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- Unemployment Rate Drops for Wrong Reasons – Real Time Economics – WSJ
Can this be harped on enough?
The drop in the main unemployment rate was driven almost totally by negative factors. The number of people employed fell by about 115,000. The only reason the rate declined is that the overall labor force dropped by a larger 312,000, a possible sign of discouraged long-term jobless dropping out.
The labor force participation rate, which is the percent of the population either working or looking to work, took a tumble to 63.2% — its lowest level since 1978.
There's a fascinating interactive graph on the post. It shows that much of 1980's economy under Ronald Reagan was ugly (oh, how we remember that), but the current problem is longer lasting and based upon a different, kinder to the government/administration, method of calculating the rate. The new method was established under the Bill Clinton presidency.
Read the source article … http://blogs.wsj.com/economics/2013/09/0 6/unemployment-rate-drop-for-wrong-reaso ns/
- Credit bureau disputes challenge mortgage industry | 2013-09-05 | HousingWire
The Consumer Financial Protection Bureau is putting servicers and lenders on the front lines by forcing them to thoroughly investigate consumer credit bureau disputes raised by borrowers.
The bureau said companies providing information to consumer reporting agencies need to review all relevant information provided when credit bureau disputes about debts surface.
"When credit reporting is disputed or viewed as not accurate, the level of review and due diligence is not being met as satisfactory by the consumers," explained Fay Servicing chief compliance officer Loren Morris.
Read the source article … http://www.housingwire.com/articles/2666 5-credit-bureau-disputes-challenge-mortg age-industry
- Roubini Says Fundamental Europe Problems Not Fixed: Video – Bloomberg
About a week ago but still relevant and valuable global financial and economic insights and analysis (recommended):
Sept. 6 (Bloomberg) — Nouriel Roubini, professor of economics and international business at New York University, discusses the U.S. and euro-zone economies, political uncertainty in Southern Europe and the outlook for emerging markets. He speaks with Anna Edwards on Bloomberg Television's "Countdown" from the sidelines of the Ambrosetti workshop in Cernobbio, Italy.
We must say, however, that China's landing really remains to be seen.
- Here's what Larry Summers would do at the Fed
Huge gamble if Barack Obama takes it:
With it looking increasingly likely that Larry Summers will be the next Fed chairman, there's been a lot of concern that he hasn't said all that much about monetary policy, and what he has said has sounded a bit hawkish. That scares investors who are already worried about the Fed beginning the long process of winding down the extraordinary support it's given to the economy in recent years.
As part of a story I wrote about why President Obama appears to support Summers despite all the outside criticism, I learned a bit about the approach Summers would likely take at the Fed, based on interviews with some of the people who know him best, primarily sources who have worked closely with him, along with parsing his public comments.
If he would take the steps suggested and not deviate, he'd make a good Fed Chairman (the issue of the Federal Reserve as the best Monetary Authority set aside for this post). It's a huge question as to whether he'd do that. His history suggests he would not be stable enough, but many people grow and change becoming stabler.
We think he should speak directly to the issues raised in the linked article and in our commentary.
- True Economics: 6/9/2013: Euromoney Country Risk Survey: Upgrading Irish Banking Sector Risks Outlook
… Euromoney Country Risk survey shows significant improvements in market experts assessment of Irish banking sector stability:
While both reflect opinions of experts, including experts within the specific sectors, the two are good indicators of the general direction toward gradual improvement in country economic outlook. Let's hope the Budget 2014 and mortgages arrears workouts do not derail this trend.
Yes, let's hope.
Read the source article … http://trueeconomics.blogspot.com/2013/0 9/692013-euromoney-country-risk-survey.h tml
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