The way we currently measure poverty is, shall we say, based on a paucity of data. New York is deploying a new system of measuring poverty that aims to give a greater depth and richness to the poverty picture. [More]
economy
Fed Expected To Launch Next Monetary Easing, "Operation Twist"
By 9.20.11
The Fed is widely expected to tomorrow announce the latest round of monetary policy tweaking designed to loosen up markets. It has the cute name of “Operation Twist.” Here’s how it works. [More]
Freddie Mac Tells Bargain Hunters To Buzz Off
By 9.14.11
Just because Freddie Mac has a glut of properties on its hands, buyers can’t expect Costco prices. Most of the buyers approaching Freddie have been looking to buy at 40-60% off of market price, like the final weeks of a Borders liquidation sale. Instead, Freddie is sending them back this letter which says sorry, we’re only taking less than 10% off. [More]
Painting Of Chase Branch On Fire eBays For $25,200
By 9.14.11
Tapping into popular sentiment, Alex Schaefer’s painting of a Chase bank on fire just sold on eBay for $25,200. Part of what drove up the price was online buzz after police questioned him while he was painting it, asking him if he planned to do what the painting depicted. [More]
More Towns To Withdraw Millions From Chase Over Mortgage Mod Practices
By 9.13.11
We know the story. Chase and other banks got billions in bailouts that they were encouraged, but not required, to use to help people modify their mortgages. Instead they sat on it and smiled like cheshire cats. Now a movement has sprung up to punish Chase for its intransigence by withdrawing money from their accounts. On the individual account level, that’s not much. But in New York state, entire towns are getting in on the act. [More]
Signs Of Hard Times: Abandoned Pets, Backyard Gardens
By 9.12.11
When you want a good idea of how the economy is shambling along, checking out what consumers are doing provides a lot of insight. What we’re spending (or not spending) money on and other lifestyle trends speak as much as stocks and budget numbers. [More]
Obama Calls For Congress To Quickly Pass Jobs Bill
By 9.9.11
Last night, President Obama addressed Congress and urged them to pass the American Jobs Act immediately. Here are some of the highlighted proposals: [More]
US Jobless Claims Unexpectedly Rose To 414,000
By 9.8.11
Claims for unemployment benefits rose by a surprise 2,000 to 414,000 last week, sending stocks downward. Economists had predicted a drop in claims to 405,000. [More]
Employers Added No Jobs In August, Unemployment Still 9.1%
By 9.2.11
A dismal jobs report sent all three major stock indexes, the barometers by which the nations measures its self-esteem, tumbling early morning Friday. The government reported that employers added no jobs in August and the official unemployment rate remained unchanged at 9.1%. The last time the headline employment rate was zero was February 1945. [More]
Daily Show: Downgrade Was Because US Government Doesn't Pay S&P Any Fees
By 8.12.11
The US government got downgraded by S&P because, unlike corporations, they don’t pay the ratings agency any fees, Columbia law professor John Coffee told The Daily Show. [More]
Stocks Up After Days Of Bleeding
By 8.9.11
After swooning on Monday following S&P’s downgrade of US bonds, stocks posted gains on Tuesday as investors saw the over-reaction as a buying opportunity. Now investors look to see what the Federal Reserve policy board might say after their meeting later today. [More]
Orville Redenbacher Uses New Fancy Bowl To Disguise Shrink Ray Effects
By 8.9.11
Looks like old Orville Redenbacher has been working on his sleight of hand technique. He wants you to focus on how his kettle corn popcorn is in a new easier to use “pop up bowl,” and ignore how it’s been downsized to 2.9 oz per bag from 3.3 oz. Worse, writers tipster Derek, the popcorn doesn’t pop as well. [More]
Stock Market Drops Most Since 2008
By 8.8.11
The stock market continued diving on Monday, with the Dow falling 5.6% and the S&P down 6.7%, the biggest sell-off since December 2008. [More]
"Foreclosure Factory" Draws Critics
By 8.8.11
It’s a one-stop foreclosure shop. Under one roof is a law office, title company, and auction house. They act as their own notaries and can foreclose. Its owner and several of his top attorneys are even VPs at the Mortgage Electronic Registration Systems Inc (MERS) which gives them the ability to transfer mortgages from owner to the other. The Boston Globe profiles a local law firm that has attracted criticism from homeowners and consumer advocates for its vertically integrated approach to foreclosure that can speedily ride over homeowners who thought they were in the middle of working out a deal with the bank. [More]
Stocks Rally On Positive Jobs Report, Then Fizzle
By 8.5.11
Markets opened on an upswing Friday as the labor report came in at 117,000 jobs added for July, higher than the predicted 85,000. The unemployment rate even ticked downwards to 9.1% from 9.2% in June. But the rally quickly evaporated as concerns about the growing European debt crisis and how government spending cuts might stymie economic growth took precedence. [More]
Stocks Fall On Global Economy Fears
By 8.4.11
Global stocks fell broadly Thursday afternoon amid worsening concerns about a global economic cooling and a European debt crisis. Each of the three major US indexes were down, deleting all the gains they had made so far this year. [More]
What The Debt Ceiling Bill Means For Your Wallet
By 8.2.11
You need a flowchart and a spreadsheet to understand all the different stages of the debt ceiling bill that passed the House yesterday and is likely to pass the Senate today. But let’s not get hung up on who does what to whom at what point, and when that super-awesome “sudden death mode” of spending cuts kicks in. Instead, let’s look at what the debt-ceiling bill means to you and your wallet. [More]
Signs That We May Already Be In Another Recession
By 8.1.11
Ever since word broke that the recession had ended about two years ago, doomsayers have projected a second, “double-dip” downturn could be on the way. While it takes months to verify that recessions have started or ended, there are signs that we may already have started that second dip. [More]
