Employment Report Disappoints but Probably Won’t Delay Federal Reserve’s Tapering Plan

The September employment report disappointed analysts; will it also complicate the Federal Reserve’s plan to begin withdrawing the monetary support that has cushioned the economy throughout the pandemic?

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If you think of economic analysis as a footrace between positive and negative news, the positives pulled ahead of the negatives last month. But that doesn’t seem to have altered the contest in the economic forecasting arena, where economists predicting that the fledgling recovery will stumble under the weight of high unemployment and weak home sales are running pretty much neck-and-neck with those who think the recovery has the “legs” to make it sustainable, if not robust.

It’s a now familiar pattern.  The Treasury Department releases a quarterly report on the Home Affordable Mortgage Program (HAMP), the Obama Administration’s flagship foreclosure prevention initiative. The results are disappointing.  

President Barack Obama has made banks the subject line of the populist message he is sending to Americans disgruntled by the sour economy and furious over the outsized bonuses bank executives awarded themselves following the government bail-out of their industry. 

Vowing to recover “every single dime the American people are owed,” President Barack Obama announced that his Administration will collect up to $117 billion from the nation’s largest banks over the next 12 years to cover losses from the government-funded rescue of the financial industry.