Topic: Recessions and Depressions

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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?
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.
Which Latin American countries are the most socially inclusive?

Americas Quarterly created a new 'social inclusion index' to compare countries across the region and track their progress over time. Here are the three top countries, two poorest-ranking countries, and one whose ranking may come as a surprise.
Six reasons to keep America as No. 1 superpower

Many around the world say American decline would preserve global stability through a better balance of power. They’re wrong, says Steve Yetiv, a political science professor at Old Dominion University. It’s not that other countries or international institutions can’t play vital roles. They do. But they can't yet do what Washington does around the world, Yetiv says. Here he gives six examples.
Top 10 cities where house prices are rising

House prices continue to fall nationwide, but here and there they’ve begun to turn up as Americans return to the housing market. Which 10 metropolitan areas have seen the biggest increase in the past year? The winners, according to the National Association of Realtors (NAR), include a state capital, a furniture-making center, and a resort that was once America’s foreclosure capital. Can you guess who they are?

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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.'
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.
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.
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.
Economist Mom
Turning the 'fiscal cliff' into a gentle slope

Economists and policymakers worry that the recovering US economy won't be able to handle the amount of deficit reduction headed its way in the coming months. It can;t be avoided, but it can be made easier to overcome.
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?
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.
JPMorgan Chase trading fiasco: What to do about big banks?

JPMorgan's loss of $2 billion shows that the forces that unleashed the recession remain partially untamed – and that Congress is still struggling to get a handle on the solution.
How Greek economic woes could help US consumers

Fears that Greece may default on its debt are spurring interest in US Treasury bonds, driving down interest rates on mortgages and auto loans – but not (alas) for credit card debt.
Economist Mom
Creating jobs while reducing the deficit: hard but possible

Just because deficit spending in general can be helpful in a recession and recovery and harmful in general in a recovered economy, doesn’t mean all deficit spending is equally good in a recession and recovery, or all deficit spending is equally bad in a full-employment economy.  There are benefits and costs in either situation.
Oil prices remain below $95 a barrel

Oil prices in Asia are near a five-month low. Concerns that Greek election chaos could undermine confidence in Europe are behind sagging oil prices.
Greece's economic woes may hurt US

Greece's problems and the larger European debt crisis may impact banks, the stock market, trade and even the 2012 election.
California facing higher $16 billion shortfall

California's budget deficit has swelled to $16 billion and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, warns Gov. Jerry Brown.
Robert Reich
JPMorgan collapse: Can we regulate Wall Street now?

JPMorgan Chase & Co., the nation’s largest bank, announced Thursday that it had lost $2 billion in risky trades over the past six weeks. It adds fuel to the argument that Wall Street needs to be more heavily regulated.
The Daily Reckoning
Will austerity come to the US?

The United States may be headed for the same belt-tightening austerity that has caused an uproar across Europe. Done right, it could actually work.
Stocks tumble on Europe turmoil

Political uncertainty in debt-hobbled Europe spread to financial markets Tuesday and pushed stocks lower in Europe and the United States. The Dow lost 76 points close at 12932 after falling as much as 200 points earlier in the day.
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.
Stock market fallout: Europe elections spook traders

Stock market in Athens plunges 8 percent at one point after Greek election points to no clear winner. Stock market reaction elsewhere in Europe is negative.
Oil prices fall to six-month low. Gas to follow.

Oil prices fall below $99 a barrel on weak jobs report. At $3.80 a gallon, gasoline prices should follow oil prices down.
GM stock: Earnings down. Outlook cautious.

GM stock fell in Thursday trading after the company released a cautious outlook for North America, which so far this year has buoyed sales and GM stock.
Mitt Romney gains on Obama in Florida and Ohio, says poll (+video)

Mitt Romney and President Obama are in a dead heat in Florida and Ohio. Obama still leads in the key swing state of Pennsylvania, says new poll.
Spain enters recession; Dow and S&P 500 fall

Spain reentered a recession Monday, renewing fears about Europe's economic stability and sending stocks lower. The Dow fell 14 points to close at 13213; the Standard and Poor 500 index had its first monthly loss since November.
Why stock market is spinning its wheels despite positive trends

Consumer income and spending are up, but the stock market has been largely stagnant since February. Two big trends could be behind the Dow's tepid spring.