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With the death of the "housing has bottomed" call will come an end to those who claim that the economy has turned. It may take an hour, a day, a week or a few months before these folks realize they were wrong, but there's no way around...
The number of newly laid-off Americans signing up for unemployment
benefits last week, and those using this safety net over a longer
period, both plunged. But were
clouded by difficulties adjusting for temporary shutdowns at auto
plants.
JPMorgan Chase & Co. posted a second quarter profit of $2.72
billion, a 36 percent jump that easily surpassed expectations as
strength in its core consumer and investment banking businesses offset
a jump in credit losses.
You are working. You are paying on a home loan. Credit cards. Kids. You are the one who will face the bailout bills when they come due. You have to lock your doors because of crime. You lock your cars because of crime. Response time by p
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California’s credit rating, the lowest among U.S. states, was cut for the second time in as many weeks as lawmakers and Governor Arnold Schwarzenegger met behind closed doors to resolve a ballooning budget deficit...
The rate of capacity utilization for total industry declined in June to 68.0 percent, a level 12.9 percentage points below its average for 1972-2008.
McGraw-Hill could reap just $1 from a sale of Business Week, according to people familiar with the 80-year-old financial magazine’s losses.
The publisher has appointed Evercore, the boutique investment bank, to sell the business after concluding it was non-core, two people familiar with the decision said.
President Barack Obama conceded Tuesday that
the unemployment rate will keep growing for "several months" as he
prepared to head to battered Michigan to unveil a plan to help train
people for the next generation of jobs.
The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.
A series of regulatory proposals made by the SEC have included
restricting short-selling in down markets, strengthening oversight of
mutual funds, tightening scrutiny of investment advisers and making it
easier for shareholders to seat directors on company boards. The SEC
also is working to identify emerging risks to investors, including
so-called "dark pools," or automated trading systems that don't
publicly provide price quotes
Factoring in months of free rent and work space improvements, effective rent in Manhattan already is off 44 percent from the peak in the first quarter 2008.
Total U.S. debt as a percent of GDP surged to 375% in the first quarter, a new post 1870 record, and well above the 360% average for 2008. Therefore, the economy became more leveraged even as the recession progressed. An over- leveraged economy is one prone to deflation
Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases, a key Republican lawmaker who met with the Fed chief told CNBC.
In the first quarter, real non-residential construction activity is estimated to have declined at a record annualised 44% rate, which subtracted approximately two full percentage points from GDP growth in the quarter.
-Ex-Autos, (+2.3%), sales grew 0.3%. -Ex-Gasoline, sales gained 0.3%. Back out both autos and gas, and sales in June fell 0.2% — the fourth straight monthly decline.
Goldman Sachs
executives sold almost $700 million worth of stock since the collapse
of rival Lehman Brothers last year. Most of the stock sales took place while the
biggest U.S. investment bank was bailed out by the government with $10
billion of taxpayer money
Three part video series from youtube user pensacotti describing the Federal Reserve, the increase in money supply, and a history of past inflationary countries.
Straddling an area between Scottsdale and Fountain Hills, the four-diamond resort debuted in 1999 to much fanfare. Its grand opening included a 26,500-square-foot country club with a spa, fitness center, nine tennis courts and three swimming pools.
It may just be me. I have no money in the stock market but have watched it threw a few booms and busts. The best I can say is it lasts longer, both ways then a card game of chance. I have watched a President pour trillions into the econo
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Still, the economy is functioning only by “the grace of government intervention” and “we’re in for a long slog” before a recovery takes hold, Volcker said on Bloomberg Television’s “Conversations with Judy Woodruff” airing this weekend.
The jobless rate jumped to 17 percent in Bend, Ore., a 9.2 percentage-point rise and the second-biggest monthly gainer. Rounding out the top three was North Carolina's Hickory-Lenoir-Morganton, which saw its unemployment rate rise to 15.4 percent
The company expects to lose 500 Hummer and Saturn dealers when those brands close or are sold, and it expects 400 dealers to close voluntarily. Another 500 would be consolidated into other dealerships, according to the dealer.
Banks also have significant maturing debt in 2010 and 2011. If they can't roll it at an attractive price, that means balance sheet shrinkage. And believe it or not, the myriad of lending support programs represents only 1/3 of the IMF's estim
Residential investment (RI) has been declining for 13 consecutive quarters, and Q1 2009 was the worst quarter (in percentage terms) of the entire bust. Residential investment declined at a 38% annual rate in Q1.
The two-quarter contraction is the worst in more than 60 years. The big story for the first quarter was in the business sector, where firms halted new investments, and shed workers and inventories at a dizzying pace ...
In 1900, Argentina use to be one of the richest, most promising countries in the world. The bankers destroyed it in the end.
