Six months after Hurricane Sandy, Breezy Point struggles to rebuild
Residents of the seaside community are in defense mode with everything from insurance companies to electric companies as they try to rebuild their homes and their lives. In the meantime they ask where the politicians are who made so many promises when the cameras were present in the storm’s aftermath.
Six months after Hurricane Sandy rampaged through the tranquil seaside [...]
Yesterday at Bloomberg we got the chance to meet David Woo, BofA/ML’s brilliant strategist for Global FX and rates.
The focus of our segment was on the Japanese yen, but off camera Woo had some interesting thoughts on the US economic situation, and why we’re about to approach what he calls a ‘moment of truth.’
He noted to us that there’s been a growing divergence between the S&P 500 and consumer sentiment, and that it [...]
There was a time in America when virtually anyone that wanted a job could go out and get one and the United States boasted the largest and most prosperous middle class in the history of the world. Sadly, those days are long gone. Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. But now there are millions of Americans in their prime [...]
Obama won, Obamacare is the law, and, as my wife says, I will just have to learn to dance to a new song.
Now, don’t get me wrong, Obamacare is awful. Forget all the “free stuff” it provides. Children covered on their parents’ plan until 26 years of age? A scam, making young adults — excuse me, children — pay for complete, comprehensive health insurance when all they need and should [...]
If you were hoping for a recession in 2012, then you are going to be very happy with the numbers you are about to see. The U.S. economy is heading downhill just in time for the 2012 election. Retail sales have fallen for three months in a row for the first time since 2008, manufacturing activity is dropping like a rock, sales of new homes are declining again, consumer [...]
An economist describes the financial decline of the middle class and why he believes neither political party will stop it.
Jeff Faux of the Economic Policy Institute argues Americans are in denial. Everyone knows, he says, but no one faces up to the fact that the United States can no longer afford to have subsidized unregulated markets, be the world’s global power and provide a steadily rising standard of living. One [...]
Jeff Faux of the Economic Policy Institute argues Americans are in denial. Everyone knows, he says, but no one faces up to the fact that the United States can no longer afford to have subsidized unregulated markets, be the world’s global power and provide a steadily rising standard of living. One of these is possible, maybe two, but not all three, according to Faux. No group — and certainly no [...]
Recession means new reality for Netherlands, stalwart economy of euro zone
The Netherlands is one of the richest and strongest economies in the euro zone. But, in recent months, the country has dipped back into recession as it tries to shave nearly $20 billion from its budget. It’s forced some people living on the margins to seek assistance.
Take a walk through one of central Amsterdam’s biggest and swankiest department stores and [...]
In a little under eight minutes, a plethora of today’s more outspoken realists, economists, and journalists provide a simple yet clear path through the financial crisis to critically explain how the so-called equilibrium that so many mainstream analysts and economists trusted as fact has been proven as simple fiction. The hard-to-accept truth is that financial instability is in fact the natural state of our economic environments and that credit and banking lie [...]
The risk of the 30 most systemically important financial institutions (SIFI) in the world has risen over 30% in the last three weeks as the effects of LTRO fade and encumbrance becomes the new reality. This less-manipulated, government-bank-reacharound-driven bond-market sense of reality has retraced almost 40% of its improvement from its peak last November at 311bps to its best level mid-March at 171bps. The current 226bps level is extremely elevated and as one [...]
Just when it seemed that ideas for new reality shows had dried up along comes ‘Shunned’ – a ‘docu-drama’ following the lives of Orthodox Jews who have moved away from their strict religious faith.
The show features an aspiring model, her toy-boy lover and one Jewish man who is furious that his ultra-orthodox parents deprived him of bacon for the first 26 years of his life.
‘When I had the first bite, [...]
Sudarsan Raghavan and Andrew Higgins
March 24, 2012
JUBA, South Sudan — On the day South Sudan became independent last year, China opened an embassy here, eager to protect its oil interests. It quickly dispatched its foreign minister and began discussing a huge aid package for this destitute land.
Just a few months later, Beijing finds itself trapped in a bitter wrangle between South Sudan and its former rulers in Sudan, with [...]
The storm clouds gathering behind Charles Biderman, CEO of TrimTabs, are a perfect analogy for his fascinating treatise on the key to long term bull markets and why the Dow will be cut in half. Bringing together the critical fundamental driver of P/E multiples – income growth in his view – and the historically most critical secular shift of this fundamental driver – communications breakthroughs, Biderman remains calm (for once) in his explanation [...]
* Slogan rollout not expected until later this year
* Catchphrases can define an election
* Republicans use similar themes
By Jeff Mason
WASHINGTON, Feb 18 (Reuters) – Winning The Future. Greater Together. We Don’t Quit.
They may not be official but those are all phrases that could in one form or another be candidates to become President Barack Obama’s re-election slogan.
Advisers say a fresh slogan to replace the winning “Change we can believe in” mantra [...]
As we discussed earlier, the bigger news of the day (as opposed to the ratings actions which are well-discounted) is the new reality that PSI talks are going nowhere. The lack of incentives for an increasingly ‘hedged’ community of GGB holders as the banks reduce exposure and shoot themselves in the foot leaves a glaring hole in the dis-union that is the EMU. Barclays Capital is out with a very [...]
I have been contemplating how to deal with the current economic issues we face and what the best solution is to face up to the coming turbulent times. I have come to the conclusion that I need to build a resilient community in my area. This is how I came to that conclusion.
There are basically four options, as I see it, for preparing.
1) Do Nothing — These are the head [...]
DETROIT (AP) – The union that once set the gold standard for American wages is giving up pay raises in exchange for a piece of the auto industry’s profits and the promise of thousands of new jobs.
Under agreements struck with Ford and General Motors, most of the companies’ factory workers will get profit-sharing checks instead of annual raises. They’ll also get a signing bonus. In turn, [...]
“In the year 2010, America once again embraced the bread line. That distant, faded, iconic black-and-white image of the Great Depression has re-emerged across the nation, waiting to be updated fully into HD color. Just as we seldom see pictures of American war dead returning from Iraq and Afghanistan, we seldom see newscasts of the struggling, jobless masses lining up for handouts. But they are lining up, and the scene [...]
by Charles Hugh Smith from Of Two Minds
The Only Way Forward Is to Accept Reality: Default Is Not the End of the World
The catastrophe isn’t default, it’s “extend and pretend.”
Unwelcome crises are part of life. What’s unnatural isn’t crisis, it’s pretending that life should be nothing but a smooth, uninterrupted rise in consumption.
Yes, I’m talking about Greece and the EU. The situation is somewhat analogous to finding out [...]
by Frank Seldin
The unfortunate reality is that we’ve now created a situation where betting against America is the same as betting for the stock market. Over 50% of the profits of the S&P 500 come from outside the US (I had heard 47%, but someone on another board said we crossed the 50% line in 2007), and our current economic policies are accelerating the exit. Notice how the weaker the [...]
Tens of thousands of low-income workers lost their jobs Thursday as a stimulus-subsidized employment program came to an end.
About a quarter of a million people in 37 states were placed in short-term jobs thanks to a $5 billion boost to the Temporary Assistance for Needy Families program, according to the Center on Budget and Policy Priorities. States used about $1 billion to provide subsidized employment, with the remaining funds [...]
Iâ€™m getting tired of recovery talk, because there is no such thing.
The great depression was brought on with similar circumstances with an over speculation of US manufacturing at the time. The recent deep recession was brought on by a crash of the overall market and the false growth it was built on.
The great depression was different because the economy wasnâ€™t built on leverage [...]
A new survey it released today finds 49 percent of Americans favor their state suing the federal government to fight the requirement in the new national health care plan that every American must obtain health insurance. Just 37 percent disagree and 14 percent are undecided.
Seventy-two percent of Republicans and 58% of voters not affiliated with either major party favor such lawsuits. Sixty-five percent of Democrats are opposed to them.
What stands [...]