“To begin to taper, I have two tests that must be passed: (1) evidence that the labor market has shown improvement and (2) information about the economy’s forward momentum that makes me confident that the labor market improvement will continue in the future. So far, I think we have made progress with these metrics, but have not yet achieved success.” Federal Reserve Bank of New York President William Dudley said recently in remarks at Fordham University.
And while the unemployment rate continues to improve, down to 7.3 percent in September, uncertainty in the long term direction of the economy led the Federal Open Market Committee to decide to continue purchasing $85 billion per month in securities at their recent meeting. In addition trends in personal consumption, housing and private business investment helped lead to the decision. Continue reading →
At the recently concluded Liberal Democrat party fringe meeting, Business Secretary Vince Cable issued highly-controversial statements. According to an Independent article, Mr. Cable said that he supported the Coalition Government and wants it to carry on right up to the last moment. He added that it was the right decision then to form a coalition with David Cameron in 2010; however, he expressed disgust how the Lib Dem leadership has been leaning toward Conservative policies. His statements were explicit warnings directed at party leader Nick Clegg.
The Independent quoted Mr. Cable expressing the certain possibility of an earlier end to the Coalition, with himself walking out of government if his personal ‘red lines’ were compromised. While Mr. Cable was the first senior Liberal Democrat to express this possibility, not a few Lib Dem members have earlier suspected that Mr. Clegg has a tendency to sway favorably with Tories’ policies. This was clear in the statement of Lord Oakeshott that the local elections in May will determine the party’s only hope to redirect its course. Continue reading →
Within this month, a huge Internet convention is expected to blow Las Vegas away.
The yearly gathering of Internet marketers is no other than the Impact13. The event is expecting over 810,000 professionals who belong to the Internet Marketing Association of San Clemente, Calif. The convention would take place from the 25th to the 27th of September.
The event would revolve around the areas of marketing innovation, data and analytics, mobile and content marketing and most especially, social marketing. These topics would be elaborated by chief officers from InfusionSoft, Net2EZ, Internet Marketing, Inc., DirecTV and other companies from the Internet Marketing industry. Continue reading →
The rupee crash last May came as a big shock to most economists. They have now attempted to profit from its decline, but most weren’t able to forecast it. Of the ones who did, they were just stating obvious facts: the rupee is overvalued. But why didn’t others notice? One plausible reason could be Taleb’s ‘the turkey problem’, which states that even after being fed for a thousand days by a butcher, gaining more trust from a turkey, by thanksgiving that trust could all be for naught. Events could be totally unexpected from that point onwards.
Even so, this basically assumes that analysts and economists do not know how to predict anything. Economists follow their peers. Even if somebody has predicted it accurately, it wouldn’t do to announce that carelessly. If there was the smallest risk that the forecast was incorrect, it could damage their reputation. It would be safer to imitate everybody else’s predictions at the time. Continue reading →
In the article he wrote for Forbes, Vocational Economist Patrick Rishe probed into the $765M settlement agreement between NFL and some of its former league players. Around 4,500 plaintiffs filed a class action lawsuit against the league to pay for compensation on injuries and damages incurred by players due to concussions. The parties’ deal covered funding of medical and legal action expenses and medical research. Rishe now asks whether the $765M is enough reparation and restitution for the retired NFL players, many dead, who suffered concussions from the games. As a result to chronic blows, many players developed chronic traumatic encephalopathy (CTE), dementia and Alzheimer’s disorder, and depression.
From the point of view of vocational economics, restitution for work-related injuries should heavily consider the negative financial impact on the victim and his family. According to Rishe, who also happens to be the director of Sportsimpacts, these negative impacts are felt in many ways and in varying degrees, and they should have been examined in more detail. Continue reading →
G20 (also called G-20 or Group of 20) consists of 20 major economies of the world (19 countries, and European Union), whose aim is to make global co-ordination and consultation, regarding economic and fiscal policies. This group was first inaugurated in 1999, and further boosted in 2008 by George W Bush. These 20 economies are 86% of Gross World Product, 80% of World Trade, and 2/3 of the world’s population. Russia is on the holding seat now, which hosted the eighth G20 Summit, in 2013. Their aim is to bring prosperity, sustainability, stability, and equilibrium in the world economy.
The finance ministers and central banks from all the member countries are involved in policy making for the mutual benefits world’s overall economy. Their mission is to find out the solutions of all the issues, and set a platform for the negotiations. Banks play a great role in bringing the stability to the overall arena. Continue reading →
Since seeing a surge in the production of oil US households are reported to see a gain of $1200.
The reported figure of $1200 relates to extra funds a typical American household is likely to notice as a consequence of the surge of natural gas and oil production in 2012 in line with research completed by the IHS research firm.
IHS was able to calculate this extra disposable income due to the expected reduction in electricity and natural gas bills and thanks to the more abundant supplies of gas in reserves. And further help was noticed with lower prices for a variety of services and goods. Other factors included in this cost save related to the jobs generated in the gas and oil industry and higher wages. Continue reading →