The New Poor - Despite Signs of Recovery, Long-Term Unemployment. Elizabeth Warren: America Without a Middle Class. Can you imagine an America without a strong middle class? If you can, would it still be America as we know it? Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can't make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. Families have survived the ups and downs of economic booms and busts for a long time, but the fall-behind during the busts has gotten worse while the surge-ahead during the booms has stalled out. The crisis facing the middle class started more than a generation ago. But core expenses kept going up. To cope, millions of families put a second parent into the workforce. Through it all, families never asked for a handout from anyone, especially Washington.
The contrast with the big banks could not be sharper. And when various forms of this creative banking triggered economic crisis, the banks went to Washington for a handout. Chapter 1. Americans in the Poor House “…the borrower is a slave to the lender” (Matthew 6:12) “If we’ve arrived at a stage where the write-offs of our worth, the fabric of our economic system, and of moral-equity have come to pass, then it’s not possible to arrive here without a subversion of principles and ideals that have served the citizens of the United States for almost two centuries….” Read More… As you should be versed by now, WOAA will be “crowd-sourced,” and not the result of just one person’s thinking.
You – yes, you – are invited to go beyond being the “consumer” of these words to share the role of “producer” of these words. A number of you have been questioning me about that “Crowd-Sourcing” process that I keep mentioning. A lot of thought has been put into this. What follows is a brief explanation and prod for you to do your own homework on this wonderful tool (Crowdsourcing) which both respects the individual’s unique contributions while celebrating the group’s “wisdom.” 1. 2. 3. 4. Big Money: Debunking the myth of the 'sophisticated investo. As part of their defense in a messy SEC investigation, Goldman Sachs and investor John Paulson have trotted out a classic Wall Street defense: Their customers were "sophisticated investors.
" So buyers, beware -- this is just how the big boys roll. It's a high-stakes game for experienced players; they all know the real rules; the public shouldn't care. Don't fret over the higher workings of the princes of finance, because it's not as though Mom and Pop lost money in their deals. Goldman's Fabrice Tourre told the Senate on Monday: "I was an intermediary between highly sophisticated professional investors -- all of which were institutions.
None of my clients were individual, retail investors. " Wall Street loves the "sophisticated investors" argument, and little wonder: It could generate infinite financial fees if only the populace could be convinced that it's okay to fool some of the people all of the time. Let's examine what happened with Goldman and Paulson.
Telling the whole story. U.S. Chamber Magazine | Business News, Commentary, Opinion, How- You Don't Have to Take Our Word For It. Take a look at what independent economists and economic observers from across the political spectrum have had to say about the success of the Recovery Act on its one-year anniversary: Stuart Hoffman, chief economist at PNC Bank: "The stimulus worked," said Stuart Hoffman, chief economist at PNC Bank. Without it, "the unemployment rate would probably be closer to 11 percent" and the economy might not have grown at all last year.” [ABC News, 2/18/10] Economist Stephen Herzenberg: “Cut through all the numbers, though, and this is what you find: The American Recovery and Reinvestment Act saved us from plunging into a second Great Depression… The Recovery Act brought the economy back from the brink.
And these figures probably underestimate its impact, because they don't take market psychology into account. OMB Watch: “[T]he one thing that cannot be denied is that the Act has substantially advanced the cause of fiscal transparency. Michael Graetz, a former George H.W. Middle Class Task Force Blog. Vice President Biden Speaks To Seniors About Retirement SecurityPosted by Brian Levine on July 16, 2012 at 6:52 PM EDT Vice President Joe Biden delivers remarks at a White House Community Leaders briefing on Seniors Issues, in the South Court Auditorium at the White House, July 16, 2012.
(Official White House Photo by David Lienemann) Today, the Vice President spoke to more than 100 community leaders from across the country representing over 60 seniors groups that are part of the Leadership Council of Aging Organizations. He told the audience that when it comes to Social Security and Medicare, “the question is what are we going to do to strengthen and sustain these programs now and for the future.” In contrast, Congressional Republicans are trying to weaken or dismantle these programs. Last year, Congressman Paul Ryan proposed to end traditional Medicare. Stimulus Spending, Breakdown by States - The Wall Street Journal.
US jobless numbers hide scale of problem. Te Ramos is a 60-year-old former construction worker who is now dependent on free food pantries and a soup kitchen. The headline number only reveals a small part of the problem. An official US unemployment rate that hit 10% last year, and seems set to stay there or thereabouts for months yet, already makes grim reading. Yet there's growing concern that even that large and unpleasant number doesn't do justice to the size and severity of America's problem with jobs, or the lack thereof. Dig beneath the headline figure on each monthly jobs report and there are now plenty of other horrors to be found. Take the problem of long-term unemployment. They now make up roughly 40% of all unemployed. Real deprivation As America's politicians and media have tried to grasp the full extent of the country's economic problems, they have inevitably looked for comparisons with previous periods of recession and slow growth. Unemployment is always nasty.
Bigger number Crisis. Portal:Real Economy Project. Having Problems with Your Bank or Mortgage? Time to Talk to the Consumer Financial Protection BureauJanuary 9, 2013 The Consumer Financial Protection Bureau (CFPB) was created by the 2010 Dodd-Frank Wall Street reform bill to look out for the financial interests of ordinary Americans and give consumers clear information about financial products like mortgages, credit cards and credit reports.
The CFPB website is a good place to learn about consumer financial products, your rights as a consumer, and to file a complaint about a financial institution or product. The CFPB began taking consumer complaints about credit cards on July 2011; it began handling [https:/help.consumerfinance.gov/app/mortgage/ask mortgage complaints] on December 2011; and it began accepting complaints about bank products and services, private student loans, and other consumer loans on March 2012. Throughout 2013, the CFPB expects to handle consumer complaints on all products and services under its authority. Op-Ed Columnist - Start-Ups, Not Bailouts. Innovation Economics | Innovation Economy | The Innovation Bank. The Coming Talent War: Young, Global, Diverse. The Bureau of Labor Statistics recently published its Occupational Outlook for 2018 (the next 10 years) and it is well worth reading.
This data, coupled with a number of meetings I"ve had recently with HR and L&D executives, clearly tells me that we are about to re-enter a new "war for talent. " This phrase has been thrown around for years, so many of us have become somewhat dulled to the concept. But this time I think it warrants serious consideration for any HR or L&D leader. I will be presenting some new thoughts on this subject in my IMPACT 2010® keynote in April, but meanwhile here are some things to think about. Age: In the next ten years the US workforce is going to decline in size (relative to the population) and greatly age. Lockheed Martin, for example, expects to need 250,000 more technical professionals over this period of time. Diversity: I live in Oakland, California so I am very aware of the diversity of our future workforce.
Under and Un-skilled: A New Set of Challenges. United States - IPO Readiness Center. Select IPOs (noted in the thousands) Envivio, Inc.: $69,795Goldman, Sachs & Co, Deutsche Bank Securities, Stifel Nicolaus Weisel, William Blair & CompanyGSE Holding, Inc.: $63,000William Blair &Company, Oppenheimer and Co. and FBR SANCHEZ ENERGY CORPORATION: $220,000Johnson Rice & Company L.L.C. and Macquarie CapitalCHEFS WAREHOUSE, INC.: $155,000Jefferies, BMO, Wells Fargo, Canaccord OILTANKING PARTNERS, LP: $247,500Citi, Barclays Capital, J.P.
Morgan, Morgan Stanley TANGOE: $88,000Deutsche Bank and Stifel Nicolaus Weisel Going public can be critical to your success, yet getting there can be a daunting process. Because preparation is the key to a successful IPO, we created the IPO Readiness Center to bring to bear key tools and resources to help you navigate and weigh the significant factors in your going public decision. BDO is proud to have helped numerous companies go public, from the initial planning stage through the final filing of the registration statement. Thought Leadership. Big Banks Begin Effort to Improve Image, Set `Record Straight’ - A_New_Decade_New_Primer.pdf (application/pdf Object) Morgan Stanley - Global Economic Forum. Top Economic Reports March 05, 2014 By The Global Economics Team | Asia Pacific Economics: Asia Insight: Asia’s Debt Indulgence: AXJ’s leverage levels have picked up sharply over the past six years...
Leverage in AXJ is relatively over-extended when evaluated in the context of the region’s per capita incomes. Chetan K Ahya US Economics: Making Cents: A Minimum Wage Brief: As the debate over the minimum wage drags on in DC, we outline the key economic issues at play. Sunday Start: What Next in the Global Economy (February 23, 2014): While each EM economy is different, South Africa shares some common features with other members of what we call the ‘double deficit club’, which also includes Brazil, Turkey, India, Indonesia and Ukraine.
US Economics: Business Conditions: Weathered by Winter: The February MSBCI fell 9 points to 43% as severe winter weather weighs on growth expectations. Important Disclosure Information at the end of this Forum Disclosure Section Important Disclosures. Inside The Collapse, Part 1 - 60 Minutes. YourEconomy.org. Rf.v2009.n5.7 (application/pdf Object) Online Talent Report. Nearly 3000 Small Banks Could Be Forced To Curtail Lending. (FNM) Number of Homeowners Underwater Continues to Rise | Stock. First American Core logic just released its report on the number of homeowners who are underwater on their mortgages. The storm waters continue to rise. In all, more than 11.3 million, or 24 percent, of all residential properties with mortgages, were underwater at the end of the fourth quarter of 2009, up from 10.7 million or 23 percent at the end of the third quarter of 2009.
An additional 2.3 million mortgages were approaching negative equity at the end of last year, meaning they had less than five percent equity. Thus even though the Case Schiller indexes have been showing a slight rise in housing prices during the fourth quarter, an additional 600,000 homeowners slipped below the waves during the quarter. “Among the top five states, the average negative equity share was 42 percent, compared to 15 percent for the remaining 45 states. “The aggregate dollar value of negative equity was $801 billion, up $55 billion from $746 billion in Q3 2009. Zacks Investment Research Comments.
Help Main Street: Prevent another crisis - Other Views - NewsObs. RALEIGH — Everyone in Washington professes to be looking out for Main Street these days. But the small business owners who create most of the jobs in America don't feel much love emanating from our nation's capital. I have advised small business owners for 25 years. As a former U.S. Treasury official, my clients don't hesitate to share their views with me. I do not hear Main Street clamoring for stimulus dollars. Nor do I hear anyone promising to hire more workers just because Washington is offering them a tax incentive. Rather, Main Street business owners simply want an opportunity to succeed without undue interference from Washington. The Senate and House are both tinkering with legislation that touches on a few constructive reforms, but Congress is so busy bickering over whether we need a new bureaucracy to protect consumers, it can't make any headway on real market reform.
The causes of the financial crisis are no mystery. Regulators were asleep at the wheel The list could go on. The Big Picture » Blog Archive » Employment Chart Roundup. Here are 10 of the most informative charts I’ve seen regarding Friday’s NFP: >Click for bigger (and in some cases, ginormous) charts No Job Gains for a Decade Bianco Research Percentage Job Loss form Recession Start Chart of the Day Cumulative Job Losses Unemployment Rate — Recessionary Peaks The Chart Store Job Losses 3 Month Moving Average Economix U3, U6 Unemployment Rates Econompicdata Temporary Help Situation Bruce Steinberg Using Unemployment Levels to Date Recessions Job Losses in Manufacturing Months to Recover Job Losses, Post WW2 Recessions CalculatedRisk Category: Data Analysis, Employment.
Three To-Do's (And To-Don'ts) of 21st Century Strategy. By Umair Haque | 1:39 PM January 25, 2010 Welcome, finally, to…today. The 20th century ended a decade ago, but the 21st century never began: the noughties were a lost decade, where jobs weren’t created, innovation became unnovation, and prosperity itself failed. 2010 is the real first year of the 21st century. And it’s going to be a year of conflict between the leaders of the old, fraying institutions of the 20th century, and the builders revolutionizing those institutions in the 21st.
Six soft “wars” will define 2010 — and beyond. Here are the three wars no organization should fight any longer. The war on the American Dream. The war on the natural world. The war on people. Here, in contrast, are the three wars every organization must learn to fight. The war on poverty. The war on consumption. The war on yourself. In the final analysis, here’s the score.
Asking whether we’re “in the recovery” is the wrong question. Welcome to the struggle for tomorrow. Global Design And Business. Interview with Richard Posner: Rational Irrationality : The New. This is the first in a series of interviews with Chicago School economists. Read “After the Blowup,” John Cassidy’s story on Chicago economists and the financial crisis.
(Subscribers only.) I spoke to Posner in his chambers at the Federal courthouse in downtown Chicago, where he sits on the United States Court of Appeals for the Seventh Circuit. I began by telling him that I was researching an article about how the financial crisis had affected Chicago economics, and, indeed, economics as a whole. At this distance from the financial blow up, what was the nature of the intellectual challenge it presented? I think the challenge is to the economics profession as a whole, but to Chicago most of all. Has there been much self-analysis, or critical reassessment of long held positions, here in Chicago? I don’t think so. What about your critique of some aspects of Chicago economics, which you detailed in your recent book, “A Failure of Capitalism?” That was a dangerous combination. Yes.
No. Yes. No. Charles Hugh Smith. Thoughts from the Frontline. Small Business Economic Indicators. Small business lending drops $1 billion in October - Dec. 16, 20. Special Report: Federal Economic Stimulus -- Government Computer. Morals, Markets, and the Pope — The American, A Magazine of Idea. Global Business School Network Online | GBSN | Education | Devel.
Introduction: The Shift Index 2009: Industry Metrics and Perspec. Executive Guidance for 2010 | Corporate Executive Board. The Big Picture.