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Economy - Economics USA

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Ron Paul gets interviewed by Aaron Task from Yahoo Finance.  Looks like the main stream media is starting to get it.  Ron Paul was right all along.  The interviewer seems perplexed that Ron Paul would give such seemingly simple answers to what the pundits have categorically determined that the public is too stupid to understand.   What most of these people do not understand is that the market is infinitely smarter than anyone of these politicians who in the end are only doing what is good for them and their friends.  The market is self correcting and when these politicians meddle in the system it prevents the system from correcting itself.  The long the system is not allowed to correct itself the greater the ultimate correction will be.  It is inevitable!

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AP

Bank of America joined other major banks in reporting better-than-expected second quarter income, earning $2.42 billion even as losses from failed loans continued to rise.  "But big consumer banks, and Bank of America is the biggest, they are the ones who have the most to lose in a prolonged consumer-oriented recession."

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arclein

The fact is that California needs to create a state bank similar to that of North Dakota just to insulate itself from the type of reckless behavior now smashing up the US banking system. They comment on North Dakota’s long history. For what it is worth, you step across the border and you enter a hotbed of experimentation created by the great depression

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NY Times

“One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors,” said Robert Reich.  Both banks now stand astride post-bailout Wall Street, having benefited from billions of dollars in taxpayer support and cheap government financing to climb over banks that continue to struggle. They are capitalizing on the turmoil in financial markets and their rivals’ weakness to pull in billions in trading profits.

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From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.

By now, most of us know the major players. As George Bush's last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clint

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http://www.youtube.com/watch?v=P5yxFtTwDcc

How do the Obama deficits compare with past presidents? And how did the national debt get so big anyway. This video gives a visual representation to answer those questions by looking at the debt as a road trip and seeing how fast different administrations have been traveling.   Many people think that george W. bush was spending like Paris Hilton on a road trip.  We he was but compared to the Obama administration he is going to look like coupon clipper compared to what Barak Obama's administration is going to do in the next 8 years.   The Representation shows every mile as 5.8 billion dollars and every year as one hour.  With all numbers adjusted for inflation. In this model bush is traveling at 63 miles per hour and the obama adminstration is pegged at 174 miles per hour!  This is not an extrapolation, this is the president own budget predictions!

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Bloomberg

There is never a good time to raise the minimum wage. Just ask the people working in low-skilled jobs that are laid off as a result.

Now is a particularly bad time. Yet the federal minimum wage is scheduled to rise to $7.25 on July 24, the third step of a $2.10 increase enacted in 2007. In more than half the states, the minimum wage already exceeds the current national minimum of $6.55 an hour.

 

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Financial Times

McGraw-Hill could reap just $1 from a sale of Business Week, according to people familiar with the 80-year-old financial magazine’s losses.

The publisher has appointed Evercore, the boutique investment bank, to sell the business after concluding it was non-core, two people familiar with the decision said.

 

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Wall Street Journal

The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.

The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.

 

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AP

A series of regulatory proposals made by the SEC have included restricting short-selling in down markets, strengthening oversight of mutual funds, tightening scrutiny of investment advisers and making it easier for shareholders to seat directors on company boards. The SEC also is working to identify emerging risks to investors, including so-called "dark pools," or automated trading systems that don't publicly provide price quotes

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