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EducateWorthington.org

The 912 Project - Glenn Beck

912 Group of Central Ohio

Please let me know if you'd like your link added

Star Economist Roubini Says Outlook Still Bleak

<a href="http://www.youtube.com/v/ZjGir5tG3GM&rel=0" target="_blank">http://www.youtube.com/v/ZjGir5tG3GM&rel=0</a>

Any chance we can edit the thread title to
Good Economic News: Post Your Favorite

Agricultural Commodity Prices To Go Through the Roof
<a href="http://www.youtube.com/v/4Ar_7KgiGIc&rel=0" target="_blank">http://www.youtube.com/v/4Ar_7KgiGIc&rel=0</a>


America's next economic crisis is 1-3 years away?
<a href="http://www.youtube.com/v/ZdKuIFWnHOo&rel=0" target="_blank">http://www.youtube.com/v/ZdKuIFWnHOo&rel=0</a>

What are the chances that Paulson, Geithner and Bernanke are next?  Doubtful

Ex-BofA chief Lewis charged with fraud

Last April:Lewis Testifies U.S. Urged Silence on Deal

Bank bailouts worked great, why not COUNTRIES???
(Greece)
<a href="http://www.youtube.com/v/qUTuCRN0isw&rel=0" target="_blank">http://www.youtube.com/v/qUTuCRN0isw&rel=0</a>

Foreign Demand for US Treasurys Takes Record Fall

The government said Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion.

U.S. Treasury securities fell by $53 billion in December, the largest amount on record.
The reductions in holdings, if they continue, could force the government to make higher interest payments at a time that it is running record federal deficits.

The Treasury Department reported that foreign holdings of U.S. Treasury securities fell by $53 billion in December, surpassing the previous record of a $44.5 billion drop in April 2009.

The big drop in China's holdings meant that it lost the top spot in terms of foreign ownership of U.S. Treasuries, dropping to second place behind Japan.

Japan also reduced its holdings of U.S. Treasuries, cutting them by $11.5 billion to $768.8 billion in December, but that amount was still more than China's December total of $755.4 billion.

The $53 billion decline in holdings of Treasury securities came primarily from a drop in official government holdings, which fell by $52.3 billion. The holdings of foreign private investors fell by $700 million during the month of December.

Greece loses EU voting power in blow to sovereignty

The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.

Check out this map.  Looks like the lights are going out on the economy.

Unemployment Rates by County

Impressive map but if you analyze the data you will see that the rate of increase in unemployment was maximal during the last 4 months of W's rule.  The first break in the rate increase came after 2 months of Obama's term (March 09) and a second break in Oct. 09.  Of course this presentation is as statistically meaningless as the map you showed but both reflect actual data.  Now let us see if I can upload the graph that I prepared from the data given in the map.

The Shadow

Your graph doesn't paint a pretty picture for W or O.  Both can probably be contributed to the Stimulus Spending of the government, but notice how this doesn't reverse the trend and the climb continues when the effects wears off.  Time for some non-Keynesian long-term solutions, not short term wanna-be fixes.

Government Stimulus, One Year Later

Last week marked the one year anniversary of the American Reinvestment and Recovery Act, or the stimulus bill, passing into law.  While the debate over its success has been focused on whether or not it is stimulating the economy and on various questionable uses of funds, in my estimation this legislation is accomplishing exactly what it was intended to accomplish – grow the government.

Those of us concerned about the ever increasing level of government debt gasped at the astonishing $787 billion cost estimates for this bill.  True to form it has actually cost 10 percent more at $862 billion.  We heard over and over that government could not sit around and do nothing while people lost their jobs and houses.  The administration claimed that unemployment would not go above 8 percent if the stimulus bill passed.  Now, a year later, the government estimates that unemployment is over 10 percent.  The real number is closer to 20 percent.  It appears that those promises were total fabrications in order to close the deal.

Hurry up on the Jobs Spending Bill! Yes, just throw money at the problem.


Millions of Unemployed Face Years Without Jobs

Call them the new poor: people long accustomed to the comforts of middle-class life who are now relying on public assistance for the first time in their lives — potentially for years to come.

Yet the social safety net is already showing severe strains. Roughly 2.7 million jobless people will lose their unemployment check before the end of April unless Congress approves the Obama administration’s proposal to extend the payments, according to the Labor Department.

The Next Mortgage Meltdown (or Bailout)

<a href="http://www.youtube.com/v/1VcyxmF89ns&rel=0" target="_blank">http://www.youtube.com/v/1VcyxmF89ns&rel=0</a>

The 'Stimulus' Actually Raised Unemployment

How could the initial $200 billion have possibly had anything to do with the 5.7% rise in fourth-quarter GDP?

The Keynesian fable presumes that faster federal spending and consumers spending their federal benefit checks were the driving forces in the rebound.

Yet the GDP report clearly said the gain "reflected an increase in private inventory investment, a deceleration of imports and an upturn in nonresidential, fixed investment that was partly offset by decelerations in federal government (defense) spending and in personal consumption expenditures."

Since federal spending accounted for exactly zero of the only significant increase GDP, how could such spending possibly have "created or saved" 2 million jobs?

Why are be still buying from OPEC?

CRS: AMERICA'S COMBINED ENERGY RESOURCES LARGEST ON EARTH

Oil

CRS offers a more accurate reflection of America's substantial oil resources.  While America is often depicted as possessing just 2 or 3 percent of the world's oil-a figure which narrowly relies on America's proven reserves of just 21 billion barrels-CRS has compiled US government estimates which show that America is endowed with 167 billion barrels of recoverable oil. This is the equivalent of replacing America's current imports from OPEC for more than 75 years.

Natural Gas

Further, CRS notes the 2009 assessment from the Potential Gas Committee, which estimates America's future supply of natural gas is 2,047 TCF-an increase of more than 25 percent just since the Committee's 2006 estimate.  At today's rate of use, roughly 90 percent of which is produced domestically, this is enough natural gas to meet American demand for nearly 90 years.

Coal

The report also shows that America is number one in coal resources, accounting for more than 28 percent of the world's coal.  Russia, China, and India are in a distant 2nd, 3rd, and 5th, respectively.

Obama May Prohibit Home-Loan Foreclosures Without HAMP Review

The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.