July 21, 2010

Ben Bernanke, Fed Chairman said in his report to congress: “The economic outlook remains unusually uncertain”

He also said “unemployment was likely to stay well above 7 percent at the end of 2012”

From my previous posts:

Economic growth would have to be about 5 percent for a full year just to drive the unemployment rate down 1 percentage point.


The Bureau of Economic Analysis will publish an advance estimate of the 2nd QT 2010 real GDP on July 30th.

Senate approved a bill extending the jobless benefits which retroactively covers unemployed workers that recently lost their benefits. The bill allows unemployed people to receive up to 99 weeks of unemployment benefits. Just 5 weeks shy of 2 YEARS of unemployment benefits. Only until November 2010

The President signs into law the financial overall bill.
       Not much in terms of reporting as yet since no one knows what is in the bill.
       Beginning Jan 1, 2012, you will have to issue a 1099 for all transactions $600 or above to the IRS.
       It is my understanding that this regulation was in the health care bill and not the financial reform bill.

For the balance of this week, I will post information intended not to be negative but to inform.

We have a new norm in real estate and we must find innovative ways to turn the negative into positive momentum.

As an example, maybe it is time to bring back the barter system. Anyone interested in trading their condo for my truck?