Explaining Southern California's economy

Reportings: Record U.S. poverty; Kinde Durke; no big V in recovery

Poverty in American isn't just on the rise — it's breaking records: "High joblessness and the weak economic recovery pushed the ranks of the poor in the U.S. to 46.2 million in 2010 -- the fourth straight increase and the largest number of people living in poverty since record-keeping began 52 years ago." (LAT)

 

Some politicians aren't even sure how much Kinde Durke, arrested campaign-treasurer-for-hire, made off with: “I was wiped out too, we don’t know how much,” said Sen. Dianne Feinstein, indicating the losses in campaign funds could run into hundreds of thousands, or even millions, of dollars. (Politico)

 

Dallas Fed does the numbers (and charts) on what everyone pretty much already knows: "No V-shaped recovery is apparent after the most recent slowdown....GDP was about 6 percent below trend in the second and third quarters of that year. Note that despite the severity of the downturn, real economic activity has not recovered at anything resembling the pace of previous recoveries."

 

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