ShareThe unemployment insurance weekly claims report revealed that the number of persons filing an initial claim rose 3,000 this past week to 608,000. While these are still very high numbers, they are the lowest since January, suggesting that claims have peaked in this cycle. Nevertheless, jobless claims are not falling back nearly as quickly as [...]
Archive for June, 2009
Jobless claims in second week just over 600K
Jun
If FedEx is losing money, you know the economy is in bad shape
Jun
ShareLast month I said that June was significant for two reasons. First, we are going to get our first test of data that could disappoint, which would spell trouble for an overbought market. But, just as important, we need to watch the industrials because there is going to be no sustainable recovery unless these cyclical [...]
State tax revenue down 26% in 2009
Jun
ShareIt’s not just California. Tax revenue is falling everywhere.
State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A. Rockefeller Institute of Government.
The report, conducted by the public-policy research arm of the State University of New [...]
Walt Mossberg reviews the new iPhone
Jun
ShareThis one is due out tomorrow. His review is pretty favorable. But, he does say its not a must upgrade if you already have an iPhone.
Links: 2009-06-18
Jun
Share
IPhone 3G S Review Roundup – PCWorldA lot of good things are being said about this new phone, available starting Friday.
Beaked, Bird-like Dinosaur Tells Story Of Finger Evolution – Science Daily“Scientists have discovered a unique beaked, plant-eating dinosaur in China. The finding, they say, demonstrates that theropod, or bird-footed, dinosaurs were more ecologically diverse in [...]
A more comprehensive look at Obama’s proposed financial reforms
Jun
ShareIf you listen to the criticism from the right and from the left, from pro-regulation and anti-regulation pundits, you can understand the political constraints which produced the white paper which the President unveiled yesterday. Given those constraints, I consider the white paper a good effort.
My initial reaction, therefore, was largely positive. However, upon further reflection, [...]
Video of Obama’s speech on financial regulation
Jun
ShareThis is the video via Bloomberg News. I will have more to say later today or tomorrow and provide a clip from a BBC Radio Five Live interview I did immediately following the speech.
My initial reactions to President Obama’s financial regulation proposal
Jun
ShareHaving read through the draft of President Obama’s financial regulatory proposal, my initial reaction is largely positive. He sets the right tone and says all of the right things. However, the devil is in the details and we will need to see how these firm up as these ideas become law. In my view, there [...]
Draft of President Obama’s financial regulation proposal
Jun
ShareA full draft is now available at the New York Times here. Speech is scheduled for 12:30PM with Obama speaking at 12:50PM. I expect to be giving a reaction via BBC News Five Live at 1:20PM EDT/620 UK time.
Why not protect the homeowner?
Jun
ShareThis morning I was reading Simon Johnson’s excellent post “President Obama’s Regulatory Reforms Announcement: A Viewer’s Guide” about what Barack Obama should say when he makes his regulatory reform pitch today at 12:30 PM. I agree with what he has to say about the need to re-assure us his ‘administration ‘gets it.’ And I suggest [...]
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- “Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.
Of course, the U.S. government is not going to print money and distribute it willy-nilly (although as we will see later, there are practical policies that approximate this behavior).”
-- Ben Bernanke, National Economists Club, Washington, D.C. November 21, 2002 Federal Reserve
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- Average jobless claims lower despite headline number
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