Extraordinary Rebound from a Meltdown
Goldman, rescued last year by $10 billion taxpayer bailout, is back in the black. It reported a second-quarter profit today of more than $3 dollars - and, it's paid back the loan.
Still waiting for a rebound is the job market. The president said Tuesday we'll have to wait a while longer.
"We will probably continue to see unemployment tick up for several months," Mr. Obama said.
The resident once predicted it would top out at 8 percent. It's now 9.5 percent.
And what looks like a glimmer of hope for the economy may be a mirage. Retail sales rose in June, but it wasn't so much that we were buying more, we were paying more as gas prices spiked.
Watch Katie Couric's report below:
Watch CBS Videos Online
Still waiting for a rebound is the job market. The president said Tuesday we'll have to wait a while longer.
"We will probably continue to see unemployment tick up for several months," Mr. Obama said.
The resident once predicted it would top out at 8 percent. It's now 9.5 percent.
And what looks like a glimmer of hope for the economy may be a mirage. Retail sales rose in June, but it wasn't so much that we were buying more, we were paying more as gas prices spiked.
Watch Katie Couric's report below:
Watch CBS Videos Online
Do you ever wonder how many isolated offices in Podunk, Middle America and Bumfick, Egypt they have to include in their holdings portfolio - at least temporarily - to keep that average that low?
lollll....
Q: When is a "bailout" not a bailout?
A: When it is merely the transfer of funds out of the U.S. Treasury.
Is anyone really paying attention to what is going on here?
Feel free to explain to the rational world how GS traders can lose when the government has shown it will rescue with funds from the endless taxpayer piggybank when they guess wrong.