It's the Stupid Economy
• Jon Stewart - The Daily ShowPresident Bush is an optimist on the economy, but Federal Reserve Chairman Ben Bernanke is an expert.
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Economy - Economics USA
U.S. Economy: Home Construction Hits 17-Year Low (Update2)
• Bloomberg.comJuly 17 (Bloomberg) -- Builders started work in June on the fewest single-family U.S. homes since 1991 and manufacturing in the Philadelphia region contracted for an eighth straight month, signaling the economic slowdown is worsening.
UPDATE: Merrill Lynch Posts $4.7 Billion Loss As Write-Downs Climb
• money.cnn.comThe investment bank wrote off another $9.75 billion in value of complex securities, bad hedges with shaky bond insurers, mortgage-related assets and high risk loans. That brought Merrill's total write-downs in the year-old credit crisis to about
Ron Paul Interviews, CNBC and FOX Business [Videos]
• blog.nationbuilder.orgGreat videos below. Kudlow seems real partial to Ron Paul's ideas.
San Francisco Bay Area: Home Prices Plunge, Foreclosures Rise
• CalculatedRisk.blogspot.comLast month foreclosure resales made up 28.7 percent of all Bay Area resales, up from 27.6 percent in May and 3.5 percent a year ago. They ranged from as little as 3 percent of resales in San Francisco to as much as 57.7 percent in Solano County.
Status Report on the Collapse of the U.S. Economy
• Global ResearchEven the super-rich are becoming nervous as cries for an emergency suspension of short selling ring out. What is really taking place is the producing economy of workers is being crushed by the overall debt burden on households, businesses, and
Foreclosures Now 41.1 Percent of Home Sales in Southern California
• CalculatedRisk.blogspot.comForeclosure resales continue to be a dominant factor in today's Southern California market accounting for 41.1 percent of all resales. That was up from 39.2 percent in May, and up from 7.3 percent in June a year ago.
Homebuilder Confidence Falls to New Record Low
• CalculatedRisk.blogspot.com“Builders are reporting that traffic of prospective buyers has fallen off substantially in recent months,” said NAHB Chief Economist David Seiders.
Sovereign funds cut exposure to weak dollar
• Financial TImesOne big sovereign fund in the Gulf has cut its dollar-denominated holdings from more than 80 per cent a year ago to less than 60 per cent, while China’s State Administration of Foreign Exchange (SAFE) has been looking to strike deals with private equ
Media Death March
• Wired MagazineThe depressed newspaper industry is old news of course but Alan Mutter, who blogs at Reflections of a Newsosaur, noticed a depressing pattern in the last report of "short" market activity: there were some pretty big bets that newspaper stoc
Ron Paul vs. Ben Bernanke
• YoutubeRon Paul takes on evil fed chairman Ben Bernanke. Opening Statement and Q&A. 7-16-2008
U.S. faces global funding crisis, warns Merrill Lynch
• Telegraph.co.uk/The country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (£350bn) current account deficit, leaving it far more vulnerable to a collapse of confidence than Japan in the early 1990s after the Nikkei bubble burst.
Bernanke vs. Ron Paul – Live - Wed July 16, 10AM EDT
Ernest HancockFederal Reserve Chairman Ben Bernanke continues with his semi-annual testimony before Congress Wednesday morning. Bernanke will face Dr. Paul and the Congressional Committee on Financial Services on Wednesday July 16 at 10:00 a.m. EDT
A gloomy day for the economy, except at the White House
• McClatchy NewsBy the end of the day, the Dow had closed at its lowest level in 2 years, the government reported prices had jumped at their sharpest pace in 27 years, and the chairman of the Federal Reserve Board warned that "significant challenges" lie a
June California Foreclosure Report: Conditions Arguably Worsen
• MrMortgage.ml-implode.comAmerica’s real estate is being marked-to-market by the bank’s shadow inventory. This causes even greater numbers of home owners to go into a negative equity position, causing even more loan defaults. It is a vicious cycle that has never been seen bef
In Which the Guilty Burned Them at the Stake
Brock LorberRather than re-examine the D.C. proclivity to play Civ II in the world's oil fields and block new investment, Reid et al have turned to the medieval practice of blaming sorcery, witchcraft, and speculation for economic ills.
FDIC chair: deposits in nation's banks are safe
• APThe head of the Federal Deposit Insurance Corporation says the nation's banking system is sound and Americans' deposits in banks are "overwhelmingly" safe. [and we can seize them at any time...oh, you mean monetary deposits, well ..
Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
• BloombergNowhere mentioned in the accompanying 66-page handout were the additional $1.1 trillion of assets that New York-based Citigroup keeps off its books: trusts to sell mortgage-backed securities, financing vehicles to issue short-term debt and collateral
IndyMac depositors line up for cash after seizure
• Reuters"I didn't think anything like this would happen," said retired teacher Charles Tengeri from Pasadena, who was first to emerge from the branch after withdrawing $171,000 -- about two-thirds of his life savings. "I withdrew as much a
Avoid Financials as Bank 'Fires' Continue, Laszlo Birinyi Says
• BloombergInvestors should avoid most financial companies because their shares will probably keep declining. "Stay away from these stocks....There's an awful lot of fires that need to be put out. I'm concerned about how we get them all out,'**
Phantom Shares - Emmy Award winning Bloomberg Movie
Ernest Hancock
Naked Short Selling Crisis
SanityCheck.comIf you are new to the Market Reform Movement and the underlying issues of market manipulation and naked short selling
Entered By: Ernest Hancock
Jim Cramer: The Flip-Flop that Ought to be Illegal
• YouTubeHow can it be that Bear Stearns Hedge Fund guys are going to JAIL for their misdeeds, but, Jim Cramer gets away with THIS?
Treasury Acts to Save Mortgage Giants
• NY TimesOfficials briefed on the plan said Congress could be asked to extend the total line of credit to the institutions to $300 billion. The actions, which could provide an overwhelming surge of capital to the companies, were the 2nd time in 4 months
US Treasury ready to put billions into bailout of America’s mortgage system
• London TimesThe two groups together account for more than half of America’s $12,000 billion of outstanding mortgages. A failure of Freddie and Fannie would drive up mortgage payments significantly as a crucial source of financing dried up and would have a domino
Government as the Big Lender
• NY TimesMuch of the private money that once surged into the mortgage industry has fled in a panicked horde, leaving most of the responsibility for financing American homes to the government-sponsored Fannie and Freddie. By the first three months of this year
Analysts Say More Banks (150) Will Fail Next Year
• NY TimesBut the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. Other lenders are likely to shut branches or seek mergers.
US spells out Fannie-Freddie backstop plan
• APThe Federal Reserve and the Treasury announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as losses from their mortgage holdings threatened their financial survival.
DeepCapture.com takes on short sellers
deepcapture.comWebsite referenced by Bud Burrell in his Financial Sense Newshour interview. This site provides details of how and who participates in naked short selling to steal the market cap of targeted companies.
Entered By: Mike Dugger
EPA too powerful, could damage economy
• Tulsa WorldWhile others criticized the Bush administration's inaction on greenhouse gases, US Sen. Jim Inhofe warned that it has put in place a scenario that will bankrupt the economy. A key player in the years-long debate over climate change,
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