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Economy
Chart of the Day: How Does Unemployment Compare To Past Cycles?
This comes via Economix: The writers there have a two related pieces (with equally revealing charts) that I recommend reading: Bleak Outlook for Long-Term Unemployed The Recovery Is Losing Steam I guess this is why they call…
Employment Data Poor Despite Drop in Unemployment Rate
The unemployment rate fell to 9.5% from 9.7%, but this likely reflects people dropping out of the labor market. The work week fell 0.1%, which is the equivalent of about 300k job loss. The private sector 83k jobs and the May…
Davidowitz: Credit Crisis ‘A Gigantic Ponzi Scheme, Lies And Fraud’
Below is a very entertaining interview with Howard Davidowitz on financial reform and the credit crisis with Aaron Task and Henry Blodget of Tech Ticker (hat tip Scott). Davidowitz says don't expect any substantive changes, especially…
GDP 2.7% Higher If R&D Treated As Investment
From the BEA. Gross Domestic Product (GDP) would have been, on average, 2.7 percent, or $301.5 billion higher between 1998 and 2007 if research and development (R&D) spending was treated as investment in the U.S. national income and…
AIG’s Cassano: Poster Child for Compensation Problems
Joseph J. Cassano, head of what was formerly an obscure 400 employee division of American International Group (AIG) with main offices in London, called AIG Financial Products (AIG-FP), testified today before the FCIC (Financial Crisis…
The Bon Vivants of Doom And Gloom: Economist Nouriel Roubini and Author Nassim Taleb
I like how this reporter starts off his interview with Nouriel Roubini and Nassim Taleb. Of course what underlies this oxymoron is the "shoot the messenger" heuristic. Wikipedia describes "shooting the messenger"…
Irish GDP Turns Positive, Sort Of
Ireland, the first euro zone country to fall into a recession in 2008, reported today that Q1 GDP expanded by 2.7% from Q4 09. While the headline is impressive, even if Q4 09 was revised to show a 2.7% contraction rather than -2.3%…
ADP Employment Numbers Weak; Only 13,000 Jobs Added
From ADP (pdf): Nonfarm private employment increased 13,000 from May to June 2010 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from April to May 2010 was revised up…
May’s FDIC cease and desist and other administrative orders
Below is a partial list of May 2010 FDIC enforcement decisions and orders. I have only included cease-and-desist orders, prompt corrective action notices and termination of insurance orders as these are the signs of banking system distress.…
Hussman: A Double Dip Recession is Coming
The following is an excerpt of the Weekly Market Commentary By John Hussman. Based on evidence that has always and only been observed during or immediately prior to U.S. recessions, the U.S. economy appears headed into a second leg of an…