And the June unemployment rates are IN!

The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.

And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.

SO going back to school perhaps? Leaving the country? I dont know but a little more info would be nice?

The report was the latest sign that the economic recovery may be “changing” faltering.

“Overall what this does is it reinforces the market’s view that the U.S. recovery is losing steam,” said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.

Published in: on July 2, 2010 at 9:30 am  Leave a Comment  
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President of the Federal Reserve Bank of Kansas City, speaks out about growing debt

The only Fed member to speak up and say the US must fix its growing debt problems or risk a new financial crisis was Thomas Hoenig, president of the Federal Reserve Bank of Kansas City.

Mr Hoenig said that rising debt was infringing on the central bank’s ability to fulfil its goals of maintaining price stability and long-term economic growth. “Stunning” deficit projections were putting political pressure on the Fed to keep interest rates low, infringing on its independence at the risk of inflation, he said.

The US budget deficit is projected to be $8,000bn in the next decade. Barack Obama, US president, recently lifted the government’s borrowing authority to $14,300bn.

Thats alot to swallow

Published in: on February 17, 2010 at 11:11 am  Leave a Comment  
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SEC approve Suspending Money Markets in a Panic

Zero Hedge discussed a month ago the disastrous prospects of what would happen if the new proposal contemplated by the SEC, which would allow the suspension of redemptions from Money Market Funds, were to pass. Well, in a nearly unanimous vote, Money Market Funds now have the ability to suspend redemptions, courtesy of the SEC’s just passed 4-1 vote. This explains the negative rate on bills: at this point, should there be another meltdown, money market investors will not, repeat not, be able to withdraw their money purely on the whim of Mary Schapiro. As the SEC noted: “We understand that suspending redemptions may impose hardships on investors who rely on their ability to redeem shares.” Too bad investors’ hardships considerations ended up being completely irrelevant.

Click HERE to read the documents

Published in: on January 27, 2010 at 10:24 am  Leave a Comment  
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Obama critizied McCain about freeze on govt spending, now he says ‘Thanks for the idea!’

The freeze would take effect in October and limit the overall budget for agencies other than the military, veterans affairs, homeland security and certain international programs to $447 billion a year for the remainder of Obama’s first term, senior administration officials said Monday, imposing sharp limits on his ability to begin initiatives in education, the environment and other areas of domestic policy.

Although the freeze would shave no more than $15 billion off next year’s budget — barely denting a deficit projected to exceed $1 trillion for the third year in a row — White House officials said it could save significantly more during the next decade. They described the freeze as a critical component of a broader deficit-reduction campaign intended to restore confidence in Obama’s ability to control the excesses of Washington and the most lavish aspirations of his own administration

It is also unlikely to affect the approximately $900 billion health-care bill, which has been on life-support since the Massachusetts vote. In an interview with ABC News on Monday, Obama vowed to press ahead with health care and other first-year agenda items, even it means jeopardizing his reelection chances in 2012.

Late Monday, Republicans mocked the idea of a Democratic spending freeze. “Given Washington Democrats’ unprecedented spending binge, this is like announcing you’re going on a diet after winning a pie-eating contest,” said Michael Steel, spokesman for House Minority Leader John A. Boehner (R-Ohio).

Democrats, meanwhile, are likely to give the freeze a mixed response. Conservatives, including Sen. Evan Bayh (Ind.) and members of the House Blue Dog Coalition, have been calling for a freeze backed by the threat of a presidential veto. But liberals have resisted freezing spending, particularly on social programs, and are likely to call on Obama to extend any freeze to military programs, aides said.

As a candidate, Obama criticized a spending freeze proposed by his GOP opponent, Sen. John McCain of Arizona, comparing it to “using a hatchet to cut the fed budget. I want to use a scalpel.”

I guess that scapel got buried in Wall Street.

Published in: on January 26, 2010 at 2:23 pm  Comments (1)  
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So how much exactly do we owe? $12,245,872,000,000

And here I was worried about my mortgage and cc debt

WASHINGTON (AP) —

Figures on government spending and debt (last six digits are eliminated). The
government’s fiscal year runs Oct. 1 through Sept. 30.
Total public debt subject to limit Jan. 22 12,245,872
Statutory debt limit 12,394,000
Total public debt outstanding Jan. 22 12,302,465
Operating balance Jan. 22 142,454
Interest fiscal year 2009 383,365
Interest fiscal year 2008 451,154
Deficit fiscal year 2009 1,417,121
Deficit fiscal year 2008 454,798
Receipts fiscal year 2009 2,104,613
Receipts fiscal year 2008 2,523,642
Outlays fiscal year 2009 3,521,734
Outlays fiscal year 2008 2,978,440
Gold assets in September 11,041

Published in: on January 26, 2010 at 8:37 am  Leave a Comment  
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Reid and Pelosi to open meetings for final discussion of health care bill…

…..hahahahaha just kidding!

Bahhumbug!

Look for House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid to try to circumvent the traditional conference committee process by which the different versions of health care reform passed by each house will be reconciled. If so, it will be the latest example of violating principles of transparency and accountability in the single-minded pursuit of legislative victory.
Ahhhhh, so many people dont know this and dont care….its a shame

Conferences involving members from both houses are messy things. They are usually conducted in public and often televised, and can produce a compromise version of the bill that leaves rank-and-file members tempted to vote against the final version. That could be perilous in the case of health care since it’s likely to pass without a vote to spare in the Senate and the House’s version passed by only five votes.

Mr. Reid and Ms. Pelosi would love to come up with a way to bash heads in private and skip any public discussion that further reveals just how incoherent and unworkable both the bills are. Luckily, there is a subterfuge readily available that wouldn’t require the House to swallow the Senate’s bill unchanged but also ducks the traditional give-and-take of the conference committee.

When Democrats took over Congress in 2007, they increasingly did not send bills through the regular conference process. “We have to defer to the bigger picture,” explained Rep. Henry Waxman of California. So the children’s health insurance bill passed by the House that year was largely dumped in favor of the Senate’s version. House Ways and Means Chairman Charles Rangel and other Democrats complained the House had been “cut off at the knees” but ultimately supported the bill. Legislation on lobbying reform and the 2007 energy bill were handled the same way — without appointing an actual conference.

Published in: on December 23, 2009 at 2:03 pm  Comments (1)  
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How much did the Auto bail out make for the taxpayers???

Um, how about how much did it lose?

The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry.

DAYAM!!!

Thats certainly some coins change.

Gene Sperling, senior counsel to Treasury Secretary Timothy Geithner, confirmed in an interview late today that the administration’s forecast is that it will lose $30 billion on its auto investments — but that’s down from an earlier estimate of $44 billion.

“The real news is the projected loss came down to $30 billion from $44 billion,” Sperling said, noting that auto sales have improved ahead of what many analysts had forecast. The administration still holds out hope that if things improve, the administration could still recover more.

The estimate — the first public accounting of losses connected to the rescue of General Motors and Chrysler — is in line with what the Government Accountability Office, the Troubled Asset Relief Congressional Oversight Panel and former auto czar Steve Rattner have suggested.

The Treasury Department has loaned $50 billion to General Motors, and swapped all but $6.7 billion of it for a 61 percent majority stake in the automaker. In order for taxpayers to be repaid fully, GM’s stock would have to be worth far more than current estimates when the company goes public as early as next year.

GM chairman and CEO Edward Whitacre Jr. said that GM will make a $1 billion payment of its outstanding loans on Dec. 31 and plans similar quarterly payments. In a Web chat with reporters today, he said the company could opt to make a lump-sum payment

The administration forgave much of Chrysler’s $12 billion in government loans….well thats nice, will someone forgive me for my mortgage?

Well, thats good news, only $30 Billion instead of $44billion. Idiots!

Saving General Motors and Chrysler saved hundreds of thousands of jobs, President Barack Obama said today.

“It was right decision then and the right decision now,” Sperling said, calling it a “courageous decision by the president” to give the two automakers a “rebirth even though he knew it was not going to be politically popular.”

Not politicially poopular…yeah $30Billion is gonna do that, plus the private airplanes to get there are goign to hinder popular.

Published in: on December 9, 2009 at 10:20 am  Leave a Comment  
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Jobless rate over 10%…highest in over 16 years

I understand the events that happened at Ft Hood, are devestating and will be disected by the media over the next week, I think its important not too lose focus on other events inside the U.S, and to bring to light that the unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.

Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended according to congress.

Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.

The good news, we are going to into the holiday season which still usually means big bucks for retailers, unfortunelty with the economy it will most likely lead to a higher crime rate as well ie:Theft.

While the unemployment rate hasn’t yet topped the post-World War II high of 10.8 percent set in December 1982, many experts say this recession is worse.

The unemployment rate was much lower when the recession began — 4.9 percent in December 2007, compared with 7.2 percent in July 1981, when a brutal downturn started. That means the current job cuts have been much steeper to get to the 10 percent mark.

english_sales

Published in: on November 6, 2009 at 8:09 am  Leave a Comment  
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Privatization…on Death Row??

Arizona spends approx $4.7 million each year to house inmates in death-row in a super-maximum-security prison. But in a first in the criminal-justice world, the state’s death-row inmates could become the responsibility of a private company.


State officials soon will seek bids from private companies for nine of the state’s 10 prison complexes that house roughly 40,000 inmates, including the 127 on death row. It is the first attempt by a state to put its entire prison system under private control.

WOW….and yet, I’m thining if it can work, then why not??

The state woudl still perform the executions, just not handle the day-to-day job when dealing with the prisoner.

The cons??

Throughout the years, there have been high-profile riots, escapes and other violent incidents. The companies also do not generally provide the same wages and benefits as states, which has resulted in resistance from unions and concerns that the private facilities attract less-qualified workers.

The federal government, with a surge of new immigrant inmates, also contracts with firms. The number of federal prisoners in private prisons in the U.S. has more than doubled, to 32,712 in 2008 from 15,524 in 2000. The number of state prisoners in privately run prisons has increased to 93,500 from 75,000 in that time.

electrocution-christmas-tree-convicts-joke-funny-jail-gag-death-row

Published in: on October 26, 2009 at 8:50 am  Leave a Comment  
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Ted Kennedy is taking $20million from troops from the grave

Okay, okay the headline is perhaps a little exagerated, but 20 million is being diverted from expense accounts that pay for fuel, ammunition and training for U.S. troops, including those fighting wars in Iraq and Afghanistan, according to an analysis to pay for an educational institute named after the late Sen. Edward M. Kennedy.

Senators diverted a total of $2.6billion from these accounts to pay for certain pet projects earmarks, including Kennedy’s educational institute (sure hope they are not teaching driving lessons) is another 778 such projects and another example is a $25 million for a new World War II museum at the University of New Orleans.

Earmarks are not new in Washington and lets face it, Dems have a history of cutting funds to the troops, its what they do, but perhaps its time for this administration to stand by what they said, which was cutting back on earmarks and perhaps the one wing of the government that is hurting the most, should not have to worry about cuts for a while.

earmarks

Published in: on October 16, 2009 at 12:37 pm  Leave a Comment  
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