Posted by Bill on September 15, 2008 at 1:08 am
If you live in the Cleveland Ohio area, and read the Cleveland Plain Dealer, you probably understand that the Plain Dealer strongly opposes the sick time issue that will be voted on in November. The question is why.
Before I answer the “why” question, let’s look at what this issue is about. The issue is called the “Healthy Families Act.” If approved by voters, the law would require employers to provide their employees seven paid six days per year, which could be carried over into the following years if unused. It’s important to note that this law would only apply to companies that have 25 or more workers. Read the rest of this entry »
Archived under Cleveland
Posted by Bill on September 15, 2008 at 12:38 am
In yet another blow to the American economy, news reports indicate that Lehman Brothers will file for bankruptcy protection.
How a 158 year old company can go from a high flyer to a dud is simply unbelievable. The greed that has gripped this country, the corporations, and the politicians, has reached an all time high. Without the help of taxpayers, this country would be facing certain economic collapse.
Fortunately for taxpayers, the government (actually our tax dollars) will not bail out Lehman Brothers. This is a good thing. In a free marketplace, there needs to be failure which allows the marketplace to shift and fill in the void. Unfortunately though, taxpayers are still on the hook for billions of dollars because of the Fannie Mae and Freddie Mac bailouts. Read the rest of this entry »
Archived under Economy
Posted by Bill on June 10, 2008 at 8:52 am
Ohio is one of those states that relies heavily on property taxes to fuel its ever bulging budget. So it comes as no surprise that the State of Ohio is concerned that the recent downturn in the economy is going to cut into their revenue.
On a whole, property values in my city have taken a huge hit. Homes on the market for $200,000 ultimately have sold for $170,000. And the wait to sell is extremely long. The house across the street from my residence sold after being on the market for nine months, and it too was sold at an extremely discounted price.
Read the rest of this entry »
Archived under Ohio
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
