◼ Fed looks at third round of pumping; Open-ended - Financial Times
◼ Earnings Show Recession May Be 'Fast Approaching' - CNBC
...◼ US 10-Year Treasury Yield Drops to Record Low - CNBC
...◼ ROUBINI: Economy Going from Bad to Worse - CNBC
Roubini, best-known for calling the 2008 economic crisis, outlined five reasons the bulls have been wrong and argued that an American economic cold will lead the rest of the world to catch pneumonia in a post on the Project Syndicate website....◼ POLL: Majority of voters blame president for bad economy - The Hill
“Even this year, the consensus got it wrong, expecting a recovery to annual GDP growth of better than 3 percent,” the founder of Roubini Global Economics wrote.
“And now, after getting the first half of 2012 wrong, many are repeating the fairy tale that a combination of lower oil prices, rising auto sales, recovering house prices, and a resurgence of U.S. manufacturing will boost growth in the second half of the year and fuel above-potential growth by 2013.”
Roubini believes the U.S. economy will slow further this year and next as expectations of the “fiscal cliff” keep spending and growth lower — and uncertainty about the outcome of the presidential election dogs markets.
Two-thirds of likely voters say the weak economy is Washington’s fault, and more blame President Obama than anybody else, according to a new poll for The Hill....
Obama has argued throughout the presidential campaign that his policies have made the economy better. He says recovery is taking a long time because he inherited such deep economic trouble upon taking office in 2009.
“The problems we’re facing right now have been more than a decade in the making,” he told an audience last month in Cleveland.
Obama’s campaign, under the slogan “Forward,” has sought to steer voter attention less toward current and past economic performance and more toward questions about Republican Mitt Romney’s work in the private sector economy. It has launched attacks on the challenger’s role as head of the private equity firm Bain Capital, casting him as a jobs “outsourcer” whose firm shipped thousands of U.S. positions overseas.
The Hill Poll, however, shows the extent to which voters hold Obama responsible for the economy and reveals his vulnerability should the election become primarily a referendum on his economic management.
It finds that voters strongly believe more could have been done by the White House and in Congress to achieve growth in the economy and employment.
While 64 percent of voters consider this downturn to be “much more severe” than previous contractions, barely one quarter (26 percent) say the agonizingly slow pace of the recovery was unavoidable.
