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Archive for January, 2011
PrintThe FDIC seized 4 more banks, raising the totaled number of failed U.S banks in 2011 to 11. FDIC Chairman Sheila Bair has said in the current banking crisis that failures would peak in 2010.
According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.
Brief Rundown;
Bank Assets Deposits
First Community Bank (New Mexico) $2.31 billion $1.94 billion
FirsTier Bank (Colorado) $781.5 million $722.8 million
Evergreen State Bank (Wisconsin) $246.5 million $195.2 million
First State Bank (Oklahoma) $43.5 million $40.3 million
PrintThe Department of Labor reports unemployment (initial claims) statistics as follows.
“In the week ending Jan. 22, the advance figure for seasonally adjusted initial claims was 454,000, an increase of 51,000 from the previous week’s revised figure of 403,000. The 4-week moving average was 428,750, an increase of 15,750 from the previous week’s revised average of 413,000.”
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PrintCheck out this info graphic from Perceptual Edge. The graphic presents the outrageous spending and the cost of the Iraq war. Money wasted and added to our deficit.
Thoughts from Ritholtz “Whenever I hear a a congress critter discussing deficit spending, the first thing I do is check their vote on the Iraq war to see if they are legitimately concerned about deficits, or not. … You will find most of these born again deficit hawks are hypocritical partisan hacks . . .”
“Deficit hawk or Hypocrite? You decide:”
• Iraq War Resolution, Roll Call Vote – House (clerk.house.gov)
• Iraq War Resolution, Roll Call Vote – Senate (senate.gov)
Sources:
www.ritholtz.com/blog/2011/01/the-three-trillion-dollar-war-2/
Perceptual Edge
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The Best 25 Companies to work for are hiring, totaling about 137,000 available jobs.
Company Openings
1. Boston Consulting Group 2000
2. Wegmans Food Markets 2000
3. NetApp 2500
4. Edward Jones 890
5. Cisco 4591
6. Whole Foods Market 1800
7. Baptist Health South Florida 869
8. American Express 813
9. Intel 2900+
10. Mayo Clinic 800
11. Deloitte 3511
12. Adobe Systems 1000
13. Publix Super Markets 1590
14. Marriott International 4459
15. Microsoft 6338
16. PricewaterhouseCoopers 9144
17. Nordstrom 3663
18. Ernst & Young 10000
19. CarMax 1035
20. Booz Allen Hamilton 700
21. KPMG 5000
22. CH2M Hill 719
23. Darden Restaurants 3600
24. Starbucks 2000+
25. Accenture 64000
Source: www.cnnmoney.com
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PrintThe Department of Labor reports unemployment (initial claims) statistics as follows.
“In the week ending Jan. 15, the advance figure for seasonally adjusted initial claims was 404,000, a decrease of 37,000 from the previous week’s revised figure of 441,000. The 4-week moving average was 411,750, a decrease of 4,000 from the previous week’s revised average of 415,750.”
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PrintCitigroup reported 4th quarter profits, with an income of $1.3 billion. However, their earnings were below analyst expectations, sending the stock down 6.34% to $4.80 a share. Compared to last years 4th quarter loss of $7.6 billion, Citi has made an amazing turnaround, with revenue for this quarter at $18.4 billion vs $5.4 billion a year ago. For the year, out of $86.6 billion in revenue Citi earned $10.6 billion. This is Citi’s first year of full profits since the financial crisis of 2007. Expectations are high for Citi to continue strong growth.
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PrintIt has been a misconception that China is the largest holder of U.S. debt. According to the U.S. Treasury Department that’s not true. The biggest holders of US debt are American individuals, institutions, and Social Security that account for almost 67%. China only holds 7.5%.
At the end of the fiscal year (Sept. 2010) the U.S. debt was $13.562 trillion. And to date it has exceeded $14 trillion.
Below is a chart showing the distribution of U.S. debt holdings.
Sources:
U.S. Treasury Department:
Monthly Statement of the Public Debt of the United States
Major Foreign Holders of Treasury Securities.
PrintThe Department of Labor reports unemployment (initial claims) statistics as follows.
“In the week ending Jan. 8, the advance figure for seasonally adjusted initial claims was 445,000, an increase of 35,000 from the previous week’s revised figure of 410,000. The 4-week moving average was 416,500, an increase of 5,500 from the previous week’s revised average of 411,000.”
These figures are still high and continued job losses may still be on the horizon.
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PrintThese states might not have the highest unemployment, however, they do have the highest year over year increases. Overall, the job market is stagnant, and many predict it to remain weak for this year.
Here are your top 5:
Nevada
Unemployment rate : 14.3%
Year over year increase: 1.4%
Colorado
Unemployment rate : 8.6%
Year over year increase: 1.2%
Utah
Unemployment rate : 7.5%
Year over year increase: 0.9%
Louisiana
Unemployment rate : 8.2%
Year over year increase: 0.9%
Montana
Unemployment rate : 7.2%
Year over year increase: 0.6%
Source: 5 worst states for rising unemployment cnn money
PrintCheck out this info chart comparing the best and worst cities performance’s during the recovery since the recession.
Source: www.visualeconomics.com
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