Lots of economic news today. The NY Times is reporting the Feds are about to sue a dozen of the nation’s largest banks over the housing crisis. The Federal Housing Finance Agency will argue banks did not conduct due diligence when selling mortgage securities.
Cross your fingers for good news when we get new jobs numbers this morning at 8:30am. Analysts are expecting the economy to have added 93,000 jobs in August.. down from 117,000 in August and an unemployment rate of 9.1%. Even if the economy managed to do that it’s good news. If it’s worse we could be in for a long day. Remember the economy needs to add a quarter of a million jobs per month to dent the unemployment rate.
We also have a fascinating new survey of small businesses and consumers from one of our guests. The twice yearly survey suggests small businesses and consumers do not feel like the economy is improving and there is a lot of pessimism out there.
Cost estimates for Irene continue to rise.. now approaching 20 billion dollars! Now just what Vermont doesn’t need.. more storms. Flash flood warnings in affect for parts of VT. Meantime there are tropical storm warnings out for Gulf of Mexico states.. with predictions of 10-15 inches of rain in LA, MS and AL
It won’t help the people of OK and Texas suffering from drought and wildfires.