User: newstrust Topic: US Economy
Category: Recession
Last updated: Jun 15 2018 18:43 IST RSS 2.0
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The Next Recession Could Be Catastrophic 15.6.2018 Crooks Liars
Perhaps the most condescending and unintentionally revealing comments any banker made in the wake of the banker-created 2008 financial crisis came from Jamie Dimon, CEO of too-big-to-fail bank JP Morgan Chase. “Not to be funny about it,” Dimon told a congressional panel in 2010, “but my daughter asked me when she came home from school ‘what’s the financial crisis,’ and I said, ‘Well it’s something that happens every five to seven years.”’ Millions of Americans lost their homes in the wake of Wall Street’s crisis – which, come to think of it, isn’t that funny at all. Downturns are so simple, Dimon implies, that they can be explained to schoolchildren in a single sentence. Dimon also admitted his own industry’s ineptness and irresponsibility when he told the panel that “in mortgage underwriting, we somehow missed that home prices don’t go up forever.” Dimon wasn’t the only banker to tell Congress that the titans of Wall Street were clueless. “We never knew what was happening at any minute,” said Goldman ...
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Fed raises key rate and sees possible acceleration in hikes 13.6.2018 Minnesota Public Radio: Law & Justice
The Federal Reserve has raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases because of solid economic growth and rising inflation.
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Misleading Unemployment Numbers and the Neoliberal Ruse of “Labor Flexibility” 6.6.2018
There's no evidence of overall economic improvement under Trump.

The post Misleading Unemployment Numbers and the Neoliberal Ruse of “Labor Flexibility” appeared first on Truthout.

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Federal Government Set To Borrow $1 Trillion This Year 5.6.2018 Outside the Beltway
The Federal Government will borrow more than $1 trillion this year for the first time in more than a half-decade.
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No Bubbles on the Horizon 4.6.2018
The prospect of another big crash is unlikely.

The post No Bubbles on the Horizon appeared first on Truthout.

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Unemployment rate drops to 3.8 percent, lowest since 2000 1.6.2018 Minnesota Public Radio: Business
The U.S. economy gained a stronger-than-expected 223,000 jobs last month and the unemployment rate edged down to an 18-year low, the Labor Department said. Meanwhile, wage growth picked up slightly.
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As Colorado cuts back spending, costs for state’s college students soar 25.5.2018 Denver Post: News: Local
In 2000, Colorado taxpayers footed 68 percent of the costs of a college degree, with students chipping in about one-third.
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I've come to believe that 'are we at full employment?' is the wrong question 24.5.2018 Washington Post
I've come to believe that 'are we at full employment?' is the wrong question
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Fed on track to raise interest rates in June on belief economy remains in good shape 24.5.2018 LA Times: Business

Federal Reserve officials believe the economic outlook warrants another interest rate hike “soon” but signaled they would allow inflation to go modestly above their 2% target — indicating they’re in no rush to raise rates more aggressively.

That was the takeaway from the minutes released Wednesday...

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The recession is long gone. Where are the babies? 23.5.2018 Washington Post: Op-Eds
What’s holding up the stork?
L.A. region's 'creative economy' produced 457,400 jobs in 2016, driven by Hollywood rebound 23.5.2018 LA Times: Commentary

The creative economy of the Los Angeles region saw significant job growth between 2011 and 2016, with statewide creative employment now exceeding the pre-recession highs observed more than 10 years ago, according to a new study.

The annual Otis Report on the Creative Economy, which was released...

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What they said before and what they are saying now 21.5.2018 Washington Post
What they said before and what they are saying now
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Tougher work rules for food stamps won’t help poor people — or save much money 18.5.2018 LA Times: Commentary

Unemployment is at a record low. The U.S. economy has logged nine straight years of slow-but-steady growth. Yet somehow, 40 million Americans need help from the government just to put food on the table. Although that figure is down from its post-recession peak of 47.6 million in 2013, it’s still...

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The tax plan didn't do what it promised, but here's what might 17.5.2018 Washington Post: Op-Eds
The tax plan didn't do what it promised, but here's what might
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The Finance 202: Trump caved to China on ZTE. Now other countries are sensing weakness. 16.5.2018 Washington Post: Politics
The repercussions seem to be rippling beyond the U.S.-China trade spat.
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Is Donald Trump the John Wooden of presidents? Evaluating the case for Trump's new favorite metaphor. 16.5.2018 Washington Post: Politics
Trump tweeted an op-ed with lots of very Trumpian statistics.
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Colorado boosts savings to $730 million with help of recent tobacco industry settlement but may need more 16.5.2018 Denver Post: Business
Thanks to a boost from a recent tobacco industry settlement, Colorado plans to sock away an extra $90 million next year in the state's reserves. But by one credit rating agency's analysis, it's still woefully unprepared for the next economic downturn.
The private sector has a powerful incentive to treat opioid addiction 15.5.2018 Washington Post: Op-Eds
It is undermining our economy at a time when workers are badly needed. 
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Sharing the Tech Wealth 14.5.2018 American Prospect
This article appears in the Spring 2018 issue of The American Prospect magazine. Subscribe here .  When the Democratic “blue wall” stretching from Wisconsin through Michigan and Ohio to Pennsylvania fell on November 7, 2016, its breach reflected a growing socioeconomic gulf between the prosperous coastal states and depressed non-metro America. The vast majority of economic growth since 2008 has flowed to the coasts, while the Midwest and rural America have seen spikes in deaths of despair, divorce, an opiate crisis, and a moribund economy. It wasn’t always like this. Once upon a time, from roughly 1880 to 1980—an era Trump’s white supporters may have in mind when they demand America be Made Great Again—incomes of different regions more nearly converged. Much of U.S. manufacturing and its supply chain was based in the Midwest. Thanks to unionization, a good deal of basic industry paid decent wages. Meanwhile, other industries such as textiles and apparel migrated from New England to the Southeast, raising ...
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Let’s take a look at the odd list of Trump accomplishments on 'Fox and Friends,' shall we? 14.5.2018 Washington Post: Politics
Why a legal ruling against the Mueller investigation makes the cut. And why it should not have.
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