Contents Pages by Subject

Economy - Economics USA

Subject Photo
Article Image News Link • Global

The Daily Show

John Stewart interviews Peter Schiff on the Daily Show and Peter talks about how the companies that were to big to fail should have been allowed to fail so the citizens of the county would not have to foot the bill.  Peter likened the financial crisis to a car going over a cliff.   The The Obama presidency was all about changing the direction of the country.  Yet the only thing the administration has done is step on the gas

Article Image News Link • Global

NY Times

With the touch of pen to paper and a simple wire transfer, Chrysler completed its deal with Fiat on Wednesday morning, largely ending its quick trip through bankruptcy.
 
The last obstacle to an exit — a temporary stay imposed by the Supreme Court — was lifted late Tuesday, after the nine justices declined to hear a challenge of the deal by three Indiana state funds and several consumer groups.

Article Image News Link • Global

AP

An up and coming Wall Street executive might want to hold off on buying that condo in Aspen. The Obama administration is ready to issue broad new guidelines that would rein in pay at financial institutions.

Eager to remove incentives that they say contributed to last year's financial crisis, President Obama's economic team plans to unfurl broad executive pay principles that put a premium on long-term performance over short-term gain.

 

Article Image News Link • Global

AP

Wholesalers slashed inventories more than expected in April as businesses struggled to get stockpiles in line with falling sales.

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%

 

Article Image News Link • Global

arclein

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.

Article Image News Link • Global

Reuters

The sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA was temporarily blocked by a U.S. Supreme Court justice, with no indication how long the delay would last.

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.

 

Article Image News Link • Global

Money News

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.

Article Image News Link • Global

The Daily Show

Euro Pacific Capital's Peter Schiff  and Author, "The Little Book of Bull Moves in Bear Markets" will be interviewed on The Daily Show with John Stewart 6/9/09.  This will be a great interview without all the "normal" pundits cutting off Peter when he talks about the economy.  So plug into the Matrix for this one [ED]

Schiff is best known for his bearish views on the US economy and for his claims to have predicted the economic crisis of 2008.  He has risen to media prominence following the publication of his book Crash Proof: How to Profit From the Coming Economic Collapse, published in 2007.
 
Schiff appears on American financial news programs on networks such as CNBC, CNN, CNN International, Fox News, Bloomberg TV and Fox Business.
Schiff is a supporter of the Austrian School of Economics and the Ludwig von Mises Institute, and was an economic adviser for Ron P

Article Image News Link • Global

Reuters

Stocks fell on Monday after McDonald's Corp posted lighter-than-expected monthly sales and a report that Apple Inc would price new iPhones "aggressively," signaling that consumer spending may remain a concern.

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.

 

Article Image News Link • Global

AP

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.

 

Article Image News Link • Global

VOA

The White House says America's employment picture is worse than the Obama administration had anticipated just a few months ago. The somber admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.

U.S. unemployment jumped a half percent in May,

Article Image News Link • Global

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.

"I don't

Article Image News Link • Global

arclein

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.

Article Image News Link • Global

Bloomberg

Analysts who have examined the quarterly profits and government tests say that accounting rule changes and rosy assumptions are making the institutions look healthier than they are.

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 President

Reported By
Article Image News Link • Global

Reuters

John P. McMurray made it clear to his Countrywide Financial Corp bosses that they were playing a dangerous game with risk. But they didn't listen.  Warnings from McMurray are cited often in a lawsuit filed by the U.S. Securities and Exchange Commission against Countrywide's co-founder Angelo Mozilo and two lieutenants.

Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:

Stop Wars T-shirt at The Bitcoin Store