Free Republic

To those who see no link between Lent and our failing economy, it might be the case to look again. Economics is about people. It cannot be reduced to numbers, formulae and analyses. “The subject matter of economics,” observes economic historian Odd Langholm, “is properly the habits, customs, and ways of thinking of producers, consumers, buyers, sellers, borrowers, lenders, and all who engage in economic transactions.” That means our moral habits can have a definite effect on determining if our economy grows — or fails. In my new book, Return to Order: From a Frenzied Economy to an Organic Christian...

Occidental Petroleum has temporarily suspended all drilling in western Colorado’s Piceance Basin, largely as a result of low natural gas prices. Company officials weren’t commenting Thursday on the employment effects of the decision. As of early December, Occidental had been running nine rigs in the Parachute and De Beque area and had 68 workers. The company has begun removing rigs from the region and paying contract cancellation fees to rig companies in some cases. Occidental spokesperson Stacey Crews said a seasonal slowdown also was a factor in the shutdown, and Occidental remains committed to its long-term plans in the Piceance...

A recession and a bear market in asset prices are inevitable for the US economy. Recent economic data leave no doubt that both are on their way.

NEW YORK (Reuters) -- American Home Mortgage Investment Corp. plans to close most operations Friday and said nearly 7,000 employees will lose their jobs as the lender becomes one of the biggest casualties of the U.S. housing downturn. Experts said it is likely the Melville, New York-based company will have to seek bankruptcy protection, and no later than Monday. In a statement, American Home (Charts) on Thursday night confirmed earlier reports that it was ceasing most operations. The company said its employee base will be reduced to about 750 workers, down from the 7,409 it reported at the end of...

Wyoming has been among the winners in America's inability to create a sustainable energy policy. Soaring natural-gas prices brought on by surging demand while the government has capped domestic exploration and production have helped the state produce huge budget surpluses, $2.7 billion in the last two years alone. As one might expect, the politicians are spending it as if they had money to burn. Statewide per-pupil spending rose 24 percent this year to more than $12,400, within $600 of top-spender New Jersey. A $400 million endowment has been established to give home-grown high school graduates college scholarships. Teachers' salaries have...