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Don't expect a Great Recovery

29.10.09

The economy may get a good report card Thursday for the first time in a long time.

Recession-weary Americans aren't gambling the way they used to -- and that could be a problem for many U.S. states already struggling with record budget gaps due to the weak economy. Main Street's job hemorrhaging has slowed. Jan. 14



Another sobering government labor report released Friday showed the economy lost 524,000 jobs in December, bringing 2008's total job loss to just below 2.6 million. As credit card companies continue raising rates and fees, lawmakers are considering bills to stop such hikes until new credit card laws take effect. Congress will soon debate what kind of economic stimulus package should be passed, but some economists are increasingly wondering whether it's a good idea to approve any stimulus at all.

Federal Reserve Chairman Ben Bernanke has said that the recession is "very likely over," but the Fed isn't acting like we're in a recovery.

California will have enough cash to stop issuing IOUs on Sept. 4, almost one month earlier than expected, the state controller said Thursday. That's also the date when people and companies can redeem their IOUs with the state treasurer. As yet another bank faces collapse, consumers are worried about their cash.

Just how much is a rainmaker at a bailed-out bank really worth? Or a senior executive at a recently bankrupt automaker for that matter? Australia's raising interest rates! The global recession is over! The only question now is how strong and fast the economic rebound will be. Hip hip hooray! The economy may get a good report card Thursday for the first time in a long time.



Sales of newly built homes fell unexpectedly in September after rising for five straight months, according to government figures released Wednesday. The next round of executive pay decisions for companies that have received substantial government bailout funds could have a more lasting impact on pay practices nationwide, the special master on pay for the bailout said Tuesday. While foreclosure rates are easing in some of the hardest-hit cities, the crisis is beginning to expand into new metro areas.

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