Never before has the House failed to pass a budget, failed to propose a budget then deemed the non-existent budget as passed as a means to avoid a direct, recorded vote on a budget, but still allow Congress to spend taxpayer money.
“This is what the state owes right now to schools, rehabilitation centers, child care, the state university — and it’s getting worse every single day,” he says in his downtown office. Mr. Hynes shakes his head. “This is not some esoteric budget is
Similar warnings cast a pall over the July 4 weekend at near-empty resorts and beachfront communities from Florida to Louisiana. In some areas, tourist bureaus, rental agents, condo owners and officials said vacation bookings were down 20% to 80%.
The financial crisis is being used to cover a subversion of justice, what history may some day regard as essentially a financial coup d'etat, wherein a small group of men, many of whom have their roots and connections with a handful of universities..
Mr. Prechter is convinced that we have entered a market decline of staggering proportions — perhaps the biggest of the last 300 years.
Its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
Kindra has a clear picture of the danger that Gulf coast residents are being exposed to and what the future may hold for millions of Americans. Adult language.
"It injects demand into the economy," Pelosi said, arguing that when families have money to spend it keeps the economy churning. "It creates jobs faster than almost any other initiative you can name."
Teens not looking for jobs - because the job market is so bad - actually helped push down the unemployment rate!
U.S. consumer bankruptcy filings totaled 770,117 nationwide during the first six months of 2010 (Jan. 1-June 30), a 14 percent increase over the 675,351 total consumer filings during the same period a year ago...
The "establishment" folks know damn well this is in the cards, which is why they're scrambling to lie, lie and lie some more lest you figure it out and hold them to account. They're well-aware that while most of the time the "elites" manage...
Howard Davidowitz is a bear on America. If you’ve watched any of the recent clips, you know he’s negative on stocks, the economy and the political system.
We are just 2.3 points away from that critical -10 threshold on the ECRI WLI which at least historically, has guaranteed a recession. Just the freefall itself is vertigo inducing, and the number's release pushed the market even further lower...
As you can see from the low line of the chart, put together by Calculated Risk, we're clearly not enjoying a v-shaped ascent like we've seen during other jobs recoveries.
Leaving aside all other such fudge factors are government hiring, temporary workers, birth death, etc. 9.5% or 11.8% - which one is more realistic for an economy finally realizing it never left the second great depression, you decide.
Private payrolls were a disappointment at just +83k, versus consensus of 112k. The Birth-death model added 147k. Census removed 225k, in line with consensus. Temporary help was another terrific "green shoot" increasing by +21k.
The 2010 edition of “Federal Spending by the Numbers” shows spending and deficits continuing to grow at a pace not seen since World War II. Washington will spend $30,543 per household in 2010—$5,000 per household more than just two years ago.
The cause of the Great Depression in the 1930s, and the Great Recession beginning in 2007, was one and the same: an overleveraged economy. Excessive debt levels are the direct result of the central bank providing artificially low interest rates...
The federal debt will represent 62% of the nation's economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.
In the last chapter of The Dollar Meltdown, Charles Goyette makes a fascinating observation about what has been depicted on American coins over the years: America's earliest coins portrayed Liberty. Not rulers and politicians. Just Liberty. A symb
The options are dead(ly) simple. We will find out over the next few months that our banks are screamingly underfunded, and that not bailing them out will lead to bank runs and panics.
"The stock market at this point, which used to be a reflection of the future value of actual businesses in this country, has been turned by our government and our banks into little more than a paper shredding facility...
An additional 200,000 people who have been without a job for at least six months stand to lose their benefits each week, unless Congress acts.
The number: 472,000. That's worse than what analysts were expecting, and unfortunately, it indicates a drift towards 500K.
There's growing evidence of a generational impact from the crisis, similar to how the Great Depression created a generation of penny pinchers.
The recession has directly hit more than half of the nation's working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey.
The internal numbers from yesterdays Consumer Confidence Survey were really very ugly. The American public has no interest in buying a house or car, and their view of the economy is down right bearish.
When the government began rescuing AIG from collapse in the fall of 2008 with a $182 billion lifeline, AIG was required to forfeit its right to sue several banks over any irregularities with most of the mortgage securities it insured in the precrisis
BP has confirmed its 45-ton blowout preventer is tilting sideways up to 15 degrees. Rogue scientists point to tilting as evidence of a severely weakened well, and warn it could fall and crash the entire rig through the ocean floor.
Yet another huge disappointment for markets to digest -- ADP's June employment report showed just 13,000 new jobs were added from May to June on a seasonally-adjusted basis, vs. 61,000 expected. That's clearly a huge miss.