End of U.S. Manufacturing Dominance Dept.: For more than a century, the United States has been the world’s largest manufacturer, but thanks to the recession and China’s skyrocketing growth, that could change in the next few years. Indeed, the U.S. only barely held the top spot in 2009, with $1.72 trillion in manufacturing value added, while China pumped out $1.6 trillion. According to a report from IHS Global Insight, China could surpass America between 2013 and 2014.
OECD Sec.: Europe Won't Default
Greek PM on Deficit, Taxes
Papandreou: Greece Is a Good Bet
Hayward: Go Home!Tuesday
Nationwide Average
$2.76 a gallon
In a blow to the Obama administration, a federal judge ruled against a six-month moratorium on deepwater oil drilling the president put in place after the BP accident in the Gulf of Mexico. The judge ruled the ban as “arbitrary” and failing to take into account the potential economic impact. The White House immediately said it would appeal the decision.
Meanwhile, the bears marched back onto Wall Street amid worries over a double-dip situation in the housing market. The Dow fell 149 points, closing at 10294, with the energy sector being hit the worst after news of the White House’s plans to appeal the decision against the drilling moratorium.
Sen. Gregg: Health-Care Bill a Disaster
Century 21: Buying Opportunity
Trouble in the Middle East and at Home
Government Ignoring the Real ProblemWednesday
The Federal Open Market Committee held firm on the federal funds rate, keeping the target in a range of 0-0.25% Wednesday. The Fed said rates will stay at historic lows for some time, as the economy continues to struggle. “Household spending is increasing but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit,” said the Fed.
Real Estate Troubles Dept.: New home sales took a 33% tumble in May. Coming just a day after a disappointing report on existing home sales, the Commerce Department said sales of new homes fell to their lowest record ever. Sales dipped to a seasonally-adjusted rate of 300,000, partly due to the end of a government tax credit expiration.
Banks Brace for New Global Taxes
Walt Mossberg on iPhone 4
Christie: Raising Taxes Bad for Economy
Christie on Govt., Wall St. MisbehaviorThursday
Jeffrey Skilling is a name most haven’t heard in a while. The Supreme Court sided with the former chief executive of Enron, limiting prosecutors’ use of the so-called “honest services” law, which was used to help convict him in 2006. The law is set up to target those accused of scheming to “deprive another of the intangible right of honest services.” Critics of the law have said it’s vague and often applied incorrectly.
And the Dow was hit by another triple-digit slide amid fears of a double-dip recession, despite a stronger-than-expected jobless report. The average fell 146 points, closing at 10153, putting it down almost 300 points for the course of the week.
Market Expert: Greece Can’t Leave EU
Forbes on Spenders Vs. Savers at G20
True Self Sacrifice
Devo Releases First Album in 20 YrsFriday
After a session of more than 21 hours, lawmakers agreed to historic Wall Street regulatory reforms early morning Friday. The new rules will subject banks to tougher oversight and could hurt profits. In concessions to get the legislation hammered out, banks will be able to keep most of their swaps dealing activity in-house, except for the riskiest trading. Banks will also be allowed to make small investments in private equity funds and hedge funds.
Meanwhile, a possible storm brewing over the western Caribbean is threatening to disrupt BP’s efforts to siphon oil at the site of the Gulf of Mexico spill. The U.S. Coast Guard said the efforts would have to be stopped five days before the onset of gale-force winds. If this happened oil could flow out of the well for as many as 14 days.
Balancing Portfolio Risks
How to Boost Income Without Risk
More Guns, Less Crime
Should Students Have Guns on Campus?
Fox Business VideoU.S. No Longer an Economic Leader?Jun 25, 2010
Can the U.S. regain financial leadership globally?
Top Gov’t Waste OffendersJun 25, 2010Which government agencies are wasting your money
Will Further Financial Regulat...Jun 25, 2010More transparency necessary for banks?
Impact of Revalued Yuan on the U.S.Jun 25, 2010Will revalued yuan benefit the U.S.?
NY State Sues BP For Pension LossesJun 25, 2010NY State Comptroller: BP representations were false
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