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Comments »Millions Shuttered Out of Mortgage Refinancing
Unfortunately, strict lending standards, little lending, and underwater properties kept over 2.5 million people from refinancing.
I have an idea; if we the tax payer are giving free money to the banks with low rates to which the banks buy treasuries and make free money how about letting the banks eat some of the losses in a underwater property.
When a property is foreclosed on the most the banks are making is 60 cents on the dollar. So why not help out your fellow citizens who are in turn keeping you in a survival zombie state of being.
Comments »Iceland Pits Itself as a New Model for Investment
If they succeed then the IMF and World Bank will be in a fully exposed position
Comments »State of the Union: Income Distribution Falls For Every Age Category
Except for one…..me grandpappy has already made his money and is kicking back in style
Comments »Peter Schiff on Operation Twist (video)
[youtube:http://www.youtube.com/watch?v=BCYGVKBOcCo&feature=player_embedded 450 300]
Comments »EU Ministers Consider More Firepower On Debt Problems Given Global Equity Meltdown
Really they just noticed there was a problem in the market place.
Who hired the Euro trash ?
The Santelli Job Creation Rant
Fed Buying of Long Bond Poses Risk to Pensions
THE TEN AMERICAN STATES LOSING THE MOST JOBS TO CHINA
10. Georgia
> Net job change: -87,700
> Jobs lost: 101,200
> Jobs gained: 13,500
Georgia has lost a significant number of jobs, primarily in industries “including computers and electronic parts, textiles and apparel, and furniture,” according to the EPI. One of the hardest hit districts in the country was the state’s 9th congressional district, which is located in the northern part of the state and includes the city of Gainesville. Georgia has historically been known for its textile industry and remains one of the top cotton-producing states in the country.
Cities Where Seniors Can’t Get Around
9. Massachusetts
> Net job change: -88,600
> Jobs lost: 99,300
> Jobs gained: 10,700
Two of the nation’s 20 hardest-hit congressional districts are located in Massachusetts. The first of these is the 5th congressional district, which includes the cities of Lowell, one of the country’s earliest textile centers, and Lawrence, home of a number of textile and electronics manufacturers. The state’s neighboring 3rd congressional district also lost an exceptional number of jobs. This district includes Worcester, another historically significant textile city, which has since increased its technology industry.
8. Ohio
> Net job change: -103,500
> Jobs lost: 124,100
> Jobs gained: 13,500
Ohio is one of the U.S.’s biggest manufacturing states. It is home to major companies such as Procter & Gamble (PG: 61.17, -1.85, -2.94%) and AK Steel Corporation (NYSE: AKS). However, the state’s manufacturing sector is declining at a faster rate than the nation’s. The automobile sector has had the highest unemployment growth since 2007, although companies in other sectors have contributed to sending jobs overseas as well.
Eight Beers Americans No Longer Drink
7. Pennsylvania
> Net job change: -106,900
> Jobs lost: 127,200
> Jobs gained: 20,200
According to the National Association of Manufacturers, “Manufacturers in Pennsylvania account for 12.5 percent of the total output in the state” and employ “10 percent of the workforce.” Politicians have been outspoken about China’s effect on the state’s economy. Senator Bob Casey recently stated that “Unfair Chinese trade practices harm Pennsylvania businesses … and reduce their ability to create jobs.”
6. North Carolina
> Net job change: -107,800
> Jobs lost: 122,400
>Jobs gained: 14,600
North Carolina is home to three of the top 20 hardest hit districts in the U.S. Textiles and furniture are among the two industries that have lost the most jobs to China, according to the EPI report. North Carolina Congressman Howard Coble is co-sponsoring House Bill 639, the Currency Reform for Fair Trade Act, to address this issue. “This bill will at least force China to compete on a level playing field with U.S. manufacturers,” Coble is quoted as saying in the Winston-Salem Journal.
5. Florida
> Net job change: -114,400
> Jobs lost: 134,500
> Jobs gained: 20,100
Florida is not normally considered to be a major manufacturing state, yet it does excel in some areas, such as medical device manufacturing. The state has lost almost 115,000 jobs to China from 2001 to 2010. Governor Rick Scott has been a supporter of business relations with China, but other local politicians have not been as hospitable. In 2007, Mayor John Mazziotti of Palm Bay proposed a ban on items made in China, stating that the city was “losing jobs left and right to them.”
4. Illinois
> Net job change: -118,200
> Jobs lost: 139,400
> Jobs gained: 21,200
Illinois is another traditional manufacturing power that has lost a significant number of jobs to China. Robert Scott, director of manufacturing and trade policy research for EPI, told Illinois WJBC radion stateion that “In Illinois you also have a large number of firms involved in industries like auto parts production and fabricated metal products, and those are industries that were hurt by the growth of imports from China.” China also exports lots of electronics and specialty steel — industries that were once major sectors in Illinois.
3. New York
> Net job change: -161,400
> Jobs lost: 183,300
> Jobs gained: 21,900
“New York has lost 140,000 predominantly middle-wage manufacturing jobs in recent years as a result of China’s unfair labor practices,” said James Parrott, deputy director and chief economist at the New York-based Fiscal Policy Institute in the Times Union. New York Senator Chuck Schumer has made efforts to encourage China to further appreciate its currency.
2. Texas
> Net job change: -232,800
> Jobs lost: 269,300
> Jobs gained: 36,400
Texas has suffered greatly from the trade deficit with China due, largely, to the prominence of the computer and electronic parts industry in the state. Four of the top 20 congressional districts that lost the most jobs in the country are located in the state. Many Chinese companies have close ties with Texas. Two companies, Huawei and ZTE, have set up their U.S. headquarters in the state. Oil company CNOOC (CEO: 145.32, -13.56, -8.53%) has also bought an exceptionally large amount of mineral rights in the state in order to extract shale oil.
1. California
> Net job change: -454,600
> Jobs lost: 519,000
> Jobs gained: 64,300
California has lost almost half a million jobs to China, according to EPI. Like Texas, many of these were lost in the computer and electronic parts industry. Additionally, eight of the nation’s 20 hardest hit districts are in the state. Governor Jerry Brown has proposed ways to win back jobs from China outside of the computer sector, such as green technology. In his race for governorship, Brown said that he would create thousands of clean-energy jobs, “reclaiming from China leadership of the cleantech economy.”
Read more: http://www.foxbusiness.com/industries/2011/09/22/states-losing-most-jobs-to-china/#ixzz1Yie6KaNw
Comments »Americans Continue to Refuse Slave Labor
State of the Union: Young Adults Living With Mom & Pop Increase 25%
Living with mom and pop has to be better than anything experienced during the great depression or WW1&2
Also read this on the state of working conditions for fellow citizens
Comments »Lunch Break: Ignore The Talking Heads
Thankfully, we are not alone @ iBC
[youtube:http://www.youtube.com/watch?v=EHJmPcILfg8 450 300] Comments »A Goldman Note on what Companies Will Get Crushed With U.S. Austerity
ROUBINI: Recession Is At This Point Unavoidable, And It Could Be Worse Than 2008
Initial Claims: Prior 428k, Mkt Expects 418k, Actual 423k
Greece Commits to Budget Cuts to Ensure Next Support Tranche
The global problems are now extending well beyond Greece; which was the primary focus for downside in equities the past month or so…
Comments »How Much Monetary Policy Is Too Much ?
IMF Reports on Additional Financial Risks
Investors seeking yield are now on the list of risks to the global financial stage.
Comments »George Soros: The Double Dip Is Already Here
This guy never has anything pleasant to say. But that’s how this billionaire rolls.
Comments »Markets POO POO the Twist
Markets seemed to focus on risk to the economy. Especially the global external shocks that could hurt G-7 economies.
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