WASHINGTON (AP) — President Barack Obama is leaving behind scandal-focused Washington to focus on the country’s slowly improving jobs picture.
Obama is to fly by helicopter Friday about 40 miles north to Baltimore, which has had its share of tough times in the move from an industrial to service economy. But Maryland has experienced steadyjob growth so far this year as part of a nationwide economic recovery.
Bread That Lasts For 60 Days Could Cut Food Waste
Food waste is a massive problem in most developed countries. In the US, figures released this year suggest that the average American family throws away 40% of the food they purchase – which adds up to $165bn (£102bn) annually.
READ MORE @ BBC
That’s insane. But there was no source for the figure quoted in this article, so I did some research. Here’s where [...]
The Federal-Postal Coalition — a group representing more than two dozen federal employee unions — pleaded with Congress on Monday to spare their members in any deal related to the “fiscal cliff.”
Federal workers, the coalition wrote in a letter, have contributed more than their fair share toward reducing the debt and are the only group that has been targeted so heavily.
“Federal and postal employees and their families are hardworking, middle-class [...]
Bank of England Governor Mervyn King said the U.K. economy may shrink in the current quarter and its recovery will be subdued, prompting officials to keep open the option of further asset purchases to aid growth.
“We face the rather unappealing combination of a subdued recovery with inflation remaining above target for a while,” King told reporters in London today. “There are limits to the ability of domestic policy to stimulate private sector [...]
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Welcome to Capital Account. An EU parliament committee voted unanimously to back tighter restrictions on banks’ trading activities, including a proposed curb on high frequency trading. We talk to our guest David Greenberg, former NYMEX board member, about where the United States stands on high frequency trading.
Also, oil rebounded from the lowest close in almost two months, supposedly on speculation that China will take stimulus measures. We have [...]
More Americans rely on their families for assistance than the government, so federal officials have undertaken an effort to help people to apply for federal assistance.
“Given that only 15 percent of you turn to government assistance in tough times, we want to make sure you know about benefits that could help you,” USA.gov announced today. The ”government made easy’ website has created a “help for difficult financial times” page for people to [...]
Richard Russell, the uberbearish author of the Dow Theory Letters, can’t believe what he’s seeing in America right now when it comes to the consumer.
King World News shares some of his latest missive, in which he issues the following warning:
This is the time to cut back on needless expenses – get rid of all the debt you can, and prepare for tough times. I don’t like the utter calm and complacency [...]
LONG STORY: A derivative is a legal bet (contract) that derives its value from another asset, such as the future or current value of oil, government bonds or anything else. Ex- A derivative buys you the option (but not obligation) to buy oil in 6 months for today’s price/any agreed price, hoping that oil will cost more in future. (I’ll bet you it’ll cost more in 6 months). Derivative can [...]
Good article by Gillian Tett in the FT at the weekend about the non-physical nature of today’s money but how the first signs of bank runs show up on the radar of the company (NoteMachine) whose job it is to fill ATMs. They are noticing signs of stress in Europe (no surprise there).
If bank notes ever stop coming out of ATMs, that produces existential shock – even if cyber [...]
Published on May 16, 2012 by CapitalAccount
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Welcome to Capital Account. Minutes are out from the Federal Reserve’s latest open market committee meeting, which means everyone is looking for what the Fed will do next in order to manipulate rates and thus economic reality. But what are the consequences of this manipulation? Jim Rickards, author of the bestselling book Currency Wars, is here to talk about them.
And it’s world debt day [...]
France chooses a new president during tough times
By GREG KELLER | Associated Press – 4 mins 30 secs ago
PARIS (AP) — France voted in a presidential run-off election on Sunday that could see Socialist challenger Francois Hollande defeat incumbent Nicolas Sarkozy by capitalizing on public anger over the government’s austerity policies.
The election outcome will impact efforts to fight France’s debt crisis, how long the nation’s troops stay in Afghanistan and [...]
From Peter Tchir of TF Market Advisors
Europe Has Its Parti Quebecois Moment
I have said and written that I expect to see more nationalism come into play as the crisis continues. I may have been a bit early, but we are seeing growing signs of it, with Marine le Pen’s strong showing in yesterday’s French election being the most obvious example. The Dutch Parliament’s failure to approve “austerity” is another sign [...]
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. — Halftime in America, Clint,Eastwood calls it. Halftime? No folks, the game’s in overtime for Wall Street, the Super Rich and their “mutant capitalism,” as Jack Bogle calls America’s out-of-whack economic system in his “Battle for the Soul of Capitalism.”
It’s an economy so distorted we’re creating an ever-widening inequity gap bigger than the one that ignited the 1929 Crash [...]
The public President Obama, bubbly in his reelection campaigning about a recovering U.S. economy, isn’t as optimistic in private, telling a select few that it will likely take up to two years for any recovery to click in.
A letter provided to Washington Secrets from Obama to a long-unemployed Portland, Maine carpenter pulls back the curtain of economic hope to reveal the truth about the stagnant economy. “I won’t lie to [...]
By Shelley DuBois, writer-reporter
Mt. Sinai Hospital CEO Kenneth Davis discusses the science of being a CEO and how to manage a hospital when it seems like all forces are aligned against you.
FORTUNE – These are tough times to run a hospital, especially one that doubles as a major research facility. Uncertainty surrounding the future of health care regulation coupled with slashed government funding for scientific research has put top-tier institutions such as [...]
President Obama explains why he’s “going to give” Congress “another chance” to pass measures in his jobs bill.
Obama also claims that he is the tax-cutter in the race.
“I know you hear a lot of folks on cable TV claiming that I am this ‘big tax and spend liberal.’ Next time you hear that, you just remind the people who are saying it that since I’ve taken office, I’ve cut your [...]
From Ron Paul
European Debt Crisis Threatens the Dollar
The global economic situation is becoming more dire every day. Approximately half of all US banks have significant exposure to the debt crisis in Europe. Much more dangerous for the US taxpayer is the dollar’s status as reserve currency for the world, and the US Federal Reserve’s status as the lender of last resort. As we’ve learned in recent disclosures, this has not only [...]
AP Photo/Charles Dharapak
WASHINGTON (AP) — In a shift in White House tactics on the cusp of an election year, President Barack Obama isn’t shying away these days from saying that many of his policies were designed with African-Americans in mind.
Until now, the nation’s first black president has carefully avoided putting any emphasis on race, ascribing to a rising-tide-lifts-all-boats approach to governing. That has drawn heavy criticism within the black community, [...]
David Cameron, British prime minister
PRIME Minister David Cameron sought yesterday to lift Britons from the economic doldrums, urging them to show a “can-do” attitude and help make the country great again.
In an upbeat and patriotic speech to his Conservative Party conference, Cameron said he understood that people were struggling with rising inflation and energy bills, stagnant growth and the fear of unemployment.
“But the truth is, right now we need to [...]
Peter Sands, chief executive of Standard Chartered, tells Sharlene Goff, retail banking correspondent, that he expects banks that focus on growth markets to be the big winners in the next few years. European banks on the other hand, face a tough enviorment. (4m 21sec) Video
Obama’s Secretary of Agriculture Tom Vilsack: “Well, obviously, it’s putting people to work. Which is why we’re going to have some interesting things in the course of the forum this morning. Later this morning, we’re going have a press conference with Secretary Mavis and Secretary Chu to announce something that’s never happened in this country — something that we think is exciting in terms [...]
US President Barack Obama turned 50 Thursday, marking the milestone in private in a White House with little to celebrate as poor economic news cast a cloud over his reelection prospects.
Senior political staff raised a glass to Obama before he joined his family and close friends at a party that included his daughter Malia, 13, back from summer camp for her dad’s special day.
But even [...]
Rod and Lauretta Smith estimate they could survive a year without going to the grocery store.
A large garden on their 5-acre property in south Tulsa produces hundreds of quarts of canned and frozen beans, tomatoes and other vegetables. Chickens provide eggs.
The Smiths are among a small but growing number of people stocking up on food to become more self-reliant in a time marked by natural disasters and economic uncertainty.
“We’re living [...]
From Ron Paul:
A four-part statement on restoring fiscal discipline
Today, 2012 GOP presidential candidate Ron Paul issued a statement on what his budget priorities will be if elected. See statement below.
“As President, I will not be able to waive a magic wand and solve all of our problems overnight. I will have to work with Congress and build consensus from the American People.
“But, there are several [...]
After months of relatively robust job growth, President Barack Obama and his team must now reckon with the reality that the economy probably won’t be on firm ground during the 2012 campaign — and that he must temper some of the Morning-in-America optimism he’d hoped to run on.
The president has been unable to curb the nation’s nine percent unemployment rate, so he will be forced to put the best [...]
Jill Abramson, a former investigative reporter and Washington bureau chief for The New York Times, will become the paper’s executive editor, succeeding Bill Keller, who is stepping down to become a full-time writer for the paper.
As managing editor since 2003, Ms. Abramson has been one of Mr. Keller’s two top deputies overseeing the entire newsroom. Her appointment was announced on Thursday by Arthur Sulzberger Jr., [...]
A slim majority of Americans now support gay marriage, according to a new Washington Post-ABC News poll.
The results underscore the nation’s increasingly tolerant views about homosexuals, and parallel a string of recent legal and legislative victories for gay rights advocates.
Five years ago, at 36 percent, support for gay marriage barely topped a third of all Americans. Now, 53 percent say gay marriage should be legal, [...]
By Greg Hunterâ€™sÂ USAWatchdog.com
In November 2010, the Federal Reserve announced a second round of economic stimulus commonly referred to as Quantitative Easing (QE2).Â The reason, according to the Fed, was â€œprogress toward its objectives has been disappointingly slow.â€ Â Â So, to try and turn the economy around, the Fed said, â€œ. . . the Committee intends to purchase a further $600 billion of longer-term Treasury securitiesÂ by the end [...]
by Joe Weisenthal
Jeremy Grantham’s October letter is out. The main image is an instant classic. (HT: @morgan_03)
He is a man who gets it. ‘If I were a benevolent dictator, I would strip the Fed of its obligation to worry about the economy and ask it to limit its meddling to attempting to manage inflation. Better yet, I would limit its activities to making sure that the economy [...]
Let us recap:
Foreclosures hit a record high for the quarter last quarter and September was a brutal month, yet again, for finalized foreclosures. But wait . . . now the banks aren’t able to foreclose on properties.
Uh-oh! So, are banks going to have to hold these toxic assets on their books until the mess is cleared up or will they just move them to the “off books” foolishness that [...]