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Charles Wallace has worked for UPI, the Los Angeles Times, Fortune Magazine and Time. He was based in Milan, Italy, for Fortune and was the Berlin Correspondent of Time magazine from 1999 to 2005. He has won the Business Journalist of the Year award for the best personal finance article.- more about Charles Wallace »
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- Rising Protectionism Threatens World Trade -- And U.S. Jobs
- Ever since Congress imposed a Buy American package as part of the stimulus plan, politicians and economists have been warning about the dangers of protectionism in a contracting world economy. We're now seeing the first indications that those fears may be well founded, with potentially serious consequences for the health...
- Blog posts 2009-04-02
- Sales May Be Up, But Housing Won't Recover Until Jobs Come Back
- Housing sales were up yesterday, but that belies a wider problem: unemployment is the key metric for the housing market. As unemployment cruises past the current level of 9.5 percent, foreclosures continue to grow and that weighs down housing prices. The market won't really turn around until employment does. ...
- Blog posts 2009-07-24
- Recovery Will be Slower Than in Past Slowdowns
- President Obama waded into the economic debate this week with what he thought was hopeful news. "We have stopped the freefall," he said. "The market is up and the financial system is no longer on the verge of collapse." Those are two undeniable achievements, but they fall way short of...
- Blog posts 2009-07-30
- The Economy is Scraping Along the Bottom
- Many economic analysts took comfort this week from the fact that initial jobless claims were down, but there was also a lot of evidence that we're still scraping along. Sure, it's good to know we actually have hit bottom - for a time in January the economy was in freefall...
- Blog posts 2009-08-06
- Economy Improves, But Retail Sales Show Weakness
- The Federal Reserve upgraded the U.S. economy's performance by a notch this week, but an unexpected decline in retail sales showed that consumers are still wary of opening their wallets to power a more sustainable recovery. The Fed said in a statement that "economic activity is leveling...
- Blog posts 2009-08-13
- Housing May Finally Be Turning Around
- After a three-year slump, we may finally be seeing signs of stabilization in the housing market. In a new report out this week, the Commerce Department said that single-family housing construction starts rose 1.7 percent from June. It was the fifth consecutive monthly increase for single-family housing...
- Blog posts 2009-08-20
- Bernanke Well Deserved Reappointment to the Fed
- It was really dismaying to read the stream of vitriol that followed President Obama's decision to reappoint Ben Bernanke as chairman of the Federal Reserve. I think history will show that Bernanke was a true hero whose out-of-the-box thinking saved the global economy from collapse. The criticism...
- Blog posts 2009-08-27
- Weak Retail Sales Show Economy is Still Near Bottom
- Weak retail sales continue to bedevil the economy. About the only good news coming out of the retail sector is that sales were not as bad as everyone expected. Retail sales in August fell by an average of 2.9 percent compared to a year ago. That was...
- Blog posts 2009-09-03
- Does the Rise in Gold Price Reflect Economic Fundamentals?
- What are the lessons of a surging gold price? It has always been perplexing that commodities sometimes soar to new highs even when fundamentals are negative. Last year, it was oil: even though demand was unchanged and supply was bountiful, the price of a barrel of oil rocketed above $140....
- Blog posts 2009-09-10
- Obama Warns Wall Street is Returning to Past Errors
- President Obama warned Monday that some in the financial industry have failed to learn from last year's failure of Lehman Brothers and the financial meltdown that followed. He pledged to make it harder for financial firms to be too big to fail. Obama travelled to Wall Street...
- Blog posts 2009-09-14
- How the G20 Meeting Will Hurt Your Wallet
- Some people believe that the summit meeting of G20 countries that opens today in Pittsburgh is nothing but a boring gabfest with leaders making more empty promises they have no intention to keep. They would be wrong. The ideas being discussed in Pittsburgh have the potential to hit you in...
- Blog posts 2009-09-24
- Economy is Struggling With a Jobless Recovery
- A number of key economic measures declined this week, indicating the country is still struggling to emerge from the recession. While none of the data points was cause for alarm, taken together they indicated a much slower recovery than economists had expected. The biggest surprise was the...
- Blog posts 2009-10-01
- Retail Sales Are Still Hampered by Credit Crunch
- Retail sales rose slightly last month, but the trend is a lot less positive than the figures suggest. It's a case of things not being as scary as some analysts expected, but is that really a sign of improvement? Sales at stores open a year or more...
- Blog posts 2009-10-08
- Should Congress Extend the Tax Credit for Home Buyers?
- Congress is currently debating two bills that would extend the life of the $8,000 tax credit for first-time home buyers, which expires December 1. Is this a good idea? The answer recalls the joke about putting two economists in a room with a problem and getting three answers. ...
- Blog posts 2009-10-15
- Commercial Real Estate is the Latest Worry
- Behind all the good news about the economy, one thing is keeping bankers awake at night: commercial real estate is looming as the next asset bubble to pop. This comes just as residential real estate appears to have hit bottom and is rebounding. According to the National Association of Realtors,...
- Blog posts 2009-10-22
- Is the Recession Really Over?
- Bank of America/Merrill Lynch published a provocative report this week declaring that the recession is over. After six quarters of negative growth it would be about time. The evidence, however, isn't uniformly positive and suggests that the downturn still has some distance to run. Here are some of the main...
- Blog posts 2009-07-16
- Unemployment Hits Credit Card Debt
- The rising unemployment rate is taking its toll on credit card debt. Outstanding loans are declining and loan defaults are rising. It's expected to get much worse as unemployment, which reached 9.5 percent in June, rises to more than 10 percent in the coming months. According to...
- Blog posts 2009-07-09
- The Coming Jobless Recovery
- Now we are getting the clearest indication yet that we are headed for a jobless recovery. A total of 467,000 jobs were eliminated in June, bringing the jobless rate to 9.5 percent from 9.4 percent in May, according to the Labor Department. The jobless rate was the...
- Blog posts 2009-07-02
- The Credit Crunch is Beginning to Unclench
- Housing sales are still awful, the stock market remains volatile, and the unemployment rate continues to rise. But there's one very important glimmer of hope: the government has successfully managed to unfreeze parts of the U.S. credit market, which had seized up almost completely after the once-unthinkable collapse of Lehman...
- Blog posts 2009-03-31
- Is the U.S. Facing an Inflation Threat?
- Most economists agree that the greatest threat facing the U.S. economy at the moment is deflation -- a downward spiral of prices that can be difficult to stop. But the lurking specter of inflation may be a much bigger long-term problem. by Charles Wallace
- Blog posts 2009-03-26
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