Economy

(AlethoNews) – U.S. Banks Hid Risk by Lowering Debt Before Reporting, WSJ Says

U.S. banks masked their true risk levels by temporarily lowering debt before reporting it, the Wall Street Journal said, citing data provided by the Federal Reserve Bank of New York. Read More Here

(AP) – 42nd US bank failure in ’10 is South Carolina bank

Regulators on Friday shut down a bank in South Carolina, marking 42 bank failures in the U.S. so far this year amid mounting loan defaults, especially in commercial real estate. Read More Here

(GlobalEconomicAnalysis) – Food Stamp Usage Hits Record 39 Million, 14th Consecutive Monthly Increase – Read More Here

(Yahoo) – Nearly half of US households escape fed income tax – Read More Here

(ABCNews) – Hoarding, Not Hiring – Corporations Stockpile Mountain of Cash

Reluctant to Spend or Expand, U.S. Companies Are Sitting on a Record $1.6 Trillion Read More Here

(LATimes) – L.A. city employees make impassioned pleas against layoffs – Read More Here

(Bloomberg) – Job Openings in U.S. Decrease to 2.72 Million – Read More Here

(WSJ) – Investors Playing Defense Heighten Greek Debt Woes

The market pummeling of Greece continued Wednesday, and many European politicians are quick to blame “traders and speculators,” as Greek Prime Minister George Papandreou recently put it. Read More Here

(NYTimes) – As Greek Bond Rates Soar, Bankruptcy Looms

As interest rates on Greek debt spiral upward again, the question facing Europe is no longer whether Athens has the political will to cut spending and raise taxes to curb its gaping budget deficit, but whether Greece will run out of money before it gets the chance to do so. Read More Here

(RawStory) – US banks understate debt, masking risk: report

Major US banks have been masking the size of their debt, and thereby their risk levels, by temporarily lowering it just before reporting it to the public, the Wall Street Journal reported Friday. Read More Here

(InfoClearingHouse) – The Coming European Debt Wars – Michael Hudson

EU Countries sinking into Depression Read More Here

(GlobalResearch) – “Job Creation”–Stupid Is as Stupid Does – Richard C. Cook – Read More Here

(YahooFinance) – Video: Recovery?!? There’s No Recovery! The U.S. Is Completely Screwed! – Video Link Here

(CNNMoney) – 33 states out of money to fund jobless benefits

With unemployment still at a severe high, a majority of states have drained their jobless benefit funds, forcing them to borrow billions from the federal government to help out-of-work Americans. Read More Here

(DailyCaller) – Debt denial

The sovereign debt crisis has crossed a threshold. It’s no longer about economics. It’s about math and a complex system whose dynamics tell us there is little time to avoid catastrophe and almost no exit. Going forward, elections and policies will matter less as the debt plague takes hold and dictates hard outcomes. Read More Here

(TheDailyCrux) – Sales of silver coins are soaring

The U.S. Mint just reported another record, but this time it wasn’t for gold. The Mint sold more Silver Eagles in March and in the first quarter of the year than ever before. A total of 9,023,500 American Silver Eagles were purchased in Q110, the highest amount since the coin debuted in 1986. Read More Here

(YahooFinance) – Video: Lowenstein – Thanks to Greenspan and Bernanke, The Next Crisis Could Be “Even Scarier” – View Video Here

(YahooFinance) – A Financial 9/11: How the Wall Street Crash Changed America Forever

In The End of Wall Street, noted author and financial journalist Roger Lowenstein argues the crisis of 2008 marked more than just the end of Lehman Brothers, Bear Stearns, Washington Mutual and a host of other firms. Read More Here

(ZeroHedge) – The Greatest Shell Game Ever Continues As The Whole World Is Now Insolvent; Updated Thoughts From Chris Martenson On The Upcoming US Funding Crisis Read More Here

(ZeroHedge) – Consumer Credit Plunges $10.5 Billion, Expectation Was $0.5 Billion, Consumer Credit Back To June 2007 Levels Read More Here

More Government Equals Fewer Jobs – Peter Schiff

(C4L) – With today’s unexpected decline in December payrolls, the cry for more job-related stimulus will grow even louder. But the sad truth is that any new stimulus or jobs bills will ultimately swell the ranks of the unemployed, thereby raising calls for an even bigger federal effort. If we are not careful, government regulations, subsidies, and spending, all designed to fight unemployment, could push the labor market into a death spiral. Continue reading

The Precarious State of Our Union – Peter Schiff

In this week’s much anticipated State of the Union address, President Obama again demonstrated his poor understanding of the fundamental problems that confront our nation. By following the advice of the same people who helped guide our economy to the precipice of total collapse, Obama now threatens to push it over the edge. Continue reading

Deepening Economic Crisis: Financing the War at the Expense of Job Creation

(WashingtonsBlog) – America is in the most severe unemployment crisis since – and perhaps including – the Great Depression.
And yet Obama, like Bush, has done virtually nothing to create more jobs. Instead, they both gave trillions to the biggest banks (who are not loaning it out to the little guy) and for waging wars in Afghanistan and Iraq. Continue reading

US Joins Ranks of Failed States – Paul Craig Roberts

The US has every characteristic of a failed state.

The US government’s current operating budget is dependent on foreign financing and money creation. Continue reading