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Economy - Economics USA

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Reuters

Two business groups urged the U.S. Securities and Exchange Commission on Friday not to reinstate a Web tool aimed at helping investors identify companies with investments in countries the United States designates as "sponsors of terrorism."

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Michael Shedlock / Mish

California and other states will have to go back to the well again and again to trim budgets as state revenues from sales tax, property tax, and income tax fails to hit expected targets.

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Michael Shedlock / Mish

The pent up deflationary forces in the U.S. are such that Deflation American Style figures to be far worse than Deflation Japanese Style.

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CalculatedRisk.blogspot.com

The thing is, the writedowns aren't finished. Several firms retain significant exposure to subprime, such as Citigroup, which still has $37 billion in subprime exposure.

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Michael Shedlock / Mish

In the grand scheme of things, $100-$150 billion spread evenly is irrelevant. Such "stimulus" is doomed from the start.

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SFGate.com

Sales volume plummeted 43.2 percent to a record low in December - the 35th consecutive month of decreasing sales, said DataQuick Information Systems, a La Jolla (San Diego County) research firm.

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Reuters

"There is a section of the population here that over-extended themselves to buy here and then keep up the facade of wealth," said a broker. "In the next year or so they'll be forced out in dribs and drabs."

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CalculatedRisk.blogspot.com

The survey's broadest measure of manufacturing conditions, the diffusion index of current activity, fell sharply from a revised reading of -1.6 in December to -20.9, its lowest reading since Oct. 2001.

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AfterDowningStreet.org

Bush needs the Saudis to charge us big bucks for oil. The Saudis can’t lend the US Treasury and Citibank hundreds of billions of US dollars unless they first get these US dollars from the US.

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CalculatedRisk.blogspot.com

Single-family authorizations in December were at a rate of 692,000; this is 10.1 percent below the November figure of 770,000.

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Raw Story

Wholesale inflation shot up in 2007 by the largest amount in 26 years even though falling gasoline costs allowed price pressures to moderate in December. [It shot up a hell of a lot more than 6.3% last year!]

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AP

Bad bets on mortgages led to a $10 billion loss for Citigroup Inc. in the final quarter of last year, the largest in its 196-year history. As a new wave of weak economic data intensified fears of a recession, the nation's biggest bank also cut jo

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by Pat Buchanan

Since it began to give credit ratings to nations in 1917, Moody's has rated the United States triple-A. U.S. Treasury bonds have been seen as the most secure investment on earth. When crises erupt, nervous money seeks out the world's grea

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