From today’s Quarterly Banking Profile from the FDIC: “For all of 2011, bank net income totaled $119.5 billion, an increase of $34 billion (39.8%) from 2010 earnings. This is the highest annual net income total since the industry earned $145.2 … read more
RICHMOND FED — “Manufacturing activity in the central Atlantic region advanced for the third straight month, according to the Richmond Fed’s latest survey. Our broadest indicators of overall activity—shipments, new orders and employment—remained in positive territory, and the rate of … read more
The New York Times reported Friday: Lawyers representing six of the highest-profile detainees at the military prison at Guantánamo Bay, Cuba, sent a letter on Friday to the Pentagon complaining that their clients’ living conditions have deteriorated since a new commander … read more
Michigan: Romney (66%) vs. Santorum (40%) at 10 a.m. Arizona: Romney (98%) vs. Santorum (2.7%) at 10 a.m.
The West was quite poor heading into the 1700s and then it got richer. A lot richer. Real fast. Its embrace of economic freedom and creative destruction, both legally and culturally—what economist Deirdre McCloskey calls the idea of bourgeois dignity and … read more
Rick Santorum is getting much grief for this: Rick Santorum told an audience Monday that the 2008 recession was caused by high gas prices. He said Americans were unable to pay their mortgages—not because of unsustainable housing prices or reckless … read more
With crude oil prices above $100 and rising, and a glut of natural gas pushing prices down to record lows, U.S. oil and gas companies have been shifting from drilling for gas to drilling for oil, as the chart above … read more