Meltdown

[BachQ]

Rash of retirements pushes Social Security to brink

[BachQ]

U.K. Unemployment Claims Jump to Highest Since 1997

By Jennifer Ryan

Feb. 17 (Bloomberg) -- U.K. unemployment unexpectedly jumped in January to the highest level since Tony Blair led the ruling Labour Party to power almost 13 years ago as the recession destroyed work at businesses from carmakers to banks. ... The Bank of England said last week that employment is at risk of falling "significantly further" if the economy's recovery from the longest recession on record falters. Prime Minister Gordon Brown is counting on the pickup to gather momentum and help him to claw back voter support in time for an election due by June. "The risk is that we get weak economic growth and public sector cutbacks and if we see both these things together it is likely that unemployment will rise significantly," John Philpott, chief economist at the Charted Institute of Personnel and Development, said in an Bloomberg Television interview before the report's release. ...


UK sales fall prompts fears of 'double-dip' recession
By Edmund Conway, Economics Editor
Published: 6:01AM GMT 09 Feb 2010

Fears that Britain may already be succumbing to a "double-dip" recession materialised as it emerged that 2010 opened with the worst January for the high street since comparable records began 15 years ago.  The VAT increase and unprecedented blizzards last month contributed to a sudden and unexpected collapse in retail sales, according to the British Retail Consortium. ... The figures come amid concern about Britain's capacity to finance itself in the international capital markets, with the spread between interest rates on benchmark UK gilts and German bunds widening, and arrive only days after the Bank of England signalled an end to its Quantitative Easing programme. January is among the most important retail months ...

[Coopmv]

Rash of retirements pushes Social Security to brink

The US economy is still lousy, even though it is technically out of a recession (2 consecutive quarters of negative GDP growth).  If people who are eligible for retirement cannot find work, what else are they gonna to do - retire!  It is a no-brainer.  Only the Dems fail to see this connection.  Most Dems cannot manage the economy based on my observations.  Clinton did it because the Republicans had majority in both chambers of the US Congress and he could not spend like a typical Dems.

[Coopmv]

U.K. Unemployment Claims Jump to Highest Since 1997

By Jennifer Ryan

Feb. 17 (Bloomberg) -- U.K. unemployment unexpectedly jumped in January to the highest level since Tony Blair led the ruling Labour Party to power almost 13 years ago as the recession destroyed work at businesses from carmakers to banks. ... The Bank of England said last week that employment is at risk of falling "significantly further" if the economy's recovery from the longest recession on record falters. Prime Minister Gordon Brown is counting on the pickup to gather momentum and help him to claw back voter support in time for an election due by June. "The risk is that we get weak economic growth and public sector cutbacks and if we see both these things together it is likely that unemployment will rise significantly," John Philpott, chief economist at the Charted Institute of Personnel and Development, said in an Bloomberg Television interview before the report's release. ...


UK sales fall prompts fears of 'double-dip' recession
By Edmund Conway, Economics Editor
Published: 6:01AM GMT 09 Feb 2010

Fears that Britain may already be succumbing to a "double-dip" recession materialised as it emerged that 2010 opened with the worst January for the high street since comparable records began 15 years ago.  The VAT increase and unprecedented blizzards last month contributed to a sudden and unexpected collapse in retail sales, according to the British Retail Consortium. ... The figures come amid concern about Britain's capacity to finance itself in the international capital markets, with the spread between interest rates on benchmark UK gilts and German bunds widening, and arrive only days after the Bank of England signalled an end to its Quantitative Easing programme. January is among the most important retail months ...

Gordon Brown is toast ...   

[BachQ]

UK Independent-- Eurozone contagion fears spread to Spain


Credit markets flash hottest warning signal since crisis --- European credit markets are flashing the most serious warnings signs in a year as the yields on risker bonds rise sharply and a string of companies cancel share flotations, raising fears that the recovery may falter in coming months.



Kiss That V-Shaped Recovery Good-Bye: The U.S. "Worse Than Greece," Says Economist -- "I've never seen a v-shaped recovery occur when commercial bank lending was down 7% year over year.  So, small business are not getting loans to create capital goods and to expand and hire individuals," ... "US is worse than Greece"

[BachQ]

Shortage of Rare Earth Elements Could Thwart Innovation

Now rare earth elements with exotic names such as europium and tantalum hold the key to hybrid cars, wind turbines and crystal-clear TV displays - that is, if a looming supply shortage doesn't stop innovation in its tracks. Rare earth elements, called "rare earths" by those who use and study them, often prove irreplaceable in green technologies and high-tech consumer products. Yet the world's production of rare minerals relies mainly upon China, and the Chinese government warned last year that its own rising demand will soon force it to stop exporting the precious elements.

"Countries and companies that have or plan to develop industries that need rare earth minerals to make products are concerned about China's growing consumption, which they fear will eliminate China's exports of rare earths," said W. David Menzie, chief of the international minerals section at the U.S. Geological Survey (USGS).

[Coopmv]

UK Independent-- Eurozone contagion fears spread to Spain


Credit markets flash hottest warning signal since crisis --- European credit markets are flashing the most serious warnings signs in a year as the yields on risker bonds rise sharply and a string of companies cancel share flotations, raising fears that the recovery may falter in coming months.



Kiss That V-Shaped Recovery Good-Bye: The U.S. "Worse Than Greece," Says Economist -- "I've never seen a v-shaped recovery occur when commercial bank lending was down 7% year over year.  So, small business are not getting loans to create capital goods and to expand and hire individuals," ... "US is worse than Greece"

When you have a US administration that is totally incompetent when it comes to economic matters, that is bad.  Like what an economist commented not long ago, the US has never had two bad presidents in a row.  But we have seen them over the past two years ...

[BachQ]

Feb. 16 (Bloomberg) -- Companies are pulling bond sales at the fastest pace since the credit markets seized up 2 1/2 years ago on concern that the inability of European governments to trim their budget deficits will threaten a global recovery.

[Coopmv]

Shortage of Rare Earth Elements Could Thwart Innovation

Now rare earth elements with exotic names such as europium and tantalum hold the key to hybrid cars, wind turbines and crystal-clear TV displays - that is, if a looming supply shortage doesn't stop innovation in its tracks. Rare earth elements, called "rare earths" by those who use and study them, often prove irreplaceable in green technologies and high-tech consumer products. Yet the world's production of rare minerals relies mainly upon China, and the Chinese government warned last year that its own rising demand will soon force it to stop exporting the precious elements.

"Countries and companies that have or plan to develop industries that need rare earth minerals to make products are concerned about China's growing consumption, which they fear will eliminate China's exports of rare earths," said W. David Menzie, chief of the international minerals section at the U.S. Geological Survey (USGS).

The Chinese commies just want to corner the market.  That plan has been in the work for some times ...

[BachQ]

Gordon Brown is toast ...   

I agree. 

Single mother-of-six finds £2m mansion in London... and then gets UK taxpayers to pay rent of £80,000/yr (£7,000 a month).


Read more: http://www.dailymail.co.uk/news/article-1250993/Single-mum-finds-mansion-net-gets-YOU-pay-7-000-month-rent.html#ixzz0ffLTsE5J

[Coopmv]

I agree. 

Single mother-of-six finds £2m mansion in London... and then gets UK taxpayers to pay rent of £80,000/yr (£7,000 a month).


Read more: http://www.dailymail.co.uk/news/article-1250993/Single-mum-finds-mansion-net-gets-YOU-pay-7-000-month-rent.html#ixzz0ffLTsE5J

Some welfare payments!

[BachQ]

UK Independent -- Shock as British deficit equals that of Greece

[Lethevich]

UK Independent -- Shock as British deficit equals that of Greece

I have yet to understand how the UK gets away with the same numbers as Ireland, Greece and Spain, but is viewed as still perfectly stable. More ability to call on emergency taxes/sell off assets or what?

Edit: Not fully related, but a news programme today has a fun spin on the current Falklands 'crisis' - "the oilrig that could solve Britain's debt"

[Coopmv]

I have yet to understand how the UK gets away with the same numbers as Ireland, Greece and Spain, but is viewed as still perfectly stable. More ability to call on emergency taxes/sell off assets or what?

Edit: Not fully related, but a news programme today has a fun spin on the current Falklands 'crisis' - "the oilrig that could solve Britain's debt"

London is still the largest and most important capital market in Europe, period.

[Coopmv]

DM,  CA should be back in the hot water soon enough ...   

Governors brace for more economic turmoil
With states still reeling from recession, governors try to chart the tough road ahead

[Coopmv]

DM,   The eye of the next foreclosure storm might have moved to China?  Any clue?   

Report: Fewer people falling behind on home loans
New mortgage delinquencies fell at end of 2009 as foreclosure crisis begins to ebb

[Coopmv]

DM,  Is this too little too late?    We both will be extremely eager to see how this bubble will pop?     

China tightens bank lending rules
China tightens rules to strengthen control over bank lending

[Coopmv]

DM,      Americans used to wonder why unemployment in Germany and France routinely topped 10%.     

The New Poor Millions of Unemployed Face Years Without Jobs

[karlhenning]

Judge approves SEC, Bank of America accord

A federal judge on Monday morning approved a $150 million settlement between the Securities and Exchange Commission and Bank of America over allegations that the firm lied to investors about bonuses and mounting losses during the financial crisis of fall 2008.

[Coopmv]

DM,  So Goldman pocketed some $12B of the bailout money AIG received.  It also helped Greece to sell a bunch of junk debt as AAA sovereign bonds.  Some sleazy bankers ...

In Greece's Crisis, Fed Studies Wall St.'s Activities
Greece's problems deepened on both sides of the Atlantic as the Federal Reserve disclosed it was investigating Goldman Sachs and other banks that helped the country mask its debts, and investors grew increasingly leery of lending any more money to a nation flirting with default.