Daily Graphic: Hey America – Feeling Better Financially?
Uh, apparently not. According to polling by Gallup, not so much.
Another Troubling Employment Number
One hears a great deal about just what it will take for the U.S. stock market to rally and head on to another leg up from the March 2009 lows. Along with a Chinese soft landing, stabilization of the Eurozone, and passage of FinReg, there is a constant and well-deserved preoccupation with U.S. employment. The last two releases by the federal government – May unemployment and today’s weekly claims number were either bad or lackluster, depending upon your disposition. For some reason tonight, I thought to take a look at the Mass Layoff numbers for the last five years — I wanted an idea of whether or not the big layoffs, such as plant closings or major downsizings were subsiding since what was probably the peak of the recession in early 2009.
As you can see, in March 2009 Mass Layoff Events hit a peak just as you’ll remember the stock market bottomed. Unfortunately, they are ticking up once again – and the market is in the midst of several weeks of volatility. I’m not making a direct cause and effect statement here, but I am wondering if this employment statistic, along with the other dreary numbers, supports one argument out there that the growth we’ve experienced has been merely the restocking of depleted inventories.
Full Text: Governor Ted Strickland – Ohio State of the State Speech, January 26, 2010
Believing in Ohio:
Gov. Ted Strickland’s 2010 State of the State Address
January 26, 2010
(Source: Office of the Governor, State of Ohio)
Speaker Budish, President Harris and Chief Justice Moyer. President Harris and Chief Justice Moyer will both be retiring at the end of this year. This is their last State of the State as public officials and I want to thank them for their service to Ohio. Leader Batchelder and Leader Cafaro, Lt. Governor Fisher, statewide elected officials, members of the Cabinet, and a special word of thanks to Director Terry Collins who is retiring after 33 years of service to the Department of Rehabilitation and Correction, members of the General Assembly and the Supreme Court, distinguished guests, First Lady Frances Strickland, and my fellow Ohioans…
I believe in Ohio.
Daily Graphic: 01/12/2009 – One in Five Twittering
From Pew Research:
Daily Graphic – 1/11/2010 – What’s In Their Netflix Queues?
In case you missed it over the weekend, click on the screen shot below to go to the New York Times‘ interactive map of what people are renting from Netflix. Pretty cool …
Click Graphic to Go to Original at the New York Times
Morning Clips – 1/11/2010
- New York wants less salt in food – New York Times
- Now N. Korea wants peace treaty to keep talking - New York Times
- Blagojevich says ‘I’m blacker than Barack Obama … ‘ – Chicago Tribune
- Illinois’ unpaid bills reach $5 billion – Chicago Tribune
- Flare up of violence in Tijuana – L.A. Times
- A complaint in China could land you in a ‘black jail’ – L.A. Times
- AP Analysis: Stimulus has had no effect on employment – Associated Press (via The Plain Dealer)
- Heineken bids for FEMSA – MarketWatch
- Goldman Sachs Execs May be Forced to Give to Charity – CNBC
- China now world’s largest auto market – Bloomberg
Sen. Harry Reid
- Reid Apologizes for ‘Negro’ remarks – New York Times
- Op-Ed – Sandy Banks: It’s Not Reid Who Should Apologize – L.A. Times
- Dems launch offensive to save Reid – Politico
- GOP claim Lott-Reid Double Standard – Politico
Full Text: President Obama Speech on Health Care – Joint Session of Congress – September 9, 2009
(Source: NYT)
Madame Speaker, Vice President Biden, Members of Congress, and the American people:
When I spoke here last winter, this nation was facing the worst economic crisis since the Great Depression. We were losing an average of 700,000 jobs per month. Credit was frozen. And our financial system was on the verge of collapse.
As any American who is still looking for work or a way to pay their bills will tell you, we are by no means out of the woods. A full and vibrant recovery is many months away. And I will not let up until those Americans who seek jobs can find them; until those businesses that seek capital and credit can thrive; until all responsible homeowners can stay in their homes. That is our ultimate goal. But thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink.
Daily Graphic: 10 Years of Bank Failures
UPDATED: Includes the seven banks seized by the FDIC over the holiday weekend. Since the FDIC began publishing the failed bank list in 2000, 74% of the banks on the list were placed there during this recession.
Transcript: Joe Biden on ABC’s This Week with George Stephanopolous – July 5
Filed under: Economy, Foreign Policy, National Security, Politics
(Source: ABC News)
ABC’S “THIS WEEK WITH GEORGE STEPHANOPOULOS”
STEPHANOPOULOS: Major milestone this week here in Iraq with the American troops pulling out of the cities. And I wonder if you can put the broader American mission in context. Are we in the process of securing victory or cutting our losses to come home?
BIDEN: Securing victory. Look, the president and I laid out a plan in the campaign which was twofold. One, withdraw our troops from Iraq in a rational timetable consistent with what the Iraqis want. And the same time, leave behind a stable and secure country.
And one of the reasons I’m here, George, is to push the last end of that, which is the need for political settlement on some important issues between Arabs and Kurds and among the confessional groups. And I think we’re well on our way.
Madoff Gets 150 Years – News Roundup
Madoff Sentencing Emotional Affair – Swindler Gets Max
- Madoff Sentenced to 150 Years – CNBC
- “I don’t ask for any forgiveness” – Bloomberg
- Madoff victims scavenge for food, aluminum cans – Bloomberg
- Some victims applaud, others cry – CNN
- Madoff gets 150 years for huge Ponzi Scheme – New York Times
- Bernie Madoff to rot in jail – NY Post
Daily Graphic: FDIC Bank Seizures This Year at 45 Nearly Double Those Seized in Recession’s First Year
Five more banks were seized by the Federal Deposit Insurance Corp. over the weekend in Georgia, Minnesota and California. During the first year of the current recession – 2008 – 25 FDIC insured banks failed. Little more than halfway through 2009 this year’s total is 45.
Sanford Admits Affair, Cleared Apple Sack in Argentina, Now Ready to Clear Mind in Appalachians
This guy is a freakin’ basket case. According to the shit show I just watched on CNN he met some gal several years ago and began boinking her a year ago. Apparently he wasn’t in the Appalachians clearing his mind – he was in Argentina clearing his apple sack.
The Lovernor said years ago he counseled his now mistress to save her own marriage because it was God’s Law (is he Jewish?) and for her kids. Apparently when it came to to his toeing the line of God’s Law and honoring his own kids (and wife) the calculus was different.
This is another Family Values Hypocrite for the Hall of Shame. No politician should ever lecture anyone on “values” and get religious on us when they have no idea what pox will come down upon their house.
Full Text: Fed Statement – FOMC June 24
Release Date: June 24, 2009
For immediate release
Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.
The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.
In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
We Know Transparency When We See It – And When We Don’t
Michael Isikoff writes in Newsweek about an Obama Administration stance on revealing which bigwig execs visit the White House on business. The problem is that Obama’s lack of transparency in responding to a FOIA request regarding coal company executives resembles the stonewalling secrecy of the Bush Administration’s handling of similar requests.
As an Obama supporter and Obama voter I am equally elated and dismayed. In the case of energy policy, I’m elated we have a President who seems to be finally making the connection between our dependence on oil – foreign and otherwise – and environmental and national security issues. I’m dismayed by Obama’s refusal to honor public interest groups’ requests to know what coal companies are lobbying the White House on “clean coal” initiatives. The jury is out on the feasibility of clean coal technology and its practicality. As an Ohioan I want to support the coal industry. As an American concerned about pollution, greenhouse gases and the affordability of electricity I want to know more about where the federal government intends to invest clean coal funding and what to expect as a return on investment. As a cynic, I want to know what big spenders – be they coal companies or the Sierra Club – are attempting to game the political system.
On Vacation …
Gone fishing in Canada … be back in a week or so …
Daily Graphic: BP’s Updated World Proved Oil Reserves Map
Daily Graphic: Oil Well On Way to Climbing Back to $100
Go check out this story at the Financial Times … energy market may conspire to stop recovery …
Text: Geithner Testimony to Senate Appropriations Committee – Treasury’s Priorities & Financial System Update
(Source: U.S. Dept. of the Treasury)
Chairman Durbin, Ranking Member Collins, members of the Subcommittee, I appreciate the opportunity to testify before you for the first time as Treasury Secretary on the President’s Fiscal Year 2010 Budget request for the Department of the Treasury.
While we see some initial signs of economic improvement and the financial system is beginning to heal, our country faces very substantial economic and financial challenges.
President Obama and his Administration are working to meet these challenges by getting Americans back to work and getting our economy to grow again; by restoring fiscal discipline to ensure a sustained recovery, and by making the long-neglected investments in health care, energy and education needed to enhance America’s global competitiveness and produce more balanced, sustainable growth over the long-term.
Treasury’s Key Priorities
To achieve these goals, we are repairing and reforming our financial system so that it works for, not against, a recovery that serves all Americans.
To restore growth and meet our fiscal goals, we are redesigning and bolstering enforcement of our tax code so that it is both fairer and more efficient.
To advance our interests globally, we are working with other nations to promote economic recovery and financial repair, and to ensure more open markets for U.S. business.
Is An Unsettled Bond Market Telling Us Something About Prospects for Recovery?
A story out on the Associated Press wire today is the best explanation of all of the hullabaloo you hear from bond traders regarding big government programs and bailouts meant to stimulate the economy.
Most days for lunch I retire to the conference room and switch the TV on to CNBC. During those segments when they go octobox and have eight people on at once discussing the generalia of the larger economy it always seems like it’s the bond guys and the commodoties gals who are fretting while the stock traders are pumping out the positives.
AP makes it a bit more clear:
To understand how this is all connected, you have to think like a bond trader. Inflation is their enemy because it means the purchasing power of the dollars they receive when bonds eventually are paid off will be diminished. The only question is by how much.
Yields on 10-year Treasury notes, a benchmark for home mortgages and other consumers loans, jumped from 2.5 percent in March around the time of the Fed announcement to as high as 3.7 percent in recent days as signs that efforts to stabilize the financial system and economy were starting to pay off. And 30-year mortgage rates jumped more than a quarter-point this week to 5.29 percent, the highest level since December, Freddie Mac reported.
“If the meltdown continues in the bond market, then mortgage yields will soon be at levels that choke off refinancing activity,” said economist Ed Yardeni, who runs his own investment firm. “Even worse, they could abort any necessary recovery in home sales and prices.”
Transcript – Secy of State Hillary Clinton on ABC’s ‘This Week’ – Obama Meets the 3 a.m. Test
(Source: ABC News This Week with George Stephanopolous)
GEORGE STEPHANOPOULOS, HOST: Madam Secretary, thanks very much for doing this.
HILLARY CLINTON, SECRETARY OF STATE: I’m glad to see you, George.
STEPHANOPOULOS: You know, we were just talking about Cairo, did you ever imagine you’d be here as secretary of state?
CLINTON: Never. (LAUGHTER)
CLINTON: Never crossed my mind. And what an extraordinary honor to be here, especially for this speech today.
STEPHANOPOULOS: The president has a very high-powered team, Vice President Biden, General Jones, Secretary Gates. You’ve got envoys for Iran, Afghanistan, North Korea. How do you fit in?
(LAUGHTER) CLINTON: Well, I&
STEPHANOPOULOS: What is your role, exactly?
