Economic Update

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So how’s the economy doing?  Let’s take a look!

New York Times: U.S. GDP shrank by 6.1% in the first quarter, far worse than the “consensus” prediction of 4.7%.

Bloomberg: A full third of the country’s biggest banks need additional capital, according to leaked preliminary results of the Treasury’s stress tests.

RGE Monitor: According to a government report leaked to Sueddeutsche Zeitung, bad assets in the German banking system total slightly over a trillion dollars.  Over half of bad assets worldwide are in the European banking system, which has done much less to recognize them than we have in the U.S.

Wall Street Journal: Business fixed investment in the U.S. was down a whopping 37.8% last quarter.

Want some good news to go with that?  Sorry!  Apparently personal consumption was up 2.2%, which is probably a mixed blessing, and home prices were down 18% compared to last year, but didn’t quite fall at a record rate.  That’s the best I can do.  Ed Yardeni tries to do better, but one of the green shoots on his list of reasons to feel optimistic is the fact that Portfolio magazine has shut down.  Put me down as unconvinced.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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