By Kristina Cooke, with additional reporting by Jessica Wohl in Chicago; editing by Martin Howell in New York22 August 2011 NEW YORK (Reuters) – Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren’t enough to feed herself and her 12-year-old son. Saucedo, who earns $9.70 an hour for about […]
Karl Marx was right that globalization, financial intermediation, and income redistribution could lead capitalism to self-destruct. By Nouriel Roubini15 August 2011 NEW YORK—The massive volatility and sharp equity-price correction now hitting global financial markets signal that most advanced economies are on the brink of a double-dip recession. A financial and economic crisis caused by too […]
By Peter Gorenstein, Daily Ticker 12 August 2011 The United States military budget accounts for over 40% of the world’s annual military expenditures and, at around $700 billion per year, more than 20% of the federal budget. The Federal government wants to curb that spending as part of deficit reduction. Last week’s deficit deal calls […]
By Nouriel Roubini7 August 2011 The first half of 2011 showed a slowdown of growth – if not outright contraction – in most advanced economies. Optimists said this was a temporary soft patch. This delusion has been dashed. Even before last week’s panic, the US and other advanced economies were odds-on for a second […]
By Joe Weisenthal5 August 2011 We used to say that the chart showing the pace of this jobs “recovery” vs. all other jobs recoveries was the scariest jobs chart ever (see here for example). But we’ve since changed our mind. It’s the average duration of unemployment — which surges without any sign of slowing down […]
By EVAN SCHWARTEN30 July 2011 (AAP) – SOME day it’ll be one of those things old timers boast about to cyclone-wary newcomers. “You think this is bad? You should have seen Yasi,” they’ll say. But that kind of bravado is still some way off. Six months after experiencing the biggest cyclone in a century, the […]
By James Fallows25 July 2011 The Chart That Should Accompany All Discussions of the Debt Ceiling It’s this one, from yesterday’s New York Times. Click for a more detailed view, though it’s pretty clear as is. It’s based on data from the Congressional Budget Office and the Center on Budget and Policy Priorities. Its significance […]
By Dmitry Orlov23 July 2011 With each passing week more and more of us become ready to concede that economic growth is no longer possible. Economic development, on the old model, which UN Secretary Ban Ki-moon recently characterized as a “global suicide pact,” is becoming constrained by the limits of natural resources of the finite […]
By CalculatedRisk21 July 2011 This is a day to remember – Greece will now default – so this is probably worth one more post (I haven’t seen a rating agency downgrade them yet). For details: STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA AND EU INSTITUTIONS. Note: The history of the […]
By KIM HORNER14 July 2011 Before the sun came out Thursday morning, thousands of people had gathered around the Jesse Owens Memorial Complex in the Red Bird area. The reward: a spot on a waiting list for Dallas County housing vouchers to help them pay the rent. When, at 6 a.m., officials said it was […]
