"Gains in June index positive" by Tali Arbel, Associated Press | July 21, 2009
NEW YORK - More plans to build homes, higher stock prices, and fewer people filing first-time claims for jobless aid sent a private-sector forecast of US economic activity higher than expected in June. It was the third straight monthly increase for the New York-based Conference Board’s index of leading economic indicators and another sign pointing toward the recession ending later this year....
Yeah, some lying sack of s*** study from some s***hole is accepted gospel.
"In past recessions, the housing industry helped get the economy back on track. Home builders ramped up production, expecting buyers to take advantage of lower prices and jump into the market. But not this time"
And those fewer people filing?
They are just dropping off the rolls (also see next item analyzed).
Stocks rose on Wall Street after the better-than-expected index reading....
--more--"That settles that then.
At least Mass. is "adding" money to the state economy.
"Jobless won't lose extended benefits; State law change ensures 79 weeks of coverage; Late fix could add $650m to economy" by Robert Gavin and Jenifer B. McKim, Globe Staff | July 21, 2009
Why would we need jobless benefits when we are coming out of the depression any day n...., never mind, readers.
Massachusetts officials, realizing that up to 85,000 jobless residents would soon exhaust their federal unemployment benefits, engineered a last-minute change in state law that ensures that the payments keep flowing.
The change, which alters the way Massachusetts qualifies for federally funded extended benefits, allows those who do not find a job within 59 weeks to be eligible for up to 20 additional weeks of unemployment benefits. Those added benefits could pump up to $650 million into the state’s economy.
Ahem. It is NOT PUMPING IN a DAMN THING!!
It is SIMPLY TAKING MONEY from TAXPAYERS and HANDING IT TO SOMEONE ELSE!!!!
I am TIRED of the FRONT-PAGE DECEPTIONS and AGENDA-PUSHING GARBAGE of the BOSTON GLOBE!!!
NO WONDER they are TANKING to the TUNE of $1.6 MILLION a week!!!
The legislation was signed into law by Governor Deval Patrick earlier this month, only two days before 25,000 unemployed workers would have exhausted their federal benefits, according to the state’s Executive Office of Labor and Workforce Development.
“Once we realized that thousands of people were going to be dropped from receiving their benefits, the executive and legislative branches worked hand in glove to fix the problem,’’ said state Labor Secretary Suzanne Bump. “Now, we are also poised to help people who might exhaust benefits over the next six months.’’
Yeah, that's the way they do it around here!
For many, the worst economic downturn since the Great Depression is making it harder to find another job....
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Sigh. I know. I'm so discouraged I stopped looking long ago. I still read the miniscule want ads in the local (only reason it comes to the house), but there is nothing there.
Globe confirms it (this was way back in the bidness section):
"More not making it in Mass.; Bankruptcy filings on rise as consumer debt, job cuts, and foreclosures hit home" by Todd Wallack, Globe Staff | July 21, 2009
The recession has pushed more Bay State residents into bankruptcy, with the number of new filings up 35 percent in the second quarter over the same period last year, and more than doubling over the past four years.
Several bankruptcy lawyers said the duration of the economic downturn has forced many who are unemployed or underemployed to burn through savings and rack up credit card debt and other loans until they feel they have no alternative to filing for bankruptcy protection.
Hi.
Some say the problem has worsened as credit card companies ratchet up interest rates on outstanding balances and tack on other fees, leaving borrowers with a ballooning amount of debt they can’t repay.
Yeah, THANKS for ALL the HELP, you LOOTING f***s!!!
Glad I haven't had credit for years!
“We are having a snowball effect,’’ said Anthony Frate, a Stoneham lawyer who represents consumers filing for bankruptcy. “People try to hang in there for a while, but they can’t anymore - particularly when credit card companies are jacking up their interest to 25 percent or 30 percent. People are just overwhelmed.’’
That's why you get this:
Bankruptcy filings have accelerated in the past few months after people exhausted their savings, severance, and other sources of income, attorneys said. Some said they expect filings to increase even more because bankruptcies often occur later in a down economic cycle....
Even those who still have jobs are coming under financial stress: Some are being asked to take salary reductions and unpaid furloughs, work shorter weeks, and take other steps that reduce their income. The vast majority of bankruptcies are filed by individuals. But many businesses are failing as well, ranging from local car dealerships and other retailers to real estate companies and biotech firms....
Yeah, we know who is important around here, even if "it's never been easy to turn a profit in biotech."
And individuals are increasingly opting for Chapter 7 - a type of bankruptcy that allows filers to wipe out their debts entirely - rather than Chapter 13, under which filers restructure their debts and work out repayment plans. High-income earners are barred from filing for Chapter 7 under the theory that they should be able to repay their debts....
Oh, I LOVE THAT IDEA!!!!
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But hey, NOT EVERYONE is HURTIN'!
