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Keyword: economy

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  • Blocking Obama's Agenda Created 1.8 Million Jobs in 2014

    01/27/2015 5:00:29 AM PST · by IBD editorial writer · 7 replies
    Investor's Business Daily ^ | 01/26/2014 | IBD Staff
    Unemployment: A new study finds that 60% of the jobs gained last year were due to the fact that Republicans managed to block one of President Obama's key "middle class economics" policies in Congress. Let's dial the clock back to December 2013. At that point, 1.3 million faced an end to the federal unemployment benefits that Congress had extended repeatedly in the wake of the recession. Obama predicted doom if this were to happen: "Economists have said failing to extend unemployment benefits is going to have a drag on economic growth for next year." Unemployment insurance, he said, is "one...
  • Request devastating Infographic of Obola's effect on the economy

    01/26/2015 11:18:45 PM PST · by MarchonDC09122009 · 2 replies
    Requesting a devastating set of well cited facts detailing the true nature of the economy to shut up / shut down d@named fool Obola supporters. Anyone know of an infographic?
  • Biggest corporate lay-off in history is expected within days, with IBM believed to be scrapping 110K

    01/26/2015 3:41:54 PM PST · by Libloather · 106 replies
    Daily Mail ^ | 1/26/15 | Thomas Burrows
    Biggest corporate lay-off in history is expected within days, with IBM believed to be scrapping 110,000 of its 430,000 workforce around the world IBM is preparing to scrap 110,000 of its global 430,000 workforce in the biggest corporate cull in the computer giant's history, a report has revealed. The company will make the job cuts this week under a plan known internally as 'project chrome', according to US technology blogger Robert Cringely on Forbes website. IBM is in the process of layoffs, as disclosed in its latest earnings report last week but said the number of job losses was significantly...
  • The US Economy Continues To Look Stronger And Stronger

    01/26/2015 10:09:04 AM PST · by blam · 21 replies
    BI ^ | 1-26-2015 | Sam Ro
    Sam Ro January 26, 2015There's nothing wrong with using a little borrowed money to finance purchases. For businesses, financing with debt is cheaper than financing with equity. One of the things that's dragged on the economic recovery has been the deleveraging of consumer and business balance sheets. Specifically, everyone scaled back on the amount of debt they held, which means their assets shrank, too. However, that trend has reversed noticeably. "The Fed’s weekly bank lending data (released Friday) shows a continued acceleration in credit growth in the first two weeks of 2015, see chart below," Deutsche Bank's Torsten Slok said....
  • Things Are Bad In Texas: Crash in oil prices is weighing on economy.

    01/26/2015 8:14:04 AM PST · by SeekAndFind · 74 replies
    Business Insider ^ | 01/26/2015 | Myles Udland
    The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results.
  • Middle Class Shrinks Further as More Fall Out Instead of Climbing Up [Obamanomics]

    01/26/2015 6:17:42 AM PST · by SoFloFreeper · 15 replies
    NY TIMES ^ | 1/25/15 | DIONNE SEARCEY and ROBERT GEBELOFF
    .....it is clear that millions are struggling to hang on to accouterments that most experts consider essential to a middle-class life..... Lisa Land, 49, is one of those who have dropped through the hatch. She gets by on her father’s $1,300 monthly Social Security checks and by having her adult daughter pitch in for groceries. Her circumstances are a stark change from just a few years ago, when she considered herself firmly in the middle class. Despite a relatively modest salary, her pay and other resources went a long way in tiny Eden, N.C., where she worked for 13 years...
  • Middle Class Shrinks Further as More Fall Out Instead of Climbing Up

    01/26/2015 5:24:39 AM PST · by Theoria · 28 replies
    The New York Times ^ | 25 Jan 2015 | DIONNE SEARCEY and ROBERT GEBELOFF
    The middle class that President Obama identified in his State of the Union speech last week as the foundation of the American economy has been shrinking for almost half a century.In the late 1960s, more than half of the households in the United States were squarely in the middle, earning, in today’s dollars, $35,000 to $100,000 a year. Few people noticed or cared as the size of that group began to fall, because the shift was primarily caused by more Americans climbing the economic ladder into upper-income brackets.But since 2000, the middle-class share of households has continued to narrow, the...
  • Denis McDonough on Adm's domestic, foreign policy priorities ["trust funds,"tax rate,prisoners]

    01/26/2015 2:57:03 AM PST · by Cincinatus' Wife · 2 replies
    Fox News Sunday ^ | January 25, 2015 | transcript
    ...WALLACE:The White House has made it clear that it flatly opposes paying ransom..now,ISIS is making a new demand,offering a swap of the Japanese hostage for a terrorist being held in Jordan.Is that something to be considered?MCDONOUGH:You know,our policies are pretty well set..We don't get into negotiation with terrorists.We don't pay ransom..we're not going to do that.WALLACE:And a prisoner swap?MCDONOUGH:We're not going to do that.WALLACE:And you would advise the Japanese not to do that......WALLACE:..the president wants to pay for free community college,for increased child care tax credits by raising taxes on the wealthy,$210 billion over 10 years......WALLACE:..during the Obama years,the top...
  • Peer-reviewed pocket-calculator climate model exposes serious errors in complex computer models

    01/26/2015 1:26:22 AM PST · by Cincinatus' Wife · 9 replies
    Physics Organization News ^ | January 21, 2015
    Near-term global warming projections (brick-red region) on[0.13, 0.50] K decade-1, compared with observations (green region)that fall on [0.0, 0.11] K decade-1, and the simple model's 21stcentury warming projections (yellow arrow), falling on 0.09 [0.06,0.12] K decade-1. Credit: Science China PressA major peer-reviewed climate physics paper in the first issue (January 2015: vol. 60 no. 1) of the prestigious Science Bulletin (formerly Chinese Science Bulletin), the journal of the Chinese Academy of Sciences, exposes elementary but serious errors in the general-circulation models relied on by the UN's climate panel, the IPCC. The errors were the reason for concern about Man's effect...
  • ‘Poor people don’t plan long-term. We’ll just get our hearts broken’

    01/26/2015 12:46:36 AM PST · by CorporateStepsister · 45 replies
    The Guardian ^ | Sunday 21 September 2014 | Linda Tirado
    In the autumn of 2013 I was in my first term of school in a decade. I had two jobs; my husband, Tom, was working full-time; and we were raising our two small girls. It was the first time in years that we felt like maybe things were looking like they’d be OK for a while. After a gruelling shift at work, I was unwinding online when I saw a question from someone on a forum I frequented: Why do poor people do things that seem so self-destructive? I thought I could at least explain what I’d seen and how...
  • Texas, the ‘great American job machine,’ is responsible for the +1.2M net US job increase since 2007

    01/25/2015 12:01:27 PM PST · by SeekAndFind · 18 replies
    AEI ^ | 01/23/2015 | Mark J. Perry
    The Texas Workforce Commission released state employment data today for the month of December, and job growth in the Lone Star State continues to lead, and in fact carry the nation’s improving labor market as the chart above shows. Here are some highlights of the December employment report for Texas:1. Texas ended the year with the state’s largest ever year-over-year payroll gain with the eye-popping addition of 457,900 new jobs between December 2013 and December 2014. That’s more than 1,700 new payroll jobs that were added every business day last year in the Lone Star State, and 220 new jobs...
  • What Experts Say about This Past Week--Investment & Finance Thread Jan. 25

    01/25/2015 10:11:11 AM PST · by expat_panama · 50 replies
    Weekly investment & finance thread ^ | Jan. 25, 2015 | Freeper Investors
    Considering the top headlines were about soft footballs this has to have been an easy no-brainer week for investments.  Maybe; here's what he experts are telling us:                     [excerpt from Investors Business Daily At Davos, Hypocrites Tell Rest Of Us To Lower Expectations]Former Vice President Al Gore listens to singer Pharrell Williams... [snip]...talking, of course, about the annual confab at Davos, Switzerland, ...[snip] "The purpose," said former vice president and climate-change entrepreneur Al Gore, standing with hip-hop star Pharrell Williams, "is to have a billion voices with one message, to demand climate action now." OK, so how about you flying commercial,...
  • The 5 mansions of the billionaire who wants America to live a 'smaller' existence

    01/24/2015 10:31:12 PM PST · by grundle · 78 replies
    yahoo.com ^ | January 23, 2015 | Adrian Glick Kudler
    Jeff Greene is a billionaire who made most of his fortune shorting subprime mortgages ahead of the last recession. Greene took a private jet to this year's World Economic Forum in Davos, Switzerland, along with his wife, children and two nannies, and then told Bloomberg that "America's lifestyle expectations are far too high and need to be adjusted so we have less things and a smaller, better existence. We need to reinvent our whole system of life." Green owns a $195-million palace in Beverly Hills with 23 bathrooms and a rotating dance floor, two other Los Angeles mansions, a mansion...
  • Global economy hopes raised after European stimulus

    01/24/2015 10:50:50 PM PST · by Tolerance Sucks Rocks · 18 replies
    12 News ^ | January 25, 2015 | Pan Pylas
    DAVOS, Switzerland (AP) - The global economic outlook just got brighter after this week's big stimulus from the European Central Bank, leading policymakers from around the world said Saturday. In a panel at the World Economic Forum in Davos, they said a perkier Europe, coupled with a prolonged period of low oil prices, could help shore up the global economy following a period of underperformance that has prompted many forecasters to reduce their growth forecasts. "Lower oil prices and the big decision by ECB could further improve world economic outlook," said Haruhiko Kuroda, governor of the Bank of Japan.
  • In Iowa, Cruz imagines ‘reigniting the miracle of America’

    01/24/2015 3:38:22 PM PST · by 2ndDivisionVet · 4 replies
    The Houston Chronicle's Texas Politics ^ | January 24, 2015 | Theodore Schleifer
    Ted Cruz unveiled a possible new theme for a 2016 presidential campaign — “reigniting the miracle of America” — as he wooed the Iowa conservative activists critical to a victory in the Republican caucuses next year. “It is the most important cause that unifies us together, and Iowa believes in the miracle of America,” he said Saturday. Appearing at the Iowa Freedom Summit, the unofficial kickoff of the race to win the Iowa caucuses, Texas’ junior senator appealed to the evangelical voters who could cast about half of the votes in February. Cruz spoke thoroughly about both Mayor Annise Parker’s...
  • More homeless camps are appearing beyond downtown L.A.'s skid row

    01/24/2015 12:41:53 PM PST · by E. Pluribus Unum · 34 replies
    LA Times ^ | January 24, 2015 | Gale Holland
    Evicted four months ago from their Highland Park apartment, Louis Morales and his 18-year-old stepson, Arthur Valenzuela, live half-hidden by brush along the nearby Arroyo Seco riverbed. Morales, 49, keeps a framed bible verse and a stuffed monkey in his tent. Water hauled by bike from a park heats up on the camp stove. Next door, their friend Johnny Salazar fixes bikes and shattered computer screens on the cheap for people who live in the neighborhood. A brother and sister Morales has known for years live up the river, and three couples stay down by the bridge.
  • In Iowa, Santorum previews ‘blue collar’ pitch for 2016

    01/24/2015 11:46:01 AM PST · by 2ndDivisionVet · 20 replies
    The Washington Post ^ | January 24, 2015 | Robert Costa
    DES MOINES -- Former Pennsylvania senator Rick Santorum began the 2012 presidential race here trailing badly in both the polls and the money chase, and ended it with a narrow win in the Republican caucuses. Now he's gearing up for another shot at victory in Iowa with a message that's once again geared at courting social conservatives, positioning himself as an alternative to the GOP establishment -- and appealing to disaffected working class voters. Santorum, wearing a navy Air Force One jacket from the Ronald Reagan Presidential Library, worked the lobby at the Marriott hotel here Friday night, passing out...
  • The United States Is Imploding, On The Eve Of Destruction.

    01/24/2015 6:04:06 AM PST · by alexmark1917 · 45 replies
    The United States is gradually, but unrelentingly, destroying part of itself. The facts to support this are well-documented, told in many ways from past to present. The most egregious example of Americide is our country's treatment of African-Americans. Almost everyone agrees about the evils of slavery, once dismissed simply as a Peculiar Institution. But a debate goes on about reparations, with passionate arguments on both sides, ranging from a demand for a Reparations Superfund for jobs and education, to a claim that blacks actually benefited from slavery because of the years of 'reparations' received through poverty programs. Reparations opponents insist...
  • Fired US McDonald's workers allege racial discrimination

    01/23/2015 2:54:22 PM PST · by SkyPilot · 92 replies
    Yahoo News ^ | 23 Jan 15 | AFP Reporter
    A group of former McDonald's workers is suing the fast-food giant in the United States for alleged racial discrimination and sexual harassment after they were fired from several restaurants in Virginia. According to the civil rights complaint filed Thursday, workers at franchised restaurants in the southern state of Virginia were "subjected to rampant racial and sexual harassment, committed by the restaurants' highest-ranking supervisors." The lawsuit potentially has broad implications because it contends that McDonald's is responsible for the well-being of workers at all its restaurants, even if they are franchises. The plaintiffs, nine of whom are black and one...
  • Keystone debate ends with Democrats' ire

    01/23/2015 1:01:55 PM PST · by Cincinatus' Wife · 8 replies
    CNN ^ | January 23, 2015 | Alexandra Jaffe
    Washington (CNN)Senators worked till midnight on Thursday moving through a series of amendments to a bill that would green-light construction of the controversial Keystone XL pipeline, but Senate Democrats wanted to stay longer. At least, they were frustrated with what they said was a double standard from Senate Majority Leader Mitch McConnell, who moved to end debate on the bill and set up a final vote next week after tabling a number of Democratic amendments. The Senate had already voted on 15 amendments, 10 of which were offered by Democrats and another five from Republicans. But Democrats cried foul at...
  • Government Created the Housing and Financial Crises --- and Might Be Doing it Again

    01/23/2015 9:38:38 AM PST · by Kaslin · 10 replies
    Townhall.com ^ | January 23, 2015 | Michael Barone
    It's not in the printed text, but the most revealing words in President Obama's seventh State of the Union address came near the end. After the scripted line, "I have no more campaigns to run," elicited Republican applause, Obama ad libbed, "I know, because I won both of them." Thus the last quarter of Obama's presidency resembles the first quarter, when he shut off discussion with House Republicans by saying, "I won." But his second winning percentage was lower than his first -- the only American president of which that can be said -- and the House now has a...
  • The President as Pest

    01/23/2015 4:19:39 AM PST · by Cincinatus' Wife · 16 replies
    The American Thinker ^ | January 23, 2015 | J.R. Dunn
    With the SOTU behind us, what’s left for Obama in his lame duck years?Looking at his record, it’s difficult to see any promise of accomplishment. His entire tenure has been one vast Gobi of negative achievement unparalleled in the history of this Republic. His domestic record--to mention only the highlights--consists of the Stimulus (“shovel-ready jobs”), ObamaCare, forcing tens of millions out of the workforce, decoupling the stock market from the economy as a whole, and a still stumbling recovery. His “post-racial presidency” is a sad joke, with race relations in a state of tension unseen since the late 60s. His...
  • China factories stall for second month in January, prices fall - HSBC Flash PMI

    01/22/2015 6:02:18 PM PST · by Red in Blue PA · 5 replies
    BEIJING (Reuters) - China's manufacturing growth stalled for the second straight month in January and companies had to cut prices at a faster clip to win new business, adding to worries about growing deflationary pressures in the economy, a private survey showed. The HSBC/Markit Flash Manufacturing Purchasing Managers' Index (PMI) hovered at 49.8 in January, little changed from December's 49.6 and a whisker below the 50-point mark that separates growth from contraction on a monthly basis.
  • eBay Announces Layoffs After Obama Touts Company in SOTU

    01/22/2015 3:28:39 PM PST · by Kaslin · 36 replies
    Townhall.com ^ | January 22, 2015 | Leah Barkoukis
    “Since 2010, America has put more people back to work than Europe, Japan, and all advanced economies combined,” President Obama said during his State of the Union Address on Tuesday. “Our manufacturers have added almost 800,000 new jobs. Some of our bedrock sectors, like our auto industry, are booming. But there are also millions of Americans who work in jobs that didn’t even exist 10 or 20 years ago — jobs at companies like Google, and eBay, and Tesla.” While Politico pointed out that most of the companies Obama touted are big, left-leaning D.C. spenders, his choice of mentioning eBay...
  • EBay CFO: It will get worse before it gets better (laying off 2,400)

    01/21/2015 5:45:00 PM PST · by Red in Blue PA · 53 replies
    During the company's earnings call, eBay Chief Financial Officer Bob Swan said 2015 would present "real challenges" and forecast that "it will get worse before it gets better." Separately, the company said it entered into an agreement with billionaire activist Carl Icahn, the company's largest active shareholder, and will appoint Jonathan Christodoro, Icahn's pick, to its board.
  • Hail to the States: Obama takes credit for growth stoked largely by red state policies.

    01/22/2015 6:31:12 AM PST · by SeekAndFind · 7 replies
    City Journal ^ | 01/22/2015 | Steven Malanga
    Supreme Court Justice Louis Brandeis called the states the “laboratories of democracy.” President Barack Obama ought to be glad that a handful of states are governed by Republicans doing lab work very different from his own. The economic gains registered in some of those states have played a significant part in pulling America out of its economic doldrums, allowing Obama, after six years in office, to give a State of the Union speech in which he could assert with some validity that the state of the union is “strong.” In his address on Tuesday night, the president “took credit,” as...
  • Majority of Senate says climate change is real and human-driven

    01/22/2015 1:12:44 AM PST · by Cincinatus' Wife · 55 replies
    Washington Examiner ^ | January 22, 2015 | Zack Colman
    Most U.S. senators now agree on two things about climate change: That it is driven by humans, and that it is not a hoax. Getting to that point during a series of votes on amendments for Keystone XL pipeline legislation was tortuous for Democrats and Republicans alike. "I'm not sure that there were any clear expectations, but I think the way the day transpired was productive but it was also fascinating," Sen. Brian Schatz, D-Hawaii, told reporters. "We made good progress today and we were pretty pleased there is an emerging bipartisan group of people who believe climate change is...
  • President No Comes Into His Own - Showing respect for one’s enemies — unless they be Republicans

    01/22/2015 12:19:05 AM PST · by Cincinatus' Wife · 9 replies
    The American Spectator ^ | January 22, 2015 | Jeffrey Lord
    Call him President No. He doesn’t want to cut taxes. He will veto any attempt to overturn the mess of Obamacare. He is adamant about opposing anyone who wants to undoing his executive order on amnesty, or his sudden turnabout of U.S. policy on Cuba. He won’t say yes to the Keystone XL pipeline. And hell will freeze over before he utters the words “radical Islamic terrorism.” Now the White House is furious that Speaker John Boehner has issued a February 11th invitation for Israeli Prime Minister Benjamin Netanyahu to address Congress, this just hours after the president made it...
  • Obama Is The Main Obstacle To Economic Growth

    01/21/2015 1:58:41 PM PST · by Kaslin · 8 replies
    Townhall.com ^ | January 21, 2015 | Donald Lambro
    WASHINGTON -- No matter what President Obama said about the state of our union Tuesday night, the economy's prognosis is not good. Who says so? A hefty majority of the American people in a new Washington Post/ABC News poll that sought their opinion about the economy's health. Roughly six in 10 said it was "not so good" or "poor." Six years into Obama's painfully slow recovery, jobs are hard to come by in many parts of the country and wages remain flat. Hourly earnings actually fell last month, the U.S. Labor Department reported last week. It's gotten so bad that...
  • Rickards: Brace For Financial Storm 6x Larger Than 2008

    01/21/2015 12:09:48 PM PST · by alexmark1917 · 38 replies
    Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown... The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion. Energy-sector...
  • A State Of Illusion

    01/21/2015 10:23:07 AM PST · by xuberalles · 11 replies
    Self | 1/21/15 | Me
    “The shadow of crisis has passed and the State of the Union is strong!” May I digress, Mr. President? Workforce participation is at an anemic 62% (the lowest since Jimmy Carter), a record 12 million Americans have dropped out of the workforce equation (thus the fictional 5.6 jobless rate), black unemployment is the highest in 30 years and black home ownership is at its lowest level in 20 years, welfare recipients have nearly doubled to 47 million since 2008, median household income has dropped by $4,000, the national debt has skyrocketed by 7.5 trillion dollars – more than the first...
  • CBO: Saving Unborn Babies From Abortion Will Increase the Budget Deficit

    01/20/2015 6:39:17 PM PST · by Morgana · 29 replies
    blaze.com ^ | Jan. 20, 2015 | Pete Kasperowicz
    The Congressional Budget Office says legislation the House will pass this week to ban abortions after 20 weeks of pregnancy would lead to an increase in the budget deficit of at least $235 million over the next decade, and perhaps as much as half a billion dollars. The CBO released a report Tuesday for the Pain-Capable Unborn Child Protection Act, H.R. 36, which the House will consider on Thursday. That bill aims to ban abortions after 20 weeks, and is based on evidence that a fetus can feel pain once it reaches that age. CBO’s report assumes that if the...
  • Drug manufacturer Hospira closing Clayton plant, cutting 250 jobs (North Carolina)

    01/20/2015 1:00:36 PM PST · by 2ndDivisionVet · 5 replies
    WRAL-TV TechWire ^ | January 14, 2015
    Clayton, N.C. — Hospira, a manufacturer of injectable and other drug products as well as medical devices, is closing its plant in Clayton which employs some 250 people. Hospira says the facility will close in the second half of this year. “After a thorough evaluation of the site and the various products produced at this facility, we had to make this difficult decision,” said Matt Stober, senior vice president for operations, in a statement. The firm operates a major plant in Rocky Mount as well. In 2012, it decided to add 200 works at that operation. Hospira (NYSE: HSP) disclosed...
  • Local leaders weigh in on "Labinal" closing (Leaving Maryland, headed to Denton, Texas)

    01/20/2015 12:53:23 PM PST · by 2ndDivisionVet · 22 replies
    WMDT-TV ^ | January 16, 2015 | Lili Zheng, reporter/producer
    (VIDEO-AT-LINK)SALISBURY, Md. - A shocking turn of events on Wednesday, as aeronautical company Labinal Power Systems announced it will soon be closing its doors. This means over 600 employees -- about 94% from Wicomico County -- may be out of a job. According to Labinal, up to 160 of those employees could possibly be transferred to their Texas facility. As for the rest, local leaders say there are resources in town. Those resources may come in the form of "re-training". According to Wor-Wic Community College president Ray Hoy, these workers have valuable skills but they might not translate to another...
  • J.C. Penney is resurrecting its catalog

    01/20/2015 12:25:28 PM PST · by 2ndDivisionVet · 44 replies
    Market Watch ^ | January 20, 2015 | Suzanne Kapner
    half-decade after killing off its hefty catalog to focus on the Web, J.C. Penney Co. is bringing it back, armed with data showing that many of its online sales came from shoppers inspired by what they saw in print. The new, 120-page book will feature items from Penney's home department and will be sent to select customers in March, the first time the struggling department store chain has sent out a catalog since 2010. The move highlights an oddity of the digital age. While shoppers are increasingly buying everything from shoes to sofas to cars over the Internet, they still...
  • Baker Hughes' to Lay Off 7K Workers Amid Oil Slump (Booming Economy!)

    01/20/2015 12:05:20 PM PST · by tcrlaf · 34 replies
    Fox Biz ^ | 1-20-2015 | Rueters
    Oilfield services provider Baker Hughes Inc said it expects to lay off about 7,000 employees, days after industry leader Schlumberger Ltd said it would cut jobs as drilling activity slows due to a steep fall in oil prices. Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending. Schlumberger said last week it would cut 9,000 jobs, or about 7 percent of its workforce.
  • Government Created the Housing Bubble and Financial Crisis -- and Could Be Doing so Again

    01/20/2015 4:31:00 AM PST · by Kaslin · 10 replies
    Townhall.com ^ | January 20, 2015 | Michael Barone
    What caused the financial crisis? How can we prevent another one from happening again? The answers you most often hear to those questions are (1) greed and deregulation and (2) the Dodd-Frank law. But they're patently inadequate. Greed -- or the desire for monetary gain -- has always been with us and always will be. And no one has convincingly linked financial deregulation to the crisis. Dodd-Frank, enacted to increase regulation, confers too-big-to-fail status on very large financial institutions, which incentivizes unduly risky behavior and penalizes smaller competitors. The real problem was housing finance, argues my American Enterprise Institute colleague...
  • The Real State of Our Union: More Entitlements, Taxes and Unemployment

    01/19/2015 9:09:06 PM PST · by lbryce · 7 replies
    Fox News ^ | February 18, 2015 | Peter Morici
    In his State of the Union address, President Obama will propose much he knows the Republican-controlled Congress will not enact, but his real agenda is to set the table for Hillary Clinton’s 2016 presidential campaign. Once again, the president will propose soaking the rich with higher estate, capital gains and bank taxes, while adding to entitlements for the working poor and middle class—new tax credits, higher child care allowance and more college tuition assistance. It all sounds appealing in an economy where the top 10 percent have done quite well, while the rest struggle—but it is not that simple. The...
  • 27 Facts That Show How The Middle Class Has Fared Under 6 Years Of Barack Obama

    01/19/2015 7:43:40 PM PST · by SeekAndFind · 30 replies
    The Economic Collapse Blog ^ | January 18, 2015 | Michael Snyder, on January 18th, 2015
    During his State of the Union speech on Tuesday evening, Barack Obama is going to promise to make life better for middle class families. Of course he has also promised to do this during all of his other State of the Union addresses, but apparently he still believes that there are people out there that are buying what he is selling. Each January, he gets up there and tells us how the economy is “turning around” and to believe that much brighter days are right around the corner. And yet things just continue to get even worse for the middle...
  • Manufacturing Renaissance Hype: Questionable Manufacturing Revival

    01/19/2015 2:42:11 PM PST · by CutePuppy · 17 replies
    Barron's (subscription) ^ | January 17, 2015 | Robin Goldwyn Blumenthal
    All the talk we hear about a manufacturing renaissance in the U.S. is just that — all talk. That's the conclusion of a new report from the Information Technology & Innovation Foundation entitled "The Myth of America's Manufacturing Renaissance: The Real State of U.S. Manufacturing." As Adams Nager, an economic research assistant at the foundation and a co-author of the report, says, "A lot of what's in the news [about a revival] is based on anecdotes; there's very little real data." A look at job and factory numbers between 2007 and 2013 should put to rest any thoughts about a...
  • 50,000 Wall Street jobs cut [There’s blood on the Street]

    01/19/2015 6:15:07 AM PST · by SeekAndFind · 31 replies
    New York Post ^ | 01/19/2015 | By John Aidan Byrne
    There’s blood on the Street. In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up. And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history. But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and...
  • Poll: Rising economy boosts Obama’s standing on eve of the State of the Union

    01/19/2015 8:38:52 AM PST · by Zakeet · 24 replies
    Washington comPost ^ | January 19, 2015 | Scott Clement and Dan Balz
    President Obama will deliver his State of the Union address Tuesday enjoying rising approval ratings that have been strengthened by rapidly improving perceptions of the economy and increased optimism about the overall direction of the country, according to a new Washington Post-ABC News poll. [Snip] Obama’s overall approval rating now stands at 50 percent, the highest in a Post-ABC poll since the spring of 2013. His standing is nine points higher than in December and seven points higher than in October, just before Republicans captured control of the Senate, increased their House majority to its highest level in eight decades...
  • Why Wages Lag Employment Recovery

    01/19/2015 6:20:13 AM PST · by SeekAndFind · 34 replies
    RCM ^ | 01/19/2015 | Robert Samuelson
    The great wage mystery deepens. In economic recoveries, there usually comes a time when strong job gains lead to strong wage gains. Businesses must pay more to recruit and retain the workers they need. Not this time - or at least not yet. The unemployment rate has dropped from a peak of 10 percent in October 2009 to 5.6 percent at the end of 2014. But hourly wage gains haven't accelerated. They've plodded along at about a 2 percent annual rate, roughly matching inflation. Economists are baffled. "This labor market recovery looks different from anything since World War II," says University...
  • Sen. Ted Cruz: American Dream and U.S. Leadership in the World Are Slipping Away

    01/18/2015 6:46:53 PM PST · by 2ndDivisionVet · 18 replies
    Breitbart's Big Government ^ | January 18, 2015 | Edwin Mora
    MYRTLE BEACH, S.C. — Sen. Ted Cruz (R-TX) warns that the American dream is slipping away. “The central challenge facing this country right now is that for millions of Americans, the American dream seems to be slipping away,” he told the crowd during a speech at the South Carolina Tea Party Convention on Sunday. “You know, today for the first time in our country’s history, a majority of Americans believe our kids will have a worse life than we did. That has never been true in over 200 hundred years of our nation’s history until right now.” In August 2014,...
  • China Cities Signal Property Crash By Halting Apartment Sales

    01/18/2015 1:55:52 PM PST · by dila813 · 10 replies
    Forbes ^ | 1/18/2015 @ 12:15PM | Gordon Chang
    Without explanation, authorities in two Chinese cities have refused to issue approvals for transfers of apartments built by selected developers, including troubled Kaisa Group. Most analysts believe the extraordinary moves are related to Xi Jinping’s so-called anti-corruption campaign, but that explanation fails to explain certain crucial facts. There is reason to think there could be bankruptcy law factors behind the withholding of the approvals, which have unsettled markets in recent weeks. The bankruptcy explanation suggests a market correction is coming soon.
  • Uber Wants to Create 50,000 Jobs, Take 400,000 Cars Off the Road in Europe This Year

    01/18/2015 1:42:56 PM PST · by 2ndDivisionVet · 23 replies
    re/code ^ | January 18, 2015 | Ina Fried
    Uber chief Travis Kalanick said he wants to expand operations in Europe and, in the process, create 50,000 jobs and take 400,000 personal vehicles off the road. Kalanick said the ride-sharing service isn’t opposed to regulation, but wants “progressive regulation” that promotes safe and affordable rides and generates tax revenue without limiting competition. Cities around the globe have been going after Uber and other services, using a mix of existing regulations and new laws. “We want to make 2015 the year where we establish a new partnership with (European Union) cities,” Kalanick said, speaking Sunday at the DLD Conference in...
  • Middle class decline looms over final years of Obama presidency

    01/18/2015 11:45:39 AM PST · by SkyPilot · 78 replies
    Reuters and Yahoo News ^ | 18 Jan 15 | Howard Schneider
    Barack Obama enters the final two years of his presidency with a blemish on his legacy that looks impossible to erase: the decline of the middle class he has promised to rescue. The revival of middle-class jobs has been one of Obama's mantras since he took office in 2009 fighting the worst economic crisis in generations. It was a major theme of his last State of the Union address and is expected to feature in the one scheduled for Tuesday. Administration officials said on Saturday the president would propose higher capital gains taxes, new fees on large financial firms,...
  • ALCO stores closing across state, nation

    01/18/2015 10:48:50 AM PST · by george76 · 21 replies
    The Hutchinson News ^ | November 21, 2014 | Ken Stephens
    ALCO stores nationwide, including those in South Hutchinson and 21 other small Kansas communities, are closing. The stores, which typically serve small towns with few other options for everything from clothing to housewares and groceries, began conducting going-out-of-business sales on Friday morning, a day after a U.S. Bankruptcy Court in Dallas authorized ALCO’s owners – Tiger Capital Group LLC, SB Capital Group LLC and Great American Group LLC – to begin doing so. In all, 198 stores in 23 states will close, as will the 113-year-old discount retailer’s 352,000-square-foot distribution center in Abilene. During the liquidation sale, the company plans...
  • Learning to Love Market Chaos --Investment & Finance Thread Jan. 18

    01/18/2015 10:51:35 AM PST · by expat_panama · 70 replies
    Weekly investment & finance thread ^ | Jan. 18, 2015 | Freeper Investors
                          The main reason we try to predict markets is so afterward we can gloat saying we knew it all along.  Easy-peasy -- all we do is predict doom'n'gloom and eventually asset prices will sag.  Sure, most of the time prices go up, things grow and wealth is created, but the only time folks cry WHY!!?? is during the rough times. Then again, the other reason we figure out expected market trends is so we can make money.  That's not that hard either because over time most investments do better than say, cramming...
  • Black Messiah to Black Lives Matter: Pentecostal piety can reveal charade of racialized capitalism

    01/18/2015 9:25:46 AM PST · by 2ndDivisionVet · 9 replies
    The Guardian & Observer ^ | January 18, 2015 | Andrew Wilkes
    Our system of values in this country needs to change, and that will require more than just a single policy measure.D’Angelo’s album, Black Messiah, caused a huge sensation when it dropped last month. Its songs were greeted as welcome transcendent messages in the midst of the Black Lives Matter movement. The title of the album, with its messianic reference, hinted at its ambition to function as something like religious guidance. The songs evoke a justice-focused, religious sensibility – what I like to call a Pentecostal piety – that recalls the civil rights battle and that can underpin the Black Lives...