Latest Articles: Economy
DOW DOWN 630%!!!
Post Date: 2011-08-09 08:47:51 by Happy Quanzaa
NBC News' Sharpton Reports: Dow Down 630%!
Treasury Prices Surge As Stocks Sell Off (Investors place money in Govt Socialism and not in private capital)
Post Date: 2011-08-08 16:35:33 by Godwinson
AUGUST 8, 2011, 2:42 P.M. ET Treasury Prices Surge As Stocks Sell Off; 10-Yr Yield Lowest Since Jan '09 By Min Zeng Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Investors continued to pile into the Treasury market for safety Monday and the huge buying sent benchmark yields to the lowest level since January 2009. Buying accelerated in the late-afternoon as U.S. stocks extended a selloff. Shares of U.S. big banks tumbled, led by Bank of America and Citigroup, underscoring heightened anxiety about the global economic outlook.
The Final Death (and Next Life) of Maynard Keynes
Post Date: 2011-08-07 10:54:50 by lucysmom
Its of course a great privilege for me to be here in this role and especially on the occasion of the 75th anniversary of the publication of the General Theory. Two years ago, as you may recall, our profession enjoyed a moment of ferment. Economists who had built their careers on inflation targeting, rational expectations, representative agents, the efficient markets hypothesis, dynamic stochastic general equilibrium models, the virtues of deregulation and privatization and the Great Moderation were forced by events momentarily to shut up. The fact that they had been absurdly, conspicuously and even in some cases admittedly wrong imposed even a little humility on a few. One senior ...
S & P Downgrades U.S. Credit For First Time In History, Repeatedly Cites GOP Intransigence On Taxes
Post Date: 2011-08-06 11:28:29 by Godwinson
BREAKING: S & P Downgrades U.S. Credit For First Time In History, Repeatedly Cites GOP Intransigence On Taxes By Judd Legum on Aug 5, 2011 at 9:12 pm Reuters reports: The United States lost its top-notch AAA credit rating from Standard & Poors on Friday, in a dramatic reversal of fortune for the worlds largest economy. The new rating is AA+. In explaining their decision Standard & Poors cites both the decision by Republicans in Congress to turn the debt ceiling into a political football and the Republicans intransigence on tax increases. Some excerpts from the release: [...]The political brinksmanship of recent months highlights what we see as ...
The United States is Greece
Post Date: 2011-08-05 15:47:52 by Happy Quanzaa
It is now becoming clear that the world is headed into another financial crisis. There is now a growing list of countries facing serious problems and potential insolvency. Some nations such as France are now being added to the list; however among the worst is the United States. There has been much conversation that the United States is becoming Greece and in fact it is well on the road to passing that country as the most profligate and most dangerous to the global economy. In a recent American Thinker article by Steve McCann, a national insolvency index was promulgated which reveals those countries facing the worst crises and why. In essence the index is a combination of the annual budget ...
China says debt financing unlikely 'to save' US, EU
Post Date: 2011-08-05 14:55:48 by Happy Quanzaa
AFP - China said Friday that debt deals in the United States and in Europe would not be enough to save their economies and "concrete steps" must be taken to rebalance the global economy. "The only way the Americans have come up with to improve economic growth has been to take on new loans to repay the old ones," a blistering commentary published on the official Xinhua news agency said. "To eat May's grain in April, however, will never be a permanent solution to a problem," the report said. China warned on Wednesday that Washington's efforts to raise the US limit on borrowing had failed to defuse America's "debt bomb" and signalled that ...
Capitalism at the Guillotine
Post Date: 2011-08-05 12:45:52 by Godwinson
Capitalism at the Guillotine By ROBERT HUNZIKER Hard times always bring to surface questions about the sanctity and the viability of an economic system. The Ancien Régime, established in France from the 15th through the 18th centuries, failed when hard times hit because too many people felt the economic systems sanctity and viability were skewed in favor of too few people. Queen Marie Antoinette may not have actually said, Let them eat cake, but this historical bit of triviality did not stop Henri Sanson from taking off her head before a crowd numbering tens of thousands; on the scaffold she accidentally stepped on his foot, and her last words were: ...
Obama Birthday Crash Continues: -200 & falling
Post Date: 2011-08-05 12:04:03 by Happy Quanzaa
Dow Drops 200 Amid Global Jitters; Vix Soars Stocks tumbled in another choppy session Friday, erasing their earlier rally as investors were quick to take profits following a stronger-than-expected government jobs report and amid ongoing jitters in the euro zone. The Dow Jones Industrial Average slumped, led by BofA [BAC 8.06 -0.77 (-8.72%) ] and Caterpillar [CAT 86.7192 -2.8308 (-3.16%) ], after nose-diving more than 500 pointsits worst one-day fall since Dec. 2008. The blue-chip index was up 171 points at its session high this morning. The S&P 500 and Nasdaq also fell sharply. In the previous session, all three major averages tumbled into negative territory for the year. In ...
USPS posts $3.1 billion loss in Q3, warns of default
Post Date: 2011-08-05 11:15:45 by Happy Quanzaa
(Reuters) - The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in. Total mail volume for the quarter that ended June 30 fell to 39.8 billion pieces, a 2.6 percent drop from the same period a year earlier, as consumers turn to email and pay bills online. The mail carrier, which does not get taxpayer funds, has struggled to overhaul its business as mail volumes fall. It has said personnel costs weigh heavily and is facing a massive retiree health benefit prepayment next month. "We are experiencing a severe cash crisis and are unable to continue to maintain the ...
U.S. Payrolls Rose 117,000 in July; Jobless Rate Fell to 9.1%
Post Date: 2011-08-05 08:33:13 by war
Aug. 5 (Bloomberg) -- Employers added more jobs than forecast in July, the jobless rate fell and wages climbed, easing concern the U.S. economy is grinding to a halt. Payrolls rose by 117,000 workers after a 46,000 increase in June that was more than originally estimated, Labor Department data showed today in Washington. The median estimate in a Bloomberg News survey called for a July gain of 85,000. The jobless rate dropped to 9.1 percent as more Americans left the labor force, while average hourly earnings climbed 0.4 percent. Job gains may need to accelerate further to bolster consumer spending, which rose last quarter at the slowest pace in two years. Weaker growth puts more pressure ...
What is Really Driving the Deficit?
Post Date: 2011-08-05 01:50:01 by jwpegler
We spend $700 billion on the military each year. If we leave Iraq and Afghanistan we save $100 billion. If we leave Europe, Japan, and South Korea we might save $100 billion more. I support downsizing those commitments right now. That leaves us with $500 billion in military spending, which is less than 3.5% of GDP. That would be lowest military spending since before WWII. It's a reasonable price to protect the country. The deficit this year is over $1,500 billion. Take $200 billion out of the military and we still have a $1,300 billion deficit. Yes military spending needs to be reformed, but it is not the primary driver of the deficit. The primary driver of the deficit is that ...
Dow’s losing streak now in ninth day (Obama matches Jimmy Carter's 1978 record)
Post Date: 2011-08-04 22:24:49 by Hondo68
CHAPEL HILL, N.C. (MarketWatch) The stock market is poised today to do something it has not done in over 33 years: Decline for nine straight sessions. The last time the Dow Jones Industrial Average did that, in fact, was Feb. 22, 1978, when Jimmy Carter was president and the country was struggling to come to grips with a period of anemic economic growth and high inflation. Isnt it comforting to know that weve made such progress over the last three decades? Actually, about the only thing that is comforting in the historical data on Dow losing streaks is that many of them have occurred near major bear-market bottoms. For example, before February 1978, the previous ...
Two-year Treasury yield drops to a record low
Post Date: 2011-08-04 21:43:49 by Skip Intro
NEW YORK (AP) -- Prices for Treasury securities jumped Thursday, sending the yield on the two-year note to a record low, as investors rushed to U.S. government debt in search of safety. Stocks tumbled around the world on worries that the U.S. economy is weakening and that Europe's debt problems are getting worse. The Dow Jones industrial average fell 513 points, its biggest drop since December 2008. The yield on the two-year Treasury note fell to 0.26 percent, a record low. Late Wednesday it was 0.34 percent. Bond yields fall when demand for them increases. That means traders are willing to accept smaller returns in exchange for investments they consider to be relatively stable. ...
Jake Tapper Grills Jay Carney: We Know Obama Attends Fundraisers, What Is He Doing To Create Jobs?
Post Date: 2011-08-04 21:33:41 by smokestack
With stocks plunging on Wall Street, tensions were rising in todays White House press briefing as ABCs Jake Tapper relentlessly demanded Press Secretary Jay Carney explain exactly what it is that President Obama is doing to help create new jobs. When Carney suggested Obama is urging Congress to pass legislation, Tapper got agitated and responded, so the same stuff he was doing a couple months ago, calling on Congress to pass things? Critics of Obama will no doubt applaud Tappers efforts here, yet even supporters of the President cant fault Tapper for forcefully demanding answers. Some of Tappers remarks that left Carney a bit uncomfortable: ...
Markets plummet on global economic fears
Post Date: 2011-08-04 21:30:21 by Skip Intro
Fears that the global economy could be slipping back toward recession sent markets plummeting Thursday, with economic and financial problems around the world fueling a vicious cycle that risks spiraling beyond the control of governments. On both sides of the Atlantic, economic vital signs are rapidly deteriorating. The United States recovery is stalling, and Europes debt crisis is threatening to strike Spain and Italy, which have two of the continents largest economies. Investors are increasingly afraid that the worlds leading governments, weighed down by debt and wounded by the last economic downturn, may not have the wherewithal to keep the emerging crisis in ...
Market Craters: Dow Falls 512 Points
Post Date: 2011-08-04 16:59:11 by lucysmom
What we are seeing today is not as bad as the worst days of the crisis, but it inst much consolation for investors who had gotten back in the pool on the belief that the system had been patched up reasonably well and the economy was on the mend. All the authorities did was patch up a predatory banking system with duct tape and bailing wire and hoped enough cheerleading would restore confidence. And after the banks got their bailout money, the mood seemed to be we spent so much on them, we dont have anything left for anyone else. The alarming rise in government deficits, which was primarily the result of the crisis (falls in tax revenues and increases in automatic ...
Obama's "Recovery" vs. Reagan's Recovery: The Stark Differences
Post Date: 2011-08-04 16:32:47 by smokestack
Lets compare the Obama recovery to the Reagan recovery. Obama's "recovery" has come with poor GDP growth, a net loss of jobs, and an increase in the unemployment rate. Reagan's recovery came with robust GDP growth, a net gain of over 600,000 jobs, and a huge drop in the unemployment rate. Here are the numbers: The recession that Reagan had to overcome peaked in December 1982 with an unemployment rate of 10.8%. That recession included double-digit interest rates and double-digit inflation. Yet, by the 24th month of Reagans recovery, unemployment had dropped from 10.8% to 7.3%, and we had a net gain of 684,000 jobs (for a month-by-month look at the ...
Washington's employment bubble bursting
Post Date: 2011-08-04 13:48:31 by Happy Quanzaa
Nearly 30,000 Washington-area workers joined the jobless ranks over the past two months as the unemployment rate ratcheted up almost an entire percentage point -- and all signs point to more bad news on the horizon. May and June's unemployment rate marked the first time this year the region saw upticks in joblessness, according to data released Wednesday by the U.S. Bureau of Labor Statistics. And more job cuts are on the way, positioning Washington to have the worst job growth in a single year since the recession ended. "We're just catching up with the rest of the nation in terms of bad economic performance," said University of Baltimore economist Richard Clinch. ...
Left-Winger Robert Reich Despondent Over Obama Failure
Post Date: 2011-08-04 13:46:23 by smokestack
Robert Reich, former Secretary of Labor under Bill Clinton, lefty political commentator, and so-called economist, is despondent over the failure of President Obama to tell Americans the truth about the budget debate now coursing through Washington D.C. Reich is very typical of how the far left in American politics is furious at Obamas constant failure to go as far left as they want him to go. As absurd as it is, Reichs ire is something worth keeping in mind. Naturally Reich started his HuffPost screed slamming Republicans as the most irresponsible and rigidly ideological hes ever seen them. This is, of course, because we are finally ...
Obama Birthday Crash: Stocks Slump Over 2%, Dow Dives 300 Points
Post Date: 2011-08-04 13:31:49 by Happy Quanzaa
Stocks eased off their session lows but were still sharply lower across the board in another volatile session Thursday as fears over a global economic slowdown intensified and ahead of the widely-followed monthly unemployment report. Major U.S. Indexes .DJIA 11608.84 -287.60 -2.42% .NCOMP 2620.62 -72.45 -2.69% 0 .SPX 1227.56 -32.78 -2.6% 0 The Dow Jones Industrial Average plunged over 2 percent, led by Caterpillar [CAT 91.9805 -4.2995 (-4.47%) ] and Alcoa [AA 13.52 -0.74 (-5.19%) ], after rebounding from a deep selloff in the previous session to snap an eight-day losing streak. The blue-chip index tumbled 372 points at its session low and is down for the 9th day in 10. The S&P 500 ...
Obamarket Thursday Freefall: -154.8 & dropping
Post Date: 2011-08-04 09:44:56 by Happy Quanzaa
IBOPE Zogby: Most Believe Lost Jobs Won't Return
Post Date: 2011-08-04 09:18:07 by Happy Quanzaa
More than two-thirds of Americans now believe the jobs lost in the recession are unlikely to ever return and an equal amount believe the countrys days as the most powerful economy are over, a new poll shows. However, two-thirds still hope that the United States best days are still ahead, an IBOPE Zogby interactive poll of likely voters shows. The poll also found that likely voters are more pessimistic about the economy than they were a year ago. In June 2010, 23 percent believed businesses would add jobs, a figure that has now dipped to 17 percent. The number of those feeling the lost jobs were unlikely to return has risen from 66 percent to 69 percent. Those believing the ...
Scary Chart Pattern Suggests More Selling on the Way
Post Date: 2011-08-04 09:04:37 by Happy Quanzaa
The S&P 500 triggered a scary technical signal a head and shoulders pattern in the chart leaving investors to wonder if it's the sign of more selling to come or just a head fake. The so-called head and shoulders pattern is formed when the chart pattern shows three rallies, with the middle rally peaking higher than the first and second, thus creating a head. If the market breaks the "neckline," that is a trend reversal signal and can mean more selling ahead. "What we're having is a classical technical breakdown. When the S&P broke down through the 1248 to 1250 region, it violated the neckline on a head and shoulders formation, " ...
China: Obama Has Failed To Defuse ‘Debt Bomb’; Chinese Govt Downgrades US Debt
Post Date: 2011-08-04 06:43:40 by Happy Quanzaa
BEIJING: China warned Wednesday that tortured efforts to raise the US debt ceiling had failed to defuse Washingtons debt bomb, and that it would further diversify its currency holdings away from the dollar. US President Barack Obama finally signed an emergency austerity bill on Tuesday that averted what would have been a catastrophic debt default for the worlds biggest economy. But a failure to rein in US borrowing could jeopardise the well-being of hundreds of millions of families within and beyond the US borders, the official Xinhua news agency said in a blistering commentary on the deal. The months-long tug of war between Democrats and ...
A hamburger today for $2.4 trillion tomorrow~Barry takes debt team out for burgers @ Good Stuff Eatery
Post Date: 2011-08-03 14:07:01 by Happy Quanzaa
President Obama took his debt team out for burgers at Good Stuff Eatery on Capitol Hill on Wednesday, giving new meaning to the "Popeye" character Wimpy's catchphrase "I'd gladly pay you Tuesday, for a hamburger today." The White House said the outing was a reward for the debt team's "nonstop" work over the last few months as they worked out a deal with Capitol Hill to extend the government's borrowing limit. Mr. Obama signed the extension into law Tuesday, just ahead of the deadline, allowing up to $2.4 trillion in debt to be accumulated. Good Stuff marks the latest stop in Mr. Obama's Hamburger Diplomacy in and around Washington. He ...
Latest [Newer] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 [Older]