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Politics Barack Obama

  • Global markets are up on: 1) a leaked report that Chinese exports grew 50 percent in May from a year earlier, vs. the 32 percent gain expected; and 2) a successful 3 and 10 year bond auction in Portugal. In China, the Shanghai Index was up 2.8 percent on the strong export numbers. Also: the "Pain Trade."

  • Director of the National Economic Council Lawrence Summers (L) waits with U.S. Federal Reserve Chairman Ben Bernanke (R) for President Barack Obama to speak on his administration's plan on regulating the financial system in the East Room June 17, 2009 at the White House in Washington, DC.

    At a moment when many economists warn that the American economic recovery is likely to be imperiled by prolonged high unemployment and slow growth, President Obama is discovering that the tools available to him last year — a big economic stimulus and action by the Federal Reserve — are both now politically untenable. The NYT looks at the consequences.

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    The United States will have to adopt austerity measures similar to the ones taken in Europe, because the problems faced are largely the same, Timothy Scala, macro-strategist at Sophis Investments, told CNBC.com.

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    President Obama said he wanted to know "whose a** to kick" over the Gulf of Mexico oil spill, adding to the pressure on energy giant BP  as it sought to capture more of the leak from its gushing well. Do you think his words crossed the bounds of good taste, or were they appropriate under the circumstances? Share your opinion in our poll.

  • At an informal gathering of hedge fund traders last night, the mood was decidedly gloomy. I noted yesterday that many hedge funds had a horrific May: 1) most were net long going into May, and 2) many had been short volatility. Volatility, as we know, exploded in May, forcing many firms to cover their short positions. Not only that, traders seemed to have been unprepared for the dollar's rebound...

  • For now, the US is the biggest beneficiary of the global financial crisis as its sovereign debt is a perceived safe haven. However, the US is running budget deficits on the scale of Greece and issuing massive amounts of new debt.

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    Democratic capitalism is not flawed. Rather, government policymakers are destroying a system that took mankind from dark feudal superstitions to cracking the secrets of life with deceptions, delusions and abuse.

  • Don’t trust a move higher, Cramer says, until these six problems are solved.

  • Boone T. Pickens

    It's possible that the current oil leaking into the Gulf of Mexico could last a year, said oilman T. Boone Pickins, citing similar leaks.

  • Stocks posted modest declines today, but it was enough for the Dow Jones Industrial Average to close at its lows for the year. It was a frustrating session, because stocks seem oversold, especially after Friday's 322 point drop in the Dow. But volume was light until the last half hour, as there seemed to be little interest in picking up stocks at a discount. What's the problem?

  • BGC Partners says iPad is an "untapped" platform for advertising and sets $350 price target.

  • Some good news from Fitch this morning on mortgage delinquencies: May Residential Mortgage Backed Securities delinquencies declined for the second straight month, following a steady four year increase.

  • I've just returned from a week in Charleston, South Carolina, where the shrimp fisherman are starting to see higher prices for their shrimp due to limitations on fishing in the Gulf. Also: Hedge funds are in trouble. And the first evidence of earnings impact from the 6-month oil drilling moratorium is being seen today.

  • President Barack Obama

    Either Barak Obama fixes what’s broken in the economy, or he will be remembered for spending his entire first term blaming George Bush.

  • Tony Hayward, BP Group Chief Executive

    BP, already bedeviled by an out-of-control oil spill in the Gulf of Mexico, now finds itself with one more problem: Tony Hayward, its gaffe-prone chief executive. The NYT reports.

  • Daryl Carpenter demonstrates how ordinary hay can be used to remove oil from water.

    A Florida contractor demonstrates how hay could be an effective way of soaking up some of the oil from the BP well spill in the Gulf of Mexico.

  • And so did Cramer just two days ago. Maybe it’s time to buy?

  • S&P futures dropped about 6-7 points around 7:00am ET this morning as the euro fell through key support levels vs. the U.S. dollar and Swiss franc. The euro broke below the key CHF 1.40 level, to an all-time low vs. the Swiss franc.

  • The jobs numbers were lousy (as we predicted). The Administration’s solution is small business tax cuts. While this is a good idea in the long haul, it is not a solution to the short term problem. Simple logic says you don’t hire a worker or invest in a piece of equipment that doesn’t pay for itself. 

  • While a strong employment number would have been promising for a healthy equity market, it would most likely have signaled a snapback in the bond market. And that snapback will likely still come.