Important News - Oct. 22
By Daniel at 22 October, 2009, 12:10 am
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1) 23 states report higher unemployment in September (AP)
Unemployment rates rose last month in 23 states and fell in 19 as the economy struggled to create jobs in the early stages of recovery.
2) TARP report slams lack of transparency (USATODAY.com)
In a scathing report out today, a government watchdog blasts the Treasury Department for its handling of a $700 billion bailout
3) Like the U.S. does not have enough problems, some of our allies are bolting out of the war.
4) Stumbo: School funds could reduce state deficit
Kentucky lawmakers might consider dipping into local school districts’ contingency funds to help balance the 2010-12 state budget, according to House Speaker Greg Stumbo. Stumbo, a Prestonsburg Democrat, told The Courier-Journal in an interview that he has discussed the issue with Gov. Steve Beshear, who did not indicate his position. “We do have a bunch of money that the schools have saved in their budgets, their ‘Rainy Day’ funds,” Stumbo said. “And there’s a pretty good sum of money there which will help us get through.”
4A) States Losing Battle of the Budgets Amid Swelling 2010 Deficits
Budget deficits totaling $16 billion have opened in 26 states since their fiscal years began on July 1, forcing governments that began the year in the hole to confront record funding gaps, a study finds.
5) Japanese exports fall 30.7% on year in September (MW)
TOKYO (MarketWatch) — Japan’s exports fell 30.7% in September, compared with a year ago, as shipments to the U.S. fell by 34.1%, data from the Ministry of Finance showed Thursday. The fall in total exports came in worse than the median market forecast for a 29.9% fall and marked a third-straight monthly decline, according to Reuters. Imports slipped by 36.9%.
6) Goldman Sachs’s Griffiths Says Inequality Helps All (Update1) - Bloomberg.com
7) China banking regulator urges ‘reasonable’ lending practices (MW)
“Problem Bank List (Unofficial) Increases Significantly” CalculatedRiskBlog
“The Unofficial Problem Bank List grew significantly from last week. Eighteen institutions were added, which pushes the total to 478.
Aggregate assets increased by $18.8 billion to $316.6 billion. The majority of the asset increase comes from a Cease & Desist order issued against the $11.8 billion Sterling Savings Bank, Spokane, WA.”
9) Gerald Celente-Their is NO Economic Recovery-Its A COVERUP (Video)
9A) A must-read : The Second American Revolution - The Worst Is Yet To Come
10) The Skyrocketing Costs of Attending College (Catherine Rampell)
My colleagues over at The Choice are soliciting comments on a new College Board report. The report found that the the average published (sticker price) annual cost of tuition and fees at four-year public colleges rose 6.5 percent from last year, to $7,020. Tuition rose across the board at other education institutions, too.
To put this in perspective, we’ve (surprise!) whipped up some charts using these new numbers.
11) China’s economy grows 8.9% on year in Q3, result less than anticipated (MW)
12) NYT: “Fewer than 1/3 young adult posses basic knowledge of interest rate, inflation and diversification.”
But education is not the solution to all personal-finance problems (Ramit Seth)
13) Dow: The Higher It Gets the Harder It Will Fall
“You won’t find this approach to figuring the direction of the Dow anywhere else. All I want to say about it is it seems to work.
This is the analysis used in May to predict that the Dow would reach 10,000 without a major reversal.
”
14) Citigroup (C), JP Morgan Chase (JPM), Wells Fargo (WFC) and Others to Lose FDIC Debt Guarantees
Some of the nation’s largest financial companies, including Citigroup (NYSE: C), GE Capital (NYSE: GE), JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and others will no longer have certain debt guaranteed by the federal government through the FDIC’s Temporary Liquidity Guarantee Program as of October 31st.
15) IMF warns Asia to keep spending or global economy could stall
16) Unemployment rises across OECD countries
17) UK bankster bonuses to rise by 50%
19) Madoff shared prison cell with drug dealer (Reuters)
20) Japanese firms see no rebound until 2011, survey says
22) Mortgage applications plummet
Industry group says activity sank by 13.7% last week as interest rates inched higher and tax credit expiration drew nearer.
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