Latest Articles: Business
Paul Krugman is Dead Wrong: Debt Matters
Post Date: 2012-01-10 13:25:04 by Capitalist Eric
Shah Gilani writes: Paul Krugman, the Princeton University economics professor, Nobel Prize winner, and regular New York Times op-ed contributor says, "Debt matters, but not that much." Not only is he off the reservation on this one, but he's completely fallen off his high horse. In the real world, debt actually matters a lot. In a Houston Chronicle opinion piece last week, Krugman, riding his horse - whose name might as well be Liberal Conscience - trampled conservatives under the guise of an economics lesson that derided "deficit-worriers" for wrongly seeing "America as being like a family that took out too large a mortgage, and will have a hard time ...
Wholesale Inventories in U.S. Rise 0.1%; Sales Gain 0.6%
Post Date: 2012-01-10 11:56:27 by Brian S
Inventories at U.S. wholesalers rose less than forecast in November as distributors struggled to keep up with demand, a sign gains in manufacturing will keep the economy growing. The 0.1 percent increase in inventories followed a 1.2 percent revised gain in October, Commerce Department figures showed today in Washington. Economists projected a 0.5 percent rise, according to the median estimate in a Bloomberg News survey. Sales climbed 0.6 percent in November. Wholesalers kept enough goods on hand to last 1.15 months at the current sales pace, close to the record low of 1.13 months reached in March last year. More spending on holiday items after stockpiles were drawn down in the third ...
Chris Cook: Naked Oil
Post Date: 2012-01-10 11:00:41 by lucysmom
snip But since all of this short term micro manipulation or trading (choose your language) has been going on among consenting adults in a wholesale market inaccessible to the man in the street. It is pretty much a zero sum game, and for many years the UK regulators responsible for it ie the Financial Services Authority and its predecessor have essentially ignored it, with a light touch wholesale market regime. If the history of commodity markets shows us anything it is that if producers can manipulate or support prices then they will, and there are many examples of which the classic cases are the 1985 tin crisis, and Yasuo Hamanakas 10 year ...
Foreign Central Banks Dumping U.S. Treasury Bonds, Treasure From Treasuries
Post Date: 2012-01-08 09:11:50 by Capitalist Eric
Holdings of U.S. Treasurys (sic) by foreign central banks has fallen by a record amount over the past four weeks according to the latest Federal Reserve data. The net $69 billion drop in Treasury holdings registered at the Fed by foreign official institutions comes as benchmark yields ended 2011 near record low levels
The decline in foreign holdings of Treasurys (sic) in recent weeks has not resulted in higher yields and lower prices because other investors have sought the safety of US debt. Foreign Central Banks Cut Treasury Holdings by Record The Financial Times, www.cnbc.com, 12/30/11 Foreign Central Bank holdings of U.S. Treasuries have ...
Bloomberg Hides Government Causes of Financial Crisis
Post Date: 2012-01-07 09:51:30 by CZ82
Bloomberg Hides Government Causes of Financial Crisis By Peter Ferrara on 1.4.12 @ 6:08AM Media propagandists continue to advance the Democratic Party line. On December 21, Bloomberg News breathlessly reported, "The leading Republican candidates for president have embraced an explanation of the financial crisis that has been rejected by the chairman of the Federal Reserve, many economists and even three of the four Republicans on the government commission that investigated the meltdown." Reporter David J. Lynch further explained, "Both former House Speaker Newt Gingrich and former Massachusetts Governor Mitt Romney lay much of the blame on U.S. government housing ...
Federal Reserve Secretly Bails Out European Banks ... Again
Post Date: 2012-01-05 18:09:46 by CZ82
Federal Reserve Secretly Bails Out European Banks ... Again Written by Raven Clabough Friday, 30 December 2011 12:15 Despite assertions from Federal Reserve officials that the United States would not play a role in bailing out European banks, that is exactly what has happened again. Earlier in the month, Federal Reserve Chairman Ben Bernanke (left) told the U.S. Senate that the Fed had no intention of bailing out the European banks, indicating that he doesnt have the intention or the authority to do so. Senator Bob Corker (R-Tenn.) said Bernanke made it very clear in closed door comments that the central bank would not be rescuing European ...
Insurers Profit From Health Law They Fought
Post Date: 2012-01-05 13:12:36 by Brian S
Insurance companies spent millions of dollars trying to defeat the U.S. health-care overhaul, saying it would raise costs and disrupt coverage. Instead, profit margins at the companies widened to levels not seen since before the recession, a Bloomberg Government study shows. Insurers led by WellPoint Inc. (WLP), the biggest by membership, recorded their highest combined quarterly net income of the past decade after the law was signed in 2010, said Peter Gosselin, the study author and senior health-care analyst for Bloomberg Government. The Standard & Poors 500 Managed Health-Care Index rose 36 percent in the period, four times more than the S&P 500. The industry that ...
U.S. Jobless Claims Dip As Hiring Starts Up
Post Date: 2012-01-05 11:50:30 by Brian S
Two gauges of the U.S. economy showed the number of Americans receiving government jobless benefits dropping, as the private sector started hiring at a faster pace in more than a decade Thursday. The Department of Labor said 372,000 Americans applied to receive unemployment benefits in the week ended December 31. That was a decline of 15,000 from the previous week and an encouraging sign for economists, who say the figure must get below 400,000 and stay there to indicate any real progress is being made in the U.S. job market. The U.S. unemployment rate currently stands at 8.6 per cent. The positive government data echoes another closely watched jobs indicator also released Thursday, the ...
U.S. Companies Added 325,000 Jobs: ADP
Post Date: 2012-01-05 11:44:47 by Brian S
Companies added more workers than forecast in December, a sign that the U.S. labor market was gaining momentum heading into 2012, according to a private report based on payrolls. The 325,000 increase was the highest in records going back to 2001 and exceeded the highest projection in a Bloomberg News survey after a revised 204,000 gain the prior month, the report from the Roseland, New Jersey-based ADP Employer Services showed today. The median estimate called for an advance of 178,000. An acceleration in hiring may spur further gains in consumer spending, which accounts for about 70 percent of the worlds largest economy. A Labor Department report tomorrow may show payrolls rose by ...
GM Leads U.S. Automakers in December to Post the Best Sales Year Since ’08
Post Date: 2012-01-04 12:02:20 by Brian S
General Motors Co. (GM), Ford Motor Co. (F), Chrysler Group LLC reported December vehicle sales that beat analysts estimates, capping the U.S. auto industrys best year since 2008. Auto sales increased as consumer confidence reached an eight-month high in December, and carmakers aired holiday ads and continued promotions begun in late November. The U.S. automakers rallied in 2011, two years after GM and Chrysler emerged from U.S.-backed bankruptcies. Also during the year, GM reclaimed the top spot in world vehicle sales from Toyota Motor Corp., and automakers announced plans to hire or rehire at least 25,000 workers in the U.S. by 2015. There is just a tremendous amount ...
Demand for Factory Goods Rises Most in 4 Months
Post Date: 2012-01-04 11:46:16 by Brian S
Orders to American factories rose in November by the most in four months, showing gains in manufacturing will help the economy grow. Bookings for factory goods (TMNOCHNG) rose 1.8 percent after a revised 0.2 percent drop the prior month, data from the Commerce Department showed today in Washington. Demand for aircraft, autos and metals compensated for a drop in computers and electronics. Improving consumer spending combined with lean inventories indicate production (IPMGCHNG) will continue to increase, bolstering economic growth in early 2012. Slowing demand for capital goods like computers is a sign business investment will cool this year, reflecting concern over a slowdown in global ...
Proposed Changes In Federal Child Labor Laws Could Affect Life On Jackson County Farms
Post Date: 2012-01-03 15:33:21 by Brian S
For about as long has he can remember, Jeremy Spink has been pitching in at his familys farm. On a recent afternoon, he sat behind the wheel of a tractor and steered baled corn husks into his fathers barn in Liberty Township to spread out for four calves a few of the dozens of animals he helps care for. You never have your kids do chores; you do chores with your kids, said his father, Jim Spink, as he watched his son begin to tear apart the bale. But Jeremy, 14, might be barred from completing some of those chores if proposed changes to child labor laws that focus on farm work are approved. Officials with the U.S. Department of Labor have said the changes ...
More Awful PR For Bank Of America As They Start Cutting Off Credit To Mom And Pop Businesses
Post Date: 2012-01-03 13:28:55 by Brian S
Apparently Bank of America has totally given up on winning hearts and minds. Because according the L.A. Times, the embattled bank is cutting off credit to small businesses in droves maybe even in the hundreds of thousands. Take, for instance, Babak Zahabizadeh, the owner of a Burbank, California messaging service. He was told in a letter that he needed to pay off his $96,000 loan by January 25th or (another option) he could pay it off in 2 years at a 12% interest rate. That would make his payment 10 times his current payment. Via the L.A. Time:"I was like, 'Dude, you're calling a guy who's barely surviving!' " said Zahabizadeh. "My final word was that ...
Auto Dealers’ Best December in Five Years
Post Date: 2012-01-03 12:17:39 by Brian S
U.S. consumers, who are more confident than they have been in eight months, were lured to auto showrooms by holiday discounts and may have pushed car sales to the second fastest pace in more than two years. From Thanksgiving on, theyve been very aggressive, Bob Tasca, whose family owns Ford, Lincoln, Mazda and Volvo dealerships in Rhode Island and Massachusetts, said of automaker discounts. Weve had the best deals of the year. Tasca said he expects his best December in five years. Light-vehicle sales in December, set for release tomorrow, may have run at a 13.4 million seasonally adjusted annual rate (SAARTOTL), the average estimate of 13 analysts ...
U.S. Auto Sales Seen Continuing To Rebound In 2012
Post Date: 2012-01-02 17:01:20 by Brian S
After hitting a 30-year low in 2009, U.S. auto sales are poised for a second straight year of growth in 2012 the result of easier credit, low interest rates and pent-up demand for cars and trucks created by the Great Recession. The sales forecast bodes well for the industry's continued recovery and for the broader American economy. Just two years ago, Detroit automakers were in peril. Car sales plunged as unemployment soared, and loans became harder to get. Chrysler and General Motors filed for bankruptcy protection. Ford avoided bankruptcy only by borrowing billions. Now credit is easier to get, interest rates are still low and Americans need to replace old cars and trucks ...
Gold Bugs’ Unmerry Christmas: But Radical Bugs Say They Know Why
Post Date: 2012-01-02 13:42:25 by Brian S
NEW YORK (MarketWatch) Santa brought the gold bugs quite a present last week. It was very big and extremely nasty. But maybe they can send it back. From the previous Fridays close to the low on Thursday, the CME February gold contract (CNS:GC2G) plunged $82.10 or 5.1%. The gold shares, as tracked by the NYSE Arca Gold Bugs Index (NAR:XX:HUI) , were down 6.6% at their worst. Recoveries into the weeks end enabled gold to finish down only 2.44% and the HUI down 2.54%. But by then, no doubt, most gold bulls were disgustedly drowning their sorrows. This was the reverse of what was supposed to happen. Thus, on the Friday before Christmas, the Japanese bullion dealer Mitsui ...
In a first, gas and other fuels are top US export
Post Date: 2012-01-02 10:52:05 by lucysmom
NEW YORK (AP) For the first time, the top export of the United States, the world's biggest gas guzzler, is wait for it fuel. Measured in dollars, the nation is on pace this year to ship more gasoline, diesel, and jet fuel than any other single export, according to U.S. Census data going back to 1990. It will also be the first year in more than 60 that America has been a net exporter of these fuels. Just how big of a shift is this? A decade ago, fuel wasn't even among the top 25 exports. And for the last five years, America's top export was aircraft. The trend is significant because for decades the U.S. has relied on huge imports of fuel from Europe in ...
Libertarianism in One Lesson
Post Date: 2011-12-31 01:16:44 by mininggold
Part of the "Critiques of Libertarianism" site. http://world.std.com/~mhuben/libindex.html Last updated 10/25/07. No, this isn't David Bergland's evangelistic text. This is an outsider's view of the precepts of libertarianism. I hope you can laugh at how close this is to real libertarianism! Introduction One of the most attractive features of libertarianism is that it is basically a very simple ideology. Maybe even simpler than Marxism, since you don't have to learn foreign words like "proletariat". This brief outline will give you most of the tools you need to hit the ground running as a freshly indoctrinated libertarian ideologue. Go forth and ...
A Return to Gold?
Post Date: 2011-12-29 22:16:07 by We The People
Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society. . . .The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. John Maynard Keynes This summer marked the 40th anniversary of President Richard M. Nixons decision to sever the U.S. dollars official link to gold. On August 15, 1971, Nixon took to the airwaves in a national address from the Oval Office to declare that the U.S. Treasury ...
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress
Post Date: 2011-12-29 17:35:10 by CZ82
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress By Bob Ivry, Bradley Keoun and Phil Kuntz - Nov 27, 2011 7:01 PM ET The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didnt tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didnt mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an ...
Wall Street Mulls Suicide by Tactical Allocation
Post Date: 2011-12-28 12:57:53 by Capitalist Eric
Not Going Tactical Could Pose Real Business Risks, Advisors Fear
Following the twin market implosions of the past decadefirst tech, then real estatemany retail financial advisors are looking for more tactical, meaning active, asset allocation solutions for client portfolios to dampen volatility, improve total returns and avoid market catastrophes. At least some of them fear that if they dont dramatically change the way they allocate client portfolios, moving away from traditional buy-and-hold investing strategies, they could lose clients. So say a handful of advisors and an investing expert. Things could get especially bad if another bear market hits, says Ron ...
Obamanomics Result in Worst Year of Home Sales in History
Post Date: 2011-12-27 17:39:55 by CZ82
Obamanomics Result in Worst Year of Home Sales in History The national unemployment rate "appears" to have decreased a bit and some reports are hinting that retail sales are up. This is prompted the Obama administration to declare that the economy is showing signs of recovery. First of all, some of the reported drop in unemployment levels is questionable because of how the government fudges the figures and the number of seasonal jobs over the holidays may have skewed the figures. I recall my college statistics professor telling us that anyone that understands statistics can make the data say whatever they want it to say, so Im very hesitant when Obamas people are ...
Finally, A Rich American Destroys The Fiction That Rich People Create The Jobs [Full Thread]
Post Date: 2011-12-17 22:19:37 by lucysmom
In the war of rhetoric that has developed in Washington as both sides blame each other for our economic mess, one argument has been repeated so often that many people now regard it as fact: Rich people create the jobs. Specifically, entrepreneurs and investors, when incented by low taxes, build companies and create millions of jobs. And these entrepreneurs and investors, therefore, the argument goes, can solve our nation's huge unemployment problem if only we cut taxes and regulations so they can be incented to build more companies and create more jobs. In other words, by even considering raising taxes on "the 1%," we are considering destroying the very mechanism ...
Obama and the Financial Criminals
Post Date: 2011-12-15 08:58:02 by CZ82
Obama and the Financial Criminals By Bernie Reeves At least CBS's 60 Minutes is on to the national fury at the fact that the criminals who brought down the American economy have not been identified personally and brought before the bar of justice. But a week after a broadcast that bored in on the issue, interviewer Steve Croft let Barack Obama off the hook when the president disingenuously stated that the financial shenanigans by Fannie Mae, Freddie Mac, and banking firms were legal -- that his administration was instrumental in passing new regulations encompassed in the Dodd-Frank legislation to prevent it happening again. Wait a minute. It is now known that Fannie and Freddie, the ...
“Let Them Eat Pink Slips”: CEO Pay Shot Up in 2010
Post Date: 2011-12-14 18:42:52 by lucysmom
One of the big differences between private companies and public ones is private ones care a lot more about preserving their franchise, which includes their staff. In the old days of Wall Street (which I do not romanticize as a golden era, but man, it looks better than what we have now) partner would take bare bones pay in bad years to keep comp level for everyone else adequate. Similarly, in the 1970s and 1980s, when a company faced headwinds, and in particular, had to cut staff, it would be seen as a sign of poor leadership to a CEO to raise his pay. Now that a two decades of executive pay increases way in excess of economic fundamentals and stock price increases have firmly established ...
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