When the Japanese stock market lost more than 6 percent of its value on Wednesday in a massive selloff, pundits jumped on the move to try to explain what happened, and what it all means. Evan Lucas, a market strategist at IG Markets, wrote:
In the announcement by credit rating agency Standard & Poor’s on Monday that affirmed its AA+ rating of United States sovereign debt while revising upward its outlook from “negative” to “stable,” the agency explained that in the short run there has been some perceptible improvement in the country’s fiscal situation but in the long run
When libertarian scholar Peter Ferrara asked rhetorically in Sunday’s issue of Forbes, “Economically, Could Obama be America’s Worst President?” he relied heavily on statistics provided by the chief enabler of the Great Recession,
During his introduction of a bill to save $30 billion from the old food stamp program – now called the Supplemental Nutrition Assistance Program (SNAP) – Senator John Thune (R-S.D.) said that
Since President Obama assumed office, participation in SNAP, which was formerly referred to as food stamps, has increased from 32 million to
It’s unnerving and yet comforting when a worthy such as Bill Bonner agrees with me. What’s more likely is we’re both singing off the same sheet of music. In Monday’s newsletter Bonner titled his entry “The Recovery That Never Happened,” and I agree. Whatever green shoots (remember green shoots, the ever hoped-for, greatly anticipated but never sustained recovery from the Great Recession?) appeared have withered away, leaving the US, Germany and the world with
You’re sick. You’ve been sick for several weeks now. You’re long past the “take two aspirin and call me in the morning” protocol. You’re jaundiced, you’re not sleeping well, you’re losing weight, people are asking if you’re ok, the whole deal. You decide to find a doctor. You find four, all in the same office.
Dessau, a small and steadily shrinking town in the German state of Saxony-Anhalt in what used to be East Germany, is doing the best it can. Ten years after the fall of the Berlin Wall the anticipated “miracle” enjoyed by West Germany following World War II failed to materialize for Dessau and so it is in the process of
William L. Watts is a writer for MarketWatch, a division of The Wall Street Journal that posts a robust and highly informative website for avid readers of the economic tea leaves (like me). What’s interesting is that I can’t find out anything about Mr. Watts:
Please note: This is an article I wrote last Friday for the McAlvany Intelligence Advisor. I’ve republished it here in its entirety:
Friday’s report from the Bureau of Labor Statistics (BLS) only surprised those with unrealistic expectations about the health of the economy, showing that job growth of just 88,000 new jobs in March not only was far less than establishment economists had predicted, at 200,000, but
This is called “paralysis of analysis.” If it can be measured it must mean something. The Federal Reserve Bank of Kansas City, the home of statistics for the Fed, just issued a reassuring statement: “The Kansas City Financial Stress Index (KCFSI) continues to indicate that financial stress remains
At first blush Friday’s jobs report from the Bureau of Labor Statistics looked pretty good, catching establishment economists off-guard by about 80,000 jobs. Instead of the 160,000 new jobs expected in February, the BLS reported 236,000, which pushed down the unemployment rate to 7.7%. This came on top of a
With the stock market hitting new all-time highs, bolstered by the Bureau of Labor Statistics report on Friday that the economy added 236,000 new job in February which brought the unemployment rate down to 7.7%, politicians who had nothing to do with it are claiming credit.
Austan Goolsbee, who had little to cheer about during his brief 10-month stint as Chairman of Obama’s Council of Economic Advisors, tweeted
You would think that politicians and central bankers would learn from their mistakes, wouldn’t you? They would learn that if something doesn’t work then try something else (or try doing nothing, instead!). But no, despite warnings from Moody’s (I wrote about their downgrade of Great Britain on Monday here), which is simply a rear-view mirror of what’s already happened and their very late recognition of their faltering economy, they continue to
Much was made of some internal emails from Cameron Eiger, a Wal-Mart VP, expressing his frustration over slow sales at the start of the year. In a February 1st email to company executives, he wrote:
Last Friday Moody’s Investors Service announced its downgrade of the United Kingdom’s government bond ratings by one notch, from AAA to Aa1, a move that was anticipated a year ago when the credit rating agency moved its rating on UK bonds from
Leave it to my favorite establishment mouthpiece to put things into perspective: according to the Washington Post those sequester cuts starting March 1st are really going to hurt, pushing the economy into another recession (another?) and costing
On January 31st Senator Rand Paul (R-Ky.) introduced his National Right-to-Work Act, S.204, subtitled “A bill to preserve and protect the free choice of individual employees to form, join, or assist labor organizations, or to refrain from such activities.” His timing couldn’t be any better.
One year ago Indiana joined the growing list of right to work (RTW) states, followed in December by
Once in a while it takes a foreign perspective - a view from abroad (or at least across the border) – to explain how things happened. Pierre Poilievre is a Canadian politician who spoke to his colleagues about what happened in the US and how to avoid doing the same thing there.
The action that California’s Napa Valley Unified School District took in 2009 is just now getting exposure and at least one board member is running for cover. Jose Hurtado, a NVUSD board member, said he stands by the deal he voted for – to borrow $29 million and put off paying it back until 2049 – but if it were a traditional mortgage, he
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