The ringmasters of Obama’s economic policy must go. Obama is becoming another Hoover, incapable of turning from the advice of the money masters, writes David Hirst.
US economy
Black hole sun not shining on housing, US recovery
The black hole that is the US housing crisis continues to widen, sucking in more and more American homeowners and making a mockery of the confident assertions of politicians, policymakers and the stockmarket that the worst is over.
Goldman starts grovelling
Goldman Sachs is attempting to make-over its greedy image by apologising for that little Global Financial Crisis incident and spending $500 million to help small businesses recover from the recession.
US public debt ticks over to $12 trillion
While America was having last weekend off, the country’s public debt ticked over the impossible to comprehend figure of $US12 trillion — over 80% of the country’s annual GDP.
How Australia’s economy is kicking America’s arse
Australia’s natural resources, healthy banking sector and equity culture has seen the country virtually skip out on recession while the US struggles to keep its head above water. Elliot Gue casts a jealous eye over Australia’s recent economic performance.
49 million Americans go hungry
A new report from the US Department of Agriculture has found that one in six Americans went hungry last year — the highest number on record — as the country’s recession took its toll.
Forty-nine million Americans go hungry
For all the talk of a recovery in the US economy, a grim reality has been outlined in Washington for all the world to see: America can’t feed all its 303 million people, with one in seven going short at some stage in a week.
US finance sector’s sick reality
In the past month, 24 US banks have failed, two big finance companies have gone into bankruptcy, followed by a small credit card provider. But American investors don’t care; they know if the banks are small enough, the regulators will clean up.
Wal-Mart’s failure is the US writ large
However Wal-Mart’s sales grow, so grows the US economy — and in the past two quarters it’s been a miserable story from the retailer: some store sales have sunk, as overall retail sales have drifted lower.
Goldman doing “God’s work”; in kitten shame
Goldman Sachs’ antics continue to give Wall Street a bad name, writes David Hirst: publishing an upbeat report on real estate investment trusts while small town and Main Street America stagger to a forlorn future.
US Fed bosses: record-low rates to stay for a while
In the US, four Federal Reserve board members have tried to explain to Americans that while the economy is definitely recovering, it’s not really doing so in the conventional sense.
Why increased worker productivity is bad for the economy
Worker productivity in the US has jumped dramatically by 9.5% in the last quarter. Employees working harder for less hours, just what the boss wants in a recession, right? Except, morale is down, productivity isn’t sustainable and workers are simply covering their colleagues who’ve been fired.
Political economy: US Fed says we’re saved
The US Fed says economic activity has picked up… but household spending is sluggish, interest rates will remain the same, and the economy is still shedding jobs. No surprises here, says Henry Thornton.
Dowd: Rush Limbaugh is immature and narcissistic
Shock jock Rush Limbaugh is one of the key media mouths of the Republican Party and he loves to insult at Obama. Too bad he forgets the actions of his good mate Dubya, because it wasn’t Obama who stuffed the economy or brought about the war in Iraq, notes Maureen Dowd.
All-American hero Buffett has a $26.6b rails bet
Warren Buffett has revealed a deal that defines his optimism in America’s future, spending $26.6b to buy out America’s second biggest railroad.
An inconvenient truth sobers thinking on weak state of US banking
Markets are not known for their consistency. Last night, the US market went up 148 points very quickly, then slid back into the red, only to close up 76 points.
Fed’s Thursday statement the key to US concerns
Forrget China, South Korea, and even Japan: when it comes to confidence in the global financial system, the world remains firmly coupled to the US.
Political snippets: The Barossa’s approach to a crushing problem
The beleaguered Australian wine industry gets some relief with the news that the crush during this year’s vintage was 5% less than in 2008, a cautionary tale from Paul Krugman, and why we’re still not “closing the gap”.
US rebound overshadowed by Costco’s food stamps move
So the American recession is over: go tell it to the eight million or more people who have lost their jobs and remain unemployed, the tens of millions more working shorter hours for lower wages, or the 35 million or so on food aid.
US pulls itself out of recession, but hold the champagne
US government figures show a growth rate of 3.5% in the third quarter, indicating that the debilitating US recession is no more. Too bad consumer confidence is down and so is faith in Obama’s ability to handle the economy.
Green shoots scepticism in the land of the greenback
Slowly some healthy scepticism about the strength of those worldwide green shoots is emerging in financial markets, but it’s nothing dramatic yet. The Aussie dollar fell slightly against the US dollar and Norway lifted interest rates.
American consumers give up, go home
The unhealthy position of the big market rally has been exposed for the high-wire act it is by a sharp fall in American consumer confidence, to 47.7 in October.
US economy flirting with the repo men
The overnight repo market holds the key to Wall Street’s bubble-driven economy. The crazy days of 2008 have now been laid bare, writes Julian Gillespie.
Roubini: The next big crash is already underway
The global economy may appear to be in recovery, but people are borrowing at negative interest rates and investing in risky assets like commodities, equities and credit. We’re creating an even bigger bubble than before, says Nouriel Roubini.
