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Economy - Economics USA

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Mike

The headline reads: Bush Approves Army Reorganization. The headline is of course complete nonsense. The details highlight a complete waste of money. This is not a "support the troops" agenda but rather a "keep more troops in harm**

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BusinessWeek

Bond insurers who back municipal bonds are on shakier ground. Here's what that might mean for your portfolio

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Michael Shedlock / Mish

It is obvious here that the emperor has no clothes. There is going to be a global collapse in derivatives as soon as a key counter party defaults. ACA is one such domino.

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AP

U.S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68% nationwide compared with the same month a year ago, according to a mortgage research company.

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The Daily Dish

The opinion of another shrill hysteric? Just David M. Walker, the Comptroller General of the United States and head of the GAO: In a speech today at the National Press Club, he said, "If the federal government was a private corporation and

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Christian Science Monitor

With concern growing about a possible recession, the United States is leaning increasingly on other nations as a source of economic growth. It's not that the export of American-made goods can single-handedly prevent a slump if US consumers sta

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Mike

If this $500 billion "emergency funding" was just a year-end phenomenon, that would be one thing. But this is not a liquidity issue this a solvency issue and a growing solvency issue as well.

News Link • Global Reported By Mike Shedlock
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AFP

President Bush said the US economy was basically strong but warned of "storm clouds" in the form of a credit crunch and what may be a bursting housing bubble. There's definitely some storm clouds and concerns, but the underpinning is go

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Washington Post

The government is promising $45 trillion more than it can deliver on Social Security, Medicare and other benefit programs. That is the gap between the promises the government has made in benefits and the projected revenue stream for these programs ov

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Mike

If you do not eat, drink, or drive, or need medical care you are in great shape. Then again, perhaps that makes you a robot. It's hard to say if this is the last hurrah for higher CPIs or not (I think it might be), but it does not take much diggi

News Link • Global Reported By Mike Shedlock
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SNL

Steve Martin on Saturday Night Live gets a valuable lesson in debt management, don't buy stuff you can't afford. It sounds so simple, so then why are so many people in debt? I know many people who could use this one page book.

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Michael Shedlock / Mish

However, what needs to be fixed first is Schwarzenegger. State spending has gone up a whopping 40% in four years and earlier this he wanted $500 billion to build California the way it ought to be...

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Mike

Hidden in the headline U.S. Housing Crash Deepens in 2008 After Record Drop is the fact that it's not just housing we are talking about. U.S. office sales fell 70 percent in October from a year ago, industrial sales declined 24 percent, and retai

News Link • Global Reported By Mike Shedlock
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NBC11.com

California's budget deficit is worse -- far worse -- than economists predicted just a few weeks ago. The shortfall is not $10 billion, but more than $14 billion -- a 40% jump.

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Mike

Let's take a look at what happens when guarantors go bust through the eyes of CIBC, a large Canadian bank that has "guarantees" on CDOs that are likely to prove worthless. The guarantor of these derivatives may as well be Madame Merriwe

News Link • Global Reported By Mike Shedlock
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Reuters

Retail sales were solid in November as the holiday shopping season got underway, but a good portion of consumer dollars went to higher-priced gasoline, which also pushed wholesale inflation up by the largest amount in 34 years. The Commerce Depar

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AFP

European stock markets closed sharply lower Thursday, taking their lead from heavy losses in Asia as investors turned skeptical about efforts by the major central banks to ease a dangerous global credit squeeze. [borrowing our way to prosperity]

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Michael Shedlock / Mish

The problem with foreclosures has really just started. Looking at the above chart perhaps we get a bounce in 2009 before the final collapse heading into 2012.

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Reuters

[This is the last thing the Fed can do.] Central banks around the world banded together to stem a mounting credit crisis on Wednesday in their first coordinated action since terror attacks shut down U.S. financial markets on September 11, 2001. Th

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Telegraph

Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investment and a "perfect storm" for consumers as the housing slump spreads. In a report "Recession Coming" released tod

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