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  • Bernanke: More jobs needed for real recovery
    job creation we cannot consider the recovery to be truly established he said His remarks suggest the Fed will stick with its program to prime the economy by purchasing 600 billion of Treasury bonds by the end of June Bernanke said it will take several years for unemployment to return to more normal levels Last month the Fed chief was more specific saying it would take four or five years for the unemployment rate to drop to a historically normal level of around 5 5 percent or 6 percent The Fed chief spoke one day before the government releases its employment snapshot for January Economists believe the unemployment rate ticked up to 9 5 percent last month from 9 4 percent in December and employers added a net total of around 146 000 jobs Job creation would need to be twice as fast each month to make a noticeable dent in unemployment Bernanke also urged Congress and the White House to come up with a long term plan to reduce the government s 1 trillion plus budget deficits Big deficits could hurt the economy he warned Investors would demand more returns on government loans and interest rates would soar Higher

    Original URL path: http://www.911omissionreport.com/more_jobs_needed.html (2016-02-14)
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  • Job Drought Continues Unabated
    to economic growth in the fourth quarter with real exports increasing and imports decreasing Petroleum imports were lower in the fourth quarter but U S production likely will decline again in the Gulf and elsewhere and imports will rebound in 2011 No longer can Detroit be blamed Ford and the others are aggressively offering high quality more fuel efficient choices across the board but federal energy policy impedes artificially and in a self defeating manner safe domestic oil and natural gas production That taxes growth directly by destroying high paying jobs in the energy sector and indirectly by pushing up pump prices and the trade deficit In the fourth quarter nonpetroleum import growth moderated too and exports surged improving the real trade balance and boosting GDP growth However these trends will be tempered in 2011 by slower growth and sovereign debt problems in both Europe and Japan and caution inspired by political conditions in northern Africa Coupled with an overvalued dollar against the Chinese yuan and other Asian currencies these factors will drive the trade deficit higher and create a substantial barrier to jobs creation through 2012 Every dollar which goes abroad to purchase oil or goods from China and elsewhere does not return to purchase U S exports reduces demand for U S goods and services and taxes jobs creation At 3 3 percent of GDP the 500 billion trade deficit is a tax on domestic demand that offsets the benefits of tax cuts Consequently the U S economy is expanding at a 3 2 percent annual pace instead of the 5 percent that is possible after emerging from such a deep recession and with so many Americans unemployed Growth in the range of 3 percent to 3 5 percent is not enough to dent unemployment unless hundreds of

    Original URL path: http://www.911omissionreport.com/job_drought.html (2016-02-14)
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  • We've Become a Nation of Takers, Not Makers
    making things The leaders in government hiring are Wyoming and New Mexico which have hired more than six government workers for every manufacturing worker Now it is certainly true that many states have not typically been home to traditional manufacturing operations Iowa and Nebraska are farm states for example But in those states there are at least five times more government workers than farmers West Virginia is the mining capital of the world yet it has at least three times more government workers than miners New York is the financial capital of the world at least for now That sector employs roughly 670 000 New Yorkers That s less than half of the state s 1 48 million government employees Don t expect a reversal of this trend anytime soon Surveys of college graduates are finding that more and more of our top minds want to work for the government Why Because in recent years only government agencies have been hiring and because the offer of near lifetime security is highly valued in these times of economic turbulence When 23 year olds aren t willing to take career risks we have a real problem on our hands Sadly we could end up with a generation of Americans who want to work at the Department of Motor Vehicles The employment trends described here are explained in part by hugely beneficial productivity improvements in such traditional industries as farming manufacturing financial services and telecommunications These produce far more output per worker than in the past The typical farmer for example is today at least three times more productive than in 1950 Where are the productivity gains in government Consider a core function of state and local governments schools Over the period 1970 2005 school spending per pupil adjusted for inflation doubled while

    Original URL path: http://www.911omissionreport.com/nation_of_takers.html (2016-02-14)
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  • U.S. Won’t Recover Lost Jobs Until March 2020 At Current Pace
    at 137 951 million At this year s pace the U S won t recoup all those 8 36 million lost jobs until March 2020 147 months after the December 2007 high That would obliterate the old post World War II record of 47 months set in the wake of the 2001 recession The current jobs slump also is the deepest of any in the post war era with payrolls down as much as 6 1 They are still 5 6 below their December 2007 level With state and local governments likely to shed workers for at least the next year or two as budget woes continue the hiring burden will fall entirely on the private sector Private employers did add 64 000 workers last month but that was a little less than consensus forecasts and far below what s needed The U S needs to create 125 000 150 000 jobs each month just to absorb new workers and prevent unemployment from rising So returning to the old peak employment a decade later would hardly suggest a healthy labor market Unemployment held at 9 6 last month as the separate household employment survey reported an increase in jobs But

    Original URL path: http://www.911omissionreport.com/2020_job_recovery.html (2016-02-14)
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  • US house price fall 'beats Great Depression slide'
    per cent and prices took 19 years to recover after that downturn The latest Case Shiller house price index was just one of a slew of disappointing economic data from the US yesterday which suggested ebbing confidence in the recovery of the world s largest economy The Chicago PMI manufacturing index showed a sharp slowdown in the pace of expansion in May missing Wall Street forecasts and sending the index to its lowest since November 2009 And in the latest Conference Board consumer confidence survey more people expressed uncertainty over their future economic prospects The confidence index fell unexpectedly to 60 8 from a revised 66 0 when economists had expected it to rise to 67 0 Falling house prices and negative equity combined with high petrol and food prices and a still weak jobs market to raise consumers fears for the future Thomas Di Galoma the managing director of government securities at Oppenheimer Co said Based on the weakness in housing prices Chicago PMI and consumer confidence it appears as though the economy could be headed for a double dip especially as federal and state spending slows rapidly over the next six months Economists warned not to expect any

    Original URL path: http://www.911omissionreport.com/housing_depression.html (2016-02-14)
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  • REMEMBER: In 1930, They Didn't Know It Was The Great Depression Yet
    80 from the 1930 high The market did not reach the 1930 high again for another quarter of a century The rally that recently ended in April 2010 came after a crash that was actually slightly more severe than the 1929 crash 53 versus 48 It took the market up nearly 80 from the low The recent rally also lasted longer than the 1930 rally did a year as opposed to 6 months The 2009 2010 rally that ended in April of course may actually be the start of a great new bull market one that will shake off the current correction and roar back to the market s old highs On the other hand it may yet also be another version of what happened in 1930 the start of another bear market that will take the market down for years or even gulp to a new low Importantly we won t know for sure what today s market is until we look at it with the genius of 20 20 hindsight As Peter Schiff pointed out yesterday even as late as 1931 they didn t know they were in a Great Depression yet On the contrary the promise from

    Original URL path: http://www.911omissionreport.com/didnt_know_depression.html (2016-02-14)
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  • Bank of England chief Mervyn King: standard of living to plunge at fastest rate since 1920s
    outlook Savers and those who behaved prudently would be among the biggest losers in the squeeze he admitted Disposable household income has been hit by sharp increases in the cost of food fuel and tax coupled with restricted wage rises for most workers Last year take home pay fell by about 12 per cent official figures showed and the trend was expected to continue in 2011 The governor warned that the Bank neither can nor should try to prevent the squeeze in living standards He said that the economic figures were a reminder that the recovery will be choppy However he said the biggest threat facing the Bank s Monetary Policy Committee which sets interest rates was rising inflation The Bank is expected to use interest rates to keep inflation below two per cent but the governor said inflation could rise to somewhere between four per cent and five per cent over the next few months He claimed that rising inflation had been caused largely by increases in global oil and commodity prices and tax rises such as the increase in VAT introduced at the beginning of the year which the Bank was powerless to control In 2011 real wages are likely to be no higher than they were in 2005 he said One has to go back to the 1920s to find a time when real wages fell over a period of six years The squeeze on living standards is the inevitable price to pay for the financial crisis and subsequent rebalancing of the world and UK economies Mr King insisted that the Monetary Policy Committee could not have increased interest rates from their current record low level to tackle the rise in inflation If the MPC had raised the Bank Rate significantly inflation might well have started to

    Original URL path: http://www.911omissionreport.com/living_to_plunge.html (2016-02-14)
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  • Path Is Sought for States to Escape Debt Burdens
    full blown bankruptcy proposal and establish instead some sort of oversight panel for distressed states akin to the Municipal Assistance Corporation which helped New York City during its fiscal crisis of 1975 Still discussions about something as far reaching as bankruptcy could give governors and others more leverage in bargaining with unionized public workers They are readying a massive assault on us said Charles M Loveless legislative director of the American Federation of State County and Municipal Employees We re taking this very seriously Mr Loveless said he was meeting with potential allies on Capitol Hill making the point that certain states might indeed have financial problems but public employees and their benefits were not the cause The Center on Budget and Policy Priorities released a report on Thursday warning against a tendency to confuse the states immediate budget gaps with their long term structural deficits States have adequate tools and means to meet their obligations the report stated No state is known to want to declare bankruptcy and some question the wisdom of offering them the ability to do so now given the jitters in the normally staid municipal bond market Slightly more than 25 billion has flowed out of mutual funds that invest in muni bonds in the last two months according to the Investment Company Institute Many analysts say they consider a bond default by any state extremely unlikely but they also say that when politicians take an interest in the bond market surprises are apt to follow Mr Maco said the mere introduction of a state bankruptcy bill could lead to some kind of market penalty even if it never passed That penalty might be higher borrowing costs for a state and downward pressure on the value of its bonds Individual bondholders would not realize any losses unless they sold But institutional investors in municipal bonds like insurance companies are required to keep certain levels of capital And they might retreat from additional investments A deeply troubled state could eventually be priced out of the capital markets The precipitating event at G M was they were out of cash and had no ability to raise the capital they needed said Harry J Wilson the lone Republican on President Obama s special auto task force which led G M and Chrysler through an unusual restructuring in bankruptcy financed by the federal government Mr Wilson who ran an unsuccessful campaign for New York State comptroller last year has said he believes that New York and some other states need some type of a financial restructuring He noted that G M was salvaged only through an administration led effort that Congress initially resisted with legislators voting against financial assistance to G M in late 2008 Now Congress is much more conservative he said A state shows up and wants cash Congress says no and it will probably be at the last minute and it s a real problem That s what I m concerned about Discussion of a new

    Original URL path: http://www.911omissionreport.com/state_bankruptcy.html (2016-02-14)
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