Thomas R. Eddlem
The U.S. Bureau of Labor Statistics (BLS) reported that the economy added no new jobs during the month of August in a September 2 release. "Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent," the BLS reported.
The U.S. economy experienced disappointing jobs numbers in May, according to figures released June 3 by the U.S. Bureau of Labor Statistics (BLS), leaving the unemployment rate at 9.1 percent at the end of the month.
China's Central Bank Chairman Zhou Xiaochuan told a Chinese monetary conference last week that “Foreign-exchange reserves have exceeded the reasonable level that our country actually needs,” which is essentially code for China won't be buying U.S. government debt any more. China's foreign currency reserves exceeded $3 trillion at the end of March, more than $1 trillion of which is U.S. government debt.
The recent decision by Federal Reserve Chairman Ben Bernanke to begin holding press conferences may be one more indication of the increased influence of Representative Ron Paul (R-Texas). The Federal Reserve has long ignored the public and conducted its proceedings in cloister, but the Wall Street Journal reported April 21 that Bernanke will hold the Fed's first scheduled press conference ever after Wednesday April 27 Open Market Committee meeting.
The House Domestic Monetary Policy and Technology Subcommittee concluded in hearings March 17 — apparently boycotted by committee Democrats — that the Federal Reserve Bank's inflationary policies were hurting retirees at the expense of the economy's financial sector. The House Domestic Monetary Policy and Technology Subcommittee is chaired by Representative Ron Paul (R-Texas), a longtime critic of the Federal Reserve's inflationary policies.
Housing sales dropped by more than 25 percent nationwide in July, according to the National Association of Realtors, after a federal tax credit for first time home buyers expired in June.
Just when Americans thought that the bailouts were over, Bloomberg Financial News service reported on June 13 that the final tab for Fannie Mae and Freddie Mac bailout is increasing and may total as much as $1 trillion.
With all the alarm by Republicans on the “right” over Obama-care, Americans should take a closer look at Massachusetts' health care legislation. The Massachusetts legislation — sponsored as a “conservative” program by the Governor Mitt Romney — was what Obamacare was based upon.