If, in my unknowing, mis-understanding and complete inability to fathom the money, fuel, power, medical and work crisis, I should suggest that the way it is being handled was at best a failure, I would only be speaking the truth! If, I haRead Letter
Eager to remove incentives that they say contributed to last year's financial crisis,
The Commerce Department said wholesale inventories fell 1.4% in April, more than the 1.1% decline that economists expected. It marked the 8th straight month that inventories dropped.
Sales at the wholesale level fell 0.4%
Wherever the floor is, and I think that it is been established now, it is a lot less at the consumer level than for most of the economy. Government spending is actually growing sharply in an attempt to offset the loss of consumer demand. However, the bad news about collapsing government revenues has not hit home yet. Recall, it is only the federal government that can print fiat money. The rest have to collect taxes. California is ugly, but there are hundreds of jurisdictions that are going to be in shock before this is over. In the meantime, the degenerating housing market continues to eat away at household finances and sound financial institutions.. This will not end until this problem is finally addressed and it will not simply go away. This is what can give us 1932 all over again.
In a one-sentence order, Justice Ruth Bader Ginsburg said the bankruptcy judge's orders allowing the sale "are stayed pending further order" by her or by the Supreme Court.
More than 600,000 seniors are delinquent in their mortgage payments or already in foreclosure, USA Today reports. Unlike younger people, many are on fixed incomes and lack the money or job opportunities to catch up on payments when they fall behind. "I've got a lot of seniors who have just been nailed," mortgage specialist Dean Wegner told the newspaper.
With the market in the midst of a three-month rally, investors are looking for more proof of an improving economy in order to fuel a continued advance while also becoming wary of the ongoing rise in interest rates.
This and other big government spending programs are turning out to have the opposite effect. Rates for mortgages and U.S. Treasury debt are now marching higher as nervous bond investors fret about a resurgence of inflation.
That's the Catch-22 threatening to make an awful housing market potentially worse and keep the economy stuck in a funk. Kick-starting the economy requires higher spending, but rising rates mean fewer Americans will be able to refinance their home loans. And some potential buyers will be shut out of the market by higher monthly payments they won't be able to afford.
U.S. unemployment jumped a half percent in May,
Could California become the first state in the nation to do away with welfare?
That doomsday scenario is on the table as lawmakers wrestle with a staggering $24.3 billion budget deficit.
County welfare directors are "in shock" at the very idea of getting rid of CalWORKs, which has been widely viewed as one of the most successful social programs in the state's history, said Bruce Wagstaff, director of the Department of Human Assistance in Sacramento.
"It's difficult to come up with the right adjective to react to this," Wagstaff said. "It would be devastating to the people we serve."
H.D. Palmer, a spokesman for the state Department of Finance, said California is in an unprecedented fiscal situation that has made all programs, from education to human services, vulnerable to deep and painful reductions.
What makes me most nervous is that the general behavior of the markets are eerily similar to the 29’ crash and the same time functions are in place. It is only nine months since the actual break took place. In roughly the same time period, in 1930, the markets recovered somewhat and trade also. It really was a dead cat bounce that merely punctuated the ongoing economic decline that rolled on for a full two more years until late in 1932.
The government probably wants to win time for the banks, keeping them alive as they struggle to earn their way out of the mess, says economist Joseph Stiglitz of Columbia University in New York. The danger is that weak banks will remain reluctant to lend, hobbling PresidentReported By Powell Gammill