Wednesday Links
State’s Unemployment System Buckles Under Demand [NY Times] In Fed Rate Cut, Fears of Long Recession [NY Times] 6% of City Workers Make $100K a Year [NY Post] Two NJ Nets Dancers Move to Brookyln [NY Post] Community Board Budget Cuts to Hit Hard [NY Post] Outbreak Closes Brooklyn Animal Shelter [NYDN] Real Estate Market…
State’s Unemployment System Buckles Under Demand [NY Times]
In Fed Rate Cut, Fears of Long Recession [NY Times]
6% of City Workers Make $100K a Year [NY Post]
Two NJ Nets Dancers Move to Brookyln [NY Post]
Community Board Budget Cuts to Hit Hard [NY Post]
Outbreak Closes Brooklyn Animal Shelter [NYDN]
Real Estate Market Sees Significant Drop [NY1]
Dime Opens New Branch on Montague [CNN]
yes rob, municipal employees.
lol @ only 6 % of city workers making over 100K a year. stick it to the people who are always yapping that most people in nyc make well over 100K a year and if you dont you should move to jersey and stuff. just because maybe you and your expensive cocktail buddies make over 100K a year doesnt mean most of the city does. tho, when they say city workiers do they mean people who work for the city? if so then ignore my previous rant.
*rob*
Please don’t call me a “market professional.” I never want to be that wrong about things!!!!
You may be a market professional and are hopefully right – it would be nice to think that both the approach of supercharging the money suppy and a massive government spend will fix the problem, but it seems far from clear yet. And then there the danger of not damping down in time if we overcorrect. An economist’s wet dream to be testing the last century’s worth of economic theory in the real world.
jawbreaker…..its the inflation/disinflation/deflation thing that’s the hardest to call right now. At some point, maybe not until 2010, we will return to an inverted yield curve with short term rates going way up. But I think that short term rates are still likely to decline from here.
The problem is now that the Fed is trying to push rates down further but everyone who bought into Treasuries for safety is now selling them (which pushes rates up) to put the money back into the stock market. The stock market is THE leading indicator and it’s lately been looking like it wants to discount a stronger economy in 6-9 months. The GDP numbers will turn back positive as quickly as they tuened down
The push-pull on the treasury market that I alluded to above is where the volatility will now reside.
Dave, you’re right but since the Fed pretty much got it all wrong up to now the conclusion is probably correct.
“Real GDP was projected to decline for 2009 as a whole and to rise at a pace slightly above the rate of potential growth in 2010. Amid the weaker outlook for economic activity over the next year, the unemployment rate was likely to rise significantly into 2010, to a level higher than projected at the time of the October 28-29 FOMC meeting. The disinflationary effects of increased slack in resource utilization, diminished pressures from energy and materials prices, declines in import prices, and further moderate reductions in inflation expectations caused the staff to reduce its forecast for both core and overall PCE inflation.”
It’s clear from your comments that you don’t actually understand this statement.
Does the What believe he’s the only one who reads the news???? When you spend your whole life getting your news from blogs you become like those Target employees What…pretty much useless.
State’s Unemployment System Buckles Under Demand
Wow I was going to blast this one! And the Asshats still believe that NYC Real Estate market will be OK???!!
“In Fed Rate Cut, Fears of Long Recession ”
Read this..
Fed Fears Long Recession by CalculatedRisk
http://www.calculatedriskblog.com/2009/01/fed-fears-long-recession.html
Here is the “Oh No” taken from the FOMC minutes..
“Real GDP was projected to decline for 2009 as a whole and to rise at a pace slightly above the rate of potential growth in 2010. Amid the weaker outlook for economic activity over the next year, the unemployment rate was likely to rise significantly into 2010, to a level higher than projected at the time of the October 28-29 FOMC meeting. The disinflationary effects of increased slack in resource utilization, diminished pressures from energy and materials prices, declines in import prices, and further moderate reductions in inflation expectations caused the staff to reduce its forecast for both core and overall PCE inflation.”
Wave Buh bye..
Can we acknowledge the collapse of the Mutant Asset Bubble now??!! How long the Asshat holdout will go on??!! The data is coming in real bad and when Obama takes the reins, he is going to find all the dead bodies buried in the White House…
The What
Someday this war is gonna end…