If you think that Wall Street’s vapor traders helped house the nation’s people then you are probably eagerly looking forward to how they will keep our environment clean. Under current “free-market” cap and trade proposals the same people who brought you the housing bubble and have contributed to wild swings in energy prices are eagerly anticipating their next vaporous bonanza. Senator Byron Dorgan of North Dakota, one of the few elected officials vigilant enough years ago to foresee the effects of financial deregulation, believes there is a better way. read more »
“I guess the bailouts are working…for Goldman Sachs!” The Daily Show With Jon Stewart
Goldman Sachs reported $3.4 billion second quarter earnings. Mises Economics Blogger Peter Klein says these earnings are the result of political capitalism – earned in the “nebulous world of public-private interactions.” Klein points to an interesting perspective offered by The Streetwise Professor (Craig Pirrong at University of Houston): Moral Hazard. read more »
CIT Group Inc. acknowledged today that “policy makers” turned down their request for aid. It’s always sad when a company fails and goes into bankruptcy – people lose their jobs, all the vendor companies that sell them products suffer from the loss of business, etc. But what makes this one especially sad is that CIT, according to Bloomberg News, “specializes in loans to smaller firms, counting 1 million enterprises, including 300,000 retailers, among its customers.” read more »
Last month, an old elevated train track on Manhattan's west side was re-opened to the public as a public park. The High Line was a 1.5-mile stretch of track constructed in the 1930s to carry freight trains. The last train ran on the platform in 1980 and the space has been the subject of battles ever since between park-minded preservationists and residents who wanted to tear down the steel monstrosity with no apparent function. read more »
Unemployment may be at 11.4% in LA County, pundits may mock the dysfunctional state budget system, but crime is still dropping from already historic lows in the City of Los Angeles.
In the past month, Washington D.C. has experienced both an increase in number of jobs as well as an increase in unemployment, according to the Washington Post.
The city’s unemployment rate rose from 9.9 in April to 10.7 percent in May – far surpassing the national average of 9.4 percent – despite gaining about 1,400 jobs primarily with the federal government. read more »
To my friends and colleagues in the US, it must be easy for Americans, in these times, to think that no one elsewhere in the world thinks about the principle on which America was founded. But many of us do.
These Jacquie Lawson cards are created in England and you will see that she uses the 4th July cards to pass on some information to her subscribers. (She would be well aware that most Americans would be well aware of the contents of the Archives.) So when we say, "we are thinking of you" we mean that in both the personal and historical sense. read more »
One of the great migrations of Americans was from Dust Bowl Oklahoma to California during the Great Depression. People came from all over the parched plains to California; South Dakotans, Nebraskans, Oklahomans and others. But only one group had a name. No one called them Dakoties, nor Nebies, but they did call them “Okies.” Their legacy was spread by John Steinbeck’s Grapes of Wrath. read more »
Here's a quick map of the newly released May 2009 metropolitan area unemployment numbers. On this map, color signifies the rate in May 2009 and size of bubble indicates the rate point change since May of last year. Green dots are below the national unemployment level of 9.1 in May, and red dots are above the national number. read more »
The amount of private sector jobs in Manhattan has been declining since 1958, according to the Center for an Urban Future. An increase in job-spread among the other four boroughs – Queens, Brooklyn, the Bronx, and Staten Island – has led to a shift in the New York City job market. read more »