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Economic and and financial news and analysis

Bernanke says despite recovery, many struggling, but he picked the losers

Federal Reserve Chairman Ben Bernanke said on Monday that although broad measurements of the economy point to recovery, many people and businesses are facing tough times. via Bernanke: despite recovery, many struggling | Reuters. For many those tough times are thanks to Bernanke’s own ZIRP destroying the finances of America’s seniors. Follow the money. Find…

The Daily Wall Street Fraud- Who’d a Thunk? Analysts Follow the Market

A chart by Reuters’s Scott Barber proves that Wall Street analcysts follow the market for their cues on forward earnings. They don’t analyze. They don’t lead.  They just wait for stocks to react to the latest earnings news and change their forward earnings estimates accordingly. It’s all done after the fact. There’s no research involved, no…

No Surprises in Payrolls or First Time Unemployment Claims Data- Both are Smack on Trend, Compensation and Hours Worked Soar

The pundits and the market were surprised by Friday’s “stronger than expected” jobs data. We were not, but it was just dumb luck as I explain below. Here’s the calculation from my original analysis. The BLS jobs data is based on payrolls for the week including the 12th day of the month. During that week, the real…

Strong July Withholding Taxes Suggest Huge Job Gains

The report is an excerpt from the Employment Charts permanent page, updated when new data is reported. Bookmark it for future reference.Originally posted July 27. As of July 25, Federal withholding tax collections for the prior 10 business days were 3.2% greater than last year. The 10 day total is extremely volatile however, so for that reason…

Britain continues to ignore this epidemic of financial crime at its peril | Ian Fraser

The most prestigious names in the British banking and finance routinely engage in criminal activities on a scale that would make any Mafia family proud. Whether by facilitating international money-laundering; manipulating markets through Libor rigging; institutionalised insider dealing; misappropriating money from clients’ pension savings funds through hidden fees;  ’misselling’ inappropriate financial products to customers, an industry…