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Recovery? What Recovery? Or: Obamanomics 101


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Steel On Target
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Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sat Sep 26, 2009 5:01 pm

Quote:
Recovery alert: Durable goods orders, housing sales plunged in August


Quote:
New orders for long-lasting U.S. manufactured goods fell unexpectedly in August, dropping by their biggest margin in seven months, following a plunge in commercial aircraft orders, the government reported Friday.

Quote:
The Commerce Department said durable goods orders tumbled 2.4 percent, the largest decline since January, after rising by a revised 4.8 percent in July. New orders for July were previously reported to have increased 5.1 percent.

Analysts polled by Reuters forecast orders rising 0.5 percent in August. Compared with the same period last year, new orders were down 24.9 percent.


Resales of U.S. homes dropped 2.7% in August to a seasonally adjusted annual rate of 5.1 million, the first decline in five months, prompting the National Association of Realtors to again plead for more taxpayer subsidies for their business. …

“It is perfectly clear that realtors are scared to death of the tax credit’s expiration,” wrote Dan Greeenhaus, chief economic strategist for Miller Tabak & Co., noting the phrase “tax credit” appears six times in the group’s press release.


http/hotair.com/archives/2009/09/26/recovery-alert-durable-goods-orders-housing- sales-plunged-in-august/#comment-2764063
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Sep 28, 2009 12:35 am

Breaking News: Friday September 25th, 2009

Overseas Financial Collapse:

UK Telegraph: Britain Within a Whisker of Losing Triple-A Credit Rating

UK Telegraph: Bank of England Calls Emergency Meeting of Experts

UK Guardian: Britain's Jobless Number Still Rising Even After Stimulus

UK Independent: Fears of a "Lost Generation" as Joblessness Soars

U.S. Financial Collapse:

Financial Times: Maybe the Banks Are in Worse Trouble Than We Think

Housing Storm: Banks Aren't Foreclosing in Hopes of Juicing Portfolios

Agnes Press France: Latest U.S. Bank Closure the Eighth Biggest Yet

Associated Press: U.S. Large Loan Bank Losses Triple to $53 Billion

Delta Global Advisers: Amazing but True, Americans Still Piling Up Debt

Bloomberg: Over Seven Million Foreclosures About to Hit the Market

MSNBC: Desperate Families Sellling Off Burial Plots to Make Ends Meet

Energy and the Environment:

Charles Wood: Peak Oil Downside Will be Far Steeper than the Upside

Financial Times: Price of Finding New Oil Reserves Continues to Soar

Emirates 24/7: Morgan Stanley Predicts Oil Back Over $105 by 2012

UK Independent: Crude Oil Price Shock the Next Threat to Economy

Alternet: Our Oil Addiction is About to Make Life Orders More Difficult

Most Important Articles from Yesterday's Update:

MSNBC: Insurance Fund that Protects Deposits Running Out of Money

Bloomberg: U.S. Debt Crisis May Set off a "Fall of Rome" Type Situation

Bloomberg: Credit Card Defaults Set New Record, Will Continue to Soar

Articles from the last few months worth a second look:

Financial Times: "$2,700 billion has simply vanished into thin air . . ."

Fortune: "Your share of the U.S. debt load will be over $155,000 . . . "

Wall Street Journal: Speakers Tell Grads, "Basically you're screwed"
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Sep 28, 2009 2:14 am

Quote:
FDIC Is Broke, Taxpayers at Risk, Bair Muses

Sept. 24 (Bloomberg) -- The FDIC’s insurance fund is going broke, and Sheila Bair is wondering aloud about how to replenish it. This means one thing for taxpayers: Watch your wallets.

Bair, the Federal Deposit Insurance Corp.’s chairman since 2006, says the agency has many options. One way to boost its coffers, now running low after a surge in bank failures, would be to charge banks higher premiums. It could make them pay future assessments in advance. Alternatively, the FDIC could borrow money from the banks it regulates. Or it could borrow from the Treasury, where it has a $500 billion line of credit.


http://www.bloomberg.com/apps/news?pid=20601039&sid=aEKc7Yh8ogXw
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Sep 28, 2009 2:21 am

Quote:
Ohio town struggles after package giant DHL leaves

By Nick Carey Nick Carey – Fri Sep 18, 12:04 pm ET

WILMINGTON, Ohio (Reuters) – Unemployment in this small U.S. town has quadrupled in the past 16 months, but worse is to come as thousands of unemployed workers run out of severance money and benefits.

"Things are going to get tighter around here toward the end of the year," said David Raizk, mayor of this town of 12,000 in southwestern Ohio. "As benefits run out we're going to see a greater and greater dependence on the aid that's available."

In May 2008, before German shipping firm DHL Express, a unit of German post office operator Deutsche Post, said it was in talks to have rival UPS handle its U.S. operations, unemployment in Wilmington had long been below 3 percent.

But the local unemployment rate jumped over 14 percent in the wake of DHL's announcement last November that it would leave the U.S. domestic market altogether with the loss of 9,500 jobs, many of them in Wilmington.

The national unemployment rate was 9.4 percent in July, while Ohio's jobless rate was 11.2 percent.

Officials in Wilmington are struggling to help the unemployed cope while remaining hopeful that the town will find a way to replace the thousands of mostly unskilled jobs that have been lost, mostly as a result of DHL's pullout.

"We have an opportunity to sell ourselves as a trained workforce," said Katy Farber, president of the Chamber of Commerce in neighboring Highland County. "Out of the ashes of all of this, we could see meaningful change."

DHL bought Airborne Express, the No. 3 U.S. express delivery firm, in 2003 and pledged to create jobs and growth as it aimed to battle dominant U.S. shippers UPS and FedEx Corp on their home turf.

Quote:

A number of stores on Wilmington's main street are now shuttered. The Sugar Tree Ministry, which provides free meals for the needy, used to feed perhaps 50 people a week but now the average is up to 250 a day, says Allen Willoughby, the Christian ministry's director.

"We see new faces every day and about 90 percent of them from DHL," he said. "The community has really rallied round."

About 20 miles away in Hillsboro, Mark Crowe of investment firm Crowe Financial Group, said many former DHL workers have sought help after depleting their savings.


http://news.yahoo.com/s/nm/20090918/us_nm/us_usa_economy_jobless
Last edited by Steel On Target on Mon Sep 28, 2009 2:22 am; edited 1 time in total
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Sep 28, 2009 2:33 am

My Syracuse based credit union is undergoing a vote to join a Rochester based credit union to try to get a stronger financial ground. I fear that we're heading towards a bad financial apocolypse shortly and no matter what they do they'll be in a whirlpool. Sad
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sat Oct 03, 2009 10:53 pm

My bank (Wachovia) was bought out by Wells Fargo months ago. My credit union wouldn't extend me credit to buy a used vehicle, so the dealership actually called around and enrolled me in a credit union that would. What's weird is that before the other vehicle was totaled in an accident, my credit union was getting their payments as deductions from my paycheck for several years, so of course I had never missed a payment and they knew it.

Apparently my "debt to income ratio" is too high. Thanks in part to my major credit card which lowered my credit limit by $2000 dollars a few months ago. Just paid off two smaller credit cards, but either that didn't impress the examiners or it hadn't gone through on the credit reports yet.

Ah well.

Quote:
Unprecedented U.S. corp. defaults seen for '09
Tue Sep 29, 2009 11:43am EDT

By Chelsea Emery and Emily Chasan

NEW YORK (Reuters) - U.S. corporate debt default rates are expected to hit "unprecedented" levels in 2009, even though the economy may be past the halfway mark of the U.S. recession, according to a forecast unveiled on Monday at the Reuters Restructuring Summit.

"There is a lot of pain left -- we are only just half way through the 600 or so defaults in this cycle," said Phil Kleweno, a partner at Bain's corporate renewal group.

The forecast for the 2009 corporate default rate has risen to 12 percent to 14 percent, from a May forecast of 11 percent to 13 percent, according to Bain's corporate default outlook. That suggests a total of about 180 to 210 companies could default on their debt this year.


http://www.reuters.com/article/Restructuring09/idUSTRE58R4QO20090929

Quote:
Jobless rate reaches 9.8 percent in September

WASHINGTON (AP[via yahoo.com]) -- The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected.

The report shows that the worst recession since the 1930s is still inflicting widespread pain and underscores one of the biggest threats to the nascent economic recovery: that consumers, worried about job losses and stagnant wages, will restrain spending. Consumer spending accounts for about 70 percent of America's economy.

Most analysts expect the economy to continue to improve, but at a slow, uneven pace. Government stimulus efforts, such as the Cash for Clunkers auto rebates, likely boosted the economy in the July-September quarter, but economists worry that growth will slow once the impact of such programs fades.

"Consumers ... are going to struggle to increase their income," said Brian Fabbri, North American chief economist for BNP Paribas. "If they're struggling, they're not consuming. That just takes some of the legs out of recovery."

The Labor Department said Friday that the U.S. economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. That's worse than Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.


http://finance.yahoo.com/news/Jobless-rate-reaches-98-apf-93159528.html?x=0
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Oct 04, 2009 2:42 am

To some people, me included, the unemployment rate is false for it doesn't include those who have given up looking from the end of unemployment insurance through a year of downsizing businesses and 93 banks failing.

AM Coast to Coast tonight has the author of a book on how Wall Street fleeced America because of 1980's deregulation begun under Nixon and Ford and Carter through 30 years of letting Wall Street produce interest bearing paper based on mortgages. The cost estimated at $19 trillion. That's one reason why, the author says, CEOs pay went from 40 to one compared to workers in 1970 to 900-1700 to one in 2006. The book is titled Looting of America.
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Steel On Target
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Oct 04, 2009 12:51 pm

Deregulation is one thing, thievery is another.

I suspect that there were enough regulations in place to make it easier for them to hide what was going on.

Look at this Madoff guy...think there are Ponzi scheme regulations? No, it's just thievery. No one was watching.
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Oct 04, 2009 4:49 pm

No one was watching , because those that should have been watching were involved.
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Steel On Target
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PostPosted: Sun Oct 04, 2009 9:43 pm

Ain't that the truth...tons of dirty fingers up there pointing at others.

Quote:
Recession-stung stores plan old-fashioned holidays

NEW YORK — Stores are turning back the clock, conjuring images of hearth and home as they stock their holiday merchandise.

Retailers hope embracing holiday traditions from cozier times will tempt recession-weary consumers to open their wallets in a season expected to show flat sales at best.

That means shoppers will see more gingerbread houses and peppermint crunch cookies, and fewer exotic teas and flavored olive oils; classic ball ornaments instead of offbeat cowboys or cartoon-themed character figures; and an emphasis on simple festive wear like shimmery tops instead of elaborately beaded gowns.

Traditional Christmas colors — red, green and gold — are also back.

That's a big departure from recent years when stores pushed the whimsical and splashy, from the upside-down Christmas tree fad in 2007 to stockings adorned with mermaids and elephants. Stores, wary after the sudden, deep drop in spending late last year, seek to tap into an American psyche that wants comfort and affordability after so many shocks.

A lot is riding on the switch, because holiday sales account for up to 40 percent of annual sales for many merchants. For retailers already hobbled, it could be a do-or-die season.


http://www.google.com/hostednews/ap/article/ALeqM5jqSqwg8JBwJfDfR_t092yN9h5YLAD9 B481GG0
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Oct 05, 2009 5:03 am

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PostPosted: Mon Oct 12, 2009 12:48 am

Quote:
10,000 apply for 90 factory jobs

In the latest sign of weakness in Louisville-area employment, about 10,000 people applied over three days for 90 jobs building washing machines at General Electric for about $27,000 per year and hefty benefits.
Advertisement

The jobs dangle medical, eye care, prescription and dental benefit packages, as well as pension, disability, tuition assistance and more, said GE spokeswoman Kim Freeman. And despite the recession, no union workers have been laid off from Appliance Park since the company negotiated lower wages with workers in 2005.

“There are no jobs out there paying these kinds of wages that also offer these kind of benefits,” said Jerry Carney, president of IUE-CWA Local 761 at Appliance Park.

Just four years ago, the same jobs paid $19 per hour. But that was before Local 761 approved wage cuts for new workers aimed at preventing the closure of Appliance Park.


http://www.courier-journal.com/article/20091008/NEWS01/910080326/GE++10+000+appl ications+for+90+factory+jobs

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Britain overtakes US as top financial centre

The ranking, compiled by the World Economic Forum (WEF), places the UK at the top of a leader board of 55 of the world’s largest financially-focused countries.

The US, which had previously held the top spot, slipped to third, behind second-placed Australia.

The poll will fuel the ongoing debate as to whether London or New York is the best place to do business for financial communities, amid recent reports that a growing number of hedge funds are moving to New York due to lighter regulation.

The ranking came in spite of the distinct problems the UK’s financial services industry has suffered in the last 12 months at the hands of the global financial crisis, problems that have seen significant parts of the banking sector nationalised as the centre-piece of a barrage of government interventions into the financial industry.


http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6272639/Britain- overtakes-US-as-top-financial-centre.html
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PostPosted: Sun Oct 25, 2009 10:36 pm

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3 states report record unemployment

Posted: Thursday, October 22, 2009 4:08 PM by firstread

From NBC's Ali Weinberg

Twenty-three states reported unemployment-rate increases in September, with three registering record job losses, according to the Bureau of Labor Statistics' monthly employment summary.

Nevada (at 13.3%), Rhode Island (at 13.0%), and Florida (11.0%) all posted their HIGHEST unemployment rates since 1976, when the BLS began monitoring the rates.

Despite Nevada's record rate, the chief economist in the state's Department of Employment, Training, and Rehabilitation said the over-the-month increase was the smallest since March 2008. In Florida, however, economists predicted unemployment would not reach 11% until mid-2010, which means the rate could still increase further.

Michigan again had the highest unemployment rate in the country, at 15.3%, up a tenth of a percent from last month. New York lost the most jobs last month (81,700), followed by Texas (44,700), California (39,300), Wisconsin (21,700), and Michigan (21,500).

Minnesota, Ohio, Oregon, and Wisconsin all reported measurable jobless-rate DECREASES over the month. But local economists attribute that to the numbers of unemployed who have dropped out of the labor force rather than an uptick in jobs.


http://firstread.msnbc.msn.com/archive/2009/10/22/2106250.aspx
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Tue Oct 27, 2009 2:13 pm

As some of you know I am trying to sell and move to my old home town. Potential offer on my home made yesterday, so I went to my bank ( Bank of America) who I have been doing business with for over 20 years. Never had a late payment in my life.
I was informed that new regulations came down this week from Fannie Mae and Freddie Mac. You now are given a phone and theey place a call to a central loan lofficer , who takes your information, then tells me that the new rules state that I must be employeed at my current position 3 days prior to the closing on my house and , get this: I must have a paycheck stub indecating one month activity at my new position prior to closing.

How can anyone do this?

I asked her to repeat this to me three times, and to the girl at whose desk I was sitting, who was as dumbfounded as I was.

My fico score is 805, but does not play into it. My debt ration is low, but that doesn't count. What counts is that Fannie and freddie have to say.
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Tue Oct 27, 2009 3:19 pm

dam we are sorry to hear this. what a crock of b/s... we are still praying for you
hugs j/j
Last edited by marinejim on Tue Oct 27, 2009 3:21 pm; edited 1 time in total
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