Employers' hiring plans for the upcoming fourth quarter dropped to their lowest level in the history of Manpower's Employment Outlook Survey, which started in 1962.
A net -3% of employers said they'll hire in the fourth quarter, down from -2% in the third quarter, on a seasonally adjusted basis, according to the Milwaukee-based firm's survey of more than 28,000 employers. Before this year, the survey's previous low point was a net 1% hiring outlook for the third quarter of 1982.
Bashing “speculators” is a popular pastime for politicians trying to explain high and volatile oil prices. But the real culprits for oil-price volatility may be much more familiar: supply, demand and global instability.
Congress and the Obama administration have lost faith in [ahem] self-regulated
markets. Together, they're writing the most sweeping new regulations
over finance since the Great Depression. And in this
ever-more-connected global economy, Washington is working with its
partners through the G-20 group of nations to develop worldwide rules
to govern finance.
There is something affected, something not believable, something agitpropish, about all the cheers for the glorious economic recovery we are supposed to be experiencing. Even some of the recovery's biggest boosters don't quite believe it.
I'm thinking of the reporter on National Public Radio a few days ago who, at the end of a segment, offered a passing warning that the bust did not come to an "organic" end, but rather was artificially stopped by government intervention.
Clowns to the left of us…jokers to the right…
The Simpleton’s Analysis:
Consumers cut back. The economy sank.
Now, government must take action. It must help people out and take up the slack.
SPRINGFIELD, Mass., Sept. 9 /PRNewswire-FirstCall/ -- Smith & Wesson Holding Corporation (Nasdaq: SWHC), parent company of Smith & Wesson Corp., the legendary 157-year old company in the global business of safety, security, protection and sport, today announced financial results for the first fiscal quarter ended July 31, 2009.
Net sales for the first fiscal quarter ended July 31, 2009 were $102.2 million, which was $23.8 million, or 30.3%, higher than net sales of $78.5 million for the first fiscal quarter last year. Gross profit of $35.6 million, or 34.8% of sales, for the first quarter of fiscal 2010 increased by 43.4% compared with gross profit of $24.8 million, or 31.7% of sales, for the first quarter last year. Net income for the first quarter of fiscal 2010 was $12.6 million, or $0.21 per diluted share, compared with $2.3 million, or $0.05 per diluted share, for the first quarter of fiscal 2009. Net income included a non-cash, fair-value adjustment to the contingent considera
The dollar fell against most major currencies and is at the same level
as it was before it became a safe haven for investors who became
jittery after Lehman Bros. collapsed. The dollar is "falling victim to a kind of double whammy"
that was the result of the government's efforts to pump more dollars
into the economy. Investors seem to be convinced that the efforts had
the desired effect and the global economy will soon get out of
recession, so they're willing to take on more risk. When combined
with the high supply of dollars and low interest rates, that has made
the dollar quite unattractive. Instead of dollar-based securities,
investors are snapping up gold and other commodities.
[looks like they are getting us warmed up to the NWO ED] One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes.
Historians will look to September 2008 as a watershed for the U.S. economy. [notice no explanation of the CAUSE ED]
On Sept. 7 , the government seized mortgage titans Fannie Mae and Freddie Mac . Eight days later, investment bank Lehman Brothers
filed for bankruptcy, sparking a global financial panic that threatened
to topple blue-chip financial institutions around the world. In the
several months that followed, governments from Washington to Beijing
responded with unprecedented intervention into financial markets and
across their economies, seeking to stop the wreckage and stem the
damage.
One year later, the easy-money system that financed the boom era from
the 1980s until a year ago is smashed. Once-ravenous U.S. consum
The Card-Krueger work is essentially correct: the minimum wage at levels observed in the United States has had little or no effect on employment. At the minimum, the book has changed the burden of proof in debates over the minimum, from those who stressed the potential distributional benefits of the minimum to those who stress the potential employment losses."--Richard B. Freeman, Journal of Economic Perspectives
Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve
currency, the
UNCTAD report is the first time a major multinational institution
has posited such a suggestion.
In essence, the report calls for a new Bretton Woods-style system of managed
international exchange rates, meaning central banks would be forced to
intervene and either support or push down their currencies depending on how
the rest of the world economy is behaving.
The proposals would also imply that surplus nations such as China and Germany
should stimulate their economies further in order to cut their own
imbalances, rather than, as in the present system, deficit nations such as
the UK and US having to take the main burden of readjustment.
Warren Buffett lost about $25 billion during the financial crisis, but
he still managed to make the most out of the situation by attempting to
profit from the downturn. His picks could reap huge rewards, but right
now, Berkshire Hathaway appears to be taking a more cautious approach,
buying fewer stocks than it is selling, suggesting that Buffett is
getting worried. At the same time, "Buffettologists" say that as his
inevitable retirement approaches Buffett is also thinking about his
legacy and is more concerned about making investments that will give
out profits in the long-term.
Fewer than 10 states ended the last fiscal year with significant
reserves, and three-fourths have deficits exceeding 10% of their
budgets. Only an emergency infusion of printed federal funny money is
keeping most state boats afloat right now.
It is amazing how many things have NOT happened.
Probably most incredible is that the dollar has NOT collapsed.
It has lost ground, and was trading at $1.43 per euro on Friday, but no
one laughs at you when go to exchange dollars…or offer to pay in
dollars rather than the local currency.
GENEVA (Reuters) – Switzerland knocked the United States off the position as the world's most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday.
Low-wage workers are routinely denied proper overtime pay and are often paid less than the minimum wage, according to a new study. [yeah, but there's laws!]
You have to laugh when you watch these Onion Videos because what else are you going to do CRY?
Why Default on U.S. Treasuries is Likely by Jeffrey Rogers Hummel*
Almost everyone is aware that federal government spending in the United States is scheduled to skyrocket, primarily because of Social Security, Medicare, and Medicaid. Recent "stimulus" packages have accelerated the process. Only the naively optimistic actually believe that politicians will fully resolve this looming fiscal crisis with some judicious combination of tax hikes and program cuts. Many predict that, instead, the government will inflate its way out of this future bind, using Federal Reserve monetary expansion to fill the shortfall between outlays and receipts. But I believe, in contrast, that it is far more likely that the United States will be driven to an outright default on Treasury securities, openly reneging on the interest due on its formal debt and probably repudiati
The unemployment rate jumped almost
half a point to 9.7 percent in August, the highest since 1983,
reflecting a poor job market that will make it hard for the U.S.
economy to begin a sustained recovery.
While the jobless rate
rose more than expected, the economy shed a net total of 216,000 jobs,
less than July's revised 276,000 and the fewest monthly losses in a
year, according to Labor Department data released Friday. Economists
expected the unemployment rate to rise to 9.5 percent from July's 9.4
percent and job reductions to total 225,000.
Call me stupid but I have a difficult time understanding many articles written today. Take for example this Yahoo story that came out today. It is titled "Improving economy not likely to lower jobless rate". The article goes on to say...
"The economy is showing consistent signs of improvement, but probably not enough to stop employers from cutting jobs or to keep the unemployment rate from rising.
The Labor Department is expected to report Friday that the jobless rateincreased to 9.5 percent in August, from 9.4 percent in July, as employers cut 225,000 jobs."
In my mind that would lead me to believe one of two things the first being improving for who, the second how can they claim the economy is improving at all if if more jobs are being lost each month.
As I said we must also examine who owns the news? This clip is a good example...
As any reader and attendee of the PPEC webpages and meetings know, this group has a very different view of economics than is currently in vogue in our country and around the world. That view also stems from a worldview that is in many ways also at odds with the political and "socio-economic" view of the so-called 'mainstream.' We are not at odds with the mainstream view in order to only disagree. We disagree because the mainstream view is demonstrably odd.
The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout.
The rising losses at the FHA, part of the U.S. Department of Housing and Urban Development, come as the agency has rapidly increased its role in guaranteeing loans in an attempt to stabilize the housing market.
It isn't clear how the rising losses may affect home buyers. Options for the agency could include politically unpalatable choices, such as asking for taxpayer funds to boost reserves or increasing the premiums borrowers pay for the insurance offered by the agency. Agency officials say if there is a shortfall, they don't have to do anything except report it to lawmakers. But some mortgage and housing analysts see trouble ahead. "They're probably going to need a bailout at som
The Trejos did it all for $350 by employing one of the oldest—and
newest—tricks in the book: bartering. "The best thing about bartering,"
Ron says, "is it allows people to do things they couldn't afford to do
normally."
Upon learning that the Obama administration will add $9 trillion to the
existing $11.5 trillion federal debt, Paul Krugman pooh-poohed the
problem by saying "...even
if we do run these deficits, federal debt as a share of GDP will be
substantially less than it was at the end of World War II." The argument being, the U.S. paid it off then, and can do so again.
The inhabitants of two well-heeled towns on New York's Long Island are reportedly shocked to discover that brothels have been operating in residential neighborhoods.
Given the large number of politicians who maintain vacation houses in
the area, you'd think the good people of Westhampton and Southampton
would be accustomed to their neighbors peddling favors from their homes.
Summer is over…and the rally may be over, too.
It’s back to business. No more long lunches. No more afternoons painting windows. No more soirees in the evening.
We return to our lonely métier – chronicling the decline and fall of the US economy…and the Anglo-American empire too….
Production takes place for consumption (derived from the Scot Adam Smith), not the other way round. Value is measured not as an average but at the margin (the Englishman W. S. Jevons, the Frenchman Leon Walras, and the Austrian Carl Menger). The cost of producing a commodity or service is not the labour required (the German Karl Marx) but the commodity or service thereby lost (the Austrian Friedrich von Wieser). The instinct of man is to “truck and barter” in markets (Adam Smith). He will find ways round, under, over or through restrictions created by government (the Austrian Eugen von Böhm-Bawerk). There is no such thing as absolute demand (for education, medicine or anything else) or supply (of labour or anything else) because both vary with price (the Englishmen Alfred Marshall, Lionel Robbins and many before and since). Not least, without the signalling device of price, man cannot spontaneously and voluntarily co-operate for prosperous co-existen
U.S. securities regulators missed "numerous" red flags that may have led to Bernard Madoff's
$65 billion Ponzi scheme and never did a "thorough and competent" probe
despite complaints dating to 1992, a federal watchdog has concluded.
Obama and his minions would love for us to believe that 'recovery is just around the corner,' and 'we are on the brink of a rebound,' and other such nonsense.
Indeed, the stock market seems to back them up.
However, the stock market was up significantly in the months leading up to the big crash of 1929. This is no indication that a train-wreck isn't about to occur.
Troubling storm clouds are gathering in several sectors of the economy. First, the ever-growing load of debt the country is carrying will prevent any significant recovery. The debt is simply too high, too staggering, too mind-boggling.
In other words we are headed for a financial meltdown of historic proportions while the country is being governed by inept, sophomoric lamebrains who have their heads stuck so far into the sand they can practically see China.
We still have time to thwart the crisis provided action is taken immediately. Here is a final warning from GATA:
Yet the Last Contango
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