U.S.
Trouble in Fall 2009? College Graduates can’t find Jobs; States Raising Taxes; Marriage Decline
Japans Prime Minister announced a 15.4 Trillion Yen Economic Stimulus Package
•$154 billion
http://www.bloomberg.com/apps/news?pid=20601087&sid=aP7_fW3Kogpc&refer=home
More States Look to Raise Taxes
•Tax revenue is plummeting nationwide and states are responding with even more taxes
http://online.wsj.com/article/SB123923448796803135.html
http://economix.blogs.nytimes.com/2009/03/06/putting-a-months-job-losses-in-perspective/
US FED: FOMC Downgraded its GDP Projection For 2009, 2010
•Federal Open Market Committees new forecast is
•GDP between -1.3% and -0.5% in 2009 (my prediction
•2.5% and 3.3% in 2010
•also downgraded their projections for the unemployment forecast by saying it would increase sharply in the first half and flatten out in the second half
http://www.forbes.com/feeds/afx/2009/04/08/afx6271000.html
Obama to Push Immigration Bill Despite the Risks
•Obama will make a push to reform immigration
•Start talking about creating a pathway for illegal immigrations to become citizens.
•Although there will not a major push for immigration reform until the economic crisis is resolved
http://www.nytimes.com/2009/04/09/us/politics/09immig.html?_r=1&hp
Laid-off U.S. workers finding new jobs, less pay
•Half of U.S. workers laid off in the past year who were questioned in a survey reported finding new jobs, but often with less pay and in a different field.
http://uk.reuters.com/article/burningIssues/idUKTRE5378NV20090408
Poll: Fewer Americans support stricter gun control laws
•according to Gallup polling, 54 percent favored stricter laws in 2001
•50 percent in 2007
•Now, a recent CNN/Opinion Research Corporation poll reveals a sudden drop — only 39 percent of Americans now favor stricter gun laws
•*That number is going to get lower.
•*its no longer a liberal/conservative issue
•Thats why you have liberal Democrats like vention4wh are armed and people like myself who previously had no exposure to guns are buying guns.
http://www.cnn.com/2009/POLITICS/04/08/gun.control.poll/index.html
Out-of-wedlock births hit record high
*let me just say this, marriage as an institute is coming to an end
http://www.cnn.com/2009/LIVING/wayoflife/04/08/out.of.wedlock.births/index.html
Duration : 0:9:20
Citi’s Das Urges Changes to Loan Modification Programs: Video
June 24 (Bloomberg) — Sanjiv Das, chief executive officer of Citigroup Inc.’s CitiMortgage unit, talks with Bloomberg’s Julie Hyman about U.S. efforts to modify home loans in order to prevent foreclosures. (Source: Bloomberg)
Duration : 0:2:57
U.S. Stocks Advance as Banking Shares Turn Higher: Video
April 22 (Bloomberg) — Bloomberg’s Courtney Donohoe reports on the performance of the U.S. equity market today and earnings reported after the close of trading.
U.S. stocks rose, erasing the biggest drop since Goldman Sachs Group Inc. was sued by the government, as investors speculated the bank will prevail and concern about financial regulation eased. (Source: Bloomberg)
Duration : 0:3:36
With Loan Guarantees, Obama Looks to Nuclear Energy for Jobs
This is the VOA Special English Economics Report, from http://voaspecialenglish.com
One year ago, President Obama signed the economic recovery bill aimed at pulling the country out of recession. The bill promised jobs — including many in the nuclear energy industry.
In February, the president announced plans for the government to guarantee more than eight billion dollars in loans for two new nuclear energy centers in the state of Georgia. The Southern Company plans to build the nuclear power centers. The first would start operations in twenty sixteen.
Mister Obama announced the plan at a job training center in Lanham, Maryland. The message was that nuclear energy projects will create jobs. President Obama said: It is a plant that will create thousands of construction jobs in the next few years, and some eight hundred permanent jobs — well paying permanent jobs — in the years to come.
In February, the Federal Reserve predicted that unemployment will remain near current levels through the year. The present rate is nine point seven percent. The central bank said unemployment could remain high for the next two years.
President Obama has received sharp criticism from Republicans over the lack of progress in job creation.
The seven hundred eighty-seven billion dollar American Recovery and Reinvestment Act is also unpopular because of its cost. Critics said the money is being spent too slowly with less than sixty percent being spent so far. But the administration said the measure has saved or created two million jobs.
By supporting nuclear energy, the president may be seeking common ground with Republicans who have called for building as many as one hundred new nuclear power centers.
Mister Obama has linked clean energy with economic growth. He also warned that the United States is falling behind in developing nuclear energy. He said: There are fifty-six nuclear reactors under construction in the world: twenty-one in China alone; six in South Korea and five in India.
The United States has not built a new nuclear power plant in nearly thirty years. American public opinion about nuclear energy has been mixed. In recent years, public opinion studies show more than half of Americans approve of nuclear energy. About one-fifth of the nations electricity is generated by nuclear power.
And that’s the VOA Special English Economics Report.
(Adapted from a radio program broadcast 19Feb2010)
Duration : 0:3:54
Reform Also for Student Loans
An overshadowed aspect of congressional health care bills involves new provisions for student loans. As Ben Tracy reports, sweeping changes are in store throughout the U.S. for college lending.
Duration : 0:2:23
New Credit-Card Rules May Mean Lost Revenue for Banks: Video
Feb. 22 (Bloomberg) — Bloomberg’s Monica Bertran reports on new credit-card rules that take effect today and their potential impact on card issuers. (Source: Bloomberg)
Duration : 0:1:47
China won’t Finance U.S. Debt; We Hate You…you are devaluing your Dollar! Hyperinflation Collapse?
Who will finance our debt? Who has confidence in the fiscal responsibility of the U.S. congress? Will our dollar collapse, and if it does, what will be the consequence of such a collapse? I don’t know the answers to these questions, but I do know one thing, and that is that I hate my government; they are corrupt, right down to the bone. The corruption is cancerous, so drastic steps must be taken; they must be replaced in their entirety.
jbranstetter04
Why do Japan and China keep on buying dollars?
The dollar has fallen about twenty percent against the Euro in the last year but China and Japan continue to accumulate large dollar surpluses. At the same time, many economists worry that they will dump their holdings, sending the dollar into a free fall.
Michael Dooley, Peter Garber, and David Folkerts-Landau suggest that this financial policy is no accident. They view the Chinese and Japanese as pursuing deliberate full employment policies. They buy and hold dollars, not as an investment, but rather to subsidize their own exports. Read this summary of the argument, or buy an NBER working paper here. Garber puts the point bluntly:
http://www.marginalrevolution.com/marginalrevolution/2004/01/why_do_japan_an.html
China is right to have doubts about who will buy all America’s debt
Chinese doubts about the value of US Treasury bonds highlight a crucial question: who will buy the estimated $2.7 trillion (£1.9 trillion) to $4.2 trillion of debt expected to be issued over the next two years?
With annual foreign purchases accounting for less than a tenth of the low end of that range, and domestic investors unable to bridge the gap, the Chinese are right to worry.
Yu Yongding, former adviser to the Peoples Bank of China, recently demanded guarantees for the value of Chinas $682bn of Treasury securities. Then Luo Ping, director of the China Banking Regulatory Commission, said that China had misgivings about the US economy, but despite this it would continue to buy Treasuries. The two statements appear designed to raise the issue non-confrontationally before new chief US diplomat Hillary Clintons visit to Beijing on February 20.
China worries about the dollars value against other currencies, particularly the yuan. With US interest rates so low, the dollars value may slide. However, President Barack Obama has repeatedly said he wants a strong dollar, and indeed its trade-weighted value rose 13.9pc between April and December 2008.
The other area of concern for China is the value of its Treasuries. Given the US borrowing requirement and its lax monetary policy, Treasury bond yields could well rise sharply, causing a corresponding price decline. If Chinas holdings match Treasuries average 48-month duration, then a 5pc rise in yields, from 1.72pc on the 5-year note to 6.72pc, would lose China 17.5pc of its holdings value, or $119bn.
Foreign buyers have absorbed a little over $200bn of Treasuries annually, a useful contribution to financing the $459bn 2008 deficit, but only a modest help towards the $1.35 trillion minimum average deficit forecast for 2009 and 2010.
Unless that changes substantially, there will be $1trillion annually to be raised by the Treasury from domestic sources, more than double the previous record from domestic and foreign sources together, plus whatever is needed to bail out the banks.
Even if the US savings rate were to rise from zero to its long-term average of 8pc of disposable personal income, that would create only an additional $830bn of savings — not enough to fund the domestic share of the deficit. Interest rates would probably have to rise substantially to pull in more foreign investors.
Yu is right to worry.
http://www.telegraph.co.uk/finance/breakingviewscom/4611408/China-is-right-to-have-doubts-about-who-will-buy-all-Americas-debt.html
Duration : 0:3:37
Kucinich: the Federal Reserve is paying banks NOT to make loans to struggling Americans!
Tuesday, 21 July 2009
U.S. Congressman Dennis Kucinich (D-Ohio, 10th District) questions Neil M. Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), testifying before the House Committee on Oversight and Government Reform, about interest payments made to banks that keep their TARP funds and other government (taxpayer) bailout money with the Federal Reserve, instead of making loans to struggling Americans (the original intent of the TARP, remember?) The Fed makes generous interest payments to the banks for “parking” their “excess reserves” at the Fed.
And guess who will end up paying for this “interest” given to the banks, and everything else? That’s right, you and me, John and Jane Q. Suckers!! The dumb, fat sheep!
By the way, Neil M. Barofsky is a good guy here — don’t beat up on him. He’s in immediate danger of losing his job (if not his life) becauses he’s revealing too many of the Temple’s dark secrets. Barofsky deserves our full support.
You can download Special Inspector General for the Troubled Asset Relief Program (SIGTARP) reports,testimonies and audits at sigtarp.gov. The July 20th, 2009 report, “SIGTARP Survey Demonstrates That Banks Can Provide Meaningful Information On Their Use Of TARP Funds,” is esecially interesting and can be downloaded at
http://sigtarp.gov/reports/audit/2009/SIGTARP_Survey_Demonstrates_That_Banks_Can_Provide_Meaningfu_%20Information_On_Their_Use_Of_TARP_Funds.pdf
Duration : 0:5:48
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