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Keyword: economy

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  • The Welcoming Michigan Story [facepalm]

    01/14/2013 5:58:14 PM PST · by PieterCasparzen · 8 replies
    Welcoming Michigan - Building Immigrant Friendly Communities ^ | 1/14/2013 | Michigan Immigrant Rights Center
    We believe that being welcoming is the right thing to do, but that’s not the whole story. Michigan is the only state that lost population between 2000 and 2010. Considering how high unemployment in Michigan has been, some might say that’s a good thing — fewer people to compete for the jobs we do have. In 2008, the New Economy Initiative for Southeast Michigan, the Detroit Regional Chamber of Commerce, and the Skillman Foundation commissioned former State Representative Steve Tobocman to explore the idea of immigration as a potential strategy for reinventing the economy of that region. Fewer people to...
  • Shale Gas Will Fuel a U.S. Manufacturing Boom

    01/14/2013 3:09:10 PM PST · by 2ndDivisionVet · 7 replies
    MIT Technology Review ^ | January 9, 2013 | Kevin Bullis
    Chemical producers abandoned the U.S. in droves. Cheap natural gas is luring them back. People predicting a manufacturing renaissance in the United States usually imagine whirring robots or advanced factories turning out wind turbines and solar panels. The real American edge might be in something entirely more mundane: cheap starting materials for plastic bottles and plastic bags. The plummeting price of natural gas, which can be used to make a vast number of products, including tires, carpet, antifreeze, lubricants, cloth, and many types of plastic, is luring key industries to the United States. Just five years ago, natural gas prices...
  • A US Default Would Be The Financial Equivalent Of This Painting Of Hell

    01/14/2013 2:03:02 PM PST · by blam · 36 replies
    TBI ^ | 1-14-2013 | Brett LoGiurato
    A US Default Would Be The Financial Equivalent Of This Painting Of Hell Brett LoGiuratoJanuary 14, 2013 Earlier today, President Barack Obama almost dared Republicans to not increase the nation's borrowing limit in a White House press conference. "If Congressional Republicans refuse to pay America’s bills on time, Social Security checks, veterans benefits will be delayed," Obama said. "... Investors around the world will ask if the United States of America is in fact a safe bet. Markets could go haywire. Interest rates would spike for anyone who borrowed money." One analyst — Michael Feroli, the chief economist at JP...
  • Two Of The Biggest Problems In The Financial System Will Hit In 2013

    01/14/2013 10:55:48 AM PST · by blam · 14 replies
    TMO ^ | 1-14-2013 | Graham Summers
    Two Of The Biggest Problems In The Financial System Will Hit In 2013 Stock-Markets / Financial Markets 2013Jan 14, 2013 - 03:11 AM By: Graham Summers This week is options expiration week: the week in which various call and put positions will expire. Wall Street is notorious for using these weeks to gun the markets this way and that in order to insure that the greatest number of puts and calls expire worthless. So expect the market to be even more volatile than usual this week. Outside of this, the investment world is slowly emerging from its Central Bank policy...
  • Obama: ‘We need more revenue’ (a.k.a. tax increases)

    01/14/2013 9:24:20 AM PST · by Zakeet · 27 replies
    Washington comPost ^ | January 14, 2013 | Felicia Sonmez
    President Obama kicked off the final news conference of his first term by renewing his call for Congress to approve a “balanced” deficit-reduction package that includes both spending cuts and new revenues. Republican leaders have said repeatedly that the Jan. 1 fiscal cliff agreement ended any discussion of raising new revenue and that in upcoming negotiations they would deal only in spending cuts. Obama made clear that he does not agree. He reiterated that he is “open to making modest adjustments to programs like Medicare.” “The fact is, though, we can’t finish the job of deficit reduction through spending cuts...
  • No Wonder Our Horse Won't Run (It's weighed down by a thousand-pound ObamaCare jockey)

    01/14/2013 7:55:32 AM PST · by SeekAndFind · 3 replies
    American Thinker ^ | 01/14/2013 | Deane Waldman
    The U.S. economy is a thoroughbred racehorse that has won every past race. Now, it won't run at all. The trainers (Washington) first tried the "carrot" approach. They tempted the horse with apples (TARP funds), but somehow, the apples never got to the horse. Then they offered actual carrots (bailouts), but the faster rabbits (banks) ate them before the horse could. The thoroughbred just stood there. The trainers switched to the "stick." They took away the horse's oats and hay and gave his food to a favorite animal (Solyndra). They removed the racing saddle (first position on GM stock), gave...
  • 4th Quarter GDP Estimate Reduced to .8% from 1.5%

    01/14/2013 5:44:49 AM PST · by Kaslin · 24 replies
    Townhall.com ^ | January 14, 2013 | Mike Shedlock
    <p>Holiday sales of electronics and toys plunged this past Christmas season. Also of note, JPMorgan lowered its annualized 4th quarter GDP estimates down to .8% from 1.5%. Nonetheless, analysts see a silver lining to the data. They always do.</p> <p>Toys R Us reported a key sales figure declined in November and December, hurt by weak demand for videogames, electronics and toys and shoppers who pulled back because of Superstorm Sandy.</p>
  • Citi Reveals The Most Likely Debt Ceiling Endgame, And Why It's Bad News For The US Dollar

    01/13/2013 5:08:35 PM PST · by blam · 12 replies
    TBI ^ | 1-13-2013 | Joe Weisenthal
    Citi Reveals The Most Likely Debt Ceiling Endgame, And Why It's Bad News For The US Dollar Joe WeisenthalJanuary 13, 2013CitiFX guru Steven Englander has a new note out this evening titled: No coin + temporary debt ceiling extension + sequester = USD negative. In it he notes that the rejection of the trillion dollar coin idea to avert the debt ceiling is not alone a market moving event, but that the hard language taken by the White House that the choices boil down to clean lift or default raises the odds of a debt ceiling breach. His take: So...
  • Grassley on the Treasury Secretary Nomination

    01/12/2013 9:32:04 AM PST · by To-Whose-Benefit? · 3 replies
    Senator Charles Grassley ^ | Jan 10, 2013 | Senator Charles Grassley
    Grassley on the Treasury Secretary Nomination M E M O R A N D U M To: Reporters and Editors Re: Nomination of Treasury secretary Da: Thursday, Jan. 10, 2013 Sen. Chuck Grassley of Iowa today made the following comment on the President’s nomination of Jacob Lew as Treasury secretary. Grassley is a senior member and former chairman and ranking member of the Finance Committee, which will consider the nomination. “I intend to reserve judgment on the nomination until the vetting process is completed. The Finance Committee has a tradition of thoroughly vetting nominees, and the process works. The Treasury...
  • U.S. Spends $120M USD to Set up Rare Earth Research Center to Counter China

    01/12/2013 8:28:33 AM PST · by Ernest_at_the_Beach · 22 replies
    Dailytech ^ | January 10, 2013 3:30 PM | Jason Mick (Blog)
    Chinese price manipulation has taken its toll on the U.S. economy Rare earth metals are an increasingly integral part of everything from automobiles to television sets.  But the precious metals are tightly controlled by China, with an excess of 95 percent of current suplly coming from Chinese-owned mines and refineries.  The degree of control has allowed China to manipulate prices, cutting back on demand to sell less material for the same amount of profit, any businessperson's dream. I. New Private-Public Partnership Sets Aim on Chinese Mineral Hegemony The problem is that it takes several years or more to bring rare...
  • Where you might not shop in 2013

    01/12/2013 8:21:08 AM PST · by lowbridge · 24 replies
    yahoo/forbes ^ | january 10, 2013 | Tom Van Riper
    Christmas season was a disappointment. GDP growth is slowing. Taxes are going up. What’s the retail industry to do? There’s really only one choice: close more stores. Through the first nine months of 2012, closings were up 25% over the same period from the prior year (fourth quarter numbers aren’t available just yet). And Howard Davidowitz, chairman of retail banker and consultant Davidowitz & Associates, expects roughly the same pace of closings in 2013. “The consumer is 70% of GDP. If growth is decelerating, how are you going to have (retail) growth? You’re not, you’re going to go on closing...
  • White House Petition To Publicly Assay And Validate The US Treasury's 8,100 Tons Of Gold

    01/12/2013 7:13:51 AM PST · by Zakeet · 5 replies
    Zero Hedge ^ | January 11, 2013
    In the past few weeks there has been a veritable explosion of White House petitions ranging from the bizarre to the surreal to the outright absurd, including such demands as Texas (and other southern states) seceding, deporting Piers Morgan, not deporting Piers Morgan, creating a Joe Biden sitcom, and even making a total mockery out of the US, and global, monetary system and evading the debt ceiling using a cheap, platinum coin-based parlor trick. All of these are, for lack of a better word, a la carte distractions launched by bored American citizens, meant to evade the menial drudgery of...
  • GARY SHILLING: We're In For Another 5 Years Of Painful Deleveraging (Job Loss To Rise, 11.0%, 2015)

    01/12/2013 4:37:10 AM PST · by blam · 20 replies
    TBI ^ | 1-12-2013 | Mamta Badkar
    GARY SHILLING: We're In For Another 5 Years Of Painful Deleveraging (Job Losses To Rise, 11.0% - 2015) Mamta BadkarJanuary 12, 2013 The current domestic and global investing environment is dominated by deleveraging, according to Gary Shilling. In other words, households and institutions are slashing the debt on their balance sheets. And according to Shilling, we still have some way to go: "The deleveraging process for both these sectors has commenced, but it has a long way to go to return to the long run flat trends and we are strong believers in reversions to well-established trend. If we simply...
  • 6 Provocative Predictions for 2013… and Beyond

    01/11/2013 12:14:59 PM PST · by blam · 2 replies
    The Daily Reckoning ^ | 1-10-2013 | Addison Wiggin
    6 Provocative Predictions for 2013… and Beyond By Addison Wiggin 01/10/13 Someday, someone will fund an academic study identifying the crevice in the human brain that craves year-end predictions for the coming 12 months. Wherever it resides, it is undeniably strong and far more prevalent among the populace than the craving for news about, say, the “fiscal cliff” or the New York Jets’ quarterback saga. Within the finance sector, such predictions abound. “Macro surprises” from Morgan Stanley, “13 outliers for ’13” from Deutsche Bank, and the ever popular “outrageous predictions” from Denmark’s Saxo Bank. And you know what? These institutions...
  • The US Deficit Almost Completely Disappeared In December

    01/11/2013 11:55:59 AM PST · by blam · 24 replies
    TBI ^ | 1-11-2013 | Sam Ro
    The US Deficit Almost Completely Disappeared In DecemberSam RoJanuary 11, 2013 The U.S. December budget deficit was just $260 million. This is according to the latest Monthly Treasury Statement from the Financial Management Service. Economists were forecasting a deficit of closer to $1 billion. The December deficit was also the lowest December number since 2007, reports Bloomberg. It's worth noting that monthly numbers are noisy, and that seasonal factors tend to be considerable in December. Regardless, this is an encouraging sign. Receipts were $269.5 billion while the spending was $269.7 billion. This is important to remember, because budget deficits and...
  • American Express Kicks Off 2013 With Biggest Layoffs in Four Years

    01/11/2013 6:59:58 AM PST · by SoFloFreeper · 16 replies
    Brand Channel ^ | 1/10/13 | Shirley Brandy
    ... American Express delivered a surprise in its fourth quarter earnings report today: the elimination of 5,400 jobs as part of a global reorganization of its business units, with over $400 million in severance and its business travel unit taking a big hit. The company has endured more than a decade of downsizing under CEO Ken Chenault: 7,700 jobs in 2001; 6,500 jobs in 2002; 7,000 jobs (10% of its workforce) in 2008; 4,000 jobs in 2009. This round of cuts, as Wall Street Journal reports, represents "its biggestretrenchmentin a decade," and will shed 8.5% of its workforce.
  • Why The Newly Reinstated Payroll Taxes Won't Drag Down The Economy

    01/11/2013 9:08:10 AM PST · by blam · 25 replies
    TBI ^ | 1-11-2013 | Lisa Mahapatra
    Why The Newly Reinstated Payroll Taxes Won't Drag Down The Economy Lisa MahapatraJanuary 11, 2013If you've already received your first paycheck of the year, then you've probably noticed that it was a teeny bit smaller than expected. That's because when the temporary cut in payroll taxes expired at the end of last year, policymakers decided to let them stay that way as a part of the fiscal cliff tax deal, also known as "American Taxpayer Relief Act of 2012." Now that these payroll taxes are back, the US government can expect to collect revenue equivalent to about 0.66% of GDP,...
  • Investors Are Staging One Of The Biggest Moves Into Equities Of All Time

    01/11/2013 8:40:38 AM PST · by blam · 20 replies
    TBI ^ | 1-11-2013 | Matthew Boesler
    Investors Are Staging One Of The Biggest Moves Into Equities Of All Time Matthew BoeslerJan. 11, 2013, 5:54 AMIt's been a dazzling week for mutual funds and ETFs. $22.2 billion flowed into equity funds this week, marking the second-largest weekly inflow in history. Inflows into emerging market equity funds this week were the largest – at $7.4 billion – of all time. "A new year, memories of 2012 returns, zero rates, the “fiscal whiff’...whatever the reason investors capitulated into equities this week," writes BofA strategist Michael Hartnett. Other big winners were long-only mutual funds, which recorded $8.9 billion in inflows...
  • PAUL KRUGMAN: The Deficit Is Basically Solved

    01/11/2013 8:21:14 AM PST · by blam · 71 replies
    TBI ^ | 1-11-2013 | Walter Hickey
    PAUL KRUGMAN: The Deficit Is Basically Solved Walter HickeyJan. 10, 2013, 4:00 PMMany people think that fixing the deficit is a painful process that involves deep cuts to crucial programs. Some think the process is too hard, and it's not worth trying yet. That's not correct, according to a chart from from the Center on Budget and Policy Priorities' Richard Kogan showing just how far the United States has come in the past two years. We've talked before about how the painless and most effective solution to the deficit is additional growth in GDP. As the recovery progresses and GDP...
  • Louisiana Governor Jindal proposes ending state income tax

    01/10/2013 7:04:52 PM PST · by Errant · 52 replies
    Reuters ^ | January 10, 2013 | Kathy Finn
    Republican Governor Bobby Jindal said on Thursday he wants to eliminate all Louisiana personal and corporate income taxes to simplify the state's tax code and make it more friendly to business.
  • CFPB Unveils Sweeping Changes to Mortgage Rules

    01/10/2013 9:47:50 AM PST · by illiac · 23 replies
    Realtor Mag ^ | 1/10/13 | RealtorMag
    The Consumer Financial Protection Bureau unveiled new mortgage rules Thursday that are expected to change how home buyers go about getting approved for a home loan. Every company that issues mortgages will be required to follow the new guidelines. Loans that meet the agency’s new lending criteria now will be called a “qualified mortgage.” Qualified mortgages will be given protection for the bank from lawsuits filed by troubled borrowers or buyers of mortgage-backed bonds. A “qualified mortgage” will consist of the following: • Lenders must prove that income and assets are sufficient to repay the loan (this applies to jumbo...
  • Morning Bell: See America’s Ranking in the 2013 Index of Economic Freedom

    01/10/2013 6:56:36 AM PST · by LucianOfSamasota · 2 replies
    The Heritage Foundation ^ | January 10, 2013 | Amy Payne
    When we talk about “economic freedom,” what do we mean—and why does it matter? Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please, with that freedom both protected by the state and unconstrained by the state. Since reaching a global peak in 2008, sadly, economic freedom around the world has continued to stagnate. Today launches the 19th edition of the Index of Economic Freedom, produced by The Heritage Foundation and The Wall...
  • Economic Collapse! A Leading Indicator Of Better Times To Come

    01/10/2013 7:48:18 AM PST · by blam · 6 replies
    TMO ^ | 1-10-2013 | Darryl R Schoon
    Economic Collapse! A Leading Indicator Of Better Times To Come Economics / Global EconomyJan 10, 2013 - 04:00 AM By: Darryl R Schoon It’s going to get better; but, first, it’s going to get worse Time of the Vulture, 3rd ed. 2012 When I presented Time of The Vulture: How to Survive the Crisis and Prosper in the Process to the Positive Deviant Network in March 2007, the economic collapse hadn’t yet happened. The next year, it did. At the time, I suggested those in attendance shed debt, sell their homes and buy gold. Then, the US real estate market...
  • DOUG KASS: Stocks Will Hit Their High For The Year By The End Of This Week

    01/09/2013 11:04:37 AM PST · by blam · 6 replies
    TBI ^ | 1-9-2013 | Matthew Boesler
    DOUG KASS: Stocks Will Hit Their High For The Year By The End Of This Week Matthew BoeslerJanuary 9, 2013Legendary investor Doug Kass of Seabreeze Partners thinks that by the end of this week, investors will see the top in the S&P 500 for the rest of the year. In his "15 Surprises for 2013," published today on TheStreet.com, Kass writes: Once again, the bullish consensus is tightly grouped with the expectation that the S&P 500 will close the year at 1550-1615 (up from 1425 at the close of 2012) and that the 10 year U.S. note yield will trade...
  • The FED and Indentured Citizens

    01/09/2013 10:07:55 AM PST · by Starman417 · 6 replies
    Flopping Aces ^ | 01-08-13 | James Raider
    The Fed disguised In 1913 Congress abdicated its Constitutional responsibility over currency on behalf of the people when it created the monster called The Federal Reserve System. In creating a private joint stock entity, Congress not only surrendered jurisdiction over the dollar, it also relinquished control, oversight, and authority over the institution intended to manage the citizens’ currency. Decisions hastily made in environments of illiteracy, panic, and fear, and driven by energies with ulterior motives, rarely turn out well for those who succumb. Section 2A of The Fed’s Monetary Policy Objectives states, "The Board of Governors of the Federal...
  • The Fiscal Facts of Life (A refresher course for the ignorant)

    01/09/2013 6:32:21 AM PST · by SeekAndFind · 1 replies
    National Review ^ | 01/09/2013 | Michael Tanner
    <p>Having completed yet another deficit-reduction agreement that somehow managed to increase the deficit, Congress and the Obama administration are now laying the groundwork for upcoming fights over the debt ceiling, the sequester, and the continuing resolution that will fund the government given continued refusal by Senate Democrats to pass a budget.</p>
  • Zombie Nation

    01/08/2013 11:47:44 AM PST · by blam · 12 replies
    The Daily Reckoning ^ | 1-7-2013 | Bill Bonner
    Zombie Nation Bill Bonner 01/07/13 Creating and sustaining a nation of zombies is expensive. Large sections of the US population have been turned into zombies. Retirees. Medicare dependents. Food stamp recipients. Disabled people. They are not necessarily bad people. They are not necessarily dishonest or lazy. But rather than add to wealth, they consume it. And when you have too many of them, your society consumes more wealth than it produces and you are on the road to The Downside. But the feds are not only creating individual zombies, they are also creating corporate zombies. An obvious example: “green” energy....
  • The Path To $20,000 Gold

    01/08/2013 11:35:31 AM PST · by blam · 12 replies
    The Daily Reckoning ^ | 1-8-2013 | Dan Amoss
    The Path To $20,000 Gold Dan Amoss 01/08/13 The global monetary system rests on a fragile foundation of trust. Thanks to the actions of central banks, pressure on the system will keep growing. Paper U.S. dollars sit at the heart of the global monetary system. Dollars are liabilities of the Federal Reserve. Just as houses are collateral for mortgages, Treasuries and mortgage bonds are collateral for U.S. dollars. A central bank’s balance sheet is essentially a self-reinforcing feedback loop: Government bonds are the collateral for dollar liabilities, and bonds are streams of future dollar payments. So the dollar is backed...
  • The siege of Baghdad and China's rise

    01/08/2013 10:18:02 AM PST · by Theoria · 18 replies
    Asia Times Online ^ | 07 Jan 2013 | Spengler
    American leaders bring to mind the last Abbasid Caliph, who made no preparations for the approach of the Mongols in 1258. What, asked al-Musta'sim Billah, could Mongol arrows do to the walls of Baghdad? When the Mongol commander Hulagu Khan arrived on January 29, though, he had with him 1,000 Chinese bombardiers, as well as Persian, Turkish and Georgian auxiliaries. Historians disagree as to whether the Mongols used cannon or counterweighted catapults, but in any case the bombardment breached the city's walls within three weeks, and they proceeded to slaughter between 200,000 and a million of its inhabitants. There are...
  • Forget The Debt Ceiling — Traders Are Buzzing About The Gigantic Asteroid Barreling Towards Earth

    01/08/2013 8:20:42 AM PST · by blam · 68 replies
    TBI ^ | 1-8-2013 | Sam Ro
    ART CASHIN: Forget The Debt Ceiling — Traders Are Buzzing About The Gigantic Asteroid Barreling Towards Earth Sam RoJan. 8, 2013, 8:46 AMWith no major economic, earnings, or political news, yesterday turned into one of the most boring trading days in a very long time. According to UBS's Art Cashin, this gave the New York Stock Exchange floor traders time to chat about various things. One of those things: the gigantic asteroid heading toward earth. From this morning's Cashin's Comments: And You Thought The Debt Ceiling Was All You Had To Worry About – Trading was slow enough yesterday that...
  • India to Western Tech Firms: If You Want To Sell It Here, Build It Here

    01/08/2013 7:11:11 AM PST · by SeekAndFind · 27 replies
    Wall Street Journal ^ | 01/08/2013 | AMOL SHARMA
    NEW DELHI—India has proposed sweeping curbs on the import of technology products ranging from laptops to Wi-Fi devices to computer-network equipment. The proposed regulations, which were reviewed by The Wall Street Journal, would create an expansive "Buy India" mandate requiring a large percentage of the high-tech goods sold in the country to be manufactured locally. If implemented, the rules could wreak havoc on the business plans of a wide range of U.S. and other foreign firms, including hardware-makers Cisco Systems Inc. CSCO and Dell DELL Inc.; services companies such as International Business Machines IBM Corp.; and telecom-gear suppliers such as...
  • Is America on the eve of a civil war?

    01/08/2013 4:23:24 AM PST · by Perseverando · 57 replies
    WND ^ | January 7, 2013 | Unattributed
    Exclusive: Jerry Robinson says 2013 could be 'devastating' Is America on the eve of another civil war? That question is being raised by economist, columnist, radio host and international conference speaker Jerry Robinson on his “Follow the Money Weekly.” He also talks about eight money tips for achieving financial security in 2013. But in a commentary on his podcast, he notes the situation facing Americans. “While I expect to have a very profitable year with my investments and businesses, I can’t seem to shake this nagging suspicion that 2013 may also be one of the most devastating years in American...
  • New Obama security adviser clashed with military

    10/08/2010 12:05:49 PM PDT · by ColdOne · 12 replies
    Yahoo/Reuters ^ | Oct 8,2010 | Ross Colvin and Patricia Zengerle
    WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
  • After the Fall: What Do You Do When You Conclude America Is (Temporarily or Permanently) Kaput?

    01/07/2013 3:35:29 PM PST · by SeekAndFind · 32 replies
    Pajamas Media ^ | 01/07/2013 | Barry Rubin
    If we reach the following highly unpleasant conclusion, what are the implications? The United States has taken a political turn which, at least for the next four years, will guarantee that it does not play the role of a great power mindful of and willing to protect its own true interests, to support its allies, and to combat its real foes. On the contrary, through inaction or active effort the leadership of America will take counterproductive actions that achieve the opposite result. And there are certain factors — radical ideological hegemony, a weak economy and growing debt, structural social changes,...
  • ART CASHIN: Veteran Traders Have Noticed A Peculiar Pattern During The Final Hours Of Trading

    01/07/2013 11:59:18 AM PST · by blam · 17 replies
    TBI ^ | 1-7-2013 | Sam Ro
    ART CASHIN: Veteran Traders Have Noticed A Peculiar Pattern During The Final Hours Of Trading Sam RoJan. 7, 2013, 11:11 AM Stocks have started 2013 on a positive note, closing at a five-year high on Friday. So, are people feeling bullish? Art Cashin, UBS Financial Services Director of Floor Operations, is a tad skeptical. He points to some imbalances during end-of-day trading in this morning's "Cashin's Comments": Some On-Close Support For the “New Money” Thesis – As we have noted repeatedly during this New Year’s rally, several of us old fogeys believe most of the fuel for the move...
  • Renowned French economist to join Obama’s team

    01/06/2013 11:13:34 PM PST · by Buddy Sorrell · 26 replies
    France 24 ^ | 1/5/2013 | France 24
    France’s Esther Duflo, a star economist who was once named one of Time magazine’s 100 most influential people in the world, has been nominated by US President Barack Obama to help shape US global development policy. France’s Esther Duflo, a world renowned economist, has been nominated by US President Barack Obama to join a government body dedicated to advising the administration on global development policy. Duflo, who was raised in a “left-leaning Protestant” family, said she became aware of economic divides and social injustice at a very early age.
  • Eurozone left in lurch as US 'can-do’ spirit spurs economy towards revival

    01/06/2013 4:50:40 PM PST · by 2ndDivisionVet · 24 replies
    The London Sunday Telegraph ^ | January 6, 2013 | Roger Bootle
    So the Americans did it. They avoided the fiscal cliff – right at the 11th hour, much as many of us suspected they would. Not that America’s travails are over. Quite the opposite. The fiscal problem has been merely deferred, not cured. Meanwhile, even given Congressional agreement on immediate fiscal issues, the pace of economic recovery is set to be modest. Yet even this is better than the outlook for the eurozone, where the economy is likely to languish, if not to contract further. Why do the US and the eurozone present such different economic prospects? One possible answer is...
  • JPMORGAN: The US Recovery Is About To Hit A Pothole

    01/06/2013 3:54:54 PM PST · by blam · 30 replies
    TBI ^ | 1-6-2013 | Walter Kurtz, Sober Look
    JPMORGAN: The US Recovery Is About To Hit A Pothole Walter Kurtz, Sober LookJan. 6, 2013, 8:43 AM As discussed earlier (see post), US manufacturing sector has begun to recover. Manufacturing orders in the US as well as in Emerging Asia (see post) have diverged from other large economies. This trend is becoming reflected in the broader economic activity. However according to JPMorgan, the result of the latest fiscal negotiations will soon create headwinds for this expansion and dampen GDP growth. The tax increases on higher income households as well as the hike in payroll taxes will crate a drag...
  • The Tax Man Takes Aim At The World's Wealthy

    01/06/2013 12:10:23 PM PST · by Theoria · 16 replies
    NPR ^ | 06 Jan 2013 | Anita Huslin
    As 2013 begins with wealthy Americans in line for bigger tax bills, they're not alone. Tax fairness takes the spotlight worldwide this year, as cash-strapped governments look to impose more of the burden on well-heeled companies, individuals and institutions, and to catch and punish tax cheaters. This week, as the U.S. Congress averted a plunge off the fiscal precipice, British Prime Minister David Cameron sent a letter to leaders of the Group of Eight countries that make up about half of the world's economic output. Cameron is incoming president of the G-8 and says corporate tax evasion is on his...
  • Obama to draw on public support in new round of economic battles (What is Hussein's fiscal plan?)

    01/06/2013 6:38:55 AM PST · by Libloather · 19 replies
    The Hill ^ | 1/06/13 | Niall Stanage, Amie Parnes
    President Obama intends to take a confrontational approach with Republicans in future economic battles by using the same campaign-style events the White House saw as effective in the “fiscal-cliff” fight. Many in Obama’s party believe that he got the upper hand in the recent deal to avoid the mixture of across-the-board tax hikes and spending cuts, and that the aggressive approach helped build his public case. Sources close to Obama say he can fend off Republicans for several reasons: his successful reelection; polling suggesting public support for many of his positions; and division among Republicans on Capitol Hill. Jen Psaki,...
  • Did The Fed Lie About QE 3 And 4?

    01/05/2013 2:46:34 PM PST · by blam · 16 replies
    TMO ^ | 1-5-2012 | Graham Summers
    Did The Fed Lie About QE 3 And 4? Stock-Markets / Quantitative EasingJan 05, 2013 - 08:24 AM By: Graham Summers It’s common belief that Bernanke and the Fed are printing $85 billion per month ($40 billion to buy Mortgage Backed Securities and $45 billion to buy Treasuries). After all, these are the policies that the Fed announced in September and December 2012, respectively. The only issue with this is that the Fed lied. Today, the Fed’s balance sheet is $1.3 billion smaller than it was at this time last year. Last week it was $19 billion smaller. The largest...
  • What state buys the most guns? (Guam twice as many as the District of Columbia?)

    01/04/2013 8:44:51 PM PST · by 2ndDivisionVet · 23 replies
    The Daily Caller ^ | January 3, 2013 | Mike Piccione, editor, Guns & Gear
    If we use the National Instant Criminal Background Check System , or NICS, as a proxy for gun sales we see that Kentucky is the runaway leader in gun sales for 2012. Four states exceeded one million Federal Bureau of Investigation NICS checks; Kentucky, Texas, California and Illinois. Kentucky is the only state to exceed two million background checks. Background checks are only a proxy measure for gun sales. A buyer may purchase more than one gun through a gun dealer, depending on the local laws, once the background check comes back authorizing the purchase. The list of states and...
  • America's Disabled Recovery: 28,705,000 on Disability

    01/04/2013 4:56:34 PM PST · by whitedog57 · 24 replies
    Confounded Interest ^ | 01/04/2012 | Anthony B. Sanders
    The Bureau of Labor Statistics (BLS) released their monthly jobs report. Now for the BLS Boogie. Nonfarm payrolls rose by 155,000 workers last month following a revised 161,000 advance in November that was greater than initially estimated. The unemployment rate printed at 7.8% which is up from 7.7% in November but the same as the UPWARDLY REVISED print of 7.8%. U6 partial unemployment printed at 14.4%. Labor force participation remained at 63.6%. And the civilian employment to population ratio fell to 58.6, still stuck are 1983 levels. That’s a lot of people for the 58.6% to support! The number of...
  • The Cause of America’s Declining Birthrate

    01/04/2013 2:14:20 PM PST · by NYer · 31 replies
    Crisis Magazine ^ | January 4, 2013 | Austin Ruse
    The birthrate in the United States has fallen to record lows, according to a new study published by the Pew Research Center. What’s more, the report says the most dramatic drop has been among foreign-born Hispanic women.We have been content for some time that the U.S.-born Caucasian birth rate was below replacement but that the Hispanics had been making up for it by having births higher than replacement, and that this made us unique in the industrialized west.Pew reports, “The overall U.S. birthrate, which is the annual number of births per 1,000 women in the prime childbearing ages of 15-44,...
  • Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under

    01/04/2013 12:26:55 PM PST · by lowbridge · 34 replies
    http://www.dailymail.co.uk ^ | january 3, 2013 | hayley peterson
    Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center. Earners in the latter group will pay an average 1.3 percent more - or an additional $2,711 - in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent - or up to $1,784 - the D.C.-based think tank reported. Overall, nearly 80 percent of households will pay more money to the federal government as a result of...
  • THE SCARIEST JOBS CHART EVER

    01/04/2013 8:00:39 AM PST · by blam · 19 replies
    TBI ^ | 1-4-2013 | Sam Ro
    CHART OF THE DAY: THE SCARIEST JOBS CHART EVER Sam RoJanuary 4, 2013It's jobs day in America. This morning we learned that the U.S. economy added 155k jobs December and the unemployment rate ticked up in 7.8 percent. Although the numbers were in line with economists' expectations, they still reflect a job market that remains incredibly weak almost four years into the economic recovery. Calculated Risk runs a chart every month putting the current jobs recovery into perspective. "This shows the depth of the recent employment recession - worse than any other post-war recession - and the relatively slow recovery...
  • Congress Avoids The Fiscal Cliff By Selling Us Down The River (Peter Schiff)

    01/04/2013 7:52:31 AM PST · by blam · 7 replies
    TMO ^ | 1-4-2013 | Peter Schiff
    Congress Avoids The Fiscal Cliff By Selling Us Down The River Politics / US PoliticsJan 04, 2013 - 07:22 AM By: Peter Schiff With the possible exception of the New York Times' editorial board (and the cast of The Jersey Shore), everyone on the planet understood that the United States Government needs to cut spending, increase taxes, or both. Instead, after months of political posturing and hand wringing, the Federal Government has just delivered the exact opposite, a deal that increases spending and decreases taxes. The move lays bare the emptiness of budget legislation, which can be dismantled far easier...
  • 13 Reasons You're Not As Successful As You Should Be

    01/03/2013 11:31:55 PM PST · by 2ndDivisionVet · 41 replies
    National Federation of Independent Business ^ | January 4, 2013 | Jim Kukral
    Feeling down about your small business these days? Is the broken economy hurting your sales and keeping you up at night? Need some motivation and tough love to help you stop pitying yourself? Well, here you go: 13 reasons you might have in your head about why you're not as successful as you should be. #1 Reason You’re Not As Successful As You Should Be – Laziness I don’t think there’s an easy way to put this. I have to assume that you’re lazy. Every single successful person works their butts off to get where they are. It’s ok to...
  • Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea To Save The Economy

    01/03/2013 4:36:21 PM PST · by blam · 55 replies
    TBI ^ | 1-3-2013 | Joe Weisenthal
    Suddenly, Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea To Save The Economy Joe WeisenthalJan. 3, 2013, 4:42 PMThis is really thrilling. An arcane idea that started on finance blogs in the summer of 2011-- that Tim Geithner should mint a trillion dollar platinum coin to avert the debt ceiling -- is now seriously taking off. The premise of the idea is this: Although the Treasury can't just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins,...
  • Hedge Fund Presents Massive, Bearish Outlook On The State Of US Markets

    01/03/2013 3:00:05 PM PST · by blam · 2 replies
    TBI ^ | 1-3-2013 | Lucas Kawa
    Hedge Fund Presents Massive, Bearish Outlook On The State Of US Markets Lucas KawaJan. 3, 2013, 2:51 PMMorgan Creek Capital Management, an investment management firm with offices around the world, released its 2013 market outlook, entitled "Peering Over the Precipice." The presentation was delivered at the North Carolina Bankers Association yesterday. The slideshow presentation focuses on the three big risks facing the market: the Euro crisis, possibility of a downturn in China, and fallout from the Fiscal Cliff. Of these three, the firm is most bearish on the U.S. economy -- to the point of predicting a recession starting in...