Just because the government crunched numbers and the result came out positive means we are all better off? None of the 15.7 million unemployed Americans is thinking the recession (Great or otherwise) is over. ... Read the full post ... Read more

The EU Observer has come up with a very good question: Why are those who caused the financial crisis are now consulted by the EU Commission in order to come up with a solution? I may add the question: Why are the bonus-greedy destroyers of global prosperity are still on their jobs at all? ... Re ... Read more

The weekly jobless claims is still a dismal reading.  Thankfully, it was just a tad less dismal than before. The new drop came in at -20,000 from 674,000 to 654,000.  The expected drop was a drop of only -9,000.  The bad news on this front is the 5.84 million in continuing jobless cla ... Read more

It seems that we are going from one administration that fumbled and bumbled its way through what was called an economic stimulus to a new one that is using the economic crisis as a springboard toward an increasingly socialistic agenda. Sadly neither the Bush nor Obama teams seem have their eye ... Read more

From the WSJ: General Electric's Net Slides 44% . Here are a couple of slides from their investor presentation : Click on table for larger image in new window. The credit loss estimate is $2 trillion - just a little lower than my estimate of $2 to $2.5 trillion (Roubini's estimat ... Read ... Read more

Over at VoiceofSanDiego.org I've put up a two-parter explaining why I believe a protracted period of deflation is an exceedingly unlikely outcome. No Deflationary Spiral Forthcoming, Part 1 No Deflationary Spiral Forthcoming, Part 2: Counterpoints (These articles comprise a very slig ... ... Read more

From The Times: It's official - Britain is in recession Britain is in the grip of its sharpest recession for three decades, grim official figures confirmed today ... The economy suffered a brutal 1.5 per cent drop in Gross Domestic Product (GDP) during the past three months, shrinking at its faste ... Read more

The car czar is a joke, a way to get a few billion dollars to GM (GM) and Chrysler while they move their companies in better shape for certain Chapter 11 filings. The two car companies are not likely to get what they want from the UAW, suppliers, and creditors without some kind of fight. Wh ... Read more