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Opinion: Bankruptcy Is Not an Option
By not in system - AOL NewsMost American governors and mayors, whether Democratic or Republican, are faced with the daunting task of balancing their budgets after a long and deep recession and a sluggish economic recovery. And increasingly, they are considering declaring bankruptcy as a way out. Indeed, the B-word is being discussed in debt-strapped Detroit; in Harrisburg, the capital of Pennsylvania; and in Alabama's most populous county, Jefferson. Former Los Angeles Mayor Richard Riordan predicted that his city, the second-largest metropolis in the country, would declare bankruptcy by 2014 as a way out of its ...
Bernanke Warns High Oil Prices Could Threaten Economy
By not in system - AOL NewsWASHINGTON -- Federal Reserve Chairman Ben Bernanke told Congress Tuesday that a prolonged rise in oil prices would pose a danger to the economy. But he said a more likely outcome is a temporary and modest increase in consumer prices - not runaway inflation. Bernanke, in prepared testimony to the Senate Banking Committee, expressed confidence that economic growth would increase this year. But he warned it won't be strong enough to quickly lower unemployment, now at 9 percent. He also cited other risks to the economy, including rising prices for oil, gasoline, food and other commodities, and ...
High Gas Prices Rattle Drivers and Businesses
By not in system - AOL NewsNEW YORK -- High fuel prices are putting the squeeze on drivers' wallets just as they are starting to feel better about the economy. They're also forcing tough choices on small-business owners who are loathe to charge more for fear of losing cost-conscious customers. Gasoline prices rose 4 percent last week to a national average of $3.29 per gallon. That's the highest level ever for this time of year, when prices are typically low. And with unrest in the Middle East and North Africa lifting the price of oil to the $100-a-barrel range, analysts say pump prices are likely headed ...
Economy Ends 2010 on Strong Note, Federal Reserve Says
By not in system - AOL NewsWASHINGTON -- The U.S. economy ended last year on an encouraging note, with all parts of the country showing improvements. Factories produced more, shoppers spent more and companies hired more. All those signs point to a stronger economy in 2011. That's the picture that emerges from the Federal Reserve's survey of nationwide economic conditions released Wednesday. Fed Chairman Ben Bernanke is optimistic that the economy will strengthen this year, but warned last week that it will take up to five years for unemployment, now at 9.4 percent, to drop to a historically normal level of around 6 ...
Corporate Profits Soar to Record Levels, but Little Evidence of Trickle Down Yet
By David Knowles - AOL News(Nov. 23) -- When it comes to the nation's economy, is the glass half full or half empty? On Tuesday, the U.S. Department of Commerce revised its figures for how fast the nation's economy grew in the third quarter. GDP measured 2.5 percent, up 0.3 percentage points from the original estimates of 2.2 percent. A range of factors contributed to the revision, including strong consumer spending and healthy export sales. GDP has remained in positive territory in each of the first three quarters of 2010, marking a year in which the nation began to wrest free of the grip of the worst recession in ...
Recession Pain 'Very Real' Despite Its End, Obama Says
By not in system - AOL News
WASHINGTON (Sept. 20) -- President Barack Obama said Monday he doesn't care that the Great Recession has been declared over by a group of economists. For the millions of people who are out of work or otherwise struggling, he said, "it's still very real for them." Obama denied that he was anti-business or anti-Wall Street in his economic proposals, commenting under close questioning during a town hall-style meeting broadcast live on CNBC. Susan Walsh, AP "A lot of people out there are still hurting" from the Great Recession, President Barack Obama, shown here last week, said during a town ...
Experts Say U.S. Recession Ended in June 2009
By not in system - AOL News
The National Bureau of Economic Research, the arbiter of when recessions begin and end, has reported that the Great Recession ended June 2009. ...
Why Hasn't the Economy Recovered Yet?
By Paul Wachter - AOL News(Sept. 13) -- In the current issue of the New York Review of Books, there's a good primer on the roots of the 2008 economic crises and explanations for its lingering impact by Robin Wells and Paul Krugman. While the United States and Europe have, for now, avoided a Great Depression-like crash and GDP is rising again, other indicators are not as reassuring. The writers point out: Yet unemployment has hardly fallen in either the United States or Europe -- which means that the plight of the unemployed, especially in America with its minimal safety net, has grown steadily worse as benefits run ...
Meet Austan Goolsbee, Obama's Hilarious New Economic Chair
By Dana Chivvis - AOL News(Sept. 10) -- Austan Goolsbee, President Barack Obama's pick to replace Council of Economic Advisers Chairwoman Christina Romer, was once described by Washington Post columnist George F. Will as "a masochist with a sense of humor." The description is apt for one of Washington, D.C.'s most colorful personalities, the man who famously said during the 2008 presidential campaign that "there is more information on the back of a box of Fruit Loops" than in John McCain's economic plan. At 41 years old, Goolsbee will be the youngest economist to chair the council since 1969, and he is taking the ...
Another Depression? The Fed and Ben Bernanke to the Rescue!
By Robert and Donna Trussell - Politics Daily...
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