out of existence
Post Date: 2012-05-10 19:15:01 by CZ82
Taxing jobs out of existence by George F. Will 05/09/2012 BLOOMINGTON, Ind. -- Bill Hewlett and David Packard, tinkering in a California garage, began what became Hewlett-Packard. Steve Jobs and a friend built a computer in the California garage that became Apple's birthplace. Bill Cook had no garage, so he launched Cook Medical in a spare bedroom in an apartment in this university town. Half a century ago, in flight from Chicago's winters, he settled here and began making cardiovascular catheters and other medical instruments. One thing led to another, as things have a way of doing when the government stays out of the way, and although Cook died last year, Cook Medical, with ...
Obama’s Social Darwinism
Post Date: 2012-05-10 18:52:49 by CZ82
Obamas Social Darwinism Written on Thursday, May 10, 2012 by Nathaniel Davidson Last month, the Marxist-in-Chief blasted the Republican budget proposal as thinly veiled social Darwinism. Evidently it was too thinly disguised for anyone but him and his adoring Left-media hacks. In reality, the market is the antithesis of social Darwinism, which in reality has been the domain of the Left. The problem Unfortunately, even most conservative parents send their children to government schools, so they are more likely to fall for Obamas cheap rhetoric. After all, in these schools, members of the fanatically Democratic teachers unions indoctrinate their captive ...
Jobless Claims Fall Again As Labor Market Continues Recovery
Post Date: 2012-05-10 11:24:38 by Brian S
First-time claims for unemployment benefits fell slightly last week, quelling concern that the labor market is healing despite the recent slow down in hiring. Weekly applications fell by 1,000 to a seasonally adjusted 367,000 in the week ended May 5, from the previous week's upwardly revised figure of 368,000, the Labor Department reported Thursday. The four-week moving average, a less volatile measure than the weekly figure, fell for the first time since March, dropping by 5,250 to 379,000, from the previous week's revised average of 384,250. The economy and the trend of employment will play a key role in the November elections. Economists say that when claims drop consistently ...
Auto Sales Rise Puts U.S. on Pace to Best Year Since 2007
Post Date: 2012-05-10 11:20:07 by Brian S
U.S. auto sales are on pace for the best showing since 2007 and a third straight year of at least 10 percent gains, only the fourth such streak since the Great Depression, as more-confident buyers return to showrooms. Automakers are adding overnight shifts and cutting workers vacations to meet demand. Sales this year may reach 14.3 million cars and light trucks, equal to the first-quarter pace, according to estimates from 14 analysts compiled by Bloomberg. It would be the best full year since 16.1 million in 2007. The same analysts in January were expecting sales this year of 13.6 million before Toyota Motor Corp. (7203) and others exceeded projections. Even if we stay where ...
Home Prices Rise in Half of U.S. Cities as Markets Stabilize
Post Date: 2012-05-09 11:11:19 by Brian S
Prices for single-family homes rose in about half of U.S. cities in the first quarter as property markets stabilized. The median price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report today. In the fourth quarter, only 29 areas had gains. The U.S. housing market appears to be bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier, the Realtors said. We have broad shortages of lower-priced homes in much of the country, ...
Fannie Mae Won’t Seek Aid After Reporting $2.7 Billion Profit
Post Date: 2012-05-09 11:10:30 by Brian S
Fannie Mae, the biggest backer of U.S. home loans, said it wont seek Treasury Department aid after reporting net income of $2.7 billion for the first quarter. The Washington-based company, which has operated under U.S. conservatorship since it was seized in September 2008, cited lower credit-related expenses, a decline in serious delinquency rates and a drop in its inventory of owned properties as contributors to the improvement, according to a statement released today. The company has drawn a total of $117.1 billion in aid while under government control. The first-quarter profit reflected a less significant decline in home prices, the company said in a Securities and ...
Gov't Cuts Summer Gasoline Price Forecast
Post Date: 2012-05-08 14:13:44 by Brian S
(05-08) 11:08 PDT NEW YORK, (AP) -- The government says gasoline will be cheaper this summer than previously expected thanks to a drop in the price of oil. The Energy Department says drivers should pay an average of $3.79 per gallon at the pump from April through September. That's down 16 cents from last month's outlook and not that dramatic an increase from last summer's average of $3.71 per gallon. This month's forecast is a reversal from previous warnings of a sharp rise in gasoline prices. The government had said last month that gasoline prices in May could jump above a monthly average of $4.01 per gallon. Oil prices have dropped about $7 per barrel since April 2. ...
U.S. Job Openings Grow in Sign Employers More Optimistic
Post Date: 2012-05-08 11:15:40 by Brian S
Job openings in the U.S. rose in March to the highest level in more than three years, a sign employers may be looking to take on more staff as the economy grows. The number of positions waiting to be filled increased by 172,000 to 3.74 million, the most since July 2008, from a revised 3.57 million the prior month that was larger than previously estimated, the Labor Department said today in a statement posted on its website. Hiring slowed and firings were little changed. Improving prospects may lure more workers into the labor market and help the worlds largest economy cut into the 5 million-job deficit that remains as a result of the recession that ended in June 2009. Faster hiring ...
U.S. To Run First (Monthly) Surplus Since 2008: CBO
Post Date: 2012-05-07 23:06:16 by Brian S
WASHINGTON (MarketWatch) The U.S. government recorded a budget surplus of $58 billion in April, the Congressional Budget Office estimated on Monday, breaking a streak of deficits that began in 2008. The surplus the first of Barack Obamas presidency was the result of both increased tax collection and lower government spending. Before April, the government had not run a surplus since September 2008, the month that the financial crisis struck the U.S. economy. Read CBO report. The CBOs estimate is released before the Treasury Departments monthly budget report. That report is scheduled for later this week. CBO estimated that receipts were $30 billion ...
Volatility Drop to ‘07 Low Means Treasuries Steady Into Election
Post Date: 2012-05-07 11:37:09 by Brian S
The collapse in price swings of U.S. government debt to a four-year low shows increasing investor confidence that yields will stay at about record lows amid growing competition for a dwindling supply of the safest assets. Rates may stay steady beyond June, when the Federal Reserve finishes swapping $400 billion of short-term debt for longer- term securities in a program known as Operation Twist, based on a measure of volatility in three-month options for U.S. 10-year interest-rate swaps. The so-called 3m10y swaption rate is about the lowest since June 2007, when the housing bubble burst. While yields on Treasury due in 10 years or less are below the pace of inflation, demand is at record ...
No Repeating Slowdown Seen by U.S. With Banks to Housing
Post Date: 2012-05-07 11:35:06 by Brian S
The smallest gain in U.S. payrolls in six months need not presage the kind of slowdown that bedeviled the worlds largest economy for the past two years. Rising auto sales, improving bank credit and stabilization of housing are among the signs the economy is more resilient now than it was around the same time in 2010 and 2011, according to Marisa Di Natale, an economist at Moodys Analytics in West Chester, Pennsylvania. From where we sit right now, we think the economy looks fundamentally stronger, Di Natale said. Surveys of business and consumer confidence are better, the labor market data looks a lot better than it did last year, even some of the housing ...
U.S. Payrolls Rose 115,000; Jobless Rate Falls To 8.1%
Post Date: 2012-05-04 09:31:07 by Brian S
By Peter Whoriskey, The unemployment rate dropped a notch to 8.1 percent in April, the Labor Department reported on Friday, but the pace of job growth has fallen off, amid other signs that the economic recovery is losing momentum. The economy added 115,000 payroll jobs in April, a meager showing compared with earlier this year when the jobs tally was rising at twice that rate. The number of unemployed people in the United States declined to 12.5 million in April from 12.7 million the month before. But at least part of the reason behind that decline in the number of unemployed is that many people decided to stop looking for for job: The labor force, defined as the number of people ...
Fed's Plosser: Expects Growth To Continue, Amid More Job Gains
Post Date: 2012-05-03 14:35:22 by Brian S
SANTA BARBARA, Calif. -(Dow Jones)- A veteran Federal Reserve official offered on Thursday an upbeat view of the economy's future path. Describing himself in the "more optimistic camp" relative to the rest of the central bankers' outlook, Federal Reserve Bank of Philadelphia President Charles Plosser said in the text of a speech to be delivered before the University of California Santa Barbara Economic Forecast Project 2012 that he expects continued growth, contained inflation, and job gains. Plosser said he expect the economy to expand by 3% this year and next, and he said he expects "inflation will hover near or slightly above 2% over much of the period." ...
Forget Retirement... and Retirement Savings
Post Date: 2012-05-03 12:47:16 by Capitalist Eric
You've been sold a bill of goods for the last four to six decades. You've been told that nation-states, democracy and socialism is good. You've been told our monetary system prevents instability. And, while the government and central banks put your unborn children or grandchildren into debt for life they've been telling you that there will be a socialist safety net to protect you and that the "American dream" includes retiring in your 50s or 60s to a wonderful life of golf and lying on the beach. It even appeared to work for a short while thanks to demographics and the greatest advances in human history. The baby boom caused by the nation-state (which created ...
AP Survey: Steady Job Gains To Sustain US Recovery; Unemployment rate under 8% by Election Day...
Post Date: 2012-05-03 11:50:25 by Brian S
WASHINGTON (AP) - Hiring through the rest of 2012 will lag the brisk pace set early this year. But it will be strong enough to push the unemployment rate below 8 percent by Election Day. That's the view that emerges from an Associated Press survey of 32 leading economists who foresee a gradually brighter jobs picture. Despite higher gas prices, Europe's debt crisis and a weak housing market, they think the economy has entered a "virtuous cycle" in which hiring boosts consumer spending, which fuels more hiring and spending. The survey results come before a report Friday on hiring during April. The April report is eagerly awaited because employers added surprisingly few ...
Jobless Claims Post Biggest Drop In A Year
Post Date: 2012-05-03 11:40:52 by Brian S
New claims for unemployment benefits tumbled more than expected in the latest week, raising hopes that the job market remains on the mend. The Labor Department said Thursday that seasonally-adjusted claims fell 27,000 to 365,000 in the week ended April 28. It was the largest weekly drop in claims since May of 2011. Claims also were at their lowest since the March 31 week and were well below the 380,000 expected by economists. The four-week moving average gained 750 to 383,500. The prior week's figure was revised up to 392,000 from the previously reported 388,000. The data has no bearing on the government's closely watched employment report for April, to be released on Friday. ...
Disabled Americans Shrink Size of U.S. Labor Force
Post Date: 2012-05-03 11:32:52 by Brian S
Michael White says he wishes he still could pluck the bass line to Hank Williams Jr.s Born to Boogie and pay bills with money he earns himself. High unemployment -- along with ailments that he says render his fingers inoperative and make him cough up blood -- have dashed his hopes. White is among the 1.6 million Americans whove claimed Social Security Disability Insurance, or SSDI, since the 18- month recession began in 2007. When the slump reduced demand for tow-truck drivers, the 60-year-old Fort Myers, Florida, resident, who has also worked as a musician, lost the job hed held for five years and started collecting unemployment benefits. Complications from ...
U.S. Job Creation Nears Four-Year High
Post Date: 2012-05-02 11:50:40 by Brian S
PRINCETON, NJ -- Gallup's Job Creation Index increased to +20 in April from +18 in March. Net new hiring is now at its best level since July 2008 and is near +26 -- the highest score Gallup has recorded since tracking began in January 2008. The April Job Creation Index of +20 is based on 36% of workers nationwide saying their employers are hiring workers and expanding the size of their workforce, and 16% saying their employers are letting workers go and reducing the size of their workforce. This is similar to March, when 35% of workers reported workforce expansion at their place of work, while 17% reported workforce reduction. The current 36% "hiring" figure is the highest ...
Atlas Won’t Shrug: Higher Taxes Won’t Discourage Wealthy From Working Harder
Post Date: 2012-05-01 11:44:13 by Brian S
Atlas wont shrug. Thats the view of economists Emmanuel Saez and Thomas Picketty: They argue higher taxes will not discourage the wealthy from working harder or slow the economy, unlike in Ayn Rands 1957 novel, Atlas Shrugged. Its hero, John Galt, led a strike by industrialists and others against the government, partly because they thought they were too highly taxed. Top 1 percent earners now make 20 times the average, while they made only 10 times the average in the 1970s, Saez, winner of the John Bates Clark young economist award in 2009, said in an e-mail. If they worked hard then, they should continue working hard today, even if they are ...
Chrysler Sales Rise 20 Percent in April 2012, Bolstered By Strong Chrysler Brand Volume
Post Date: 2012-05-01 11:41:54 by Brian S
Chrysler Group today announced a 20-percent year-over-year sales gain for April 2012, and many of the companys models reported record monthly sales volume. Chrysler Group reported total sales of 141,165 vehicles in April, compared to 117,225 a year prior. Chrysler 31,879 sales, up 56 percent April represented the Chrysler brands tenth consecutive month of sales gains, and was the brands best April sales month since 2007. The biggest winner was the Chrysler 300 sedan, which saw sales leap 138 percent year-over-year to 7763 cars. The 200 sedan and convertible enjoyed a solid 61-percent sales increase to 13,343 units, and the Town & Country minivan reported 10,773 ...
Manufacturing Expanded In April At The Fastest Pace In 10 Months
Post Date: 2012-05-01 11:26:59 by Brian S
Manufacturing unexpectedly expanded in April at the fastest pace in 10 months, driven by gains in orders and production that signal the U.S. remains a source of strength for the global economy. The Institute for Supply Managements factory index climbed to 54.8 last month, exceeding the most optimistic forecast in a Bloomberg News survey, from 53.4 in March, the Tempe, Arizona- based groups report showed today. Readings greater than 50 signal growth. The median forecast in the Bloomberg survey called for a drop to 53. Measures of production and orders were the highest in a year. Stronger demand for automobiles is bolstering American manufacturing at a time when factories in ...
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