The Institute for Supply Management released their non-manufacturing index (NMI) today. Business Activity Index at 55.1% New Orders Index at 54.2% Employment Index at 44.3% Once again, we see workers being left behind, as it has been in almost every indicator. Any index above 50 means growth. So the non-manufacturing index is showing expansion, but barely.
This is an Instapopulist to cover the press articles on the new SIGTARP, the inspector general's report on TARP, due out this morning. We will update the site when we can get our little grubby peanut gallery hands on the actual report.
In Government report questions rescue claims we discover, surprise, surprise, Hank Paulson, Ben Bernanke and the FDIC all lied on the health of the 9 banks receiving funds.
But the report said that then-Treasury Secretary Henry Paulson and other officials were wrong to contend at an Oct. 14 press conference that all nine institutions receiving the first round of support — $125 billion — were sound.
Educational achievement: Unemployment and income losses can reduce educational achievement by threatening early childhood nutrition; reducing families’ abilities to provide a supportive learning environment (including adequate health care, summer activities, and stable housing); and by forcing a delay or abandonment of college plans.
On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did. With that, EP is starting the infamous link post series, otherwise known as read this, did you see this? The title of the links series will be the title of this post with the date modified. With introductions over, onto the read this post!
Must Read #1
Over on Naked Capitalism is a guest post The Real Reason Giant Insolvent Banks are not Being Broken Up. He has a host of bullet points as to why the obvious hasn't happened and no, it's not because the governent's hands are tied. Just one quote:
I personally hadn't paid much attention until I read Econbrowser's post, not much of a V, where he analyzes the economic indicators and shows, the recovery sure doesn't look guaranteed.
The ADS index is now a real time metric which tracks business conditions at high frequency.
Caught in a vise of shrinking revenue and stubbornly high public spending, the Caymans averted a fiscal crisis this week by securing a $60 million overseas loan.
But the Foreign and Commonwealth office in Britain, which oversees the Caymans and can veto foreign lending requests, has delivered an ultimatum: The rest of the $284 million the Cayman government says it needs will not be forthcoming until this offshore financial center imposes spending cuts and considers some form of direct taxation on businesses here and its 57,000 residents.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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