Latest Articles: Business
Matt Stoller: Why Does the Dallas Fed President Want to Destroy West Coast Port Unions?
Post Date: 2011-12-13 09:20:40 by lucysmom
The FOMC is far more secretive than most government agencies, and after reading the transcripts of its meetings, its not hard to see why. The people that really run the world are not elected, but sit on the Federal Open Market Committee of the Federal Reserve (FOMC). This is the crew of Fed insiders mostly regional reserve bank presidents hired by banks as well as finance-friendly Fed governors appointed by the president who set monetary policy. They are the ones who decide whether interest rates go up or down and whether to heat or cool the economy. You can actually read the deliberations of their meetings, but only for those that took place five years ago or more. ...
The Return of Self-Interest
Post Date: 2011-12-01 17:27:07 by CZ82
The Return of Self-Interest Its time for us to grow up and embrace the virtue of honest ambition. by John Hayward 12/01/2011 On Wednesday, President Obama took another of his many, many taxpayer-funded 2012 campaign junkets to Pennsylvania, which he famously dismissed as a land full of small folk who get bitter and cling to guns or religion or antipathy to people who arent like them, or anti-immigrant sentiment, or anti-trade sentiment as a way to explain their frustrations during his 2008 campaign. Theyre even more bitter and frustrated now, thanks to three years of Obamanomics, but they also seem receptive to instructions that they should ...
Currency Manipulators Created $7 Trillion, Causing The Global Economic Bubble
Post Date: 2011-11-30 16:39:07 by CZ82
Currency Manipulators Created $7 Trillion, Causing The Global Economic Bubble Richard Duncan The single most important development affecting the global economy over the past decade has been the creation of $7 trillion worth of paper money by central banks in developing countries. This explosion of money creation drove up the price of stocks, bonds and commodities - and drove down yields - all around the planet. It caused the Fed to lose control over interest rates and over the economy. In short, this new money (along with the US trade deficit which played a role in its creation) caused the global economic bubble that imploded in 2008. It is mindboggling that Washington, Wall Street and ...
Who Will Bail Out the Fed?
Post Date: 2011-11-29 07:38:31 by CZ82
Who Will Bail Out the Fed? By Jim Rickards, Sr. Managing Dir. Tangent Capital November 23 (King World News) - From Occupy Wall Street to the halls of Congress there is anger at bailouts orchestrated by the U.S. Federal Reserve. These bailouts have not been limited to banks but include brokers, money market funds and foreign corporations. The Fed has released details grudgingly and some disclosures were forced by the Dodd-Frank legislation. Gradually the bailouts have been revealed as if a veil were slowly being drawn to display a densely formed mosaic. The bailouts have enriched stockholders, bondholders and CEOs while unemployment remains at depression levels and forty-six ...
Senate panel asks Corzine to testify on MF Global
Post Date: 2011-11-28 11:56:45 by Fred Mertz
WASHINGTON, Nov 28 (Reuters) - The U.S. Senate Agriculture Committee has asked former MF Global chief Jon Corzine to testify before the panel on Dec. 13, the latest hearing scheduled by lawmakers looking to understand the role of regulators and what led to the firm's collapse. The committee said the hearing would be part of its investigation into MF Global and the ongoing search for hundreds of millions in missing customer funds. "Anyone engaged in wrongdoing in this matter must be swiftly held accountable, to help bring justice to victims and to prevent further erosion of confidence in the financial system," Debbie Stabenow, chairwoman of the Senate Agriculture Committee, ...
NetJets sues IRS for $643 million, seeking ticket-tax refund
Post Date: 2011-11-20 09:12:34 by CZ82
NetJets sues IRS for $643 million, seeking ticket-tax refund By Andrew Welsh-Huggins COLUMBUS A group of private business jet operators is suing the Internal Revenue Service for $643 million, saying the government wrongly applied a ticket tax meant for commercial passengers only. The lawsuit in U.S. District Court in Columbus by four Ohio-based subsidiaries of Columbus-based NetJets Inc. says the ticket tax was not intended to apply to private aircraft owners and the fees they pay to maintain and operate their planes. The companies provide aircraft management services to people and companies that own planes. The companies do not transport these owners, but instead simply ...
How the United States Will Become a 3rd World Country
Post Date: 2011-11-14 19:56:04 by Capitalist Eric
The United States is increasingly similar to a 3rd world county in several ways and is accelerating towards 3rd world status. Economic data indicate a harsh reality that obviates mainstream political debate. The evidence suggests that, without fundamental reforms, the U.S. will become a post industrial neo-3rd-world country by 2032. Fundamental characteristics that define a 3rd world country include high unemployment, lack of economic opportunity, low wages, widespread poverty, extreme concentration of wealth, unsustainable government debt, control of the government by international banks and multinational corporations, weak rule of law and counterproductive government policies. All of ...
Social Security Injustice: US wealth gap between young and old is widest ever
Post Date: 2011-11-13 17:41:48 by jwpegler
The wealth gap between younger and older Americans has stretched to the widest on record, worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt. The typical U.S. household headed by a person age 65 or older has a net worth 47 times greater than a household headed by someone under 35, according to an analysis of census data released Monday. While people typically accumulate assets as they age, this wealth gap is now more than double what it was in 2005 and nearly five times the 10-to-1 disparity a quarter-century ago, after adjusting for inflation. The analysis reflects the impact of the economic ...
Obama gives $433 million no-bid contract for unnecesssary drug to big money donor
Post Date: 2011-11-12 10:39:59 by Happy Quanzaa
Cost, need questioned in $433-million smallpox drug deal A company controlled by a longtime political donor gets a no-bid contract to supply an experimental remedy for a threat that may not exist. Reporting from Washington Over the last year, the Obama administration has aggressively pushed a $433-million plan to buy an experimental smallpox drug, despite uncertainty over whether it is needed or will work. Senior officials have taken unusual steps to secure the contract for New York-based Siga Technologies Inc., whose controlling shareholder is billionaire Ronald O. Perelman, one of the world's richest men and a longtime Democratic Party donor. When Siga complained that ...
IMF Chief Warns World Economy Risks ‘Downward Spiral’
Post Date: 2011-11-09 11:21:16 by Brian S
International Monetary Fund chief Christine Lagarde on Wednesday warned the world risked plunging into a downward spiral of financial instability and urged Asian economies to be on their guard. Lagarde said Asia was not immune to problems currently sweeping the eurozone, as she began a two-day visit to China likely to focus on the deepening debt crisis in Europe. If we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability, she said at the International Finance Forum in Beijing. Lagarde has so far held talks with Chinese central bank governorZhou Xiaochuan on the global economic ...
U.S. Wholesale Inventories Fall as Sales Rise
Post Date: 2011-11-09 11:18:51 by Brian S
Inventories at U.S. wholesalers unexpectedly declined in September for the first time since 2009 as a gain in sales helped distributors keep stockpiles in line with demand. The 0.1 percent decrease in inventories compared with a 0.5 percent gain forecast in the Bloomberg News survey and followed a revised 0.1 percent August rise that was less than initially estimated, Commerce Department figures showed today in Washington. Sales climbed 0.5 percent in September. Wholesalers kept enough goods on hand to last 1.15 months at the current sales pace in September, close to the record low reached earlier this year. Stronger demand along with leaner inventories may encourage manufacturers to ...
GM’s Global Resurgence to No. 1 Symbolizes New World for Automakers: Cars
Post Date: 2011-11-09 11:11:17 by Brian S
Its not just Toyota Motor Corp. (7203)s recalls last year or Japans earthquake driving General Motors Co. (GM) back to being the worlds largest carmaker. Nor is it completely to GMs credit. Whats really happening is a historic shift in the car business. This year, GM is poised to retake the mantle as No. 1 automaker that it fumbled away to Toyota in 2008 as the Detroit giant careened toward bankruptcy. With 6.79 million sales through September of this year, GM leads Toyota by 1 million vehicles. Germanys Volkswagen AG (VOW) is the surprising second with 6.17 million vehicles sold this year. GMs revival has cut short what seemed like ...
Job Openings in U.S. Rise to Three-Year High
Post Date: 2011-11-08 11:09:12 by Brian S
The number of positions waiting to be filled in the U.S. rose in September to the highest level in more than three years, indicating some companies are preparing for an improving economy. Job openings increased by 225,000 to 3.35 million, the most since August 2008, a month before the collapse of Lehman Brothers Holdings Inc. intensified the financial crisis, Labor Department data showed today in Washington. Hiring advanced by 185,000 to 4.25 million, and firings also climbed. Payrolls grew by 80,000 workers in October, and gains in the prior two months were revised up, Labor Department figures showed last week. At the same time, hiring is short of the pace needed to reduce unemployment ...
Mexican Trucks Stay Home After 17-Year Push to Open U.S. Border
Post Date: 2011-11-08 11:07:32 by Brian S
It took 17 years and $2.4 billion in trade tariffs to get the U.S. Transportation Department to let a Mexican long-haul truck cross the border last month. Its unlikely that many more will line up, the head of Mexicos biggest trucking organization said. The governments of Mexico and the U.S. say the 18-month pilot program resolves the issue of how to implement the 1994 North America Free Trade Agreement while keeping unsafe and polluting trucks off the road. Yet enough business barriers remain that trucking companies will probably stick to the solutions theyve developed in the interim, executives in both countries say. Most Mexican trucking companies wont make ...
Confidence at U.S. Companies Rose in October
Post Date: 2011-11-08 11:06:21 by Brian S
Confidence among U.S. small companies rose in October for a second month, reflecting less pessimism about the outlook for sales and the economy, a private survey found. The National Federation of Independent Businesss index climbed to 90.2, the highest level since June, from Septembers 88.9, the Washington-based group said today in a statement. The gauge averaged 88.6 in the 18-month recession that ended in June 2009. Companies are hesitant to hire and boost spending in the face of 9 percent unemployment, falling home prices and constrained credit. Federal Reserve Chairman Ben S. Bernanke last week said the recovery from the 2008-2009 recession will likely remain ...
Bank Transfer Day a Resounding Success for Move Your Money Movement
Post Date: 2011-11-06 18:20:03 by Brian S
Its going to be hard to gauge the actual success of Bank Transfer Day for a while. Not only do we have to wait for record-keeping and Bank of America, at least, is not giving up the data but many customers may have just initiated the bank transfer process, opening their account at a credit union or community bank, and are waiting for everything to clear with their other bank account before closing it. For example, to add an editorial comment, this is what I did yesterday. I participated in Bank Transfer Day by opening an account at a local credit union. But I only put a trivial amount into the account, and will then wire my money over electronically from Bank of America ...
Obama's Jobs Record Looks A Lot Like -- Ronald Reagan's
Post Date: 2011-11-04 12:05:22 by Brian S
As Republicans gear up to run against President Obama's record for creating private-sector jobs, they may encounter an unexpected glitch: It looks a lot like Ronald Reagan's.Obama has presided over a loss of 1.6 million of the nation's 111 million private-company jobs since taking office, according to official statistics. But since employment hit post-recession lows in February 2010, companies have added 2.6 million jobs, beating the 2.4 million created between the bottom of the 1982 recession and this point in Reagan's first term. Joblessness then was 9.2%.The trouble for Obama is that next year's outlook seems nothing like 1984. The U.S. economy added 3.9 million jobs ...
Michigan Surpassing 48 States Shows Autos Drive U.S. Recovery
Post Date: 2011-11-04 12:00:34 by Brian S
Nov. 2 (Bloomberg) -- Michigans economy is recovering from the recession at the second-fastest pace in the U.S., lifted by reviving carmakers and local manufacturers, according to a new Bloomberg index that tracks the pace of state growth. The home to the U.S. automobile industry was topped only by North Dakota, where an oil boom is raising incomes and boosting government coffers at the nations quickest rate. California, Massachusetts and Illinois round out the top five in the Bloomberg Economic Evaluation of States Index, which uses data on real estate, jobs, taxes and stock prices to gauge the growth rate in 50 states and the District of Columbia. Fifteen states are ...
Corzine's ungrateful exit
Post Date: 2011-11-04 11:42:30 by Fred Mertz
EW YORK (MarketWatch) Jon Corzine is sad. Hes also no longer the chief executive of MF Global, for whatever its worth. He wont be seeking severance from the bankrupt trading firm. I feel great sadness for what has transpired at MF Global MFGLQ -15.47% and the impact it has had on the firms clients, employees and many others, he said in a statement announcing his resignation. Everyone feel a little better? Didnt think so. Corzines botched tenure at the company demands more than sad feelings. Client money is still missing. Warnings about the firms leverage or risk were ignored or fought. Corzines positive statements ...
Everybody Hates Capitalism, The General Theory of Zombieism
Post Date: 2011-11-03 17:02:49 by Capitalist Eric
We begin another look at Zombieland with this editorial from Martin Wolf in The Financial Times: Why did it take so long? It is over four years since the financial crisis began. Yet only now are anti-capitalist protests emerging, including at St Pauls Cathedral. So is this the beginning of a resurgent leftwing politics? I doubt it. Are the protesters raising some big questions? Yes, they are. Socialism failed as a way of running economies. It did, however, succeed in establishing welfare states. Socialism is a conservative force, dedicated to defending entitlements built up over a century. Meanwhile, organised labour is only strongly entrenched in the public sector. This gives it ...
Study: 30 top firms paid no federal income taxes
Post Date: 2011-11-03 17:01:38 by Skip Intro
Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes. In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government. Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied ...
Weekly Jobless Claims Drop Below 400,000
Post Date: 2011-11-03 12:51:57 by Brian S
The number of people filing new claims for unemployment benefits dipped below 400,000 last week, a key move that indicates the job market is improving. The 397,000 initial claims were down 9,000 from the previous week, the Labor Department said Thursday. The figure has hovered near 400,000 for several weeks. The average over the last month has been 404,500. At the height of the Great Recession, in early 2009, weekly claims were above 600,000. The new data come a day before the government will release the October unemployment report. Economists are expecting about 100,000 jobs were created last month, slow growth that is unlikely to significantly move the nation's 9.1% unemployment ...
U.S. Companies Add More-Than-Expected 110,000 Workers in October, ADP Says
Post Date: 2011-11-02 12:13:36 by Brian S
Companies added workers in October, easing concern the job market is stagnating in the third year of the U.S. recovery, according to a private report based on payrolls. The 110,000 increased followed a revised 116,000 gain the prior month, Roseland, New Jersey-based ADP Employer Services said today. The median forecast of economists surveyed by Bloomberg News called for a advance of 100,000. A pickup in private hiring is needed to help reduce unemployment and boost consumer spending, which accounts for about 70 percent of the economy. Businesses added 125,000 jobs in October and the jobless rate was 9.1 percent for a fourth straight month, economists in a Bloomberg survey projected ahead ...
Chrysler October U.S. Sales Rise 27%
Post Date: 2011-11-01 11:05:18 by Brian S
General Motors Co. (GM), the largest U.S. automaker, said its October U.S. vehicle sales rose 1.7 percent. The average estimate of eight analysts surveyed by Bloomberg was for an increase of 6.7 percent. GM disclosed the sales result in a statement.
ISM Index of U.S. Manufacturing Falls
Post Date: 2011-11-01 11:02:44 by Brian S
The Institute for Supply Managements factory index fell to 50.8 in October from 51.6 the prior month, the Tempe, Arizona-based group said today. A reading of 50 is the dividing line between expansion and contraction in manufacturing. Economists projected the gauge would climb to 52, according to the median forecast in a Bloomberg News survey. Estimates of the 85 economists ranged from 50.5 to 55. An index above 42.5 generally indicates an expansion in the overall economy. Other figures today showed global manufacturing cooled last month. A Chinese factory index dropped to the lowest level since February 2009, while a U.K. manufacturing gauge declined to a 28-month low. The ...
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