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03 Sep 2011 12:49

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Politics: Obama presses Congress to pass job-saving transportation bill

  • Right away, over 4,000 workers would be furloughed without pay. If it’s delayed for just 10 days, we will lose nearly $1 billion in highway funding that we can never get back. And if we wait even longer, almost 1 million workers could be in danger of losing their jobs over the next year.
  • President Barack Obama • Speaking in his weekly radio address about the importance of passing the Surface Transportation Bill — a bill that funds the construction of highways, bridges and so on — before the end of the month. If not, he claims it could cost thousands of jobs, if not more. The AFL-CIO and Chamber of Commerce —a.k.a. unions and big businesses — both support the bill. But Republicans, of course, take issue with the way Obama is framing the debate. Sigh. JUST WORK, GOVERNMENT! source
Posted by Ernie Smith • 0 Comments • Permalink

03 Sep 2011 12:30

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Biz, Politics: Starbucks CEO Howard Schultz planning political town hall next week

This is the CEO’s follow-up to his call for more corporate responsibility, and it’s sponsored by No Labels. All we know is that there had better be free coffee. source
Posted by Ernie Smith • 0 Comments • Permalink

02 Sep 2011 12:19

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Biz, U.S.: August’s depressingly bad job numbers will depress you greatly

  • 17k number of jobs gained in the private sector in August — down significantly from July
  • 17k number of jobs lost in the public sector in August — see where this is going, guys?
  • 0k number of jobs created as a whole in August; unemployment stayed at 9.1 percent source
  • » Another month of 9-plus-percent unemployment: Of the past 28 months, 26 of them have sported unemployment above 9 percent. And here’s a number that will depress the crap out of you — 14 million people are currently unemployed, which makes job gains of 100,000 seem like not enough, let alone completely flat months like August.
Posted by Ernie Smith • 0 Comments • Permalink

25 Aug 2011 10:44

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Biz: Unemployment claims rise based on a single company’s labor issues

  • what Even though investors were expecting a drop in first-time jobless claims last week to roughly 400,000, they actually went up to 417,000 — up 5,000 from the prior week. Wait a second …
  • why Simple — Verizon workers went on strike, and 8,500 of them filed unemployment benefits (12,500 filed the week before). They’ve since gone back to work, so expect this to change next week. source
Posted by Ernie Smith • 0 Comments • Permalink

24 Aug 2011 10:38

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U.S.: Budget deficit: Smaller than previous years, still pretty freaking huge

  • $1.28 trillion deficit in ’11, down slightly from ’09 & ’10 source
  • » A report full of mediocre news: The Congressional Budget Office’s report on the deficit notes that while the deficits will be smaller over the next decade — by $3.3 trillion over ten years — as a result of the arm-twisting budget deal passed earlier this month, another $3.5 trillion in deficits will be added on top of everything else. Oh, and lest you think that $1.28 trillion is a small amount, it’s only small compared to the prior two years, which were basically the two largest yearly deficits on record. So this total redefines “smaller.”
Posted by Ernie Smith • 0 Comments • Permalink

18 Aug 2011 11:52

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Biz: Mortgage rates fall to their lowest level in 50 years

  • 4.15% the current rate for a 30-year fixed loan source
  • » To explain why this is important: Mortgage rates tend to go down when people aren’t buying homes, as an incentive to get them to buy. When the economy was doing well back around 2000, this rate was around 8 percent. Now, the rate is so low that the last time it was this low, 30-year fixed loans weren’t even widely available and the numbers were based on 20 or 25-year fixed loans. This particular statistic has been below 5 percent for the entire year, minus around two weeks.
Posted by Ernie Smith • 0 Comments • Permalink

17 Aug 2011 22:16

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Biz: Just what we all need: Wells Fargo to introduce a new fee on debit cards

  • 5 states will get a new $3 monthly fee from Wells Fargo; hooray!!! source
  • » Is one of them yours? Debit card users in Washington, Oregon, New Mexico, Nevada and Georgia could see a charge of $3 per month. Want to avoid the fee? Either sign up for a special account or simply stop using your debit card. Simple, right?
Posted by samimain • 0 Comments • Permalink
 

16 Aug 2011 16:14

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World: France and Germany are doing their best to help the economy

  • Germany and France feel absolutely determined to strengthen the Euro as our common currency and further develop it.
  • Angela Merkel, the German Chancellor • Talking about Germany and France’s new plan of joint taxation. They’re drawing up plans to have a common corporate tax rate beginning in 2013. Both countries are having difficult economic issues, in fact Germany’s GDP only grew 0.1% from March to June, which means it’s basically at a standstill. Germany and France are hoping that joint taxation would strengthen confidence in the Euro, which would be great for both their economies.  source
Posted by Justin Jones • 0 Comments • Permalink

16 Aug 2011 02:48

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Biz: Starbucks CEO to corporations: Get off your butt and hire some people!

  • Record levels of cash are piling up in corporate treasuries, idling. The only way to break this cycle of fear is to break it.
  • Starbucks CEO Howard Schultz • Following the lead of Warren Buffett and pushing for more responsibility from those that can afford it. While Buffett went after super-rich taxpayers; Schultz instead is going after corporations that are sitting on piles of cash, yet are staying on the sidelines and choosing not to hire more people — or worse, putting that money into political campaigns in hopes of putting business-friendly leadership in power in 2012. While Starbucks has had union issues and gay rights issues crop up recently, the company does have a reputation for treating its employees better than most corporations of its size. Kudos, Howard. source
Posted by Ernie Smith • 0 Comments • Permalink

10 Aug 2011 14:10

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Biz, World: French credit weaknesses pushing markets down worldwide

  • The cost of insuring France’s debt rose to a record high today. And unlike the United States, France can’t just increase their money supply to pay its creditors. Partly as a result, it’s the most indebted of all European AAA-rated countries. It’s having a ripple effect that’s driving markets down worldwide. While S&P and the two other major ratings firms say they have no plans to downgrade France’s credit rating, it’s evident that investors are not as confident in the country’s financial situation. source
Posted by Justin Jones • 0 Comments • Permalink
 
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