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This from Fox News yesterday:
The White House wants a do-over for February’s yet-to-be released jobs numbers, arguing that the blizzards that hammered the country last month also dented the economic recovery.
Though the February unemployment figures are not out yet, White House economic adviser Larry Summers is already lowering expectations and claiming that winter weather is to blame for any posted decline. Read more »
Posted in GeneralAll this talk about a ‘jobless recovery’ really has me peeved. Truth is, when an economy that is as dependent on consumer spending as the US economy is not creating jobs, you have to wonder if there is really an economic recovery underway. I’d have to argue ‘no’. Ben Bernanke testified before congress over the last couple of days and has stated that although the economy is recovering, that the recovery may be one that is ‘jobless’.
This from Bloomberg on February 24, 2010:
Federal Reserve Chairman Ben S. Bernanke, in two days of congressional testimony beginning today, will probably face questions on how he plans to end the worst jobs slump since the Great Depression. Read more »
Posted in GeneralAn article published on “Market Watch” on February 23, 2010 stated (emphasis mine):
The number of distressed banks in the U.S. rose to 702 in the fourth quarter, the highest level in sixteen years, according to a report released by the Federal Deposit Insurance Corp. Tuesday. That number is up from 552 at the end of September and 416 at the end of June. This is the largest number of banks on its “problem list” since June 1993. Banks insured by the FDIC dropped to a total quarterly profit of $914 million in the fourth quarter, compared with $2.8 billion in the third quarter. However, the result was significantly better than the $37.8 billion loss for insured institutions during the fourth quarter of 2008. Insured deposits reported full-year net income of $12.5 billion. The FDIC reported that its’ Deposit Insurance Fund dropped further into negative territory, reporting a $20.9 billion loss in the fourth quarter, worse than its $8.2 billion loss in the third quarter. The agency hopes to make up that loss through advance payments by banks of $45 billion in fees.
Let’s do some math. Read more »
Posted in General