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The Angry Bear

Fastest wage growth over the last four years

Report on the impact from the expanded unemployment insurance, economic impact payments, aid to states and localities, child tax credits, and temporary protection from eviction amongst other measures as reported by the authors. These actions provided relief to workers and their families to help them weather the recession. These measures also fed the surge in employment, wages, and gave low-wage workers better job opportunities and leverage to see...

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Is the Taylor Swift ERAs tour in the UK inflationary?

Tyler Cowen links to an article suggesting that Taylor Swift’s upcoming concerts in London may boost inflation and delay an interest rate cut by the Bank of England. I am not a macroeconomist, but color my skeptical.  For one thing, a short blip in the demand for hotel rooms in London will likely increase room rates, but this increase really will be temporary – it will reverse as soon as Swift leaves town.  More significantly, spending on...

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Amicus Presenting to Judge Aileen Cannon Next Week in the Trump Case

Taken from Joyce Vance’s Civil Discourse I thought perhaps the argument going on in front of Federal Judge Cannon about Jack Smith’s appointment to prosecute XPres. Donald Trump might need some explanation. I am borrowing from Joyce Vance’s Civil Discourse as a subscriber. This is kind of a sideshow to the real issue of trump being prosecuted. The Defense is pulling from whatever pile of mud they have to disrupt and delay the trial to such time as...

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FDIC: Number of Problem Banks Increased in Q1 2024

by Bill McBride Calculated Risk, May 29, 2024 The FDIC released the Quarterly Banking Profile for Q1 2024: Reports from 4,568 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) report aggregate net income of $64.2 billion in first quarter 2024, an increase of $28.4 billion (79.5 percent) from the prior quarter. A large decline in noninterest expense because of several substantial,...

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The “Wayback Machine” and Rescuing Problem Banks

It is unfortunate we do not possess a “Wayback Machine” to fix the issues we are experiencing with banks since 1986. Instaed we bumble again and again, making the same mistake over and over with banks. In a cartoon series called Peabody’s Improbable History, Mr. Peabody and Sherman would open the door to the past, speak in English to everyone they met (even if they could not speak English). The translation was a part of the machine. Both Mr....

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Lead and crime

We recently received a letter from the City of East Providence water utilities division asking us to check whether our service line contains lead. Since our house was built in 1935, this was a reasonable possibility. In the event, our line is galvanized iron or steel, not lead. But this ongoing effort to purge lead plumbing reminded me again of the impact of environmental lead on public health, including crime.I’ve been following the gasoline...

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The U.S. Economy Reaches Superstar Status

This article can not get any easier to read and explain how the economy survived a pandemic from 2020 onward and even into 2024. With the right actions by a president and supported by a Congress, the nation survived and it grew. In summation? The “economy has had a remarkable four-year run, judged against both its own history or the international competition.” If you disagree, this one has few technical details to confuse the issues. Make your...

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GDP and Personal Income by State, 4th Quarter 2023 and Preliminary 2023

First, this report (GDP and Income) is almost three months old. The latest release: will be June 28, 2024. “Gross Domestic Product by State and Personal Income by State, 1st Quarter 2024.” Some detail establishing a base for the June 28, 2024 report which will cover 1st Qtr. 2024. Briefly: The BEA has updates on population which I will have to check out. If you remember from New Deal democrats report, there has been a discrepancy between...

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Post-pandemic Latin American immigration and the unemployment rate

Post-pandemic Latin American immigration and the unemployment rate (and it’s implications for the economy)  – by New Deal democrat One week ago, in analyzing the jobs report, I noted the continuing severe disconnect between the Establishment Survey, which continues to show strong growth, and the Household Survey, which has been downright recessionary. I expanded on that analysis Monday and Tuesday, noting that “At the end of Q4 2022, the...

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