Oldcoin
Member
Man I hope these guys aren’t putting us into a stagflation situation like we had in the 70's.
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Economic News
- Thread starter Spaf
- Start date
Man I hope these guys aren’t putting us into a stagflation situation like we had in the 70's.
Our stock markets are technically "damaged goods" for the time being. The Fed is no Superman, and the "R" train won't be stopped with interest rate cuts. I'm afraid this thing is just getting started, and we'll all witness some disturbing history coming our way. JMO. I'm worried. :worried:
US home loan demand rises to highest since '04
U.S. mortgage applications rose last week to the highest level in nearly four years, fueled by demand for home purchase loans as interest rates hovered near recent lows.
http://www.reuters.com/finance/markets/economy
U.S. mortgage applications rose last week to the highest level in nearly four years, fueled by demand for home purchase loans as interest rates hovered near recent lows.
http://www.reuters.com/finance/markets/economy
Republicans join to block stimulus bill
The fate of $600-$1,200 rebate checks for more than 100 million Americans is in limbo after Senate Republicans blocked a bid by Democrats to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package.
http://news.yahoo.com/s/ap/20080207/ap_on_re_us/economy_stimulus_22
The fate of $600-$1,200 rebate checks for more than 100 million Americans is in limbo after Senate Republicans blocked a bid by Democrats to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package.
http://news.yahoo.com/s/ap/20080207/ap_on_re_us/economy_stimulus_22
Silverbird
Well-known member
I'd rather them not pass anything rather than this joke amount per household that just raises the deficit.:nuts: Keep arguing, Congress, doing good! Of course the President will blame it on Congress, but he's already said in his State of the Union anything that went bad is Congress' fault. The current Congress's fault, specifically, even if they weren't in power yet, since they are Congress.
Data suggest economy stagnating
The housing market has still not reached bottom, the number of workers drawing jobless benefits has hit a 2-1/4-year high and consumers are tightening their purse strings, suggesting the economy may have screeched to a halt. Pending sales of previously owned homes fell by 1.5 percent in December and were off a sharp 24 percent from a year ago. Separately, the Labor Department said new claims for unemployment aid edged down from a two-year high last week but the number of workers remaining on the benefit rolls has reached a level not seen since October 2005 in the aftermath of Hurricane Katrina. On the retail front, a spate of reports from key chain stores like Wal-Mart Stores Inc and Target Corp showed consumers have pulled back on spending. Sales in January were below expectations.
http://news.yahoo.com/s/nm/20080207/bs_nm/usa_retailsales_dc_8;_ylt=AnnsA0mQ7KVro9MZb4w7GP4E1vAI
The housing market has still not reached bottom, the number of workers drawing jobless benefits has hit a 2-1/4-year high and consumers are tightening their purse strings, suggesting the economy may have screeched to a halt. Pending sales of previously owned homes fell by 1.5 percent in December and were off a sharp 24 percent from a year ago. Separately, the Labor Department said new claims for unemployment aid edged down from a two-year high last week but the number of workers remaining on the benefit rolls has reached a level not seen since October 2005 in the aftermath of Hurricane Katrina. On the retail front, a spate of reports from key chain stores like Wal-Mart Stores Inc and Target Corp showed consumers have pulled back on spending. Sales in January were below expectations.
http://news.yahoo.com/s/nm/20080207/bs_nm/usa_retailsales_dc_8;_ylt=AnnsA0mQ7KVro9MZb4w7GP4E1vAI
Silverbird
Well-known member
Senate breaks stimulus stalemate
By ANDREW TAYLOR and JULIE HIRSCHFELD DAVIS, Associated Press Writers 13 minutes ago
WASHINGTON - Senate Republicans and Democrats agreed Thursday to add rebates for 20 million seniors and 250,000 disabled veterans to a House-passed economic aid package, ending a partisan stalemate over the plan
http://news.yahoo.com/s/ap/20080207...stimulus_53;_ylt=Aq6af7YQSmd_X_YnmsuLY.Gb.HQA
By ANDREW TAYLOR and JULIE HIRSCHFELD DAVIS, Associated Press Writers 13 minutes ago
WASHINGTON - Senate Republicans and Democrats agreed Thursday to add rebates for 20 million seniors and 250,000 disabled veterans to a House-passed economic aid package, ending a partisan stalemate over the plan
http://news.yahoo.com/s/ap/20080207...stimulus_53;_ylt=Aq6af7YQSmd_X_YnmsuLY.Gb.HQA
Silverbird
Well-known member
Indeed he did, in his State of the Union, he wants the bill exactly as he stated and nothing else. So don't spend that check yet...
Stores Post Disappointing January Sales
Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items -- pasta sauce, diapers, laundry detergent -- instead of iPods or DVDs. Merchants had hoped shoppers armed with gift cards would provide a lift after a dismal holiday shopping season -- partly because shoppers tend to spend even more than the value of the card. But that didn't seem to happen last month, and retailers are feeling the pain.
http://biz.yahoo.com/ap/080207/retail_sales.html
Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items -- pasta sauce, diapers, laundry detergent -- instead of iPods or DVDs. Merchants had hoped shoppers armed with gift cards would provide a lift after a dismal holiday shopping season -- partly because shoppers tend to spend even more than the value of the card. But that didn't seem to happen last month, and retailers are feeling the pain.
http://biz.yahoo.com/ap/080207/retail_sales.html
Jobless Claims Decline
The number of newly laid off workers filing applications for unemployment benefits dropped last week, but not enough to indicate that strains on the labor market are easing. The Labor Department reported 356,000 claims for jobless benefits were filed last week, a decline of 22,000 from the previous week. The decline only erased a part of the huge jump of 72,000 in claims of the previous week.
http://biz.yahoo.com/ap/080207/economy.html
The number of newly laid off workers filing applications for unemployment benefits dropped last week, but not enough to indicate that strains on the labor market are easing. The Labor Department reported 356,000 claims for jobless benefits were filed last week, a decline of 22,000 from the previous week. The decline only erased a part of the huge jump of 72,000 in claims of the previous week.
http://biz.yahoo.com/ap/080207/economy.html
Consumer Credit Growth Slows
Consumers increased their borrowing in December at the slowest pace in eight months, additional evidence that economic activity was slowing significantly at the end of last year. For all of 2007, consumer credit rose at the fastest clip in three years. The Federal Reserve reported consumer borrowing rose at an annual rate of 2.1 percent in December, a sharp slowdown from an 8.2 percent jump in November. It was the weakest showing since credit had increased just 1.6 percent in April. The gain was about half of what economists had been expecting.
http://biz.yahoo.com/ap/080207/consumer_credit.html
Consumers increased their borrowing in December at the slowest pace in eight months, additional evidence that economic activity was slowing significantly at the end of last year. For all of 2007, consumer credit rose at the fastest clip in three years. The Federal Reserve reported consumer borrowing rose at an annual rate of 2.1 percent in December, a sharp slowdown from an 8.2 percent jump in November. It was the weakest showing since credit had increased just 1.6 percent in April. The gain was about half of what economists had been expecting.
http://biz.yahoo.com/ap/080207/consumer_credit.html
Whose assessment do you trust?
Recession to be longer than usual: UMich - The U.S. economy has entered a recession that will be more painful and drawn out than the usual downturn, the director of the Reuters/University of Michigan consumer sentiment survey said on Friday. With Americans getting hit with everything from a housing downturn to excess borrowing, things will get worse before they get better. "Consumers must take more drastic steps to stabilize their finances in the midst of high fuel and food prices, stagnant incomes, and record debt," Curtin said.
http://news.yahoo.com/s/nm/20080208...ession_dc_2;_ylt=AlL3T6.M58fM9N05jhPSYv_qxQcB
-OR-
Fed official: Economy weak, but no recession - The United States will not get out of its economic slump any time soon, but might be able to avoid a recession, according to the head of the San Francisco Federal Reserve. Consumer spending will fall even further, the regional Fed president Janet Yellen warned, as a continued decline in home prices reduces homeowners' wealth. She expects more delinquencies on consumer loans, and said continued volatility in the financial markets will also hamper Americans' willingness to spend.
http://money.cnn.com/2008/02/08/new...h/index.htm?postversion=2008020809&eref=yahoo
Recession to be longer than usual: UMich - The U.S. economy has entered a recession that will be more painful and drawn out than the usual downturn, the director of the Reuters/University of Michigan consumer sentiment survey said on Friday. With Americans getting hit with everything from a housing downturn to excess borrowing, things will get worse before they get better. "Consumers must take more drastic steps to stabilize their finances in the midst of high fuel and food prices, stagnant incomes, and record debt," Curtin said.
http://news.yahoo.com/s/nm/20080208...ession_dc_2;_ylt=AlL3T6.M58fM9N05jhPSYv_qxQcB
-OR-
Fed official: Economy weak, but no recession - The United States will not get out of its economic slump any time soon, but might be able to avoid a recession, according to the head of the San Francisco Federal Reserve. Consumer spending will fall even further, the regional Fed president Janet Yellen warned, as a continued decline in home prices reduces homeowners' wealth. She expects more delinquencies on consumer loans, and said continued volatility in the financial markets will also hamper Americans' willingness to spend.
http://money.cnn.com/2008/02/08/new...h/index.htm?postversion=2008020809&eref=yahoo
G7 leaders vow cooperation as global econ worries rise
Finance leaders from the world's richest nations pledged on Saturday to work together to stabilize world financial markets shaken by the U.S. housing debacle that is puncturing global economic growth. The Group of Seven finance ministers and central bank chiefs took on a somewhat more conciliatory tone than they had in the days leading up to the meetings, acknowledging that they all had a vested interest in shoring up the global financial system. U.S. Treasury Secretary Henry Paulson struck the same theme, urging banks to take losses and raise capital quickly to stave off a credit crunch.
Pledges to work together to restore the financial system to health contrasted with divisions over fiscal and monetary policy ahead of the G7. Before Saturday's meetings, many in Europe had privately expressed alarm over the U.S. Federal Reserve's aggressive interest rate-cutting stance after it slashed 1.25 percentage points off of the benchmark federal funds rate in less than 10 days in January. The monetary easing along with a $152 billion U.S. fiscal stimulus package threatened to open a rift between the United States and its allies over how to prevent the credit crisis from pushing the world into a downturn. But tensions eased after the European Central Bank stressed the risk to euro zone economic growth, alongside its long-held worry about inflation, that sent a signal that the ECB may soon join the Fed, Bank of England and Bank of Canada in cutting rates. European leaders were particularly concerned about the strength of the euro currency, which has soared against the dollar since the Fed began its cutting rates in September. However, the currency retreated after the ECB's change of heart.
Many U.S. economists, including former Fed Chairman Alan Greenspan, believe the U.S. economy is already in or near a recession. Paulson has insisted that while U.S. growth will slow, a severe downturn is unlikely.
http://news.yahoo.com/s/nm/20080209/bs_nm/g7_dc_2;_ylt=AkAMMbTNswy6la2dMoK7d2kE1vAI
Finance leaders from the world's richest nations pledged on Saturday to work together to stabilize world financial markets shaken by the U.S. housing debacle that is puncturing global economic growth. The Group of Seven finance ministers and central bank chiefs took on a somewhat more conciliatory tone than they had in the days leading up to the meetings, acknowledging that they all had a vested interest in shoring up the global financial system. U.S. Treasury Secretary Henry Paulson struck the same theme, urging banks to take losses and raise capital quickly to stave off a credit crunch.
Pledges to work together to restore the financial system to health contrasted with divisions over fiscal and monetary policy ahead of the G7. Before Saturday's meetings, many in Europe had privately expressed alarm over the U.S. Federal Reserve's aggressive interest rate-cutting stance after it slashed 1.25 percentage points off of the benchmark federal funds rate in less than 10 days in January. The monetary easing along with a $152 billion U.S. fiscal stimulus package threatened to open a rift between the United States and its allies over how to prevent the credit crisis from pushing the world into a downturn. But tensions eased after the European Central Bank stressed the risk to euro zone economic growth, alongside its long-held worry about inflation, that sent a signal that the ECB may soon join the Fed, Bank of England and Bank of Canada in cutting rates. European leaders were particularly concerned about the strength of the euro currency, which has soared against the dollar since the Fed began its cutting rates in September. However, the currency retreated after the ECB's change of heart.
Many U.S. economists, including former Fed Chairman Alan Greenspan, believe the U.S. economy is already in or near a recession. Paulson has insisted that while U.S. growth will slow, a severe downturn is unlikely.
http://news.yahoo.com/s/nm/20080209/bs_nm/g7_dc_2;_ylt=AkAMMbTNswy6la2dMoK7d2kE1vAI
Oldcoin
Member
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6z4mJYoPGN8&refer=home
G-7 Says Global Growth May Weaken, Market Turmoil to Persist
By John Fraher and Theophilos Argitis
Feb. 10 (Bloomberg) -- Group of Seven policy makers said the U.S. economy may slow further, eroding global growth, and officials forecast more financial-market turmoil.
``Downside risks still persist, which include further deterioration of the U.S. residential housing markets'' and tighter credit conditions, G-7 finance ministers and central bankers said in a statement in Tokyo yesterday. U.S. Treasury Secretary Henry Paulson said ``we should expect continued volatility'' in markets as risk is repriced.
The G-7 is trying to limit the damage from a housing slump that has pushed the U.S. to the brink of a recession and may consign the world economy to its worst year since 2003. While the statement didn't propose specific measures, European Central Bank President Jean-Claude Trichet said officials will do what's necessary to counter a ``significant market correction.''
``The problems are going right through all parts of the financial markets and there's not much the G-7 can do about this,'' said Gilles Moec, an economist at Bank of America Corp. in London. ``There's a danger that the downturn will become a self-fulfilling prophecy.''
G-7 Says Global Growth May Weaken, Market Turmoil to Persist
By John Fraher and Theophilos Argitis
Feb. 10 (Bloomberg) -- Group of Seven policy makers said the U.S. economy may slow further, eroding global growth, and officials forecast more financial-market turmoil.
``Downside risks still persist, which include further deterioration of the U.S. residential housing markets'' and tighter credit conditions, G-7 finance ministers and central bankers said in a statement in Tokyo yesterday. U.S. Treasury Secretary Henry Paulson said ``we should expect continued volatility'' in markets as risk is repriced.
The G-7 is trying to limit the damage from a housing slump that has pushed the U.S. to the brink of a recession and may consign the world economy to its worst year since 2003. While the statement didn't propose specific measures, European Central Bank President Jean-Claude Trichet said officials will do what's necessary to counter a ``significant market correction.''
``The problems are going right through all parts of the financial markets and there's not much the G-7 can do about this,'' said Gilles Moec, an economist at Bank of America Corp. in London. ``There's a danger that the downturn will become a self-fulfilling prophecy.''
Oldcoin
Member
Carney Signals Bank of Canada to Lower Interest Rates (Update1)
By Theophilos Argitis and Greg Quinn
Feb. 10 (Bloomberg) -- Bank of Canada Governor Mark Carney, in his first month on the job, signaled policy makers will cut interest rates in the months ahead to stoke growth in an economy slowed by weak export demand from the U.S.
``The timing and degree of that stimulus will be determined at future fixed announcement dates,'' Carney said yesterday in Tokyo, where he was attending a meeting of finance ministers and central bankers from the Group of Seven nations. The next interest-rate decisions are March 4 and April 22.
http://www.bloomberg.com/apps/news?pid=20601087&sid=axa5GLcYyYHw&refer=home
By Theophilos Argitis and Greg Quinn
Feb. 10 (Bloomberg) -- Bank of Canada Governor Mark Carney, in his first month on the job, signaled policy makers will cut interest rates in the months ahead to stoke growth in an economy slowed by weak export demand from the U.S.
``The timing and degree of that stimulus will be determined at future fixed announcement dates,'' Carney said yesterday in Tokyo, where he was attending a meeting of finance ministers and central bankers from the Group of Seven nations. The next interest-rate decisions are March 4 and April 22.
http://www.bloomberg.com/apps/news?pid=20601087&sid=axa5GLcYyYHw&refer=home
Stingy shoppers could weigh on market
Americans are paying more attention to how much they spend on each box of cereal, tank of gasoline and pair of pants - and Wall Street is, too. This week's data on the U.S. consumer, particularly the Commerce Department's Wednesday report on January retail sales, are going to be monitored closely by investors for clues to how sunken home prices, high energy costs and job cuts are affecting spending. Many market watchers say it is practically inevitable that the Dow will retest its lows - essentially, fall back to those levels while investors wait and see if it falls further or bounces back up. Wall Street is hoping the bulk of the weakness in the economy has passed, whether it counts as a recession or not. If it's mostly over, the stock market may have already hit, or neared, its bottom.
http://money.cnn.com/2008/02/10/markets/week_ahead.ap/index.htm
Americans are paying more attention to how much they spend on each box of cereal, tank of gasoline and pair of pants - and Wall Street is, too. This week's data on the U.S. consumer, particularly the Commerce Department's Wednesday report on January retail sales, are going to be monitored closely by investors for clues to how sunken home prices, high energy costs and job cuts are affecting spending. Many market watchers say it is practically inevitable that the Dow will retest its lows - essentially, fall back to those levels while investors wait and see if it falls further or bounces back up. Wall Street is hoping the bulk of the weakness in the economy has passed, whether it counts as a recession or not. If it's mostly over, the stock market may have already hit, or neared, its bottom.
http://money.cnn.com/2008/02/10/markets/week_ahead.ap/index.htm
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