All Blog Posts from Econwatch

This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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Yesterday's meeting between President Obama and his favorite "fat cat - bankers was one big show. The President was nonplussed that three of the execs couldn't figure out how to actually make it to the meeting in person (any of these masters of the universe ever hear of Amtrak?). Lloyd Blankfein of Goldman Sachs, John Mack of Morgan Stanley and Richard Parsons of Citigroup were stuck in fog, preventing them from making the White House con fab.

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Soaring food prices may be a boon to commodities investors but they promise to be painful for much of the rest of the world, according to a Bloomberg report Monday.

Costs rose to record levels in June 2008 but sank as the global economy fell into the grips of a recession. With economic growth predicted in the next year, increased consumption will likely place severe strains on the world's food supplies.

Rice, a staple for half of the world, could surge an astronomical 63 percent – from $638 a metric ton to $1,038 in the coming year, according to a survey of importers, exporters and analysts. Output has been stifled by dry weather and India and the Philippines have increased their imports.

Nonfat dry milk, commonly used in baking products and baby formula, could spike 39 percent next year, according to the USDA. Prices would climb to an average of $1.275 a pound from 92 cents.

Processed and fluid milk could jump 31 percent and cheese may see a 28 percent increase.

Overall, food prices around the world rose 7 percent in November. In June 2008, record prices sparked 60 riots across the globe, from Haiti to the Philippines.

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This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street"

President Obama on CBS News' "60 Minutes"


Fat Cat Wall Street bankers head to the White House for a meeting with President Obama today. Here's what I imagine the conversation will sound like.

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This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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White House pay czar Ken Feinberg announced Friday the second round of rules governing executive compensation for bailed out companies, generally limiting pay to $500,000 for affected employees, reports CBS News White House correspondent Mark Knoller.

The rules cover the 26th through 100th top-paid employees at firms who received exceptional assistance from the Troubled Asset Relief Program – AIG, Citigroup, GM and GMAC.

Feinberg unveiled rules for the 25 top-paid employees in October.

Under the rules, cash salaries would be generally limited to $500,000 a year. According to the Associated Press, there will be about 12 exemptions granted to executives so their companies will be able to "thrive, be able to compete, and not lose key people," Feinberg said.

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This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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Check out this interview with Ilene Lang of Catalyst, the leading research and advisory organization working to expand opportunities for women and business (Click here to view the video segment).

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This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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I was on The Early Show yesterday discussing year-end tax tips. I love these segments because they usually lead to found money, which is always a good thing around the holidays.

Click here to view the video segment.

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At the end of this month the Great Recession will officially be two years old. This will be the longest economic crisis in the United States since the Great Depression and the longest American recession since Chester Arthur was president. That 1882-1885 recession was sparked when the railroad boom bubble popped, wiping-out thousands of construction jobs. Sound somewhat familiar?

Of course, all recessions result in job losses. What's helped the American economy recover quickly in the past are innovations that have created new employment to replace the jobs lost during the downturn. One recent example is the employment opportunity created by the explosion in internet-related businesses that followed the 1990-1991 recession.

Unfortunately, there does not seem to be a giant job engine quickly emerging to help the 26.9 million Americans out of work or in part-time jobs find good paying jobs that create prosperity. This is the hand the Obama Administration has been dealt as it approaches its first full year in the White House.

President Obama's new plan to push left over money from the Troubled Asset Relief Program to small business and infrastructure construction is designed to bring the unemployment rate down from 10 percent. The administration's proposal includes tax cuts for small business and tax credits to firms that do hire.

Proponents of the plan are quick to point out that small businesses create about 2 out of 3 new jobs in America. Small businesses are also usually better at innovation. Somewhere there's a grad student and some buddies creating the next Microsoft. The Administration hopes these moves will help such a start-up bloom quickly.

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This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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Watching the stock market action lately, I recall one of my favorite Mel Brooks movies, "Blazing Saddles". In it, Madeline Kahn's character Lili Von Shtupp, croons in Marlene Dietrich-esque "I'm tired...Tired of being admired, Tired of love uninspired, Let's face it, I'M TIRED!"

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This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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Over the weekend, the government found $200 billion in TARP money and Elin Woods discovered a few more paramours were hanging with husband Tiger. (If that $60 million enhancement to the pre-nup is true, it looks like Elin the scorned will be collecting $6.66M per girlfriend!)

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