(HuffingtonPost) – Tier 5: The Despair Of The 99ers
Hundreds of thousands of long-term unemployed people across the country are watching in despair as Congress limps toward a reauthorization of jobless aid programs that won’t even help them.
They are the 99ers, people who have exhausted the maximum 99 weeks of unemployment benefits available in some states. Read More Here
(MotherJones) – Soldier in Iraq Loses Home Over $800 Debt
Michael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home front. Last September, Michael returned to Frisco, Texas, to find that his homeowners’ association had foreclosed on his $300,000 house—and sold it for $3,500. This is story illustrates the type of legal quagmire that can get out of hand while soldiers are serving abroad and their families are dealing with the stress of their deployment. And fixing the mess isn’t easy. Read More Here
(ZeroHedge) – Dollar to be Replaced with IMF’s SDR as Reserve Currency?
Jim O’Neill, who did not make any friends within the bear community earlier today, has written an interesting paper on the IMF’s Special Drawing Rights, and whether this hypernational currency can ever become a reserve currency as is, and/or with the CNY as a constituent member. Read More Here
(Globe&Mail) – Greece could set off bigger debt bomb
Let’s play a little game called Disaster. Imagine an event that could trigger a genuine, knock ’em down, worldwide catastrophe. Think of Pearl Harbor, multiplied by 10, or even 100. Read More Here
(BizJournals) – N.C. loses 1,800 more construction jobs
North Carolina lost 1,800 jobs in the construction industry in April, according to a report released Friday. But the study also shows the industry’s nationwide slowdown is beginning to wane.Read More Here
(Bloomberg) – Berlusconi Says $30 Billion of Budget Cuts Needed to Save Euro – Read More Here
(AmericanThinker) – Folly Central: Obama Considers Another Stimulus
Another stimulus. That’s right. You read correctly. The U.K.’s Telegraph reports that dour President Obama and his cadre of thick-headed left-wing ideologues are weighing additional borrowing. This time to the tune of $200 billion. Paltry when stacked against the trillions in debt the nation is already massing? Can you say the “tyranny of compounding interest?” Read More Here
(BusinessInsider) – The Worst Money Supply Plunge Since The Depression Means A Double Dip Is Now A ‘Virtual Certainty’
The negative take is that this crashing money supply will lead to both deflation and a double dip recession: Read More Here
(EconomicPolicyJournal) – Subprime Goes to College: $300 Billion in Defaults Coming
Mike O’Rourke (Via ZeroHedge) has a nice summary of yesterday’s Ira Sohn Research Conference.
Of note was Frontpoint’s Steve Eisman, who has spotted another private sector industry that is in bed with government big time ,that is taking advantage of the poor, and will collapse. Here’s O’Rourke’s report on Eisman’s speech: Read More Here
(TaxProf) – Gird Your Loins: IRS ‘Wealth Squads’ Are on the Way
Newly created exam teams will scrub wealthy taxpayers’ hedge funds, trusts and foreign accounts. Read More Here
(DailyFinance) – BankWatch: TARP Investments Lead to Huge Losses for U.S. Treasury
As struggling banks get acquired or fail, the U.S. Treasury is shouldering a growing burden: Its investments in TARP are turning out to be a bust, leading to huge losses. And there are signs of more trouble ahead. Read More Here
(WashingtonPost) – 100,000 teachers nationwide face layoffs
Senior congressional Democrats and the Obama administration scrambled Wednesday to line up support for $23 billion in federal aid to avert an estimated 100,000 or more school layoffs in a brutal year for education budgets coast to coast. Read More Here
(InfoClearingHouse) – Credit Storm in Europe; Politics on Capital Hill – Mike Whitney
Credit market turmoil in the Eurozone has ignited frenzied trading on global markets. On Tuesday, shares tumbled nearly 300 points on the Dow Jones before launching an unconvincing 257-point late-day comeback. Wednesday the mayhem continued; all the major indexes seesawed wildly as positive news on durable goods was nixed by reports on wobbly EU banks. Read More Here
(HuffingtonPost) – The Cult of Subprime Central Bankers
The world is suffering from the worst downturn since the Great Depression. The crisis has left tens of millions unemployed in the U.S., Europe, and elsewhere. The huge baby boomer generation in the United States, now on the edge of retirement, has seen much of its wealth destroyed with the collapse of the housing bubble. Read More Here
(WSJ) – Banks Trim Debt, Obscuring Risks
Three big banks—Bank of America Corp., Deutsche Bank AG and Citigroup Inc.—are among the most active at temporarily shedding debt just before reporting their finances to the public, a Wall Street Journal analysis shows. Read More Here
(Fox) – Video: Freedom Watch – Reigning in National Debt
May 26 – What role did supply-side economics play in creating U.S. deficit?