LewRockwell Today - 12-21-2008
Ernest HancockThe Empire's Depression, Welcome to the New Era. Article by Justin Raimondo. / Made-Off With Billions, Karen Kwiatkowski on Ponzi schemes / Can the US Keep Its Afghan Colony? Nope, says Pat Buchanan
Contents Pages by Subject
Economy - Economics USA
Median home price in Southern California falls below $300,000
• seattletimes.nwsource.com/The November median price was down 34.5 percent from a year ago and 43.6 percent below the peak price of $505,000 recorded during several months in 2007, the San Diego real-estate information service MDA DataQuick reported this past week.
Biden: U.S. Economy in Danger of 'Absolutely Tanking' (VIDEO)
• ABC"The economy is in much worse shape than we thought it was in," Biden told me during an exclusive interview -- his first since becoming vice president-elect-- to air this Sunday on "This Week with George Stephanopoulos."
Americans sell possessions, buy used to cut costs
• Reuters.com/"Every morning we open up these doors, people are there, lined up to the door," said Dollard, sweeping her hand at a snaking pile of used goods waiting to be appraised at the Once Upon A Child store in the Cincinnati suburbs.
Schwarzenegger may force unpaid time off for state employees
• CalculatedRisk.blogspot.comCalifornia Governor Arnold Schwarzenegger may force all state workers to take two days of unpaid leave each month to conserve money ... The practice would begin in February and would last through June 2010 ...
Ohio Constitutional Convention Resolution Killed by Grassroots Pressure
• New AmericanOn December 10 the Judiciary Committee of the Ohio House held a hearing on House Joint Resolution No. 8, “Applying to the Congress of the United States pursuant to Article V of the United States Constitution to call a constitutional convention
America Will Soon Owe More Than Its Citizens Are Worth
• Peter G. Peterson Foundation"Given more recent developments, it's clear that America now owes more than its citizens are worth," said Foundation President and CEO David M. Walker. "Passing this shocking milestone highlights the need for President-elect Obama
Twelve Major Banks Have Credit Ratings Cut by S&P
• CNBC.com/Standard & Poor's lowered the credit ratings and outlooks for 12 major U.S. and European banks Friday, including Goldman Sachs and Bank of America, citing increasing industry risk and a deepening economic slowdown.
Auto makers to get more than $17 billion in loans
• Marketwatch.comThe White House announced plans Friday to extend $13.4 billion in loans to troubled Detroit auto makers, with another $4 billion likely available in February, citing the need to avoid "disorderly liquidation" during an already troubled econ
Ron Paul: Fear Based Bailouts Constitute Economic Terrorism
• PrisonPlanet.comTexas Congressman Ron Paul has hit out at US monetary policy, warning that fear based politics are being used to promote the bailout culture in the same way they were used to sell the Iraq war.
The Economic Civil War
• Salon / Michael LindThe non-Southern states, through Congress, the executive branch, and enlightened Southerners, need to use the power of the federal government to put a stop to the Southern race-to-the-bottom strategy once and for all.
Auto Bailout Edges Closer To An 'Orderly' Bankruptcy - Where GM Will Die
• CNBC.com/"The president is not going to allow a disorderly collapse of the companies," White House press secretary Dana Perino said Thursday. "A disorderly collapse would be something very chaotic that is a shock to the system."
The emergency is here
• Mark YannoneThe time to act is now. Only a fool would sit on the sidelines, hoping to be saved by the same people who brought us to the edge of oblivion. Now what?
Fannie/Freddie - Get Your Loan Modification & Pay For the Rest of Your Life
• Mrmortgage.ml-implode.comIf widely accepted by home owners this will ruin the American consumer and make housing a dead asset class for decades. If you are in a serious negative equity position when signing these forms when most are, remember that you will:never be able to s
Gerald Celente: Top Trends Of 2009 - The Greatest Depression coming in Feb-March
• Rense.comNow, in our "Top Trends of 2009," we forecast "The Collapse of '09," which in turn will spiral into the "Greatest Depression" the worst economic conditions America has ever experienced.
In Auto Bailout Talks, Paulson Takes the Wheel
• NY TimesIn the negotiations, the Treasury secretary is effectively taking on the role of “auto czar,” which was envisioned in the bill written by the White House and Congressional Democrats but blocked by Senate Republicans.
Chrysler Tightens Terms on Dealers
• Wall Street JournalChrysler's financing arm recently has warned dealers it may have to temporarily stop providing loans for dealers to stock vehicles on their lots because of a wave of withdrawals from a fund used to pay off those loans.
Credit unions expand car loan program to Chrysler
• CNNMoneyThe president and CEO of the Michigan Credit Union League said the program's intent is both to send the message that auto loans remain available and to prop up sales at domestic manufacturers.
Seeking a Ford for the Future
• WAPO / George F. WillThe task of the proposed "car czar" -- silliness on stilts -- would be to supervise the pruning of GM's nameplates and dealerships. The most qualified person for that ill-conceived position already has a more promising job, as Ford'
Peter Schiff on Vanishing Jobs (CNN Panel Discussion)
• CNNPeter Schiff talks about vanishing jobs. Peter discusses the morality of punishing good businesses to reward bad businesses. 12-6-08
Peter Schiff - Crash Proof - Why The U.S. Economy Will Collapse
• Peter SchiffPeter is a follower of the Austrian School of economics
Dollar's Slump Erases Months Of Solid Gains
• Washington PostThe dollar yesterday staged one of its biggest one-day drops against the euro and fell to a 13-year low against the Japanese yen as near-zero interest rates and the Federal Reserve's plan to print vast sums of cash dilute the value of the greenba
Chrysler shuts down for at least a month
• Washington PostStruggling U.S. automakers are launching a round of severe cutbacks as they wait for a government rescue, with Chrysler saying yesterday it will idle all 30 of its U.S. factories for a month.
Morgan Stanley posts big loss; market hopes worst over
• ReutersMorgan Stanley reported a much wider-than-expected $2.2 billion quarterly loss on Wednesday on plummeting markets and poor trading moves, while banking and brokerage fees sank.
Congress wants to reinflate the collapsing housing bubble
• Mortgageimplode.comThis means that the buyer does not make a true downpayment born of personal sacrifice, undermining its purpose. In the end, this is the same sort of "100% financed" lending that was a major contributor to the collapse.
DataQuick: Socal 55% of Home Sales are previous Foreclosures
• CalculatedRisk.blogspot.comThe abundance of discounted foreclosures helped push the median sale price down a record 35 percent from a year ago, a real estate information service reported.
"I've abandoned free-market principles to save the free-market system"
• Reason / Matt WelchBack when the subject was still the War on Islamo-jerkoffs, I called this phenomenon "Women's Shoe Libertarianism"–fun to wear on a sunny day, but useless in a storm. Same goes for the Women's Shoe Capitalism of George W. Bush.
Who Do You Trust: Inflation, Money Supply, GDP, Unemployment & Dollar
• shadowstats.com/These charts will give you an idea of what is really going on in the U.S. economy.
California: Calpers To Report Losses of 103% on its Residential Investments
• Michael Shedlock / MishCalpers in recent weeks said it expects to report paper losses of 103% on its residential investments in the fiscal year ended June 30. That's because Calpers invested not only its own money, but billions of dollars of borrowed money that must be
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