Tag Archives: bailout
Economy
(BusinessInsider) – Greek Communists Say IMF-Imposed Austerity Means “Dachau Conditions For Life”
Greek communists are cranking up the rhetoric against IMF-imposed austerity measures, now calling for war against the Athens government. Read More Here
(TheStreet) – Gold Prices Top Record, Break $1,260 – Read More Here
(Bloomberg) – Greenspan Says U.S. May Soon Reach Borrowing Limit
Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. Read More Here
(Fool) – The Coming Financial Meltdown
The problem is getting worse. Notional amounts of derivatives held by federally insured banks have risen to more than $200 trillion. Read More Here
(MyNews4) – Video: Nevada’s unemployment rate to reach No. 1 in U.S. – View Video Here
(PaulWatson) – Obama Plans To Sneak Through Carbon Tax By Stealth
Job killing, economy wrecking, middle class destroying consumption tax to be added in lame duck session after November elections Read More Here
(WebOfDebt) – Hyperinflation or Deflation? Dramatic Fiscal Austerity Measures: “Deficit Terrorists” Strike in the UK — The USA is Next – Ellen Brown
Last week, England’s new government said it would abandon the previous government’s stimulus program and introduce the austerity measures required to pay down its estimated $1 trillion in debts. That means cutting public spending, laying off workers, reducing consumption, and increasing unemployment and bankruptcies. It also means shrinking the money supply, since virtually all “money” today originates as loans or debt. Reducing the outstanding debt will reduce the amount of money available to pay workers and buy goods, precipitating depression and further economic pain. Read More Here
(Reuters) – Philly Fed Factory Activity Index Plummets in June
Factory activity growth plummeted in the Mid-Atlantic region in June, a survey showed on Thursday, adding to worries that the short and tepid U.S. economic recovery is now fizzling. Read More Here
(StarTribune) – Video: In jail for being in debt
You committed no crime, but an officer is knocking on your door. More Minnesotans are surprised to find themselves being locked up over debts. Read More Here
(EconomicPolicyJournal) – Swiss Legislators Sell American Tax Evaders Down the River to Bailout Big Bank
The legislators have approved a law that clears the way for the government to hand over the names of thousands of alleged U.S. tax evaders to the Internal Revenue Service, dodging the risk that the U.S. would reopen a bruising tax case against Swiss bank UBS AG, according to WSJ. Read More Here
(RawStory) – US jobless claims in surprise rise
New claims for jobless insurance benefits in the United States rose unexpectedly for the second straight week, the government said Thursday on concerns unemployment may derail the economic recovery. Read More Here
(NBCSandiego) – New Wave of Cuts at Union-Tribune: Sources
The San Diego Union Tribune told employees Thursday the company is cutting close to 40 newsroom positions, according to sources. Read More Here
(Bloomberg) – Illinois Debt-Default Insurance Climbs to Record High (Update1)
“If the spread is the widest, it says the problem is bigger than it’s ever been before,” said Peter Hayes, who oversees $106 billion of municipal bonds for New York-based BlackRock Inc. “It’s a reaction to the inability to pass a budget. We’ve seen a greater unwillingness from Illinois and the market is reacting to that.” Read More Here
BREAKING – (SCMLA) – Video: Banks In Oaxaca, Mexico No Longer Accept American Dollars
SoCal Martial Law Alerts (SCMLA) interviewed Lee, an American who discovered while on a recent (Christian) mission trip to Oaxaca, Mexico, that Mexican banks will no longer exchange American dollars for Mexican pesos.
Lee said that, when he first arrived in Oaxaca two weeks ago, the banks would still exchange American dollars for Mexican pesos, but then when he accompanied a friend to a Mexican bank approximately one week ago, that’s when he discovered the policy change regarding dollar-to-peso currency exchanges. Continue reading
Economy
(HuffingtonPost) – The Iraq and Afghanistan Wars Mutilated Our Economy
$1,000,000,000,000.00 – As of today, that’s how much we’ve spent just in direct costs so far on the stupid wars in Iraq and Afghanistan. Read More Here
(Bloomberg) – Video: Pento Sees `Double-Dip Recession’ in U.S
Michael Pento, chief economist at Delta Global Advisors, talks with Bloomberg’s Margaret Brennan about the outlook for the U.S. economy and investment strategy. Pento says the Federal Reserve is keeping interest rates artificially low and that he sees a “double-dip recession.” Video Link Here
(ComingDepression) – Venezuelan inflation rate hits 30 percent; South American currency planned
“That’s an incredible surge,” Adrian Aguirre, an economist at Caracas-based Bancaribe SA, said in a telephone interview. “The fact that food prices rose by more than 11 percent is something we’ve never seen in the last decade.” Read More Here
(ComingDepression) – The PIIGS are dying: Spain following Greece
“Europe’s top job-creator only two years ago, Spain now has the region’s highest unemployment rate, at just over 20 percent, and is the slowest of the major economies to emerge from the global recession. Meanwhile, the ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the country’s rating one notch from AAA to AA plus” Read More Here
(TheComingDepression.net) – New Jersey, Florida, California, Illinois canaries in coalmine
“We [Miami] are not the only city, municipality to be going through this. It looks like Los Angeles sometime next week or the week after will be going bankrupt. It looks like there will be 30 more cities following suit.” New Jersey Governor Chris Christie said the state is “careening our way toward becoming Greece” and can’t afford the cost of benefits and pensions for current workers. Read More Here
(RollingStone) – Wall Street’s War – Matt Taibi
Congress looked serious about finance reform – until America’s biggest banks unleashed an army of 2,000 paid lobbyists Read More Here
(RawStory) – US House votes quadrupling of per-barrel oil tax
The US House of Representatives on Friday voted to more than quadruple a per-barrel oil tax that fills a special trust fund to pay for damages from major spills like the Gulf of Mexico disaster. Read More Here
(NeithercorpPress) – Warning Signs Of Full Spectrum Collapse Are Everywhere
The sovereign debt crisis in Greece and many other European nations has, at least for the moment, open a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. Read More Here
(Reuters) – Geithner offers China vow of greater fiscal discipline – Read More Here
(DailyBell) – EU Spins Out of Control
Euro under new pressure after Spain’s debt rating is downgraded … Markets set to fall after ratings agency Fitch strips Spain of AAA score … French debt rating also threatened, says budget minister Francois Baroin Read More Here
(SafeHaven) – The Looming Financial Holocaust – Is Closer Than We Thought ..
We had expected the broad stockmarket and the resource sector to stabilize and start to recover last week and they did, and while we are likely to see further recovery in the days and perhaps weeks ahead, there have been some ominous developments in the recent past that we would be most unwise to ignore. Read More Here
(MarketOracle) – Gold and Silver Bull Market Progress Report – Read More Here
(MineSet) – The Same Big Fat Greek Problems are Coming to America
We would all like to think the U.S. will not suffer the same problems as Greece. I am talking about drastic spending cuts to just about everything. Read More Here
(Bloomberg) – U.S. Inflation to Approach Zimbabwe Level, Faber Says (Update2)
The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.
Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office Read More Here
(ExpressCoUK) – RBS REJECTS PROTESTS OVER £1BN BONUS PAYOUT
ROYAL Bank of Scotland will ignore protests and award up to £1 billion in bonuses to its staff next month. The bank will pay out a combined total of between £950 million and £1 billion. Read More Here
(BusinessInsider) – Top German Bankers See Plot To Funnel Bailout Money To French Banks
From the beginning, it’s been clear that the bailout of Greece would be a bailout in large part of French banks, owing in part to the fact that French banks had the biggest exposure.
Yet apparently some top German bankers are alarmed at how things are playing out. Read More Here
(EconomicCollapseBlog) – The U.S. Economic Collapse Top 20 Countdown
So just how bad is the U.S. economy? Well, the truth is that sometimes it is hard to put into words. We have squandered the great wealth left to us by our forefathers, we have almost totally dismantled the world’s greatest manufacturing base, we have shipped millions of good jobs overseas and we have piled up the biggest mountain of debt in the history of mankind. We have taken the greatest free enterprise economy that was ever created and have turned it into a gigantic house of cards delicately balanced on a never-ending spiral of paper money and debt. For decades, all of this paper money and debt has enabled us to enjoy the greatest party in the history of the world, but now the bills are coming due and the party is nearly over.
In fact, things are already so bad that you can pick almost every number and find a corresponding statistic that shows just how bad the economy is getting.
You doubt it?
Well, check this out…. Continue reading
The FTC’s Plan to Bailout the Dinosaur Newspaper Industry and Suffocate Blogs
(EconomicPolicyJournal) – The Federal Trade Commission has been nosing around how to save journalism and in its just-posted “staff discussion draft” on “potential policy recommendations to support the reinvention of journalism,” it makes its bias clear: The FTC defines journalism as what newspapers do and aligns itself with protecting the old power structure of media. Read More Here
Monetary Dictatorship
(CampaignForLiberty) – If you’re an American taxpayer, you should expect to receive a thank-you note from dole recipients in Greece fairly soon. The reason is that Barack Obama, working with his cohorts at the Federal Reserve, is using your money to bail out the Greek welfare state, thereby enabling dole recipients in Greece to continue receiving their dole.
The problem is that for decades the Greek government has been doing what the U.S. government and many other regimes have been doing: borrowing to the hilt to fund dole payments to welfare recipients. In the hope that Euro officials would not discover how bad things were in Greece, Greek officials were falsifying their financial reports. Unlike the U.S. government which has a Federal Reserve central bank, the Greek government couldn’t simply print up the money to pay off its debts. That’s because it’s part of the Euro zone, where German officials have traditionally opposed such a policy. Continue reading
Senate Bill S510 News – Food Safety Modernization Act of 2010
(RescueLiberty) – Senate Bill S510 Makes it illegal to Grow, Share, Trade or Sell Homegrown Food
S 510, the Food Safety Modernization Act of 2010, may be the most dangerous bill in the history of the US. It is to our food what the bailout was to our economy, only we can live without money.
“If accepted [S 510] would preclude the public’s right to grow, own, trade, transport, share, feed and eat each and every food that nature makes. It will become the most offensive authority against the cultivation, trade and consumption of food and agricultural products of one’s choice. It will be unconstitutional and contrary to natural law or, if you like, the will of God.” ~Dr. Shiv Chopra, Canada Health whistleblower Read More Here
(GovTrack) – S. 510: FDA Food Safety Modernization Act – Read More Here
(MapLight) – S. 510 – FDA Food Safety Modernization Act: Contributions By Legislator
Total contributions given to Senators from interest groups that… Read More Here
Video: Keiser Report № 42 – Markets! Finance! Scandal!
This time Max Keiser and co-host Stacy Herbert look at the scandals of perfect trading days; PIIGS flying only to fall to earth five minutes later when markets realize the Euro-Tarp financiers are themselves bankrupt debt pigs; and Max Keiser explains high frequency terrorism in the Manchurian candidate markets. In the second half of the show, Max interviews post-neoclassical economic philosopher Damon Vrabel about the European bailout, the financial empire and the IMF, and how the right kind of republic can provide some solutions.
Video: Dylan Ratigan – Funding the Trillion Dollar European Rescue
(MSNBC) – May 10, 2010 Continue reading
Video: When Will Greek Contagion Hit the U.S.? – Marc Faber
(FoxBusiness) – May 10 – The Gloom, Boom and Doom Report Publisher Marc Faber weigh in on the future of the global and U.S. markets. Continue reading
Video: George Humphrey in-Studio Details How The Bailout Scam Works on Alex Jones Tv
(May 10) – Alex also talks with economist, author, documentary film maker, businessman and former Austin City Council member George Humphrey in-studio. Continue reading
Video: Ron Paul – Euro Bailout Will Lead To Currency Collapse
(PaulWatson) – As Europe is bailed out to the tune of nearly $1 trillion dollars, Congressman Ron Paul warns that the constant monetization of debt, allied with taxpayer-funded bailouts, will inevitably lead to runaway inflation and the collapse of paper currencies.
Under the terms of the Federal Reserve’s credit swap deal with the EU – in addition to an additional IMF bailout of which U.S. taxpayers will be picking up 20 per cent ($57 billion dollars) of the tab, Paul pointed out that not just taxpayers but “anybody that buys anything” will be funding the European bailout because of the attendant inflationary consequences. Continue reading
Economy
(Boston) – Double dip in housing values continues, despite tax credit/spring bump – Read More Here
(ClarionLedge) – Revenue: April numbers are sobering
Gov. Haley Barbour said last week that April revenue was 8.5 percent below estimates – a $45.1 million shortfall. Read More Here
(SacramentoBizJournal) – State’s revenue below projections for April
California’s controller, John Chiang, said the state’s April cash receipts fell below budget estimates by $3.6 billion, or 26.4 percent. Read More Here
(MinnPost) – 41 percent of metro area single-family homes believed ‘underwater’ – Read More Here
(MaverickBlog) – What Business is Wall Street In ?
My last two posts were designed to stimulate discussion. But lets talk the real problem that regulators, public companies, investor/shareholders and traders face. The problem is that Wall Street doesn’t know what business it is in. Regulators don’t know what the business of Wall Street is. Investor/shareholders don’t know what business Wall Street is in. Read More Here
(WashingtonsBlog) – Challenger Investigation Got $175 Million. Columbia $152 Million. Lewinsky $30 Million. 9/11 $15 Million. Financial Crisis Gets Only $8 Million – Read More Here
(Bloomberg) – Video: Jim Rogers on Greece Bailout, Yuan, Stocks – View Video Here
(NewsMax) – Video: Jim Rogers – Next Recession Will Be Much Worse! – View Video Here
(KurtNimmo) – Video: Obama’s Supreme Pick Kagan Is A Bankster Operative
Democrats are going gaa-gaa over Obama’s Supreme pick Elena Kagan. “Democrats praised Kagan as ‘razor sharp’ and impeccably qualified for the lifetime appointment on the nine-member bench, but Republicans promised to vigorously vet a ’surprising’ choice, noting she had never been a judge,” reports Agence France-Presse. “I have selected a nominee who I believe embodies… excellence, independence, integrity and passion for the law, and who can ultimately provide that same kind of leadership on the court,” Obama said at the White House. View Video Here
(AmpedStatus) – High Frequency Terrorism: How the Big Banks and Federal Reserve Maintained Their Death Grip Over the United States – David DeGraw & Max Keiser – Read More Here
Layoffs:
Dean Foods – 350 to 400
RBS – 2,600
Update: Fort Wayne IN – 300 Teachers to Learn Layoffs Numbers today
City of Costa Mesa – 51 Possible
Town of Mesilla NM – 4
Newark Valley Central School District – 11
(InfoClearingHouse) – Kagan: – Goldman Sachs – Shifting Court to Right?
“A narrow elite is imposing itself through the legal system, and ordinary Americans need to start asserting themselves.”
The Wall Street Journal reports: “The White House said Friday that Elena Kagan’s membership on an advisory panel for the securities firm Goldman Sachs Group Inc. wouldn’t disqualify her for a position on the Supreme Court. … From 2005 to 2008, Ms. Kagan was a paid member of the Research Advisory Council of Goldman Sachs Global Markets Institute, according to financial-disclosure reports she filed after being appointed to her current job. The form shows she was paid $10,000 in 2008, when she was dean of Harvard Law School.” Read More Here
(StraightGoodNews) – Goldman Sachs Set to Plan Sell-Off of Ontario Assets
Huge and controversial banking firm has a history of playing both sides in privatization deals Read More Here
(AmericanEveryman) – The Stock Market “Glitch”: Blackmail by Big Banking?
The White House gets its way again. They get their way on two measures that would have given the people at least a little control of the “too big too fail” banking system. But how they got it, well that might just be the REAL story of the day.
“I mean this really sounds like market manipulation to me. This is outrageous.” Read More Here
(PaulWatson) – Bankers Destroy Global Economy by Design to Consolidate Power
American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance. Read More Here
(SteveWatson) – Bankers, Economists: Mass Centralization At Heart Of Euro Bailout
Huge Euro rescue is latest step on the road toward a monolithic globalist federal union Read More Here
(AFP) – Fannie Mae seeks new $8.4 billion US bailout to stay afloat – Read More Here
(ZeroHedge) – EURUSD Roll Over Accelerates, Market Playing Catch Up – Tyler Durden
This may very well still turn out to be the shortest and must futile trillion dollar bailout in history yet. Don’t forget it was the EURJPY correlation desks that freaked out on Thursday and drained all NYSE liquidity in stocks.
It will be truly amazing if we get another 1000 point move in the Dow… But not up. Read More Here
(InternationalForecaster) – The latest Greek tragedy And Sovereign Defaults Pose A Great Threat – Bob Chapman
The latest Greek tragedy continues to leave carnage in its wake, crime compounds the debt problems, Problems everyone knew about nobody did anything about, the Sovereign debt bubble is now upon us, and could bring the world financial system down, a situation like the French Revolution in Greece, food stamps at a record high, unemployment and problems of poverty in the US, Read More Here
(NYTimes) – Video: Markets Welcome E.U. Rescue Package
Global markets rallied Monday, reversing the steep declines of recent days, after European leaders agreed to provide a huge rescue package of nearly $1 trillion to combat the debt crisis that has engulfed Europe, and central banks began injecting cash into the financial system. View Video Here
(EconomicCollapseBlog) – Is The Greek Debt Crisis Being Purposely Hyped And Manipulated? – Read More Here
(KurtNimmo) – Banksters Throw a Trillion Bucks Down a Black Hole
The EU apparatchiks are in crisis mode. European Union boss Jose Manuel Barroso told us not to worry, though. They’re on it.
“This morning’s agreement will ensure that any attempt to weaken the stability of the euro will fail,” said Barroso today as the EU threw around a trillion bucks at the cancer spawned by the Greek debt crisis. “We have stated that we will do whatever is necessary to defend the stability of the euro,” he said with an actor’s confidence. Read More Here
(Guardian) – The Greek spirit of resistance turns its guns on the IMF
Years of national denial about looming bankruptcy have turned to resentment as Greece is told how it must tackle its debt crisis Read More Here
(PaulWatson) – American Taxpayers Looted To Bail Out The Euro
American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance. Read More Here
(ZeroHedge) – The Latest US Taxpayer Bill To Save Europe, And Specifically The French Banks: $57 Billion – Tyler Durden
As the US and its taxpayers represent roughly 20% of total IMF funding, today’s 3% loss in dollar purchasing power to the middle class will cost the middle class $57 billion. Read More Here
(ZeroHedge) – Summary Of The Biggest Bail Out Ever: Even Keynes Is Spinning In His Grave – Tyler Durden
Europe has now followed the Fed in its all in move to prevent the disintegration of the euro and of Europe. As we expected, the EU was leaking various rumors to gauge market interest, and as speculated earlier, the final cost ended up being just short of one trillion. Here are the key summaries: Read More Here
(LondonTelegraph) – British taxpayers ordered to bail out euro
All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system. Read More Here
(AP) – Federal Reserve opens credit line to Europe
The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.
Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan also are involved in the dollar swap effort. Read More Here
(C4L) – Video: Ron Paul’s Texas Straight Talk – Continue reading
‘Greece being forced to buy arms’
(PressTV) – A leading European parliamentarian has accused France and Germany of forcing Greece to buy billions of euros in arms in exchange for their bailout money.
France and Germany, while publicly urging Greece to make harsh public spending cuts, bullied its government to confirm billions of euros in arms deals, Franco-German lawmaker Daniel Cohn-Bendit alleged on Friday. Continue reading
Economy
(May 4) – Video: Greg Palast Tells How The IMF Set-Up Iceland & Greece on Alex Jones Tv – Part 1 Here – Part 2
(CNNMoney) – More than 80% of school districts to cut jobs – Read More Here
(LATimes) – Plunge in state revenue dashes hopes of an easy budget fix
Legislators were hoping revenue would continue to exceed projections, forestalling deeper cuts and further tax hikes. But April’s total was 30% below what was expected, leaving them with few options. Read More Here
(MyBudget360) – Middle class getting pushed into poverty and working poor status – The cloaked recovery for the middle class. How 30 percent of the poor are unemployed
Over 6.5 million of the 15 million unemployed Americans have been out of work for 27 weeks or more. As a percent, this is the highest number of long-term unemployed we have had since the Great Depression. Read More Here
(LRC) – The Rich Continue To Use Government To Cut Out Their Competition – Read More Here
(Guardian) – Greek protesters storm the Acropolis
World markets plunge over fears that Greece’s economic crisis will spread to other countries despite austerity measures Read More Here
(Taragana) – Goldman Sachs pays $450K to regulators who say it violated stock short-selling rule
The case involving Goldman’s stock-trading business is unrelated to the SEC’s civil fraud charges filed against the firm last month over mortgage securities transactions it arranged. Goldman has denied the allegations in that case and said it will contest the charges in court Read More Here
(InfoClearingHouse) – Bernanke’s Biggest Bailout – Mike Whitney
The right-wing think-tank, the American Enterprise Institute, is helping the Federal Reserve to develop a strategy to transfer $1.25 trillion in toxic mortgage-backed securities (MBS) and non performing loans onto the public’s balance sheet. Although it’s unknown whether Fed chair Ben Bernanke will act on the AEI’s recommendations, it does show that the Fed’s Quantitative Easing program (QE)–which moved the bulk of garbage assets from the banks to the Fed’s balance sheet–poses long-term problems that will need to be addressed. Bernanke never intended to keep these assets any longer than necessary. Now he is actively exploring options for getting rid of them. Read More Here
(WSJ) – Congress Members Bet on Fall in Stocks
Some members of Congress made risky bets with their own money that U.S. stocks or bonds would fall during the financial crisis, a Wall Street Journal analysis of congressional disclosures shows. Read More Here
(AmericanThinker) – The Dollar’s Inevitable Demise
In its first midsession review, the White House Office of Management and Budget estimated that at the end of 2010, the national debt will breach the $14-trillion mark. This means that America’s sovereign debt will be soon equal to the annual output of our economy. In other words, our national debt will shortly reach 100 percent of GDP. History and experience show that most governments that assume such levels of debt are ultimately not able to contain them. In most cases, this kind of situation eventually leads to the disintegration of the country’s monetary regime and the collapse of its currency. Read More Here
(ForexCrunch) – Rumor: Spain will ask for 280 billion euros of aid money – Euro plunges
A rumor that Spain will ask for 280 billion euros of aid money in order to deal with its debt is running in the past few hours in trade rooms. This is what’s bringing down the Euro. Read More Here
(Bloomberg) – Video: Marc Faber on Bloomberg – China’s Economy May Crash in Next 12 Months
Marc Faber, publisher of the Gloom, Boom & Doom report, talks with Bloomberg’s Haslinda Amin about the outlook for China’s economy. Faber, speaking from Hong Kong, also discusses Greece’s debt crisis and the euro, the commodities market, and the implications of political unrest in Thailand for the nation’s economy and stock market. View Video Here
Surprise! Obama Was Top Recipient of BP Donations in 2008
Of course the $71,000 Obama received from BP is chump change compared to what he got from Goldman Sachs, so don’t expect him to be returning any of it. Nor should you expect any of his media lapdogs to mention his BP connection. Read More Here
(BusinessInsider) – Guess Who’s Paying For The Greece Bailout? That’s Right — YOU
The bailout outrages never stop.
Of the 110-billion Euro Greece bailout, 30-billion (approx $40 billion) will be paid for by the IMF. Read More Here
(PRNewsWire) – Bottoms Down: Hotel Profits Decline Record 35.4 Percent According to PKF Report
According to survey results in the recently released Trends® in the Hotel Industry report issued by PKF Hospitality Research (PKF-HR), the average U.S. hotel suffered a 35.4 decline in profits in 2009. This is the greatest annual fall-off in the bottom line since PKF-HR began tracking the industry in the 1930s. Read More Here
(RussiaToday) – Video: Keiser Report meets Schiff Report
This time Max Keiser and co-host, Stacy Herbert, look at the scandals of President Bill Clinton’s skepticism on Goldman charges; the TARP watchdog’s handcuffs for Timmy Geithner; and the continuing ‘ratings surveillance’ payments to credit rating agencies for defaulted CDOs too complicated to unwind. In the second half of the show, Max interviews Peter Schiff, who is running for the Republican nomination for US Senate for Connecticut, about debating Greenspan, revaluing yuan and regulating that which is already illegal. View Video Here
(Fox) – Video: Freedom Watch – Rising Awareness On Rising Debt
A new campaign to defeat the debt puts the issue on the forefront Continue reading
Economy
(Bloomberg) – US Households Lost $100,000 From Crisis, Study Says
The financial crisis and recession cost US households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel. Read More Here
(InternationalForecaster) – Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts – Bob Chapman
America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate. Read More Here
(IPSNews) – U.S. States Consider Starting Their Own Banks
At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies. Read More Here
(WashingtonsBlog) – Should a Stock Market Decline Stop the Goldman Prosecutions?
As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.
From the San Francisco Chronicle: Read More Here
(TimesOnline) – Merkel misled Germans
She was initially hailed as the “Iron Chancellor” for holding out against a bailout for the Greeks. But this weekend Angela Merkel was accused of having misled voters after it emerged that Germany would contribute more than €25 billion (£21.7 billion) towards a rescue package. Read More Here
(Uruknet) – Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud – Read More Here
(Telegraph) – Pakistan facing bankruptcy
Pakistan’s foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy. Read More Here
(BitsOfNews) – Pol/Econ: The 401k Scam
“The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public.” – William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k pension plan as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg…that I couldn’t touch. Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k’s that day made me immediately stop all contributions. Read More Here
(Bloomberg) – Carnivores’ Dilemma Widens as Pork Signals Record Meat Prices
U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Read More Here
(CatoInstitute) – Video: Advice to Tea Partiers
The Tea Party movement may endure, but its endurance will be a testament to its ability to understand that cutting government means having a long-term focus. John Samples, author of The Struggle to Limit Government and Director of the Cato Institute’s Center for Representative Government, offers an assessment of what Tea Partiers should do if they want to sustain an effort to cut government. Continue reading
Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds
(CapitolConfidential) – It’s amazing to watch the civil libertarians hide when Democrats propose the most sweeping intrusions of privacy in generations. In addition to the litany of bad policies contained in the Dodd Financial Reform bill is this nugget on pages 1039-1040. In short, it extends government reach to every deposit account of every citizen. Continue reading
S 510 is hissing in the grass
(FoodFreedom) – S 510, the Food Safety Modernization Act of 2010, may be the most dangerous bill in the history of the US. It is to our food what the bailout was to our economy, only we can live without money.
“If accepted [S 510] would preclude the public’s right to grow, own, trade, transport, share, feed and eat each and every food that nature makes. It will become the most offensive authority against the cultivation, trade and consumption of food and agricultural products of one’s choice. It will be unconstitutional and contrary to natural law or, if you like, the will of God.” ~Dr. Shiv Chopra, Canada Health whistleblower Continue reading
Economy
(PressTV) – Goldman profited from market crash
A US Senate panel has revealed emails that show Goldman Sachs Group Inc profited massively by engaging in the sale of investments that were structured to fail. Read More Here
(1010Wins) – Hundreds Camp Out in Queens Hoping for Elevator Jobs
Hundreds of job seekers camped out over the weekend at a union office in Queens hoping to be first in line for a chance to apply for an internship in the field of elevator repair. Read More Here
(Sky) – Goldman’s Frankenstein Moment
If the knives were out for Goldman Sachs before today, they’re now hovering perilously close to the Wall Street bank’s throat – and Adair Turner, chairman of the Financial Services Authority, is likely to be paying particularly close interest. Read More Here
(PRNewsWire) – U.S. Food Inflation Spiraling Out of Control
The Bureau of Labor Statistics (BLS) today released their Producer Price Index (PPI) report for March 2010 and the latest numbers are shocking. Food prices for the month rose by 2.4%, its sixth consecutive monthly increase and the largest jump in over 26 years. NIA believes that a major breakout in food inflation could be imminent, similar to what is currently being experienced in India. Read More Here
(WSJBlog) – Number of the Week: 103 Months to Clear Housing Inventory
All this means that little can stop banks’ inventory of distressed homes from growing. Too many people owe too much more on their homes than they can afford. For the housing market, that could mean a long-lasting hangover. Read More Here
(Fox) – GM Used Bailout Money to Repay Loan
A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors’ loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money. Read More Here
(GlobalResearch) – For $10 Billion of “Promises” Haiti Surrenders its Sovereignty
It was fitting that the Mar. 31 “International Donors Conference Towards a New Future for Haiti” was held in the Trusteeship Council at the United Nations headquarters in New York. At the event, Haitian President René Préval in effect turned over the keys to Haiti to a consortium of foreign banks and governments, which will decide how (to use the conference’s principal slogan) to “build back better” the country devastated by the Jan. 12 earthquake. Read More Here
(Technocrati) – Thousands Of Teachers To Be Laid Off – What Economic Recovery?
Thousands of teachers are about to lose jobs in many states. To manage massive budget deficits, several layoff notices were sent out to 22,000 teachers in California, 17,000 in Illinois, and 15,000 in New York. The numbers are expected only to increase in the coming months. Read More Here
(RawStory) – E-mails Show Goldman Execs Boasting as Housing Meltdown Unfolded
Goldman Sachs’ top executives were aware that the company made money by playing against the US housing market, according to internal e-mails released Saturday. Read More Here
(OpEdNews) – Profiling CEOs and Their Sociopathic Paychecks
One of the questions often asked when the subject of CEO pay comes up is, “What could a person such as William McGuire or Lee Raymond (the former CEOs of UnitedHealth and ExxonMobil, respectively) possibly do to justify a $1.7 billion paycheck or a $400 million retirement bonus?” Read More Here
Video: Gullible Nation – More False Hope Continue reading
Video: Gerald Celente – Finance reform, just a show
(RussiaToday) – April 22, 2010 Continue reading
The next big bailout is on the way. Prepare to get reamed! – Mike Whitney
(SmirkingChimp) – Housing is on the rocks and prices are headed lower. That’s not the consensus view, but it’s a reasonably safe assumption. Master illusionist Ben Bernanke managed to engineer a modest 7-month uptick in sales, but the fairydust will wear off later this month when the Fed stops purchasing mortgage-backed securities and long-term interest rates begin to creep higher. The objective of Bernanke’s $1.25 trillion program, which is called quantitative easing, was to transfer the banks “unsellable” MBS onto the Fed’s balance sheet. Having achieved that goal, Bernanke will now have to unload those same toxic assets onto Freddie and Fannie. (as soon as the public is no longer paying attention) Continue reading
Economy
(USAToday) – States Freeze Tax Refunds
Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months. Read More Here
(DailyMail) – British law firm ‘conspired’ to hide $50bn debts of Wall St giant
A top British law firm helped stricken banking giant Lehman Brothers hide its debts in the run-up to the bank’s collapse, a report said yesterday. Read More Here
(IrishTime) – EU denies Greece bailout deal
The euro zone has not agreed a deal on financial support for heavily indebted Greece, but technical work is continuing and the Commission stands ready to act if need be, a spokesman said today. Read More Here
(InternationalForecaster) – The financial system in America is on the edge of default – Bob Chapman
The dramatic and costly undertow of deflation continues unabated, as government via fiscal policy and the Federal Reserve, by creating money and credit out of thin air, proceed to overpower this deflation with massive inflation. Read More Here
(BusinessInsider) – A Quick Reminder: Here’s The Real Problem
Here’s one of the only economic charts that really matters: Total U.S. debt to GDP (from John Mauldin).
This chart shows the trend from the end of the Civil War until now. Read More Here
(DoctorHousingBubble) – California Doing a Rendition of the Housing Industry on the Budget – $20 Billion Budget Deficit and Massive Amount of Distress Inventory
How Banks Raided the U.S. Treasury with the aid of the Federal Reserve and have Damaged Housing Further. Read More Here
(Bloomberg) – China May Face ‘Massive’ Bank Bailouts After Stimulus Program
China may be forced to bail out banks that made loans for local-government projects under the unprecedented stimulus program unleashed in 2008, according to Citigroup Inc. and Northwestern University’s Victor Shih. Read More Here
(AP) – Social Security to start cashing Uncle Sam’s IOUs
The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It’s time to start cashing them in. Read More Here
(CNN) – Two bank failures raise year’s tally to 30
The closures of Statewide Bank in Louisiana and Florida’s Old Southern Bank brought the number of bank failures this year to 30, according to the Federal Deposit Insurance Corp. Read More Here
(MyBudget360) – Middle Class Americans Losing Financial Ground on Retirement – As Stock Market Rebounds more Middle Class Americans Have Less Money and Fewer Jobs. How is Health Care Spending Boosting GDP a Good Thing? – Read More Here
(SilverBearCafe) – Iceland, the Mouse that Roared
I thought I heard something the other night. It was a distant sound, a low rumbling, a roar from some far off beast that had finally pronounced its presence. It woke me for a second, but it was so distant I felt no threat and simply rolled over and went back to sleep. The next morning I learned that Iceland was taking a stand. It was refusing to pay its British and Dutch debts. Read More Here
(Infowars) – U.S. Debt Clock in Real Time
The U.S. Debt Clock website has a graphic of the U.S. debt that updates in real time. It will make your head swim. Click here to be amazed… or disgusted. Read More Here
Video: EMERGENCY ALERT – Historic Bailout Trial
(GaryFranchi) – Historic Bailout Trial 3/11/10 with opening arguments by Bob Schulz of the We the People Foundation will commence tomorrow. All patriots are needed to attend to witness and document this case. The constitutionality of the robbery of the Treasury of the United States by the criminal Wall Street Bankers hangs in the balance. SPREAD THE WORD! Continue reading
Kucinich Will Vote To Kill Government Run Health Care
(SteveWatson) – Ohio Congressman says he will not vote in favor of a bailout for the insurance industry Continue reading
Economy
(BusinessInsider) – 70% Of The Elderly Aren’t Retiring Because They Can’t Afford To Anymore
A new survey from Career Builder exposes what will be an increasingly common trend as America ages demographically — older workers are being forced to keep working and postpone retirement for financial reasons. Read More Here
(BusinessInsider) – Greece Just Passed Another $6.6 Billion Cut, Now Let’s See How Its People React
Greece is almost over the bailout finish line! Read More Here
(Prospect) – The Plight of American Manufacturing
Since 2001, the U.S. has lost 42,400 factories — and its technical edge. Read More Here
(JSMineSet) – The Skinny On Greece And What It Means To Gold
Greece will fail and be rescued is all that is discussed in the financial world. Here is the real skinny: Read More Here
(MarketOracle) – Nine Shocking Forecasts for Stocks, Gold, Economy and Financial Markets for 2010-2012
We have just ended an online video conference to brief investors on major events that could forever change your future.
We made nine new predictions to pinpoint, as accurately as possible, how and when that future is likely to unfold. Read More Here
(ABCNews) – Economists: Another Financial Crisis on the Way
Even as many Americans still struggle to recover from the country’s worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators. Read More Here
(RussiaToday) – Video: Tent City In NY – View Video Here
(USAToday) – New ghost towns: Industrial communities teeter on the edge
When Henry Kaiser arrived 55 years ago, this place was no place — “a rural problem area,” the government called it, so poor and isolated that the population had dropped 15% since 1940. Read More Here
(SafeHaven) – Dont Bet on a Recovery – Peter Schiff
It is astounding how many economists, government officials, and Wall Street strategists construe the current economic conditions as evidence of a bona fide recovery. It is a testament to the power of the rose colored glasses handed out by our nation’s leading universities that such a feeling could be widely held despite the clear and present danger that compounds daily. The myopia leads us to enact policies that actually exacerbate our problems. The “remedies” are postponing, perhaps indefinitely, a true recovery. Read More Here
(DotEarth) – Fuel Taxes Must Rise, Harvard Researchers Say
To meet the Obama administration’s targets for cutting greenhouse gas emissions, some researchers say, Americans may have to experience a sobering reality: gas at $7 a gallon. Read More Here
(CanadaFreePress) – Citibank needs seven days?
Late last week, a slight furor arose when it became public knowledge that Citibank sent the following notice to customers:
“Effective April 1, 2010, we reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.” Read More Here
(GlobalResearch) – Looming Crisis: America’s Credit Card Debt Bubble-Burst
If you are one of the millions of Americans locked into long term debt service, your road to debt serfdom was likely paved by a mortgage, home equity loan, credit cards, or a combination of all three. Read More Here
Video: Americans + Bailout = REVOLUTION
Denninger: Let’s Cut the Crap — We Are in a Depression Right Now
(SHTFPlan) – So let’s cut the crap – we are in a Depression right now. We are pretending we are not, just like you can pretend you didn’t really lose your job so long as your credit card does not reach its limit. We have been in that depression for about 18 months and there is no evidence that we will exit it, as we have yet to find a way to pull back the deficit spending without an instantaneous collapse in the economy. Continue reading
The Future of the Dollar
(FutureofDollar) – The World is concerned that the dollar cannot play the role of the main reserve currency any longer after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since the 1930s. The Government’s stimulus packages, financial bailouts, the need to support liquidity in Treasuries, keeping interest rates at the lowest level under the circumstances of low economic growth, high unemployment and low tax collection make it print more dollars. This leads to a high risk of substantial inflation, or hyperinflation in a long-run. Continue reading
MSM: Wall Street’s Bailout Hustle – Matt Taibbi
(RollingStone) – On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America’s pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant, nuclear-powered testicles. In his message, Blankfein addressed his plan to pay out gigantic year-end bonuses amid widespread controversy over Goldman’s role in precipitating the global financial crisis. Continue reading
Video: Are US Taxpayers Bailing Out Greece? – Ron Paul
(C4L) – Last week we were reminded that ours is not the only country suffering from severe economic turmoil. The Greek government is the latest to come close to default on their massive public debt. Greece has insufficient funds in their treasury to make even the minimum payments that are now coming due. Their debt level is about 120 percent of their gross domestic product and their public sector absorbs what amounts to 40 percent of GDP. Any talk of cutting costs and spending is met with violent protests from the many Greeks heavily dependent on government payments. Mounting fears of default have sent shockwaves through their creditors and all of the eurozone countries. Continue reading
Video: Did Wall Street bail out Greece? – Russia Today
(February 16, 2010) – The European Union has asked Greece to explain reports that it engaged in derivatives trades with US investment banks that may have allowed it to mask the size of its debt and deficit from EU authorities.Goldman Sachs made up an exchange rate that allowed the Greeks to look as though they were only engaging in a currency swap when, in effect, they were getting more than a billion more than they should have from the trades in credit. Continue reading
Video: Rep. Ryan on Road to Serfdom – John Stossel
(Fox) – Rep. Paul Ryan (R-Wis.) argues Americans are more worried about getting material support from government than their own liberties. Video Link Here
What’s Behind the Toyota Bashing?
(EIRNS) – Japanese and U.S. sources have indicated to EIR that the Toyota recall of millions of cars (mostly in the U.S.A.), and the massive media campaign to demonize Toyota, may be at least in part the result of a conscious effort to undermine, or even destroy, Toyota’s U.S. operations, for refusing to support efforts to bailout worthless debt instruments. Japanese sources said that it was widely believed by knowledgeable people in Japan that there is an effort to undermine Toyota, but that the Japanese press won’t report it. Continue reading
Video: Ron Paul’s Texas Straight Talk on the Greece Bailout
Economy
(Bloomberg) – Marc Faber Discusses Global Financial Markets – View Video Here
(SHTFPlan) – Economic Anarchy: Be Prepared For a Massive Meltdown
An economic calamity is brewing, and as Brian at Survive Right points out, “ the articles are becoming more urgent, more prevalent and from more mainstream sources.” The collective consciousness senses that something is not as it’s supposed to be. Read More Here
(CommodityOnline) – Gold price will surge to $5,000 in two years
Gold Prices will climb to $5,000 within two years due to US dollar weakness and significant buying by players in the hedge fund industry looking to preserve the value of their funds. Read More Here
(WhiskeyNGunPowder) – Secession as a Solution to the Washington Debt Threat
Frédéric Bastiat must have been looking toward the future of the United States today when he said, “When plunder has become a way of life for a group of people living together in society, they create for themselves in the course of time a legal system that authorizes it, and a moral code that glorifies it.” Read More Here
Really Depressing Jobs for the Economically Depressed
As the Modern Economic Depression continues to expand and unemployment rises, job seekers struggling to make ends meet have increasingly ventured into hazardous occupations they are often ill-equipped to safely navigate. Read More Here
(AdBusters) – Chris Hedges: Zero Point of Systemic Collapse
We stand on the cusp of one of humanity’s most dangerous moments. Read More Here
(MyBudget360) – Commercial Real Estate Collapse Bigger than Subprime Implosion
Why is the Market Ignoring the $3.5 Trillion Commercial Real Estate Market Implosion? Pricing in Another Bailout Read More Here
(MoneyNews) – Laffer: Obama Budget Is Plan for Catastrophe
Economist Arthur B. Laffer, head of the Office of Management and Budget under President Ronald Reagan and founder and chairman of economic research and consulting firm Laffer Associates, says President Barack Obama’s proposed budget “is the perfect plan for catastrophe.” Read More Here
(NeitherCorp) – With A Deficit Like Ours, Who Needs Enemies…?
For decades, spurred by the alluring snake oil sales pitch of Keynesian Economics, U.S. financial analysts and Wall Street investors have operated on the assumption that indeed, “greed is good,” but debt… debt is better. Read More Here
(TimesOnline) – New tax bombshell: 20% VAT
A rise in VAT is looming whichever party wins the general election, as Labour and the Conservatives draw up plans to balance Britain’s books. Read More Here
(MailOnline) – Collapse of the euro is ‘inevitable’: Bailing out the Greek economy futile, says FRENCH banking chief
The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday. Read More Here
(DSNews) – Commercial Real Estate Losses Could Hit $300 Billion: TARP Panel
Losses from defaults on commercial real estate loans maturing in the next few years could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, a federal watchdog group has concluded. Read More Here
(LATimes) – In Utah, a plan to cut 12th grade – altogether
The proposal by state Sen. Chris Buttars would chip away at Utah’s $700-million shortfall. He’s since offered a toned-down version: Just make senior year optional. Read More Here
Video: Greece On Brink of Bankrupcy – the E.U. Bailout
(BBC) – Greece is 300 billion in debt, and the biggest E.U. country leaders have met in Brussels and agreed to bailout the Greek economy. Continue reading
Video: Ron Paul “I Wouldn’t Be Surprised If The FED Is Involved In The Greece Bailout”
(Fox) – February 09, 2010 Continue reading
What Do Rising Sovereign Credit Default Swaps Mean?
(WashingtonsBlog) – Rolfe Winkler argues that – in the short-run – the PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) will slash their budgets and get bailed out by the EU. Continue reading
Beginning Of The End: Sarah Palin Hijacks The Tea Party Movement
(NashvillePost) – The tea party movement is dead. The one I was familiar with anyway. Judson Phillips held it down and Sarah Palin drove a stake right through its heart live last night on C-Span in front of an unsuspecting audience. Continue reading
AIG-Gate: The World’s Greatest Insurance Heist
Rumor has it that Timothy Geithner is on his way out as Treasury Secretary, due to his involvement in the AIG scandal that is now unraveling in hearings before the House Oversight and Reform Committee. Bob Chapman writes in The International Forecaster:
Each day brings more revelations of efforts of the NY Fed and Goldman Sachs to hide the details of the criminal conspiracy of the AIG bailout. . . . This is a real crisis on the scale of Watergate. Corruption at its finest.
Video: Ron Paul on Freedom Watch with Judge Napolitano
(Fox) – February 3, 2010 – In this segment, Congressman Ron Paul discusses the corrupt Treasury Department and lots more. Continue reading
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