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Sunday, September 4, 2011

Economic Stories of Relevance in Today's World -- September 4, 2011

Black unemployment: Highest in 27 years - CNN Money - Annalyn Censky @CNNMoney September 2, 2011 - Black unemployment surged to 16.7% in August, its highest level since 1984, while the unemployment rate for whites fell slightly to 8%, the Labor Department reported... "This month's numbers continue to bear out that longstanding pattern that minorities have a much more challenging time getting jobs," said Bill Rodgers, chief economist with the Heldrich Center for Workforce Development at Rutgers University... Black unemployment has been roughly double that of whites since the government started tracking the figures in 1972. (The Sense of Urgency needs to shift from vacations and travel to how are we going to help the poor and middle class find jobs. The Black population needs to wake up to the fact that they have been used by Barack Obama and realize that he hasn't done anything to represent the socio-economic group that the vast majority of them belong to.)

U.S. creates no jobs in August - Active Post - September 2, 2011
Gallup: Unemployment Went Up—Again—in August - CNS News - Terence P. Jeffrey - September 1, 2011

Roubini Sees 60% Chance of A Double Dip in 2012, China and Brazil Also at Risk - Business Insider - EconMatters - Sep. 1, 2011 - Party heardy NYU economist Nouriel Roubini went on Bloomberg TV on Aug. 31 to give his latest prediction of the global economy: "We’ve reached a stall speed in the economy, not just in the U.S., but in the euro zone and the UK. We see probably a 60 percent probability of recession next year, and, unfortunately, we’re running out of policy tools.....and sovereigns cannot bail out their own distressed banks because they are distressed themselves."Regarding markets and QE3. "There’ll be more monetary easing and quantitative easing done by the Fed and other central banks, but the credit channel is broken. ...the market is rallying on the expectation of QE3, but I think it will be a short-lived rally. The macro data, ISM, employment, and housing numbers will come out worse and worse, the market will start to correct again."The bond market is already expecting a recession.

Precious Metals Surge As QE3 Now Merely A Formality - Tyler Durden - Zero Hedge - September 2, 2011

U.S. Is Set to Sue a Dozen Big Banks Over Mortgages - New York Times - NELSON D. SCHWARTZ - September 1, 2011 - The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter..  The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims...  The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.

DOJ Advises Gibson Guitar to Export Labor to Madagascar - Red State - Ben Howe - Wednesday, August 31, 2011 - Now, according to CEO Henry Juszkiewicz, agents of the United States government are bluntly informing them that they’d be better off shipping their manufacturing labor overseas. In an interview with KMJ AM’s “The Chris Daniel Show,” Juszkiewicz revealed some startling information.
CHRIS DANIEL:  Mr. Juszkiewicz, did an agent of the US government suggest to you that your problems would go away if you used Madagascar labor instead of American labor?
HENRY JUSZKIEWICZ:  They actually wrote that in a pleading.
CHRIS DANIEL:  Excuse me?
HENRY JUSKIEWICZ:   They actually wrote that it a pleading.
CHRIS DANIEL:  That your problems would go away if you used Madagascar labor instead of our labor?

1 comment:

Michael E. Badgett said...

"Let The People Vote"
-Gerald Celente