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In this Bloomberg segment Dr. Nouriel Roubini shares his thoughts on why pundits proclaiming the stabilization of the housing market are wrong. My favorite part? The idea of our debt ballooning from 40% GDP to 80%. Lovely...
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In the week ending June 20, the advance figure for seasonally adjusted initial claims was 627,000, an increase of 15,000 from the previous week's revised figure of 612,000.
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Not content to just impose "cap and trade" on American
industry, Henry Waxman (D-CA) and Edward J. Markey (D-MA) want to slap
tariffs on goods from countries whose own idiot pols don't adopt
similar schemes.
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by Rep. Ron Paul, Last week Congress passed the war supplemental appropriations bill. In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home.
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Mr. Kubby and his team of scientists are developing more effective ways to produce and commercialize the production of whole plant cannabinoid-based pharmaceutical products. His new company, Cannabis Science Inc. (NASD OTCBB: CBIS), brings an opportunity to the libertarian community which has rarely, if ever, been offered before.
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Artist Thomas Thwaites explains the gist:
"I'm trying to build a toaster, from scratch—beginning by mining the
raw materials and ending with a product that Argos sells for only
£3.99." So Thwaites has been traveling around the world to acquire
iron, nickel, copper, and oil from which he planned to make refined
petroleum for the appliance's plastic moldings.
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The top-performing letter that predicted the Crash of 2008 now predicts a confiscatory Franklin D. Roosevelt-style "bank holiday." But it's surprisingly sanguine about stocks -- in the (very) short term.
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The collapse of the Minneapolis I-35 Bridge in 2007 was an unfortunate but excellent metaphor for the future of the America’s economy and the impending collapse of the American way of life.
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It looks like we are in a place that would look very familiar to people who followed equities in 1929.
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While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.
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Anyone who thinks that a $100 billion+ hit to consumer spending capacity, plus the follow-on emotional impact of "feeling poorer" when the plastic doesn't work any more won't show up in the economy has rocks in their head.
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So while he is riding along, he is also trying to ignore the big domestic government finance disaster rushing down the rail toward him. California is screaming for help and others can not be far behind. The cities must be facing huge contractions in their budgets. In the end it will become visible and congress will be forced to react again in a panic. All this is foreseeable and plans can be made.
Banks, large banks can't fail but smaller ones can fail and be bought out by stronger banks. Insurance companies can not fail. Auto giants can fail after they have been given a few billion perhaps to be given to the companies that a
Read Letter
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All of this is obvious. The public ignores it. This is why consumer confidence is a bubble. It keeps rising, yet it is not supported by the facts that count, which are data on the state of the real estate...
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"The annual migration rate has gone way down to historic low levels," Frey said. "This includes long distance moves and moving across town." In 2008, only 11.9 percent of Americans moved, he said.
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All told, Red Roof's properties carry at least $1 billion in debt, including mortgages, mezzanine loans and other notes.
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As California faces a $25 billion budget shortfall, which it must resolve by July 1, the state is on the brink of financial disaster, and ripples from its fiscal collapse could adversely affect both the nation's economic...
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Moody's Investors Service said the U.S. government's
triple-A credit rating was safe but added that it could be at risk if
Washington were unable to bring its public debt back to a downward
trajectory. Financial markets have repeatedly been spooked this year by concern
that triple-A rated governments such as the United States and Britain
could face credit ratin
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Since the first of the year, lenders have filed default notices against 323 properties in the valley, according to Nevada Title Co.
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This marked the fifth delay for the Dreamliner, already nearly two years behind the initial schedule.
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The point is that only the US government can print the currency to accommodate this shift back to conservative lending practices. It is US denominated debt after all. And they did want to be the world’s reserve currency. That means they now get to establish global banking standards and get to own an incredible amount of bank paper throughout the world. Otherwise, an alternative will be found and we will likely repeat this all over again in about twenty to forty years in a different form of currency. The US currency bubble will then continue to contract and retreat into the US local market as deleveraging contracts the supply.
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Worse, "U.S. commercial real estate could fall by more than 50 percent from the peak in 2007. The number of new loans that are becoming delinquent each month are defaulting at rates between 5 percent and 8 percent per year...
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Here is a map of the three month change in the Philly Fed state coincident indicators. Forty nine states are showing declining three month activity.
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Executives at U.S. companies are taking advantage of the biggest stock-market rally in 71 years to sell their shares at the fastest pace since credit markets started to seize up two years ago. Insiders of Standard & Poor’s 500 Index companies were net sellers for 14 straight weeks as the gauge rose 36 percent
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Sure. If you want to have a bigger, more tyrannical state.
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In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home.
Many of my colleagues who voted with me as I opposed every war supplemental request under the previous administration seem to have changed their tune.
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The problem that many don't grasp, that even Moody's has finally caught on, is that once capitulation in CRE sets in, the bottom will be torn out.
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California is America’s most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India. And it’s collapsing.
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The chief executives at 10 large banks were all smiles last week as they repaid a total of $68 billion of Troubled Asset Relief Program money -- but some on Wall Street feel they rushed too quickly to get the government off their backs.
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"Has Jim Cramer just touched off another round of Tea Parties?" So asked TVNewser's Chris Ariens in response to another anti-Obama demonstration by the outspoken CNBCer who appeared on MSNBC's "Morning Joe" hours earlier:
