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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.