Category Archives: Economy

FRB: Speech–Bernanke, The Near- and Longer-Term Prospects for the U.S. Economy–August 26, 2011

FRB: Speech–Bernanke, The Near- and Longer-Term Prospects for the U.S. Economy–August 26, 2011.

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Economic Releases – Friday, August 26, 2011

Census of Fatal Occupational Injuries* Corporate Profits ECRI Weekly Leading Index Note: Release time is at 10:30 a.m. Gross Domestic Product (GDP) Kansas City Fed Manufacturing Survey Note: Release time is at 11 a.m. Monetary Developments in the Euro Area … Continue reading

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FRB: Press Release–Credit quality of large loan commitments improves for second consecutive year–August 25, 2011

FRB: Press Release–Credit quality of large loan commitments improves for second consecutive year–August 25, 2011. Released by: Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The credit quality of … Continue reading

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Economic Releases – Thursday, August 25, 2011

Census of Fatal Occupational Injuries Note: Release time is at 10 a.m. Factors Affecting Reserve Balances (H41) Note: Release time is at 4:30 p.m. Money Stock Measures (H6) Note: Release time is at 4:30 p.m. SSI Annual Statistical Report* SSI … Continue reading

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CBO Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from April 2011 Through June 2011

Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from April 2011 Through June 2011 The American Recovery and Reinvestment Act of 2009 (ARRA) contains provisions that are intended to boost economic activity and employment … Continue reading

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Congressional Budget Office – Budget and Economic Outlook: An Update

Congressional Budget Office – Budget and Economic Outlook: An Update.

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Economic Releases – Wednesday, August 24, 2011

Durable Goods Manufacturers MBA Weekly Mortgage Applications Survey Mass Layoffs (Monthly)* Summer Youth Labor Force Note: Release time is at 10 a.m. Commercial Paper Economic and Financial Indicators (updated daily) Federal Reserve Board (updated daily) *Note: Annual releases without scheduled … Continue reading

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Contra Boehner, Business Economists Favor Some Tax Hikes – Jim Tankersley – NationalJournal.com

Contra Boehner, Business Economists Favor Some Tax Hikes – Jim Tankersley – NationalJournal.com. Want a textbook example of Washington spin at its fiercest? Check out this press release from House Speaker John Boehner’s office this week, proclaiming: “Majority of economists say spending cuts … Continue reading

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Obama calls Buffett, Ford CEO for advice – The Hill’s On The Money

Obama calls Buffett, Ford CEO for advice – The Hill’s On The Money. President Obama on Monday reached out to billionaire investor Warren Buffett and Ford CEO Alan Mulally for advice as he crafts a major jobs plan to be … Continue reading

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Economic Releases – Tuesday, August 23, 2011

Mass Layoffs (Monthly) Note: Release time is at 10 a.m. New Residential Sales (New Home Sales) Note: Release time is at 10 a.m. Richmond Fed Manufacturing Survey Note: Release time is at 10 a.m. Richmond Fed Survey of Services and … Continue reading

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What’s Next from the Board of Governor’s of the Federal Reserve System

Schedule of upcoming postings to the Board’s website List of items posted to the Board’s website over the past two weeks

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Economic Releases – Monday, August 22, 2011

Chicago Fed National Activity Index (CFNAI) Foreign Exchange Rates (H10) Note: Release time is at 4 p.m. Selected Interest Rates Note: Release time is at 4:15 p.m. Commercial Paper Economic and Financial Indicators (updated daily) Federal Reserve Board (updated daily) … Continue reading

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Comments/Questions for Speaker of the House John Boeher (R-OH)

From Farmer John Dear Speaker Boehner and friends, · Republicans are also unemployed. · Republicans are also in the middle class. · Republicans are also poor. · Republicans are also hurting. · Republicans also need Health Care. · Why do … Continue reading

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Economic Indicators – Friday, August 19, 2011

ECRI Weekly Leading Index Note: Release time is at 10:30 a.m. Monetary Trends Note: Release time is at 12 p.m. Regional and State Employment and Unemployment (Monthly) Note: Release time is at 10 a.m. Survey of Current Business* Commercial Paper … Continue reading

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OMB directs agencies to cut 2013 budgets

By Kellie Lunney The Obama administration is directing agencies to submit fiscal 2013 budget requests that are at least 10 percent below their current appropriation level. Citing fiscal pressures and the recently enacted deficit reduction package that raised the debt … Continue reading

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Does the Tea Party owe approximately $378 Million in Interest?

By Patricia L Johnson The consequences of default on U.S. Government obligations would be so horrific that U.S. law allows the Treasury Department to utilize various methods to avoid default, including suspending investments into the Civil Service Retirement and Disability … Continue reading

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Economic Indicators – Wednesday August 17, 2011

Euro Area Harmonised Index of Consumer Prices (HICP) statistics Euro Area Investment Fund Statistics European Central Bank (ECB) Balance of Payments MBA Weekly Mortgage Applications Survey Producer Price Index (PPI) Senior Loan Officer Opinion Survey* Commercial Paper Economic and Financial … Continue reading

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Who drew the long straw in the Ames Straw Poll Vote?

By Richard E Walrath and Patricia L Johnson The Hilton Coliseum parking lot, on the campus of Iowa State University, was the location of the Ames Straw Poll Vote that began at 10:00 am on Saturday, August 13, 2011. All … Continue reading

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Economic Releases – August 16, 2011

Industrial Production and Capacity Utilization (G17) Note: Release time is at 9:15 a.m. New Residential Construction (Housing Starts) Retail E-commerce Sales (Quarterly) Note: Release time is at 10 a.m. U.S. Import and Export Price Indexes Commercial Paper

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Economic Indicators – August 15, 2011

Empire State Manufacturing Survey Foreign Exchange Rates (H10) Note: Release time is at 4 p.m. Harmonised Competitiveness Indicators for the Euro Area Note: Release time is at 4 a.m. Selected Interest Rates Note: Release time is at 4:15 p.m. Treasury … Continue reading

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The One Percent Fix for the U.S. Economy

By Patricia L Johnson The National Journal article 11 Ways to Jump-Start Economic Growth: Not Increasing the Deficit Edition has a couple of super ideas for jump-starting the economy without spending any money. The first one that caught my eye … Continue reading

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Congratulations and Best of Luck to the 12 Members of the Joint Select Committee On Deficit Reduction

Senate Democratic Majority Leader Harry Reid named Senate Democratic Conference Secretary, Sen. Patty Murray as the co-chair, Senator John Kerry, Senate Foreign Relations Committee Chairman and Senator Max Baucus Senate Finance Committee Chairman to the panel. Speaker of the House … Continue reading

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Economic Releases – August 11, 2011

Factors Affecting Reserve Balances (H41) Note: Release time is at 4:30 p.m. Mass Layoffs (Monthly)* Mass Layoffs (Quarterly)* Money Stock Measures (H6) Note: Release time is at 4:30 p.m. U.S. International Trade in Goods and Services Unemployment Insurance Weekly Claims … Continue reading

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Economic Releases – August 10, 2011

Euro Area Securities Issues Statistics Note: Release time is at 4 a.m. Job Openings and Labor Turnover Survey (JOLTS) Note: Release time is at 10 a.m. Long-term Interest Rate Statistics for EU Member States Note: Release time is at 4 … Continue reading

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Starting Over with a Super Committee

By Patricia L Johnson The National Commission on Fiscal Responsibility and Reform was created on February 18, 2010 by President Barack Obama. Section 2 & 3 outline membership selection of this commission as follows: Sec. 2. Membership. The Commission shall … Continue reading

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Economic Releases for August 9, 2011

Federal Open Market Committee (FOMC) Statement Note: Release time is at 2:15 p.m. Personal Income for Metropolitan Areas (Annual) Note: Release time is at 9 a.m. Productivity and Costs (Quarterly) Commercial Paper

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Answers to Frequently Asked Questions regarding recession, recovery and GDP

From The U.S. Bureau of Economic Analysis How did the recent GDP revisions change the picture of the 2007–2009 recession and the recovery? Why has the initial estimate of real GDP for the fourth quarter of 2008 been revised down … Continue reading

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Economic Releases for August 8, 2011

Employment Trends Index (Conference Board) Note: Release time is at 10 a.m. Foreign Exchange Rates (H10) Note: Release time is at 4 p.m. Selected Interest Rates Note: Release time is at 4:15 p.m. Commercial Paper

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The Congressional Blackmail Backlash

By Patricia L Johnson It’s not like they didn’t know the consequences, they knew. As we all know, appropriation bills begin in the U.S. House and each and every member of the 112th Congress received a copy of the letter … Continue reading

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Recent NY Times Poll Shows 82 Percent of Americans Disapprove

The debate over raising the debt ceiling, which brought the nation to the brink of default, has sent disapproval of Congress to its highest level on record and left most Americans saying that creating jobs should now take priority over … Continue reading

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Economic Releases August 5, 2011

Consumer Credit (G19) Note: Release time is at 3 p.m. ECRI Weekly Leading Index Note: Release time is at 10:30 a.m. Employment Situation (Includes Nonfarm Payrolls, Unemployment Rate, Average Workweek, and Hourly Earnings) Commercial Paper

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Economic Releases August 4, 2011

Economic releases scheduled for August 4, 2011 Factors Affecting Reserve Balances (H41) Note: Release time is at 4:30 p.m. Money Stock Measures (H6) Note: Release time is at 4:30 p.m. Social Security Bulletin* Unemployment Insurance Weekly Claims Report (Initial Claims) … Continue reading

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Pentagon Says More Budget Cuts Mean Furloughs

A senior Pentagon official warned Wednesday that the Defense Department might have to furlough or even lay off “thousands” of civilian employees, and endure major disruptions to its weapons programs, if congressional lawmakers can’t avert a potential $500 billion budget … Continue reading

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Library of Congress Congressional Record – Sunday, July 31, 2011

Sunday, July 31, 2011 Daily Digest [Page: D880] GPO’s PDF Senate Chamber Action Routine Proceedings, pagesS5147-S5154 House Messages: Debt Limit Increase Bill–Agreement : Senate continued consideration of the amendment of the House of Representatives to S. 627, to establish the … Continue reading

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CBO COMPARISON OF UPDATED BUDGET CONTROL ACT PROPOSALS

Source: CBO

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Two Years – The length of their term, and their level of maturity

By Patricia L Johnson and Richard E Walrath Another day and nothing in sight yet that looks like it might be an end to the debt ceiling argument. The economy keeps getting worse which is exactly what the Republicans want … Continue reading

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You can lead a Horse to Water, but you cannot make it Drink, Write a Letter or Make a Call.

By Patricia L Johnson and Richard E Walrath You voted the Republicans in – now vote them out. We don’t need a National election for you to tell the GOP what you think of their refusal to increase the debt … Continue reading

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Toward An Understanding of the Effects of Natural and Man-made Disasters on Unemployment and GDP -Or- Blame it All on Einstein

By Patricia L Johnson and Richard E Walrath The massive earthquake registering 9.0 on the Richter scale struck Japan on March 11, 2011 and was followed by a gigantic tsunami causing untold damage resulting in the meltdown of three nuclear … Continue reading

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“Un bon croquis vaut mieux qu’un long discours,”

By Patricia L Johnson The above quote translated from French into English reads “A good sketch is better than a long speech” and is supposedly attributed to Emperor Napoleon Bonaparte 1769-1821. I can’t confirm whether or not he said it … Continue reading

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Only the Shadow Knows

By Richard E Walrath and Patricia L Johnson Jon Huntsman, former Governor of Utah and former Ambassador to China, announced his candidacy for the 2012 Republican presidential nomination on June 21, 2011 with the Statue of Liberty in the background. … Continue reading

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Summary of Misleading Facts from FactCheck.org on GOP Debate

“Summary In the first New Hampshire debate among 2012 presidential hopefuls, we found a number of incorrect, misleading or shaky factual claims: Pawlenty was wrong when he boasted that he was “one of the few governors” to respond to a … Continue reading

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Budget Talks Eye $1 Trillion in Cuts

Wall Street Journal “By JANET HOOK And COREY BOLES WASHINGTON—White House and congressional officials said Tuesday that they were moving closer to a budget deal that would make a “down payment” of more than $1 trillion in cuts to federal … Continue reading

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The Budget of the United States Government for Fiscal Year 2012

“Budget of the United States Government, Fiscal Year 2012 contains the Budget Message of the President, information on the President’s priorities, budget overviews organized by agency, and summary tables.” http://www.whitehouse.gov/omb/budget/Overview

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Tea Party Candidates have been in Congress Too Long!

Opinion by Patricia L Johnson Representative Hal Rogers (R-KY), Chairman of the House Appropriations Committee, introduced a revised bill for FY 2011 with additional cuts. Supposedly the additional cuts are due to demands by Tea Party freshman, but really…. what … Continue reading

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What is the Debt Subject to Limit?

Opinion by Patricia L Johnson The Debt Subject to Limit is “the maximum amount of money the government is allowed to borrow without receiving additional authority from Congress”, not to be confused with the deficit. The deficit is the fiscal … Continue reading

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Facts Behind Current U.S. Deficit

Opinion by Patricia L Johnson You know how it works, in one hand you have your checkbook showing your last deposit and in the other hand a stack of bills. You see the advertisement on TV showing just how many … Continue reading

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In the News – Financial Crisis Inquiry Commission

The Financial Crisis Inquiry Commission released its final report on January 27, 2011. The Commission was formed in May of 2009 as part of the Fraud Enforcement and Recovery Act, Public Law 111-21. The 10 Members of the Commission consist … Continue reading

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In the News – State of the Union

Opinion by Patricia L Johnson The Federal government of the United States consists of three branches, the Executive, Judicial and the Legislative. Article II, Section 3 of the U.S. Constitution requires the President to provide Congress with information on the … Continue reading

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What Is The Basis for Their Repeal?

An opinion by Patricia L Johnson A total of 434 votes were cast, 245-189, in the U.S. House on January 19, 2011 on H.R. 2, “Repealing the Job-Killing Health Care Law Act”; a one-page bill to repeal the provisions of … Continue reading

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A $145 Billion Increase to Deficit?

An opinion by Patricia L Johnson Determining whether or not a particular bill will be beneficial to this country generally begins with a request to the Congressional Budget Office [CBO] to determine costs involved and budget impact. In March of … Continue reading

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GOP Definition of “Cut Spending”

An opinion by Patricia L Johnson The GOP’s Opening Argument: Cut Spending, Cut Spending, Cut Spending is an article written on January 3, 2011, by Derek Thompson and published in the Business section of The Atlantic. Thompson confirms what we … Continue reading

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Economic Releases January 14, 2011

  Release Date:  January 14, 2011 ADVANCE MONTHLY SALES FOR RETAIL AND FOOD SERVICES (MARTS) DECEMBER 2010 Retail sales in December 2010 rose 0.6 percent from the prior month and 7.9 percent from the prior year, to $380.9 billion.  For … Continue reading

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What would Warren Buffett say to the National Commission?

By Patricia L Johnson and Richard E Walrath President Obama’s Executive Order of February 18, 2010 established the National Commission on Fiscal Responsibility and Reform whose mission includes: “identifying policies to improve the fiscal situation in the medium term and … Continue reading

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What Was the Intent of Our Founding Fathers on Taxes for the Rich?

By Richard E Walrath and Patricia L Johnson The very first year the U.S. began taxing there were 7 tax rates beginning with the minimum tax rate of 1% and a maximum tax rate of 7%. It appears our founding … Continue reading

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U.S. House Says NO to Extended Unemployment Compensation

The final vote on the Emergency Unemployment Compensation Continuation Act took place at 2:01 pm on November 18, 2010.  The following members, almost all Republicans, voted “Nay” which made it impossible for the bill to pass: Aderholt Akin Alexander Austria … Continue reading

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Do You Know Enough to Have an Opinion?

Under President George W. Bush Individual and Corporate taxes were lowered.  What that means is there is less revenue coming into the U.S. Treasury, which in turn increases the U.S. deficit. The tax cuts put into place during the Bush … Continue reading

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Yeah or Nay on Earmarks?

By Administrator Senate Republican Leader Mitch McConnell (R-KY) stated on November 15, 2010: “…today I am announcing that I will join the Republican Leadership in the House in support of a moratorium on earmarks in the 112th Congress…” Seems this … Continue reading

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Do You Really Want to Know About Tax Cuts?

An opinion by Patricia L Johnson New legislation will be required in order to extend the tax cuts put into place by President G.W. Bush in 2001 [PL 107-16], otherwise they will expire at midnight on December 31, 2010. Recently … Continue reading

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Deficit Chart

(Click Chart to enlarge) The above chart represents deficit increases by year, based on legislative changes that applied to that particular year.  During the period of FY 2001 through FY 2009, legislative changes increased the U.S. Deficit by 5.4 trillion … Continue reading

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“…The Worst [Jobs]Track Record on Record”

By Patricia L Johnson President Obama has been inundated with criticism over jobs, or lack thereof, for the past several months by the Republican party.  Today is no exception.  The ink is barely dry on the report issued by the … Continue reading

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The Secret to Saving Money

By Richard E Walrath The basic concept to understand is that saving money, most of the time, means not spending it.  Of course, most people will agree, but then they just go out and spendit.  It’s hard to save money … Continue reading

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