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The Hypen Closes

A little coffee shop in a little North Carolina town closes. When I worked in Fuquay-Varina, N.C., the opening of the Hyphen (get it? get it? the Hyphen in Fuquay-Varina?) was a miracle. There, in the midst of antique stores, clothiers, and the Bob Barker Co., was this hip, unique eatery owned and operated by two local artists. Owner Nina Fortmeyer partially cites that the little tobacco town has simply become "Wal-Mart-ized" in its growth, leading to a loss in downtown foot traffic, leading to lost business. This, methinks, is the greatest and most obvious consequence of globalization, the mom-and-pops being run out of town. If this is happening in Fuquay-Varina, it is absolutely happening everywhere. Very sad.
posted by NedKoppel on Jul 8, 2003 - 63 comments

grieder article on deflation

Deflation Nation "This legacy of accumulated excesses lies across the American economy like a heavy wet blanket"
posted by thedailygrowl on Jun 20, 2003 - 6 comments

Where is the federal reserve leading us?

Monetary Policy in a Zero-Interest-Rate Economy [pdf] This report written by the Dallas Fed is amazing. Amongst other things, it outlines a plan to tax your savings as a way to continue to stimulate consumption should rates fall to zero. While opinions of the 'fed range from worship to outrage, their actions raise some serious questions. Why does this unelected group wield so much power? At what point are their actions (taxing savings) a violation of our property rights? If our economy is built on capitalism, why can we not be capitalists and embrace the opportunity presented by both boom and bust? At what point are we a command economy?
posted by H. Roark on Jun 19, 2003 - 17 comments

Mister, that sure is one big baby...

Drowning the government in a bathtub - "My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub." Thus spoke Grover Norquist, of Americans for Tax Reform. "The lunatics are now in charge of the asylum", quipped the conservative UK Financial Times. Hardly, says Paul Krugman. The strategy?: "Instead of challenging popular liberal programs directly, the Republicans are creating fiscal conditions that make those programs unsustainable." [lead post, Am. Prospect]. In other words, the 400 billion dollar deficit, coupled with the Bush tax cuts, is designed to shift the obligations of the Fed onto the States and, later, to cause a fiscal train wreck after Bush is out of office.
posted by troutfishing on Jun 12, 2003 - 58 comments

Tax Cut? You're Soaking In It!

Quick, Hide The Body! "...But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits. The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the US is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 per cent across-the-board income tax increase."
posted by owillis on May 28, 2003 - 18 comments

Bond Funds and the Liquidity Trap

Interest rates are so low that you lose money buying bond funds. A preview of the liquidity trap?
posted by alms on May 20, 2003 - 10 comments

How's them apples?

Executive Pay-Day Perhaps, if we don't maintain the greatest worker-to-executive salary discrepancy in the world, the terrorists win.
posted by subpixel on May 5, 2003 - 20 comments

Happy Days Are Here Again: Tax Cuts and The Jobless Recovery

The change in private employment, two years after recession began, for 1953 to Present.
Details: The jobless recovery continued in March 2003 as the nation's payrolls contracted by 108,000, according to report released today by the Bureau of Labor Statistics (BLS). These losses are in addition to last month's payroll declines, which also were revised up to 357,000. Taken together, the economy has lost 465,000 jobs in the past two months. In the two years since the recession began in March 2001, total payrolls have fallen by 2.1 million and private sector payrolls are down by 2.6 million.
The Jobless Recovery.
Low growth accompanies record trade deficit:
Last month in Beijing, Robert Zoellick, President George W. Bush's international trade ambassador, had nothing but praise for China's growing trade surplus. Meanwhile in St. Louis in January, the president stumped for more tax cuts, standing before a facade of boxes with the words "Made in China" covered over in tape.
2001 Tax Cuts and the Proposed 2003 Cuts
Details: Discarding pretense of tax cut equity
Also: Economists Voice Opposition to Bush Tax Cuts
posted by y2karl on Apr 16, 2003 - 43 comments

bread hours

http://www.Breadhours.org A group of over 300 residents and merchants in California’s Bay Area has established a local currency called BREAD (a rough acronym for Bay Area Regional Exchange and Development), based on hours of work valued at $12 an hour. Through the BREAD network, which now has over $20,000 worth of currency in circulation, members can pay for dinner, carpentry, childcare, tutoring, clerical assistance or organic produce. Tired of traditional activism, founder Miyoko Sakashita wanted to create a positive local economy and “stop our resources from supporting global corporations that are not accountable to people and the environment.” Check it out at Breadhours.org
posted by bureaustyle on Mar 15, 2003 - 28 comments

The United States Is In Deep Doo doo!

The United States Is In Deep Doo doo! In the end, there is no such thing as a free lunch. You cannot make money grow in value by shaking it back and forth from one bank to another. You cannot prosper a nation by doing each other's laundry, or filling out their government mandated and greatly obfuscated paperwork, or flinging stock certificates around which may have as little real worth as Federal Reserve Notes. To make money, to show a profit, you must make products that somebody else wants to buy, and sadly, that is a capability the United States has allowed to slip away in great measure.
posted by stazen on Mar 14, 2003 - 21 comments

The Corporate Siege of America

The Corporate Siege on the people of New York City. The corporate siege on the people of the United States of America.
posted by crasspastor on Mar 8, 2003 - 7 comments

Take a deep breathe. This won't hurt a bit.....

DIVE! DIVE! DIVE! - Markets in free fall. Remember the heady DotCom bubble days, and innocuous scandals - Clinton & Monica,the cigar?! Then, WHAM: 9-11, Enron, Worldcom et. al, the push for invasion of Iraq, ballooning deficits, while a new US neocolonial American ideology of preemption suggests more invasions to come - with a worldwide surge in anti-American attitudes. "Irrational Exuberance" turned to terror, fear, worry, anger, rage. What possible train of events and U.S. government policies could more efficiently send world economic markets into free fall? Hold on: it was a two decade long ride up - the ride down has merely begun. Those among us with a few spare billion lying around will wait until the bottom, and buy on the cheap. For everyone else, it's bankruptcy, frugality, middle class decline, cans 'o beans and darned socks. But cheer up: play, joy, creativity, generosity, indeed love itself - and also the classic "recreation of the poor" are all free.
posted by troutfishing on Mar 7, 2003 - 79 comments

Forecast: Fun!

Play the classic lemonade stand game. (jave req'd). Or, for more grown-up fun, play BeerStand (no java req'd).
posted by Ufez Jones on Feb 28, 2003 - 14 comments

Bush Cited Non-Existent eport

Bush Cited Non-Existent eport There was only one problem with President George W. Bush's claim Thursday that the nation's top economists forecast substantial economic growth if Congress passed the president's tax cut: The forecast with that conclusion doesn't exist.
posted by orange swan on Feb 24, 2003 - 82 comments

Could he be right yet again?

Could he be right yet again? : Interview with Bob Prechter (and another one) If he is, we're all in for a world of hurt. In this three part interview, Elliott Wave International president Robert Prechter discusses his new book, “Conquer The Crash: How To Survive and Prosper in a Deflationary Depression.” During the 1980s, Bob Prechter won numerous awards for market timing as well as the United States Trading Championship, culminating in Financial News Network (now CNBC) granting him the title, "Guru of the Decade." In 1990-1991, he was elected and served as president of the nation-al Market Technicians Association in its 21st year. He has also published a seminal book on Elliott wave analysis titled, “Elliott Wave Principle – Key To Market Behavior,” three books on the major practitioners of wave analysis, and books on his own views in Prechter's Perspective and At the Crest of the Tidal Wave.
posted by muppetboy on Feb 13, 2003 - 47 comments

Could this be true?

Could this be true? I've done all I know to do to see if it's a bogus claim, and I may be really naive, but... it is interesting. I'm curious to see if any of my fellow MeFi-ers can shed some light on it. It's supposedly an email from someone named Laurie who writes for Newsday and it expresses her impressions of the World Economic Forum quite candidly. Could it be real or am I a sucker?
posted by sparky on Feb 11, 2003 - 155 comments

Student loans suck. What more needs to be said?

Ted Rall says that college loans are killing America. I'm inclined to agree. At just $14,736, I'm on the lighter-side of college loan debt, but being a single father, I have a hard time making a dent. Ted makes some salient points about young adults who are struggling to make money in a recession. They don't work for the Peace Corps, they don't volunteer, etc. Even China criticizes America on our insistence that students endebt themselves to corporations just for education.(via fark)
posted by taumeson on Feb 11, 2003 - 94 comments

The Euro Effect Iraq Oil and threat to the dollar

Is the currency that oil is denominated in the real reason for the Iraq War? "The Federal Reserve's greatest nightmare is that OPEC will switch its international transactions from a dollar standard to a euro standard. Iraq actually made this switch in Nov. 2000 (when the euro was worth around 80 cents), and has actually made off like a bandit considering the dollar's steady depreciation against the euro. (Note: the dollar declined 17% against the euro in 2002.)"
posted by thedailygrowl on Feb 11, 2003 - 35 comments

The real experts, on war with Iraq

Why Gen X doesn't care that Gen X doesn't care about the war - in which an irreverent, arrogant, crass young essayist hits a nerve. What RAND has to say about the impact of Iraqi oil on the world economy. Who's organizing large demonstrations against war on Iraq, and who's upset about this. Spend an hour with the real experts on Iraq, real Iraqis, and real people who can't make the case for war. (RealPlayer) This in-depth broadcast interview features some truly key players, the real arguments on both sides, and you probably never heard it, making the case for Internet Radio.
posted by sheauga on Jan 21, 2003 - 37 comments

Genuine leadership

When it comes to the economy, President Bush is demonstrating genuine leadership. If you don't believe me, ask Kyle Klink, Scott Herrin, Michael Snyder, John Pinckney, or countless others. But not Paul Boutin.
posted by rcade on Jan 18, 2003 - 38 comments

Tax Cuts

How Bush's economic stimulus proposal may affect you. An easy to understand explanation of what we might expect from Bush's tax cut proposal to be announced on Tuesday.
posted by Ron on Jan 6, 2003 - 48 comments

Report on layoffs killed

Shooting the messenger. "The Bush administration, under fire for its handling of the economy, has quietly killed off a Labor Department program that tracked mass layoffs by U.S. companies." (via madamjujujive)
posted by four panels on Jan 4, 2003 - 38 comments

Euro Diffusion

Euro diffusion: "On January 2002 twelve European countries [plus San Marino, the Vatican and Monaco] have welcomed the euro as their new coin. The euro coins have a national side, which is different for every country... So there are fifteen different euro coins that can be used in every one of those 15 countries. Therefore, unlike in the past, the coins will not be collected and brought back to their home country. The coins will slowly but surely be spreaded over the 15 countries. This is the diffusion of the euro, the euro diffusion[.pdf file]." A statistician's playground, this unique historical opportunity, is leading to interesting collaborative internet projects
posted by talos on Dec 19, 2002 - 17 comments

China. Abandons Communism. Gets AIDS. May be about to lose its shirt. While everybody on the pink side of Ebenezer Scrooge is pissing and moaning about the state of America, here's one American who thinks the state of the Middle Kingdom is at least equally interesting (as in ancient Chinese curse, "May you live in interesting times.")
posted by jfuller on Nov 12, 2002 - 11 comments

Post a great earnings quarter then

Post a great earnings quarter then cut jobs and send them to India. Nice job Bank of AMERICA
posted by Macboy on Oct 22, 2002 - 21 comments

Reality check from Swiss Re and UNEP

Reality check from Swiss Re and UNEP "The increasing frequency of severe climatic events...has the potential to stress insurers, reinsurers and banks to the point of impaired viability or even insolvency." "Climate Change and the Financial Services Industry", a UNEP report supported by 295 banks and insurance and investment companies around the world. The report concludes that, worldwide, loses from Climate related disasters are doubling every decade . NOAA generally concurs. Dr. Bob Gagosian, Director of Woods Hole, has even worse news. Should we take the scientific mainstream seriously? Or is it all "Junk Science"according to the industry funded Steve Milloy or the CEI, or even a New Age Pagan Conspiracy? Play on little humans......play on.....
posted by troutfishing on Oct 9, 2002 - 15 comments

Sweden's faultering population.

Sweden's faultering population. Sweden has a population problem and it's effecting the economy. One women has come up with a brilliant solution.
posted by Grod on Sep 19, 2002 - 25 comments

The End of Empire?

The End of Empire? "You can't sustain an empire from a debtor's weakening position--sooner or later the creditors pull the plug. That humiliating lesson was learned by Great Britain early in the last century, and the United States faces a similar reckoning ahead."
posted by homunculus on Sep 9, 2002 - 39 comments

You know the accounting meme has hit the wall

You know the accounting meme has hit the wall when folk singers start to make songs about WorldCom. Any else got some good links to give people a chuckle about the economy? (Forgive me if I offend, this is my first post)
posted by phyrewerx on Aug 24, 2002 - 12 comments

Things you won't hear

Things you won't hear at the Wacko dog and pony show today on the economy. Would some real discussion of these issues have been so bad? Isn't public discussion and consensus how our form of government is supposed to work? Isn't the keynote speaker a prime example of what is wrong in corporate America today?
posted by nofundy on Aug 13, 2002 - 68 comments

US Airways Bankrupt.

US Airways Bankrupt. It had to happen to one of the big airlines eventually, what with 9/11 and the hesitancy to fly following. But on top of everything else financially as of late... it just deepens that already sick feeling. Who's next?
posted by dopamine on Aug 11, 2002 - 17 comments

"We have a dysfunctional global currency and economic system, in which the whole world is set up to sell to the American consumer."

"We have a dysfunctional global currency and economic system, in which the whole world is set up to sell to the American consumer." As stocks collapse and banks take hits for their Enron complicity, market skeptics like Prudent Bear's David Tice are getting attention. Bears love ripping into herd euphoria and shady Wall Street practices, but deny any joy when businesses fail. Try the Credit Bubble Bulletin, which points out Enron-style vulnerabilities at institutions like J.P. Morgan, then move to the great 401(k) hoax, the myth of accounting reform and Thailand's so-far successful anti-IMF economic strategy. Things will soon get much worse, promise the investors who sneer at "a fascinating intellectual environment where weak analysis continues to dominate discourse."
posted by mediareport on Jul 30, 2002 - 27 comments

"Just open a map... Afghanistan is in turmoil, the Middle East is in flames, and you want to open a third front in the region? That would truly turn into a war of civilizations." Profound Effect on U.S. Economy Seen in a War on Iraq.
posted by tranquileye on Jul 30, 2002 - 9 comments

"Nobel Prize-winning economist Joseph Stiglitz talks about the corporate looting spree and Bush's woeful mismanagement of the economy."

"Nobel Prize-winning economist Joseph Stiglitz talks about the corporate looting spree and Bush's woeful mismanagement of the economy." "The fiscal mismanagement of the current administration -- leading to a change in the fiscal position of the United States over the past year -- is absolutely phenomenal; going from huge surpluses to huge deficits and the deficits are probably going to be larger than people anticipated."
posted by semmi on Jul 6, 2002 - 26 comments

J.K. Galbraith shocked at scale of corporate failures.

J.K. Galbraith shocked at scale of corporate failures. "I can only say I hadn't expected to see this problem on anything like the magnitude of the last few months – the separation of ownership from management, the monopolisation of control by irresponsible personal money-makers." Myself and chrispy came to the same conclusion on the drive home from the resolutely un- (rather than anti-) corporate Glastonbury Festival today. Profit is valued and rewarded by the vast majority of corporations above all else. As a consquence, people with the same values dominate executive positions, to the exclusion of those with more 'humanitarian' or longer-term outlooks. Where is the balance? Should we make hippie non-exec directors compulsory? Or should I just go back to bed and let the drugs wear off???
posted by barnsoir on Jul 1, 2002 - 9 comments

How many more accounting scandals to go?

How many more accounting scandals to go? A recent show "Bigger than Enron" on Frontline leads me to wonder, "How MUCH bigger than Enron?" Responses from viewers on that website include a number of accountants for big firms that insist that these practices are everyday business in accounting and that we have a lot more of this coming. Are we actually in the middle of the biggest market crash since 1929? What do you think? Just how bad could it get?
posted by muppetboy on Jun 25, 2002 - 35 comments

High Finance Run Amok

High Finance Run Amok [latimes free reg req] is a Kevin Phillips editorial on the "financialization" of the US economy. "As the financial sector, in short, became too important to fail, the Fed and the Treasury abandoned market economics to embrace socialization of credit risk. No other sector of the U.S. economy, save possibly defense, received such governmental assistance."
posted by electro on Jun 24, 2002 - 13 comments

UAL reported an industry record $2.1 billion net loss in 2001 and a net loss of $510 million ...

UAL reported an industry record $2.1 billion net loss in 2001 and a net loss of $510 million ... Come on, $15 billion to 'bail out' the airlines? I know this subject has been hashed over before, but it seems every other week I read stories about how hard the airlines are struggling for business after 9/11. I fly on business every week - every flight is full, every airport is packed. I'm starting to think we're all being suckered...
posted by matty on Jun 15, 2002 - 20 comments

The Rise of the Creative Class.

The Rise of the Creative Class. The author argues that cities which meet the diverse needs of young people -- through vibrant nightlife, outdoors activities, and gay neighborhoods -- are also the ones best situated in the current economy. He has his own website, where you can look up your own city. Pretty interesting stuff.
posted by MikeB on May 14, 2002 - 18 comments

The Saudis are about to deliver an ultimatum to Bush

The Saudis are about to deliver an ultimatum to Bush In a bleak assessment, he [Prince Abdullah] said there was talk within the Saudi royal family and in Arab capitals of using the "oil weapon" against the United States, and demanding that the United States leave strategic military bases in the region. Such measures, he said, would be a "strategic debacle for the United States." How should Bush respond?
posted by Rastafari on Apr 25, 2002 - 58 comments

I'm curious,

I'm curious, isn't this exactly opposite of what we're being told? I'm always hearing the wealthy are benefitting somehow from GWB's new tax plan. I'm certainly no-where near the top 5%, and now I don't want to be.
posted by the_0ne on Apr 9, 2002 - 54 comments

Well

Well this is is odd
posted by delmoi on Apr 4, 2002 - 20 comments

The need for an economic stimulus bill

The need for an economic stimulus bill appears to have taken on new urgency, now that the recovery is already underway. I'm glad both parties found enough irrelevent stuff they wanted to pass anyway that they could get a bill through.
posted by electro on Mar 8, 2002 - 1 comment

Are we sending our $300 rebate checks right back this year?

Are we sending our $300 rebate checks right back this year? According to MIT economist and New York Times writer Paul Krugman, line 47 of the 2001 1040 will be designed to do just that. NYTimes.com so you know the drill u:metafilter p:metafilter.
posted by McBain on Feb 22, 2002 - 40 comments

Emancipator or Oppressor?

Emancipator or Oppressor? E.J. Dionne talks about how the global economy may not be as evil or as good as its respective supporters and detractors make it out to be. It seems like a pretty balanced look at a subject that gets horribly slanted coverage.
posted by owillis on Jan 2, 2002 - 2 comments

Is The Economy Broken?

Is The Economy Broken? It was one thing when it was the tech/Internet sector - the bubble burst, but now the wave continues with the 2002 recovery seeming like wishful thinking. If it's not layoffs, companies are cutting their 401k plans. Argentina's crisis seems like it will have ripple effects as well. Then you have numbers saying people are confident, so are we getting tanked by jittery Wall Street-ers? Oh, there's also a war on.
posted by owillis on Dec 31, 2001 - 13 comments

Argentina Declares State of Siege.

Argentina Declares State of Siege. After a prolonged national strike (the 8th in two years), protests due to social tensions, violence, and looting have broken out, and in response a state of siege allows for "authorities the right to suspend constitutional guarantees such as the right to assemble and travel freely, while giving police greater powers to make arrests." What effect will this have on South American stability? On worldwide financial markets?
posted by mathowie on Dec 20, 2001 - 23 comments

"What is your name? Do you have a claim against me? Does anyone have a claim against me? I demand, or request, that the order of the court be released to me immediately."

"What is your name? Do you have a claim against me? Does anyone have a claim against me? I demand, or request, that the order of the court be released to me immediately." (NYT link) 12 Michigan (natch) nutcases shout the same four questions over and over during their fraud, conspiracy, and tax evasion trial. Seems they believe the four questions shield them from government authority. They also believe the U.S. Constitution was invalidated when FDR took us off the gold standard, and the federal government has no power over them. I wonder if they'll come to feel differently after a few years in the federal penitentiary?
posted by pardonyou? on Dec 13, 2001 - 43 comments

The Nash equilibrium

The Nash equilibrium
So at the present time I seem to be thinking rationally again in the style that is characteristic of scientists. However this is not entirely a matter of joy as if someone returned from physical disability to good physical health. One aspect of this is that rationality of thought imposes a limit on a person's concept of his relation to the cosmos....from John F. Nash Jr.'s autobiography for the 1994 Nobel Prize for Economics.
posted by riley370 on Dec 12, 2001 - 8 comments

Talk about not getting it...

Talk about not getting it... "Polaroid Corp., which slashed jobs and retiree benefits before filing for bankruptcy protection in October, wants to reward top executives with up to $19 million in bonuses and incentives as it dismantles the instant camera and film maker to pay off creditors." Clueless or evil? You make the call...
posted by kasnj on Dec 6, 2001 - 21 comments

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