Archive for the ‘jobs’ Category

Congressional Budget Office: Unemployment 10.5 Next Year

May 21, 2009

The Congressional Budget Office chief told Congress Thursday that rising unemployment likely will continue into next year.
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By Mosheh Oinounou
FOXNews.com

While the economy will begin growing again by the end of 2009, the unemployment rate will continue to expand into next year, the Congressional Budget Office reported Thursday.

The CBO projects Americans will continues to lose jobs through mid-2010, with the umemployment rate peaking at 10.5 percent next year, CBO Director Doug Elmendorf said in testimony before the House Budget Committee.

The CBO’s March assessment initially predicted unemployment would peak at 9.5 percent.

“We think it will be a slow, a painfully slow recovery,” Elmendorf told the committee, citing the ongoing crises in the housing and credit markets.

He added that the financial system is still in a “weakened state” even though it “has crawled back from the edge of the abyss.”

“All of those factors will lead to a tepid recovery, somewhat more tepid than we thought and assessed the conditions a few months ago,” Elmendorf noted.

He said employment numbers are often a lagging indicator of economic recovery, noting a number of positive trends including stabilizing manufacturing output, signs of life when it comes to consumer spending and confidence and that the decline in housing construction may be close to bottoming out.

The current unemployment rate is 8.9 percent. The Labor Department on Thursday reported 631,000 new jobless claims last week. 

The Federal Reserve said Wednesday that the unemployment rate could rise to 9.6 percent this year and remain elevated until 2011. Some private economists told The Associated Press they expect the rate to reach 10 percent by the end of this year.

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May 21 (Bloomberg) — More Americans than forecast filed claims for unemployment insurance last week, and the total number of workers receiving benefits rose to a record, signs the job market continues to weaken even as the economic slump eases.

Initial jobless claims fell by 12,000 to 631,000 in the week ended May 16, from a revised 643,000 the prior week that was higher than initially estimated, the Labor Department said today in Washington. The total number of people collecting benefits rose to 6.66 million, a record reading for a 16th straight week, and a sign companies are still not hiring.

Job losses are likely to continue after Chrysler LLC filed for bankruptcy and General Motors Corp. may follow suit and terminate 1,100 U.S. dealers. The auto slump threatens to slow any recovery from the deepest recession in half a century and keep pushing unemployment higher.

“We expect upward pressure on claims stemming from auto- related layoffs,” said Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, who acurately forecast the initial claims number. “The labor market will remain weak, with gradual improvement on the horizon.”

Stock index futures were lower and Treasuries were little changed after the report. The contract on the Standard & Poor’s 500 Index fell 0.7 percent to 893.2 as of 8:38 a.m. in New York. The benchmark 10-year note yielded 3.18 percent, down 1 basis point from yesterday.

Economists surveyed by Bloomberg had forecast claims would drop to 625,000 from the 637,000 initially reported for the prior week, according to median of 42 estimates. Projections ranged from 585,000 to 675,000.

The four-week moving average of initial claims, a less volatile measure, decreased to 628,500 from 632,000.

Joblessness Climbs

Today’s Labor report showed the unemployment rate among people eligible for benefits, which tends to track the jobless rate, climbed to 5 percent in the week ended May 9, the highest level since December 1982, from 4.9 percent. These data are reported with a one-week lag.

Thirty-four states and territories reported an increase in new claims for the week ended May 9, while 19 reported a decrease.

The ‘majority’ of last week’s decrease in claims was in states that reported a jump in auto-related filings the prior week, a spokesman for the Labor Department said.

Read the rest:
http://www.bloomberg.com/apps/news?pi
d=20601087&sid=a56LXUHX28Ig&refer=home

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Barack Obama’s biggest critic: Charles Krauthammer

May 20, 2009

The dinner guest that night at George Will’s house in Chevy Chase was intellectually nimble, personally formidable and completely baffling, recalled columnist Charles Krauthammer – who was getting his first up-close look at President-elect Barack Obama.

“We sat around and said, ‘Does anybody really know who he is and what he wants to do, now that we’ve had this?'” Krauthammer recalled of Obama’s January sit-down with conservative columnists. “And the answer was no. We don’t know.”

By Ben Smith
Politico

Conservative columnist Charles Krauthammer sits in his Washington office.

Conservative columnist Charles Krauthammer sits in his Washington office.

“I didn’t understand what he was up to until he just unveiled it openly, boldly, unapologetically and very clearly within two weeks of his inauguration,” Krauthammer told POLITICO in an interview in his corner office off Dupont Circle. “That’s what was so stunning.”

Since then, Krauthammer has emerged in the Age of Obama as a central conservative voice, the kind of leader of the opposition that that economist and New York Times columnist Paul Krugman represented for the left during the Bush years: A coherent, sophisticated, and implacable critic of the new president.

Obama, he has written in his syndicated Washington Post column, is committed to “radical health-care, energy and education reforms,” central to a “social democratic agenda” that promises deep – and ominous – transformations to American life. The columnist has offered, in five installments, a “unified theory of Obamaism.”

At a moment when the right is decimated and divided, and unsure what to think of the new administration, Krauthammer’s confidence is much in demand. His columns circulate widely on conservative e-mail lists and blogs, and even his utterances on Fox News are received as gospel: National Review Online’s group blog, The Corner, posts long transcripts of his remarks without comment, under the heading, “Krauthammer’s Take.”

“He’s the most important conservative columnist right now,” said Times columnist David Brooks.

Read more: http://www.politico.com/ne
ws/stories/0509/22743.html#ixzz0G3O9v7cf&B

Top Ten Reasons The Republican Party Will Recover

May 13, 2009

Here’s our Peace and Freedom list of the top ten reasons to expect the Republican Party to make gains over the course of the next two to four years:

1)  The economy: Despite the huge spending measures already enacted by the Obama administration, including the stimulus and the many ‘bailouts,” the economy may not even start any really significant recovery until this time next year.  Voters are already tiring of the recession and showing discontent.

Related:
Bank of England: Recovery will be slow, starting next year
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New Jobless Claims Rise More Than Expected, as 52,000 Auto Workers Become Unemployed

2)  Democratic leaders like Harry Reid, Nancy Pelosi, and John Murtha.  There is already rumbling that our Congressional leaders are disappointing voters.  Most polls rate congress very poorly even though some 60% like Obama.  Scandals, a lack of integrity and broken promises on transparency can add to the woes of Democrats easily over time.

Related:
Pushy Practices of Pelosi, Murtha Back To Haunt Them?
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Democratic Party a “One Man Show” — After Obama, It’s a “Second-Division Ball Club”
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Pelosi Vehemently Challenges CIA’s Account of Briefings To Her on Waterboarding; Agency “Lied to Congress”
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“Democratic Party is Bought and Paid For By The Unions” Lawmaker Says

House Speaker Nancy Pelosi of Calif. gestures during a news ...

3)  National debt, deficit and spending.

Related:
America’s Ability To Borrow More Questioned, At Risk — Too Much Spending “Breaking the bank”?
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What Did We Get for $180 Billion “Bailout”? AIG Still “Toxic”
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One Hundred Billion Goes To IMF: Money U.S. Taxpayers Will Likely Never See Again
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Obama’s Spending, Debt, Taxes Will Lower America’s Standard of Living

4)  Taxes.  Taxes will go up.  There is just no way to support all our current spending let alone the promises of overhauls to health care, education, and the environment without raising more money and that means raising taxes.

Related:
Taxes: People and Business Flee Higher Rates; Why Can’t Obama, Congress Get That?
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Governors of Texas, South Carolina to Host “Tea Party 2.0″ This Week


Gov. Rick Perry, Texas
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5)  Unexpected world events.  Just as nobody could have predicted 9/11, there could well be an event as yet unknown that unfolds to change the game for everyone before long.  Just as Joe Biden predicted last year, this president will be tested….

Related:
Battles over energy may lead to wars, Russian strategists conclude

China’s Navy Grows and the World Watches Warily
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6)  Democratic Infighting.  This is the party that has, for a long time, been unable to get along with itself, for too long, before all hell breaks loose….

7)  Inflation.  With all the borrowing of the federal government, inflation is indeed likely.  Nobody will like that one bit.  Which will hurt incumbents….

8)  Loss of buying power and credit.  Obama’s current campaign to rein in the credit card companies is admirable but it may result in millions of people unable to get the credit they’ve grown used to….Expect retail sales to lag other indicators of recovery…..

Retail sales remain slow in April:
http://finance.yahoo.com/news/Reta
il-sales-drop-apf-15227744.html?.v=3

9)  Broken Promises.  “Green jobs” won’t be as numerous or high paying as once promised and work for good jobs will dry up as GM and Chrysler and others move more jobs overseas….The health care overhaul may actually harm enough people that there could be a backlash that wants to punish lawmakers…

Related:
Latest News On Social Security, Medicare, Debt Show Inability of Government To Make Accurate Financial Predictions
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Obama, Daschle and Socialized Medicine: Care of GE
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Fiat threatens to walk away from Chrysler deal unless unions agree to concessions

10) Desire for Change/Hope (The Pendulum): In our American system, the pendulum has been swinging to and fro; from Republicans to Democrats and back again for almost all of time.  People will tire of our current way of doing business and even the euphoria over Obama will wane.

Related:
Republican Party Dead? Hardly. Polls Show Erosion and Doubt in Democratic Advantage

Bonus:

11) Traditional Republican Discipline.  The Republicans in general have traditionally shown much more discipline and togetherness than Democrats.  The current squabbling over Cheney, Powell, Gingrich, Rush et al can be expected to wind down as elections near.

12)  The law of unintended consequences.  President Obama has changed so much, so aggressively, so often, so soon in his presidency that the effort is unprecedented.  But this could mean that there is trouble lurking that has not been foreseen.  And we know how well our government foresees things: like the current recession….

13)  Bad Obama planning and staff work.  Nobody had time to read the stimulus?  This will come back to hurt the president and the Democrats in Congress.  Many other examples of stupidity an ineptitude come to mind…..

14)  The “Tea Parties.”  “The real genesis of the tea party movement was not taxes, but out-of-control spending and the debts we are leaving our children,” wrote Paul Gessing in the Albuquerque Conservative Examiner.  “The tea party movement (at least in Albuquerque) is not simply a bunch of angry Republicans who don’t like Obama and understand their own self-interest. Rather, the tea party here was organized by average citizens who are terrified of what the government is doing to our economy. The fact is that America can’t live on borrowed money forever.”  The fact that people are taking to the streets — people who are both Democrats and republicans — is unprecedented.John E. Carey
Peace and Freedom
In this photograph released by the White House, Air Force One ...

 

Related:
Republicans Determined to Lose?
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Obama Backs Off Promise to Release Abuse Photos
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If you had told me some of these Obama stories three months ago I would have said “impossible!”
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Obama’s Dumb Moves Getting More Difficult to Ignore? On Friday Mainstream Media Realizes Monday’s Cabinet Meeting Was Laughable, Really

Conservatives Need To Recommit to Conservative Values

Michelle Malkin:
http://michellemalkin.com/2009/05/1
3/big-labors-investment-in-obama-pays-off/

http://hotair.com/archives/2009/05/13/
stupid-rnc-to-pass-resolution-rebrand
ing-democrats-the-democrat-socialist-party/

Republican Party Dead? Hardly. Polls Show Erosion and Doubt in Democratic Advantage

May 12, 2009

Last October, 51% of voters said Democrats had the best plan for the economy.  Today only 44% still think that.

In October, 47% of voters thought the Democrats had the right plan for national security.  Today that vote of confidence in Democrats on national security is only 41%

In fact, the Democratic edge on issues such as health care, education, ethics, taxes and immigration is slipping.

A lot can make the voters change their minds and the tremendous spending of the Obama Administration offers great hope to Democrats.  But the poll numbers for support for all this spending are slipping.

Related:
Top Ten Reasons The Republican Party Will Recover

Today, Florida Governor Charlie Crist, a Republican, said he would run for the U.S. Senate from Florida.

Crist is a moderate that supported Obama’s stimulus.

“Here in Florida, we’ve shown that when we put people first and work together much can be accomplished, and I intend to bring that same approach to Washington,” Crist said in a statement announcing his bid.

He has maintained approval ratings in the high 60-percent range despite the state’s gloomy economy, budget cuts, a high foreclosure rate and the highest unemployment level since 1975.

Pollsters say Crist’s bipartisan approach has seen him through.

FILE - In this Thursday, Jan. 22, 2009 file photo, Gov. Charlie ...

Gov. Charlie Crist (AP Photo/Phil Coale, file)

Crist will be worth watching and may be a barometer of the future of the Republican Party.

The quietly rusting Democratic advantage
http://www.redstate.com/moe_lane/2
009/05/11/rasmussen-and-the-quie
tly-rusting-democratic-advantage/

Christ to run for Senate:
http://news.yahoo.com/s/ap/20090512/ap_o
n_re_us/us_senate_race_crist;_ylt=ApCZm
AScUU3f.BusHm5tf0es0NUE;_ylu=X3oDM
TJsY2htcXU1BGFzc2V0A2FwLzIwMDk
wNTEyL3VzX3NlbmF0ZV9yYWNlX2
NyaXN0BGNwb3MDMwRwb3MDOQR
zZWMDeW5fdG9wX3N0b3J5BHNsa
wNnb3ZjcmlzdHRvcnU

Related:
“Democratic Party is Bought and Paid For By The Unions” Lawmaker Says

California Says Unions Have Inappropriate Influence With Obama Administration

May 11, 2009

If there was any doubt about labor’s influence, look west to the state of California’s troubles. Officials in Governor Schwarzenegger’s administration say that the SEIU may have had inappropriate influence over the Obama Administration’s decision to withhold stimulus funds for California if the Governor did not undo a scheduled wage cut for workers who are part of the SEIU.

Officials from the Schwarzenegger administration said that they were troubled that the SEIU was included in a conference call between federal and state officials, who were reviewing the wage cut and stimulus funding. The SEIU had lobbied the federal government to intervene.

The state’s health and human services secretary, Kim Belshe, expressed concern over the Obama Administration inviting a siginificant stakeholder into federal-state government negotiatons. According to a list provided by California officials, participants in the conference call included an SEIU lawyer from Washington, D.C. and a California-based SEIU lobbyist and policy staffer.

As part of its budget deal, California legislators agreed to cut $74 million in wages for home health workers. That cut would lower the pay for home health workers – members of the SEIU – by two dollars an hour. The Obama Administration ruled that California must rescind the wage cut or lose $6.8 billion in stimulus funds. Undoing the wage cuts will require a two-thirds vote in the state legislature, which The Wall Street Journal compared to “moving the Sierra Nevadas.”

From LaborPains.org
http://laborpains.org/index.php/2009/05/1
1/ca-says-seiu-influenced-obama-adm
in-on-stimulus/

SEIU is allied with ACORN….

Related:
Stimulus Not About Jobs, But About Control, Payback, Punishment by Fed Government — California Lawmaker Says
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Where Are The Jobs? Ask The Unions
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States Acting Like Tea Party Goers: Fighting Obama’s Spending, Borrowing Recovery Plan: Want Tax and Spending Cuts; Resisting Stimulus
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Top Obama Billionaire Donors Object To His Support Of Unions, “Cardcheck”
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Fed Tells California: Can’t Cut Pay of Union Jobs To Save Budget; Threatens Loss of Stimulus Money

Obama Moving America To Less Dynamic, Less Innovative, Less Skilled and Poorer Nation

May 11, 2009

Something bad and dangerous is happening in Barack Obama’s America.

The powers that the Obama administration claimed in order to arrest the financial crisis and mitigate the recession are being used and abused in ways that are underming the legal and financial stability of the United States. Investors: You are warned.

By David Frum
National Post

The first warning was the attempt to snatch Chrysler’s assets away from their rightful owners to pay off administration friends and supporters.

The Obama plan to save Chrysler would have sold Chrysler’s most valuable assets into a new company co-owned by the U. S. and Canadian governments, Fiat and the United Auto Workers (UAW) — with the UAW getting the biggest piece, 55%. (more…)

White House: stimulus on pace for 3.5 million jobs

May 11, 2009

The Obama administration defended its claim Monday that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011, an assertion questioned by some economists and GOP lawmakers.

A report by the White House Council of Economic Advisers says the projections are based on conservative estimates and widely accepted assumptions. The 3.5 million job estimate remains valid, the report says, now that stimulus money is starting to pay for various projects throughout the nation.

The report says the analysis is based on what the CEA considers “the relatively conservative rule of thumb that a 1 percent increase in GDP corresponds to an increase in employment of approximately 1 million jobs,” the report says.

However, it also notes that every increase in the GDP does not translate into new jobs. Existing workers absorb some of the increased economic activity by working longer hours and being more productive, it says.

Models that predict the number of U.S. jobs with and without the stimulus still conclude that the bill will create or save 3.5 million by the end of 2010, the report says.

The Obama administration defended its claim Monday that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011, an assertion questioned by some economists and GOP lawmakers.

A report by the White House Council of Economic Advisers says the projections are based on conservative estimates and widely accepted assumptions. The 3.5 million job estimate remains valid, the report says, now that stimulus money is starting to pay for various projects throughout the nation.

The report says the analysis is based on what the CEA considers “the relatively conservative rule of thumb that a 1 percent increase in GDP corresponds to an increase in employment of approximately 1 million jobs,” the report says.

However, it also notes that every increase in the GDP does not translate into new jobs. Existing workers absorb some of the increased economic activity by working longer hours and being more productive, it says.

Models that predict the number of U.S. jobs with and without the stimulus still conclude that the bill will create or save 3.5 million by the end of 2010, the report says.

Read the rest from the Associated Press:
http://news.yahoo.com/s/ap/2009051
1/ap_on_go_ca_st_pe/us_stimulus_jobs_1

Stimulus Road Projects in Areas of Highest Employment; Contrary to Promises

May 11, 2009

Get the feeling that the stimulus was not about jobs at all but was about sending money to the areas of most voters as a way to buy loyalty and votes?

Related:
Obama Stimulus At Work: Resort Boardwalk Gets Makeover
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Obama Team Might Have “Miscalculated” On Jobs, Stimulus
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Where Are The Jobs? Ask The Unions

http://www.butasforme.com/2009/05
/08/our-obama-stimulus-at-work-reh
oboth-beach-delaware-boardwalk-w
ill-be-modernized/

Stimulus Not About Jobs, But About Control, Payback, Punishment by Fed Government — California Lawmaker Says
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Wealthy Democrat Supporters Dumbfounded… Realize Obama Will Take Their Money
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Top Obama Billionaire Donors Object To His Support Of Unions, “Cardcheck”

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By MATT APUZZO and BRETT J. BLACKLEDGE, Associated Press
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Counties suffering the most from job losses stand to receive the least help from President Barack Obama’s plan to spend billions of stimulus dollars on roads and bridges, an Associated Press analysis has found.

Although the intent of the money is to put people back to work, AP’s review of more than 5,500 planned transportation projects nationwide reveals that states are planning to spend the stimulus in communities where jobless rates are already lower.

One result among many: Elk County, Pa., isn’t receiving any road money despite its 13.8 percent unemployment rate. Yet the military and college community of Riley County, Kan., with its 3.4 percent unemployment, will benefit from about $56 million to build a highway, improve an intersection and restore a historic farmhouse.

Altogether, the government is set to spend 50 percent more per person in areas with the lowest unemployment than it will in communities with the highest.

Counties suffering the most from job losses stand to receive the least help from President Barack Obama’s plan to spend billions of stimulus dollars on roads and bridges, an Associated Press analysis has found.

Although the intent of the money is to put people back to work, AP’s review of more than 5,500 planned transportation projects nationwide reveals that states are planning to spend the stimulus in communities where jobless rates are already lower.

One result among many: Elk County, Pa., isn’t receiving any road money despite its 13.8 percent unemployment rate. Yet the military and college community of Riley County, Kan., with its 3.4 percent unemployment, will benefit from about $56 million to build a highway, improve an intersection and restore a historic farmhouse.

Altogether, the government is set to spend 50 percent more per person in areas with the lowest unemployment than it will in communities with the highest.

Read the rest from the Associated Press:
http://www.google.com/hostednews/ap
/article/ALeqM5guNAb2By3sueeeM
Xl9bWidVIwh1wD983T6D00

http://www.butasforme.com/

Obama Paying People to be Unproductive: Economy in Reverse

May 10, 2009

The President’s desire to extend unemployment benefits for an additional 26 weeks for persons seeking to “re-train” tells us how bad the economy actually is.

I predicted some time ago that unemployment would reach double digits by summer. We are almost there now. In fact, there are some who believe we are already there, if you take into account those who have stopped looking for work, and those who now are working part-time, who were full-time employees. The President is warehousing people instead of creating the opportunity for employment. Providing an additional 26 weeks of government support provides no incentive, (during the total of 52 weeks of benefits), to get back to work. Paying people to be unproductive never works.

By Bradley Blakeman
http://www.politico.com/arena/

Obama “Bailed Out” Auto Makers, Now “Takes Over” — In China, Vouchers Electrified Sales

May 9, 2009

Despite massive government “bailouts,” GM says the bulk of its future cars will likely be made in China, Mexico and South Korea….

GM could still face bankruptcy: it owes a report to the Obama administration by June 1st.

And Chrysler’s fate is unknown.  It is in bankruptcy court now with a deal on the table to include Fiat and others….

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From The Associated Press:

Vehicle sales in China jumped 25 percent in April from the year before to a record monthly high of 1.15 million units, according to industry figures. Passenger car sales surged 37 percent over a year earlier, to 831,000, outpacing sales in the United States, where 820,000 units were sold in April. After slowing late last year as the impact from the global financial crisis deepened, China’s auto sales have risen for five consecutive months.

Related:
Obama-Fiat-Chrysler-Union Plan Includes U.S. Made Luxury Alfa Romeo; Sub-Compact Made in China, Mexico, Korea
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Under Restructuring, GM To Build More Cars Overseas

A sheet of one dollar bills. The dollar rose as investors waited ...