The U.S. Labor Department reported unemployment rose to 9.7 percent during the month of August from 9.4 percent, the highest unemployment rate in 26 years. “Nonfarm payroll employment continued to decline in August (-216,000),” the U.S. Bureau of Labor Statistics reported September 4, making a total of 6.9 million jobs lost in the recession since December 2007.
Item: The National Public Radio news blog, “The Two-Way,” reported on August 7: “The relatively good news that the unemployment rate dropped slightly to 9.4 percent in July had President Barack Obama claiming credit for his administration for stabilizing the economy.” The president was quoted saying, in part: “Today, we’re pointed in the right direction…. We’ve rescued our economy from catastrophe.”
At a town hall meeting held in his Massachusetts district, House Financial Services Committee Chairman Barney Frank provided a surprising response to a constituent’s inquiry about H.R. 1207, Rep. Ron Paul's bill calling for an audit of the Federal Reserve.
News stories on August 19 reported that Neil Barofsky, Special Inspector General (SIG) of the U.S. treasury Department’s $700 billion Troubled Asset Relief Program (TARP), had agreed to audit the $301 billion of federal asset guarantees extended to Citigroup Inc. since last November.
The real number of unemployed in the United States is far more than the federal government’s official count and the recovery could be long and tenuous, a Federal Reserve official told the Chattanooga, Tennessee, Area Chamber of Commerce last week in a speech that received some media attention.
The Federal Communications Commission is launching an investigation of the nation’s wireless industry to root out any anti-competitive practices and to decide what regulations should be imposed for the supposed benefit of consumers, Wired reported on August 27.
A federal court ordered the secretive Federal Reserve (Fed) to hand over documents about its “emergency” lending programs Monday under a Freedom of Information Act (FOIA) suit filed by Bloomberg LP. But the Fed’s board of governors is resisting.
President Barack Obama on August 25 renominated current Federal Reserve Chairman Ben Bernanke to another four-year term as Chairman of the Federal Reserve Board of Governors, but free-market economists have concluded that Bernanke's policies are creating the seeds of another economic crash.
Like one of the old jalopies it is supposed to remove from the road, the $3-billion cash-for-clunkers program sputtered to a close on August 24. The allegedly successful boost to the economy left in its wake “a nightmare of red tape and computer glitches for dealers who are owed millions of dollars by the government,” the Los Angeles Times reported on August 25.
The Obama administration is expected to release a report soon estimating that the 10-year budget deficit for the United States will be roughly $9 trillion, up approximately $2 trillion from the previous projection of $7.108 trillion, Reuters reported on August 21.
Who is William White? The name is bound to be less familiar than that of former Federal Reserve Chairman Alan Greenspan, but they are in similar lines of work. In answer: White was one of the few economists who grew uneasy with the “irrational exuberance” of the 1990s.