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7footMoose

7footMoose
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  • In the face of overwhelming data, the Fed is widely expected to lower its growth forecast when it meets next week. Most Fed watchers have already "baked in" lowered expectations; the question Bernanke needs to answer is whether the overall weakness is transitory, or something worse.  [View news story]
    Essentially what Gentle Ban needs to do is get his boss, the President, to stop meddling in the economy. The uncertainty of dealing with an anti-business administration is having more negative affect on the economy than many other factors.
    Jun 18 08:24 AM | 9 Likes Like |Link to Comment
  • The anemic recovery is no surprise to Steve Keen, who contends the U.S. has an economy dependent on not just high, but ever-accelerating levels of private debt. In a healthy system, debt levels rise and fall, but remain roughly flat over time. The ever-upward slope of U.S. debt, like a Ponzi, must at some point collapse.  [View news story]
    Basically this article is about consumer spending. Private debt refers to all forms of non-public debt. As the American economy has been fuelled by consumer spending for decades this article spells out why there will be anemic GDP growth for years to come as a direct result of the pay down of yesterday's excessive spending by consumers. Unless we can find a way for the consumer to return to spending like drunken sailors we are in for slow going.
    Jun 12 10:42 AM | 9 Likes Like |Link to Comment
  • The Trans Alaska Pipeline is under threat as oil production along Alaska's northern edge dwindles. The pipeline carries less than one-third the volume it once did, and the crude takes five times as long to get to its destination, increasing the risk of clogs, corrosion, ruptures and spills. There's one simple fix: add more oil, which would require drilling in new areas.  [View news story]
    Ain't no drilling going to happen while this President is in office. He thinks all business is evil and the oil business is particularly evil.
    May 11 07:31 PM | 9 Likes Like |Link to Comment
  • Obama gets a boost from the co-chairmen of the deficit reduction committee, as Erskine Bowles and Alan Simpson endorse the president's deficit reduction "outline" after a White House meeting, calling it a "solid, responsible plan."  [View news story]
    And the fact that no one liked it is proof enough for me that it has merit.
    Apr 14 06:44 PM | 9 Likes Like |Link to Comment
  • If you think you're going to get rich long-term from stocks tied to $100 oil, think again - despite supply-related bumps, crude's never been a real gainer when adjusted for inflation. (And chances are you already own plenty of oil-related stocks.)  [View news story]
    The Administration is probably praying for higher oil prices. Government Motors has a hell of a lot of Chevy Volts just sitting on their lots not selling
    Mar 5 10:35 AM | 9 Likes Like |Link to Comment
  • Camden, N.J., sometimes called "America's most dangerous city," prepares to lay off half its police force and a third of its firefighters... just one of 22 signs that austerity has already arrived in America and that it is going to get worse.  [View news story]
    "just one of 22 signs that austerity has already arrived in America and that it is going to get worse."

    This piece has clearly been written to evoke the felling that "austerity" is a bad thing. Let us view this as it should be viewed. Austerity is here and upon us because America has done its very best to spend itself into the poor house. If not for the intestinal fortitude of some Politicians we will be in the World's poor house very soon. Thank you Mayor Booker, Governor Christie and others for standing up and doing what is needed and has been needed for some time.
    As for those who have or will lose their jobs I am sorry this is happening to you but you are simply joining millions of other worthy American workers who are or have been affected by this cancer of excess spending that has spread across America. It must end. We all need to stand up and sacrifice for the good of our Nation. Those who stand in the way of the fix need to moved out of the way by voting them out of office or removing them from positions on influence.
    Jan 18 06:07 PM | 9 Likes Like |Link to Comment
  • Policymakers across Asia seem in near panic over spiraling food inflation, but is it really so troublesome? High food prices reflect greater affluence, encourage investments in crop productivity, and transfer wealth from the cities to rural areas. Think NYC to Hoopeston, IL. Can that be so bad?  [View news story]
    Think high food prices, short supply, people hungry, riots and overthrow of the government; you're out of a cushy job and maybe if your not quick enough you lose your life. Not so cool if you think of it that way, huh.
    Jan 13 11:32 AM | 9 Likes Like |Link to Comment
  • When the facts are inconsistent with the ideology, conservatives simply "adjust the facts," Paul Krugman asserts, citing Republican members of the crisis commission that absolved banks of wrongdoing and blamed everything on Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) by promoting loans to low-income borrowers.  [View news story]
    Even though Paul is correct to an extent the real culprit who has received very little criticism throughout this entire mess is, the US Congress especially Barney Frank. It was his panel in 1999 which threatened Fannie and Freddie into lowering their acceptance standards in an effort to increase the percentage of home ownership which opened the door to sub-prime mortgages. There is plenty of blame to go around here so no one need worry about absolution or being left out of the blame mix.
    Dec 17 05:57 PM | 9 Likes Like |Link to Comment
  • Looking at Irish -- and Canadian -- Financials [View article]
    At some point we need to get out of this doom and gloom negativity. Things are not perfect but then they never were. It's about time someone thought positively about something. Some way some how the World will muddle through. It has up to now and it will continue to do so until it doesn't.
    Have a nice day.
    Nov 27 06:10 AM | 9 Likes Like |Link to Comment
  • Home lenders (including the two biggest, BAC and WFC) have tightened standards for FHA loans beyond what the agency requires, putting homeownership out of reach of more folks and drawing fire from Realtors. Raising a minimum FICO rating to 640 from 620 weeds out about 6.3M people between those numbers.  [View news story]
    Glad to hear that they learned something from this trillion dollar investment made by the American people.
    Nov 17 02:22 PM | 9 Likes Like |Link to Comment
  • As election week builds to a fever pitch, don't expect China-bashing from both sides of the aisle to let up. Say what you want about China, Derek Thompson says, but they have a strategy: produce cheap goods, sell for dollars, store dollars to keep yuan cheap. What's America's export strategy?  [View news story]
    What's America's export strategy?

    The answer is.

    What half lie can we tell the American People to get ourselves re-elected?
    Oct 27 11:51 AM | 9 Likes Like |Link to Comment
  • BofA (BAC) said the costs of foreclosure delays have been "grossly distorted," but Dick Bove isn't convinced. He thinks banks could face losses of more than $80B, not so much because of a halt in foreclosures but because of the investor and homeowner lawsuits that will almost certainly follow.  [View news story]
    Is this the very same Dick Bove who just last month was on CNBC proclaiming that the big banks were out of the woods and their future looked bright? How did he do on that prediction? The only person who consistently over the last three years has been Debbie Downer on the big banks has been Meredith Whitney. Maybe, just maybe she does know something.
    Oct 16 03:45 PM | 9 Likes Like |Link to Comment
  • "The banks caused the crisis [and] barely have missed an opportunity to make it worse," Brett Arends says of the robo-signing scandal. "They don't know what’s going on in their own businesses." At best, we'll need more time, money and pain before housing recovers. At worst, the U.S. may be sliding towards a "banana republic... of dubious legal protections." Yep, the banks have done it again.  [View news story]
    Brett, it's pretty clear that you do not have a clue. While the banks certainly do share in the blame there is more than enough to go around. You might want to look at the transcripts of hearings held by Barnie Frank in 1999 where he threatened both Fannie and Freddie. The threats were aimed at increasing the percentage of Americans who owned homes. The percentage had been hovering in the upper 60% range for years and he felt they should do more to increase the percentage into the 70% range. On that day in that hearing Barnie Frank spawned the sub-prime crisis of nearly a decade later.
    Oct 5 07:48 PM | 9 Likes Like |Link to Comment
  • President Obama is a "defender of free markets," Paul Volcker tells Fox Business, "not a wild-eyed leftist radical." It's not surprising that "people are a little cautious about investing," he says, given the depth of the recession, but Obama is right to point out excess in the financial world - "and it happens to be accurate."  [View news story]
    Someone please tell Paul Volker to return to his rightful place in the economic history of the 1980's where he belongs.
    Sep 22 06:40 PM | 9 Likes Like |Link to Comment
  • If you're like most Americans, you classify yourself as "middle class." But as the debate over tax cuts shows, nobody can agree on exactly what middle class means. A family earning $250,000 in a high-cost location like Manhattan, for example, probably doesn't consider themselves rich.  [View news story]
    With comments like yours, I'm thinking you must have the United States of America confused with some other country. The Founding Fathers were not Socialists and no where in the Constitution will you find any reference to what you are describing. What you will find is reference to an opportunity for all Americans to work and to retain the fruits of their labor without undo concern for excessive taxation by government. You may have been reading Marx.
    Sep 14 07:50 PM | 9 Likes Like |Link to Comment
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