http://www.freerepublic.com/tag/business-news/ en-us Mon, 6 Jul 2009 12:38:55 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2286420/posts Following the lead of the Federal Government, California this week began issuing its own currency, which it plans to use to stave off bankruptcy. "As our state staggers under massive debt, uncontrolled spending, and dysfunctional government, we look to the example of our national leaders," said Governor Arnold Schwarzenegger. "When faced with these exact same challenges, Congress started printing money. If it's good enough for Washington, it's good enough for Sacramento!" Called "Individual Registered Warrants (IRWs)," State Controller John Chiang indicated that California would send out $3.4 billion of this negotiable scrip in July alone. Small business owners, government supported... Real Clear Markets http://www.freerepublic.com/focus/f-news/2286420/posts#comment Mon, 6 Jul 2009 12:38:55 GMT http://www.freerepublic.com/focus/f-news/2286415/posts The June "Jobs" report issued by the Bureau of Labor Statistics (BLS) on July 2 caused shock and dismay. Payrolls declined by 467,000 jobs, more than the 345,000 lost in May, and much more than the 363,000 that economists had predicted. The only reason that the reported unemployment rate rose by only 0.1 percentage points (to 9.5%) in June was that many jobless people became discouraged and stopped looking for work. As bad as the BLS report was, it should not have come as a surprise. The deteriorating employment situation could have been predicted as early as April 29, when... Real Clear Markets http://www.freerepublic.com/focus/f-news/2286415/posts#comment Mon, 6 Jul 2009 12:35:14 GMT http://www.freerepublic.com/focus/f-news/2286409/posts As a weary nation welcomed the respite of the long holiday weekend, TV advertising sales executives particularly looked forward to July 4th fireworks, pyrotechnics in short supply thus far in this year's upfront marketplace. With the exception of the deal between NBC Universal and GroupM -- one that, as of press time, both sides continued to deny had actually closed -- little headway of note has been made. Interpublic's Magna is also in advanced talks with NBC, although a substantive push for a deal isn't expected until later this week at the earliest. "There was a lot of talk at... Ad Week http://www.freerepublic.com/focus/f-news/2286409/posts#comment Mon, 6 Jul 2009 12:30:18 GMT http://www.freerepublic.com/focus/f-news/2286405/posts One of the more remarkable things about the expansion of the subprime financial crisis into a general economic contraction is the Federal Reserve System's narcissistic focus on itself. In his speeches, Ben Bernanke spends more time talking about the Federal Reserve's balance sheet and how stupendously fabulous it continues to be despite the vast quantities of loans it is making to shore up various aspects of the financial system than he does about the unemployment rate or the expected effects of economic contraction on the public. It's rather like a seeing a speeding school bus full of children smash into... World Net Daily http://www.freerepublic.com/focus/f-news/2286405/posts#comment Mon, 6 Jul 2009 12:26:40 GMT http://www.freerepublic.com/focus/f-news/2286403/posts Tax refunds are now being "delayed": ATLANTA (AP) - Colin Daymude was out of work last year after his business failed and eagerly filed his taxes in mid-January, figuring he'd get his refund sooner. He was wrong. It took the 44-year-old entrepreneur more than six months to get his $1,300 check—money that he needed to pay living expenses while he worked a few side gigs. Let's be clear: this is not the state's money. You do not owe more than your lawful tax amount. If you overpay, the state has the obligation to refund that amount as soon as it... The Market Ticker http://www.freerepublic.com/focus/f-news/2286403/posts#comment Mon, 6 Jul 2009 12:25:40 GMT http://www.freerepublic.com/focus/f-news/2286401/posts Its not enough to rig leverage limits as Henry Paulson asked for and was granted when he ran Goldman Sachs. Its not enough to watch both Bear and Lehman blow up as a consequence of that excessive leverage. No, now we have to find new and innovative ways to cheat capital requirements! Investment banks, including Goldman Sachs and Barclays Capital, are inventing schemes to reduce the capital cost of risky assets on banks’ balance sheets, in the latest sign that financial market innovation is far from dead. The schemes, which Goldman insiders refer to as “insurance” and BarCap calls “smart... The Market Ticker http://www.freerepublic.com/focus/f-news/2286401/posts#comment Mon, 6 Jul 2009 12:23:41 GMT http://www.freerepublic.com/focus/f-news/2286400/posts America may be in the midst of a deep recession, and the nation may be facing unprecedented deficit spending and debt, but the White House will not reveal the cost to taxpayers of the European vacation that first lady Michelle Obama and the president’s two daughters, Malia and Sasha, took last month. Travel by an American first lady typically includes the military passenger jet that carries her and the children, Secret Service personnel to provide security, and a separate cargo plane to haul official vehicles. First Lady Michelle Obama’s tour of Paris with her children included a convoy of 20... cnsnews.com http://www.freerepublic.com/focus/f-news/2286400/posts#comment Mon, 6 Jul 2009 12:22:28 GMT http://www.freerepublic.com/focus/f-news/2286390/posts Ryanair is considering proposals to make some of its customers stand during flights. Michael O'Leary, the chief executive of Ryanair, plans to make some passengers stand. The low-cost airline would charge passengers less on "bar stools" with seat belts around their waists. Michael O'Leary, the chief executive, has already held talks with US plane manufacturer Boeing about designing an aircraft with standing room. He is now seeking approval from the Irish Aviation Authority before ordering a new fleet of carriers, according to The Sun. A Ryanair spokesman told the newspaper: "If they approve it, we'll be doing it." Mr O'Leary... Telegraph via Drudge http://www.freerepublic.com/focus/f-news/2286390/posts#comment Mon, 6 Jul 2009 12:03:57 GMT http://www.freerepublic.com/focus/f-news/2286386/posts In a recent op-ed piece published in The Wall Street Journal, Alan Reynolds of the Cato Institute starts by making a few decent points about fuel taxation and fuel economy rules. Unfortunately, he undermines himself with some blatant errors and misinformation. In discussing how Detroit automakers will deal with new fuel efficiency requirements, he makes the all-too-common mistake of referring to Ford's hybrid system as licensed from Toyota ("Similarly, Ford has the Toyota-licensed hybrid Fusion and will soon produce the European Ford Fiesta in Mexico"). The reality is that Ford independently developed its own hybrid system at the same time... Autoblog http://www.freerepublic.com/focus/f-news/2286386/posts#comment Mon, 6 Jul 2009 11:46:23 GMT http://www.freerepublic.com/focus/f-news/2286385/posts A federal judge approved the sale of General Motors Corp.'s assets to a new government-run company, removing a key hurdle to the auto maker's plan to exit bankruptcy. Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an 87-page ruling late Sunday allowing the sale to go forward. He rejected pleas from dissident bondholders and product-liability claimants who objected to GM's plans. The judge said the only alternative to GM's plans would be liquidation, "a disastrous result for GM's creditors, its employees, the suppliers who depend on GM for their own existence,... The Wall Street Journal http://www.freerepublic.com/focus/f-news/2286385/posts#comment Mon, 6 Jul 2009 11:43:33 GMT http://www.freerepublic.com/focus/f-news/2286377/posts You can't spend $800 billion of taxpayer money and not create jobs http://www.freerepublic.com/focus/f-news/2286377/posts#comment Mon, 6 Jul 2009 11:18:20 GMT http://www.freerepublic.com/focus/f-news/2286371/posts When President Obama signed his stimulus into law in February, Democrats issued grave warnings of the price Republicans would pay for their opposition to the bill. “Americans will hold House Republicans accountable for ‘just saying no’ to the largest tax cut in American history and saving and creating three to four million jobs,” said Rep. Chris Van Hollen, D-Md., who also serves as head of the Democratic Congressional Campaign Committee. There are still about 140 million jobs still left in the country, so taken in the broadest possible sense, Democrats have exceeded their promise on the “save” end of the... The Washington Examiner http://www.freerepublic.com/focus/f-news/2286371/posts#comment Mon, 6 Jul 2009 11:06:37 GMT http://www.freerepublic.com/focus/f-news/2286364/posts BANK of America CEO Ken Lewis may have to sacrifice his company to save his job. Lewis is under fire from angry shareholders looking for change at the troubled bank. But his biggest worry may be the powerful Service Employers International Union. The SEIU, a national union with locals in a vast range of private and public workplaces, has been trying for more than a year to organize BofA's tellers and office workers -- tens of thousands of jobs. But there's no sign it will pull that off without cooperation from management. Perhaps not coincidentally, the SEIU in recent weeks... NY Post http://www.freerepublic.com/focus/f-news/2286364/posts#comment Mon, 6 Jul 2009 10:40:38 GMT http://www.freerepublic.com/focus/f-news/2286363/posts "Taxes are the price we pay for civilization" ... Justice Oliver Wendell Holmes. The U.S. Tax Code is a perennial whipping boy, and rightly so. It's unfair and monstrously complex. Some would like to replace the entire Tax Code and the IRS with a totally new system. One such idea is the so-called FairTax, which is essentially a national retail sales tax. Although Bruce Bartlett in "FairTax, Flawed Tax" and others have roundly criticized this idea, here are my main reservations about the FairTax: The FairTax treats savers badly. Under the current system, savings have already been taxed. But with... The American Thinker http://www.freerepublic.com/focus/f-news/2286363/posts#comment Mon, 6 Jul 2009 10:35:26 GMT http://www.freerepublic.com/focus/f-news/2286360/posts Our current system, although flawed, still provides the best medical care anywhere on Earth. For no population subset is this statement more true than our frail elderly. Even the most modest towns across our nation have nursing facilities, home health agencies, and community resources available to help maintain the dignity, function, and quality of life of the frail older adult. There are organizations and niche providers such as Hospice and Meals on Wheels who work in the trenches daily with the elderly and their families to make the best of an oftentimes hopeless situation. We as a nation should be... The American Thinker http://www.freerepublic.com/focus/f-news/2286360/posts#comment Mon, 6 Jul 2009 10:31:32 GMT http://www.freerepublic.com/focus/f-news/2286353/posts The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices more than doubling since the beginning of the year despite an exceptionally weak economy. The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could jeopardize a global recovery. It is also hobbling businesses and consumers, who are already facing the effects of a stinging recession, as they try in vain to guess where prices will be a year from now — or even next month. A wild run on... NY Times http://www.freerepublic.com/focus/f-news/2286353/posts#comment Mon, 6 Jul 2009 09:00:51 GMT http://www.freerepublic.com/focus/f-news/2286350/posts Paul Krugman gets his wish. So did Joe Biden just pull another "Biden" with his line this morning about "misreading" how bad the economy was? Some folks in the White House may chalk it up to "Joe being Joe," but make no mistake, the administration is laying the groundwork for the second stimulus. We predicted on Thursday, after the weak jobs report, that the second stimulus was no definitely on its way. The very next day, Paul Krugman, a reliable thermometer for establishment thinking, chimed in and said we must do a second, bigger stimulus. So when you have Joe... The Business Insider http://www.freerepublic.com/focus/f-news/2286350/posts#comment Mon, 6 Jul 2009 08:25:02 GMT http://www.freerepublic.com/focus/f-news/2286342/posts A Goldman trading scandal? Posted by: Matthew Goldstein Did someone try to steal Goldman Sachs’ secret sauce? While most in the US were celebrating the 4th of July, a Russian immigrant living in New Jersey was being held on federal charges of stealing top-secret computer trading codes from a major New York-based financial institution—that sources say is none other than Goldman Sachs. The allegations, if true, are big news because the codes the accused man, Sergey Aleynikov, tried to steal is the secret code to unlocking Goldman’s automated stocks and commodities trading businesses. Federal authorities allege the computer codes and... Reuters http://www.freerepublic.com/focus/f-news/2286342/posts#comment Mon, 6 Jul 2009 07:40:57 GMT http://www.freerepublic.com/focus/f-news/2286333/posts WASHINGTON -- Vice President Joe Biden said the Obama administration "misread how bad the economy was" and didn't foresee unemployment levels nearing double digits, in comments likely to intensify calls for the administration to do more to counter job losses. Some economists are pressing the White House to enact a second round of stimulus spending or find some other way to avert a prolonged job and wage slump. But the White House is in a tough spot. Officials want to give the $787 billion stimulus package passed in February time to work -- only 10% of the spending is out... WSJ http://www.freerepublic.com/focus/f-news/2286333/posts#comment Mon, 6 Jul 2009 06:57:01 GMT http://www.freerepublic.com/focus/f-news/2286332/posts The response to Sarah Palin's surprise resignation last Friday clearly reveals the limitations of the American political class, right, left, or what have you. There's an old academic joke, probably apocryphal, about Count Metternich, Austria's foreign minister during the Napoleonic era. While attending the Congress of Vienna, Metternich is sleeping off a banquet when one of his aides bursts in at three in the morning. "Your excellency! Count Nesselrode, the Russian ambassador, just died." Metternich jerks awake. "Died, you say? What a terrible thing! I was speaking to him only tonight... Uhh... send a message to the Tsar -- Austria... American Thinker http://www.freerepublic.com/focus/f-news/2286332/posts#comment Mon, 6 Jul 2009 06:56:52 GMT http://www.freerepublic.com/focus/f-news/2286320/posts Then there’s the Waxman-Markey cap and trade bill, which started out in life at a thousand pages, and then had a 300-page amendment tacked on to it in the dead of night. It was as if Dr. Frankenstein, after carefully inspecting his nightmarish creation, decided that what the monster really needed was a second head and a hunchback. Again, nobody had time to read the bill, but that didn’t prevent 219 congressmen, including eight Republicans who scurried out from under a rock just long enough to make certain that Christmas, or perhaps I mean Ramadan, would come early for the... Big Hollywood http://www.freerepublic.com/focus/f-news/2286320/posts#comment Mon, 6 Jul 2009 05:43:13 GMT http://www.freerepublic.com/focus/f-news/2286316/posts In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE's program trading. Zero Hedge http://www.freerepublic.com/focus/f-news/2286316/posts#comment Mon, 6 Jul 2009 05:33:09 GMT http://www.freerepublic.com/focus/f-news/2286309/posts Back-up: This week's NYSE Program Trading report was very odd: not only because program trading hit 48.6% of all NYSE trading, a record high at least since the NYSE keep tabs of this data, and a data point which in itself was startling enough to cause some serious red flags as I jaunt from village to village in what little is left of Europe's bison country, but what was shocking was the disappearance of the #1 mainstay of complete trading domination (i.e., Goldman Sachs) from not just the aforementioned #1 spot, but the entire complete list. In other words: Goldman... The Market Ticker http://www.freerepublic.com/focus/f-news/2286309/posts#comment Mon, 6 Jul 2009 05:02:17 GMT http://www.freerepublic.com/focus/f-news/2286301/posts Joe Biden told "This Week" that the Obama administration "misread how bad the economy was." He also the administration made this mistake because they just looked at the consensus forecasts at the time...and they proved to be wrong. If the latter is true, the administration deserves the crap it has been getting. In the months leading up to Obama's inauguration, the economy fell off a cliff. The credit markets seized up. Several major investment banks went bust. The Fed and Treasury talked of an apocalypse. Everywhere you looked, you heard one analyst after another saying the country was plunging toward... Business Insider http://www.freerepublic.com/focus/f-news/2286301/posts#comment Mon, 6 Jul 2009 04:46:44 GMT http://www.freerepublic.com/focus/f-news/2286295/posts At least 38 states overestimated tax revenues And states weren't just barely missing their revenue projections; they whiffed by large margins. The Washington Times http://www.freerepublic.com/focus/f-news/2286295/posts#comment Mon, 6 Jul 2009 04:29:40 GMT