The deficit for the 2008 fiscal year, which ended Sept. 30 was $455 billion, the Congressional Budget Office reported Friday. And the estimated deficit for the month of October? $232 billion! That’s if you count the Treasury’s bank capital injections on a cash basis. Use the CBO’s present-value calculation and October’s deficit drops to $134 [...]
That was one thing the president-elect made crystal clear in his press conference today, declaring at least twice that the U.S. only has one president at a time and it won’t be him until January 20. As for his economic plans, the focus of the event, he didn’t say anything major that he hadn’t said [...]
Neel Kashkari, the man who runs the American banking system (a.k.a. the Interim Assistant Secretary of the Treasury for Financial Stability), came to New York today to speak to a bunch of business school students at the annual Wharton Finance Conference. The most interesting information that I got out of sitting in on his speech [...]
A whopping 0.38% of American nonfarm jobs disappeared in September and October, the Labor Department announced today. What? That doesn’t sound whopping? It’s 524,000 jobs, which amounts to a lot of people’s livelihoods lost and financial security dashed. But it’s still just a tiny share of those employed in this country, estimated at 136,899,000 in [...]
