Archive for August 28th, 2014

28
Aug
14

A Tweet Or Two

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28
Aug
14

Democrat + Forward Thinking Policies = Growing Economy

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Yahoo: Economy In U.S. Expands 4.2%, More Than Previously Forecast

The biggest gain in U.S. business investment in over two years helped the world’s largest economy expand more than previously forecast in the second quarter, raising expectations for the rest of 2014. Gross domestic product, the value of all goods and services produced, rose at a 4.2 percent annualized rate, up from an initial estimate of 4 percent and following a first-quarter contraction, Commerce Department reported today in Washington. Other reports showed the outlook for home sales improved in July, fewer people filed claims (INJCJC) for jobless benefits last week and consumer confidence climbed. Recent data showing American factories are receiving more orders and employment is picking up indicate companies such as General Electric Co. (GE) will probably see demand sustained into the second half of the year. “The recovery is becoming more well-entrenched,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, who correctly projected the gain in GDP.

“There is more optimism among businesses about increased demand. The drop in firings is probably helping Americans feel more secure in their jobs. The Bloomberg Consumer Comfort Index rose in the week ended Aug. 24 to the highest level in more than a month as views of household finances advanced to an almost four-month high, another report showed. Household consumption, which accounts for about 70 percent of the economy, grew at a 2.5 percent annualized rate, the same as previously estimated. Automobile sales near an eight-year high bode well for consumer spending and factory production. Consumers’ purchasing power improved, with disposable income adjusted for inflation rising at a 4.2 percent from April through June after a 3.4 percent gain in the first quarter. Gross domestic income, which reflects all the money earned by consumers, businesses and government agencies climbed at a 4.7 percent annualized rate in the second quarter, the most since early 2012. More hiring and stock-market gains that are boosting confidence also are healing household finances, which will help consumer spending. Payrolls in July marked the sixth month of gains exceeding 200,000, the longest such stretch since 1997, according to the Labor Department.

More here

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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.2 percent at an annual rate in the second quarter of 2014, according to the second estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, state and local government spending grew at the fastest quarterly rate in five years.

3. Over the last four quarters, real GDP has risen 2.5 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, which is discussed in greater detail in the next point.

More here

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28
Aug
14

Act On Climate Change? President Obama Is Doing So

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Coral Davenport: Obama Pursuing Climate Accord In Lieu of Treaty

The Obama administration is working to forge a sweeping international climate change agreement to compel nations to cut their planet-warming fossil fuel emissions, but without ratification from Congress. In preparation for this agreement, to be signed at a United Nations summit meeting in 2015 in Paris, the negotiators are meeting with diplomats from other countries to broker a deal to commit some of the world’s largest economies to enact laws to reduce their carbon pollution. But under the Constitution, a president may enter into a legally binding treaty only if it is approved by a two-thirds majority of the Senate. To sidestep that requirement, President Obama’s climate negotiators are devising what they call a “politically binding” deal that would “name and shame” countries into cutting their emissions. The deal is likely to face strong objections from Republicans on Capitol Hill and from poor countries around the world, but negotiators say it may be the only realistic path.

American negotiators are instead homing in on a hybrid agreement — a proposal to blend legally binding conditions from an existing 1992 treaty with new voluntary pledges. The mix would create a deal that would update the treaty, and thus, negotiators say, not require a new vote of ratification. Countries would be legally required to enact domestic climate change policies — but would voluntarily pledge to specific levels of emissions cuts and to channel money to poor countries to help them adapt to climate change. Countries might then be legally obligated to report their progress toward meeting those pledges at meetings held to identify those nations that did not meet their cuts. The strategy comes as scientists warn that the earth is already experiencing the first signs of human-caused global warming — more severe drought and stronger wildfires, rising sea levels and more devastating storms. In seeking to go around Congress to push his international climate change agenda, Mr. Obama is echoing his domestic climate strategy. In June, he bypassed Congress and used his executive authority to order a far-reaching regulation forcing American coal-fired power plants to curb their carbon emissions.

More here

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28
Aug
14

Rise and Shine

On This Day: The Democratic National Convention in Denver, Colorado August 28, 2008

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Today (all times Eastern)

10:0: The President receives the Presidential Daily Briefing

1:0: White House Press Briefing

2:10: The President meets with HHS Secretary Burwell

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From All Your BTs – 27 Million Thank Yous, You Very Lovely People!

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Hoping to get back to R&S normal soon-ish, for now – keep on posting those stupendous links in the comments, thank you!

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On This Day

Democratic presidential candidate Barack Obama walks to his wife Michelle and children Malia and Sasha after his speech at the 2008 Democratic National Convention in Denver, Colorado August 28, 2008

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President Obama kayaks while spending time with friends at a beach in Edgartown, Mass., Aug. 28, 2010 (Photo by Pete Souza)

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Aug. 28, 2013: “Chuck Kennedy worked with the National Park Service to be able to photograph from this angle at the Lincoln Memorial as the President, First Lady, and former Presidents Bill Clinton and Jimmy Carter walked to the stage during the ceremony for the 50th anniversary of the historic 1963 March on Washington for Jobs and Freedom.”

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Morning!

28
Aug
14

Early Bird Chat

On This Day: Democratic U.S. Presidential nominee Sen. Barack Obama kisses his wife Michelle Obama after his speech on day four of the Democratic National Convention at Invesco Field at Mile High August 28, 2008 in Denver

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MoooOOOooorning – Happy Thursday!




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