Economy/U.S.

Obamanomics
What Does it Mean?
A buzzword that describes the economic philosophy of 2008 democratic presidential candidate Barack Obama. Obamanomics calls for lower tax rates for companies that meet certain criteria, such as providing decent healthcare and maintaining a U.S. workforce and headquarters. Obama's economic platform also calls for higher taxes for high-income families and investment in education, healthcare and the sciences.
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Investopedia Says...
Obamanomics generally stands in opposition to supply-side, or "trickle-down", economics, which holds that people (including the rich) should keep more of what they earn because... Read more.

Stop Foreclosure - If you are facing foreclosure its essential to get someone in your corner right away who understands the laws of your state. An expert who knows your rights and the assistance programs to save your home. 

Foreclosure Rescue Plan
The House has approved a plan that will let the Federal Housing Administration take on as much as $300 billion in new mortgages so that people facing foreclosure can refinance. The measure could help as many as 500,000 struggling homeowners by cutting their payments by as much as half. Bush has threatened to veto the bill, which passed in spite of that threat by a majority vote of 266-134, including 39 votes from Republican representatives who come from states with the most severe housing problems.

Treasury Secretary Henry M. Paulson Jr. said in a speech last week in London that the problems of the housing and financial markets might last longer than originally expected.
He followed up in another speech on Tuesday by saying that the Bush administration was working to prevent as many home foreclosures as possible, but that “many of today’s unusually high number of foreclosures are not preventable.” Mr. Paulson said 1.5 million home foreclosures were started in 2007 and that an estimated 2.5 million more would take place this year. (Source: New York Times. July 9th 2008 .)

Foreclosure crisis: The $4 billion fix
NEW YORK (CNNMoney.com) -- City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.
Opponents of the measure say the paltry sum won't do much good considering the number of vacant homes on the market - one million families are expected to lose their homes this year - and will more likely turn into a political boondoggle.

US foreclosure filings surge 48 percent in May
Friday June 13, 5:07 am ET By Alan Zibel, AP Business Writer
Housing crisis worsens as number of US homes facing foreclosure in May up 48 percent
WASHINGTON (AP) -- The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50 percent compared with a year earlier, a foreclosure listing company said Friday.
Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from 176,137 in the same month last year and up 7 percent from April, RealtyTrac Inc. said.
One in every 483 U.S. households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005 and the second-straight monthly record.
Foreclosure filings increased from a year earlier in all but 10 states. Nevada, California, Arizona, Florida and Michigan had the highest statewide foreclosure rates.
Metropolitan areas in California and Florida accounted for nine of the top 10 areas with the highest rate of foreclosure. That list was led by Stockton, Calif. and the Cape Coral-Fort Myers area in Florida.

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Trade deficit jumps to highest level in 13 months
Tuesday June 10, 8:52 am ET - By Martin Crutsinger, AP Economics Writer
Trade deficit jumps to $60.9 billion in April, highest level in 13 months reflecting oil surge
WASHINGTON (AP) -- The trade deficit jumped to the highest level in 13 months in April as America's bill for foreign crude oil soared to an all-time high.
The Commerce Department reported Tuesday that the gap between what the nation imports and what it sells abroad rose by 7.8 percent to $60.9 billion, the largest imbalance since March 2007. The April deficit was $4.4 billion higher than the March imbalance of $56.5 billion.

Existing-Home Sales Slip in March
WASHINGTON, April 22, 2008 -
Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate (1) of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.

US Foreclosure Filings Jump in March
Tuesday April 15, 5:12 am ET - By J.W. Elphinstone, AP Business Writer
Foreclosure Filings Against US Homeowners Soar 57 Percent in March; Bank Repossessions Surge
The onslaught of homes facing foreclosures has yet to ebb, a research report showed Tuesday, with bank repossessions skyrocketing last month as more troubled homeowners mailed in their keys and walked away.

The Feed
Pity the Pizza, in a Land of Nuggets
By ANDREW MARTIN - Published: April 13, 2008
The nation’s largest pizza chains are being hammered by sluggish sales and runaway ingredient costs.

AP
Weak Economy Slows Cargo, Idles Railcars
Saturday March 29, 2:42 am ET
By Susan Gallagher, Associated Press Writer
Railcars Stand Idle for Lack of Freight Amid Softening Economy
CRAIG, Mont. (AP) -- BNSF Railway Co., the nation's top hauler of container rail freight, is parking miles of railcars in Montana and elsewhere because there isn't enough freight to keep them rolling.

Business
Rescues for Homeowners in Debt Weighed
By EDMUND L. ANDREWS and LOUIS UCHITELLE
Published: February 22, 2008
The government is considering proposals to rescue the nearly 8.8 million homeowners who are underwater.

Business -New York Times
Slump Moves From Wall St. to Main St.
By PETER S. GOODMAN - Published: March 21, 2008
The economic downturn is seeping into new parts of the country, to communities that seemed insulated only months ago.

Bloomberg.com: Energy Prices-Spot prices

Worries Grow for Worse 'Stagflation'
Tuesday February 26, 5:14 pm ET - By Jeannine Aversa, AP Economics Writer
Worries Grow for Twin Evils of 'Stagflation' -- Stagnant Economy, Lost Jobs, Surging Inflation
WASHINGTON (AP) -- It's a toxic economic mix the nation hasn't seen in three decades: Prices are speeding upward at the fastest pace in a quarter century, even as the economy loses steam.
Economists call the disease "stagflation," and they're worried it might be coming back Already, paychecks aren't stretching as far, and jobs are harder to find, threatening to set off a vicious cycle that could make things even worse. The economy nearly stalled in the final three months of last year and probably is barely growing or even shrinking now. That's the "stagnation" part of the ailment. Typically, that slowdown should slow inflation as well -- the second part of the diagnosis -- but prices are still marching higher.

Household net worth falls 3.6% in 4th quarter
By Rex Nutting - Last update: 12:01 p.m. EST March 6, 2008
WASHINGTON (MarketWatch) - The net worth of U.S. households fell by $533 billion, or a 3.6% annual rate, in the fourth quarter of 2007, the first time total wealth had fallen since late 2002, the Federal Reserve reported Thursday. For all of 2007, household net worth rose 3.4% to $57.7 trillion, the slowest growth in five years. After the effects of inflation are included, real net worth fell for the year. Household borrowing rose at a 5.6% annual rate, less than half the debt growth seen during the credit boom years in 2003 through 2005.

Caterpillar expects boost in sales, revenues from emerging markets
“They have a need to invest in infrastructure”
Caterpillar Inc, which stands to benefit from 'infrastructure growth opportunities in the world's emerging market' as well as upgrade work in North America and Europe, expects to see sales and revenues approaching $60 billion by 2010, Chairman and Chief Executive Officer Jim Owens told analysts at a major trade show late today.
The presentation marks the first time Caterpillar, which had 2007 revenues of $45 billion, has ever publicly projected annual sales of $60 billion.