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Category Archives: Economics

Private Sector is Doing Fine – 26 Nov 12 Edition

“The private sector is doing fine” ~ President Obama

“I think he’s really defining what it means to be out of touch with reality.” ~ Willard Mitt Romney, Republican Tea Party (GOTP) presidential footnote

Since the above exchange between the President and the footnote the following indicators show the private sector is indeed “doing fine”, info comes from FOX Business:

First Quarter reported earnings: FedEx posted $10.79 billion, Microsoft reported $16 billion, and Procter & Gamble reported $20.7 billion, Cisco reported $11.9 billion …

In the second quarter the following earnings were reported by the private sector: Yahoo reported $1.08 billion, Facebook reported $1.2 billion, EBay reported $3.4 billion, Macy’s reported $6.12 billion, Travelers reported $6.36 billion, McDonald’s reported $6.92 billion, Morgan Stanley reported $7 billion, Best Buy reported $10.55 billion, Amazon.com reported $12.8 billion, Google reported $12.21 billion, United Parcel Service (UPS) reported $13.4 billion, Coca-Cola reported $13.09 billion, Intel reported $13.5 billion, Dell reported $14.5 billion, Pfizer reported $15.1 billion, Johnson & Johnson reported $16.5 billion, Microsoft reported $18.06 billion, Citigroup reported $18.4 billion, Procter & Gamble reported $20.2 billion, Bank of America reported $22.2 billion, IBM reported $25.8 billion, Verizon reported $28.6 billion and AT&T reported $31.6 billion …

Following are third quarter earnings: Hewlett-Packard reported $29.7 billion, Wells Fargo reported $21.2 billion, J.P. Morgan Chase reported $25.9 billion, Citigroup reported $19.4 billion, Johnson & Johnson reported $17.1 billion, Goldman Sachs reported $8.35 billion, Coca-Cola reported $12.34 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Bank of America reported $20.4 billion, American Express reported $7.9 billion, Morgan Stanley reported $7.6 billion, Travelers reported $6.51, Google reported $11.3 billion, McDonald’s reported $7.2 billion, Caterpillar reported $16.45 billion, Yahoo! Reported $1.09 billion, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, 3M reported $7.5 billion, AT&T reported $31.5 billion, Boeing reported $20 billion, Merck reported $11.49 billion, Pfizer’s reported $14 billion, Wal-Mart reported $113.2 billion, Dell reported $13.7 billion, Best Buy reported $10.75 billion

Following are fourth quarter earnings: News Corp. reported $8.4 billion, Cisco reported $11.7 billion, Apple reported $36 billion, Walt Disney reported $10.78 billion, Hewlett-Packard reported $30 billion

Building Permits:

The Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.

Consumer Confidence:

The Conference Board’s gauge of consumer confidence rose to 65.9 in July from 62.7 in June, better than the 61.5 economists expected.

The Conference Board’s reading on consumer confidence rose to 70.3 in September from an upwardly revised 61.3 in August, topping estimates for a reading of 63. The reading was the highest since February.

Consumer Sentiment:

The consumer sentiment reading of the Thomson Reuters/University of Michigan survey showed consumer sentiment increased to 73.6 in early August from July’s final reading of 72.3. The August preliminary reading topped forecasts for an increase to 72.4 and marked the highest level since May.

A final reading on consumer sentiment for the month of August checked in at 74.3, higher than a preliminary reading of 73.6, according to a survey by Thomson Reuters and the University of Michigan.

A preliminary reading on consumer sentiment for the month of October checked in at 83.1, up from a September reading of 78.3 and marking the highest reading since September 2007, according to a report from Reuters and the University of Michigan. Economists were expecting sentiment to decrease to 78.

A reading on consumer sentiment for early November rose to 84.9 from 82.6 in October, topping expectations for a reading of 83. The reading was the highest since July 2007.

Gross Domestic Product:

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 1.7% in the second quarter, in line with economists’ estimates and faster than an initial estimate of 1.5%.

A preliminary reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 2% in the third quarter, up from 1.3% in the second quarter and slightly above estimates of 1.9%.

Home Prices:

Home prices in 20 major U.S. metropolitan areas climbed 2.2% in May from the month before on a non-seasonally adjusted basis, according the S&P/Case-Shiller report. That came in stronger than the 1.5% gain economists expected.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 2.3% in June from May on a non-seasonally adjusted basis, a bigger gain than the 1.6% expected. Prices were up 0.5% from the same period a year earlier in the first increase since September 2010.

The S&P/Case Shiller composite index of 20 metropolitan areas shows home prices rose 1.6% in July from June on a non-seasonally adjusted basis. Prices were up 1.2% from a year ago, more than the 1% expected.

Home Sales (existing homes):

Sales of existing homes rose 2.3% in July from June to an annualized rate of 4.47 million units, according to the National Association of Realtors.

Existing home sales rose 7.8% in August from July to an annualized rate of 4.82 million units, topping estimates of a 4.55-million unit rate and marking the fastest pace since May 2010.

Existing home sales rose 2.1% in October from September to a 4.79-million unit annualized rate, coming in slightly ahead of estimates of a 4.75-million unit annualized rate, according to the National Association of Realtors.

Home Sales (new single-family homes):

Sales of new single-family homes rose 3.6% in July from June to an annualized rate of 372,000 units. Analysts were expecting an annualized rate of 365,000 units.

Sales of new U.S. single-family homes rose 5.7% in September to a 389,000-unit annualized rate, topping estimates of a 385,000-unit rate and marking the highest reading since April 2010.

Housing Starts:

U.S. housing starts jumped 6.9% in June from May to a 760,000-unit rate, topping estimates of a 745,000-unit rate and marking the highest rate since October 2008.

Housing starts rose 2.3% in August from July to a 750,000-unit rate, missing estimates of a 765,000-unit rate. Permits fell 1% to an 803,000-unit rate, but topped estimates of a 796,000-unit rate.

The Commerce Department reports housing starts rose 15% to an annualized rate of 872,000 units in September from August. Housing permits jumped 11.6% to an annualized rate of 894,000 units.

U.S. housing starts rose 3.6% in October to an 894,000-unit rate, well above estimates of an 840,000-unit rate and marking the highest pace since July 2008. Housing permits fell 2.7% to an 866,000-unit rate, slightly ahead of estimates of an 865,000-unit rate.

Imports:

U.S. import prices rose 1.1% in September from August, topping estimates of 0.7%. Export prices rose 0.8%, coming in ahead of estimates of 0.4%.

Index of U.S. Consumer Confidence:

The Conference Board’s index of U.S. consumer confidence rose to 72.2 in October from a downwardly revised 68.4 in September. The results missed estimates of a reading of 72.5, but marked the index’s highest level since February 2008.

Manufacturing Sector (U.S. Midwest):

The manufacturing sector in the U.S. Midwest expanded at a slightly swifter pace in July than it did the month before. The Institute for Supply Management-Chicago’s PMI gauge came in at 53.7, higher than expectations of 52.5 and a reading of 52.9 in June.

Nonfarm Payrolls:

The Labor Department reports nonfarm payrolls rose by 96,000 in August from July, less than the 125,000 expected. The unemployment rate unexpectedly fell to 8.1% from 8.3.

The Labor Department reports nonfarm payrolls increased by 114,000 in September from August, slightly ahead of estimates of 113,000. The unemployment rate unexpectedly fell to 7.8%, the lowest rate since January 2009, from 8.1% the month prior.

Orders for Long-Lasting Goods:

Orders for long-lasting U.S. goods rose 4.2% in July from June, blowing past estimates of a 2.4% increase. Excluding the transportation segment, orders were down 0.4%, missing estimates of a 0.5% gain.

The Commerce Department reported orders for long-lasting goods climbed 9.9% in September from August, topping estimates of a 7.1% increase.Personal Spending:

Personal spending rose 0.4% in July from June, as expected, to the highest level since February. Personal income rose 0.3%, also as expected.

Pending Home Sales:

U.S. pending home sales rose 2.4% in July from June, topping the 1% expected and hitting the highest level since April 2010. Sales were up 12.4% from a year ago.

The National Association of Realtors reported its index of pending home sales rose 0.3% in September from August, the index climbing 14.5% from a year ago.

PMI Gauge:

The Markit Flash U.S. Manufacturing PMI rose to 51.9 in August from 51.4 in July, the first monthly increase in five months. Readings over 50 point to expansion while readings below 50 indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.5 in September from 49.6 in August, topping expectations for a reading of 49.7 and marking the first time the index rose above 50 since May. Readings above 50 point to expansion while those below indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.7 in October from 51.5 in September, the highest reading since May. The index was expected to fall to 51.2. Readings above 50 indicate expansion while those below indicate contraction.

The Labor Department reports nonfarm payrolls rose by 171,000 in October from September, surpassing the 125,000 expected, for 32 straight months of positive job growth. The unemployment rate ticked up slightly to 7.9% from 7.8%, as expected.

Private Sector Jobs:

The private sector added 163,000 jobs in July, according to the ADP report. Analysts had been expecting an increase of 120,000.

The ADP National Employment Report shows the U.S. private sector added 158,000 jobs in October, more than the 135,000 expected.

Producer Prices:

Producer prices rose 1.1% in September from August, a bigger jump than the 0.7% expected.

The Labor Department reported producer prices climbed 0.3% in July from June, the fastest pace in five months. Analysts expected an increase of 0.2%. Excluding the food and energy components, prices were up 0.4%, also more than the 0.2% increase forecast.

Retail Sales:

Retail sales climbed 0.8% in July from June, the largest increase since February and a bigger gain than the 0.3% economists expected.

U.S. retail sales rose 1.1% in September from August, more than the 0.8% expected. Excluding the auto component, sales were up 1.1%, the biggest rise since January and topping estimates of 0.6%.

U.S. retail sales rose 0.9% in August from July, more than the 0.7% expected and the largest rise since February. Excluding the auto segment, sales were up 0.8%, topping estimates of 0.6%.

Service Sector Activity:

The Institute for Supply Management’s gauge of service-sector activity rose to 53.7 in August, the highest level since May, from 52.6 in July; the index was expected to fall slightly to 52.5.

The Institute for Supply Management’s gauge of service-sector activity rose to 55.1 in September from 53.7 in August, suggesting the sector is expanding at a faster rate. Economists expected a reading of 53.1.

Stock Market was 8077.56 on 19 Jan 09 and 13,009.53 on 24 Nov 12 …

Unemployment:
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September, the lowest since President Barack Obama took office in January 2009. In spite of the Republican majority ‘do nothing congress’ not passing President Obama’s Job’s Bill – (5 Oct 12)

New claims for unemployment benefits fell to 339,000 during the third week of October from an upwardly revised 369,000 the week prior. Claims were expected to rise to 370,000 from an initially reported 367,000.

New claims for unemployment benefits fell to 369,000 during the fourth week of October from an upwardly revised 392,000 the week prior.

New claims for unemployment benefits fell to 355,000 last week – week ending 3 Nov 12 – from 363,000 the week prior. Claims were expected to rise to 370,000. A Labor Department analyst says superstorm Sandy depressed claims in at least one state and resulted in an increase in claims in others.

New claims for unemployment fell to 410,000 from an upwardly revised 451,000 the week prior. Claims were expected to fall to 410,000 from an initially reported 439,000. The Labor Department cautioned however that Hurricane Sandy’s still distorting the weekly readings.

 
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Posted by on November 26, 2012 in 2012 Election, Economics

 

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Private Sector is Doing Fine – 19 Nov 12 Edition

“The private sector is doing fine” ~ President Obama

“I think he’s really defining what it means to be out of touch with reality.” ~ Willard Mitt Romney, Republican Tea Party (GOTP) presidential footnote

Since the above exchange between the President and the footnote the following indicators show the private sector is indeed “doing fine”, info comes from FOX Business:

First Quarter reported earnings: FedEx posted $10.79 billion, Microsoft reported $16 billion, and Procter & Gamble reported $20.7 billion, Cisco reported $11.9 billion …

In the second quarter the following earnings were reported by the private sector: Yahoo reported $1.08 billion, Facebook reported $1.2 billion, EBay reported $3.4 billion, Macy’s reported $6.12 billion, Travelers reported $6.36 billion, McDonald’s reported $6.92 billion, Morgan Stanley reported $7 billion, Best Buy reported $10.55 billion, Amazon.com reported $12.8 billion, Google reported $12.21 billion, United Parcel Service (UPS) reported $13.4 billion, Coca-Cola reported $13.09 billion, Intel reported $13.5 billion, Dell reported $14.5 billion, Pfizer reported $15.1 billion, Johnson & Johnson reported $16.5 billion, Microsoft reported $18.06 billion, Citigroup reported $18.4 billion, Procter & Gamble reported $20.2 billion, Bank of America reported $22.2 billion, IBM reported $25.8 billion, Verizon reported $28.6 billion and AT&T reported $31.6 billion …

Following are third quarter earnings: Hewlett-Packard reported $29.7 billion, Wells Fargo reported $21.2 billion, J.P. Morgan Chase reported $25.9 billion, Citigroup reported $19.4 billion, Johnson & Johnson reported $17.1 billion, Goldman Sachs reported $8.35 billion, Coca-Cola reported $12.34 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Bank of America reported $20.4 billion, American Express reported $7.9 billion, Morgan Stanley reported $7.6 billion, Travelers reported $6.51, Google reported $11.3 billion, McDonald’s reported $7.2 billion, Caterpillar reported $16.45 billion, Yahoo! Reported $1.09 billion, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, 3M reported $7.5 billion, AT&T reported $31.5 billion, Boeing reported $20 billion, Merck reported $11.49 billion, Pfizer’s reported $14 billion, Wal-Mart reported $113.2 billion, Dell reported $13.7 billion,

Following are fourth quarter earnings: News Corp. reported $8.4 billion, Cisco reported $11.7 billion, Apple reported $36 billion, Walt Disney reported $10.78 billion …

The private sector added 163,000 jobs in July, according to the ADP report. Analysts had been expecting an increase of 120,000.

The ADP National Employment Report shows the U.S. private sector added 158,000 jobs in October, more than the 135,000 expected.

The Labor Department reports nonfarm payrolls rose by 96,000 in August from July, less than the 125,000 expected. The unemployment rate unexpectedly fell to 8.1% from 8.3.

The Labor Department reports nonfarm payrolls increased by 114,000 in September from August, slightly ahead of estimates of 113,000. The unemployment rate unexpectedly fell to 7.8%, the lowest rate since January 2009, from 8.1% the month prior.

The Conference Board’s gauge of consumer confidence rose to 65.9 in July from 62.7 in June, better than the 61.5 economists expected.

The Conference Board’s reading on consumer confidence rose to 70.3 in September from an upwardly revised 61.3 in August, topping estimates for a reading of 63. The reading was the highest since February.

The Conference Board’s index of U.S. consumer confidence rose to 72.2 in October from a downwardly revised 68.4 in September. The results missed estimates of a reading of 72.5, but marked the index’s highest level since February 2008.

The manufacturing sector in the U.S. Midwest expanded at a slightly swifter pace in July than it did the month before. The Institute for Supply Management-Chicago’s PMI gauge came in at 53.7, higher than expectations of 52.5 and a reading of 52.9 in June.

Home prices in 20 major U.S. metropolitan areas climbed 2.2% in May from the month before on a non-seasonally adjusted basis, according the S&P/Case-Shiller report. That came in stronger than the 1.5% gain economists expected.

Sales of existing homes rose 2.3% in July from June to an annualized rate of 4.47 million units, according to the National Association of Realtors.

Existing home sales rose 7.8% in August from July to an annualized rate of 4.82 million units, topping estimates of a 4.55-million unit rate and marking the fastest pace since May 2010.

Existing home sales rose 2.1% in October from September to a 4.79-million unit annualized rate, coming in slightly ahead of estimates of a 4.75-million unit annualized rate, according to the National Association of Realtors.

Sales of new U.S. single-family homes rose 5.7% in September to a 389,000-unit annualized rate, topping estimates of a 385,000-unit rate and marking the highest reading since April 2010.

U.S. pending home sales rose 2.4% in July from June, topping the 1% expected and hitting the highest level since April 2010. Sales were up 12.4% from a year ago.

The National Association of Realtors reported its index of pending home sales rose 0.3% in September from August, the index climbing 14.5% from a year ago.

U.S. housing starts jumped 6.9% in June from May to a 760,000-unit rate, topping estimates of a 745,000-unit rate and marking the highest rate since October 2008.

Housing starts rose 2.3% in August from July to a 750,000-unit rate, missing estimates of a 765,000-unit rate. Permits fell 1% to an 803,000-unit rate, but topped estimates of a 796,000-unit rate.

Sales of new single-family homes rose 3.6% in July from June to an annualized rate of 372,000 units. Analysts were expecting an annualized rate of 365,000 units.

The Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.

The Commerce Department reports housing starts rose 15% to an annualized rate of 872,000 units in September from August. Housing permits jumped 11.6% to an annualized rate of 894,000 units.

The Labor Department reported producer prices climbed 0.3% in July from June, the fastest pace in five months. Analysts expected an increase of 0.2%. Excluding the food and energy components, prices were up 0.4%, also more than the 0.2% increase forecast.

Retail sales climbed 0.8% in July from June, the largest increase since February and a bigger gain than the 0.3% economists expected.

U.S. retail sales rose 1.1% in September from August, more than the 0.8% expected. Excluding the auto component, sales were up 1.1%, the biggest rise since January and topping estimates of 0.6%.

The consumer sentiment reading of the Thomson Reuters/University of Michigan survey showed consumer sentiment increased to 73.6 in early August from July’s final reading of 72.3. The August preliminary reading topped forecasts for an increase to 72.4 and marked the highest level since May.

U.S. retail sales rose 0.9% in August from July, more than the 0.7% expected and the largest rise since February. Excluding the auto segment, sales were up 0.8%, topping estimates of 0.6%.

The broad S&P 500 struck its highest level since May 2008 on 21 Aug 12, while the Dow is sitting less than 60 points beneath its highest point since the end of 2007. Meanwhile, oil futures are jumping 1.5% as the U.S. dollar sinks to its lowest level since early July.

The Markit Flash U.S. Manufacturing PMI rose to 51.9 in August from 51.4 in July, the first monthly increase in five months. Readings over 50 point to expansion while readings below 50 indicate contraction.

Orders for long-lasting U.S. goods rose 4.2% in July from June, blowing past estimates of a 2.4% increase. Excluding the transportation segment, orders were down 0.4%, missing estimates of a 0.5% gain.

The Commerce Department reported orders for long-lasting goods climbed 9.9% in September from August, topping estimates of a 7.1% increase.

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 1.7% in the second quarter, in line with economists’ estimates and faster than an initial estimate of 1.5%.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 2.3% in June from May on a non-seasonally adjusted basis, a bigger gain than the 1.6% expected. Prices were up 0.5% from the same period a year earlier in the first increase since September 2010.

The S&P/Case Shiller composite index of 20 metropolitan areas shows home prices rose 1.6% in July from June on a non-seasonally adjusted basis. Prices were up 1.2% from a year ago, more than the 1% expected.

Personal spending rose 0.4% in July from June, as expected, to the highest level since February. Personal income rose 0.3%, also as expected.

A final reading on consumer sentiment for the month of August checked in at 74.3, higher than a preliminary reading of 73.6, according to a survey by Thomson Reuters and the University of Michigan.

The Institute for Supply Management’s gauge of service-sector activity rose to 53.7 in August, the highest level since May, from 52.6 in July; the index was expected to fall slightly to 52.5.

The Institute for Supply Management’s gauge of service-sector activity rose to 55.1 in September from 53.7 in August, suggesting the sector is expanding at a faster rate. Economists expected a reading of 53.1.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.5 in September from 49.6 in August, topping expectations for a reading of 49.7 and marking the first time the index rose above 50 since May. Readings above 50 point to expansion while those below indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.7 in October from 51.5 in September, the highest reading since May. The index was expected to fall to 51.2. Readings above 50 indicate expansion while those below indicate contraction.
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September, the lowest since President Barack Obama took office in January 2009. In spite of the Republican majority ‘do nothing congress’ that didn’t pass Obama’s Job’s Bill – (5 Oct 12)

New claims for unemployment benefits fell to 339,000 during the third week of October from an upwardly revised 369,000 the week prior. Claims were expected to rise to 370,000 from an initially reported 367,000.

New claims for unemployment benefits fell to 369,000 during the fourth week of October from an upwardly revised 392,000 the week prior.

New claims for unemployment benefits fell to 355,000 last week – week ending 3 Nov 12 – from 363,000 the week prior. Claims were expected to rise to 370,000. A Labor Department analyst says superstorm Sandy depressed claims in at least one state and resulted in an increase in claims in others.

The Labor Department reports nonfarm payrolls rose by 171,000 in October from September, surpassing the 125,000 expected, for 32 straight months of positive job growth. The unemployment rate ticked up slightly to 7.9% from 7.8%, as expected.

U.S. import prices rose 1.1% in September from August, topping estimates of 0.7%. Export prices rose 0.8%, coming in ahead of estimates of 0.4%.

Producer prices rose 1.1% in September from August, a bigger jump than the 0.7% expected.

A preliminary reading on consumer sentiment for the month of October checked in at 83.1, up from a September reading of 78.3 and marking the highest reading since September 2007, according to a report from Reuters and the University of Michigan. Economists were expecting sentiment to decrease to 78.

A preliminary reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 2% in the third quarter, up from 1.3% in the second quarter and slightly above estimates of 1.9%.

Stock Market was 8077.56 on 19 Jan 09 and 12,596.56 on 16 Nov 12 …

 
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Posted by on November 19, 2012 in Economics

 

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Oh Look, the “Private Sector” really “is doing fine” – 10 Nov 12 Edition

“The private sector is doing fine” ~ President Obama

Since the above statement by the President the following indicators show the private sector is indeed “doing fine”; the info comes from FOX Business:

First Quarter reported earnings: FedEx posted $10.79 billion, Microsoft reported $16 billion, and Procter & Gamble reported $20.7 billion

In the second quarter the following earnings were reported by the private sector: Yahoo reported $1.08 billion, Facebook reported $1.2 billion, EBay reported $3.4 billion, Macy’s reported $6.12 billion, Travelers reported $6.36 billion, McDonald’s reported $6.92 billion, Morgan Stanley reported $7 billion, Best Buy reported $10.55 billion, Amazon.com reported $12.8 billion, Google reported $12.21 billion, United Parcel Service (UPS) reported $13.4 billion, Coca-Cola reported $13.09 billion, Intel reported $13.5 billion, Dell reported $14.5 billion, Pfizer reported $15.1 billion, Johnson & Johnson reported $16.5 billion, Microsoft reported $18.06 billion, Citigroup reported $18.4 billion, Procter & Gamble reported $20.2 billion, Bank of America reported $22.2 billion, IBM reported $25.8 billion, Verizon reported $28.6 billion and AT&T reported $31.6 billion …

Following are third quarter earnings: Hewlett-Packard reported $29.7 billion, Wells Fargo reported $21.2 billion, J.P. Morgan Chase reported $25.9 billion, Citigroup reported $19.4 billion, Johnson & Johnson reported $17.1 billion, Goldman Sachs reported $8.35 billion, Coca-Cola reported $12.34 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Bank of America reported $20.4 billion, American Express reported $7.9 billion, Morgan Stanley reported $7.6 billion, Travelers reported $6.51, Google reported $11.3 billion, McDonald’s reported $7.2 billion, Caterpillar reported $16.45 billion, Yahoo! Reported $1.09 billion, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, 3M reported $7.5 billion, AT&T reported $31.5 billion, Boeing reported $20 billion, Merck reported $11.49 billion, Pfizer’s reported $14 billion,

Following are fourth quarter earnings: News Corp. reported $8.4 billion, Cisco reported $11.7 billion, Apple reported $36 billion, Walt Disney reported $10.78 billion,

The private sector added 163,000 jobs in July, according to the ADP report. Analysts had been expecting an increase of 120,000.

The ADP National Employment Report shows the U.S. private sector added 158,000 jobs in October, more than the 135,000 expected.

The Labor Department reports nonfarm payrolls rose by 96,000 in August from July, less than the 125,000 expected. The unemployment rate unexpectedly fell to 8.1% from 8.3.

The Labor Department reports nonfarm payrolls increased by 114,000 in September from August, slightly ahead of estimates of 113,000. The unemployment rate unexpectedly fell to 7.8%, the lowest rate since January 2009, from 8.1% the month prior.

The Conference Board’s gauge of consumer confidence rose to 65.9 in July from 62.7 in June, better than the 61.5 economists expected.

The Conference Board’s reading on consumer confidence rose to 70.3 in September from an upwardly revised 61.3 in August, topping estimates for a reading of 63. The reading was the highest since February.

The Conference Board’s index of U.S. consumer confidence rose to 72.2 in October from a downwardly revised 68.4 in September. The results missed estimates of a reading of 72.5, but marked the index’s highest level since February 2008.

The manufacturing sector in the U.S. Midwest expanded at a slightly swifter pace in July than it did the month before. The Institute for Supply Management-Chicago’s PMI gauge came in at 53.7, higher than expectations of 52.5 and a reading of 52.9 in June.

Home prices in 20 major U.S. metropolitan areas climbed 2.2% in May from the month before on a non-seasonally adjusted basis, according the S&P/Case-Shiller report. That came in stronger than the 1.5% gain economists expected.

Sales of existing homes rose 2.3% in July from June to an annualized rate of 4.47 million units, according to the National Association of Realtors.

Existing home sales rose 7.8% in August from July to an annualized rate of 4.82 million units, topping estimates of a 4.55-million unit rate and marking the fastest pace since May 2010.

Sales of new U.S. single-family homes rose 5.7% in September to a 389,000-unit annualized rate, topping estimates of a 385,000-unit rate and marking the highest reading since April 2010.

U.S. pending home sales rose 2.4% in July from June, topping the 1% expected and hitting the highest level since April 2010. Sales were up 12.4% from a year ago.

The National Association of Realtors reported its index of pending home sales rose 0.3% in September from August, the index climbing 14.5% from a year ago.

U.S. housing starts jumped 6.9% in June from May to a 760,000-unit rate, topping estimates of a 745,000-unit rate and marking the highest rate since October 2008.

Housing starts rose 2.3% in August from July to a 750,000-unit rate, missing estimates of a 765,000-unit rate. Permits fell 1% to an 803,000-unit rate, but topped estimates of a 796,000-unit rate.

Sales of new single-family homes rose 3.6% in July from June to an annualized rate of 372,000 units. Analysts were expecting an annualized rate of 365,000 units.

The Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.

The Commerce Department reports housing starts rose 15% to an annualized rate of 872,000 units in September from August. Housing permits jumped 11.6% to an annualized rate of 894,000 units.

The Labor Department reported producer prices climbed 0.3% in July from June, the fastest pace in five months. Analysts expected an increase of 0.2%. Excluding the food and energy components, prices were up 0.4%, also more than the 0.2% increase forecast.

Retail sales climbed 0.8% in July from June, the largest increase since February and a bigger gain than the 0.3% economists expected.

U.S. retail sales rose 1.1% in September from August, more than the 0.8% expected. Excluding the auto component, sales were up 1.1%, the biggest rise since January and topping estimates of 0.6%.

The consumer sentiment reading of the Thomson Reuters/University of Michigan survey showed consumer sentiment increased to 73.6 in early August from July’s final reading of 72.3. The August preliminary reading topped forecasts for an increase to 72.4 and marked the highest level since May.

U.S. retail sales rose 0.9% in August from July, more than the 0.7% expected and the largest rise since February. Excluding the auto segment, sales were up 0.8%, topping estimates of 0.6%.

The broad S&P 500 struck its highest level since May 2008 on 21 Aug 12, while the Dow is sitting less than 60 points beneath its highest point since the end of 2007. Meanwhile, oil futures are jumping 1.5% as the U.S. dollar sinks to its lowest level since early July.

The Markit Flash U.S. Manufacturing PMI rose to 51.9 in August from 51.4 in July, the first monthly increase in five months. Readings over 50 point to expansion while readings below 50 indicate contraction.

Orders for long-lasting U.S. goods rose 4.2% in July from June, blowing past estimates of a 2.4% increase. Excluding the transportation segment, orders were down 0.4%, missing estimates of a 0.5% gain.

The Commerce Department reported orders for long-lasting goods climbed 9.9% in September from August, topping estimates of a 7.1% increase.

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 1.7% in the second quarter, in line with economists’ estimates and faster than an initial estimate of 1.5%.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 2.3% in June from May on a non-seasonally adjusted basis, a bigger gain than the 1.6% expected. Prices were up 0.5% from the same period a year earlier in the first increase since September 2010.

The S&P/Case Shiller composite index of 20 metropolitan areas shows home prices rose 1.6% in July from June on a non-seasonally adjusted basis. Prices were up 1.2% from a year ago, more than the 1% expected.

Personal spending rose 0.4% in July from June, as expected, to the highest level since February. Personal income rose 0.3%, also as expected.

A final reading on consumer sentiment for the month of August checked in at 74.3, higher than a preliminary reading of 73.6, according to a survey by Thomson Reuters and the University of Michigan.

The Institute for Supply Management’s gauge of service-sector activity rose to 53.7 in August, the highest level since May, from 52.6 in July; the index was expected to fall slightly to 52.5.

The Institute for Supply Management’s gauge of service-sector activity rose to 55.1 in September from 53.7 in August, suggesting the sector is expanding at a faster rate. Economists expected a reading of 53.1.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.5 in September from 49.6 in August, topping expectations for a reading of 49.7 and marking the first time the index rose above 50 since May. Readings above 50 point to expansion while those below indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.7 in October from 51.5 in September, the highest reading since May. The index was expected to fall to 51.2. Readings above 50 indicate expansion while those below indicate contraction.
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September, the lowest since President Barack Obama took office in January 2009. In spite of the Republican majority ‘do nothing congress’ that didn’t pass Obama’s Job’s Bill – (5 Oct 12)

New claims for unemployment benefits fell to 339,000 during the third week of October from an upwardly revised 369,000 the week prior. Claims were expected to rise to 370,000 from an initially reported 367,000.

New claims for unemployment benefits fell to 369,000 during the fourth week of October from an upwardly revised 392,000 the week prior.

New claims for unemployment benefits fell to 355,000 last week – week ending 3 Nov 12 – from 363,000 the week prior. Claims were expected to rise to 370,000. A Labor Department analyst says superstorm Sandy depressed claims in at least one state and resulted in an increase in claims in others.

The Labor Department reports nonfarm payrolls rose by 171,000 in October from September, surpassing the 125,000 expected, for 32 straight months of positive job growth. The unemployment rate ticked up slightly to 7.9% from 7.8%, as expected.

U.S. import prices rose 1.1% in September from August, topping estimates of 0.7%. Export prices rose 0.8%, coming in ahead of estimates of 0.4%.

Producer prices rose 1.1% in September from August, a bigger jump than the 0.7% expected.

A preliminary reading on consumer sentiment for the month of October checked in at 83.1, up from a September reading of 78.3 and marking the highest reading since September 2007, according to a report from Reuters and the University of Michigan. Economists were expecting sentiment to decrease to 78.

A preliminary reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 2% in the third quarter, up from 1.3% in the second quarter and slightly above estimates of 1.9%.

Stock Market was 8077.56 on 19 Jan 09 and 12,815.39 on 9 Nov 12

 

 
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Posted by on November 10, 2012 in Economics

 

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Eventually taxes will be increased

We have a huge debt and deficit primarily due to ten years of war while cutting taxes; economics of war 101 is you can’t fight a war without paying for it; you either raise taxes amongst your own people or plunder the enemy – since we don’t plunder the enemy we needed to raise taxes, but we did neither. $2 billion dollars spent per week each in Iraq and Afghanistan x 572 weeks = $2,288,000,000,000 of pure debt with no offset whatsoever; coupled to that an infrastructure badly in need of repair, plus an economy devastated by eight years of mismanagement by the previous administration and you have our economic woes of today.

Conservatives need to give up the failed idea of voodoo economics – trickle down has never worked, it’s a nice rosy economic theory that doesn’t produce what it claims will happen; we’ve had tax breaks for the top 1% (the so-called job creators) for more than a decade, where’s the jobs and where’s the revenue?

There’s going to need to be tax increases – sorry, but that’s going to happen; if it’s going to happen it needs to start with those who can afford them most, and it may then be necessary to raise everyone’s taxes.

After that we’re going to have to cut spending, and the first place to do that is the military; we now spend more on defense then the rest of the world combined, we don’t need a huge active military force, we need sufficient to defend the country. After we’ve trimmed back the military industrial complex we can start on other programs including social programs.

Problem with today’s conservatives is they want to do it all backwards; let’s cut taxes for the wealthiest 1% even more while increasing taxes on the lower classes; next lets increase defense spending while cutting social programs.

 
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Posted by on June 2, 2012 in Economics

 

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Fiscal jihad leads to downgrade of U.S. credit?

Well congratulations Republican Tea Partistas (GOTP), you’ve achieved something no one else has ever done in the history of our nation, you’ve given the nation’s full faith and credit a black eye. The Associated Press (AP) is reporting that Standard & Poor’s, one of the world’s three major credit rating agencies, cited “difficulties in bridging the gulf between political parties” as a major reason for the downgrade from U.S.’s top shelf AAA status to AA+, the next level down; of course the GOTP and Democratic law makers quickly jumped on the blame the other party bandwagon.

But whose fault is it?

Only one thing’s changed this go round of the debt ceiling argument, and that’s the introduction of the Tea Party – or as I like to call them, the Tea Partistas – who secured around 80 seats in the House of Representatives in the 2010 elections and who have been reaping havoc ever since. It was their moronic insistence the debt ceiling is tied to cutting spending, and their equally moronic insistence that taxes cannot be raised, especially not on the top 2% – or the absolutely uber-wealthy in the country.

It was the Tea Partistas’ holding the economy hostage, demonstrating to the rest of the world that we now have right-wing political Jihadists bent on bringing everything down if they don’t get their way that has shaken the world’s view of America, it’s why Standard & Poor’s lowered our rating, citing “difficulties in bridging the gulf between political parties” as a major reason for the downgrade. The rating agency has essentially lost faith in Washington’s ability to work together to address its debt.

The downgrade, hours after markets closed on Friday, is a first for the United States since it was granted an AAA rating in 1917. Reportedly S&P warned about a downgrade as far back as April. Its decision came just four days after fractious debate over raising the nation’s debt ceiling ended in a compromise that would reduce the country’s debt by more than $2 trillion. S&P said Friday the cuts did not go far enough.

This is where things become clouded and suspicious however with regards to S&P, and to which side the company is politically aligned. Only one group in Washington right now is making the same mewing as S&P and that’s the Tea Partistas. Is it possible the rating company is making a down grade in order to somehow gain by it?

AP is reporting that officials at the Treasury Department fought the downgrade until virtually the last minute, and that administration sources familiar with discussions said the S&P analysis was fundamentally flawed. S&P had sent the administration a draft document in the early afternoon Friday and the administration, after examining the numbers, challenged the analysis.

In a statement, Treasury said, “A judgment flawed by a $2 trillion error speaks for itself.”

GOTP potential opponents of the president in 2012 pounced on S&P’s announcement.

Michele “Krazy” Bachmann, the Tea Partista favorite, called on Obama to fire Geithner and quickly submit a plan to balance the budget, not just reduce deficits; and Mitt “Flopsy Mopsy” Romney said the credit downgrade was the “latest casualty” in Obama’s failed economic leadership.

S&P said in its report that downgrading the U.S.’s credit rating reflected the agency’s belief that the debt deal Congress pulled together was not sufficient “to stabilize the government’s medium-term debt dynamics.” S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years.

A downgrade a notch lower, to AA, will occur if the agency sees smaller reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.

Basically S&P is now attempting to hold the country’s economy hostage too; this sounds just like the Tea Partistas. The not so subtle threat that S&P “will lower the rating further within the next two years” is highly suspicious timing basically stating it will do it again sometime during the presidential campaign cycle. Who would that benefit? The GOTP candidate and the S&P because the conservatives want to further deregulate the stock market and financial institutions. We can probably expect the stock market to plunge on Monday.

GOTP House Speaker John Boehner said he hoped the downgrade served as a wake-up call to the Democratic Party.

“It is my hope this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges of our long-term debt problem,” Boehner said in a statement. “As S&P noted, reforming and preserving our entitlement programs is the `key to long-term fiscal sustainability.”

Again, the Speaker’s statement makes this down grade highly suspicious and suggests perhaps it was coordinated with the GOTP strategy all along? Boehner cites, “reforming and preserving our entitlement programs is the `key to long-term fiscal sustainability.” So now, according to Bonehead, and allegedly the S&P, the only way to fix the debt problem is to stick it to the poor and the elderly.

Democratic Senate Majority Leader Harry Reid believes Bonehead and his interpretation of the downgrade is wrong, and suggested S&P’s action shows that a mixed policy of raising taxes and budget cuts – was the correct way to move forward.

“The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners,” Reid said.

S&P’s actions are suspicious, and it appears the group may have overplayed its hand, especially when the main reason it cites for the downgrade could have come straight out of Rush Limbaugh’s mouth – or the GOTP playbook; obviously a balanced approach makes the most sense.

The GOTP catapulted the economy to the brink of disaster by cutting taxes while simultaneously taking the country into two wars; it was the actions of the Bush/Cheney team – wholeheartedly supported by Bonehead and company – which put us here, coupled with Mitch McConnell’s filibustering essentially every bill passed by the House for the first two years of the Obama Administration. There is only one party to blame, it is not something both parties put us in, it was the actions of the Republicans now sealed to the Tea Partistas which has done this. If the President is able to place the blame where it belongs and convince the country of how gross negligence by the GOTP has so thoroughly screwed things up then he’s re-elected; otherwise then we are in for a long slide into economic catastrophe.

Clearly the tax cutting supply-side economics sophistry of the right has failed; it hasn’t produced any jobs and has robbed the country of much needed revenue, and the President needs to hammer away at this until it sticks. Point it out clearly and say it as many times as it takes for the majority of Americans to get it. Reaganomics doesn’t work. It didn’t work in 1980, and it doesn’t work now, even Reagan knew this; he raised taxes eleven times during his presidency to garner revenue. The GOTP just doesn’t get it, Reaganomics has become its mantra, and they’ve become fiscal jihadists willing to destroy everything if they don’t get their way – they’ve become economic terrorists.

 
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Posted by on August 6, 2011 in Economics

 

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House vote caused dip in Market?

Anyone else notice how the precipitous slide in the Stock Market began immediately after the Republican/Tea Party (GOTP) controlled House of Representatives held its sham-wow vote on raising the debt ceiling? It began as soon as that phoney bill went down resoundingly in flames.

To me, this says at least four things; first, not raising the debt ceiling will have monumental consequences for our economy, and in turn the world’s economy, possibly tipping us into the depression we’ve been trying to avoid.

Second, the GOTP just realized this – meaning they didn’t buy all the dire warnings before about what would happen – and now suddenly they’re as scared as everyone else and want to hold some serious discussions on raising the debt ceiling, while making real cuts in spending and not just running with Paul Ryan’s ludicrous plan.

Third, the GOTP knew that by voting not to extend the debt ceiling it would put everything on the verge, and they are demonstrating to the President – and the entire country – how willing they are to take the economy down in order to position themselves for a victory in 2012.

Fourth, it appears the GOTP is either too ignorant to know what the affects will be, or they’re just too reckless to care, and they just want their cuts. They want to force the Ryan plan, and that’s that.

On thinking the GOTP would willfully tank the economy, my father would’ve told me, “You’re giving them too much credit Butch”, and I think he’d be right. I don’t believe the entire GOTP is willing to throw the country off the cliff deliberately, but I do believe they’re willing to play with it, hoping to force the White House to its knees and give in to their demands.

In effect, the Republicans are holding us all hostage, and the President should call the Speaker and his minions to the Oval Office and he should tell them the United States does not negotiate with terrorists; because if Boehner and his thugs are holding the country’s economy hostage in order to force the Ryan plan – or any part thereof –  on everyone, then that’s what they’ve become, economic terrorists.

The GOTP is taking a huge risk, and President Obama should call their bluff. Force them to refuse to raise the debt ceiling, and use his bully pulpit to make sure Americans understand what that will mean, and exactly who destroyed the economy. Make it crystal clear to everyone – well except the 37% of Americans who watch FOX PAC, and who listen to Limbaugh, Hannity, et al, that it was the far-right Tea Party playing conservatives who took us all over the edge. Seven times this same bunch of debt hating, deficit loathing, conservatives voted to raise the debt ceiling under Bush; SEVEN TIMES! But now it’s unholy and immoral to consider it? They’re hypocrites and they need to be thrown out, and thrown out big in 2012. Boehner is destined to be a one term Speaker, and he and his little group of thugs are destined to be foot notes.

 
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Posted by on June 11, 2011 in Economics

 

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Social Security must die so America can be what we want it to be?

OK, it’s time to play guess who said it.

Who said, “I mean, just from the very notion that it said that 50 percent of beneficiaries under the Social Security program use those monies as their sole source of income. So we’ve got to protect today’s seniors. But for the rest of us? For — you know, listen. We’re going to have to come to grips with the fact that these programs cannot exist if we want America to be what we want America to be.”?

If you guessed GOTP House Majority Leader Eric Cantor of Virginia you were right. But, in being right you have ask, “say what”?

Just when you think the far right lunatics can’t possibly say or do anything loonier, what do ya know? They do.

What exactly does Cantor mean when he says, “We’re going to have to come to grips with the fact that these programs cannot exist if we want America to be what we want America to be.”?

Is this what the far right means when it says it wants to take the country back? Take it back to pre-1930? Take it back to pre-New Deal? Take it back to when people worked until they died, and if they couldn’t take care of themselves too bad? This is the scary far right stuff, but of course the farther to the right the GOTP goes the father it goes away from the majority of America’s voters, and it’s going to one day catch up and bite them on the butt.

 
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Posted by on March 30, 2011 in Economics

 

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GOTP invites business to vent about regulations?

“America’s business, is business.” ~ Calvin Coolidge

Not really surprised, but, I’m trying to see how repealing laws regulating business, like clean air, water and noise reduction are going to play anywhere outside the Republican Tea Partista’s (GOTP’s) base? Obvious answer is they’re not. These are repeals set up to repay the heavy contributions from the newly granted corporate-citizens of “Citizens United” acclaim. The case where at least one Associate Justice should have reclused himself – but more on that soon.

‎It’s been said GOTP Congressional committee chairmen are already under instructions from the Tea Partista leadership to get rid of – or modify – rules  businesses don’t like. So, in effect, these “new corporate-citizens” get to decide what is right for the rest of the 99.9% of us.

My biggest question would be, when does the GOP start having hearings where it begins to listen to other groups who don’t like those pesky government regulations. You know the ones? Can’t wait for the upcoming news story of how the GOP is holding hearings compiling info from various southern school districts which don’t like Brown v. Board of Ed?

 
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Posted by on February 12, 2011 in Economics

 

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Taxes at Lowest Level Since 1950?!

According to a 7 Feb 11 Associated Press article, American families and businesses will pay less in federal taxes for the third straight year in a row, and will pay far less than they did under former President George W. Bush (R), thanks to a combination of a weak economy and a growing number of tax breaks for both the wealthy and the poor.


“Income tax payments this year will be nearly 13 percent lower than they were in 2008, the last full year of the Bush presidency. Corporate taxes will be lower by a third, according to projections by the nonpartisan Congressional Budget Office,” the article said.

The current tax rates are actually the lowest Americans have paid since Harry S. Truman was President. So, if tax rates are the lowest since Harry Truman, which means they’re lower than when Ronald Reagan was President, where’s the boom to the economy that should be overflowing from trickle down?

The only trickle down is something I refuse to write about here, truth is there is no trickle down! Reaganomics is all smoke and mirrors, his higher revenues didn’t show up until after he enacted the highest corporate tax increases in U.S. history. Sorry Sarah Palin, Hannity and Rush, but facts are facts.

So, please Tea Party and Republicans enough with the boo hoo hoo we’re taxed too high already. Find something worthy to protest, like, oh I don’t know? Maybe, the fact we’re still losing young men and women in Iraq and Afghanistan? Or how about (in spite of what Billo the Clown O’Reilly claims) we have homeless veterans freezing to death? But really, just because the 1st Amendment gives you the right to protest, doesn’t mean you should; protesting you’re being taxed too high when you’re paying far less than your parents or grandparents paid is not only obscene, it’s dull-witted, simple-minded and obtuse.

 
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Posted by on February 7, 2011 in Economics

 

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Second Bill of Rights?

In 1944, President Franklin D. Roosevelt outlined what he considered to be the nation’s next great mission, the guaranteeing of economic rights for American citizens, but then again he was a socialist, right?

“It is our duty now to begin to lay the plans and determine the strategy for the winning of a lasting peace and the establishment of an American standard of living higher than ever before known. We cannot be content, no matter how high that general standard of living may be, if some fraction of our people—whether it be one-third or one-fifth or one-tenth—is ill-fed, ill-clothed, ill-housed, and insecure.

“This Republic had its beginning, and grew to its present strength, under the protection of certain inalienable political rights—among them the right of free speech, free press, free worship, trial by jury, freedom from unreasonable searches and seizures. They were our rights to life and liberty.

“As our nation has grown in size and stature, however—as our industrial economy expanded—these political rights proved inadequate to assure us equality in the pursuit of happiness.

“We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence. ‘Necessitous men are not free men. People who are hungry and out of a job are the stuff of which dictatorships are made.

“In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all—regardless of station, race, or creed.

“Among these are:

“The right to a useful and remunerative job in the industries or shops or farms or mines of the nation;

“The right to earn enough to provide adequate food and clothing and recreation;

“The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

“The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

“The right of every family to a decent home;

“The right to adequate medical care and the opportunity to achieve and enjoy good health;

“The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

“The right to a good education.

“All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.

“For unless there is security here at home there cannot be lasting peace in the world.”

What happened to this mission?

 
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Posted by on July 14, 2010 in Economics

 

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