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In Case You Haven't Realized, Goldman Sachs Is Predicting A Major Economic Turn To Happen In 2013 Joe WeisenthalDecember 8, 2012Goldman Sachs continues to dribble out its 2013 forecasts and top trades. And as the firm peels back more and more, it's clear that the forecast is for major change to the economy. This can be seen across multiple calls, from multiple analysts. It starts with top economist Jan Hatzius, who sees, for the first time since the financial crisis, the economy accelerating to above-trend growth in the second half of next year. The call is based on an expectation...

Even if lawmakers somehow stop the Bush-era tax rates from expiring, taxes are still expected to rise on Jan. 1 -- thanks to a trio of new fees tied to the federal health care overhaul. The IRS this past week published rules for some of the first major taxes meant to help pay for President Obama’s massive insurance coverage expansion. Together, they will raise investment and income taxes on top earners and impose a separate -- and controversial -- tax on medical devices. The bundle of fees has been largely overlooked as lawmakers and the White House bicker over the...

LOUISVILLE, Ky. (AP) — Milwaukee-based Johnson Controls plans to close a central Kentucky plastics manufacturing plant early next year, potentially putting nearly 400 employees out of work. The Courier-Journal (http://cjky.it/U3qICs) reports that a mass layoff notice filed with the Kentucky Office of Employment & Training on Friday says up to 392 workers could be cut in February when the facility in Louisville closes. The plant produces injection-molded interior components for vehicles...

Over at Huffington Post Robert Greenwald discovers that Obama has been killing children with drones During my recent trip to Pakistan as part of our upcoming documentary film, Drones Exposed, I was struck most by the stories told to me by children who had experienced a U.S. drone strike firsthand. The impact of America’s drone war in the likes of Pakistan and Yemen will linger on, especially for the loved ones of the 178 children killed in those countries by U.S. drone strikes. War Costs’ latest video (with accompanying report) brings attention to the children who have died as a...

The November employment report appeared to be good news. The unemployment rate fell to 7.7 percent, the lowest level since 2009, and the economy created 146,000 jobs. However, a closer reading of the details shows that the labor market is not recovering any faster but instead continuing its long, painful march to full recovery. The only reason that the unemployment rate fell was because more people dropped out of the labor market than actually found jobs. The labor force declined by 350,000 and the labor force participation rate, a measure of potential workers, declined to 63.6, the same level as...

Now that Barack Obama is safely ensconced in the White House for another four years, several items which should have been noticed or revealed before Election Day have come to the fore. Collectively, they tell us two things: that the pre-election economy was worse than voters were led to believe, and that the prospects for meaningful improvement under the current regime are bleak at best. Additionally, in at least one instance, economic activity itself was likely manipulated. The probable gamesmanship occurred at Government/General Motors, which is still effectively under Obama administration control, still on track to saddle U.S. taxpayers with...

In an interview with Bloomberg TV this week, Obama also hinted at a possible long-range solution, saying lower tax rates for the wealthy could be negotiated as part of broader tax reform in 2013, but only after those rates increase now.

Now that Barack Obama is safely ensconced in the White House for another four years, several items which should have been noticed or revealed before Election Day have come to the fore. Collectively, they tell us two things: that the pre-election economy was worse than voters were led to believe, and that the prospects for meaningful improvement under the current regime are bleak at best. Additionally, in at least one instance, economic activity itself was likely manipulated.*snip*The probable gamesmanship occurred at Government/General Motors, which is still effectively under Obama administration control, still on track to saddle U.S. taxpayers with a...

Does anyone know exactly when it was that the government started cooking the books on unemployment, and counting people who have given up and left the work force, as "no longer being unemployed"? Seems to me that that one change in statistic-keeping set the stage for moving people from work onto welfare, and I think it was made during Clinton's regime? Or was it Carter? It appears to allow them to move people transparently from work to welfare, and the unemployment statistics only look half as bad as they really are. Look at: http://www.bls.gov/news.release/empsit.t15.htm The U3 is the figure that...

3 Bearish Signs In A Sea Of Negativity 12/07/2012 12:48 AM Cullen Roche Last week I published the 3 bullish signs in a sea of negativity (click here). So I figured I’d even the score and mark down some of the more bearish economic signs I’ve been seeing lately. Yes, there’s a lot to be negative about, but one could easily argue that the negativity is justified. The following indicators are all important barometers of economic growth. This will be sure to brighten your day before you head into the weekend! Rail Traffic is grinding to a halt. As I...

Fiscal Cliff Means 50% Tax Rates For The Middle Class Politics / TaxesDec 07, 2012 - 08:12 AM By: Money Morning Keith Fitz-Gerald writes: If I didn't know any better, I'd think there's a small but growing group of people in Washington who think it would actually be good if we temporarily went over the fiscal cliff. I say that because I am seeing a smattering of articles recently suggesting that somehow going over the cliff "won't be all that bad" or that we're "really just talking about cuts that need to happen in the first place." President Obama seems...

The Tell-Tale Chart ECRI December 7, 2012 Following our September 2011 recession call, we clarified its likely timing in December 2011. Based on the historical lead times of ECRI’s leading indexes, we concluded that, if it didn’t start in the first quarter of 2012, it was very likely to begin by mid-year. But we also made it clear at the time that you wouldn’t know whether or not we were wrong until the end of 2012. And so it’s interesting to note the rush to judgment by a number of analysts, already asserting that we were wrong. So, with about...

Rick Santelli sees no signs of strength in the November jobs numbers and rejects arguments the economy wouldn't be hurt by higher tax rates.

The US Is Entering A New Era Of Fiscal Austerity Comstock PartnersDec. 6, 2012, 6:59 PM In discussing the fiscal cliff issue, the one big takeaway not to forget is that it is all about austerity----extreme austerity if we go over the cliff and a lesser amount of austerity if we settle it before year-end. More than likely, this is the start of new era of fiscal austerity in the U.S. In no way do we see this as a solution to the myriad of problems besetting the U.S. economy and stock market. These include the still excessive level of...

Some Republicans are siding with Democrats around the proposition that online sales should be taxed. Now, Congress is adding a rider to the National Defense Authorization Act that would allow such a tax. The so-called Marketplace Fairness Act, which also has a House counterpart, the Marketplace Equity Act, will allow states to collect sales taxes on retailers who are located out of state. This would be a fundamental expansion of states’ power to tax; it arguably violates the privileges and immunities clause, allowing states to set up tariffs against other states’ businesses...

Finger Prints of Recession 2013, Recipe for Economic Disaster and Investor Opportunity Economics / Recession 2013Dec 06, 2012 - 03:04 AM By: Ty Andros The verdict is in and the man-made disaster that is creeping socialism just got a green light in the world’s largest economy! The SOMETHING for Nothing society known formally as the United States of America and controlled by what Vladimir Lenin called USEFUL IDIOTS (products of centrally controlled public schools taught the VIRTUES of socialism as beneficial) have now elevated their chosen REPRESENTATIVES as slave masters (at the point of a government GUN) to the last...

December 6 , 2012 Tireman Auto Service Centers Leaving Woodville Mall Ohio Location The Lost Rivers Medical Center in Arco is eliminating its long-term care center - up to 30 Jobs Lost Skelly and the Bean Capital Hill Seattle WA - Closing, Hopefully Opening New Location Blockbuster Crestwood Location in AL? Family Dollar in Fayetteville NC JCIM at the National Turnpike location KY? British supermarket chain Tesco is considering closing down its 200 American Fresh & Easy grocery stores The Tacoma Chevy’s Restaurant WA The Philips Lighting plant in Bath NY to Close by End of 2013 - 280 Jobs...

* US crude production forecast to reach 7.5 mbd by 2019 * Imports as share of energy production seen sliding * US seen as net LNG exporter by 2016 U.S. oil and gas production over the next two decades will be higher than previously expected, the government said on Wednesday, underscoring the push toward greater energy self-sufficiency and more exports of natural gas. In its annual outlook, including the first forecasts through 2040, the U.S. Energy Information Administration said imports as a share of total U.S. energy production, including oil, gas and renewables, would be 9 percent by 2040 against...

GOLDMAN: The Shale Oil Revolution Is Real, And It Will Have A Massive Impact On The Global Economy Rob WileDec. 5, 2012, 7:55 PMWe are seeing calls that, thanks to shale drilling, the U.S. is poised to become the world leader in oil production, leading some to begin invoking "Saudi America." Today, Goldman Sachs analyst Kamakshya Trivedi, weighed in on the global macro implications of this phenomenon in a note titled: The shale revolution is changing the global energy landscape. The note actually goes further, talking about how the entire economic landscape could potentially change. The main impact, they write,...

<p>It was an interesting an odd day today. Shares of tech leader Apple got destroyed for seemingly no reason, bringing down the NASDAQ.</p> <p>On the other hand, mega-banks like Bank of America and Citi (which announced huge layoffs) surged.</p> <p>That brings us to this recent chart from SocGen, comparing tech vs. banks.</p>