EconomicCrisis.US

Federal Reserve Chairman Ben S. Bernanke said the U.S. is facing a crisis with a jobless rate at or above 9 percent since April 2009, and that fiscal discipline would help spur the economic recovery.

“This unemployment situation we have, the jobs situation, is really a national crisis,” Bernanke said in response to questions after a speech yesterday in Cleveland. “We’ve had close to 10 percent unemployment now for a number of years and, of the people who are unemployed, about 45 percent have been unemployed for six months or more. This is unheard of.”
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True leaders would not walk away from grand bargain negotiations.

FOR Barack Obama, John Boehner, Harry Reid, Mitch McConnell, Nancy Pelosi and Eric Cantor, I just have two words of advice: Herbert Hoover.

I know you’re all familiar with that name. Hoover lives in infamy in US history for having been on duty when the Great Depression happened. You’re all courting a similar fate.

Your collective behaviour is setting all of you up to be known as our generation’s Herbert Hoovers – the leaders who were on duty when we entered our second great economic meltdown.
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An anemic housing market and stubbornly high unemployment have become tired and embedded themes of the U.S. economic crisis. A lesser publicized condition is the significantly high cash balances held by U.S. corporations overseas. A pragmatic policy prescription advocated by economist Dr. Ed Yardini in his “New Homestead Act” connects the dots of these three conditions with a deficit-neutral funding mechanism. It seeks to harness the integrative powers of these conditions to transform a “vicious” cycle into a “virtuous” cycle by engaging a new lever to activate important economic multipliers.
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Incomes and home values fell in the United States last year, and poverty grew, according to US government census data Thursday that laid bare the impact of economic hard times.

In a sweeping statistical snapshot of the nation, titled the American Community Survey, the Census Bureau said real median household income in 2010 slipped 2.2 percent from the previous year, from $51,190 to $50,046.

Feeling the pinch hardest were residents of Nevada, Connecticut and Vermont, where household incomes dropped 6.1 percent.
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