Obama to establish fiscal commission
• AFPUS President Barack Obama will sign an executive order establishing a bipartisan commission to find ways to reduce the gaping US budget deficit, a White House official said.
Contents Pages by Subject
Economy - Economics USA
LA Area Port Traffic Down in January
• CalculatedRiskBlog.comLoaded inbound traffic was down 0.7% compared to January 2009. (down 4.2% compared to last year using three month average)
Lone voice warns of debt threat to Fed
• Financial TimesThomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation. Mr Hoenig said that rising debt was infringing on the central bank’s ability to fulfil its goals of maintaining pr
Saving Capitalism
• arcleinPat Chaote has published a book titled ‘Saving Capitalism’. I heartily recommend it as mandatory reading for all Americans. This is a short history of what has gone wrong over the past decade and also why. I have already posted that the cause of
ABC Consumer Comfort Index Drops Again: 88% Say US is in Recession
• ZeroHedge.comConsumer confidence is on a cold streak, locked in place since the beginning of the year at very near its worst-ever rating – and more than three in four think the economy is stalled or will decline in coming months.
Michael Pento: The U.S. "Worse Than Greece"
• finance.yahoo.com/tech-ticker/Michael Pento has a new twist on the discussion. Pento, senior market strategist with Delta Global Advisors believes this is a tee-pee shaped recovery with the top of that tee-pee having already formed in the fourth quarter.
Paul Craig Roberts: America - A Country of Serfs Ruled By Oligarchs
• vdare.com/robertsHapless Americans, unrepresented and betrayed, are in store for a greater crisis to come.
Capital One Credit Card Charge-Offs Increase to 10.41%
• CalculatedRiskBlog.comCapital One Financial Corp's U.S. credit-card defaults rose in January, in a sign that consumers continue to remain under stress, it said in a regulatory filing.
U.S. looks to reluctant foreign investors to help fund the housing market
• Washington PostAs the U.S. housing market boomed in the past decade and fueled a bull market in mortgage investments, Norway's government-owned fund went along for the ride -- and the fall. After that fund recorded its worst-ever year in 2008, managers cited invest
More Homeless Americans Living in Cars and Campers
• Time magazineTim Barker never thought he'd have to live in his truck. Four months ago, the plumber was in a one-bedroom apartment in California's San Fernando Valley, with a pool and a Jacuzzi. Then, on his birthday in October, he and 199 other plumbers were laid
US Debt Will Keep Growing Even With Recovery
• APUS debt will soon be unsustainable without higher taxes and spending cuts, even with recovery.
States Asking For $180 Billion by July 1st
• money.cnn.com/States are looking at a total budget gap of $180 billion for fiscal 2011, which for most of them begins July 1. These cuts could lead to a loss of 900,000 jobs, according to Mark Zandi, chief economist of Moody's Economy.com.
Beyond Fear: Moving Beyond the Peter Schiff Scenario
• EconomicPolicyJournal.comSlowdown in money growth has clearly put deflation in the driver's seat. Inflation may be lurking in the back seat of the car, but it will take a good punch, I'm talking a real good punch of monetary inflation, before inflation can unseat deflation..
The FDIC is Broke: $13 Trillion in Assets is Unprotected
• MyBudget360.comIf Americans would stop and think of the implication of having an insurance fund with no money backing up $9 trillion in their deposits, they would probably pause for a few minutes.
Paul B. Farrell: How to invest for a global-debt-bomb explosion
• MarketWatch.com/America's already descending into economic anarchy. We're all trapped in a historic economic supercycle, a turning point that must bleed through a no-man's land of lawless self-destructive anarchy before a neo-capitalistic world can re-emerge.
Los Angeles on the Edge of a Midsummer Bankruptcy
• EconomicPolicyJournal.comThe latest tale of financial crisis in California is playing out in Los Angeles. The city faces a budget shortfall approaching a billion dollars, and unless it can find a remedy soon, it may be insolvent by midsummer.
Go Tell it to the Spartans: Drop Dead
Bill BonnerGerald Ford had the right idea. The year was 1975. New York City was in financial trouble. It had to borrow to pay its operating expenses. And lenders were getting tough. So Mayor Abe Beame turned to Washington, begging for a bailout.
Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia
• Washington IndependentAmid fears Switzerland might come to an agreement with the US on banking privacy and tax evasion disclosures, Credit Suisse issued a report identifying countries it determined to have the highest risks of default on their sovereign debts.
The Gods Are Laughing: "In economics, the majority is always wrong"
• theautomaticearth.blogspot.comMeantime, while everyone's focused elsewhere, in the American part of the real world Elizabeth Warren warns that $1.4 trillion in commercial real estate loans that need to be rolled over by 2014 will endanger 3000 smaller US banks.
Misguided Economists Say Unemployment Rate Has Peaked
• GlobalEconomicAnalysis.blogspot.comI have no idea how economists miss what's right before their noses but cash-strapped cities, states and municipalities are hiking taxes and laying off workers. Tax hikes will devastate small businesses.
Ruminating about the economy
• Wendy McElroyI never thought I would seriously study arcane economic mechanisms like "the carry trade" but I've become convinced that I cannot understand the world around me without grasping at least the basics of arbitrage and the like. Perhaps the world was alw
US Debt Is A Safe Haven Just Like Pearl Harbor Was A Safe Haven In 1941
• FinancialTimes.comYet even a casual look at the fiscal position of the federal government (not to mention the states) makes a nonsense of the phrase “safe haven”. US government debt is a safe haven the way Pearl Harbor was a safe haven in 1941.
January Foreclosures 15 Percent Ahead of 2009
• CalculatedRiskBlog.com“If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives
CNBC - Protectors of the Power Elite Fairy Tale: Shout Down Marc Faber
• EconomicPolicyJournal.comRemember the Peter Schiff YouTube with the clips of analyst after analyst and commentator after commentator pounding him when he was warning about the coming housing crisis?
Secret Board Meeting at Federal Reserve Caught on Video
Andrew StrmicExposing Inside Decision-Making and Appalling Behaviors of Bernanke!
World Wide Credit Default Swap Clearinghouse Backed by Federal Reserve
• MarketWatch.com/While the Warehouse Trust will be directly regulated by the Federal Reserve and the New York State Banking Department, it is also expected to be subject to a global cooperative oversight framework involving other U.S. and non-U.S. regulators.
M3 Money Supply Data Reveals “New Major Dip” Ahead
• DailyReckoning.comJohn Williams of Shadow Stats predicts a “hyperinflationary great depression,” within the coming year. He also fingers the Fed for “debasing the U.S. dollar.”
21st Century Bread Lines: 38.2 Million Americans on Food Stamps
• Ritholtz.comA record 38.2 million Americans were enrolled in the food stamp program at latest count, up 246,000 from the previous month and the latest in record-high monthly tallies that began in December 2008.
Insolvent US States vs Insolvent European Countries
• Ritholtz.comCalifornia Budget gap (as a % of the total budget): 22% Gap: $22.2 billion Perhaps the solution to California’s woes is for Arnold (who is from Austria) to have California join the EU. Then, they might qualify for a bailout from Germany . . .
GOLD and OIL: As the Dollar Gets Sucker Punched!
Charles Goyette1-2 Punch: Bernanke and the Debt Ceiling - Watch What Gold and Oil Do Next!
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