Over the last ten years, the Census Bureau has created an alternative measure of poverty to better reflect the cost of basic living expenses and the resources people have available to pay them.
The Bureau just released its 2010 poverty study- the first based on the new metric called the Supplemental Poverty Measure (SPM).
This measure differs [...]
The past few week have reiterated the power of the financial markets relative to even the collective strength of the Eurozone.
While holding Greece in a death-grip, mitigated only by the removal of George Papandreou and the formation of a unity government, the markets have now turned their attention to Italy.
Their new demand: the removal of [...]
Last week, Bank of America learned a lesson in humility. After confidently announcing their $60/year debit card fee several weeks back, they ultimately backed down last week.
However, what exhortations and advertising by small banks and credit unions could not do in decades of struggling against the big banks, Bank of America did with its failed [...]
In a bit of good news for the U.S economy, the number of first-time filers for unemployment benefits fell in the week ending September 17 to 397,000, a decrease of 9,000 from the previous week’s spike of 406,000.
This number falls below the psychologically important 400,000 benchmark even as President Obama faces Republican-led opposition to his jobs [...]
Greek Prime Minister, George Papandreou is on his way out, finally.
Last week, if you recall, he threw the Eurozone and global stock markets into a tailspin by calling for a referendum on Greece’s austerity program.
Today, Papandreou agreed to step down and allow the creation of a national unity government whose task will be to secure [...]
Well, that didn’t take too long. After a deluge of complaints from its customers, Bank of America finally decided to revoke their intended $5/month charge for debit cards.
Citing a need to recover profits from the government cap on debit card fees to retailers, Bank of America had introduced the fee last month, to take effect [...]
A Gallup study tells a sad tale of how the American standard of living has taken a hit in the last few years. The article at Gallup says notes that 6% of Chinese found it hard in the past year to purchase enough food for their families compared to 19% of Americans.
The American percentage more than doubled [...]
This is an interesting interview by George Soros, billionaire investor. He says that the United States is already in a double dip recession and explains why.
He also discusses Europe and the risks posed by Greece to the Eurozone. He also talks about the effect a ‘disorderly’ default will have on emerging economies and the world [...]
Data just released by the Commerce Department show that new orders for manufactured durable goods in August fell $0.2 billion or 0.1% to $201.8 billion.
This decrease is the second in the last three months and follows a 4.1% increase in July. The slight decline was across the board because excluding transportation, new orders fell by [...]
One byproduct of the Fed’s decision last week to buy long term Treasuries was that mortgage rates fell once more to historic lows.
At last week’s meeting, The Fed Chairman announced that the Fed would sell up to $400 billion of short term Treasuries and buy the equivalent amount of long-term ones.
While the stock market failed [...]
Dow futures were higher this morning as concerted action is expected this week on Greece and the Eurozone. At the weekend, finance officials met in Washington DC at the annual meeting of the World Bank and International Monetary Fund.
The crisis in Europe is clearly approaching a tipping point, with the main fear being contagion if [...]
After global stock exchanges swooned yesterday following the Fed’s perceived weak response to the global economic crisis, red ink continued flowing today as stock investors sought the exits.
At 2.45pm today the Dow had fallen by about 414 points to 10,2711 (3.72%) and markets in Europe and Asia had similarly cratered to the tune of 3-5%.
Despair [...]
The number of first-time filers for unemployment benefits fell in the week ending September 17 to 423,000, a decrease of 9,000 from the previous week’s spike of 432,000.
While welcome news, this new number does not affect significantly improve the continuing malaise in the job market as President Obama spars with the Republican-led House about his jobs [...]
Sales of existing home sales unexpectedly spiked upwards in August, defying a poor economy, tight credit, and disruptions from Hurricane Irene, according to the National Association of Realtors (NAR). August’s gains were visible in all regions of the U.S.
Existing-home sales – completed transactions that include single-family, townhomes, condos and co-ops – rose 7.7% to a [...]
Moody’s today sideswiped Bank of America (BoFA), downgrading its long-term debt rating by two levels to investment-grade “Baa1” from “A2” and to Prime-2 from Prime-1 for short-term debt.
The ratings agency also cut the bank’s long-term deposit ratings to “A2” from “Aa3.”
In reducing the ratings, Moody’s cited the lowered likelihood that the U.S. government would step [...]
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