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By Cathy Wilkerson
$17.79
$17.13
$20
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Patrick Chappatte, Cagle Cartoons, Le Temps, Switzerland —
Posted on May 8, 2013
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Capitol Hill image via Shutterstock
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By Robert Reich — What is Washington doing to fix the economy? Worse than nothing. It has now adopted the same kind of austerity economics that’s doomed Europe—cutting federal spending and reducing total demand. And the sequester doesn’t end Sept. 30. It takes an even bigger bite out of the federal budget next fiscal year.
Posted on Apr 29, 2013
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Flickr / Abeeeer (CC-BY)
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By Robert Reich — On Tuesday the Dow Jones Industrial Average rose above 14,270. The stock market is basically back to where it was in 2000, while corporate earnings have doubled since then. Yet the real median wage is now 8 percent below what it was then and unemployment remains sky-high. Why is the stock market doing so well, while most Americans are doing so poorly? Here are four reasons.
Posted on Mar 6, 2013
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Larry Wright, Cagle Cartoons —
Posted on Mar 6, 2013
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George Rex (CC BY-SA 2.0)
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The owner of the “icon of American capitalism” is being sold to an Atlanta-based derivatives company for $8.2 billion as Wall Street’s trademark practice of high-energy verbal trading gives way to the digital kind.
Posted on Dec 20, 2012
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swanksalot (CC BY-SA 2.0)
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JPMorgan Chase & Co. weathered the 2008 financial crisis without reporting a loss. But a failed hedging strategy that recently cost the company $2 billion has called into question the ability of its leaders to manage risk and intensified the debate on banking reform.
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Flickr / Extra Ketchup (CC-BY-SA)
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All that bad press about working conditions at Apple-affiliated factories apparently hasn’t caused the computer giant any significant economic harm; in fact, the company, bolstered by booming sales of its shiny new iPad, is planning to spread the wealth among shareholders this summer.
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AP / Mark Lennihan
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Analysts are heralding the Dow Jones’ jumps past 13,000 on two brief occasions Tuesday as a sign that all this talk of economic recovery may be more bull market than, well, bull. Here’s hoping they’re right.
Posted on Feb 21, 2012
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Flickr / Ksayer1 (CC-BY-SA)
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Facebook’s rise to cyber-domination amounts to the biggest online success story of the 21st century thus far, and on Wednesday the social networking behemoth took it up another notch by filing for what could be the most massive Internet initial public offering ever.
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Flickr / SimplySchmoopie (CC-BY-SA)
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Traditionally, the holiday season brings good tidings for the stock market, too. There’s even something called “the Santa rally,” we learned from this Wall Street Journal article. Neat! But this year, with trouble on the European front and the ongoing recession (yes, that reads “recession”) at home, there may be less to look forward to, or so market forecasters fear.
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AP / Daniel Roland
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This week’s European crisis summit in Brussels has produced an agreement in an effort to mitigate what was looking like an inevitable economic catastrophe, judging by the dire situation in Greece and elsewhere in the eurozone. By Thursday, international markets were registering the results.
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Flickr / David Paul Ohmer (CC-BY)
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Stocks around the world dropped sharply Thursday after the U.S. Federal Reserve acknowledged a day earlier that the economy won’t improve any time soon. (more)
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Flickr / Davide "Dodo" Oliva
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U.S. and European markets played follow the leader Friday, as the three main stock indexes in both regions tumbled nearly 3 percent together. Among other events, analysts pointed fingers at the euro, uncertainty over President Obama’s jobs speech and doubt over Greece’s ability to address its financial problems.
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Angel Boligan, Cagle Cartoons, El Universal, Mexico City —
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AP / Richard Drew
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The stock market is revisiting last week’s extreme volatility, with the Dow Jones average plummeting 471 points in the first two hours of trading Thursday. (more) Update: At the closing bell, the Dow was down about 419 points, 3.7 percent, to roughly 10,990.
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Pavel Constantin, Cagle Cartoons, Romania —
Posted on Aug 14, 2011
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Do legislators really have economic recovery in mind? Also, what’s with the U.K. riots? Plus, eight GOP presidential candidates were in Iowa this week, so who is the front-runner?
Posted on Aug 13, 2011
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Flickr / coolinsights (CC-BY)
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Retail sales were up in July by the most they’ve been in four months, a sign that consumers in general remain confident despite lagging employment. (more)
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Flickr / dflorian1980 (CC-BY-SA)
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The stock market opened with a strong start on Friday, with the major averages up more than 1 percent following a good day for world markets on Thursday.
Posted on Aug 12, 2011
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Flickr / Francisco Diez (CC-BY)
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The Dow Jones Industrial Average closed 423 points higher Thursday, one of the biggest gains of all time, as investors reacted to positive job numbers and economic reports. The gain comes in a roller coaster week that saw the Dow fall 634 points Monday, rise 429 on Tuesday and then drop 519 on Wednesday. Updated
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Flickr / Abeeeer (CC-BY)
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The Dow Jones Industrial Average closed down 519 points Wednesday, a roller coaster of a day that saw ups and downs reminiscent of woeful times in the fall of 2008.
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Flickr / b00nj
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U.S. stocks sank almost 6 percent Monday, as investors disposed of risky assets and bought low-yielding but more secure Treasury bills and bonds, despite Standard & Poor’s recent downgrade of the U.S. government credit rating. (more)
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David Fitzsimmons, Cagle Cartoons, The Arizona Star —
Posted on Jul 12, 2011
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Flickr / SpeakerBoehner
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No visible progress was made during deficit talks Sunday in which President Barack Obama failed to persuade House Republicans to support $4 trillion in cuts over the next 10 years. (more)
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Flickr / epicharmus
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The economic indicators for May aren’t pretty, throwing up red flags that American job growth and factory output aren’t enough to carry the U.S. economy into a recovery and forcing a critical look at the way the crisis has been managed. (more)
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AP / J. Scott Applewhite
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Economists across a broad range are frowning on the Federal Reserve’s most recent attempt to spur the economy, saying that the strategy of buying federal debt has helped the stock market but has had little positive effect on the general population.
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bbc.co.uk
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This time, fears of another devastating tsunami were thankfully unfounded after another big earthquake—a 7.1 this time—shook Japan late Thursday, but workers at the trouble-plagued Fukushima Daiichi nuclear power plant didn’t take any chances.
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flickr / deneyterrio
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Well, you may have to wait awhile, unless you’re among Goldman Sachs’ circle of elite customers who were given the investment opportunity Sunday night—an indication of other possible big moves that Goldman and Facebook might make down the line.
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AP / Pablo Martinez Monsivais
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By Robert Scheer — Two years into the Obama presidency and the economic data is still looking grim. Don’t be fooled by the gyrations of the stock market, where optimism is mostly a reflection of the ability of financial corporations—thanks to massive government largesse—to survive the mess they created.
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Wikimedia Commons
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We knew capitalism was crazy, but it turns out it took only a single sale of $4.1 billion in futures to put into motion a series of events that culminated in the “flash crash” of May 6, during which the Dow Jones dropped 600 points in just a matter of minutes.
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AP / Henny Ray Abrams
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The good news is that the U.S. stock market has enjoyed its “strongest September in 71 years” thus far this month, according to The Wall Street Journal. The bad news is that September ain’t over yet, and that hopeful trend didn’t quite last through Monday.
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If you thought tea party politics were just for rabid wingnuts and certain Twitter-prone politicians, think again or else you may miss out on some hot stock market action before the November elections.
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AP / Seth Wenig
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The news from Wall Street wasn’t great as the week wrapped up and trading shut down Friday, although it wasn’t bad across the board. The stock market took a tumble, registering ongoing worries about ... (continued)
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AP / Daniel Roland
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The Icelandic volcano isn’t the only problem blowing over from Europe, judging by Thursday’s dismal stock market dive, touched off in part by problems in the euro zone as well as homegrown concerns about the American government’s plans for financial regulation.
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Flickr / jpellgen
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After the Dow’s freaky dip last week, Monday’s news that the U.S. stock market was closing in on its biggest day in terms of gains this year might just boost some spirits on and off the trading floor.
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AP / Henny Ray Abrams
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Even in the face of an extended recession, devastating double-digit unemployment and a barrage of political charges that President Barack Obama’s health care reform will decimate the economy, the U.S. stock market finished the week at a 19-month high.
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AP / Susan Walsh
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Well, it’s good news for Mr. Bernanke, at least: The U.S. stock market did better Monday than it had in the last three days of trading, thanks in part to signs that Federal Reserve Chairman Ben Bernanke’s support in the Senate appeared solid. The sunny quarterly report from Apple Inc.—coming just days before the company was expected to make a major announcement—also helped reverse last week’s slide.
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Flickr / omar_chatriwala
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Dubai’s debt issues caused trouble in other parts of the world Friday. Stock markets from Europe to Asia to the U.S. registered the effects of the city-state’s announcement that it would need to put off paying back $60 billion in debt incurred from investments, according to The Wall Street Journal.
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Federal Reserve
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After seemingly endless months of relentlessly distressing financial reports, Federal Reserve Chairman Ben S. Bernanke said Friday that the economic news is looking up on both the national and global economic fronts, and that “prospects for a return to growth in the near term appear good.”
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comedycentral.com
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File under “sour grapes,” perchance? CNBC’s highly animated “Mad Money” pundit Jim Cramer is attempting to do some damage control after being thoroughly owned by Jon Stewart on “The Daily Show” a month ago. Cramer grumps about the episode to ... Ohio State University’s student publication, The Lantern. Let ’er rip, Jim!
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It’s hard to say what made Columbia University professor David Buckner pass out during Monday’s episode of “Glenn Beck,” but perhaps standing so close to the Fox Newser and being obliged to describe a complex economic scenario with the aid of a cheesy graphic entitled “Path to Destruction” had something to do with Buckner’s sudden need to take a break from full consciousness.
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Flickr / epicharmus
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What a deal! Timothy Geithner’s new plan to save the banks from themselves commits American taxpayers to a massive purchase of the toxic assets that the banks had originally insisted were risk-free investments. Of course, Wall Street loved the news. Update
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So, CNBC hyperpundit Jim Cramer was the very picture of contrition during his cringe-tastic appearance on Thursday night’s “Daily Show.” But let’s revisit this moment from 2006—when Cramer brought a much haughtier version of himself to TheStreet.com TV to discuss, among other delightful topics, how to “create a new truth to develop a fiction” whilst in “hedge-fund mode”—shall we?
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blogspot.com
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Either the U.S. economy was in the pool during the last three months of 2008 or the economic crisis is worse than expected. The nation’s GDP shrank 6.25 percent in the fourth quarter of last year, almost doubling the preceding quarter’s contraction rate of 3.8 percent.
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AP photo / Frank Franklin II
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The employment market and the stock market both took major hits Thursday, with new jobless claims registering as high as 627,000 and market indicators like the Dow Jones industrial average and the Nasdaq composite index dipping alarmingly low.
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Mike Keefe, The Denver Post —
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AP photo / Mary Altaffer
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By Titus Levi — Wall Street has yet to recover after the economic shocks of recent weeks. Why? Two problems. One we already know: The “plan,” even with revisions, is deeply flawed. The second problem has not been mentioned all that much because it’s pretty scary: Put simply, we have no idea what we’re doing.
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foxnews.com
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With all the negativity in the ether regarding the stability of the world economy, it’s surprising that the International Monetary Fund took so long to throw its two cents into the fray. Never the fund to disappoint, the IMF issued a report Wednesday that warns of a pending global downturn following the U.S. credit crisis, as confidence falters in finance and credit markets around the world.
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