America Recovery and Reinvestment Plan
n the weekly address, President Barack Obama addressed the latest economic news and urged the passing of an America Recovery and Reinvestment Plan.
He also announced that Treasury Secretary Timothy Geithner is preparing a new strategy for reviving our financial system — which will not only ensure that CEOs aren’t abusing taxpayer dollars, but also get [...]
Interest Rates: Federal Reserve Auction Yields .25% Rate
by Widgette.com
On January 26, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction:
Stop-out rate: 0.250 percent
Total propositions submitted: $136.051 billion
Total propositions accepted: $136.051 billion
Bid/cover ratio: 0.91
Number of bidders: 102
The awarded loans will settle on January 29, 2009, and will [...]
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World Recession / Global Slowdown
Markets around the world are falling. This could be the first time that so many countries have slid into recession at the same time. The United States has been in a recession for the past year. Great Britain announced that it, too, had fallen into recession. In Korea, Samsung posted its [...]
Job Layoff Announcements
Employers announce nearly 40,000 jobs cuts
In what’s being called “a rare move,” Microsoft is considering job cuts and may announce as early as next week, according to The Wall Street Journal.
Saks and Neiman Marcus Announce Layoffs
General Electric Co. said Friday its finance business has informed employees of layoffs, following up on previous statements that [...]
Employment Situation
Department Of Labor — Nonfarm payroll employment declined sharply in December, and the unemployment rate rose from 6.8 to 7.2 percent. Payroll employment fell by 524,000 over the month and by 1.9 million over the last 4 months of 2008. In December, job losses were large and widespread across most major industry sectors.
[...]
CONSUMER PRICE INDEX: DECEMBER 2008
The Consumer Price Index for All Urban Consumers (CPI-U) decreased
1.0 percent in December, before seasonal adjustment, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The December
level of 210.228 (1982-84=100) was 0.1 percent higher than in December 2007.
The Economy
Citibank reported a fourth-quarter net loss of $8.29 billion (its 5th straight quarterly loss.) They also announced they are splitting into 2 seperate businesses.
Bank of America Corp (BAC.N) posted its first quarterly loss in 17 years. First, they obtained an additional $20 billion from the government’s Troubled Asset Relief Program (TARP). [...]
Insight: US may face a ‘lost decade’
Financial Times
By Stephen Roach
Published: January 13 2009 17:08 | Last updated: January 13 2009 17:08
No one in their right mind thinks the United States could fall victim to a Japanese-like lost decade. After all, the argument goes, US policymakers have the advantage of knowing what their counterparts in Japan did wrong.
If only it were that [...]
Pennsylvania’s Energy Independence: Protecting Consumers, Growing the Economy, Strengthening National Security
January 14, 2009
Harrisburg, PA — At a time when consumers are struggling to manage volatile energy costs and America’s national security is jeopardized by its continuing dependence on foreign oil, Pennsylvania is investing $665.9 million to spur the development of alternative and renewable energy sources and help families and small business conserve energy and use [...]
Stimulating Our way to Rock Bottom
Stimulating Our Way to Rock Bottom
Dr. Ron Paul – U.S. Congress, TX, 14th District
With attention turning to the next big economic stimulus package, questions are still swirling about our economic troubles. How did we get here? How do we get out? As usual, Washington has all the wrong answers. According to [...]