Economy
Jim Cramer: Gold Going to $2,000
One of the most embattled commodities over the last few years as the economy has struggled has been one of the most precious of all metals – gold.
Over the last 12 months, the price of gold has appreciated considerably. But CNBC host Jim Cramer contends it is going higher – much […]
Fed sees ‘widespread’ signs US economy is slowing
The US economic recovery is showing “widespread” signs of slowing, the US Federal Reserve warned Wednesday, as it gears up for a key policy meeting later this month.
The central bank reported “continued growth in national economic activity” between mid-July and the end of August, “but with widespread signs of a deceleration.”
The latest Beige Book report, […]
Democratic Senator: “Trillions in Debt, ‘Nothing to Show for It”
Michael Bennet, D-Colo,at a town hall meeting in Greeley last Saturday, Aug 21 said we had nothing to show for the debt incurred by the stimulus package and other expenditures calling the recession the worst since the Great Depression. […]
Regarding spending during his time in office he said, “We have managed to acquire $13 trillion […]
Intel CEO Otellini: The Democrats are destroying our economy
Intel CEO: U.S. faces looming tech decline. Intel chief executive Paul Otellini offered a depressing set of observations about the economy and the Obama administration Monday evening, coupled with a dark commentary on the future of the technology industry if nothing changes.
(Excerpt) Read more at news.cnet.com
Small Business CEOs Reveal Why They’re Not Hiring: Economic Contraction, Obama, And Healthcare
In response to Small Businesses are Not Hiring - Should They? I received a couple emails worth sharing. The CEO of a healthcare consulting company writes ….
Hello Mish
You ran a series of articles on small businesses, hiring and expansions. I thought I would add to it.
I run a small firm, with […]
Existing home sales dive to 15-year low (How is Hope and Change Working for you?)
This does not come to us as a surprise. We know it is noise and no action. According to Reuters, existing home sales falls to a 15 year low.
The National Association of Realtors said sales dropped a record 27.2% from June to an annual rate of 3.83 million units, the lowest level since May 1995. […]
Hardship withdrawals from 401(k)’s at record high (Disturbing Trend — and Worse to Come)
As the economy continues to worsen under Obama’s “recovery” plan, more disturbing news emerges. A record number of workers made hardship withdrawals from their 401(k) retirement plans. In fact, “the number of workers borrowing from their accounts reached a 10-year high” and reflects “the financial stress many workers” are experiencing according to Beth McHugh, Fidelity’s […]
And Now We’re Headed For The GREATEST Depression, Says Gerald Celente (Must Read)
The fake “recovery” was nice while it lasted, says famous apocalyptic forecaster Gerald Celente, founder of the Trends Research Institute. But now the fun’s over, and we’re headed for what Celente describes as the “Greatest Depression.”
Specifically, the always startling Celente says the country is headed for rising unemployment, poverty, and violent class warfare as […]
New Jobless Claims Rise to 500,000 …Highest level in 9 months
Initial claims for jobless benefits rose by 12,000 last week to 500,000, the Labor Department said Thursday. It was the fourth increase in the past five weeks and evidence that the economic recovery has weakened.
Read the whole story at Yahoo News
China Overtakes Japan as World’s Second-Biggest Economy
China’s economy surpassed Japan’s as the world’s second-largest – a highly anticipated milestone rich in symbolism for a developing country that began market reforms only three decades ago.
Read the whole story from LA Times
Federal Reserve Downgrades Recovery Outlook
Fed downgrades recovery outlook
Read the whole story at FT.com
Federal Reserve Set To Downgrade Outlook For US
The Federal Reserve is set to downgrade its assessment of US economic prospects when it meets on Tuesday to discuss ways to reboot the flagging recovery.
Faced with weak economic data and rising fears of a double-dip recession, the Federal Open Market Committee is likely to ensure its policy is not constraining growth and to use […]
Home ownership falls to lowest level in 11 years
The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey released Tuesday.
Read the whole story at CNNMoney
Consumer Confidence Falls, Lowest Since February
Consumer Confidence Falls, Lowest Since February
Read the whole story at CNBC
The Middle Class in America Is Radically Shrinking. Scary and Shocking Statistics
This is the most shocking I have ever seen about the American economy. Here are few of them.
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 […]
Wave Goodbye To Easy Credit
The word “credit” traces its origins to the Latin credo, or “I believe.” Profits, paychecks and other rewards animate capitalist economies, but these financial incentives work only because of some basic beliefs — that debts will be paid, that contracts will be honored, that financial data will be accurate, that corporate insiders will act in […]
Ben Bernanke needs fresh monetary blitz as US recovery falters (No Hope, No Change)
Federal Reserve chairman Ben Bernanke is waging an epochal battle behind the scenes for control of US monetary policy, struggling to overcome resistance from regional Fed hawks for further possible stimulus to prevent a deflationary spiral.
Fed watchers say Mr Bernanke and his close allies at the Board in Washington are worried by signs that the […]
Less spending by Americans could slow recovery (”Hope and Change” Fading Away?)
Americans are pulling back on their spending, a trend that could slow the economic recovery if it continues.A sharp drop in retail sales points to still-wary shoppers and could lead economists to curtail their expectations for growth.
Analysts cautioned against overreacting to Friday’s Commerce Department report. It could signal a return to modest growth after two […]
Retail sales unexpectedly fall in May …plunge by largest amount in 8 months
WASHINGTON (Reuters) - Sales at retailers unexpectedly fell in May for the first time in eight months, but a jump in consumer sentiment to a near 2-1/2 year high in early June eased fears of a slowdown in the economic recovery.
The drop in sales reported by the Commerce Department on Friday followed last week’s data […]
Bernanke Is Wrong! Double-Dip Recession Looming, Forecaster David Levy Says
Ben Bernanke testified before Congress Wednesday that the U.S. economy is recovering, and he predicts the nation will not experience a double-dip recession.
Economist David Levy is far less optimistic — he sees a 60% chance of a another recession in 2011.
Levy, who is chairman of The Jerome Levy Forecasting Center, says the factors that caused […]