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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In an interview with the Wall Street Journal, Giuliani generally praised Bush's agenda in Iraq, but said the administration's "communications effort" with the general public regarding the war was lacking. He also criticized the administration's disbanding of the Iraqi infrastructure, which he said was "clearly a mistake."
Mike Huckabee
Huckabee generally supports the Bush administration's agenda in Iraq. He says that setting any timetable for troop withdrawal is "a mistake" and also supports the surge effort. Huckabee favors inviting Iraq's neighbors to "become financially and militarily committed to stabilizing Iraq now rather than financially and militarily committed to widening the war later." Huckabee pledged in Foreign Affairs not to withdraw troops from Iraq "any faster" than Gen. David Petraeus recommends. Still, Huckabee has criticized the Bush administration's handling of the war. "We did not send enough troops to Iraq initially," he wrote.
Duncan Hunter
Rep. Hunter (R-CA), the ranking Republican on the Armed Services Committee and one of the few presidential candidates who read the October 2002 NIE report, is a staunch supporter of the war in Iraq. He supported (San Diego Union-Tribune) the troop surge and is one of the only congressmen whose child has served in Iraq (San Diego Union-Tribune).
Hunter voted in favor of the 2002 resolution authorizing the invasion of Iraq.
John McCain
Sen. McCain (R-AZ) continues to support the war effort, and is one of the most outspoken proponents of Bush's surge strategy, even arguing that the escalation does not go far enough. He supported the president's efforts to increase the size of the U.S. standing military by 92,000 soldiers and Marines. On improving Iraqi security, McCain cautions that regional talks with Iran and Syria may not prove effective. "Our interests in Iraq diverge significantly from those of Damascus and Tehran, and this is unlikely to change under the current regimes," he says.
In a recent press appearance, McCain tripped up by referring to U.S. soldiers' lives "wasted" in Iraq, but followed up that he had meant to say "sacrificed." In February 2007, McCain coauthored a resolution calling on Congress to provide the U.S. forces with the "necessary support." The resolution also calls for the Iraqi government to meet eleven benchmarks on issues of security, economic performance, and governance.
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