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Economy - Economics USA

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MSNBC

“There’s this feeling of ’here we go again’ with what happened last year,” Kloza said. “It hurts discretional spending. It leaves people to think about not taking those summer vacations.”

 Gas prices added another 2 cents overnight, climbing to their highest level in more than seven months to $2.592 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of gas costs 48.2 cents more than it did a month ago, but it’s $1.397 cheaper than last year.

 This week, Goldman Sachs revised its forecast and predicted that oil would rally to $85 a barrel by the end of the year as the economy stabilizes and OPEC production cuts take hold.

 The forecast assumes, however, that the Or

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Friday’s statement by China said any investment would be made according to its usual criteria of “safety and reasonable returns”, but made no mention of Beijing’s wish for more power in IMF decision-making, in return for financial support.

Safe, which controls almost $2,000bn of China’s foreign exchange reserves, added it was ready to help the IMF explore more ways to raise finance.

Mr Lipsky said the Chinese and Russian proposals were part of a commitment made during the London G20 summit in April to augment IMF resources by $500bn, and that the IMF “absolutely welcomes” the commitments.

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Washington Post

A record 27% of the nation's 14.5 million jobless have been unemployed for 6  months or longer. Their unemployment benefits expire, their homes falling into foreclosure and their lives upended.

The ranks of the long-term unemployed are not expected to recede until job growth picks up in earnest, and if past recessions are any guide, that's not likely to happen for at least another year.

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Consumerist

The California Supreme Court has effectively reversed a 2004 San Francisco trial court decision that ordered BofA to pay $284.4 million in damages to more than 1.1 million customers. The California Supreme Court ruled that banks can tap Social Security benefits in bank accounts to cover bounced-check fees, a practice consumer advocates say is abusive because Federal law prohibits Social Security benefits...

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www.transworldnews.com/

The Securites Exchange Commission (SEC) formally charged former Countrywide Financial CEO Angelo Mozilo and two other company executives with civil fraud.

 

The SEC also charged Mozilo with illegal insider trading, an agency spokesman said Thursday. Civil fraud charges also were filed against Countrywide's former Chief Operating Officer David Sambol and ex-Chief Financial Officer Eric Sieracki.

 

Countrywide Financial, the California-based mortgage lender, was a key component to the subprime mortgage crisis in 2007, which was the beginning of the financial decline and c

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AP

U.S. retailers reported same-store sales fell in May below expectations, as pressures like rising unemployment continued to curtail consumer spending. Luxury chains and department-store operators continued to be the weakest sectors, with discounters and teen apparel retailers such as The Buckle Inc. stronger. Cheap chic discounter Target reported a bigger drop than analysts expected, as appare

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By Miles Moffeit, denverpost.com

The phone calls usually come in the evening after the machinery goes silent on farms across the country. The callers speak of dwindling cash flows, crumbling marriages. Some admit they're holding a loaded gun. Across a wide swath of rural America, increasing numbers of farmers are considering taking their lives. The nation's largest network of crisis hotlines for agricultural workers reports a spike of 2,000 calls through May compared with the same period last year — a 20 percent increase

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Mint

Bartering predates any modern form of currency, and arose naturally in the ancient world as the primary means of economic exchange. Today, there are a number of barter systems in place alongside replacement currencies that operate on a local level in cities or small rural villages. Whether these approaches come from a hot Web 2.0 startup or a tiny Thai village, they are changing the economic landscape. Here’s a look at some of the most promising.

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Reuters

The United States may have hit a bump on the road to economic recovery, according to data with half a million private sector jobs lost in May and mortgage applications falling last week in the face of rising interest rates. The reports illustrate the policy dilemma of the Federal Reserve, which has committed trillions of dollars to keep market interest rates low, only to watch them shoot higher in recent weeks.

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