Clipmarks | Economy Clips

Fed Reserve Chairman Admits Agency is Above the Law and the President

Sat, 07 Nov 2009 14:48:09 GMT

clipped by: leevardi

Federal Reserve Chairman Admits Agency is Above the Law and the President

Those that read and enjoyed such posts as The Crash Course and Money as Debt will understand the significance of, and not be surprised by, the Federal Reserve (now former) chairman clearly stating that the Federal Reserve is a private agency, above the law, above the president and should not be subject to any outside interference. Despite having such a pivotal role in the U.S., and hence the world economy, the Federal Reserve is thus no different than private corporations like Monsanto, McDonalds, Tesco, etc. – it’s not working for the benefit of citizens, but is working for profit for its shareholders.

The bankers dictate to governments, and manipulate the populace, not the other way around – and boy do they have the tools and position to enable them to do so. What a wonderfully privileged position they hold….

Emirates launches Air Miles competition

Sat, 07 Nov 2009 12:59:05 GMT

clipped by: gup45ah
clipper's remarks: Emirates Air is offering its customers the opportunity to win 100,000 Skywards Miles. The UAE-based airline will enter anyone who books an economy-class ticket online to one of a select number of destinations between November 5th and 12th into its prize draw.

Clip Source: www.southalltravel.co.uk

Emirates launches Air Miles competition

Emirates Air is offering its customers the opportunity to win 100,000 Skywards Miles.

The UAE-based airline will enter anyone who books an economy-class ticket online to one of a select number of destinations between November 5th and 12th into its prize draw.

Kucinich: Why Is It We Have Finite Resources for Health Care but Unlimited Money for War?

Sat, 07 Nov 2009 08:03:01 GMT

clipped by: papananook

Clip Source: www.commondreams.org

WASHINGTON - November 6 - Following a statement on the Floor of the House of Representative, Congressman Dennis Kucinich (D-OH) today made the following statement:

"Why is it we have finite resources for health care but unlimited money for war?

"The inequities in our economy are piling up: trillions for war, trillions for Wall Street and tens of billions for the insurance companies. Banks and other corporations are sitting on piles of cash of taxpayer's money while firing workers, cutting pay and denying small businesses money to survive.

"People are losing their homes, their jobs, their health, their investments, their retirement security; yet there is unlimited money for war, Wall Street and insurance companies, but very little money for jobs on Main Street.

"Unlimited money to blow up things in Iraq and Afghanistan, and relatively little money to build things in the US.

"The Administration may soon bring to Congress a request for an additional $50 billion for war.

CBO Confirms GOP Plan Will Lower Health Care Premiums, Lower Deficit Without Tax Hikes

Sat, 07 Nov 2009 06:39:19 GMT

clipped by: willhelm

Clip Source: cafeconservative.com

House Republican Leader John Boehner (R-OH) issued the following statement after the Congressional Budget Office (CBO) confirmed in a letter tonight that the Republican health care plan will lower health care premiums by up to 10 percent and reduce the deficit by $68 billion over 10 years without imposing tax increases on families and small businesses:

“When it comes to reforming health care, controlling skyrocketing costs is the American peoples’ top priority. Now CBO has confirmed that the Republican plan will lower health care costs for American families, and that’s good news for everyone struggling in today’s economy. The choice now could not be clearer: Speaker Pelosi’s plan raises costs. Our plan lowers them.

Unemployment hits 10.2%

Sat, 07 Nov 2009 03:42:55 GMT

clipped by: billpar

Clip Source: nearlynobodysnews.blogspot.com

Unemployment hits 10.2%

Tags: economy

Enumerated Powers Act: Interview with Walter E. Williams

Fri, 06 Nov 2009 22:42:15 GMT

clipped by: merrie
clipper's remarks: who has introduced it every Congress since 1995, it does not allow them to get away with the Commerce Clause and the General Welfare Clause. They have to specifically point in the Constitution where they get the authority. And as a matter of fact the reason the Enumerated Powers Act’s maximum number of co-sponsors in the House has been 31, or it could be a bit higher than that (and it has never had a co-sponsor in the Senate until this year) is that the Congressmen can read the writing on the wall. If Congress were forced to obey the United States Constitution, then I would say that two-thirds to three-quarters of all the spending Congress does would be found to be unconstitutional.

ALL RIGHT MAGAZINE: You’re probably right about that. Article 1, Section 8 has a very short list of things government is able to do according to the word of the law.

WALTER E. WILLIAMS: That’s right, and if you read the Founders’ statements, they say that Congress can only do those things....

Clip Source: www.allrightmagazine.com

ALL RIGHT MAGAZINE: You are a professor of economics. If a student walked into your office at George Mason University, declared that she were quitting college, but wanted to know one thing about economics for the real world, what would it be?

WALTER E. WILLIAMS: There’s no free lunch. That is that there’s nothing free. Everything costs. That’s one of the problems that our economy’s facing right now or that Americans are facing. They think that they can get free health care.

ALL RIGHT MAGAZINE: You have called attention to something called the Enumerated Powers Act that would require Congress to list the Constitutional authority for each law, which has not yet, of course, passed. Even so, wouldn’t the claim just be the General Welfare Clause, or the Necessary and Proper Clause?

WALTER E. WILLIAMS: Yeah. Congress will always find a way around the Constitution. However, I think if you read the Enumerated Powers Act that’s sponsored by Congressman John Shadegg,

Tags: walter e. williams, black economics, economics, economy, education, great depression, recovery, rush limbaugh

Is the Economy Recovering? The Curious Case of 1920 vs. 1929

Fri, 06 Nov 2009 22:05:52 GMT

clipped by: merrie
clipper's remarks: The basic questions we need to ask here are:

1. Why do economies recover?

2. Are we recovering?

Q. Why do economies recover?

A. They recover because bad investments made during the bubble are liquidated, valuable capital is no longer being wasted on them, new capital is formed from savings, and profitable enterprises attract new capital to expand. Low real interest rates caused by increased savings encourage borrowing, manufacturers use the capital to make new machines, producers of consumer goods buy them, cash goes through the system, consumers see things are getting better, more consumer goods are produced, and consumers buy them. It has to happen this way or the recovery will fail.

The difficult part of a recovery is ugly. Bankrupt firms need to fail so that valuable capital resources are not wasted on their continuing activities. This means that unemployment rises (10.2% now) and business bankruptcies are high. Trillions of dollars of asset values are wiped out.

Clip Source: www.zerohedge.com

By Jeff Harding
The Daily Capitalist

In order to understand the present state of the U.S. economy you have to understand that there are two things happening at once. For the most part they are in conflict with each other, in that one track can negatively impact the other.

Here are some of the economic data that have come out this week, in no particular order:

PositiveNegative The Institute for Supply Management's manufacturing index rose 3.1 points to 55.7, the third straight month of growth and the highest level since April 2006. A reading above 50 indicates expansion for the sector.Current-dollar personal income decreased $15.5 billion (0.5 percent) in the third quarter, in contrast to an increase of $19.1 billion (0.6 percent) in the second.

The ISM's employment index rose for the first time in 15 months as manufacturers sought to recall workers or enlist temporary help.

Consumer confidence fell to 47.7 in October, from 53.4 in September.

Tags: austrian economics, economic crisis, recovery, fed policy, fiscal stimulus, free market economics, keynesian economics, stimulus, obama administration, krugman

Regina's test

Fri, 06 Nov 2009 20:30:02 GMT

clipped by: reginavertiz

Clip Source: www.apexchange.com

3:27 PM

11/6/2009

AP-US-Economy-Summary-Box

Summary Box: Unemployment jumps to 10.2 percent

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JOBLESSNESS JUMPS: The unemployment rate rose to 10.2 percent in October — a 26-year high — as employers continued to cut jobs.. ROCKY RECOVERY: The economy grew in the third quarter, but with 15.7 million Americans unable to find work the

UNEMPLOYMENT TOPS 10 %

Fri, 06 Nov 2009 14:39:42 GMT

clipped by: kareval
clipper's remarks: The jobless rate rose to 10.2 percent from 9.8 percent in September. The jump reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. That was much larger than the net loss of jobs, which is based on a survey of businesses.

Economists say it could climb as high as 10.5 percent next year because employers remain reluctant to hire.

Friday's report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn't fast enough to spur rapid hiring, raising the specter of a jobless recovery.

"You need explosive growth to take the unemployment rate down," said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co.

Greenhaus said the economy soared by nearly 8 percent in 1983 after a steep recession, lowering the jobless rate by 2.5 percentage points that

Clip Source: www.foxnews.com

Unemployment Rate Tops 10 Percent as 16 Million People Look for Jobs

The Labor Department says the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September.

WASHINGTON -- Nearly 16 million people can't find jobs, the Labor Department said Friday, pushing the unemployment rate over 10 percent for the first time since 1983.

The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.

But the loss of jobs last month exceeded economists' estimates. It's the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.

Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

Unemployment Climbs to 10.2%

Fri, 06 Nov 2009 14:08:22 GMT

clipped by: bferman
clipper's remarks: Jobs created or saved? What a load of crap!

Clip Source: finance.yahoo.com

U.S. jobless rate climbs to 10.2 percent

U.S. employers cut a deeper-than-expected 190,000 jobs in October, government data showed on Friday, driving the unemployment rate to 10.2 percent, the highest in 26-1/2 years.

The Labor Department said the unemployment rate was the highest since April 1983. It revised job losses for August and September to show 91,000 fewer jobs lost than previously reported.

Analysts polled by Reuters had expected payrolls to drop by 175,000 and the jobless rate to edge up to 9.9 percent from 9.8 percent in September.

The labor market is being watched for signs whether the economic recovery that started in the third quarter can be sustained without government support. The economy grew at a 3.5 percent annualized rate in the July-September period, probably ending the most painful U.S. recession in 70 years.

Payrolls have declined for 22 consecutive months now, throwing 7.3 million people out of work since December 2007, when the recession started.

Tags: unemployment, politics, economy

‘Burn Notice’ star touts film industry in Tallahassee

Fri, 06 Nov 2009 07:37:39 GMT

clipped by: Naopqaz

Clip Source: burn-notice.otavo.tv

‘Burn Notice’ star touts film industry in Tallahassee

TALLAHASSEE — Better known as a spy who uses special ops training to help people, Jeffrey Donovan played a lobbyist for the TV news cameras Tuesday to highlight the economic impact his show brings to South Florida.

The star of USA Network’s top-rated Burn Notice, Donovan was at the Capitol to lobby for more state film incentives and to help announce the new film, entertainment and television legislative caucus.

Flanked by about a dozen lawmakers, Chief Financial Officer Alex Sink and State Film Commissioner Lucia Fishburne on the Fourth Floor Rotunda, Donovan relayed one example of how his show pumps up South Florida’s economy.

While filming an episode in the second season, the film crew befriended a flower vendor near Hialeah. The next season, a writer for the show crafted an episode around a similar flower vendor and the show paid $10,000 to rent out his shop for a day.

gap between poor and rich

Thu, 05 Nov 2009 23:39:57 GMT

clipped by: q3bk54

Clip Source: 74.125.153.132

the knowledge-based economy would begin an era of intensified competition and a rearrangement of the distribution of wealth.

the growing gap between rich and poor is creating a social chasm between classes, and there appears no easy way to reverse the trend.

there is the possibility of downward social mobility, as parts of the middle class may become the "new poor

Squeezed toward poverty

the income gap between households has been continually widening for years now.

there has recently been an increase in the gap in household incomes between the rich and the poor as the economy has developed

growing differential in wealth between rich and poor means that the middle class is disappearing and that an M-shaped society is coming into being

Fannie Mae to Allow Borrowers to Lease Homes

Thu, 05 Nov 2009 17:21:08 GMT

clipped by: arifsali
clipper's remarks: I'm sure that unknown managing company will rake in lots of business through this program.

Clip Source: www.nytimes.com

Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.

The government-controlled company, through its new Deed for Lease program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

But the effort is likely to affect a relatively small number of homeowners.

The rental program is designed to help homeowners who don’t qualify for a loan modification

Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.

Tags: economy, foreclosure, homes, united states

Green.TMC.com - FCC threatens to disrupt Internet free market: FCC threatens to disrupt Internet fre

Thu, 05 Nov 2009 16:06:59 GMT

clipped by: heartlandinstitute
clipper's remarks: Internet/Op-Ed

Clip Source: green.tmcnet.com

EDITORIAL: FCC threatens to disrupt Internet free market: FCC threatens to disrupt Internet free market

"The investments and technological breakthroughs that made the digital era possible were the result of risk-taking in an environment defined by private property rights and the freedom to innovate," wrote James G. Lakely, a former journalist who is co-director of the Center on the Digital Economy for the Heartland Institute, a free-market think tank.

Tags: heartland institute, telecom, jim lakely

Bank of England holds Base Rate

Thu, 05 Nov 2009 14:23:18 GMT

clipped by: dreamzloanz
clipper's remarks: The Bank of England (BoE) has maintained interest rates at 0.5% for the eighth consecutive month. It is also pumping a further £25bn into its quantitative easing programme. Neil Young, chief executive of Young Group, said the Monetary Policy Committee (MPC) is unlikely to make any significant change to the base rate until the economy is firmly back on track.

Clip Source: www.dreamzloanz.co.uk

Dreamz Loanz Blog

Bank of England holds Base Rate

The Bank of England (BoE) has maintained interest rates at 0.5% for the eighth consecutive month.

It is also pumping a further £25bn into its quantitative easing programme.

Neil Young, chief executive of Young Group, said the Monetary Policy Committee (MPC) is unlikely to make any significant change to the base rate until the economy is firmly back on track.

He added: “Given current indicators pointing to the slow pace of the UK’s economic recovery, it comes as no surprise that the Bank of England is considering an additional stimulus in the form of an extension to its quantitative easing programme.

Tags: cheap mortgage, low mortgage rates, mortgage, mortgage rates, secured loans, payday loans