Economy

(Money&Markets) – More Retirement Disasters

I can’t believe the number of frightening retirement stories I’ve seen in just the last week. They suggest that the vast majority of our country’s citizens are completely unprepared for life after work. They point to a governmental backup system that is getting ever more desperate. And they suggest that other traditional sources of retirement income — such as corporate pensions — are in grave danger of imploding. Read More Here

(LATimes) – More homeowners are opting for ‘strategic defaults’

Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments. Read More Here

(GoldEagle) – Through a Looking Glass Darkly

“We are spending more money than we have ever spent before, and it does not work. After eight years, we have just as much unemployment as when we started and an enormous debt to boot.”
-US Treasury Secretary, Henry Morgenthau, May, 1939
I forget who first said it, but it was, “A $ million here a $ million there, pretty soon we are talking about real money.” It took approximately 20 years before it became “A $ billion here a $ billion there…..” and it wasn’t very long before “A $ billion … “became “A $100 billion…” Now, virtually overnight while no one was watching, it’s become “A $ trillion here a $ trillion there…” Are we still talking about real money? And are we still not looking? We are certainly not trying to do anything about it. Read More Here

(NYTimes) – Junk Bond Avalanche Looms for Credit Markets

When the Mayans envisioned the world coming to an end in 2012 — at least in the Hollywood telling — they didn’t count junk bonds among the perils that would lead to worldwide disaster, Nelson D. Schwartz writes in The New York Times. Read More Here

(MSNBC) – Yes, we do still make things in America

U.S. factories keep churning out goods, but jobs disappear by the millions Read More Here

(EconPolicyJournal) – The New U.S. Government Off Balance Sheet Scam

Senator Chris Dodd, who is not seeking re-election, has decided to treat the American people to one more scam, probably because scamming is all he knows how to do Read More Here

(SFGate) – Pink slips sent to thousands of Calif. teachers

California’s budget crisis could cost nearly 22,000 teachers their jobs this year. Read More Here

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

The Coming Obama Retirement Trap Has Started!

(LewRockwell) – Dear Concerned American:
I begin with a quote from a politician who believed in an all-powerful central government and in using that power to achieve his vision for a nation. “He who has his thumb on the purse has the power.” ~ Otto von Bismarck, a statesman who created the modern Germany and known as the iron chancellor Read More Here

Good Banks Fed Toxic Waste And Turned Into Zombies – Bob Chapman

We were afraid something like this might happen, if this legislation is passed the next step will probably be something even more onerous. As you know congress has heard testimony about rolling retirement plans into Social Security. Although we don’t know that that will happen but what the Senate is doing could be a first step in that direction. We know that most of you cannot get out of your 401k without losing your job. So you don’t have much choice. Those who have 401k’s that are self directed, because they left or were forced from their employer they might consider paying the taxes and penalty if applicable. This is not a good development.

Three Government Reports Point to Fiscal Doomsday

When our leaders have no awareness of the disastrous consequences of their actions, they can claim ignorance and take no action.

America is now the world’s biggest debtor

The latest Treasury auction of $19 billion of 10-year notes was at a yield of 3.365%. The bid to cover was 3.28 to 1, the highest ever. This was the third of four sales this week totaling $73 billion.

GM, Amtrak and an Increasingly Fascist America – Ron Paul

Last week, General Motors finally declared bankruptcy. Many in government thought $20 billion in taxpayer dollars would save the company, but as predicted, it only postponed the inevitable.

Grand Theft Auto: The Bankruptcy of General Motors

They may be crying about General Motors’ bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won’t spoil Jamie Dimon’s day.

MSM: Leap in U.S. debt hits taxpayers with 12% more red ink

(USA Today) – Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.

Proposals to Confiscate Workers’ Personal Retirement Accounts

Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

MSM: Retirement accounts have lost $2 trillion, so far…

Retirement accounts have lost $2 trillion, leading Americans to keep working, stop saving

WASHINGTON (AP) — Americans’ retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress’ top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers’ nest eggs.