» Business Economy
Cash-strapped LA County courts to begin layoffs
LOS ANGELES—The Los Angeles County Superior Court is laying off 329 staff members next month and officials say more than 1,000 others may go in the next two years because of budget cuts. A memo from Court Executive Officer John Clarke to employees says the first layoffs will begin on April 1. Clarke says an additional 500 layoffs are planned for September followed by 530 in fall 2011. The court currently has 5,400 employees. Clarke says civil rather than criminal cases will be hardest hit.. » read more
Unemployment Rises In 30 States In January
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Welcome to the United States of Iceland
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Owners walk from homes, values erode
With more than 500,000 households in Michigan owing more on their mortgages than the homes are worth, thousands of Michigan residents are choosing to abandon their homes and walk away, even if they can afford to continue making payments. The number of people who have engaged in such strategic defaults more than tripled between 2005 and 2008 — from 5,100 to 17,250, according to a report by Experian-Oliver Wyman, a credit reporting and consulting firm. Mark Zandi, chief economist for Moody’s Economy.com, said he expects the problem to get worse this year and next. “As people struggle to make ends meet, they will say this just doesn’t make sense” about continuing to make payments, he said.. » read more
15,000 San Fransisco workers given layoff notices
Emotions ranged from disbelief to despair to downright anger Friday as 15,000 San Francisco city workers received pink slips. But Mayor Gavin Newsom reiterated that his controversial plan to rehire them under shortened workweeks would wind up saving thousands of jobs. Newsom ordered the layoff notices be sent to most of the city's 26,000 workers and said the overwhelming majority of them will be hired back within two weeks to work 37.5 hours a week instead of their current 40 - meaning they'll see a 6.25 percent cut to their paychecks.. » read more
Cash-Strapped States Delay Paying Income-Tax Refunds
This year, more Americans and businesses may be asking: Where's my tax refund? That's because cash-strapped states such as North Carolina, Alabama and Hawaii have been forced to slow down issuing income tax refunds to individuals and businesses because of a lack of funds in their budget. Kansas has hinted that a delay might be possible, and processing paper refunds in Iowa has slowed because the state doesn't haven't enough employees to get them processed faster. Another state, New York, is still considering whether they'll follow the likes of Hawaii and delay refund payments. "States typically do this when they are tight and they don't have a budget in place," said Karla Dennis, CEO of Cohesive, a nationwide tax preparation firm. Things are dire at many states: forty-one states are expected to have mid-year budget gaps totaling $37.. » read more
America After the Quiet Coup
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The Fall of Greece
Yes, It Really is a Capitalist Plot For Europe’s poorest countries, European Union membership has long held out the promise of tranquil prosperity. The current Greek financial crisis ought to dispel some of their illusions. There are two strikingly significant levels to the current crisis. While primarily economic, the European Economic Community also claims to be a community, based on solidarity -- the sisterhood of nations and brotherhood of peoples. However, the economic deficit is nothing compared to the human deficit it exposes.. » read more
U.S. Jobs Data Propels Crude Oil Above $80 a Barrel
Oil Market Summary for 03/01/2010 to 03/05/2010 Jobs data indicating that U.S. economic recovery might be picking up steam finally pushed crude oil futures decisively over the stubborn $80 a barrel threshold. Nymex’s benchmark West Texas Intermediate settled Friday at $81.50 a barrel, a seven-week high, after topping $82 in intraday trading.. » read more
The Event Horizon in the Rear View Mirror
We’ve heard rumors and seen projections for a world wide financial crash for some time. Economic soothsayers have been tossing around time periods and analysts have been providing the ‘what for’ and how come’. As for the latter it boils down to simple greed but there’s more. There’s always more. Events and conditions can only happen or exist, dependent on the system they operate in.. » read more
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