• First quarter economic growth revised down to 0.4% • Consumer spending grew 0.1% in second quarter • Shares fall sharply The US economy ground to a virtual halt in the first half of the year, with consumer spending at its weakest level in two years. The shock figures sent shares tumbling in London. The FTSE 100 index extended losses to fall 84 points to 5789, a decline of 1.4%. Wall Street futures indicate that the Dow Jones will fall 116 points at the open. The data comes at a time when the White House and Congress are locked in a battle over how to raise the debt ceiling to allow the government to borrow more money . If they cannot agree, the government will soon run out of money, leaving it unable to pay its bills, such as social security payments, military pay and interest payments. The world’s largest economy grew at an annualised rate of 1.3% between April and June, the US Commerce Department said. Wall Street economists had expected 1.8%. Moreover, the first quarter growth rate was revised sharply lower to 0.4% from 1.9%, which means the economy barely grew over the first six months of the year. Growth in the fourth quarter of last year was also revised down, to 2.3% from 3.1%. Consumer spending grew by just 0.1% in the second quarter, the weakest since the recession ended two years ago. Car production was severely disrupted by the earthquake in Japan. Economists said the data could prompt the Federal Reserve to restart its quantitative easing (QE) programme to pump money into the economy. “While this is somewhat disappointing, the big surprise is in the revisions, which show growth being downgraded sharply in the first and fourth quarters,” said James Knightley, senior economist at ING. “Furthermore, the recession was deeper and started earlier than previously thought. his further reduces the prospect of any Fed policy tightening and offers some support to those arguing the case for QE3.” This means the US economy contracted by 0.3% in 2008, rather than posting zero growth, while in 2009 the economy shrank by 3.5% rather than 2.6%. The economy needs to grow by at least 2.5% to bring down the country’s 9.2% unemployment rate. US economy Economics United States Julia Kollewe guardian.co.uk
Continue reading …• First quarter economic growth revised down to 0.4% • Consumer spending grew 0.1% in second quarter • Shares fall sharply The US economy ground to a virtual halt in the first half of the year, with consumer spending at its weakest level in two years. The shock figures sent shares tumbling in London. The FTSE 100 index extended losses to fall 84 points to 5789, a decline of 1.4%. Wall Street futures indicate that the Dow Jones will fall 116 points at the open. The data comes at a time when the White House and Congress are locked in a battle over how to raise the debt ceiling to allow the government to borrow more money . If they cannot agree, the government will soon run out of money, leaving it unable to pay its bills, such as social security payments, military pay and interest payments. The world’s largest economy grew at an annualised rate of 1.3% between April and June, the US Commerce Department said. Wall Street economists had expected 1.8%. Moreover, the first quarter growth rate was revised sharply lower to 0.4% from 1.9%, which means the economy barely grew over the first six months of the year. Growth in the fourth quarter of last year was also revised down, to 2.3% from 3.1%. Consumer spending grew by just 0.1% in the second quarter, the weakest since the recession ended two years ago. Car production was severely disrupted by the earthquake in Japan. Economists said the data could prompt the Federal Reserve to restart its quantitative easing (QE) programme to pump money into the economy. “While this is somewhat disappointing, the big surprise is in the revisions, which show growth being downgraded sharply in the first and fourth quarters,” said James Knightley, senior economist at ING. “Furthermore, the recession was deeper and started earlier than previously thought. his further reduces the prospect of any Fed policy tightening and offers some support to those arguing the case for QE3.” This means the US economy contracted by 0.3% in 2008, rather than posting zero growth, while in 2009 the economy shrank by 3.5% rather than 2.6%. The economy needs to grow by at least 2.5% to bring down the country’s 9.2% unemployment rate. US economy Economics United States Julia Kollewe guardian.co.uk
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When Netflix announced via a press release and blog post on July 12 that it was doing away with its popular $9.99 streaming-and-DVD bundle package, its customers expressed anger, outrage and a sense of betrayal that sent its positive consumer perception plummeting. Apparently not satisfied by enraging its customers en masse, Netflix has taken to offending them one by one: After earning ire with its sudden price change — and saying that difference represented “one or two lattes” to most Americans — Netflix has now sent an atrociously-worded customer service email that a HuffPost Tech reader forwarded in disbelief. After the price hike, our reader “John” says he switched over to streaming-only at $7.99 per month, canceling the DVD-by-mail portion of his account. He received a confirmation of the account change and then sent back the DVD he had at his home. A few days later, despite having canceled, he received the next movie in his (now non-existent) DVD queue in the mail. Puzzled, and thinking perhaps Netflix was rewarding him for a year of loyal service with some bonus DVD service time, he kept the DVD on his shelf for a couple of days. Apparently, Netflix wasn’t rewarding John for anything. Look at this customer service letter Netflix sent him that weekend: Now, Netflix, is that any way to talk to your customers? Especially one who had just renewed his account following a PR disaster for your company that had many fleeing to competitors? And especially when sending him the DVD in the first place was your fault? Another question for Netflix customer service: Why the attitude? There is a lot in this letter to shake your head at: the fact that they don’t say “Thank you” or “Sincerely” or sign off with any kind of salutation; the bold, blunt “Please Return [Title Of Movie]” at the top of the email, which reminds me of Dwight Schrute’s “IT IS YOUR BIRTHDAY” sign for Kelly on “The Office”; the sarcastic, intelligence-insulting suggestion that the customer should have signed up for a plan with DVDs if he wanted to watch movies on DVD. But my favorite part has to be the sentence in which Netflix “noticed” that the customer “still” had a DVD at home. Well, yes, Netflix, people tend to still have DVDs at their homes when you send them DVDs without their asking you to. This is like me walking into my friend’s apartment, spilling Coke all over the floor, and then telling my friend I noticed his floor was wet. John — who has experience in customer service and says that he would never write an email this brusque on the job — says that his relationship with Netflix has not been harmed by the incident, as he still views the company as the unbeatable service for streaming video. Nevertheless, he was taken aback by the language of the email, especially coming from a company in the middle of an ongoing public image problem. UPDATE: Netflix has not responded to a request for comment. Have you had an awkward interaction with Netflix since the price hike? Let us know: email jason.gilbert@huffingtonpost.com.
Continue reading …When Netflix announced via a press release and blog post on July 12 that it was doing away with its popular $9.99 streaming-and-DVD bundle package, its customers expressed anger, outrage and a sense of betrayal that sent its positive consumer perception plummeting. Apparently not satisfied by enraging its customers en masse, Netflix has taken to offending them one by one: After earning ire with its sudden price change — and saying that difference represented “one or two lattes” to most Americans — Netflix has now sent an atrociously-worded customer service email that a HuffPost Tech reader forwarded in disbelief. After the price hike, our reader “John” says he switched over to streaming-only at $7.99 per month, canceling the DVD-by-mail portion of his account. He received a confirmation of the account change and then sent back the DVD he had at his home. A few days later, despite having canceled, he received the next movie in his (now non-existent) DVD queue in the mail. Puzzled, and thinking perhaps Netflix was rewarding him for a year of loyal service with some bonus DVD service time, he kept the DVD on his shelf for a couple of days. Apparently, Netflix wasn’t rewarding John for anything. Look at this customer service letter Netflix sent him that weekend: Now, Netflix, is that any way to talk to your customers? Especially one who had just renewed his account following a PR disaster for your company that had many fleeing to competitors? And especially when sending him the DVD in the first place was your fault? Another question for Netflix customer service: Why the attitude? There is a lot in this letter to shake your head at: the fact that they don’t say “Thank you” or “Sincerely” or sign off with any kind of salutation; the bold, blunt “Please Return [Title Of Movie]” at the top of the email, which reminds me of Dwight Schrute’s “IT IS YOUR BIRTHDAY” sign for Kelly on “The Office”; the sarcastic, intelligence-insulting suggestion that the customer should have signed up for a plan with DVDs if he wanted to watch movies on DVD. But my favorite part has to be the sentence in which Netflix “noticed” that the customer “still” had a DVD at home. Well, yes, Netflix, people tend to still have DVDs at their homes when you send them DVDs without their asking you to. This is like me walking into my friend’s apartment, spilling Coke all over the floor, and then telling my friend I noticed his floor was wet. John — who has experience in customer service and says that he would never write an email this brusque on the job — says that his relationship with Netflix has not been harmed by the incident, as he still views the company as the unbeatable service for streaming video. Nevertheless, he was taken aback by the language of the email, especially coming from a company in the middle of an ongoing public image problem. UPDATE: Netflix has not responded to a request for comment. Have you had an awkward interaction with Netflix since the price hike? Let us know: email jason.gilbert@huffingtonpost.com.
Continue reading …A judge has snipped a proposal to ban male circumcision from San Francisco’s November ballot. The judge said the proposal—which would have made it a crime to circumcise males under the age of 18 unless there was “a clear, compelling and immediate medical need”—violated religious freedoms. She struck…
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Click here to view this media [h/t Heather ] True. Earlier this week I had a little tussle with Pastor Rick Warren because he made a statement (later acknowledged to be mean-sounding) about how the 50% who paid no taxes were perfectly ok with having the 50% who did pay more. I jumped on his claim because it’s one Fox News likes to make all the time too, and it’s without justification. However, a new study does prove that less than 50% of taxpayers pay federal income tax, and shows why. I’ll bet the answer won’t surprise anyone here. Donald Marron: Low incomes (or, if you prefer, the standard deduction and personal exemptions) account for fully half of the people who pay no federal income tax. The second reason is that for many senior citizens, Social Security benefits are exempt from federal income taxes. That accounts for about 22% of the people who pay no federal income tax. Tax Policy Center (PDF): About 46 percent of American households will pay no federal individual income tax in 2011, roughly half of them because of structural features of the income tax that provide basic exemptions for subsistence level income and for dependents. The other half are nontaxable because tax expenditures— special provisions of the tax code that benefit selected taxpayers or activities—wipe out tax liabilities and, in the case of refundable credits, result in net payments from the government. Most important of those tax expenditures are provisions that benefit senior citizens and low-income working families with children. While those factors particularly affect lower-income households, different provisions eliminate taxes for other households. Itemized deductions and credits for children and education are more important for middle-income households, while the relatively few high-income nontaxable households benefit most from above-the-line and itemized deductions and reduced tax rates on capital gains and dividends. The next time you hear someone sneer about all the deadbeats in this country who don’t pay income taxes, you might want to suggest that if they earned more, they’d pay more. Oh, and with regard to Rick Warren….We’re going to be having a more extensive discussion about the whole thing in a couple of weeks. Stay tuned.
Continue reading …Think Geek’s Electric Guitar Bag holds your laptop, lets you ‘rock’ the commute
July 29, 2011 No Comment
ThinkGeek’s really letting the jams out this time. The company is no stranger to shirts emblazoned with playable instruments — but a messenger bag? Its new Electric Rock Guitar Bag features 14 buttons for a fretboard so you can strum any songs in a Major key, and a detachable amp that cranks all the way up to an obligatory 11 . You’ll also have room for a 17-inch laptop, while its eight pockets can hold your Green Day and Blink-182 chord-charts. Come August 28th, 50 bucks is all it’ll cost ya to rock while your rolling during the commute, but in the meantime, we know the perfect synth player for when you wanna get that office band started. Think Geek’s Electric Guitar Bag holds your laptop, lets you ‘rock’ the commute originally appeared on Engadget on Fri, 29 Jul 2011 06:39:00 EDT. Please see our terms for use of feeds . Permalink
Continue reading …Soccer coach Bob Bradley has been fired after more than four years at the helm of Team USA. Bradley was rehired until 2014 after the US reached the second round of the 2010 World Cup finals, but few people are surprised by the move now to replace him, the Washington…
Continue reading …Emergency services at scene after light aircraft hits properties in Peel Green area A light aircraft has crashed into two properties in Salford, Greater Manchester. Police were called to Newlands Avenue in Peel Green, Salford, just after 12.20pm following reports that a plane had come down on to houses. No injuries could be confirmed at this stage, police said. A police spokesman said: “Officers attended and discovered a light aircraft had come down and collided with two properties. A cordon is in place and the other emergency services are also working at the scene.” A spokesman for Greater Manchester fire and rescue service said: “Just after 12.20pm we received reports of an incident involving a light aircraft. “Fire crews were mobilised to Newlands Avenue in the Peel Green area of Eccles, Salford, who on their arrival discovered that a light aircraft had crashed into a house. “At 1.20pm six fire engines were in attendance at the incident.” Plane crashes Manchester guardian.co.uk
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Exclusive : Party believes it can broaden support within armed services it feels the Tories have lost touch with over cuts Millions of armed forces veterans are to be targeted by a Labour recruitment drive that will see former soldiers, sailors and air staff being offered membership of the party for 1p. Labour believes that the Tories have lost touch with the military and wants to challenge the notion that members of the services are more likely to vote Conservative. It has also frustrated party chiefs that many traditional recruiting grounds – for the army in particular – are in poorer areas of the country, where Labour is strong. Yet this has not translated into broad support for the party within the services, or among veterans. The idea for 1p membership emerged during the review set up after last year’s election defeat. It is supposed to provide new ways of invigorating the party under the leadership of Ed Miliband. Called Refounding Labour, the consultation is being conducted by the former cabinet minister Peter Hain, who is understood to be strongly in favour of the veterans’ initiative. The Labour party’s standard membership rate is £41 a year or £3.42 a month; the reduced rate for the unwaged and pensioners is £20.50 or £1.71 a month. The veterans’ initiative will be among a number of recommendations to be put before this September’s party conference, when members will be urged to vote for a change to the existing membership rules. No other party has ever offered a concession to veterans, and if it goes ahead, Labour will begin an aggressive marketing campaign – with posters, email and mailshots. The potential political dividend is obvious: in 2007, it was estimated that there were 3.8 million armed forces veterans in the UK. Labour has chosen to use the Ministry of Defence’s own broad definition of veteran – anyone who has served in the armed forces at any time, irrespective of length of service, including reservists and those who went through national service. The 1p offer will last for a year, but those who sign up will probably have to pay the full annual rate in the second year. Labour officials argue that “changing our party rules … would signal how seriously we intend to be a party of the armed forces”. “We want all those with frontline experience to be involved in shaping our party’s culture, policy and campaigns,” said one. “Veterans’ unique experience and insight will bring wisdom and expertise to the Labour party. No other political party has a membership scheme which offers concessions for veterans so this move would set us apart from others.” Jim Murphy, the shadow defence secretary, said: “Veterans have made our country safer and now I want to invite them to help make our party stronger. The Tories have totally lost touch with our armed forces because of their rushed defence cuts. “This would be an excellent and exciting move which would strengthen not just Labour’s defence policy but also Labour’s links with the whole defence community.” However, the Equality for Veterans Association, which campaigns for ex- armed forces personnel on issues such as pensions, took a dim view of the idea. “Personally, I wouldn’t pay 1p to join any political party,” said Sid West, the group’s deputy campaign manager. “I don’t think that offering a bribe to vote for a party is a good thing. Veterans have real hardships caused by things like the lack of parity for pensions. I wish the parties would concentrate on serious things like that.” The Royal British Legion declined to comment. Labour Military Conservatives Public sector cuts Public services policy Public finance Public sector pensions Nick Hopkins guardian.co.uk
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