The announcement by the Federal Reserve of an “enforcement action” against Goldman Sachs for engaging in “a pattern of misconduct and negligence” in its handling of home mortgage loans was entirely predictable. Charges of such misconduct go back for months when it was first discovered that mortgages and other mortgage-related documents had been “robo-signed” and foreclosure documents hadn’t been properly reviewed and that Goldman’s Litton Loan Servicing unit took actions “without always confirming that documentation of ownership was in order.”
The U.S. Bureau of Labor Statistics (BLS) reported that the economy added no new jobs during the month of August in a September 2 release. "Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent," the BLS reported.
Usually when U.S. citizens argue in favor of downsizing the military budget, they are treated as anti-American by neoconservatives and other "hawks." When presidential contender Ron Paul advocates bringing the troops home and reducing federal military spending, he is called an isolationist. But what can critics say of a military general who makes such assertions?
President Obama sent a letter to House Speaker John Boehner (R-Ohio) Tuesday detailing seven new regulations that would each cost the U.S. economy more than $1 billion annually. With regulatory costs for American businesses of at least $38 billion per year and compliance costs of $100 billion per year, the seven proposed regulations would target transportation and the environment.
According to Laura Chanthalath, manager at High’s Chimney Service, business is booming. Located in Gaithersburg, Maryland, her company might rebuild one chimney a day during the summer when business is slow. But now, thanks to Irene, “We’re completely booked. This has been a big boost to our business because the summer is extremely slow, especially in the chimney business. So it’s been good for us.”
Next week President Obama will roll out his strategic jobs growth plan in a major speech, and has announced that his new chairman of his Council of Economic Advisers, Alan Krueger (left), is just the man to help him with it. Krueger comes from the same mold as the man he is replacing, Austan Goolsbee. Goolsbee graduated from Yale, Krueger from Cornell. Goolsbee got his PhD from MIT, Krueger got his from Harvard. Goolsbee worked for the National Bureau of Economic Research, and so did Krueger. Goolsbee is returning to the University of Chicago, while Krueger is leaving Princeton to join Obama.
In its annual Index of Economic Freedom, the joint effort by the Heritage Foundation and the Wall Street Journal, Canada ranks 6th among the 179 countries of the world, ahead of the United States (9th), the United Kingdom (16th), Japan (20th) and Germany (23rd). Considering ten components of economic freedom (among them: Business Freedom, Fiscal Freedom and Government Spending), the report ranks countries on the degree to which “individuals are free to work, produce, consume and invest in any way they please, with that freedom both protected by the state and unconstrained by the state.”
Burdened with economic uncertainty, high unemployment, and a volatile investors’ market, young Americans are desperately seeking job security — while anxiously chasing the "American Dream." The economy simply isn’t what it was when they first entered the job market, or when they were finishing high school or working for their college degrees. The entire economic, financial, and social class system has changed. Indeed, the entire country has changed.
California Governor Jerry Brown proposed a new tax plan to the state legislature Thursday that would boost levies on large corporations located outside of California. Brown’s request to state lawmakers is to revert the sales tax structure back to the formula adopted before 2009, which would require multi-state corporations, which employ few California workers, to pay higher sales taxes for goods they sell within state boundaries.
United Nations Secretary General Ban Ki-Moon believes that there is a global environmental crisis that requires looting the Western economies to the tune of trillions of dollars in coming years. But such financial plundering apparently will not be standing in the way of a quite substantial pay increase for United Nations employees.
In his report to a Senate subcommittee Postmaster General Patrick Donahoe (left) spelled out clearly why the U.S. Postal Service can’t make any money: too many cooks in the kitchen. Hamstrung and limited by rules and “stakeholders” with differing and often competing agendas, what’s remarkable is that the postal service isn’t deeper in the hole.