Anyone prepared to call the end of financial turmoil?

The Recession Isn't Over, Ben
http://www.forbes.com/2009/09/23/ben-bernanke-main-street-opinions-columnists-john-zogby.html
Just because Ben Bernanke says the recession is over doesn't make it so. The chairman of the Federal Reserve may be technically correct that the economy is in recovery, but the average American is not impressed by slight upticks in the indicators.

The disconnect is enormous between Wall Street--where stock prices have improved and banks are prospering again and paying big bonuses--and Main Street, where unemployment levels frighten even those with jobs and discourage consumers from buying and going into further debt.

...

--One-third of U.S. adults describe being seriously impacted by the current recession, including 14% who say their households have been "devastated."

--Only 41% of all adults expect their household financial situations to return to pre-recession conditions.

--44% said the economy is changing faster than they are able to change their habits.

--42% report that their quality of life has declined during the recession, and only 7% say it has improved.

--Significant numbers of Americans have cut back on discretionary spending--and many did so before the recession, which I believe signifies a long-term change in spending habits that will hinder the economic growth to which we've been accustomed.

[More at the link...]

@nn, worrying,, for once I agree with you. On the other hand - there is a strong argument for America to weather the next stage of the down dip better than probably anywhere else. The odd thing is that - assuming we have avoided a second worldwide Great Depression, which is still arguable, but depends on whether protectionism or free(ish) trade prevails - many of those indicators of individual economic gloom are 'bullish' signals - a fast changing economy is precisely what is needed, while a current cutback in discretionary spending implies a higher savings rate, which is also essential. True, reduced asset values and quality of life declines are never good news, though it can be no surprise that houses were and to some extent remain over-valued, not mention over-leveraged.

Yes, another tough winter perhaps, but I think that by next summer America is likely to be on a better path, and this will be reflected in a rise in the dollar. We can hope that borrowing and debt growth are permanently (well, for quite a while) lowered though it is true that there will be many who will not be able to borrow cheaply ever again - a drag on the recovery, perhaps. European economies will be a different matter in some respects, with perhaps a lower dip overall but a more sluggish recovery likely, reflecting the larger proportion of government spending among other things.

Of course, we haven't yet really seen a full accounting from the banks concerned, which could well make for a second financial shock to the economy, hopefully before the quantitative easing machinery is switched off. I suspect that there is still a lot of 'toxic' or even 'Madoff' asset in the financial system, possibly well concealed - or just possibly, we could be talking about debts of the great state of California, which are entirely in the open. (Would you buy a bond from 'The Terminator'?).

So there is good reason to be cautious; but not cheerless.

"cautious, but not cheerless"

I like that. Yeah, I agree - we look at the current situation and wish it were different, but there is always the future, and I like to think it is bright!

On the last business day of August, the number of job openings in the
U.S. was little changed at a series low level of 2.4 million, the U.S.
Bureau of Labor Statistics reported today. The hires rate was little
changed and remained low at 3.1 percent in August. The total
separations rate was little changed and remained low at 3.3 percent.
This release includes estimates of the number and rate of job
openings, hires, and separations for the total nonfarm sector by
industry and geographic region.

Job Openings

The job openings rate was unchanged in August at a rate of 1.8
percent. The number of job openings has fallen by 2.4 million, or 50
percent, since the most recent peak in June 2007. The job openings
rate was little changed in August in all industries and regions. (See
table 1.)

http://www.bls.gov/news.release/jolts.nr0.htm

And Mr Bean says:

Bank of England: 'Printing more money has eased the slump in Britain'
http://www.dailymail.co.uk/money/article-1220250/Bank-England-Printing-money-eased-slump-Britain.html

you're again posting an article from the Daily Mail, notablenotices.
I'm not arguing against the article you refer to, but, it seems you really think that it is a reliable news source. is that correct?

@75-76 Kru While the Daily Mail isn't considered to be a 'broadsheet' it is perhaps the most respectable British tabloid newspaper, and is owned by whst may be the wealthiest British press organisation. I don't often agree with it's views, or even read it - but it is fairly reliable and the article cited doesn't seem to be controversial. Indeed, the Mail's website has only recently become a big success.

If NN is suggesting that so long as 'quantitative easing' is continuing, then the turmoil isn't over, I suspect most economists would agree...

Clock ticking on debt ceiling
This week Uncle Sam plans to sell $123 billion worth of Treasurys. That will bring the country's debt level very close to the $12.1 trillion debt ceiling.
http://money.cnn.com/2009/10/26/news/economy/debt_ceiling_ticktock/?postversion=2009102603
Roughly $211 billion separates what the country owes and its self-imposed credit limit.

And by Friday, after another week of massive debt sales by the Treasury Department, that gap will likely have narrowed considerably.

It is now expected that the $12.104 trillion debt ceiling could be breached by the end of November.

It is also expected that lawmakers will raise the ceiling, as they have done more than 90 times since 1940 -- eight of them since 2002.

If they don't, the government could be forced to shut down. But that's not the worst that could happen. In fact, the government did shut down for a spell in 1995 and life went on. The reason lawmakers will eventually approve an increase is because without one ultimately the value of U.S. bonds would sink, jeopardizing the portfolios of countries and investors around the world who invest in U.S. debt.

[More at the link...]

Jobs 'Saved or Created' in Congressional Districts That Don't Exist
http://abcnews.go.com/Politics/jobs-saved-created-congressional-districts-exist/story?id=9097853

Here's a stimulus success story: In Arizona's 9th Congressional District, 30 jobs have been saved or created with just $761,420 in federal stimulus spending. At least that's what the website set up by the Obama Administration to track the $787 billion stimulus says.

There's one problem, though:
There is no 9th Congressional District in Arizona; the state has only eight Congressional Districts.

There's no 86th Congressional District in Arizona either, but the government's recovery.gov Web site says $34 million in stimulus money has been spent there. In fact, Recovery.gov lists hundreds of millions spent and hundreds of jobs created in Congressional districts that don't exist.
...
[More at the link...]