"Economic index falls 0.1% in June" by Bloomberg News | July 22, 2008
WASHINGTON - US growth will slow in the second half of the year as unemployment rises and stock market declines erode household wealth, according to an index of leading economic indicators. The Conference Board's measure, designed to predict the economy's performance over the next three to six months, fell 0.1 percent in June after a 0.2 percent drop in May.
Rising claims for unemployment insurance, falling equity prices, and a slide in consumer confidence contributed to the decline. The report reinforces evidence that the impact of federal tax rebates will fade in the second half as the housing slump, record fuel prices, and credit crunch force households to rein in spending.
I told ya (see post below)!!!
"We're in a very strange period where we're teetering between negative and positive growth periods," said Zach Pandl, an economist at Lehman Brothers Holdings Inc. in New York. "We may be seeing weakness in coming quarters."
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Hey, don't worry, AmeriKa!
There is a man who is LOOKING OUT JUST FOR YOU!!!
Or IS HE?
"Bernanke's salary last year was $186,600. This year it rises to $191,300.... The Fed chief's largest assets last year were two annuities... each valued at between $500,001 to $1,000,000"
Does the thought cross your mind (like mine, readers), that maybe Bernanke is SERVING HIMSELF and his BANKER BUDDIES?
"Bernanke files disclosure by Associated Press | July 22, 2008
WASHINGTON - Engulfed by economic and financial turbulence, Federal Reserve chairman Ben Bernanke has taken extraordinary steps to ease the nation's problems. His own finances are a bit more straightforward.
The chairman's financial disclosure form, released yesterday, showed his holdings last year were in no-frills investments, including US Treasury securities, Canadian Treasury bonds, mutual funds, and annuities.
An economist who spent most of his career in academia, including teaching at Princeton, Bernanke also is receiving royalties on two textbooks he wrote. The documents showed that royalty income was listed at between $50,001 and $100,000 for each textbook, the largest single slices of income other than his Fed salary.
How did these guys fuck up so bad then? Unless this is all by DESIGN?!
Otherwise, why should they continue to be relied on when they have made such a mess of things?
Bernanke's salary last year was $186,600. This year it rises to $191,300. The Fed chief's largest assets last year were two annuities - TIAA Traditional and CREF Stock Large Cap Blend - with each valued at between $500,001 to $1,000,000, the documents showed. Some assets from each annuity were sold in mid-December, with each transaction valued at between $15,001 and $50,000."
