U.S. current account gap widens in second qtr
• ReutersThe U.S. current account deficit widened more than expected in the second quarter to $218.4 billion, as surging oil prices pushed goods imports higher, the U.S. Commerce Department said.
Contents Pages by Subject
Economy - Economics USA
Study: Alcohol use boosts income.
• AFP(Not sure of category. Ed Stringham has been a speaker at 2 Freedom's Summit) Social drinking builds social capitol," says Edward Stringham, an economics professor at San Jose State University and co-author of the study with fellow research
Dow nudges peak of six years ago
• Christian Science MonitorSome economists worry about a possible recession, especially if the housing market stumbles badly. Others fear that inflation will persist. But the stock market is riding on hope of a more moderate outcome: that the economy can continue growing, if p
What's Really Propping Up The Economy
• BusinessWeekIf you really want to understand what makes the U.S. economy tick these days, don't go to Silicon Valley, Wall Street, or Washington. Just take a short trip to your local hospital. Park where you don't block the ambulances, and watch the unen
Federal Deficit Down 14%
• APThe federal budget deficit, helped by a surge in government revenue, is running 14.1 percent below the pace of last year, the government reported Wednesday.
Housing slump, inflation threaten US economy
• AFPThe US economy is poised to soften gently but a housing crash is a potential threat and the Federal Reserve will have to stay vigilant on inflation, the IMF said. (Keep those printing presses running) In its twice-yearly World Economic Outlook
Oil plummets below $64 a barrel
• Reuters[You see how much you are paying for fear.] Oil extended losses for the seventh consecutive session, retreating to under $64 a barrel after Iran sounded a softer note on its atomic program and OPEC agreed to keep production steady for now.
The "New" Economy
• AlternetThe underground economy goes beyond the homeless collecting aluminum cans or clogging day labor halls. It includes the working poor getting cash for all forms of recycling: giving plasma, selling homemade tamales outside shopping plazas
Senate approves $469 billion for Pentagon
• ReutersThe U.S. Senate voted to reinstate a special CIA unit hunting for Osama bin Laden as it passed a $469 billion Pentagon funding bill. The Senate unanimously backed the bill after sometimes bitter debate that saw Republicans and Democ
"Depersonalize" the Fed???
• ReutersNew US Federal Reserve chairman Ben Bernanke is trying to depersonalize the Fed by making its decision-making more democratic and easier to understand, The Wall Street Journal reported on Friday. The Journal quoted Mart Gertler
Common Misconceptions
Howard BlitzElected officials and others express several common misconceptions because they appeal to so many individuals. For instance, lots of individuals think that taxing the rich will help the poor. It sounds good, but life does not work that way. By tax
Bernanke’s International Time Bomb
• by Gary North for LewRockwell.comAlan Greenspan’s time bomb was passed off to Ben Bernanke. This time bomb is the huge build-up of fiat money that enabled Greenspan to escape the 2001 recession without a scratch.
Why Are You Worse Off?
• Lew RockwellThe answer to our standard-of-living woes is a radical restructuring that would make education, health care, and energy look and behave much more like retail discount stores and apparel.
US consumer confidence slumps to year-low
• AFPUS consumer confidence slumped in August to its lowest level this year, according to a report which sounded another alarm bell for the health of the world's largest economy. The Conference Board said its consumer confidence index fell dramaticall
The Economy
• www.FreedomsPhoenix.comJust one of our favorite categories of over 120 seperate categories on our "By Subject Page"
U.S., Southeast Asia in trade-liberalisation pact
• ReutersThe United States and 10 Southeast Asian nations signed a trade and investment agreement on Friday that opens the door to possible free-trade talks. U.S. Trade Representative Susan Schwab signed the Trade and Investment Framework Agreement in Mala
Orders for manufactured goods drop
• www.businessweek.comOrders to U.S. factories for big-ticket manufactured goods fell 2.4 percent in July as demand for aircraft and automobiles weakened.
'Plunge Protection,' Fiat Money, and the Fed
• by Ron Paul U.S. Rep (R-TX) for LewRockwell.comMR. PAUL: Good afternoon, Chairman Bernanke. - "I have a question dealing with the Working Group on Financial Markets. I want to learn more about that group and actually what authority they have and what they do."
Showdown at Jackson Hole over Fed Policy
• MarketwatchOne camp - the bigger one - asserts that the Federal Reserve Board is finished hiking interest rates after a 2 year campaign and it will be only a few months before US central banks begins cutting them to spur economic growth. The other argues
Those Gloomy Consumers
• BusinessWeekThe University of Michigan consumer sentiment index tumbled to 78.7 in the preliminary August reading, vs. 84.7 in the final July print. That's the lowest since last October in the aftermath of the hurricanes. The current economic conditions inde
Recession isn't my greatest fear
• BusinessWeekThe recession and financial meltdown are coming, according to Roubini and other pessimists, for a well-known set of reasons. They paint a negative picture that includes higher interest rates leading to a housing slowdown or crash, high oil prices cau
Consumers to feel squeeze as orange juice price hits 16-year high
• Raw StoryLONDON (AFP) - A carton of orange juice could be set for a steep price rise after wholesale prices of the tropical juice hit 16-year highs last week on fears for the harvest in the US state of Florida.
Financial Reckoning Night
• by Bill BonnerCurrently, in the NYSE jungle, investors reckon a stock is worth about 17 times what the company behind it earns in an average year. There is no cosmic law that decrees that a stock is worth that much...or even half that much. Nor, is there any God i
Debt Can Rise to Infinity
• by The Mogambo Guru"How the Greenspan Fed Screwed Up in the Mid-90s and set the stage for the Greatest Financial Bubble in the History of the World."
Is the Fed out of the picture?
• BusinessWeekReports on consumer prices show inflation rising, while housing is sliding. For now, the market is betting that policymakers will stay on hold.
Boeing Co. Announces C-17 Shutdown
• APWorkers at Boeing Co.'s sprawling Long Beach aircraft plant are expecting bad news about the fate of the C-17 cargo plane and their jobs. The company is expected to tell subcontractors to stop producing parts and supplies for the massive cargo pl
Ford Announces Deep Production Cuts
• APFord Motor Co. said it would temporarily halt production at 10 assembly plants between now and the end of the year, blaming high gas prices for pushing many consumers away from its pickups and SUVs and toward higher-mileage models.
Home Sales Decline in 28 States, D.C.
• APThe slowdown in the once-sizzling housing market is spreading, with 28 states and the District of Columbia reporting spring sales declines, led by big drops in former boom areas of Arizona, Florida and California.
Wal-Mart Posts 1st Profit Fall in Decade
• APWal-Mart Stores Inc. posted its first profit decline in a decade as the world's largest retailer paid a hefty price for closing its loss-making German stores while high energy prices hit its sales and costs at home.
Fear is the key as price of oil falls back once more
• London Times (via Raw Story)FEAR may account for more than a quarter of the price of crude oil, which yesterday slipped back again as the market reacted to the current truce in Lebanon and the diminished impact of the BP shutdown in Prudhoe Bay, Alaska.
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