1.81 million new jobless claims in 4 wks:
457,000 first-time unemployment insurance claims in week ending July 24th, down slightly from previous week but with 4-wk avg still at late-March levels as 1.81 million people filed new claims in the past 4 weeks.
Fed's July Beige Book:
"...the Cleveland and Kansas City Districts reported that the level of economic activity generally held steady. Among those Districts reporting improvements in economic activity, a number of them noted that the increases were modest, and two Districts, Atlanta and Chicago, said that the pace of economic activity had slowed recently."
Consumer worries worsening in July:
The Conference Board's Index of Consumer Confidence fell sharply in June and again in July.
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 2010-Q1 debt-to-asset ratios still at levels unprecedented before recent years as home equity has plunged.
Who knew? Our warnings two 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.
1-in-4 US mortgages is underwater:
A new study shows 23% of US mortgages already exceed the value of depreciating property... and is still spreading.
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.
Out of control Wall Street salaries:
Could salaries of $1 million per week have encouraged lying and excess?
"Free" Market extremists:
Where do they get all that money to advertise and to lobby against government regulation?
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.
Record Bonuses on Wall Street:
Even as their Ponzi schemes unravel, costing their shareholders a record $80 billion in losses and costing others their homes and businesses, execs at Wall St's 5 largest firms are giving themselves a record $39 billion in bonuses.
US reputation squandered:
PEW research shows the world's long love affair with America and our ideals has been quickly lost.
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.
The US trade imbalance is even worse than you think:
Daniel Gos of the Centre for European Policy Studies in Brussels shows the US Current Accounts deficits are about $100 billion/yr worse than reported.
China's Tech Development
McMillion's report to the US-China Economic and Security Review Commission hearing in Palo Alto, CA April 21-22.