Recession and depression

On Wednesday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” Sen. Rob Portman (R-OH) predicted that due to the negative impact on consumer spending that Federal Reserve interest rate hikes that are needed to bring down inflation will have, and in light of stocks falling, he believes “it’s more likely than not that we’re going to have another quarter of economic growth that is negative” and enter a recession. Host David Asman asked, [relevant remarks begin around 7:00] “Are we going to have a recession before the election?” Portman responded, “Well, we had negative growth in the last quarter, as you know. And if we have another quarter of negative growth, that technically is a recession. I don’t know. No one does, but I would say, when you look at the numbers right now and you look at what the Fed is doing, raising interest rates — which they have to do to try to calm inflation — the effect that’s going to have on consumer spending, and you mentioned these … [Read more...] about Portman: ‘More Likely Than Not’ We’ll Have Another Quarter of Negative Growth, Which Is a Recession

BRUSSELS — The world economy is heading into a potentially grim period as rising costs, shortages of food and other commodities and Russia’s continuing invasion of Ukraine threaten to slow economic growth and bring about a painful global slump. Two years after the coronavirus pandemic emerged and left much of the globe in a state of paralysis, policymakers are grappling with ongoing challenges, including clogged supply chains , lockdowns in China and the prospect of an energy crisis as nations wean themselves off Russian oil and gas . Those colliding forces have some economists starting to worry about a global recession as different corners of the world find their economies battered by events. Finding ways to avoid a slowdown while continuing to exert pressure on Russia for its war in Ukraine will be the primary focus of finance ministers from the Group of 7 nations who are convening in Bonn, Germany, this week. At a news conference on Wednesday, Treasury Secretary Janet L. … [Read more...] about Economic Headwinds Mount as Leaders Weigh Costs of Confronting Russia

After inflation hit a 40-year high of 9 per cent today, Conservative MPs, including some ministers, are again pointing the finger of blame at the Bank of England and its governor Andrew Bailey for raising interest rates too slowly. Worryingly, some senior Tories are even raising the question of whether the Bank should lose its operational independence on monetary policy,  threatening the 25-year consensus since Gordon Brown ceded the politicians’ control of interest rates to the Bank. Liam Fox, the former cabinet minister, argues the Bank should stick to its “day job” of hitting the government’s 2 per cent inflation target, rather than worrying about political matters such as climate change (though Rishi Sunak added that to the Bank’s mandate last year). Fox said : “There is a distinct feeling that those who should be protecting us from the debasement of our currency, the erosion of our earnings and the devaluation of our savings, have had their minds too much … [Read more...] about Giving the government control over interest rates would be a disaster

Parenting is hard. More often than not, parents always seem to be constantly concerned about their children and their well being. It is important for the parents and children to have a transparent relationship in order to better understand each other. If parents put up a wall and treat their children in only strict and disciplinary ways, there is a high chance of a child shunning them away. Parents often hope and pray that their children should not become a victim of bullying. While most parents only think about why their kid was subjected to bullying, they often forget to ask a pertinent question, which is whether their kid has bullied someone? It is of paramount importance that parents should not miss out on the early triggering signs of aggression in their kids. Why is their kid behaving in such a particular way?. The experts have suggested that the children who bully others might also have been a victim of bullying in the past. The bullies are often subject to mental and … [Read more...] about Why Children Bully? Things That Parents Need to Understand

This is a carousel. Use Next and Previous buttons to navigate 3 NEW YORK (AP) — Playwright and actor Tracy Letts was inspired to write his latest Tony Award-nominated play while watching one of those old black-and-white Frankenstein movies. It wasn't the hideous monster or its wide-eyed creator that drew his attention. It was the single-mindedness of the town's angry villagers. “The villagers always appear with their pitchforks and torches and they’re completely unified. That really struck me,” he said. "I thought, 'There must have been a meeting before this among the villagers where one of the villagers voiced dissent and said, ‘No, we should not go after the monster. I think this is the wrong idea for us to form a vigilante mob and kill the monster.’” That initial creative impulse eventually resulted in “The Minutes,” a powerful play that uses a city council meeting to expose delusions at the dark heart of American history. The Frankenstein … [Read more...] about Tracy Letts on writing his play and then having to act in it

A nail artist's fingers are turning black and falling off after a rare blood vessel disease is causing her in “excruciating and constant” pain. Melinda Jansen van Vuuren first noticed her fingertips turning purple, becoming tender and temperature sensitive in October 2021. The 48-year-old said: “Very quickly – within a matter of two and a half weeks – my fingertips had turned gangrenous." Doctors have now diagnosed her with Buerger's disease, an extremely rare condition that causes small and medium blood vessels to clot and become inflamed. It’s closely associated with smoking and Melinda has since kicked the habit, having used tobacco since she was 13, smoking 15 cigarettes a day. Her fingers started turning purple ( Image: Credit: Pen News/Melinda Jansen van Vuuren) They are now black ( Image: Credit: Pen News/Melinda Jansen van Vuuren) But quitting came too late and today she faces losing three fingertips on her dominant right hand, plus another … [Read more...] about Woman’s fingers turn black and are close to falling off after years of smoking

A growing number of San Francisco city workers can’t afford to pay their rent . The latest tech boom has caused rents to skyrocket, displacing hundreds of middle class workers. “Maybe you could find somebody who works for Google or YouTube, and they could take the larger room and that would allow you to stay,” are the words that were uttered to a San Francisco public employee by her landlord, according to SFgate.com. Claudia Flores, a 36-year-old professional who has worked in the City Planning Department for eight years, is just one example of the fastest-growing gap between rich and poor in the nation. She was booted from a room she shared in a three-bedroom Mission District condo, where she was paying $1,000 a month – a figure that is virtually non-existent according to KQED, the PBS station in San Francisco. The rent for the entire place, which is not covered by rent control, was going up to $6,300 a month and was given, instead, to “two guys in their 20s who work for … [Read more...] about Too Expensive to Live: City Workers Can’t Afford to Rent in San Francisco

NEW YORK (AP) — The Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors' fears that surging inflation could cut deeply into corporate profits. The broad sell-off erased gains from a solid rally a day earlier, the latest volatile day-to-day swing for stocks in recent weeks amid a deepening market slump. The S&P 500 tumbled 4%, its sharpest decline since June 2020. The benchmark index is now down more than 18% from the record high it reached at the beginning of the year. That's shy of the 20% decline that's considered a bear market. The Dow dropped 3.6%, while the Nasdaq fell 4.7%. The three indexes are on pace to extend a string of at least six weekly losses. “A lot of people are trying to guess the bottom,” said Sam Stovall, chief investment strategist at CFRA. “Bottoms occur when there’s nobody left to sell.” The … [Read more...] about Stocks fall sharply as Target’s woes renew inflation fears

BEIJING, May 18 (Xinhua) -- A number of foreign dignitaries and heads of international organizations on Wednesday congratulated the China Council for the Promotion of International Trade (CCPIT) on its 70th anniversary. Indonesian President Joko Widodo, who attended a video summit marking the anniversary, said Indonesia and China have a lot in common as trade cooperation has developed rapidly, and investment in various sectors, particularly in mining and metallurgy, electricity and infrastructure, manufacture, agriculture, and fishery, reflects common interests. Today, the world needs greater collective actions and inclusive collaborations between developed countries and developing economies, he said. Indonesia will optimize its G20 presidency for the matters, the president said. Ecuadorian President Guillermo Lasso said that looking to Asia is looking to the future of the world, and that is why Ecuador has made joining the Comprehensive and Progressive Agreement for … [Read more...] about Foreign dignitaries, heads of int’l organizations congratulate CCPIT on 70th anniversary

by Matthew Rusling WASHINGTON, May 18 (Xinhua) -- After two monotonous years of working from home amid the pandemic, Americans are opening their wallets, going out and spending - despite record inflation. But this may not last. Retail sales, a measure of how much consumers spend on products including food, automobile and gasoline, increased 0.9 percent in April from the prior month, the U.S. Commerce Department reported Tuesday. "The surprisingly robust jump in retail sales is a very good sign," Bernard Baumohl, chief global economist at The Economic Outlook Group, told Xinhua. "I think it's an indication that Americans are still willing to spend, despite the fact that they have shown to be in a dour mood when the confidence surveys are taken," Baumohl said. "The key thing here is to keep an eye on what consumers are actually doing, not how they describe their feelings," Baumohl said, referring to recent consumer sentiment polls that do not track actual spending. The … [Read more...] about News Analysis: Americans shell out cash on retail, despite record inflation