Topic: Economic Crisis

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Could 'fiscal cliff' push US into recession? Five questions answered.

The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
Where gas prices are highest

Gasoline is a very visible price, and closely watched by many drivers. Petroleum prices impact many products, from food to industrial production. While the cost of crude is the major factor in gasoline price volatility, some countries levy taxes on fossil fuels. Here are ten countries where high gas prices are the norm, according to British insurance firm Staveley Head.
Hollande's victory: The world ponders a major shift

François Hollande's victory may represent change for not just France, but Europe as a whole.
Harry Truman: 7 quotes on his birthday

May 8, 2012, marks Harry S. Truman's 128th birthday. His folksy sense of humor and political grit are exemplified by a selection of aphorisms in 'Geary's Guide to the World's Great Aphorists' by James Geary.
Mitt Romney's five biggest liabilities as GOP nominee

Typically, an election with an incumbent president on the ballot is a referendum on him. But President Obama is trying to turn the tables. So what exactly does Mitt Romney bring to the table, in both positive and negative ways? Here are the liabilities:

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Robert Reich
US wages and Europe's austerity: the perfect storm

What if Europe and the US converged on a set of economic policies that brought out the worst in both – European fiscal austerity combined with a declining share of total income going to workers? Given political realities on both sides of the Atlantic, it is entirely possible.
Stefan Karlsson
Economic growth, or a slowdown in US productivity?

Economic growth, or a slow down in overall productivity? Analyst Karlsson argues that what many economists had announced as an uptick in employment growth late last year and early this year was actually a slowing of US productivity.
Bruce Springsteen blasts bankers in Berlin concert

The Boss goes off on "greedy thieves" and "robber barons" in fluent German during his Berlin concert. Bruce Springsteen returned to Berlin, where he played a July 1988 concert behind the old Iron Curtain in East Berlin.
EU calls for "banking union" to fight debt crisis

The European Commission proposed Wednesday that such a body should oversee banks directly, sidestepping national governments.
As fears about Europe's future worsen, the Dow closes down

Fearing a financial rupture in Europe, investors around the world fled from risk Wednesday. They punished stocks and the euro, and the yield on a benchmark US bond hit its lowest point since World War II. The Dow closed down 161 points to land at 12419.
The Daily Reckoning
New signs of global slowdown darken analyst's economic outlook

Data released this week may show new signs of a global slowdown. But one analyst isn't surprised. From the tech bubble burst to the housing collapse to the resurgence of gold, he's been (mostly) right. Not that he's saying 'I told you so.'
Strengthen the euro and reform the European Commission

At a time of European debt crisis, when some see a common currency as a straightjacket, Europe must follow through and strengthen the euro. Europe must also move on political reform. One place to start: Elect the president of the European Commission, the EU's executive arm.
Robert Reich
How to avoid austerity but still fix the deficit

As Europe has shown us, austerity is bad for weak economies facing large budget deficits. But it can be avoided by getting growth and jobs back first, and only then tackling budget deficits.
Despite oil prices, falling euro, Dow closes up slightly

Oil prices fell, the euro sank to a 22-month low, and the yield on the U.S. government's 10-year Treasury note fell near a historic low. But the Dow Jones industrial average edged up 125 points to close at 12580 as investors continue to hope for a Chinese growth spurt.
Home prices hit post-boom lows: What does that mean for housing market?

Despite fresh optimism about the housing market, home prices in the Case-Shiller Index fell during the first quarter, suggesting that the market is still stabilizing.
Is Canada about to face US-style housing meltdown?

Skyrocketing home prices in Canada, particularly in cities like Toronto, are fueling concerns that Canadians are overspending as they assume – as the US did – that real estate prices can only go up.
Typical CEO made $9.6 million last year

The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press. The typical American worker would have to labor for 244 years to make what the typical boss of a big public company makes in one.
Mortgage rates fall to new records

Mortgage rates for 30-year loan now stand at 3.78 percent. Fixed mortgage rates for 15-year loans are unchanged at 3.04 percent, a record low.
The Circle Bastiat
Herbert Hoover's bad rap

Though Roosevelt gets credit for saving the nation, Hoover was far from a 'do-nothing president.'
Federal Reserve official: If Congress dawdles, economy will fall 3 percent

Congress must sort out a raft of fiscal issues before Jan. 1, or it will cost the US economy dearly, said New York Federal Reserve President William Dudley.
HP jump boosts Dow; stocks mixed

Hewlett-Packard helped pull the Dow Jones industrial average to a slight gain Thursday, giving the index only its fourth gain this month. The Dow closed up 33 points at 12529.
EU still looking for way forward on Greece, growth, and euro zone

The latest summit in Brussels concluded with wide agreement that something needs to be done but with little consensus on what to do.
Could 'fiscal cliff' push US into recession? Five questions answered.

The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
Stocks rally to erase steep losses

Stocks closed mixed Wednesday after a late rally erased steep losses. The Dow lost seven points to close at 12496
Where gas prices are highest

Gasoline is a very visible price, and closely watched by many drivers. Petroleum prices impact many products, from food to industrial production. While the cost of crude is the major factor in gasoline price volatility, some countries levy taxes on fossil fuels. Here are ten countries where high gas prices are the norm, according to British insurance firm Staveley Head.
Gordon Brown: Europe needs a global rescue

The G8 summit at Camp David failed to find a plan for economic growth in Europe and to deal with a euro crisis that goes beyond debt. It may seem strange to propose that the world’s second-richest continent needs a global rescue. But today’s European consumers are too fearful to spend.
OECD concerned that eurozone crisis could threaten world recovery (+video)

The Organization of Economic Cooperation and Development said Tuesday the eurozone must get member nations with debt problems under control, so as to not pose problems for a less than robust world economic recovery.
The Reformed Broker
Explaining the bumpy stock market

US stocks are being pushed lower by factors like uncertainly in Europe, and pulled higher by better jobs data and good news on the housing market. It can be hard to see from a day to day perspective.
Obama, G-8: Recovery takes both growth and cutting

Confronting an economic crisis that threatens them all, President Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.
As its banking woes mount, Spain ponders where to go from here

Its banks struggling, Spain has moved closer to needing a bailout. But some argue the takeover of Bankia and other measures could mark the beginning of movement toward greater stability.