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The percentage of Americans struggling below the poverty line in 2009 was the highest it has been in 15 years, the Census Bureau reported Thursday, and interviews with poverty experts and aid groups said the increase appeared to be continuing this year, the New York Times reports.
Had the Republicans taken control of Congress in 2008, the country would have sunk into a depression, House Speaker Nancy Pelosi (D-Calif.), told CNBC Thursday.
New York's financial services sector shed 4,400 year-over-year in August, weighing on the state's unemployment rate, according to the New York Department of Labor's August report released Thursday.
The budget problems that come from federal spending and entitlements, such as Social Security, pale in comparison with the challenges of containing health care costs and maintaining Medicare at the level of treatment Americans expect, Robert Reich, the former Labor Secretary, told CNBC Thursday.
The economy almost certainly will not re-enter recession but will grow only slowly in the years ahead, keeping interest rates low and markets subject to rapid change, Goldman Sachs analyst Abby Joseph Cohen told CNBC.
Reinstating federal estate taxes at the 65 percent rate will result in some 1.6 million jobs lost, Douglas Holtz-Eakin, president of the think tank the American Action Forum, told CNBC Thursday.
The number of people living in poverty has climbed to 14.3 percent of Americans, with the ranks of working-age poor reaching the highest level since at least 1965.
Maintaining tax cuts for top earners should take a back seat to other more pressing measures, economic advisor Larry Summers said, in a signal the administration could be digging its heels on the issue.
As a main character in Michael Lewis’s bestseller, “The Big Short,” Eisman is best known for getting the subprime crisis right. But at the time, his attempts to warn regulators were ignored. This time they’re listening, especially after he capitalized on his role in the book with a report last June at an investment conference headlined, “Subprime Goes to College.”
To those that knew what their strategies were doing, to those that contributed to the downfall, I reserve the most substantial level of scorn.
Investors caught between fears of the future and wanting to catch the gains of the present should try to use a "safe-risk spread" that guards against the lingering potential of an economic double-dip, Pimco's Mohamed El-Erian said.
Governments that bolstered their countries’ ailing institutions impacted by the financial crisis need to step back and give the private sector a chance to innovate and rebuild, former UK Prime Minister Tony Blair told CNBC Tuesday.
Of the 15 most important world economies, the United States ranks in the middle in terms of economic and business dynamism, said Hamid Moghadam, chairman and CEO of AMB Property, an international industrial realty developer which focuses on distribution.
The global economy is in a weak recovery, but it's a recovery nonetheless and the world couldn't even talk itself into a recession, Paul Donavan, international economist at UBS, told CNBC Tuesday.
Small business grew slightly more optimistic in August as expectations improved for business conditions in 2011, despite the overhang of high unemployment, according to a survey released Tuesday.
"I am a huge bull on this country. We are not going to have a double-dip recession at all," said Buffett, chairman of Berkshire Hathaway. "I see our businesses coming back across the board."
Confidence among average investors is slowly returning after being severely damaged by the financial crisis and the "flash crash" earlier this year, James Gorman, CEO and president or Morgan Stanley, told CNBC Monday
Don't extend Bush tax cuts, David Stockman, the director of Office of Management and Budget under President Reagan, told CNBC.
Allowing the Bush tax cuts for all income levels to expire at year-end would cut US economic growth by "well over a percentage point," Goldman Sachs chief economist Jan Hatzius told CNBC.
This week, as everyone talks about what went wrong at Lehman Brothers; think instead about what went wrong with Japan.