Stories and indicators of our US Economy.
1st up. New Jersey city that is home to Cambells Soup, Camden NJ.
It has been rated one of the highest murder / crime cities off and on for years.
Now:
Gritty N.J. city of Camden to scrap police department amid budget woes
Crime-ridden Camden, New Jersey - often referred to as the most dangerous city
in the United States—is getting rid of its police department.
Read more: Gritty N.J. city of Camden to scrap police department amid budget woes | Fox News
They that forsake the law praise the wicked; but such as keep the law contend with them.
Oh well, citizens can carry their own guns for self protection - no biggie.
[SIGPIC][/SIGPIC]"Oh it's so easy for you isn't it, Kenny? I've had to become poor all on my own, you know?!
I wasn't born with a plastic spoon in my mouth."
Moody's Sees More California Cities Going Bankrupt
One of the nation's top credit rating agencies said Friday it will begin a wide-ranging review of
municipal finances in California because of what it sees is a growing threat of increased city
bankruptcies and bond defaults.
Moody's Investors Service issued a report saying that the growing fiscal distress in many cities
in the nation's most populous state was putting bondholders at risk.
Moody's Sees More California Cities Going Bankrupt - Reason 24/7 : Reason.com
They that forsake the law praise the wicked; but such as keep the law contend with them.
Last October, Jefferson County, AL declared Chapter 9 bankruptcy. It's home to the state's most
populous city, Birmingham. Its debt exceeded $4 billion. It was America's largest
municipal filing in history.
In August 2011, Central Falls, RI declared bankruptcy. Located north of Providence, it's the
state's poorest municipality. In 2010, it entered receivership. Major concessions were made.
In March 2011, Boise County, Idaho filed for protection. It did so to buy time to figure out
how to pay creditors.
US Cities Going Bankrupt
They that forsake the law praise the wicked; but such as keep the law contend with them.
Tex,
Research the Comprehensive Annual Financial Report (CAFR) and you may learn that the claims of local cities, towns, counties that they are going broke is in fact bogus.
More payday drama in Scranton, Pennsylvania, as last-minute loan backs paychecks
City workers in Scranton, Pa., who earlier this summer saw their salaries temporarily slashed to
minimum wage, will be crossing their fingers on payday this week.
If an emergency loan to the city doesn't go through, neither will the workers' paychecks.
"We only know what the public knows, what's in the news," said a Department
of Public Works employee who asked not to be named.
City officials, including Mayor Chris Doherty, insist that the city will meet payroll and all other city
obligations now that New York-based Amalgamated Bank made the city a short-term tax anticipation
loan of $6.25 million.
But the city workforce already dealt with payday drama in July, when Doherty unilaterally cut
everyone's salary -- including his own -- to the state minimum wage of $7.25 per hour.
Read more: More payday drama in Scranton, Pennsylvania, as last-minute loan backs paychecks | Fox News
They that forsake the law praise the wicked; but such as keep the law contend with them.
US economy "far from satisfactory", says Bernanke
WASHINGTON: US Federal Reserve Chairman Ben Bernanke expressed deep worry over the
US economy on Friday, calling the situation unsatisfactory and saying labour market
stagnation was "a grave concern".
In a much-anticipated speech to central bankers in Jackson Hole, Wyoming, the chief of the
US central bank offered no new promises of intervention to boost growth, but strongly
signalled that he was leaning that way.
"The economic situation is obviously far from satisfactory," he said in the keynote speech
of the Fed's annual conference of central bankers.
"Growth in recent quarters has been tepid, and so, not surprisingly, we have seen no net
improvement in the unemployment rate since January," he said.
Unless the economy begins to grow more quickly than it has recently, the
unemployment rate is likely to remain far above levels consistent with maximum
employment for some time."
Bernanke made clear that the jobless rate, at 8.3 percent, is one of his biggest worries
as head of the central bank, which has reducing unemployment as a key goal.
US economy "far from satisfactory", says Bernanke - Channel NewsAsia
They that forsake the law praise the wicked; but such as keep the law contend with them.
FYI. Not all can or do.Originally Posted by klein
"If a dog will not come to you after having looked you in the face, you should go home and examine your conscience."-Woodrow Wilson-
Be the kind of woman that when your feet hit the floor each morning the devil says, "Oh crap, she's up !!"
China's Manufacturing Slump Deepens
NEW YORK (CNNMoney) -- More bad news about China's factories: The country's manufacturing sector has contracted for the first time in nine months.
The National Bureau of Statistics in Beijing said on Saturday that the China Manufacturing Purchasing Managers Index for August fell to 49.2 from 50.1 in July. Any reading below 50 indicates that factory activity is shrinking rather than growing.
The fate of manufacturing in China is considered a barometer of the global economy because of the country's role as a powerhouse exporter.
China, the world's second-largest economy behind the United States, has been hit particularly hard by the recession in much of Europe. The country has lowered its growth outlook -- and weak manufacturing numbers suggest a return to rapid pre-recession growth rates will take time.
Jambo Bwana
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