Commentary

Dr. Mark Perry, economics professor at the University of Michigan and blogger at Carpe Diem joyously announced that the closing of Borders’ last bookstore on Sunday, September 18th “is a glorious, beautiful thing.” He said:

Released on Tuesday, the Census Bureau’s annual report flashed a dismal economic outlook, showing that U.S. poverty has exceeded 46 million people — nearly 1 in 6 Americans — and the number without health insurance spiking from 49 million to almost 50 million. As unemployment continues to hover around 9 percent, many Americans are financially exhausted, as the overall poverty rate reached 15.1 percent, up from the 14.3 percent recorded the previous year. The number of Americans now below the poverty line is the highest number recorded since 1959, when the Census first started analyzing such data.

In his speech on the economy on September 8, President Barack Obama tied our nation's fiscal recovery to the passage of three free trade agreements (FTA) currently awaiting approval. Said the president:

In his talk on Thursday to the Economic Club of Minneapolis, Federal Reserve Chairman Ben Bernanke (left) warned the Congressional Supercommittee not to cut government spending by too much, and that if the economy continues to slide into another recession, the Fed has tools to meet the challenge. 

Steve JobsWriting for the New York TimesAndrew Sorkin was puzzled that he couldn’t find any evidence that Steve Jobs, Apple’s founder, had given away any part of his significant $8.3 billion personal wealth. What he did find is that when Jobs returned to his old company in 1997, he canceled Apple’s philanthropic programs and they have remained dormant ever since.

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