Items of Interest:
Edmund L. Andrews / New York Times:
Economy Sheds 598,000 Jobs in January — The United States lost almost 600,000 jobs last month and the unemployment rate rose to 7.6 percent, its highest level in more than 16 years, the Labor Department said Friday. — It was the biggest monthly job loss since the economy tipped …
Maura Reynolds / Los Angeles Times: U.S. unemployment rate at 7.6%; jobs disappearing at faster paceDealBook: For Wall Street's Jobless, a Night OutHamilton Nolan / Gawker: The Indignity of Half-Millionairedom — Six hundred thousand …Meteor Blades / Daily Kos: Unemployment Soars Again. Official Rate Softens RealityMichael Falcone / The Caucus: The Early Word: Getting to 60Big Tent Democrat / TalkLeft: Here's “The Rush,” Mika: 600,000 Jobs Lost In JanuaryDownWithTyranny!: Pete Sessions— A Useful Idiot Against Blue Dogs Like Loretta Sanchez?David Leonhardt / Economix: 3.6 Million Lost JobsKrooney / TIME.com: White House: Job Numbers Show “Very Real Suffering”Michael J.W. Stickings / The Reaction: BREAKING NEWS: 598,000 job losses in January
Ali Frick / Think Progress:
discussion:Jonathan Stein / MoJoBlog: Bad News for Jobs, and SanityTim Fernholz / American Prospect: MAKE THIS SPEECH IN PRIME-TIME.ZP Heller / Brave New Films blog: Confirm Hilda Solis for Labor Secretary Now
discussion:Brian Blackstone / Wall Street Journal:
Fox News: Employer Slashes 598K Jobs in January, Unemployment Rate Jumps to 7.6%Steve Benen / Washington Monthly: JOB PICTURE DETERIORATES.... We knew the employment numbers …Faiz Shakir / Think Progress: 598,000 jobs lost last month, 3.6 million since recession began.»
discussion:Jobless rate 7.6 pct; 598K job cuts most since '74Real Time Economics: Economists React: Jobs Report Shows ‘Slow Motion Train Wreck’Barry Ritholtz / The Big Picture: Details of January Non-Farm Payrolls
discussion:Jazz Shaw / The Moderate Voice: Stimulus: Rushing Over the CliffBuck Naked Politics: Krugman says Economy Poised at Cliff's Edge, Political Theater Must StopThe Heretik / theheretik.us: By, By Bipartisans — A few essential truths?Lambert / Corrente: Whaddaya mean, “we”? — Krugman: … I think the Village …Big Tent Democrat / TalkLeft: “What's The Rush?” — Share This: Digg! — Mika Brzezinski …Joe Sudbay / AMERICAblog News: Krugman: “It's time for Mr. Obama to go on the offensive.”Joseph / CANNONFIRE: Rent — You have probably already been alerted to Paul Krugman's …Booman Tribune: Krugman is Our CassandraJill / Brilliant at Breakfast: And after they gut it like a fish, it's guaranteed not to workJennifer Rubin / Commentary: Flotsam and Jetsam — Well if he got the kids the darn puppy …Attaturk / Rising Hegemon: About time! — Obama comes out strongly for the stimulus package …Attaturk / Firedoglake: Calling the intellectually bankrupt, well, bankruptDaniel W. Drezner: Your ten second summary of the New York Times op-ed pageRobert Stein / Connecting.the.Dots: Deck Chairs on the TitanicSteve M. / No More Mister Nice Blog: THE STIMULUS BILL REDUCES LONG-TERM GDP? …
As Layoffs Surge, Women May Pass Men in Job Force -- With the recession on the brink of becoming the longest in the postwar era, a milestone may be at hand: Women are poised to surpass men on the nation’s payrolls, taking the majority for the first time in American history.
The reason has less to do with gender equality than with where the ax is falling.
The proportion of women who are working has changed very little since the recession started. But a full 82 percent of the job losses have befallen men, who are heavily represented in distressed industries like manufacturing and construction...
The Treasury seriously overpaid for bank stocks. What else is new?Kevin Depew / Minyanville.com:
Taxpayers Screwed Again; Nation Shrugs -- Here's an unsurprising surprise. It turns out the Treasury Department under former Treasury Secretary Henry Paulson overpaid for bank stocks under the Troubled Asset Relief Program (TARP).
Elizabeth Warren, a Harvard law professor and head of an oversight panel for the bailout, told Congress on Thursday that the Treasury paid $254 billion in 2008 to financial institutions through the TARP program but received only $176 billion worth of stocks and warrants.
Back in December, the oversight panel asked Paulson to value taxpayers' return on the "investments." Paulson told the panel the "investments" were made "at or near par," according to Warren. That would mean taxpayers received about a $1 stake for every $1 "invested" in the banks. However, the oversight panel "found otherwise," Warren told Congress. Far from being $1 for $1, the actual value $0.66 on the dollar, the panel discovered...
What was in Larry Summers’ D.E. Shaw Pitchbook? -- White House economic advisor Larry Summers, a former Treasury Secretary and President of Harvard University, had brief career as a part-time pitchman for a hedge fund. His activities may bear on his ability to serve the country with maximum effectiveness. According to sources who attended meetings with him, Summers traveled to Asia during July 2007 with a pitchbook recommending the AAA-rated tranches of collateralized debt obligations to Asian sovereign funds and financial institutions, in his capacity as a Managing Director of the hedge fund D.E. Shaw.
In July 2007 the AAA-rated tranches of mortgage-backed securities backed by subprime collateral were trading at around 90 cents on the dollar. Now they are trading at less than 40 cents on the dollar...
TARP: Taxpayers Against Ridiculous Pay -- These days, working on Wall Street sucks. A retired financier recently told the New York Times, “I’d almost rather say I’m a pornographer,” Another investment banker recalled telling an acquaintance what she did professionally, only to be met with palpable disdain: “Oh, you’re one of those.” ...
Kirk Shinkle / US News:
Madoff Search: Multimedia Mashup Edition -- Today, we're gifted with the following:
- Madoff Search. Type in a name, see if they're a victim of Madoff's scheme. This just made the day a lot easier for some low-level enforcer at the SEC.
- The Madoff Map. Now that you know who the victims are, you can also see where they live. (Florida and Manhattan are pretty well covered with tags. Yikes!)
Resale shops are latest casualty of bad economy -- Drop in consumer spending and in prices at malls sting thrift shops ...
Since the financial meltdown last fall, however, many thrift and consignment shops have been hurt not only as people are shopping less but because those who remain are being pulled away by 80 percent off signs at the mall...
- The End of American Capitalism? - Carl Schramm & Robert Litan, American
- On the Edge Of An Economic Abyss - Paul Krugman, New York Times
- Maybe, but Keynes Can't Help Us Now - Niall Ferguson, Los Angeles Times
- Keynes: The Triumph of Hope Over Economics - Benn Steil, Financial Times
- Why 'Stimulus' Will Mean Inflation - George Melloan, Wall Street Journal
- Will the Economic Dowturn End Gold Digging? - Elizabeth Eaves, Forbes
- Might We Have to Nationalize the Banks? - Editors, The New Republic
- Simple Rules For a Bank Bailout - Anders Aslund, Washington Post
- Bank Bailouts & No-Thought Regulation - Richard Rahn, Washington Times
- Obama Lobs One Up for Supply Siders to Hit - Amity Shlaes, Bloomberg
- Cap and Trade Will Hurt Consumers - Mark Perry, Investor's Business Daily
- We Didn't Privatize Social Security. Thank Goodness! - Eliot Spitzer, Slate
- My Preferred Fiscal Stimulus Package - Greg Mankiw
- What Do New Yorkers Think of New Pay-Cap System? - Economix
- Ten Days' Thoughts On the Economy - Rich Karlgaard, Digital Rules
- 'Attacking Iran is a Shovel-Ready Project' - Institutional Economics
- Fed Watch: And Now We Know... - Tim Duy, Economist's View
- The Only Good Crowding-Out Argument - Ken Houghton, Angry Bear