ON AIR NOW
Click to Play
Now is the payback time. We should be expecting growth to be below trend for the next seven years, with a few outliers tossed in for good measure to keep everyone excessively optimistic.
Ron Paul gets interviewed by Aaron
Task from Yahoo Finance. Looks like the main stream media is starting to
get it. Ron Paul was right all along. The interviewer seems
perplexed that Ron Paul would give such seemingly simple answers to what the
pundits have categorically determined that the public is too stupid to
understand.
What most of these people do not
understand is that the market is infinitely smarter than anyone of these
politicians who in the end are only doing what is good for them and their
friends. The market is self correcting and when these politicians meddle
in the system it prevents the system from correcting itself. The long the
system is not allowed to correct itself the greater the ultimate correction
will be. It is inevitable!
"They are simply jaw dropping" Barry Ritholtz
Bank of America joined other major banks in reporting better-than-expected second quarter income, earning $2.42 billion even as losses from failed loans continued to rise. "But big consumer banks, and Bank of America is the biggest, they are the ones who have the most to lose in a prolonged consumer-oriented recession."
Citigroup Inc. surprised Wall Street, reporting a $3 billion second-quarter profit instead of the big loss analysts expected. Citigroup became the fourth big bank to report strong results for the quarter.
“With every passing day, the state’s credit rating moves closer and closer to the junk pile,” Lockyer said in a statement. “If the Governor and Legislature dump us on that pile, they will end indefinitely the state’s financial ability to...
The fact is that California needs to create a state bank similar to that of North Dakota just to insulate itself from the type of reckless behavior now smashing up the US banking system. They comment on North Dakota’s long history. For what it is worth, you step across the border and you enter a hotbed of experimentation created by the great depression
“One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors,” said Robert Reich. Both banks now stand astride post-bailout Wall Street, having benefited from billions of dollars in taxpayer support and cheap government financing to climb over banks that continue to struggle. They are capitalizing on the turmoil in financial markets and their rivals’ weakness to pull in billions in trading profits.
The Milwaukee, Wisconsin-based company announced the new job cuts along with a 91 percent plunge in second quarter net profit from a year earlier.
What kind of "urgent action" can be taken to "reduce high levels of excess capacity"? No amount of additional debt will put that idle capacity to work. Other than taking dynamite to idle factories, the only other "effective" measure would be to start a war
Straight Light
President Obama should stop racial predatory lending and redlining otherwise financial rescue repeats forever at the expense of taxpayers. This Memo also appears in my National Writers Syndicate column.
With the death of the "housing has bottomed" call will come an end to those who claim that the economy has turned. It may take an hour, a day, a week or a few months before these folks realize they were wrong, but there's no way around...
The number of newly laid-off Americans signing up for unemployment
benefits last week, and those using this safety net over a longer
period, both plunged. But were
clouded by difficulties adjusting for temporary shutdowns at auto
plants.
JPMorgan Chase & Co. posted a second quarter profit of $2.72
billion, a 36 percent jump that easily surpassed expectations as
strength in its core consumer and investment banking businesses offset
a jump in credit losses.
The number of properties drawing filings, which include notices of
default and auctions, jumped 9.0 percent from the second half of 2008
and almost 15 percent from the first half of last year.
A New Hampshire man says he swiped his debit card at a gas station to
buy a pack of cigarettes and was charged over 23 quadrillion dollars. [Get used to it with hyperinflated dollars.]
A new forecast raised fresh doubts yesterday about how strong any
economic recovery might be, as the Federal Reserve projected that the
unemployment rate may surpass 10 percent by year's end and warned that
the economy may not return to full health for at least five years.
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again
The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.
By now, most of us know the major players. As George Bush's last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clint
How do the Obama deficits compare with past presidents? And how did the national debt get so big anyway. This video gives a visual representation to answer those questions by looking at the debt as a road trip and seeing how fast different administrations have been traveling. Many people think that george W. bush was spending like Paris Hilton on a road trip. We he was but compared to the Obama administration he is going to look like coupon clipper compared to what Barak Obama's administration is going to do in the next 8 years. The Representation shows every mile as 5.8 billion dollars and every year as one hour. With all numbers adjusted for inflation. In this model bush is traveling at 63 miles per hour and the obama adminstration is pegged at 174 miles per hour! This is not an extrapolation, this is the president own budget predictions!
You are working. You are paying on a home loan. Credit cards. Kids. You are the one who will face the bailout bills when they come due. You have to lock your doors because of crime. You lock your cars because of crime. Response time by p
Read Letter
There is never a good time to raise the minimum wage. Just ask the people working in low-skilled jobs that are laid off as a result.
Now is a particularly bad time. Yet the federal minimum wage is scheduled to rise to $7.25 on July 24, the third step of a $2.10 increase enacted in 2007. In more than half the states, the minimum wage already exceeds the current national minimum of $6.55 an hour.
California’s credit rating, the lowest among U.S. states, was cut for the second time in as many weeks as lawmakers and Governor Arnold Schwarzenegger met behind closed doors to resolve a ballooning budget deficit...
The rate of capacity utilization for total industry declined in June to 68.0 percent, a level 12.9 percentage points below its average for 1972-2008.
McGraw-Hill could reap just $1 from a sale of Business Week, according to people familiar with the 80-year-old financial magazine’s losses.
The publisher has appointed Evercore, the boutique investment bank, to sell the business after concluding it was non-core, two people familiar with the decision said.
President Barack Obama conceded Tuesday that
the unemployment rate will keep growing for "several months" as he
prepared to head to battered Michigan to unveil a plan to help train
people for the next generation of jobs.
The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.
A series of regulatory proposals made by the SEC have included
restricting short-selling in down markets, strengthening oversight of
mutual funds, tightening scrutiny of investment advisers and making it
easier for shareholders to seat directors on company boards. The SEC
also is working to identify emerging risks to investors, including
so-called "dark pools," or automated trading systems that don't
publicly provide price quotes
Factoring in months of free rent and work space improvements, effective rent in Manhattan already is off 44 percent from the peak in the first quarter 2008.
Total U.S. debt as a percent of GDP surged to 375% in the first quarter, a new post 1870 record, and well above the 360% average for 2008. Therefore, the economy became more leveraged even as the recession progressed. An over- leveraged economy is one prone to deflation
Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases, a key Republican lawmaker who met with the Fed chief told CNBC.
