Driving the Day: 11/16/12
Nov 16, 2012
Need to know…
- Eurozone Falls Back Into Recession. The 17-country eurozone has fallen back into recession for the first time in three years as its debt crisis took a toll on the stronger economies. Official figures Thursday showed that the eurozone contracted by 0.1% in the July to September period from the quarter before. The eurozone's economy is worth around $12.1 trillion, which puts it on a par with the U.S. economy. The region, with its 332 million population, is the U.S.'s largest export customer, and any fall-off in demand will hit order books.
- Small Business Saturday Focuses on Local Jobs, Economy. On November 24, 100 million-plus consumers will shop local on Small Business Saturday, an initiative started by American Express in 2010 as a way to help generate more awareness of local, small businesses. Through the Shop Small initiative, American Express offers marketing materials, signage, loads of tips, and a free online advertising program on a first-come, first-serve basis to small businesses.
- Bernanke, Fed Presses on with Record Easing. Federal Reserve Chairman Ben Bernanke said the Fed will take action to speed growth and a rebound in a housing market facing obstacles ranging from too- tight lending rules to racial discrimination. Bernanke is pressing on with record easing, including a plan to buy $40 billion a month of mortgage-backed securities, aiming to spur growth and reduce a 7.9% unemployment rate.
- Federal Housing Administration Faces $13.5 Billion Deficit. The Federal Housing Administration faced a deficit of $13.5 billion for the fiscal year ending in September, according to an audit released late yesterday. The report says the FHA will not have the capital resources available to handle the estimated losses on the mortgage debt that it backstops. The decision about whether the FHA will receive additional funding is expected in February. Treasury Department, as opposed to Congress, will make the decision because of the FHA’s status as a “permanent and indefinite” budget authority.
Worth the read…
- On Eve of “Fiscal Cliff” Talks, Positions Harden – Reuters
- Harry Reid’s Virus – Wall Street Journal [Subscription Required]
- VIDEO: Small Business Owner: Obama Talking to Wrong Crowd – Fox Business
- How Entrepreneurs at 10 Cool Startups Spend Their Lunch Hour – Entrepreneur
- Foreclosure Mess Awaits States Hit by Superstorm Sandy – CNNMoney
- Post Office Reports a Record $15.9 Billion Loss – Small Business Trends
- Smartphones to Play Bigger Role in Shopping – USA Today
- White House in Talks to Replace Spending Cuts – Wall Street Journal [Subscription Required]
- Holiday Window Shopping Moves Online – Fox Business
- CrowdFund Investing: Emphasis Turning to Implementation and Entrepreneurs – Forbes