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Fed Chairman Ben Bernanke defends $600 billion shadow stimulus
Federal Reserve Chairman Ben Bernanke defended the Fed’s new $600 billion program to aid the economy on Saturday, rejecting concerns that it will spur runaway inflation. Critics, including some Fed officials, fear that all the money being injected into the economy could ignite inflation or speculative bubbles in the prices…
Employers add 151K jobs, most since May
Economy adds 151K jobs, most in 5 months; unemployment rate remains 9.6 percent Employers added the most jobs in five months in October, with the education and health care sectors leading the way. But the unemployment rate, measured by a separate survey of households, remained stuck at 9.6 percent for…
Amidst record unemployment, US companies hoard $1 trillion of cash
NEW YORK (Reuters) – U.S. companies are hoarding almost $1 trillion in cash but are unlikely to spend on expanding their business and hiring new employees due to continuing uncertainty about the strength of the economy, Moody’s Investors Service said on Tuesday. As the economy stabilizes companies are also more…
Rand Paul says he ‘admired’ Jim Bunning, who repeatedly blocked unemployment benefits
Republican US Senate nominee Rand Paul of Kentucky said Monday night he “admired” outgoing Sen. Jim Bunning (R-KY), who was hoisted into the national spotlight this year for repeatedly blocking attempts to extend unemployment benefits. “I got started in this race actually to defend Jim Bunning against attacks,” Paul said…
What unemployment? Wall Street pay expected to climb to $144 billion
Just a day after the National Association of Business Economists lowered its forecast for US economic growth across the entire economy, the nation’s leading business newspaper reveals that traders on Wall Street are still riding high. While the US unemployment rate remains stuck at 9.6 percent, pay on Wall Street…
Alaska GOP candidate maintains jobless benefits are unconstitutional
Joe Miller isn’t moving to the middle following his nomination as Alaska Republican candidate for Senate. Appearing on Fox News Sunday, the Tea Party favorite stuck to his position that unemployment benefits aren’t constitutional. “Why are unemployment benefits unconstitutional?” Fox News’ Chris Wallace asked Miller. “The Constitution provides enumerated powers,”…
Departing White House economist: More spending, less taxes to fix economy
Romer: New spending can be paid for with cuts in the future Departing White House economist Christina Romer says the government has the tools for bringing down unemployment, but policymakers need to find the will and wisdom to use them. Romer called on officials Wednesday to move forward on policies…
New jobless claims drop for first time in 4 weeks
First-time applications for jobless benefits drop sharply last week but remain elevated New requests for unemployment benefits fell sharply last week, the first decline in a month and a hopeful sign after a raft of negative economic reports. New claims for jobless aid dropped by 31,000 to a seasonally adjusted…
Economic forecaster: ‘Greatest Depression’ coming
Collapse of middle class means there’s no fuel for recovery, Gerald Celente argues The US economic recovery in recent quarters is little more than a “cover-up” and the world is headed for a “Greatest Depression,” complete with social unrest and class warfare, says a renowned economic forecaster. Gerald Celente, head…
New claims for unemployment aid reach 484K
New applications for jobless benefits rise to highest since February as layoffs continue The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months. It’s a sign that hiring is weak and employers are still cutting their staffs. First-time…
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