Tag Archives: Economy

Mid-Week Update

Finally found a few moments to wade through the wonderful world of blogging, and stumbled on a few things that really caught my eye.  I know I’ve been bad about updating lately, and I apologize.  Now, start reading.  And, don’t be afraid to leave a comment along the way.

English Only Rule Aimed at High School Valedictorian

The folks of Terrabone Parish in Louisiana want to cultivate their image as being backwards. Their lack of values are showing. Now they are set to require all speeches be made in English after the Valedictorian included a sentence of Vietnamese in hers — she did so to honor her parents, proving her own strong values.

McCain gets ‘visibly angry’ when challenged on whether military experience prepares him to be president.

ABC News’ David Wright reports that when he asked John McCain to “explain how his Vietnam experience prepared him for the presidency,” McCain “became visibly angry”: McCain became visibly angry when I asked him to explain how his Vietnam experience prepared him for the Presidency. “Please,” he said, recoiling back in his seat in distaste at the [...]

Bush Stimulates The Porn Industry With His Economic Package

When President Bush announced his economic stimulus in January, he bragged that his package was the “right size” and would “boost” the economy: I am pleased that this agreement meets the criterion that I set forth last week to provide an effective, robust, and temporary set of incentives that will boost our economy and [...]

Friday Night Economy

As if all the other news (Russert, tornadoes, floods) wasn’t bad enough, here’s a tasty tidbit from the economic front.

US Foreclosure Filings Surge 48 Percent In May

Soaring foreclosures are continuing to raise questions about the mortgage industry’s claims that they are making a dent in the housing crisis. Foreclosure filings last month were up nearly 50 percent compared with a year earlier. Nationwide, [...]

Setting Up For Monday

This kind of report doesn’t bode well for influencing the stock market in a good way Monday.

Credit Crisis Expands, Hitting Wide Swath Of Consumers

The credit crisis triggered by bad home loans is spreading to other areas, forcing banks to tighten credit and probably extending the credit crisis that’s dragging down the economy well into next year, and perhaps beyond. That means consumers are going to have an increasingly difficult time getting bank loans for car purchases, credit cards, home equity credit lines, student loans and even commercial real estate, experts say. When financial analyst Meredith Whitney wrote [...]

Sunday Almost-Afternoon

Slow and lazy Sunday morning. The coffee was unusually decent. The air continually hot and muggy. It’s taken me 20 years, but I’ve finally discovered how to effectively utilize all of the ceiling fans in the house. The air conditioners seem to be running much less than usual, despite the 90 degree weather.

Now, if I could just do something about gas prices.

$4 A Gallon: National Gas Price Average Reaches Record

Drivers are paying an average of $4 for a gallon of gasoline for the first time. AAA and the Oil Price Information Service say the national average price for a gallon of regular gas rose to $4.005 overnight from $3.988. But consumers in many parts of the country have already [...]

McCain And The Bush Economy

Care to weed through the details? This makes my head hurt.

After biggest unemployment jump in 22 years, McCain vows more of the same

On the economic front, the news is “ugly.” The nation’s unemployment rate jumped to 5.5 percent in May — the biggest monthly rise since 1986 — as nervous employers cut 49,000 jobs. The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit [...]

Tough Talk

If I was a reporter for a Tribune paper, I’d be worried. VERY worried. I’ve never heard such tough talk about job cuts.

Tribune Planning Big Cuts: Fewer Papers, Firing Reporters

Tribune Company newspapers like The Los Angeles Times and The Chicago Tribune will quickly cut costs — by printing fewer papers and employing fewer journalists — top company executives said on Thursday. Samuel Zell, the chairman and chief executive of Tribune, and Randy Michaels, the company’s chief operating officer, revealed the cuts during [...]

Friday Follies For June 6

I have some running around to do today, so posts may be sparcer than they have for the first part of the week. I’m thinking about some options to move the blog to a platform that offers some more options, in terms of content and monetization. If you come here via www.dougkrile.com, you won’t miss a thing. At any rate, it’s not going to happen right away!

Today, it’s all about the economy. Unemployment rate is up. Stocks are down. Oil prices are up. It’s just downright depressing. But, the hits just keep on coming.

Banks now facing new real estate financial problems

Subprime loan defaults were bad enough, but now banks are dealing with fire sales to unload hundreds of millions and billions of dollars worth of loans to the real estate construction business. The bubble that Greenspan and the Republicans created has ravaged the system in countless ways that will not just go away. Remember, this is what [...]

Another Economic Hit

Guess where it comes from? The housing market. Just wave after wave of great news.

Equity in Americans’ homes falls to historic low (1945)

The equity Americans have in their most important asset – their homes – has dropped to its lowest level since the end of World War II. Homeowners’ portion of equity slipped to from a revised 47.5 percent in the previous quarter. That was the fifth quarter in a row below [...]

Energy Optimism

It’s tough to find much to be optimistic about. Here’s one tidbit. It’s still a couple of years down the road – probably even more for most auto makers – but it’s something to hold onto. Something to look forward to.

Tipping Point?

Four dollar a gallon gasoline has stimulated something that should have been done years ago – development of an alternative to the internal combustion engine. And for once it may be an American automaker that is leading [...]

Public Service Time

In the interest of helping save you some money, I’m really interested in this “hypermiling” thing.

Hypermiling: Getting “Regular” Cars Up To 70+ MPG

It’s really no surprise that the combination of various gas-saving techniques known collectively as ‘hypermiling’ are getting more attention these days with oil hitting record highs (though part of it is because of the weakness of the US dollar) [...]

Today’s Economic Note

Ugh. I hate to have to tell you, but it’s getting bad out there. REALLY bad. via Yahoo and AP.

Home Foreclosures Set Record in First Quarter

Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis’ mounting damage to homeowners and the economy. The latest snapshot of the mortgage market, released Thursday, showed that the proportion [...]

Sigh…

Another one. Is there CPR for an entire industry?

Continental Airlines to cut 3,000 jobs, capacity

Continental Airlines is cutting 3,000 jobs and reducing capacity in the fourth quarter by 11 percent, citing record fuel costs and an industry in “crisis.” Also, the company’s chief executive and president say [...]

It’s Getting Expensive

Look what’s happening to airline fares! Who’s going to pay these fares, other than business people who absolutely HAVE to get somewhere? Not yours truly, that’s for sure!

US carriers are doubling and tripling man of the cheapest non-stop fares in US

Any economists want to weigh in on whey we shouldn’t just let some of them go bankrupt? Doubling and tripling fares? And American, which I usually fly, charging $15 for the first bag (and more I believe for the second)? Thanks, since business travelers don’t [..]

Another Economic Casualty

Another day. Another airline bites the dust.

More Cuts as United Grounds Low-Cost Carrier

United will also retire aircraft and cut up to 1,100 more jobs, in an effort to lessen the impact of high fuel prices [...]

Oh, in case you forgot, it’s hitting at the individual level, too. Not just big business:

Economy and Money Top Causes of Stress for Americans

As talk of falling housing prices, rising consumer debt and declining retail sales bring up worries about the nation’s economic health, the American Psychological Association (APA) finds that many Americans are stressed and anxious about their financial future. An APA poll on the causes of stress reports that two-thirds (66 percent) of Americans identify [...]

The Economy

It’s doing just fine. Really. They keep telling us it is, so it must be!

R-I-G-H-T

Demand spikes at pet food banks, discount vets

Diana Bardsley wiped tears from her eyes as she recalled taking food off her plate to feed her beloved spaniel Hunter and two Siamese cats. Her greatest fear: that she could be forced to surrender the animals as she struggled to stretch her food stamps and Social Security [...]

Retirement?

What’s that?

US: Forced to put retirement on hold

Some 27% of American workers aged 45 and older are putting their retirement on hold, according to AARP survey. New York — The economic downturn is hitting middle-aged and older American workers hard, forcing more than one in four to postpone retirement, according to [...]

Your Tuesday Economic Lesson

It’s pretty simple: this is not good news for homeowners. More and more of us are going to find outselves upside-down with our loans.

Home prices continue sharp descent

Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. The median sales price fell to $196,300, down 4.8% compared with the last [...]

Another Edition: Friday Follies

In a world turned upside down by events and politics, you never know what you’re going to run into. If there’s one consistent thing, it’s the inconsistency of everything.  Who can explain the economy?  Who can explain the campaigns? The political shows on TV are filled with pundits who yell and scream over each other, trying to make their respective (and widely divergent) points.  I think they do provide a source of information.  But, there are (I’m sure) voters who decide who they support, based on some “talking point” shouted into a microphone by a pundit. 

Let’s agree, shall we, that the economy is pretty much tanking right now. I don’t care if employment was up a bit last month.  I don’t care if the jobless figures are holding steady.  People are losing their homes, they can’t keep up with their bills because expenses are going up way faster than paychecks and there’s no “quick fix” on the horizon.

Home prices to start three-year freefall?

There is a “substantial” risk that U.S. home prices will slide for the next three years or more, in a downturn that could be unlike anything seen before on a national level, Morgan Stanley said on Thursday in a report. Price levels of the RPX Index, a derivative index based on home prices in 25 U.S. metropolitan residential property markets, indicate an expectation that prices will decline for the next three years, with a recovery likely to [...]

Housing Update

So who’s the most disgruntled by George Bush’s new plan to address the subprime mortgage fiasco? Borrowers and consumer advocates, who say the plan is too stingy and shuts out low-income victims? Or careful consumers, who are [...]

Even more disheartening, this prediction that the Bush Administration’s little plan will help few and likely make the problem worse.  Yup. That’s right. So much for a bailout..

More on mortgage meltdowns

If you watched Fox and Friends this morning, you might be shaking your head, giving me a little “tsk tsk” for being so negative.  After all, THEY found the silver lining to all of this!

Putting a Happy Face on the Housing crash

Leave it to the cheery trio at FOX and Friends to find the silver lining in the current housing downturn this morning 12/7/07. They had to misrepresent a few facts but the message was clear: hang in there, it’ll all blow over soon. With Video [...]

Numbers Never Lie

But, they sure can change in a hurry.

Ho Ho Ho

Sure, the dollar is plummeting, the housing market is tanking, and the entire U.S. banking industry is all but insolvent. But at least wages and employment have gone up this year or so we thought until the [...]

Mind-Boggling

The numbers are beyond comprehension.  At least for me, they are.  And they are more frightening than anything that’s ever come out of Hollywood.

National Debt Grows $1 Million a Minute

The Associated Press reports: “like a ticking time bomb, the national debt is an explosion waiting to happen. It’s expanding by about $1.4 billion a day – or nearly $1 million a minute. What’s that mean to you? It means almost $30,000 in debt for [...]