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Latest Articles: Business
How The Oil Lobby Greases Washington's Wheels
Post Date: 2011-04-06 22:05:25 by NewsJunky
1 Comments
A PAMPERED INDUSTRY In January, Obama previewed his 2012 budget proposal during his State of the Union address. "I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies," he said. "I don't know if you've noticed, but they're doing just fine on their own." The line got a laugh, and then Obama pointed out the trade-offs of giving public support to a powerful private interest: "Instead of subsidizing yesterday's energy, let's invest in tomorrow's." he said. With the actual budget proposal came more details: a list of tax breaks that, if eliminated, would generate $43.6 billion of ...
A World of Leaks and Full Disclosures
Post Date: 2011-04-04 19:13:58 by Capitalist Eric
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Here’s a shocking disclosure. Somehow, WikiLeaks got a copy of private memos – diary entries, really – written by David Sokol. As you know, Sokol was the man who was the front-runner to replace Warren Buffett at Berkshire Hathaway. He was also the man who made $3 million by front running Berkshire’s latest purchase. Both Sokol and Buffett denied that the purchase of Lubrizol shares had anything to do with the former’s departure. The diaries confirm the claim. “I’m leaving. I’ve had it. I just can’t stand the guy’s folksy wisdom,” wrote Sokol to himself. “Yes, the decision will probably cost me some money. But it’s worth it ...
Good Economic Numbers? Don’t Be Fooled By The Financial Sugar High
Post Date: 2011-04-02 16:50:52 by Capitalist Eric
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The U.S. financial system is like a junkie that needs continually increasing amounts of "junk" to get the same "buzz". So what is the U.S. financial system addicted to? It is addicted to money and debt. For many years, whenever the Federal Reserve would lower interest rates or the U.S government would borrow and spend more money, the U.S. economy would respond positively. But just like with any other kind of artificial stimulation, over time it has taken greater and greater amounts of debt and cheap money to get a response from our economic system. So yes, the fact that the official unemployment rate went down 0.1% last month is good news, but considering the massive ...
Dow reaches 2011 high after unemployment falls
Post Date: 2011-04-01 13:07:23 by Skip Intro
1 Comments
NEW YORK— A two-year low in the unemployment rate sent the Dow Jones industrial average to a new 2011 high Friday. The Labor Department said the unemployment rate fell to 8.8 percent, the lowest since March 2009, as companies added workers at the fastest two-month pace since before the recession began. Approximately 216,000 new jobs were added to the economy last month, offsetting layoffs in local governments. Economists had expected the unemployment rate to remain at 8.9 percent. "We are clearly seeing a breakout in the labor market," said Paul Zemsky, the head of asset allocation at ING Investment Management. "The jobless recovery is ending and we are moving into a ...
Barack Obama: Government Motors losing $84 billion big success
Post Date: 2011-04-01 08:35:57 by Happy Quanzaa
3 Comments
Barack Obama has some 'splaining to do about taxpayers' profitable "investment" in General Motors. It turns out the president is imagining things. Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to. "American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury's auto task force agreed, telling CNN in November: “Recent progress at GM ...
Obama on Energy: New Speech, Same Old Gimmicks
Post Date: 2011-03-30 21:34:59 by CZ82
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Obama on Energy: New Speech, Same Old Gimmicks Posted March 30th, 2011 at 5:22pm Nearly a year ago, President Obama delivered a speech calling for an increase in oil and gas production. Since then, he has canceled more production than he has allowed. Today he delivered a speech at Georgetown University outlining a plan to cut oil imports by one-third by 2025. President Obama said when gasoline was $4 a gallon, “you had a lot of slogans and gimmicks and outraged politicians waving three-point plans for two-dollar gas—when none of it would really do anything to solve the problem.” Then he offered his own four-point plan to reduce dependence on foreign oil by: increasing oil ...
19 Reasons Why The Federal Reserve Is At The Heart Of Our Economic Problems
Post Date: 2011-03-30 13:25:28 by Capitalist Eric
1 Comments
Most Americans do not understand what the Federal Reserve is or why it is at the heart of our economic problems. When Americans get into discussions about the economy, most of them still blame either the Democrats or the Republicans for inflation, for the housing crash, for our rampant unemployment and for the national debt. But the truth is that the institution with the most power over our economic system is the Federal Reserve. So exactly what is the Federal Reserve? Most people would say that it is an agency of the federal government. But that is absolutely not true. In fact, the Federal Reserve itself has argued in court that it is not an agency of the federal government. Rather, the ...
Caterpillar CEO's letter talks of leaving IL~recent income tax increase played significant role
Post Date: 2011-03-25 19:16:15 by Happy Quanzaa
1 Comments
Caterpillar CEO's letter talks of leaving IllinoisSPRINGFIELD -- The chairman and CEO of Peoria-based Caterpillar Inc. is raising the specter of moving the heavy equipment maker out of Illinois. In a letter sent March 21 to Gov. Pat Quinn, Caterpillar chief executive officer Doug Oberhelman said officials in at least four other states have approached the company about relocating since Illinois raised its income tax in January. "I want to stay here. But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest," Oberhelman wrote in the letter obtained Friday by the Lee Enterprises Springfield bureau. "The ...
Here’s How General Electric (GE) Got Away With Paying Zero Taxes
Post Date: 2011-03-25 14:05:34 by Rek
13 Comments
Here’s How General Electric (GE) Got Away With Paying Zero Taxes Lost in the current political fuss about lowering the corporate tax from “35%” is the fact that corporate profits as a % of GDP are at record lows in the U.S. With armies of accountants (many former government officials) and tax havens across the globe our largest corporate citizens play games of “ Double Irish ” and “ Dutch Sandwich ” (what are these? see here), in between lobbying for loopholes galore in the U.S. tax system. Yes we do have socialism in America … but it’s mega corporate socialism. Who are the suckers actually paying 35%? Small business. This is why there is ...
Blue Shield cancels insurance rate increase
Post Date: 2011-03-16 15:45:33 by Skip Intro
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Nearly 200,000 customers will be affected by Blue Shield of California's decision to cancel a May 1 rate increase. The hike, averaging 6.5% and going as high as 18%, would have been the third in recent months by the company, which had faced pressure from state officials and consumers. Blue Shield of California on Wednesday canceled a May 1 insurance rate increase for nearly 200,000 customers amid pressure from state officials and consumers who criticized the company for seeking its third rate hike in recent months. The May 1 increase, averaging 6.5% and going as high as 18%, would have come on top of two others in October and January. Together, the three increases would have raised ...
So if Obama is so damn great why does everybody want a waiver????
Post Date: 2011-03-09 20:33:31 by CZ82
4 Comments
A Thousand Waivers Controlling the lifeboats of a ship that was designed to sink. by John Hayward 03/09/2011 There are over a thousand waivers granting exemptions from the ObamaCare disaster now. Among the latest recipients is the entire state of Maine, which scored a valuable exemption from the requirement that every insurance company must “spend 80 cents to 85 cents of every premium dollar on medical care and quality improvement,” as reported by CNBC. This was deemed necessary because “one of three major insurers offering individual plans in Maine would withdraw from the market altogether if the federal requirement remained in place,” a development that could end up ...
America is still the Land of Dreams [Full Thread]
Post Date: 2011-03-08 21:52:50 by jwpegler
45 Comments
The continuing poor economic situation really got me thinking about what America is all about and what it means to be an American. I don't like to write about my family, but given the ugly situation in Wisconsin and elsewhere, I feel the urgent need to write about my wonderful wife and how she is realizing her dreams in America. When I got divorced a few years ago, a friend advised me to take a broader perspective on potential partners than women in my local area. During my career, I've traveled the world many times and I've met a lot great people. So, I took his advice. I found a great woman in the Philippines. We were married in May, 2007. My wife opened a home day center ...
How I learned to get by using Democratic tactics in Politics
Post Date: 2011-03-07 21:56:52 by buckeroo
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To begin with, I have learned to clean up the streets minimising the need for public officials while creating a civil society without any public exposure. I have learned a secret which I am proud to share with everyone here on LibertysFlame. When I see a street corner with some old bum proudly displaying his hand scralwed cardboard sign, I know immediately I have a new target for my personal inititiatives to further strengthen America. I use a standard method of procedure, common to all, without prejudice or bias or any of the discontentent that some reveal within their ideas. I use a work ethic. What I do is simple, too. I watch the cretins and wait for them to take their daily alms as ...
How I learned to get by using GOP tactics in Politics
Post Date: 2011-03-07 21:33:13 by buckeroo
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When I receive free snailmail return address labels by local, state and national bonafide and serious public policy campaigns for donations to worthy causes such as ALL various charities begging for a donation, I keep the return address labels and use them over time. Also, I throw away the HELP US DONATION reply envelopes but scan the barcode for free future postage stamps. Thrifty and wise in these days of huge deficicit spending, I say!
Without Loan Giants, 30-Year Mortgage May Fade Away [Impending Death of Fannie/Freddie]
Post Date: 2011-03-06 13:53:15 by Capitalist Eric
2 Comments
A Miami home last month. If Freddie Mac and Fannie Mae were closed, homeownership in America could change greatly. (Joe Raedle/Getty Images) How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac? The 30-year fixed-rate mortgage loan, the steady favorite of American borrowers since the 1950s, could become a luxury product, housing experts on both sides of the political aisle say. Interest rates would rise for most borrowers, but urban and rural residents could see sharper increases than the coveted customers in the suburbs. Lenders could charge fees for popular features now taken for granted, like the ability to ...
Fed's 'Beige Book' Shows Improvement In US Economy, Moderate Growth
Post Date: 2011-03-02 17:25:53 by Brian S
1 Comments
The economy continued growing at a moderate speed at the beginning of 2011, with conditions improving gradually in a wide range of industries, according to a new report from the Federal Reserve. The pace of expansion was "modest to moderate" in January and early February, according to the "beige book," an eight-times-a-year compilation of anecdotal reports about the economy issued by the Fed. It represents an improvement from the previous installment of the report, issued in mid-January. The details of the latest beige book, which is prepared in advance of each Fed policy meeting to help leaders of the central bank set monetary policy, show a broadening recovery. For ...
ADP: Private Sector Adds 217,000 Jobs
Post Date: 2011-03-02 11:40:35 by Brian S
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Private-sector payrolls expanded at a solid pace in February, but layoff announcements increased for the second month in a row, according to two separate reports released Wednesday. Private-sector jobs in the U.S. rose by 217,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. WSJ's Paul Vigna reports payroll numbers from ADP indicate better-than-expected news on the employment front, which could offset markets being spooked by oil prices the past several sessions. Economists had expected ADP to report a job gain of 170,000 in February. The January data were revised to show a ...
Oil Surges, Stocks Retreat on Middle East Turmoil; Gold Rallies to Record
Post Date: 2011-03-01 15:32:25 by Brian S
3 Comments
March 1 (Bloomberg) -- Oil surged, approaching $100 a barrel, amid speculation unrest in the Middle East and northern Africa will disrupt supplies. U.S. stocks sank on concern rising energy costs will threaten the economic recovery, while Treasuries reversed losses and gold rallied to an all-time high. Oil for April delivery rallied 1.9 percent to $98.85 a barrel at 1:34 p.m. in New York and gasoline advanced 9.3 percent. The Standard & Poor’s 500 Index slid 1.5 percent to 1,307.63 after yesterday capping a third straight monthly gain. Ten-year Treasury yields lost two basis points to 3.41 percent after rising six points earlier. Gold futures for April delivery climbed as much ...
General Motors Sales Surge 46% on Strong Consumer Demand
Post Date: 2011-03-01 12:02:28 by Brian S
3 Comments
Sales of General Motors (GM) vehicles soared 46% in February as consumers snapped up new GM models despite the steadily rising price of gasoline. GM said Tuesday that it sold 207,028 vehicles during the month, exceeding analyst expectations. The Detroit-based automaker attributed the increase to continued gains in consumer sales, which rose 70%, the company said in a written statement. Among its four core brands -- Chevrolet, Buick, Cadillac and GMC -- GM reported a 49% sales gain. So far this year, GM's total sales -- which include fleet sales -- have risen 36%, while retail sales have increased by 52%. Retail sales of GM's cars, trucks and crossovers all rose at least 59%, GM ...
U.S. Manufacturing Grows at Fastest Pace Since May '04; Europe, China Gain
Post Date: 2011-03-01 11:44:37 by Brian S
1 Comments
March 1 (Bloomberg) -- Manufacturing in the U.S. grew in February at the fastest pace since May 2004 as factories added workers and boosted production, indicating more momentum for the expansion. The Institute for Supply Management’s factory index increased to 61.4 from 60.8 in January, the Tempe, Arizona-based group said today. Readings greater than 50 signal growth. In Europe, manufacturing expanded at the fastest pace in more than 10 years, while the rate of growth at factories in China was the slowest in six months. Business investment in new equipment is prompting U.S. companies like Eaton Corp. and Deere & Co. to raise profit forecasts as the global economy picks up. The ...
QE3? Several Top Federal Reserve Officials Seem To Think That More Quantitative Easing Is Necessary
Post Date: 2011-02-28 22:34:25 by Capitalist Eric
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The end of QE2 is still several months away and yet quite a few top Federal Reserve officials are already hinting that more quantitative easing may be necessary. Apparently the U.S. economy is not moving forward as rapidly as they would like. So it looks like "QE3" could be on the way. But did anyone out there actually believe that quantitative easing would come to a complete stop in June? Whether they call it "QE3" or something else entirely, the reality of the matter is that we have now come to a time when the Federal Reserve is going to be continually purchasing a significant percentage of all new U.S. government debt. This is essentially a gigantic Ponzi scheme, but ...
US Approves First Deep-Water Well in Gulf of Mexico Since BP Spill
Post Date: 2011-02-28 18:33:17 by Brian S
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NEW YORK -- The U.S. has approved the first deep-water drilling permit in the Gulf of Mexico since last year's massive oil spill. The Bureau of Ocean Energy Management, Regulation and Enforcement announced Monday that it issued a permit to Noble Energy Inc. to continue work on a well about 70 miles southeast of Venice, La. Noble started drilling the well four days before the Deepwater Horizon exploded. Drilling activity was suspended on June 12 under a moratorium the U.S. placed on exploration in waters deeper than 500 feet. No new deepwater permits had been issued since the moratorium was lifted in October. Regulators have been under pressure from the oil industry and some lawmakers ...
U.S. Businesses Grow at Fastest Pace in Two Decades, Led by Manufacturing
Post Date: 2011-02-28 12:44:08 by Brian S
2 Comments
Feb. 28 (Bloomberg) -- Businesses in the U.S. unexpectedly grew in February at the fastest pace in two decades, indicating manufacturing remains at the forefront of the recovery. The Institute for Supply Management-Chicago Inc. said today its business barometer rose to 71.2 this month, the highest level since July 1988, from 68.8 in January. Figures greater than 50 signal expansion. The gauge, which was projected to fall, exceeded every estimate of economists surveyed by Bloomberg News. Manufacturers like Deere & Co. are raising profit forecasts as business investment in new equipment accelerates and exports climb as the global economy recovers. A slowdown in purchases by U.S. ...
Consumer Spending in U.S. Climbed Less Than Economists Forecast in January
Post Date: 2011-02-28 12:43:08 by Brian S
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Feb. 28 (Bloomberg) -- Consumer spending cooled more than forecast in January as rising food and fuel prices caused Americans to cut back on post-holiday visits to malls and restaurants. Purchases rose 0.2 percent, the smallest gain since June, as winter storms may have also discouraged shoppers, according to figures from the Commerce Department today in Washington. A report from Chicago-area purchasing managers showed businesses expanded in February at the fastest pace in two decades. Economists at Morgan Stanley and Deutsche Bank Securities Inc. cut forecasts as the data showed households may have used some of the extra cash from the payroll tax cuts to boost savings. At the same ...
Pending Sales of U.S. Existing Homes Decline by 2.8%, More Than Forecast
Post Date: 2011-02-28 12:41:24 by Brian S
1 Comments
Feb. 28 (Bloomberg) -- The number of Americans signing contracts to buy previously owned homes fell in January, a sign the industry that triggered the recession was struggling at the start of 2011. The index of pending home resales dropped 2.8 percent after a revised 3.2 percent decrease the prior month that was initially reported as a gain, figures from the National Association of Realtors showed today in Washington. The median estimate in a Bloomberg News survey of economists called for a 2.3 percent decrease. Foreclosures that are driving down prices and unemployment at 9 percent signal the housing market may not make much headway this year. Interest rates that are rising pose ...
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