Why is the Obama recovery the weakest recovery since the Great Depression? According to a new study by the Federal Reserve Bank of San Francisco, it is not because the federal government failed to borrow and spend too little during the height of the economic downturn.
In fact, the San Francisco Fed reports that “federal fiscal policy was unusually expansionary during the Great Recession” thanks largely to the “American Recovery and Reinvestment Act, [...]
A lot of things that have not happened since the last recession are starting to happen again. As you read the list below, you will notice that the year “2009″ comes up again and again. There is a reason for that. Many of the same patterns that we witnessed during the last major economic downturn are starting to repeat themselves. In fact, many of the things that are happening right [...]
by Bernie Sanders, Guadian:
The front pages of American newspapers are filled with stories about how the US economy is recovering. There is some truth to that. Since President George W Bush left office in 2009, significant progress has been made in moving our economy out of the abyss of the worst economic downturn since the Great Depression of the 1930s. But in the midst of this slow recovery, we must not accept [...]
Man living on benefits killed wife of 32 years after being overcome by ‘hopelessness’
An unemployed man stabbed to death his wife of 32 years because he felt their life on benefits was meaningless and they had nothing to do other than watch television.
Michael Cole, 56, was overcome by “chronic feelings of hopelessness” and directed his anger towards Susan, 53, Exeter Crown Court heard.
The couple, who had no children, had both [...]
Is the United States about to experience another major economic downturn? Unfortunately, the pattern that is emerging right now is exactly the kind of pattern that you would expect to see just before a major stock market crash and a deep recession. History tells us that when the price of gold crashes, a recession almost always follows. History also tells us that when the price of oil crashes, a recession [...]
With last week’s release of the president’s budget, Washington has once again descended into partisan squabbling. In the US today, there is pervasive concern about the basic functioning of democracy. Congress is viewed less favourably than ever before in the history of opinion polling. There is widespread revulsion at political figures seemingly unable to reach agreement on measures to reduce future budget deficits. Pundits and politicians alike condemn “gridlock”. [...]
Soros: China’s Shadow Banking Has ‘Disturbing Similarities’ to US Subprime
Billionaire investor George Soros said China has a “couple of years” to control risks from nontraditional financing whose expansion has parallels with the cause of the global financial crisis.
“The rapid growth of shadow banking has some disturbing similarities with the subprime-mortgage market in the U.S. that caused the financial crisis of 2007-2008,” Soros said in a speech at the Boao Forum [...]
This is what’s coming behind the scenes of all the events playing out (NK war games, Economic Downturn & Impending Crash, Eurozone Dominoes Falling, etc.):
The governments and dictatorships ruling over the so-called BRICS countries — Brazil, Russia, India, China, and South Africa — agreed to set up a new world bank that analysts say could further marginalize the increasingly unstable U.S. dollar, possibly helping to eventually dethrone it as the global reserve currency. Meeting in Durban, [...]
By Frank Bass, Bloomberg News
The U.S. government paid almost $80 million in unemployment benefits during the worst of the economic downturn to households that made more than $1 million, including a record $29.9 million in 2010, tax records show.
Almost 3,200 households — about 20 percent of them from New York — that reported adjusted gross income of more than $1 million received jobless-insurance payments averaging $12,600 in 2010, the latest [...]
Report shows gasoline prices could be approaching the “danger zone”
… Watching the Daytona 500 from the “danger zone,” where cars whip by at high speeds of around 175 mph to 200 mph — but can also burst through the walls in a crash — can be a thrill.
But gasoline’s “danger zone” may be just plain scary.
At $3.75, retail gasoline prices are nearly back in the “danger zone” marked by [...]
by GoldCore Gold Bullion
Today’s AM fix was USD 1,663.00, EUR 1,269.37 and GBP 1,036.65 per ounce.
Yesterday’s AM fix was USD 1,663.50, EUR 1,272.37 and GBP 1,035.35 per ounce.
Silver is trading at $30.53/oz, €23.40/oz and £19.10/oz. Platinum is trading at $1,613.50/oz, palladium at $693.00/oz and rhodium at $1,150/oz.
Cross Currency Table – (Bloomberg)
Gold edged off $0.80 or 0.05% in New York yesterday and closed at $1,657.40/oz. Silver climbed to $30.57 in Asia [...]
January 7, 2012
U.S. stock indexes turned lower Monday following a week of strong gains prompted by a tax deal that derailed a predicted economic downturn.
The tax code agreement on Tuesday that raised taxes for individuals earning $400,000 and families earning $450,000 per year or more settled worries about the so-called “fiscal cliff,” a combined $500 billion tax increase/spending cut adjustment that was would have kicked in Jan. 1 without the [...]
The mainstream media continues to insist that the economy is “getting better”, but the poverty numbers for children and young people just continue to explode. For example, did you know that the poverty rate for families with a head of household under the age of 30 is a whopping 37 percent? Children and young people sure didn’t cause our recent economic downturn, but they sure are getting hit the [...]
All over America there are millions of people that will be missing meals and going hungry this holiday season. Even as much of the country indulges in the yearly ritual of unbridled consumerism that we refer to as “the holiday season”, more families in the United States than ever before will be dealing with not having enough food to eat. Food stamp use is at an all-time high. Demand at food banks [...]
All over America there are millions of people that will be missing meals and going hungry this holiday season. Even as much of the country indulges in the yearly ritual of unbridled consumerism that we refer to as “the holiday season”, more families in the United States than ever before will be dealing with not having enough food to eat. Food stamp use is at an all-time high. Demand at food [...]
The Economic Policy Institute released a new policy brief today that asserts the following: should the unemployment insurance extensions expire, the U.S. labour market would lose 400k jobs next year. It should be noted that the EPI is a left-leaning institute, but the information that they provide is usually spot on.
Federally funded extended unemployment insur-
ance (UI) benefits are set to expire at the end of
this year. These benefits serve two [...]
Gallagher’s Steakhouse is closing in January, Crain’s New York reports.
The restaurant, located on West 55th Street, has been open since 1927 and is known for letting customers choose their own cuts. The restaurant cited economic reasons for its closure.
We know they have a lot of fierce competition, especially in Midtown where you have a ton of steakhouses like Wolfgang’s and the new Striphouse, which has been garnering some attention.
Still, after the closure of Ben [...]
If you still have a good job, you might want to hold on to it very tightly because there are a whole bunch of signs that unemployment in the United States is about to start getting worse again. Over the past several weeks, a substantial number of large corporations have announced disappointing earnings for the third quarter. Many of those large corporations are also loaded up with huge amounts [...]
Profit Outlooks 90% Negative, Wages Are Down, Revenue Streams Are Drying Up, Cost Cutting Measures Are Maxed Out, And US Government Debt Threatens National Security
Earnings Cliff Ahead? Profit Outlooks 90% Negative
CNBC: Earnings conference calls are beginning to resemble crisis hotlines as corporate executives slash profit forecasts because of fears of higher taxes, a recession in Europe and slowing economy in China.
Of the 20 companies in the S&P 500 (^GSPC) that have provided [...]
Jean-Luc Guillaume always presumed he’d retire at about 60, just like his civil-servant father.
One year from reaching that age, the biology researcher has no plans to stop working. Cutbacks to France’s retirement benefits, the European financial crisis and the cost of a recent separation have stretched out his horizons.
“Financially, retirement just isn’t an option,” said Guillaume at a street demonstration against job cuts at his employer,Sanofi SA (SAN), that he had [...]
WALL STREET DOOMSDAY COMING IN OCTOBER!
According to Nouriel Roubini (Dr. Doom) and the prophecy of Edgar Cayce, Wall Street will have a major crash in October of this year.
Nouriel Roubini, professor of economics at New York University and chairman of Roubini Global Economics, has reportedly said that the stock market will be in for a major shock in October of this year.
Roubini reportedly feels that the alarming economic downturn will [...]
Poverty is on the retreat. Despite the global economic downturn, the number of people living in extreme poverty has dropped in every region of the world for the first time since record keeping began. Though progress on the UN’s Millennium Development Goals has been uneven, we should be heartened that we have already reached the first of these eight goals – that of halving the number of people living [...]
For centuries, the church has enjoyed tax breaks and special privileges that have helped them become the ridiculously wealthy organization they are today. But as Europe’s nations, cities, towns, and the general public struggle through the economic downturn, more and more people have called for an end to the special treatment.
To be clear, the taxes would not be levied on actual Churches, but rather, on their vast property holdings and commercial businesses.
In effect, anything [...]
According to the Obama administration, the unemployment rate in the United States has been slowly coming down over the past couple of years. But is that actually true? When you take a closer look at the data you quickly realize that the real unemployment numbers are much worse than we are being told. For example, if the labor force participation rate was the same today as it was back [...]
The eurozone economic downturn since the start of the crisis looks like the Great Depression of the 1930s, according to one economist
The decline in the economy of the eurozone, sparked by the beginning of the debt crisis with the shocks in Greece two and a half years ago, “seems to be more of a long-distance run than a quick sprint,” according to Carl Weinberg, chief economist at High Frequency Economics.
Syrian Humanitarian Crisis – As Food, Fuel Prices Soar al-Assad Desperately Attempts To Get Gold
Today’s AM fix was USD 1,614.50, EUR 1,305.60, and GBP 1,028.34 per ounce.
Yesterday’s AM fix was USD 1,622.25, EUR 1,317.30 and GBP 1,035.33 per ounce.
Gold fell $12.10 or 0.75% in yesterday in New York and closed at $1,608.30/oz. Silver fell to a low of $27.73 and finished with a loss of 1.28%.
Gold Prices/Rates/Fixes /Volumes – [...]
Finnish Finance Minister Jutta Urpilainen warn that the country could fall into a recession next year if the economic downturn in the world remains.
The economic crisis that is sweeping Europe is starting to hit Britain really hard. Over the last couple of years economists have been warning that we can’t let the “contagion” spread from troubled nations such as Greece and Portugal to the rest of Europe. Well, it is too late for that now. Spain and Italy are coming apart at the seams at this point, and even “stronger” nations such [...]
Every single day more Americans fall into poverty. This should deeply alarm you no matter what political party you belong to and no matter what your personal economic philosophy is. Right now, approximately 100 million Americans are either “poor” or “near poor”. For a lot of people “poverty” can be a nebulous concept, so let’s define it. The poverty level as defined by the federal government in 2010 was [...]
If you already have a beautiful home (or five), a garage filled with luxury cars and a yacht at the dry dock, it may be hard to come up with things to covet – and that’s when you know it’s time to head over to Hammacher Schlemmer, the world’s most exclusive catalogue company.
In the middle of a punishing economic downturn, the firm has perhaps the most recession-proof business of them [...]