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June 7, 2012
12:05 // 2 years ago
June 1, 2012
23:22 // 2 years ago
May 27, 2012

States don’t want to raise taxes, so they’re collecting twice as hard

  • problem States like Vermont, Idaho and Oklahoma are trying desperately not to raise taxes on their economy-torn residents. “You don’t want to raise taxes until you’re very sure the taxes that people are supposed to pay are being paid,” said Rep. Janet Ancel, chairwoman of Vermont’s House Ways and Means Committee.
  • solution They may not be willing to raise taxes, but they’re totally willing to go after residents who aren’t paying back taxes! “It certainly is your responsibility when you have a business to be keeping up on the rules,” said Vermont State Tax Commissioner Mary Peterson. Question: Would you rather see tax increases than this? source

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15:41 // 2 years ago
May 16, 2012
Euro zone fears lead to massive Greek bank exodus
As fears of a Greek exit from the Euro zone grow, investors across the country withdrew hundreds of millions of Euros from Greek banks on Monday and Tuesday. As thousands of customers closed accounts, or transferred to euro-friendly banks in neighboring countries like Cyrus, analysts began to fear that a “bank run” was on the horizon. Bank runs take place when large groups of customers withdraw their holdings from banking institutions, fearing that the bank will soon be insolvent. As more people withdraw from the bank, the likelihood of insolvency increases, further increasing the number of customers who withdraw. Essentially, closure transforms from a possibility to self-fulfilling prophecy.
€800 million pulled from Greek banks Monday — nearly $1 billion in U.S. dollars
€72
billion pulled from Greek banks since January 2010 alone source
» Attempting to calm “bank run” fears: President Karolos Papoulias announced the staggering total during a speech before heads of Greece’s Panhellenic Socialist party. Papoulias admitted that analysts estimated similarly high withdrawals on Tuesday, but assured party members that there was no need to fear a “bank run”. Analysts seem to agree for now, with Mediobanca analyst Alex Tsirigotis telling Reuters, “We have witnessed periods of tension before when the banks experienced large outflows. In my view, the majority of people with these concerns would have done so by now.” (Photo via dullhunk)


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As fears of a Greek exit from the Euro zone grow, investors across the country withdrew hundreds of millions of Euros from Greek banks on Monday and Tuesday. As thousands of customers closed accounts, or transferred to euro-friendly banks in neighboring countries like Cyrus, analysts began to fear that a “bank run” was on the horizon. Bank runs take place when large groups of customers withdraw their holdings from banking institutions, fearing that the bank will soon be insolvent. As more people withdraw from the bank, the likelihood of insolvency increases, further increasing the number of customers who withdraw. Essentially, closure transforms from a possibility to self-fulfilling prophecy.

  • 800 million pulled from Greek banks Monday — nearly $1 billion in U.S. dollars
  • 72
    billion
    pulled from Greek banks since January 2010 alone source

» Attempting to calm “bank run” fears: President Karolos Papoulias announced the staggering total during a speech before heads of Greece’s Panhellenic Socialist party. Papoulias admitted that analysts estimated similarly high withdrawals on Tuesday, but assured party members that there was no need to fear a “bank run”. Analysts seem to agree for now, with Mediobanca analyst Alex Tsirigotis telling Reuters, “We have witnessed periods of tension before when the banks experienced large outflows. In my view, the majority of people with these concerns would have done so by now.” (Photo via dullhunk)

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19:40 // 2 years ago
May 13, 2012

For some, student loan debt lingers decades later

  • 2 in 3 the ratio of students that have student loan debt upon graduation
  • $25k in average student loan debt for graduating students in 2011
  • 5% the amount the average debt load rises each year; uh, wow source

» Every walk of life now has debt: With $117 billion in new federal student loans in 2011, the amount of total student debt has tipped the scales at over $1 trillion. And it’s not just young folks who are having to deal with lingering debt, either; some middle-aged adults are finding themselves dealing with the issues decades later. “It’s just unbearable to have that type of weight on you and you can’t do anything about it,” said Brenda Small, a woman who went to nursing school in the late ’80s — and rack up $20,000 in debt — only to get injured not long after graduating, making her unable to pay for it.

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12:23 // 2 years ago
May 4, 2012
If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 11.1 percent. If the percentage was where it was when George W. Bush took office, the unemployment rate would be 13.2 percent.
Ezra Klein • Remarking on declining labor force participation in the US. It’s often noted that official unemployment numbers understate the real percentage of people out of work, as they only tally people actively searching for a job. One consequence of this is that when labor force participation decreases—that is, when unemployed folks just give up and stop looking for work—employment actually “increases.” That’s why only 115,000 jobs were added last month, yet unemployment decreased from 8.2% to 8.1%. Since Barack Obama took office, labor force participation has declined 2%. It’s now at 63.6% which, Klein notes, is “a level not seen since the early days of the Reagan administration.” Here’s a chart. source (viafollow)
17:56 // 2 years ago
May 1, 2012

Auto industry surprise: Chrysler on an upswing, GM & Ford struggle

  • +20% Chrysler’s sales increase in April, its best April in four years
  • -4.7% Ford’s sales decrease in April, caused by a decline in luxury sales
  • -8.2% GM’s sales decrease in April, caused by poor fleet sales source

» Chrysler’s best quarterly profit in 13 years: Just a couple years away from a bailout that shook the company to the core and the merger with Fiat that saved it, Chrysler is on a little bit of a winning streak, with several car models posting their best monthly results ever.

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10:29 // 2 years ago
April 19, 2012

Romney’s unfortunate choice of speech venue

  • planArguing against President Obama’s economic policies, Mitt Romney gave a speech today in a shuttered Ohio drywall plant forced to close during the economic downturn.
  • backfireThe plant in question actually closed its doors during the Bush administration. Meanwhile, unemployment in Ohio has fallen since Obama took office.  source
18:29 // 2 years ago
April 12, 2012

New weekly unemployment numbers nearly match 2012’s highest

  • 380,000 new weekly jobless filings source

» Last week’s number was the highest since late January, and comes on the heels of electronics-giant Sony announcing 10,000 new layoffs as part of their “One Sony” initiative to turn around the company. (Yahoo also announced mass layoffs recently.) The new numbers follow a so-so monthly jobs report, released last Friday, which showed the economy had only added 120,000 jobs during March. That number was down from approximately 200,000 new jobs a month from December to February. It’s important to note that, prior to last week, this number — which changes weekly — was consistently hitting lows that hadn’t been touched since before the financial crisis in late 2008.

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13:52 // 2 years ago
April 4, 2012

Yahoo confirms the bloodbath: Will lay off 14 percent of its work force

  • 2,000 the number of workers Yahoo, which has struggled in recent years, plans to lay off
  • $125M the base charge the company will take for the layoffs, going to things such as severance pay
  • $375M the amount the company says it will save annually as a result of the mass layoffs source

» Not in good shape these days: With declining traffic on certain sites and a $20 billion valuation largely due to the company’s minority stakes in Asian internet companies, the company is in  bit of a rough patch, partly reflected in Microsoft’s failed attempt to buy the company in 2008, the shifting executive branch, and the company’s spurning of parts of its product line, such as Delicious. Recently, the company has been in the news for a patent lawsuit with Facebook, which we covered last night. Are you guys worried about the future of Yahoo? Can they right the ship?

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10:17 // 2 years ago