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Ernest Hancock LIVE from The LOV3 Bus in Phoenix, AZ - Tim Picciott joins the show in the LOV3 Bus Studio for The Economic Report
The mainstream financial media are running stories on the next financial crisis. This is unheard of two years into a so-called economic recovery. So weak is this recovery that the old pre-2008 confidence has not returned.
The measure passed 8-3 exempts the micro-blogging service from paying payroll tax on new hires if it moves to the city’s neglected Mid-Market area.
The road to an 8.8% unemployment is paved with unintended consequences! Yes, a drop of .01% in the unemployment rate reported yesterday cannot be termed a bad thing. Anytime unemployed and struggling U.S. workers find a job it is only good. The
This quarter's earnings were hit by a $1.1 billion accounting charge tied to the tightening of Citi's own bond spreads. This is the flip side of an asinine accounting rule that banks used to juice earnings during the credit meltdown two years ago.
The U.S. does not have to rely on foreign investors even to buy its bonds. If the investors are not interested, the central bank can buy the bonds. That is, in fact, what the Fed’s second round of quantitative easing is all about: issuing $600 bill
Can a person become President, and not understand simple economics? Why yes, yes we can... More dollars in circulation = deflated currency, Barry.
If Arizona local governments are serious about pulling communities out of the Great Recession, they need to reassess policies and do away with those that impede business, job creation and freedom.
Vowing to find new ways to stimulate the sputtering economy, President Barack Obama will call for long-term investments in the nation's roads, railways and runways that would cost at least $50 billion.
Vowing to find new ways to stimulate the sputtering economy, President Barack Obama will call for long-term investments in the nation’s roads, railways and runways that would cost at least $50 billion. The infrastructure investments are one part o
Mr. President - the question begs to be asked. After 17 months and 8 vacations, you're just now figuring we need to go into "full scale attack" mode? What is wrong with this picture?
With the economy apparently souring further without having recovered from the current recession a look at two articles written in January of 2009 on the subject seems timely. This article and Recovery Depends on Investment and Capital Accumulation we
The true story of the neverending wallet, the taxpayers and the summer of recovery. What does the administration have in mind and how will it affect business?
12/23/2009 | Ed Morrissey California got $7 billion in state grants from Porkulus, and an opportunity to catch their breath while they attacked a monstrous state budget that desperately needs pruning. Congress has now begun to consider Porkulus II,
What’s Happening 12/1/09 *Total Economic Collapse – The Swindle* Pt 2 “Fascism should rightly be called Corporatism as it is a merge of state and corporate power.”~ Benito Mussolini. Well, I feel so much better. Just a short viewing of the c
North Dakota is the only state in the Union to own its own bank. The Bank of North Dakota (BND) was established by the state legislature in 1919, specifically to free farmers and small businessmen from the clutches of out-of-state bankers and railroa
While all the talk at present is about economic corners turned and markets charging ahead, no one is paying much notice to an American economy deteriorating before our eyes. These myopic commentators seem to be simply moving past the now almost-unive
Arizona State Capitol Building for Sale Jason Jones checks out the Arizona State Capitol building before he decides to buy it for $735 million.
Sept. 9 (Bloomberg) -- The Federal Deposit Insurance Corp. proposed a six-month, emergency-only extension to its debt guarantee program as regulators move to wean companies from federal aid approved at the height of last year’s credit crisis.
Spin Spin Spin. The state-run media will do anything to spin the news for the Obama administration. And it is not just the “big boys” at the national level,. Now even the local Jimmy Olsens think they can get away with it. Here, brown-nosed reporte
The dollar fell against most major currencies and is at the same level
as it was before it became a safe haven for investors who became
jittery after Lehman Bros. collapsed. The dollar is "falling victim to a kind of double whammy"
that was the result of the government's efforts to pump more dollars
into the economy. Investors seem to be convinced that the efforts had
the desired effect and the global economy will soon get out of
recession, so they're willing to take on more risk. When combined
with the high supply of dollars and low interest rates, that has made
the dollar quite unattractive. Instead of dollar-based securities,
investors are snapping up gold and other commodities.
This entire economic mess is about the loss of great paying jobs, forty hours a week and the benifits that went with them. Thirty years ago, The Actor as President started to sell American jobs across the seas. The out come, which t
Read Letter
John Hussman - PhD economist and former professor of economics and international finance at the University of Michigan - has a great quote: If you look carefully at the economic data that shows improvement, and correct for the impact of government outlays, it is difficult to find anything but continued deterioration in private demand and investment. What we do see is a government that has run what is now a trillion dollar deficit year-to-date, representing some 7% of GDP. That sort of tab will undoubtedly buy some amount of Cool-Aid, but it has been something of a disappointment to watch how eagerly investors have guzzled it down. It is not at all clear that short-term, deficit-financed improvement necessarily implies sustained growth in the context of a deleveraging cycle. This is like somebody borrowing money from their Uncle and then celebrating that their income has gone up.
Why is it that we have to pay for their screw ups? Warren Buffett's Berkshire Hathaway Inc underestimated the risks of falling stock prices to its billions of dollars of derivatives bets, yet still believes it is valuing the contracts fairly. Berkshire revealed its error in a June 26 letter to the U.S. Securities and Exchange Commission, one of several pieces of correspondence with the regulator about the company's annual report, and made public on Thursday. The key issue:
Businesses reduced inventories for a 10th straight month in June, although total business sales posted the first increase in nearly a year. The Commerce Department said Thursday that businesses cut stockpiles 1.1 percent in June, slightly larger than the 0.9 percent drop economists expected. The reductions have translated into sharp production cutbacks at factories, adding to the steep recession.
Apparently to prove he is the ultimate Keynesian, economist Joseph Stiglitz says he wants more economic stimulus: Going on to prove he is hardcore, Stiglitz then turns anti-tax cut and anti-savings: How does Stiglitz want to pay for his recommended stimulus package? I guess by increasing deficits. He has no concern at all for the increasing U.S. debt load: Bottom line: The Stiglitz formula seems to be more injections at any cost. The last guy to try this formula was Michael Jackson
Without Uncle Sam, the economy looks way worse.. Today's better-than-expected -1% GDP was tempered, somewhat, by the staggering 11% spike in Federal Government spending (hello stimulus!). Today's chart looks back at the Y/Y GDP change with the same number sans government spending. As you can see from the divergence, the government boost provides a big help.
The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed. The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington
Defending the government's handling of the economic crisis last year, former Treasury secretary Henry Paulson said Wednesday that the Bush administration's responses were not perfect but "saved this nation from great peril." Okaaaaaaay....
The Obama administration is firing back at Sen. Jon Kyl for calling for an end to economic stimulus spending, and it's aiming where it hurts the most — at home in Arizona. The White House on Tuesday released letters from four cabinet secretaries to Arizona Gov. Jan Brewer, a Republican, citing Kyl's comments and outlining transportation, housing, Indian education and other projects in his home state they said would be eliminated if the senator has his way.
