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.Wal-Mart says it will create 22,000 jobs in 2009
Crude oil prices are garnering support after analysts at Goldman Sachs forecast oil prices of $85 per barrel for 2009, which represents a near 30% premium over the prior session's closing price. Oil prices are currently up 2.5% to $67.80 per barrel.
Bernanke said US Budget Deficits threaten financial stability.
Bernanke said either spending cuts or tax increases are necessary to stabilize the fiscal situation.
This year's budget deficit will likely be 4x last year's.
Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week. The top principal trader is and has always been (at least for the past 9 months) Goldman Sachs, with 741.7 million principal trades, virtually nothing in facilitation and 115 million in agency, keeping the principal to non-principal ratio at just under 7x.
From our own viewpoint, without signficant structural reforms to the US economy and political process, which at this time seem unlikely to overcome the resistance of the status quo, the Fed's actions will most likely result in another type of bubble, less obvious than the last two perhaps, and a stagflationary economic recovery of a sort combing some of the nastier aspects of the Japanese experience, but with a nasty dose of the post-Soviet / Argentinian slumps.
A deflationary envionrment with a stronger US dollar appears to be a fantasy in our opinion, although we have always held it to be possible. Of course it is possible. If the Fed raised short term rates to 22 percent tomorrow, we would see a serious deflation and a stronger dollar.
We would also see riots and civil insurrection in response. This is another limiting factor on the policy decisions of the Fed and the Administration, which people tend to underappreciate, again ignoring many of the social and political events of the 1930's.
The US dollar will continue to decline until there is a precipitating currency crisis that clears the market for US debt. Things will not be able to continue on this way forever. We estimate that the next bubble, if the Fed is able to get the rest of the world behind it, will be decisive.
However, we continue to degrade the probability of this happening as the weeks go by, and the rest of the world appears to be asserting its financial sovereignty from the Anglo-American banking cartel.
Originally posted by cpdaman
the biggest problem in this country is the people don't have a voice in washsington.....
The Chinese defense team is filled with former American trade officials and government staffers, who left their public positions for private employment as lobbyists for interest groups. The Chinese obviously want to influence the ITC ruling in their favor and, according to the USW and the associated team of U.S. Representatives, are able to accomplish this by employing individuals who still have influence in Washington policymaking.
In their letter to the Government Accountability Office, the Representatives claim that federal employees receive finely tuned training and expertise all at taxpayers expense, and that it is a breach of their social responsibility to use their acquired tools against the public.
The economic policy of the early post-Crash period was heavily influenced by what was later called Liquidationism epitomized by prevailing views of the Hoover Administration. The idea was that allowing companies and banks to fail as quickly as possible, in a relatively uncontrolled manner, was the appropriate response. This view is still held by the Austrian School of economics.
The flaw in this theory would seem to be that the decline of a crash is not like a natural decline in a business cycle or a severe demand contraction, but the result of a precipitous collapse from a Ponzi-like monetary and credit expansion.
One can argue this point, endlessly if they wish to ignore history and economic reality, but again we need to remember that the outcome in several other nations embracing this theory was the rise of militant, fascist political regimes in response to societal dislocations.
Originally posted by DangerDeath
reply to post by marg6043
The Chinese execute their corrupted people, but they hire corrupted Americans
Good for business.
U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was more evidence the economy's severe weakness was diminishing.
However, the Labor Department said the unemployment rate raced to 9.4 percent, the highest since a matching rate in July 1983, from 8.9 percent in April.
Financial markets cheered the news, with stock futures moving strongly positive after earlier indicating a slightly higher open for Wall Street. Bond prices moved lower, with the 10-year Treasury note yield popping to a fresh six-month high of 3.88 percent.
Nonfarm payroll employment fell by 345,000 in May, about half the
average monthly decline for the prior 6 months, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The unem-
ployment rate continued to rise, increasing from 8.9 to 9.4 percent.
Steep job losses continued in manufacturing, while declines moderated
in construction and several service-providing industries.
Unemployment (Household Survey Data)
The number of unemployed persons increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent. Since the start of the recession in December 2007, the number of unemployed persons has risen by 7.0 million, and the unemployment rate has grown by 4.5 percentage points.