While supporters of “cash for clunkers” say the results prove the program has been an unqualified success, critics argue that it demonstrates the incompetence of the federal government.

No one disputes the results of the “cash for clunkers” rebate program: It succeeded in blowing through nearly all its $1 billion in a week and can burn rubber at least through the weekend.

Congress is racing to infuse it with an additional $2 billion, but although supporters say the results prove the program has been an unqualified success, critics argue that it demonstrates the incompetence of the federal government. Read the rest of this entry »

It was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember.

From the frenzied peak of the real estate boom in 2005-2006 to the recession’s trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.

A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.

Now take a deep breath and exhale. The worst is over. Read the rest of this entry »

By Bob Willis

July 31 (Bloomberg) — The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.

The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington. Read the rest of this entry »

The U.S. Treasury sold $39 billion in five-year debt Wednesday in an auction that drew poor demand, raising worries over the cost of financing the government’s burgeoning budget deficit.

It was the second lackluster showing in as many days, convincing analysts that the stellar results of debt auctions just a few weeks ago were a fluke and that Thursday’s $28 billion seven-year offering could suffer a similar fate. Read the rest of this entry »

By Matthew Brown and Yasuhiko Seki

July 28 (Bloomberg) — The dollar fell to the lowest level this year against the currencies of six major U.S. trading partners as speculation the global economy is emerging from the recession reduced demand for a refuge.

The Australian dollar advanced to the highest level since September against the U.S. currency after the Reserve Bank said the economy may rebound faster than forecast six months ago. The euro climbed to a seven-week high against the dollar after Deutsche Bank AG said second-quarter profit rose 68 percent, beating analysts’ estimates. Read the rest of this entry »

By Lance Fairchok

Enabling tyrants is never wise, and whether political or religious, a despot cares nothing for “social justice” except as a rhetorical tool. The success of their “revolutionary struggle” is paramount. The downtrodden and disadvantaged swayed by their populism seldom prosper for long, because in the end it is about power and conquest and control. President Obama has yet to realize that in the real world, the diplomacy of jackals seldom goes well for the sheep. Read the rest of this entry »

By Bruce Walker

As I noted four weeks ago, Scott Rasmussen’s daily presidential tracking poll has shown a very steady increase in the number of Americans who have a “very unfavorable” view of Obama’s presidency and a corresponding, though less dramatic, decline in the number of Americans who have a “very favorable” view of his presidency. As of July 27, the negative gap between these two groups of highly motivated voters was ten percentage points. Polls which focus only on softer “favorable” and unfavorable” opinion still appear to keep the Obama Presidency in safe political water, but that is misleading for several reasons. Read the rest of this entry »

Rick Moran
The Weekly Standard’s Fred Barnes writes “There’s no evidence Obama has even a sketchy grasp of economics.” He makes a good case:

The president also spoke favorably at the press conference of taxing “risky” ventures by Wall Street investors. It wasn’t clear what risky investments he had in mind. Never mind. Reckless risk-taking is hardly a problem at the moment. It’s the lack of any risk-taking at all by investors that’s holding back the economy. Read the rest of this entry »