Posted by Bill on June 6, 2008 at 11:24 am
Stretched to the point of breaking, many American citizens are coping with high fuel and food prices at a time that their largest investments (their homes) are shrinking in value. Adding to this already stoked fire is the poor employment conditions.
Today, Government released statistics show that the unemployment rate rose from 5% in April to a whopping 5.5% in May. This is the largest increase in unemployment since 1986. In the month of May, employers cut 49,000 jobs. So far this year, the United States of America has shed 324,000 jobs. Read the rest of this entry »
Archived under Economy
Posted by Bill on May 23, 2008 at 11:30 am
With Memorial Day weekend just about to start, consumers are shocked to find that gasoline prices have risen to over $4 a gallon for regular unleaded fuel.
It was just two and a half months ago when President Bush was shocked to learn gas may top $4 a gallon this summer. Click here to view more details (includes the video interview).
It’s truly sad that the President of the greatest country in the world was shocked by a reporter who had suggested fuel prices would reach $4 a gallon. With the use of our tax dollars, the President has many advisers and agencies at his disposal. Even with all this talent and staff, the President had no clue to what was going on with fuel prices.
As gasoline prices continue to increase, I suspect we will see a greater focus on the President’s blunder regarding fuel prices. Some “spoofs” on the President’s lack of insight are already popping up across the Internet. Read the rest of this entry »
Archived under Economy
Posted by Bill on April 1, 2008 at 4:08 pm
It was another exciting day on Wall Street. The Dow gained just under 400 points on beliefs that the United States economy had already hit rock bottom.
If you look at today’s headlines, you will notice that the news was far from encouraging. Some of the headlines include:
Automakers see Sales Fall in March
Truckers Protest High Fuel Prices
European Banks See $23 Billion Sub-Prime Hit
Construction Spending Falls Again in February
Congress Questions Big Oil’s Profits
Food Price Hikes Changing Eating Habits
Manufacturing Activity Contracted in March Read the rest of this entry »
Archived under Economy
Posted by Bill on March 25, 2008 at 9:39 pm
For decades, elected officials have turned a blind eye to the problems facing Medicare and Social Security. A new report released today tells just how dire the situation is.
First, let’s get one thing straight. The media’s use of “entitlement program,” when describing Medicare and Social Security, at times leaves a hint that these are taxpayer giveaways. Taxpayers paid into these systems with the belief it would be there when they needed it. The reality is that decades of failed government were spending this money like a drunken sailor in a bar while on shore leave. Read the rest of this entry »
Archived under Economy
Posted by Bill on March 17, 2008 at 11:52 am
It’s offical. The powerhouse investment bank Bear Stearns has imploded and will be acquired by JP Morgan. This last minute buyout, avoided a bankruptcy filing by Bear Stearns.
Just last Friday, Bear Stearns stock was valued at $30 per share. Today, JP Morgan will pick up this battered investment banking company for just $2 a share. Both JP Morgan and Bear Stearns have approved the deal. Additionally, the US Government also quickly signed off on the sale. All that is left to complete the buyout is shareholder approval. About 1/3 of the Bear Stearns company stock is held by over 14,000 Bear Stearns employees. Read the rest of this entry »
Archived under Economy
Posted by Bill on March 16, 2008 at 3:45 pm
As we get closer to the general election, time is quickly running out for President Bush to secure his place in history. Besides a controversial war, now the President may well be know for destroying the US economy.
On Monday, President Bush will meet with his advisers on financial markets. Let’s hope they start giving him better advice then they have over his entire Presidential term. As it stands now, the US economy is in extremely horrible shape and at risk of a full blown economic depression. Read the rest of this entry »
Archived under Economy
Posted by Bill on March 14, 2008 at 11:33 am
While thousands of families in the United States are losing their homes and being left in the cold, the Federal Government is rushing to bail out the investment company Bear Stearns.
It’s quite clear where the government’s priorities are. Ineffective programs created by the Federal Government are simply smoke screens to make it appear they are trying to help struggling homeowners. While these homeowners lose their homes, Feds are opening up their wallets to prop up the same investment companies that profited from shattering the American dream of home ownership. Read the rest of this entry »
Archived under Economy
Posted by Bill on March 7, 2008 at 11:30 pm
Since the United States has so much money to burn, they have decided to send households a reminder that their tax rebate will be in the mail soon. The cost of this mailing? $42 million dollars.
Senator Charles Schumer was quoted as saying, “There are countless better uses for $42 million than a self-congratulatory mailer that gives the president a pat on the back for an idea that wasn’t even his.” Read the rest of this entry »
Archived under Economy
Posted by Bill on March 7, 2008 at 1:40 pm
MSNBC has reported that the United States economy lost 63,000 jobs in the month of February. This is the highest number of lost jobs for a single month in five years, and some believe is yet another sign we are in a recession.
It was just a couple of weeks ago that President Bush said the US economy was not headed for a recession. Tell that to the 63,000 people that lost their jobs Mr. President. Read the rest of this entry »
Archived under Economy
Posted by Bill on February 29, 2008 at 5:02 pm
As the title suggests, its been a wild week for bad economic news, and the stock market reflected this with the Dow dropping 315 points today.
It’s not if we need a bunch of pencil pushers crunching numbers to tell us how bad it is. I can take a quick drive down the road and look at all the empty retail space that litters my western Cleveland Ohio suburb. My best gauge of the economy is my disposable income, which is dwindling away faster then ever. I’m not alone it appears. Consumer sentiment of the economy is down to a 16 year low.
The cost of gasoline is responsible for eating away some of my income. And this week oil set new price records, so it looks like there is no temporary relief on the way. In fact, AAA says that gasoline might hit $4 a gallon in May. Surprisingly, President Bush appeared blind sided by the notion gas could reach $4 a gallon. You can read more about that here. Read the rest of this entry »
