Friday, March 18, 2011


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President Barack Obama's supporters believed that he had the vision to transform America
Friday March 18,2011

By Anna Pukas

INEFFECTUAL, invisible, unable to honour pledges and now blamed for letting Gaddafi off the hook. Why Obama’s gone from ‘Yes we can’ to ‘Er, maybe we shouldn’t’...
Let us cast our minds back to those remarkable days in November 2008 when the son of a Kenyan goatherd was elected to the White House. It was a bright new dawn – even brighter than the coming of the Kennedys and their new Camelot. JFK may be considered as being from an ethnic and religious minority – Irish and Catholic – but he was still very rich and very white. Barack Obama, by contrast, was a true breakthrough president. The world would change because obviously America had changed.

NY Fed confirms intervention in currency markets

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WASHINGTON (AP) -- The New York Federal Reserve Bank confirmed that it intervened in currency markets on Friday for the first time in more than a decade.
The disclosure came a day after the Group of Seven major industrialized nations pledged in a statement to join in a coordinated effort to weaken the Japanese yen. The yen has surged in the last week to post-war record levels following the Japanese earthquake and tsunami.
A spokesman at the New York Fed, which operates as the agent of the U.S. Treasury in currency operations, confirmed that it had intervened. The last time the U.S. government intervened in currency markets was the fall of 2000 when it sold dollars and bought euros to bolster the fledgling European currency.

US Cost of Living Hits Record, Passing Pre-Crisis High

Published: Thursday, 17 Mar 2011 | 4:09 PM ET
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By: John Melloy
Executive Producer, Fast Money
One would think that after the worst financial crisis since the Great Depression, Americans could at least catch a break for a while with deflationary forces keeping the cost of living relatively low. That’s not the case.
A special index created by the Labor Department to measure the actual cost of living for Americans hit a record high in February, according to data released Thursday, surpassing the old high in July 2008. The Chained Consumer Price Index, released along with the more widely-watched CPI, increased 0.5 percent to 127.4, from 126.8 in January. In July 2008, just as the housing crisis was tightening its grip, the Chained Consumer Price Index hit its previous record of 126.9.
“The Federal Reserve continues to focus on the rate of change in inflation,” said Peter Bookvar, equity strategist at Miller Tabak. “Sure, it’s moving at a slower pace, but the absolute cost of living is now back at a record high in a country that has seven million less jobs.”

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