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This was the day the world came together to fight back against global recession," said Gordon Brown, the host of the summit
More troops are needed certainly, says the BBC's diplomatic correspondent Jonathan Marcus, but above all the Americans want to see their allies stumping up a good deal more money and more training teams to build Afghanistan's own security forces
President Obama takes ownership of the fight against Al Qaeda and its Taliban allies, aides say he is determined to turn around the war in Afghanistan with a regional approach
But they are giving him very few new troops on the ground, underlining the fundamental strains in the alliance.
The anti-NATO protesters marched from a so-called “peace camp” set up on the outskirts of Strasbourg, where security is already tight. As many as 30,000 police officers are on duty in the city
Like the families we serve, we must cut the things we don't need to invest in those we do.
House Democrats agreed to extend the middle class tax cut that was included in the recently-passed economic stimulus plan, but failed to specify how the cut would be paid for after 2010.
The matter is guaranteed to be a major partisan sticking point when the two chambers meet to hammer out a final version of next year's spending plan
The markets are global, but regulation is still the sovereign responsibility of governments.
bring the world with us to make sure there's expanding markets for U.S. exports
Madam chair and members of the committee: Thank you for the opportunity to discuss the employment and unemployment data we released this morning.
Labor market conditions continued to deteriorate in March. Total nonfarm payroll employment decreased by 663,000, and the unemployment rate increased from 8.1 to 8.5 percent. Since the beginning of the recession in December 2007, job losses have totaled 5.1 million, 3.3 million of which occurred in just the past 5 months. These declines have been widespread across industry sectors, but particularly sharp in manufacturing, construction, and temporary help services. Together, these industries have accounted for nearly two-thirds of the job loss during the recession.
In March, manufacturing employment fell by 161,000, with job losses spread throughout the sector. Since the start of the recession, manufacturing has shed 1.5 million jobs, with about 60 percent of the loss occurring in the past 5 months. In March, the average workweek in manufacturing decreased by two-tenths of an hour.
Construction employment declined by 126,000 over the month. Since the beginning of the recession, employment has dropped by about 1.1 million, with more than half of that total occurring in the past 5 months.
It is possible to overstate the importance of seating plans, but it is no accident that Hu Jintao was placed to the right of Gordon Brown at last night's Downing Street dinner: China may well hold the swing vote in today's negotiations at the G20.
Almost alone among the big economies, China is still emphatically in the ascendancy. It might have all the same anxieties about the collapse of world trade as the others, but it can rightly claim the economic high ground in a way that France and Germany can only dream of.
More importantly, it holds the key to many of the competing aspirations of other leaders. President Sarkozy has already identified the Middle Kingdom as the biggest obstacle to a crackdown on tax havens and international financial regulation – fearing Hu is overly protective of the offshore financial role played by Hong Kong and Macau. If President Obama is to push ahead with fiscal stimulus he needs to keep persuading China to lend it money by buying US Treasury bills. And if Gordon Brown is to achieve his stated goal of rebalancing world trade, he needs to encourage China to become a nation of importers as well as a nation of exporters.
All this comes as China finally shakes off its timidity on the world stage. Since the Olympics, Beijing has shown new confidence in international affairs – even talking about replacing the US dollar with a new global reserve currency. Yesterday's bilateral meeting between President Obama and President Hu was privately dubbed the G2 – in recognition of its primacy over the G20. Today it may feel like the G1.
Up until the Clinton administration, a discouraged worker was one who was willing, able and ready to work but had given up looking because there were no jobs to be had. The Clinton administration dismissed to the non-reporting netherworld about five million discouraged workers who had been so categorized for more than a year. As of July 2004, the less-than-a-year discouraged workers total 504,000. Adding in the netherworld takes the unemployment rate up to about 12.5%.
The Clinton administration also reduced monthly household sampling from 60,000 to about 50,000, eliminating significant surveying in the inner cities. Despite claims of corrective statistical adjustments, reported unemployment among people of color declined sharply, and the piggybacked poverty survey showed a remarkable reversal in decades of worsening poverty trends.
Somehow, the Clinton administration successfully set into motion reestablishing the full 60,000 survey for the benefit of the current Bush administration's monthly household survey.
While the preceding concentrates on the numbers that tend to move the markets, the household survey also measures employment. The payroll survey also surveys average hourly and weekly earnings and average workweek.
More at Link...
Senate OKs measure calling on Fed to name firms
WASHINGTON (Reuters) - In an unusual political challenge to the Federal Reserve, the Senate on Thursday called on the central bank to disclose the names of institutions that receive emergency loans and pushed for a study to determine the "appropriate" number of regional fed banks.
The Senate attached the measure as an amendment to a budget blueprint for fiscal 2010 on a vote of 59 to 39.
The budget resolution is non-binding and would not have the force of law. But by seeking to reverse a key aspect of the Fed's lender-of-last resort function -- letting borrowers at its discount window remain anonymous -- the vote highlights an erosion of support for the Fed in the Senate.
"Fifty-nine senators believe the discount window should be made public, which is a rejection of a fundamental way the Fed operates -- it shows the Fed has no support in the Senate for one of its core principles," said a Senate aide who spoke on condition of anonymity.
The U.S. central bank acts as a lender of last resort to banks and has extended those privileges to other financial institutions since the financial crisis deepened. The Fed says it does not name recipients of loans because public knowledge that an institution cannot obtain funds in the open market could provoke a run on that firm.
A Fed spokesperson said on Thursday the central bank has to be mindful of the stability of financial markets.
"We have already begun disclosing more information about collateral pledged at Federal Reserve liquidity facilities and the review is continuing across a variety of possible types of additional information," the spokesperson said.
Originally posted by theWCH
reply to post by spinkyboo
I'm not sure what bothers me more: the fact that the real unemployment rate is so high, or the fact that our own government manipulates the statistics to lie to it's own citizens.