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Latest Articles: Business
Housing Starts Rise to Five-Month High in Sign of Stabilization
Post Date: 2010-10-19 11:23:50 by Brian S
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Oct. 19 (Bloomberg) -- Builders in the U.S. unexpectedly began work on more homes in September, a sign the real estate market was stabilizing at depressed levels heading into the recent upheaval in the foreclosure crisis. Housing starts rose to a 610,000 annual rate, the most since April and up 0.3 percent from a revised 608,000 rate in August that was higher than previously estimated, Commerce Department figures showed today in Washington. Building permits dropped to the lowest level in more than a year as a plunge in the volatile multifamily area overshadowed a gain in single- family applications. The industry that precipitated the worst recession since the 1930s may be steadying ...
The Largest Heist in History Building the Great Pyramid, The Global Financial Crisis Explained
Post Date: 2010-10-19 10:45:32 by Capitalist Eric
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This article was accepted as evidence and published by the British Parliament, House of Commons, Treasury Committee. When the financial crisis erupted at the end of September 2008, there was an unusual sense of incredible panic among banking executives and government officials. These two establishment groups are known for their conservative, understated approach and, above all, their stiff upper lip. Yet at the time they appeared to the public running about like headless chickens. It was chaos. A state of complete chaos. Within a few weeks, however, decisions were made and everything seemed to returned to normal and back under control. The British Prime Minister Gordon Brown even famously ...
Production in U.S. Unexpectedly Falls for First Time in a Year, Fed Says
Post Date: 2010-10-18 12:08:31 by Brian S
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Oct. 18 (Bloomberg) -- Production in the U.S. unexpectedly dropped in September for the first time in more than a year, showing the industry that led the economy out of the recession is cooling. Output at factories, mines and utilities fell 0.2 percent, the first decline since the recession ended in June 2009, figures from the Federal Reserve showed today. Factory production also decreased 0.2 percent, reflecting declines in consumer durable goods, like appliances and furniture. The rebuilding of stockpiles, a component of the factory rebound last year, will probably cool following eight consecutive gains in inventories, a sign assembly lines will not accelerate much more. At the same ...
Foreclosure Mess, Subprime Debacle Act2, Where is the U.S. Housing Market Recovery?
Post Date: 2010-10-17 15:16:52 by Capitalist Eric
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There's trouble, my friends, and it is does indeed involve pool(s), but not in the pool hall. The real monster is hidden in those pools of subprime debt that have not gone away. When I first began writing and speaking about the coming subprime disaster, it was in late 2007 and early 2008. The subject was being dismissed in most polite circles. "The subprime problem," testified Ben Bernanke, "will be contained." My early take? It would be a disaster for investors. I admit I did not see in January that it would bring down Lehman and trigger the worst banking crisis in 80 years, less than 18 months later. But it was clear that it would not be "contained." ...
Foreclosure Fraud: 6 Things You Need To Know About The Crisis That Could Potentially Rip The U.S. Economy To Shreds
Post Date: 2010-10-17 15:05:54 by Capitalist Eric
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The foreclosure fraud crisis seems to escalate with each passing now. It is being reported that all 50 U.S. states have launched a joint investigation into alleged fraud in the mortgage industry. This is a huge story that is not going to go away any time soon. The truth is that it would be hard to understate the amount of fraud that has gone on in the U.S. mortgage industry, and we are watching events unfold that could potentially rip the U.S. economy to shreds. Many are now referring to this crisis as "Foreclosure-Gate", and already it is shaping up to be the worst thing that has ever happened to the U.S. mortgage industry. At this point, it seems inevitable that some financial ...
Foreclosure Debacle To Test Stocks' Rally
Post Date: 2010-10-17 14:50:21 by Brian S
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(Reuters) - U.S. banks will be in the limelight next week as several household names report earnings and investors worry a forced halt to foreclosure proceedings could hit the sector and end the recent rally. Bank shares fell sharply on Friday on very high volume, continuing a slide from the previous day. Although recovering some of their losses, Bank of America (BAC.N) shares hit their lowest in over a year, while the KBW bank index .BKX fell 2.4 percent. Shares of Bank of America, the nation's largest mortgage lender, have fallen 9 percent during the week. Over 595.9 million shares of the company's stock traded on Friday, the most since April 2009 and over four times the 50-day ...
Delta Hiring, Recalling 1,000 Flight Attendants
Post Date: 2010-10-15 19:08:08 by Brian S
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ATLANTA (AP) -- Delta Air Lines Inc. said Friday that it is adding back 1,000 flight attendants, including recalling 425 who were on a voluntary furlough. The focus of the hiring is on foreign-language speakers who can work on international flights and speak languages including Japanese, Mandarin, Dutch, and Spanish, airline spokeswoman Betsy Talton said. The new flight attendants will begin training in January and should be flying by the middle of next year, she said. Delta has received more than 85,000 applications for the flight attendant jobs. The last time Delta hired new flight attendants was in 2008. The 425 who are returning to work came from a pool of about 730 who volunteered ...
GM On Track For Mid-November IPO
Post Date: 2010-10-15 13:53:09 by Brian S
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NEW YORK, Oct 14 (Reuters) - General Motors Co [GM.UL] is on track to move ahead with its initial public offering during the week of Nov. 15 after a recent round of meetings with sovereign wealth funds, sources with knowledge of preparation for the deal said. The GM IPO has been closely watched both because of its expected scale and because of the involvement of the U.S. government, which is looking to the landmark stock offering to reduce its nearly 61 percent stake in the automaker. Bankers representing GM met with sovereign wealth funds in Asia and the Middle East over the past two weeks to make the case that the automaker has emerged from its 2009 bankruptcy as a leaner and more ...
Bernanke Says Federal Reserve Ready To Further Stimulate The Economy
Post Date: 2010-10-15 12:03:59 by Brian S
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The Fed chairman suggests creating a program of buying U.S. Treasury bonds in an effort to drive down long-term interest rates. Still, it's unknown how and when the central bank will take action. By Don Lee, Los Angeles Times 7:34 AM PDT, October 15, 2010 Federal Reserve Chairman Ben S. Bernanke on Friday laid out a case for the central bank to take further action to bolster growth, citing the risks of prolonged high unemployment and a U.S. economy slipping into a deflationary spiral. In a much-anticipated speech in Boston, Bernanke did not spell out details of how and when the Fed would take action. But the first option that he mentioned was a program of buying ...
Washington Policy Makers Resist Calls for Big Fix in Foreclosure Crisis
Post Date: 2010-10-15 11:48:17 by Brian S
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Oct. 15 (Bloomberg) -- Washington policy makers, who moved swiftly to calm markets during the subprime mortgage crisis in 2008, have resisted calls for similarly broad steps in response to concern that banks may have acted illegally to seize homes. President Barack Obama and the federal agencies that share responsibility for housing finance are opposing calls for a nationwide foreclosure freeze, fearing further damage to the housing market. Even as bank stocks tumbled yesterday on concern that the mishandled loans will increase costs for lenders, the White House and federal regulators avoided any grand gestures designed to reassure investors. Obama this week endorsed a coordinated ...
Retail Sales in U.S. Rise More Than Forecast, Easing Concern Over Recovery
Post Date: 2010-10-15 11:44:42 by Brian S
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Oct. 15 (Bloomberg) -- Retail sales in the U.S. climbed more than forecast in September, easing concern consumer spending will weaken and endanger the recovery. Purchases rose 0.6 percent following a 0.7 percent gain in August that was larger than previously estimated, Commerce Department figures showed today in Washington. Other reports showed inflation cooled even further last month and manufacturing in the New York region accelerated. Retailers like Target Corp. and Wal-Mart Stores Inc. are sweetening discounts and using promotions ahead of the holiday season to move merchandise as joblessness hovers near a 26-year high. Federal Reserve Chairman Ben S. Bernanke today said gains in ...
Why Business Doesn't Trust the Tea Party
Post Date: 2010-10-14 14:10:57 by Brian S
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The Tea Party's small-government slogans may be appealing, but its policies could throw the U.S. economy into chaosBy Lisa Lerer and John McCormick Nikki Haley is almost everything the South Carolina Chamber of Commerce could want in a candidate for governor: A former small business owner (she helped run her family's luxury-clothing company in Lexington, S.C.), Haley has served on the boards of two local chambers and campaigns on the traditional business gospel of lower taxes and smaller government. As Haley was steaming toward an easy win in the Republican primary runoff last June, the South Carolina Chamber's board—56 business leaders representing sectors ranging from ...
Global warming fraud: the tide begins to turn
Post Date: 2010-10-14 12:39:14 by Capitalist Eric
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Funny business, blogging. Sometimes, you put up a post you personally think is genius and no one gives a damn. Other times, you put up a post you imagine is fairly routine – and suddenly the internet goes mental. US physics professor: “Global warming is the greatest and most successful pseudoscientific fraud I have seen in my long life” definitely belonged in the latter category. I claim no credit for it. All I did was print, verbatim, a resignation letter written by a distinguished US physics professor Hal Lewis to the American Physical Society. Possibly I helped give it legs by singling out the juiciest quote in the letter and putting it in the headline. That’s all. ...
U.S. Home Seizures Reach Record as Lenders Review Foreclosures
Post Date: 2010-10-14 12:04:44 by Brian S
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Oct. 14 (Bloomberg) -- More than 100,000 U.S. homes were seized by lenders in September, a record number that probably will decline in coming months as major banks halt repossessions and review their foreclosure practices. Lenders took over 102,134 properties last month, RealtyTrac Inc. said in a report today. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364. Foreclosure filings, including default and auction notices, rose 3 percent from the prior month to 347,420. One out of every 371 households received a notice. Sales of properties in the foreclosure process accounted for almost a third of all U.S. transactions ...
U.S. Trade Gap Grows on Jump in Imports; Jobless Claims Unexpectedly Rise
Post Date: 2010-10-14 11:58:56 by Brian S
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Oct. 14 (Bloomberg) -- The number of Americans filing first-time applications for unemployment benefits unexpectedly increased last week, indicating the U.S. job market is struggling to mend. Jobless claims rose by 13,000 to 462,000 in the week ended Oct. 9, Labor Department figures showed today in Washington. The total number of people on unemployment insurance rolls decreased to the lowest level since November 2008, while those getting extended benefits declined. Persistent dismissals show it will take longer for employers to add enough workers to reduce unemployment that’s close to a 26-year high. The prospect of joblessness holding above 9 percent through next year is among ...
Gold Prices Soar To New Heights On Weaker Dollar (December delivery settled at $1,370.50 an ounce)
Post Date: 2010-10-13 15:49:58 by Brian S
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Investors are pushing gold prices to new heights as a weaker dollar is prompting them to shift money into assets perceived as safer risks. Gold for December delivery settled at $1,370.50 an ounce Wednesday. It's the latest in a recent series of record highs for the precious metal. Commodities such as gold, silver, oil and copper are benefiting because the dollar is weaker against other currencies. Since commodities are priced in dollars, they are more of a bargain for traders who buy them with foreign currencies. Investors also are awaiting the Federal Reserve's decision on whether to take steps to stimulate the economy and how that may impact their holdings.
US Cities Face Half a Trillion Dollars of Pension Deficits
Post Date: 2010-10-13 12:52:40 by Brian S
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Big US cities could be squeezed by unfunded public pensions as they and counties face a $574 billion funding gap, a study to be released on Tuesday shows. The gap at the municipal level would be in addition to $3,000 billion in unfunded liabilities already estimated for state-run pensions, according to research from the Kellogg School of Management at Northwestern University and the University of Rochester. “What is yet to be seen is how this burden will be distributed between state and local governments and whether the federal government will be called upon for bail-outs,” said Joshua Rauh of the Kellogg School. The financial demands of unfunded pension promises come as state ...
Attorneys General In 49 States Launch Probe Into Problems With Documents Used In Foreclosures
Post Date: 2010-10-13 11:42:29 by Brian S
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WASHINGTON (AP) — Officials in 49 states have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners. The officials, including attorneys general and bank regulators, will examine whether mortgage company employees made false statements or prepared documents improperly. Alabama was the only state not to join the investigation. "This group has the backing of nearly every state in the nation to get to the bottom of this foreclosure mess," Iowa Attorney General Tom Miller, who is leading the probe. Four large lenders already have halted questionable foreclosures after ...
Dow Tops 11,000 For First Time Since May
Post Date: 2010-10-08 13:22:44 by Brian S
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Oct 8 (Reuters) - The Dow Jones industrials crossed the 11,000 threshold for the first time since early May on Friday as U.S. stocks gained modestly on stronger resource and consumer shares. * The Dow Jones industrial average .DJI rose 58.88 points, or 0.54 percent, to 11,007.46. The Standard & Poor's 500 Index .SPX added 5.75 points, or 0.50 percent, to 1,163.81. The Nasdaq Composite Index .IXIC was up 8.80 points, or 0.37 percent, to 2,392.47. (Reporting by Leah Schnurr; editing by Jeffrey Benkoe)
Wholesale Inventories And Sales Up In August
Post Date: 2010-10-08 13:21:01 by Brian S
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WASHINGTON (AP) -- Businesses have been restocking store shelves since the recession ended, a sign that they expect the economic recovery to continue. Inventories and sales at the wholesale level rose by 0.8 percent in August, following a 1.5 percent increase the month before, the Commerce Department said Friday. Sales rose by 0.5 percent, a slightly smaller gain than the 0.8 percent rise in July. Businesses helped drive the early stage of the recovery last year by rebuilding inventories that grew thin during the recession. The economic crisis led wholesalers to cut their inventories for 13 consecutive months starting in September 2008. When they started restocking last year, that ...
Gallup Survey Shows Unemployment Jumps From 9.4% to 10.1% (That's bad)
Post Date: 2010-10-07 18:16:24 by Nebuchadnezzar
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Gallup Survey Shows Unemployment Jumps From 9.4% to 10.1% As economists up their forecasts for tomorrow's jobs report, I am lowering mine. First, the recent ADP report suggests private nonfarm employment dropped by 39,000 with expectations of a gain. Second, Gallup Finds U.S. Unemployment at 10.1% in September Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September -- up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September -- and therefore is unlikely to be picked up in the government's unemployment report on Friday. The increase ...
Obama Won't Sign Bill That Would Affect Foreclosure Proceedings
Post Date: 2010-10-07 16:57:09 by Brian S
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Amid growing furor over the legitimacy of foreclosure proceedings, White House officials said Thursday that President Obama will not sign a bill passed by Congress without public debate after critics said the legislation could loosen standards for foreclosure documents. The bill, named the Interstate Recognition of Notarizations Act, would require courts to accept document notarizations made out of state. Its sponsors intended to promote interstate commerce. But homeowner advocates warn the bill could allow lenders to cut even more corners as they seek to evict homeowners. White House press secretary Robert Gibbs said the president did not believe Congress meant to undermine consumer ...
Gallup Finds U.S. Unemployment at 10.1% in September
Post Date: 2010-10-07 13:41:09 by Rudgear
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Gallup Finds U.S. Unemployment at 10.1% in September Underemployment, at 18.8%, is up from 18.6% at the end of August by Dennis Jacobe, Chief Economist PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September -- up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September -- and therefore is unlikely to be picked up in the government's unemployment report on Friday. Gallup's U.S. Unemployment Rate, 30-Day Averages, January-September 2010 Certain groups continue to fare worse than the national average. For example, 15.8% ...
50,000 UPS Jobs to be Added for Holidays
Post Date: 2010-10-07 13:22:53 by Brian S
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The United Parcel Service, also know as UPS, has said that they will be adding approximately 50,000 news jobs for the Holidays this year. Every year around this time, UPS decides to add temporary workers, since business picks up so much. The Holiday season runs from Thanksgiving until Christmas. While UPS will only be hiring temporary workers for these additional positions, this does not mean you are guaranteed to get laid off once the Holiday season ends. Every year, the company keeps some of the better works in regions where they need them the most. If you are interested in working for UPS during the holiday season, you can find more information at upsjobs.com. The United Parcel ...
Retailers' Sept. Sales Strong, Raising Holiday Hopes
Post Date: 2010-10-07 11:39:37 by Brian S
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NEW YORK (Dow Jones)--Back-to-school buying finally arrived, aided by plenty of promotions, with most retailers' posting September sales that were ahead of expectations and raising hopes for the holidays. Teen retailers, most vulnerable to the fall season, were being joined by department stores and general apparel retailers in producing strong numbers, suggesting that some pent up buying demand was released. But the sales that retailers wrung up in September came at a cost, with the extremely promotional environment appearing to have sparked extra buying. "Consumers remained highly value-centric and purchased largely only with coupon in hand or because of special offers," ...
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