Economy

(WAPost) – Wa. Post: Citi sale “would amount to a validation of bailout”

Among the banks that rule Wall Street, Citigroup got a bailout that was bigger than the rest. Now the company is about to pay a king’s ransom for its federal rescue. Read More Here

Video: Federal Reserve End Game – View Video Here

(TalkRadioNews) – Sarkozy Calls For World Economic Regulation – Read More Here

(Fox) – Peter Schiff Discusses The Jobs Bill On Freedom Watch – View Video Here

(GoldSeek) – Gerald Celente – This time they will close Banks & Wall Street – View Video Here

(CNBC) – Video: Jim Rogers – Commodities More Attractive Than Currencies – View Video Here

Marijuana Legalization ~ Grassroots Industry or Corporate Takeover

California state officials have determined that the Regulate, Control and Tax Cannabis Act of 2010 has enough eligible signatures to appear on the November ballot. This ballot measure would allow the possession of 1 ounce of marijuana for personal use by individuals aged 21 and older and the ability to cultivate gardens up to 25 square feet. Currently, possession in California is a misdemeanor that carries a $100 fine. The Act would ban the use in public or around minors.

A no brainer … right … End the insanity of this aspect of the war on drugs, tax it and go on our merry way. Maybe it’s not that simple. Read More Here

(InternationalForecaster) – Credit Crisis, Outrage, Far From Over

Bernanke re-nominated, outrage at banks, insolvency the real state of banks, crime pays when you are at the top, sovereign debt crisis around the world, debt and derivatives products were all just a ponzi scheme, the problem wont go a way when the system is purged, PIMCO Bill Gross warns of inflation, big cutbacks in services… Read More Here

(PrimaPanama) – Disturbing new U.S. law aims to end individual foreign bank accounts – Read More Here

(WashingtonTimes) – KUHNER: Will America break up?

President Obama is splintering America. The passage of Obamacare was a historic victory for liberal governance. Yet, its true cost may be that it triggers the eventual breakup of the country. Read More Here

(CrooksAndLiars) – Too Big To Jail? DoJ: Wall St. Bailout Buds ‘Co-Conspirators’ In Plot To Rip Off State, Local Governments

Municipal bonds are where a lot of the political kickbacks and corrupt deals are typically hidden, so I can’t say I’m surprised. In fact, it’s sort of funny that the governments dealing with these guys apparently thought they could trust them, considering how crooked the business is. Lie down with dogs, rise up with fleas, as the nuns used to say:Read More Here

(AllGov) – Chertoff Joins Defense Firm that Defrauded U.S.

Michael Chertoff, the former homeland security chief who’s not been shy about exploiting terrorist threats for the benefit of his clients, has decided to join a top defense contractor that defrauded the U.S. government. Read More Here

(EconomicPolicyJournal) – Obama’s New Housing Program Is a Huge Gift to Banks

Dean Baker does a great job of explaining what it will do. And, while Baker does imply that the Administration may have been a bit naive in structuring the program this way, I doubt it. Further, you can be sure that Lloyd Blankfein and Jamie Dimon understand exactly what this structure means. Here’s Baker: Read More Here

(SeattleTimes) – Recession’s untold story

It turns out the job of dog-kennel assistant is even less glamorous than it sounds Read More Here

The Dumping Begins: Chinese Reserve Managers Notified That Any Non-USG Guaranteed Securities Must Be Divested

(ZeroHedge) – It appears that this time China’s posturing is for real. Following up on our earlier post that Chinese military officials want to “punish” America by selling Treasuries, Asia Times Online is reporting that an explicit directive by the Chinese government has notified reserve managers to sell all risky US assets, including asset backed and corporates, and just hold on to explicitly guaranteed Treasuries and Agency debt. And from following TIC data we know that China’s enthusiasm for MBS/Agencies over the past year has been matched solely by that of one Bill Gross. Continue reading

The State of the Nation: I am afraid

“As I look at America today, I am not afraid to say that I am afraid.” – Bertram Gross, Friendly Fas­cism: The New Face of Power in America
Omi­nous devel­op­ments in America have been a long time coming, in part pre­cip­i­tated by “we the people” – a cit­i­zenry that has been asleep at the wheel for too long. And while there have been wake-up calls, we have failed to heed the warnings. Continue reading

MSM: Dollar Reaches Breaking Point as Banks Shift Reserves

(Bloomberg) – Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Continue reading

US Economy: More Unemployment. Slowdown in the Pace of Job Losses

(BobChapman) – The number of Americans filing first- time claims for unemployment benefits fell last week to the lowest since January, a sign the labor market is deteriorating more slowly as the economy emerges from the recession. Continue reading

MSM: Swine Flu May Cause 90,000 U.S. Deaths, Report Says (Update2)

(Bloomberg) – Swine flu may infect half the U.S. population this year, hospitalize 1.8 million patients and lead to as many as 90,000 deaths, more than twice the number killed in a typical seasonal flu, White House advisers said. Continue reading

Video: Peter Schiff – OIL is going well above $200

(Fox) – Peter Schiff discusses the future of oil on Fox Business – August 19th, 2009 Continue reading

Will endless wars save the dollar?

“Since 1945, the US dollar has been the world reserve currency. As its value depreciates, countries holding huge dollar reserves begin to worry. China in particular has expressed grave concerns since it holds nearly $2 trillion in US currency reserves, mostly in the form of US treasury bonds. According to some reports, it is drawing down its dollar reserves by purchasing gold and stocks of raw materials and energy.” Continue reading

MSM: British economic collapse rivals Great Depression

(Telegraph) – The collapse in Britain’s economy now rivals the worst days of the Great Depression, it has emerged. Continue reading

U.S. Economy in 2nd Straight Quarter of Steep Decline

The American economy shrank rapidly in the first three months of the year, the government reported on Wednesday, a signal that the economy is likely to remain a dominant issue as the Obama administration looks beyond its first 100 days. Continue reading

MSM: Deutsche sees risk of U.S. GDP falling 10 pct in Q1

(Reuters) – Deutsche Bank predicted there are risks that the U.S. economy could contract by as much as 10 percent in the first quarter, given the relentless wave of dismal economic data being reported in early 2009. Continue reading