Is it over? Is it going away? Is that all there is? Nope. Nope. Nope. Instead, we are merely proceeding as we should, into a “deepening structural depression,” as John Williams puts it.
Hint to Bank Atlantic: There are people who are indeed awake at hours like this, and we'll plaster your release all over our blog so that hundreds of thousands of people will see it in the morning.
Goldman Sachs Group Inc. said it has repurchased warrants given
to the U.S. Treasury under the Troubled Asset Relief Program for $1.1
The investment bank said it believes the value of the warrants, as determined by the Treasury, was fair.
As part of the Treasury's $10 billion preferred stock investment in the bank last fall, the government received warrants that would have enabled it to buy Goldman shares at a set price in 10 years.
Goldman has already paid back the $10 billion loan, as well as paying $318 million in preferred dividends on the investment.
When a member of the Fed admits a problem, especially chairman Bernanke, you can rest assured the problem is far worse than what they admit. Such is case today as Bernanke Says Commercial Property May Pose Risk for Economy. ... Mish
Our children are not going to pay off the suckers – us – who naïvely thought they could pass on the Old Maid of government debt to them.
Here is economic reality. Taxpayers and Treasury debt buyers are paying for all of the benefits that voters enjoy as recipients of government-funded programs. Voters are not transferring these costs to future generations. Costs are inescapably the same as benefits. If we receive present benefits, someone pays for these benefits in the present. The only questions are these: Who Wins? Who loses? How soon?
Economists despair about their inability to get across this simple idea: we consume only present goods.
Economics students nod their heads in agreement with the professor. "Yes, yes; we know that." But they don't know it. As soon a
A proposed plan to solve California’s budget crisis would reduce the state’s prison population by 27,000, it was reported Tuesday, as opposition to the new fiscal deal mounted.
The Los Angeles Times reported that the budget deal, announced by California Governor Arnold Schwarzenegger and bipartisan lawmakers on Monday, would involve the early release of thousands of inmates.
The Times said the reduction would be achieved through a combination of measures including allowing prisoners to finish their sentences on home detention and creating incentives for completion of drug rehabilitation plans.
07.21.2009 Peter Schiff video....
“Highly graduated taxation realizes most completely the supreme anger of democracy. Creating a state of things in which one class imposes on another burdens which it is not asked to share, and impels the state into vast schemes of extravagance, under the belief that the whole costs will be thrown upon others.” W.E.H. Lecky “Here in the united States, we’ve seen failure of mass programs of redistribution and the financial crisis to which they give rise. And yet many continue to defend and promote them.” Robert A. Sirico “Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.” Ludwig Von Mises “To enslave a people, give them money they did not earn.” James Cook “What… can a government do to help the poor? The only answer is the libertarian answer: Get ot of the way.” Murray N. Rothbard “To assign to everybody his p
First, we did a story about an Army Major who filed suit regarding his deployment to Afghanistan on the grounds that Obama was not America’s legitimate Commander-In Chief.
World Net Daily thought highly enough of this article to link to it on their front page.
Then we did an article pointing out the differences between a Birth Cerificate and a Certification Of Live Birth.
On a one month basis, activity decreased in 46 states in June, and was unchanged in 1 state. Here is the Philadelphia Fed state coincident index release for June.
Excuse me? 57% delinquent credit cards among small business? You mean to tell me that nearly six out of ten small business accounts can't pay their bills? This is bullish?
Advanta Corp., the credit-card company that cut off almost 1 million small-business accounts after posting three quarterly losses, said the default rate more than doubled in June from May to 56.95 percent.
Unlike other analysts, Shiller doesn’t believe the key to a U.S. economic recovery lies in the housing sector. He argues that the United States should first get its credit markets in order and get banks lending money again.
The seizure of the St. Regis Monarch Beach, where American
International Group Inc. sponsored a luxury retreat just days after
accepting a federal bailout, is the most dramatic sign yet of the deep
troubles in the market for high-end hotels.
California Governor Arnold Schwarzenegger and top lawmakers told
reporters on Monday evening they had reached an agreement to close a
$26.3 billion deficit to balance the state's budget, ending weeks of
lengthy and often tense negotiations.
“No Matter whether it is their intention or not, almost anything that the rich can legally do tends to help the poor. The spending of the rich gives employment to the poor. But the saving of the rich and their investment of these savings in the means of production, gives just as much employment, and in addition makes that employment constantly more productive and more highly paid, while it also constantly increases and cheapens the production of necessities and amenities for the masses.” Henry Hazlitt
“the State, by relieving idleness, improvidence, or misconduct from the punishment, and depriving abstinence and foresight of the reward, which have been provided for them by nature, may indeed destroy wealth, but most certainly will aggravate poverty.” Nassau Senior
“Socialism and interventionism. Both have a common goal of subordinating the individual unc
The market anarchist, it seems, is the moderate in the mix. We
who aim for the stateless society recognize that “economic growth”
comes in two varieties — natural and artificial — and that the variety
In a stunning victory for borrowers, a New Jersey court has dismissed a foreclosure action filed against the borrowers by Deutsche Bank Trust Company America as alleged trustee for a securitized mortgage loan trust after Deutsche Bank willfully, and despite the entry of three (3) separate court orders, refused to produce documents demanded by the borrowers which included documents setting forth the identity of the true owner and holder of the Note and mortgage, the complete chain of title to ownership of the note and mortgage, payment application histories, and documents as to the securitized mortgage loan trust. The Court had given Deutsche Bank multiple opportunities and extensions of time to produce the documents, but Deutsche Bank continually refused to produce any of the documents requested, resulting in the dismissal of Deutsche Bank’s foreclosure action. The Court also ruled that Deutsche Bank is not permitted to re-file any foreclosure action until it is prep
According to Moody's, CRE prices fell in 8.6% in April (about 16% in two months). Talk about cliff diving!
And it’s our own consumption activity that’s causing the emission of greenhouse gases, then quite frankly Americans need to pay for that,” Commerce Secretary Gary Locke told the American Chamber of Commerce in Shanghai.
President Obama claims he will save 3.5 million jobs. When? Who gets to count? The reality is no one is counting and the number is fabricated.
A new financial crisis will develop from the failure to effectively regulate derivatives and the extra global liquidity from stimulus spending, Templeton Asset Management's Mark Mobius said.
"Political pressure from investment banks and all the people that make money in derivatives” will prevent adequate regulation, said Mobius, who oversees $25 billion as executive chairman of Templeton in Singapore. “Definitely we’re going to have another crisis coming down,” he said in a phone interview from Istanbul on July 13.
Nick Gillespie (Reason) and Ernest Hancock discuss why some states (CA, AZ, ...) are broke. First, though, you have to hear about Martha Stewart because the interview is from Sep 2003.
Money from outdoor and indoor plots inevitably flows into
local coffers. Marijuana increases residents' retail buying power by
about $58 million countywide, according to a Mendocino County report.
The county ranks 48th out of 58 counties in median income but, by
counting pot proceeds, could jump as high as 18th.
"Our social services offices have seen a lot of former mortgage brokers applying for food-stamps and welfare," he noted, adding that the number of individuals and businesses in his county seeking bankruptcy protection rose 62%...
Follow the change in unemployment from the beginning of the current recession.
The blow to state coffers, which the report said appeared to worsen in the second quarter of the year, reflects the gravity of the recession and suggests the extent to which many states will probably have to resort to more spending cuts...
Of all the statistics pouring into the White House every day, top economic adviser Larry Summers highlighted one to make his case the economic free-fall has ended.
The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.
Goldman principal PT shares transacted increased by over 40% from the prior week: 550 million to 765 million, clocking at near 50% of total NYSE principal volume. - This information will disappear next week...
The new debt binge might buy a little time, maybe even a spell of economic growth. But once the gears churn up the lube and sawdust, the old jalopy will grind to a stop.