Road to Depression

Japan launches big economic stimulus!

on . Posted in Road to Depression

TOKYO, Japan (PNN) - January 11, 2013 - Japanese Prime Minister Shinzo Abe made his biggest push yet to make jobs growth part of the Bank of Japan's mandate as his government approved $117 billion of spending to revive the economy in the biggest stimulus since the financial crisis.

Under intense pressure from Abe, the BOJ will likely adopt a 2% inflation target at its January 21-22 rate review, double its current goal, and consider easing monetary policy again, most likely by increasing government debt and asset purchases, according to unnamed sources.

Weak economic news and poor J&J earnings drag down stocks!

on . Posted in Road to Depression

NEW YORK (PNN) - January 22, 2013 - After tepid economic news and a dim earnings outlook from Johnson & Johnson, stocks inched down, with few big gainers.

Economic news was weak with existing home sales and the Chicago Fed National Activity Index falling short of expectations. Existing home sales for December, reported by the National Association of Realtors, fell 1.0% last month to 4.94 million units.

JPMorgan to cut up to 17,000 jobs by end of 2014!

on . Posted in Road to Depression

NEW YORK (PNN) - February 27, 2013 - JPMorgan Chase & Co said on Tuesday that it plans to cut 17,000 jobs by the end of 2014, representing about 6.6% of the company's overall workforce, as the bank sheds staff that helped it deal with bad home loans.

The bank is optimistic that it can generate record income this year and is planning to add 4,000 employees in commercial and investment banking and credit cards to help it win business, bank executives said at an investor conference.

Obama will not oppose House GOP plan to suspend debt limit until May!

on . Posted in Road to Depression

WASHINGTON (PNN) - January 22, 2013 - Forget about raising the federal debt limit. House Republicans are proposing to ignore it altogether - at least until May 18.

The House plans to vote Wednesday on a measure that would leave the $16.4 trillion borrowing limit intact but suspend it from the time the bill passes until mid-May. The declaration that the debt ceiling “shall not apply” means that the government could continue borrowing to cover its obligations to creditors until May 18.

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