The December to January unemployment statistics are often reported wrong in the press. We're sorry, god love ya, but these articles are plain incorrect. People like to compare the month to month change in population, the number of people no longer considered part of the labor force and other data.
Even the prospect of unsustainable deficits has costs, including an increased possibility of a sudden fiscal crisis. As we have seen in a number of countries recently, interest rates can soar quickly if investors lose confidence in the ability of a government to manage its fiscal policy. Although historical experience and economic theory do not indicate the exact threshold at which the perceived risks associated with the U.S. public debt would increase markedly, we can be sure that, without corrective action, our fiscal trajectory will move the nation ever closer to that point.
Greece? Really? Business Insider calls this plain annoying. The comparison is the wrong country. America really looks like Japan. The dire warning the United States could become like Greece is really about health care costs. Federal outlays for health care are already 5% of GDP and we have apocolyptic projections for meteoric health care costs increases. Here's Bernanke on those:
Brought to you by the Republican primary -It's not that they say things no one in their right mind would believe. It's the fact people actually vote for them for it.
Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the economic funnies.
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Tin climbed the most in almost four months in London as prospects of low U.S. interest rates at least until 2014 boosted speculation of increased demand for the metal used in mobile phones, plasma screens and cars.
There was a one two three punch by the Federal Reserve. First the FOMC announced uber-low interest rates until 2014.
The Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
We've heard many a great speech from President Obama before. Last night's State of the Union was no exception. Here at The Economic Populist we say show me the money. We've heard soaring rhetoric from President Obama too many times, yet behind the words, deeds are either opposite or M.I.A.
Still, Obama gave a lot of lip service to U.S. manufacturing and jobs. To even get U.S. manufacturing on the national policy radar is a feat in and of itself. The actual SOTU transcript is on the White House site with a flurry of videos, social media and round tables to boot. Can't say this administration suffers from a lack of word generation!
That said, we all take President Obama at this point with a strong grain of salt. We've been so disappointed already.
Economic Policy Institute Economist Robert Scott noted China's currency manipulation was sorely absent from SOTU. Yet also noted the administration's hands are often tied by Congress:
Kudos to him for continuing to highlight this important issue, but he failed to mention the main cause of our manufacturing woes in the first place: currency manipulation.
The New York Times has a lengthy article, How the U.S. Lost Out on iPhone Work and implies, we, Americans, just can't compete and we should just lay down and die when it comes to advanced manufacturing. Good God, what a sad state of affairs.
In early 2011, President Obama asked what would it take to make the iPhone in the United States instead of China and late Steve Jobs replied:
Those jobs aren’t coming back.
On really? Isn't that the classic CEO speak to get off my case and haven't we heard that one before? Instead of cheap labor being the reason corporations move to China, we have growing, much more sinister, motivations.
It isn’t just that workers are cheaper abroad. Rather, Apple’s executives believe the vast scale of overseas factories as well as the flexibility, diligence and industrial skills of foreign workers have so outpaced their American counterparts that “Made in the U.S.A.” is no longer a viable option for most Apple products.
We all know there is no justice when it comes to criminal and even civil prosecutions for the financial crisis. We all know there is no justice when it comes to foreclosures. Are you aware the Obama administration is about to let the banks once again off the hook?
Maybe this has something to do with it. Reuters gives us just a little insight as to why their have been no criminal prosecutions of banks and civil penalties have been slaps on the wrist.
U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department's criminal division, were partners for years at a Washington law firm that represented a Who's Who of big banks and other companies at the center of alleged foreclosure fraud.
Great, so the highest prosecutor in the land had the Banksters as clients for years.
Holder and Breuer were partners at Covington, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co - as well as at least one other bank that is among the 10 largest mortgage servicers.
Reuters is really piecing together the implications with this paragraph. Wow!
Today Federal Reserve Chair Ben Bernanke 
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.
We've heard many a great speech from President Obama before. Last night's State of the Union was no exception. Here at 
The New York Times has a lengthy article, 
We all know there is 
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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