Quotes from Bloomberg Economic News
``Since 1949 the unemployment rate has never risen by this magnitude without the economy being in recession,'' John Ryding, chief U.S. economist at Bear Stearns Cos. in New York, said in a note to clients. ``We now put ourselves on recession watch.''
Factories have already slowed. ISM's manufacturing index for last month fell to 47.7, the lowest since April 2003, the purchasers group said this week.
Factory payrolls decreased by 31,000 after falling 13,000 a month earlier. Economists had forecast a drop of 15,000 in manufacturing employment. Builders reduced payrolls by 49,000 after cutting 37,000 jobs in November.
Government payrolls increased by 31,000 during the month, indicating private payrolls declined by 13,000.
Jan. 4 (Bloomberg) -- The Federal Reserve will increase the size of two scheduled auctions of emergency loans by 50 percent to $30 billion as part of a global attempt by central bankers to restore faith in the money markets.
NYT
Of 1,000 owners surveyed nationwide, only 28 percent said they felt economic conditions for their businesses were improving, while 65 percent said conditions were getting worse.
After inching down in recent weeks, average gas prices across the nation rose by 7.3 cents last week to $3.053 per gallon, 71.9 cents higher than the same period last year, the Energy Information Administration reported Wednesday.
Business Week
"Staying at [the $100] level will mean inflation and economic hardship," says Fadel Gheit, senior energy analyst for Oppenheimer Holdings (OPY). "The price has nothing to do with fundamentals, but it has a broad impact."
Here's a question for you. How many books on economics has your candidate read? How many has he WRITTEN? The best economist in the world can't convince someone to whom he can't explain the problem. It looks very like we are headed for a recession or a depression. Before you cast your all-important primary vote, shouldn't you find out who has the most education on economics? This is not one of those times when you basically get bragging rights. This time, it may make the difference between you keeping your job and house or living on the streets. Remember, if we ALL sink there will be no one to give you welfare. Even people who OWN their house could be dispossessed by incredibly high real estate taxes. I know everyone says he is a long shot, but PLEASE do yourself (and me) a favor and research Dr. Ron Paul. The house you save may be your own.
The Candidates on Iraq
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Barack Obama
Sen. Obama (D-IL) writes in Foreign Affairs that the United States needs to move beyond Iraq and "refocus our attention on the broader Middle East." One of the few presidential candidates who opposed the war (PDF) from the start, he says there is "no military solution" to the situation in Iraq. In January 2007, Obama proposed the Iraq War De-Escalation Act of 2007, which would reverse the troop surge and redeploy U.S. troops to Afghanistan and other locations in phases. He favors more funds for U.S. military equipment like night-vision goggles and reinforced Humvees, though his recent refusal to sign a war funding bill came under criticism from presidential aspirant John McCain (R-AZ), who, among other things, accused the senator of misspelling "flak jacket." Under Obama's plan, there may be a residual troop presence (NYT) in Iraq for security and training purposes. His bill has not yet been voted on.
In September 2007, Obama released his plan (PDF) to "responsibly end the war in Iraq," calling for a complete redeployment of U.S. troops from Iraq by the end of 2009, starting immediately. He also advocates a UN-led Iraqi constitutional convention in order to forge national reconciliation and to reach compromises on federalism, oil revenue sharing, and "de-Ba'athification." As president, Obama says he would establish an "international working group" to solve the Iraqi refugee crisis.
Obama opposes the establishment of permanent U.S. military bases (USA Today) in Iraq.
Bill Richardson
Richardson often cites his work in the mid-1990s as a hostage negotiator for the Clinton administration, specifically his efforts to free a pair of American hostages in Iraqi custody, as evidence he understands the politics of Iraq. He calls the current war "a disaster" and advocates a redeployment of U.S. troops. He says some troops should be sent to Afghanistan "to stop the resurgence of the Taliban and to fight the real terrorists who attacked this country on 9/11." His seven-point "new realism plan" for Iraq calls on Congress to de-authorize the war and set a deadline for troop withdrawal by the end of 2007. Unlike Clinton and Biden, Richardson says there should be no residual troops left in Iraq after the United States pulls out of the region. "Most Iraqis, and most others in the region, believe that we are there for the Iraqis' oil," he says. By pulling out completely, "we would deprive our enemies of this propaganda tool," he says. Richardson also calls for an "Iraqi reconciliation conference" and supports more regional participation from Iraqi neighbors like Syria and Iran.
Republican Candidates on Iraq
Sam Brownback
Sen. Brownback (R-KS) backs the White House's war efforts in Iraq and maintains that "the region and the world are safer now that Saddam Hussein has been removed from power." However, Brownback did not support the troop surge. Instead, he has called for a strong diplomatic effort in the region. Like Biden, Brownback supports a "three-state, one-country solution" in Iraq.
Discuss