Daily Digest

Daily Digest - July 11

Sunday, July 11, 2010, 9:57 AM
  • The Real Causes Of Our 'Jobless Recovery'
  • Mauldin: It's More Than Just Birth-Death
  • Why You're Not Making More Money Than A Decade Ago
  • Dubai World Said to Meet Creditor Banks July 22 on Debt Restructuring Plan
  • Wall Street Hiring in Anticipation of an Economic Recovery
  • Volcker Pushes for Reform, Regretting Past Silence
  • Images BP Doesn't Want You to See 

Economy

The Real Causes Of Our 'Jobless Recovery' (Dr B. @ Truthsavvy)

There is a lot of untapped potential for addressing the nation's crumbling infrastructure when 9 million Americans are picking up June unemployment checks. So what's missing? When the financial crisis hit in 2008, Wall Street's biggest concern was a survival plan for Wall Street bettors, not Main Street jobs. Inscrutably, when the Obama administration took power it veered toward the financial intelligentsia's "recovery" plans, not a technologically robust infrastructure overhaul vision.

Mauldin: It's More Than Just Birth-Death (JRB)

Just how dynamic is the US job market? If I told you we created over 4 million jobs in April, would you believe me? I had a long conversation with Mohamed El-Erian of PIMCO yesterday. He is openly speculating that employment may no longer be just a lagging indicator but may also be predictive. It is an interesting insight, which we will explore as we take a very deep look at US employment. And I answer a few questions about my thought that there is a 60% chance for a recession in 2011, and why there is a 40% chance we won’t. What could change those numbers?

Why you're not making more money than a decade ago (woodman)

For college graduates, weekly wages were $1,025 in 2009, compared with $1,030 in 2000, according to EPI. Over one year, that works out to $53,300 last year, down from $53,560 in 2000.

Dubai World Said to Meet Creditor Banks July 22 on Debt Restructuring Plan (jdargis)

Dubai World and a group of its seven biggest lenders said on May 20 they agreed to the broad terms of the restructuring and they will make a presentation on the plan to the remaining nearly 70 banks on July 22, the person said, declining to be identified because the process is private.

Wall Street Hiring in Anticipation of an Economic Recovery (jdargis)

“I think we’re seeing some hiring in anticipation of better times,” said Rae Rosen, a regional economist at the Federal Reserve Bank of New York. “Wall Street typically hires in anticipation of the recovery, and there is a sense that the economy has bottomed out and is slowly improving.”

Volcker Pushes for Reform, Regretting Past Silence (jdargis)

espite his recent efforts to ensure that the financial legislation might correct what he regards as some of the mistakes of the deregulatory years, he’s concerned that it still gives banks too much wiggle room to repeat the behavior that threw the nation into crisis in the first place.

Environment

Images BP Doesn't Want You to See (jdargis)

As a writer and photographer covering the oil spill in the Gulf, I've been frustrated by the well-documented efforts by BP and the U.S. Government to limit media access to the damage. The restrictions tightened last week, when the Coast Guard announced rules that prevent the public--including news photographers and reporters--from coming within 20 meters (about 65 feet) of any response vessels or booms on the water or beaches. Violate the "safety zone" rule and you can be slapped with a $40,000 fine and prosecuted under a Class D felony.

Please send article submissions to: [email protected]

10 Comments

Davos's picture
Davos
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Re: Daily Digest - July 11

Tom, that article was a good read. Something that has always fascinated me is this entire globalization disaster. IMO we are competing with folks who make a buck-a-day. If oil goes 3 digits I think it will increase wages by wiping out this insanity. 

idoctor's picture
idoctor
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Re: Daily Digest - July 11

ao's picture
ao
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Re: Daily Digest - July 11

"The Real Causes of Our Jobless Recovery" on truthsavvy.com was an excellent article.  In my opinion, it nails it by noting that cultural and moral issues are at the core of the problem.  There are a number of interesting looking articles on this site that I plan on checking out further.

The following quote was just one of many that was right on. 

"We errantly incentivize people to seek pharmaceutical intervention and the control of illness symptoms rather than lifestyle reform as the means of dealing with personal health challenges."

 

 

presentmoment's picture
presentmoment
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Posts: 57
My Comments about Boston Magazine's Article about This Website

Chris,

I've just managed to read this article today.  It seems to me the reporter did not view the Crash Course itself.   She used words like a doctrine, Martensonia, etc., which is the farthest thing from what you have been trying to do. 

When I stumbled up on your website, I was trying to figure out what was going on with our economy because what the main stream media and our government were saying did not make any sense to me.  What you have done has been extremely helpful to me personally because you let the data speak for itself while making connections among disparate sets of data and facts.  What you have done has provided me with understanding these structural issues this globalized world has been dealing with and letting me make some sound decisions in regards to my life style and personal finance.  I appreciate the quality of your work.

presentmoment

jhart5's picture
jhart5
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Posts: 89
Re: Daily Digest - July 11

Rabid Mass Austerity - Roger Wiegand          July 9 2010

What happens when suddenly most everyone stops buying stuff? The cream is gone off the top. There is no more discretionary income. Now comes the hard part. We only buy what we must have and the rest is simply forgotten. What can you do without? Credit card addicted USA consumers are desperately using plastic for groceries, utilities and emergencies. When those cards are tapped out, then what? Already, many of them are, and they’re card-defaulting while running for food stamps. Big banks reported today card collections are not good at all.

http://www.kitco.com/ind/Wieg_cor/roger_july092010.html

osb272646's picture
osb272646
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Joined: Mar 14 2010
Posts: 120
Truth Savvy Article

"The Real Causes of Our Jobless Recovery" is one of the best commentarys on how we got here.  His analysis is more fundamental, and thus more helpful to me, because it doesn't just blame the problem on "those greedy bankers", or "deadbeat house buyers".  The article examines the social changes that have occured over the past 30-40 years that result in greedy bankers and deadbeat borrowers, as well as other malfeasors in our economy.

Unfortunately, after reading the article, my hope that we'll somehow get out of this mess has declined even further.  What took us 40 years to create is not going to all of a sudden become fixed just because some writer articulated yet another version of how we got here.  My belief is that the only way changes will happen will be through huge, painful disruption along the lines of the great depression.  Even then, our society is not what it was back then, and will likely disintegrate into something else completely.   

idoctor's picture
idoctor
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Posts: 1731
Re: Daily Digest - July 11

LogansRun's picture
LogansRun
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Posts: 1443
More and more Americans preparing for social unrest.

Don't know if this has been posted or not, but our fearless leader is mentioned.

http://rawstory.com/rs/2010/0710/americans-preparing-social-collapse/

 

But the survivalist movement also includes left-wing community activists, who are devoted to living off the land and have never fired a weapon, and people like Chris Martenson, who quit a job with a six-figure salary that he felt was "an unnecessary diversion from the real tasks at hand."

He began growing his own food and developed a "Crash Course" that urges people to better prepare for societal instability. He also took over management of his investments and boasts of a 166 percent return on his portfolio.

For Martenson, the wake-up call was the September 11, 2001 attacks, when he felt gripped by uncertainty and totally unprepared.

Litninrod's picture
Litninrod
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Joined: Jul 12 2010
Posts: 1
Re: My Comments about Boston Magazine's Article about This ...

Last night I myself stumbled upon this "enlightinment" Mr Martenson calls Crash Course.  I couldn't have said it any better, 'presentmoment'. 

Well put.

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: My Comments about Boston Magazine's Article about This ...
Litninrod wrote:

Last night I myself stumbled upon this "enlightinment" Mr Martenson calls Crash Course.  I couldn't have said it any better, 'presentmoment'. 

Well put.

Hi Litninrod!

Welcome to CM

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