Fed's January Beige Book report:
"...economic activity expanded at a modest to moderate pace during the reporting period..."
Jobless claims declined again last week:
New claims for first-time unemployment insurance fell to 358k last week from 373k the week before. The 4-week average eased to 366,500; the lowest since April 2008. Weekly new claims have been generally less than 400k for three months now as labor market conditions become less awful.
More false claims by China trade deniers:
Problems with "free" trade ideologues are not so much their ignorance as their "knowing" so much that isn't true.
Apple's supply chain in China under fire:
China's major environmental groups report worsening problems with Apple's iPhone and other product component supply chain producers in China.
Who are the US job destroyers?
Dept. of Commerce data show that "US" global firms directly eliminated a net of -875,000 jobs in the US while directly adding 3,550,000 jobs abroad over the decade 1999-2009. In fact, the outsourcing of jobs is much worse as these often misused data mostly reflect M&A activity as MNCs roll-up and downsize acquisitions and contract-out work abroad. see Adobe page 2
NY Fed's Index up again in January:
The NY Fed's Empire State Manufacturing Index rose 5 points to 13.5 in January, it third month of growth after 5 months of decline from June through Oct.
Philly Fed's November Index slows:
The Fed's monthly index of business conditions for manufacturers slowed in Nov to 3.6 from 8.7 in October after three months of very sharp decline.
Our annual economic state of the union:
Having squandered our uniquely productive resources and mortgaged our future, the US economic future is likely to be worse.
Since 1981, all wage gains go to top 10%:
A new study of tax records shows that the rise in US middle class prosperity (not borrowing) stopped in 1981 with all wage gains since going to the top 10% with wages of the richest 1% rocketing.
Official end of recession was June 2009:
The Recession Dating Committee of the National Bureau of Economic Research determined that the recession that began in December 2007 officially ended in June 2009.
NYT's Bob Herbert on "The Horror Show:"
Herbert summarizes the horror show of joblessness in a very powerful article.
The 2010 Economic State of the Union:
The US faces a hollowed-out economy, a still-surging mountain of debt and a fearful, misinformed culture pursuing lifeboat ethics.
Household debt still near record high:
The Fed's latest Flow of Funds report shows deleveraging has barely begun with 2011-Q1 debt-to-asset ratios still at levels unprecedented before recent years as home equity has plunged.
Who knew? Our warnings three years ago:
Policymakers, investors, pundits & others shocked by financial developments in late 2008 were not reading this site.
Taxpayer money, Geithner's Disgrace:
Eliot Spitzer, a man who knows disgrace, explains Geithner's failings.
Vital new US-China Commission report:
Congress created a terrific bi-partisan Commission to closely examine US-China economic and military relations but now fails to follow their excellent findings and recommendations.
Bankers took $32.6 billion of bailout:
Even as their clients lost $Trillions in assets and taxpayers were forced to bail out their failed schemes, "bankers" took $32.6 billion for themselves -- because they can.
China's soaring economic power:
McMillion's latest report on China's rocketing commercial, industrial and technology achievements is available from the US-China Commission.
Hero of S&L crisis on today's fraud:
A veteran of financial fraud workouts, Bob Black explains how the US got into this mess and what we must do to get out.
Debt industry lobby spent $5 billion:
An excellent report details the $5 billion the debt industry spent buying Washington's one party system over past decade; their most profitable investment.
Beware fact-avoiding New Deal Deniers:
A new, well-financed political scam claims the New Deal failed despite soaring growth of GDP, production, income, investment, consumer spending and jobs. Why is media promoting this nonsense?
The 2009 Economic State of the Union:
For a generation the US relied on unsustainable increases in debt and inflating assets. The unsustainable has stopped.
NBER agrees; recession began in Dec.'07:
The private National Bureau of Economic Research, which provides official dates for business cycles, determined the current recession began in December 2007.
Greenspan "shocked" at Wall St's scams:
The NYT's Gretchen Morgenson explains why her (and our) overwhelmed hypocrisy meter blew up in 2008.
China's remarkable trade modernization:
Our testimony to the Congressional US-China Commission on the stunningly rapid transformation of China's trading patterns and technology surplus.
Michigan's worsening 8-yr depression:
While the national economy has been historically weak over the past 8 years, Michigan has been in a depression of historic proportions...and it is now worsening.
Trading Down Good Jobs in Pennsylvania:
The Commonwealth enters the new recession with jobs downgraded from trade losses, household incomes down even during the expansion and far deeper in debt.
China's rapid rise since joining the WTO:
Its soaring financial, industrial and technological power.
Ohio's job losses worst since Depression:
Our study for the American Manufacturing Trade Action Coalition details the severe loss of jobs in Ohio in recent years.
Risk to US economy from China:
Former Senator Hollings and Charles McMillion explain how China's soaring tech sector now threatens US economic and military security.
China's Tech Development
McMillion's report to the US-China Economic and Security Review Commission hearing in Palo Alto, CA April 21-22.