Fed's July Beige Book:
"...the pace of economic activity slowed somewhat since the last report."
Philly Fed Index down 8th month in June:
The Philadelphia Fed's manufacturing index remained at recessonary levels in June for the 8th consecutive month.
Personal Finance Index, lowest ever:
The Univ. of Michigan's Index for June fell to its lowest level on record; Reuters reports in last line of story.
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.
Consumer expectations are worst ever:
The Conference Board's June index of consumer expectations is the worst ever in a series that started in 1967.
The WPost says concerns are unfounded:
A page one Washington Post story by Neil Irwin ignores record foreclosure rates, four years without savings, falling wages and networth, etc. to claim consumers are irrationally gloomy.
Household networth is plunging:
The total nominal value of US household assets fell by -$1.7 Trillion and debt continued to rise in 2008-Q1.
Consumer Worries Worst since 1980-'82:
The University of Michigan survey of consumer confidence for April shows concerns the worst since March 1982 and expectations the worst since April 1980.
The (real) Economic State of the Union:
After seven years and $1.8 million in new debt for each low-wage, globally protected new job, are you stimulated enough, yet?
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.
US risks the mother of all meltdowns:
NYU's Nouriel Roubini details in 12 realistic steps how the US economy now risks very serious consequences from decades of irresponsibly borrowing its living standard.
Bush raising FY'08 fed debt $703 billion:
Do the math; federal debt soared from -$5.6 Trillion in Oct. 2000 to -$9 Trillion in Oct. 2007, and is now rising to -$9.7 Trillion by Oct. 2008 -- if not before. (page 132 of new federal budget)
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.
Greenspan's unregulated celebrity:
While many warned of the inherent hazards of unregulated financial markets, the Fed's then chairman ignored them and basked in the adulation of those he was hired to regulate.
Wall St. paying $38 billion in bonuses:
Shareholders are losing $74 billion in equity but their brokers are paying themselves more gold-plated bonuses.
US reputation squandered:
PEW research shows the world's long love affair with America and our ideals has been quickly lost.
Half the world oppose US policy:
A new BBC world survey finds a collapse in the age-old view of US as 49% now say US plays primarily a negative role in the world.
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.
1 Million homes back on market:
Study finds foreclosures on subprime mortgages will put one million homes back on the already glutted market in 2007.
Unreported drop in home prices:
Sales statistics understate the large drop in home prices.
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.
Family finances worsen:
The Federal Reserve's new report on changes in family finances shows a sharp slowing in growth of real net worth even as debt mounts and savings vanish.
China's Tech Development
McMillion's report to the US-China Economic and Security Review Commission hearing in Palo Alto, CA April 21-22.
Why more now hate us
The DOD's Defense Science Board has released the findings from their exhaustive report finding that it is current US policies that are causing the rise in world hostility.
The Offshoring Debate
MBG's McMillion and IIE's Catherine Mann debated offshoring on Oct. 27 at the New America Foundation. The NAF posted slides.
Enron's Government Enablers
An outstanding IPS report shows that since 1992, at least 21 agencies of the US and other governments along with taxpayer-supported multilateral banks approved $7.2 billion in public financing for Enron.
Who gets the big contracts?
Ranking the top 200 government contractors.