It’s too late for anyone to pretend that the U.S. government, whether under President Barack Obama or anyone else, can divert our nation from long-term economic decline. The U.S. is increasingly in a state of political, economic, and moral paralysis, caught as it were between the “rock” of protracted recession and the “hard place” of terminal government debt. Continue reading
Consumer credit is falling fast. In July, consumer credit plunged by $19 billion, followed by an August drop of $12 billion, a 5.8 percent annual rate. Credit card spending decreased by nearly $10 billion in August, while non-revolving debt, including auto loans, fell by $2 billion. Credit has shrunk for 7 consecutive months, the longest period of decline since 1991. Continue reading
Dec. 23 (Bloomberg) — Sales of single-family houses in the U.S. dropped in November by the most in two decades and resale prices collapsed at a pace reminiscent of the Great Depression, dashing speculation the market was close to a bottom.
Purchases of both new and existing houses dropped 7.6 percent from the prior month, the biggest decline since January 1989, to an annual rate of 4.43 million, government and industry figures showed today. A 13 percent drop in the median resale price from a year earlier was the most since records began in 1968 and was likely the largest since the 1930s, the National Association of Realtors said. Continue reading
Dec. 23 (Bloomberg) – Sales prices for existing U.S. homes fell the most on record in November, tearing a deeper hole into households’ already tattered finances.
The median resale price fell 13 percent from a year before, to $181,300, “probably the largest price decline since the Great Depression,” National Association of Realtors Chief Economist Lawrence Yun said in Washington. Sales slid to an annual rate of 4.49 million, lower than forecast. Continue reading
Two sets of rules on wall street, 50 billion ponzi scheme by Bernard Madoff uncovered, court case for the toxic waste coverup, Paulson’s efforts are futile, commercial and residential real estate market alike now frozen, fed is frantic, an elitist engineered collaps of the U.S, derivative problems galore, and no real debate taking place in government As we know there are two sets of rules in banking and on Wall Street – one for the anointed and one for everyone else. The anointed never go to jail for their crimes.
On Friday, it was reported that former Nasdaq stock market chairman Bernard Madoff was arrested for running a fraudulent investment business that lost $50 billion before he confessed to senior employees it was a “giant Ponzi” scheme. Continue reading
WESTERN DRIVE TOWARD WORLD DOMINATION
Even as preparations are underway for Barack Obama to assume office as the 44th president of the United States on January 20, the U.S. military juggernaut that is roaring toward global conquest hasn’t missed a beat. This is shown by the team of hawks—including holdover Robert Gates at Defense and Hillary Clinton as Secretary of State—that Obama has assembled to handle the levers of the war machine and its diplomatic front.
The median sales price in the region drops to $300,000 in October, dragged down by the large number of foreclosed homes on the market.
With the median price of Southern California homes down more than 40% from its peak, the housing market has now slid further than most economists expected. Continue reading
Investors on the outside slammed while insiders getting rich, Market conditions indicate you need to protect yourself with gold and silver, Paulson monetary voodoo reanimates zombie fraudster banks, Market crashes set the stage for bank acquisitions, predicting a financial super entity, Continue reading
Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation’s ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices. Continue reading