To avoid those unpredictable contingencies, municipal governments will keep a cushion of from 20% to 75% more than their budgets actually require. This money is invested, but not necessarily lucratively. One finance officer, for example, said that
Oil prices fell to near $69 a barrel Tuesday in Asia as plunging regional stock markets and a weaker euro rattled the confidence of commodity investors. Benchmark crude for July delivery was down $1.08 to $69.13 a barrel at midday Singapore time i
A must watch two part interview of Eric Sprott by BNN, in which the Canadian asset manager shares his views on the economy, financial markets, sovereign overleverage, industrial commodities, and, of course, gold.
There are currently 20 very large institutions (with $25 billion or more in assets) in our vulnerable or “weakest” category, including Bank of America, Citibank, Wachovia, HSBC Bank USA, SunTrust, Regions Bank, RBS Citizens, plus the 13 others...
It's not what we've been told. Arthur Brooks of the American Enterprise Institute does a very good job of drawing the political-cultural battle lines in this rewarding essay published in, of all places, the Washington Post.
Supplemental bills allow Congress to spend beyond the 13 annual appropriations bills that fund the federal government. This is akin to a family that consistently outspends its budget, and needs to use a credit card to make it through the end of the
A crowd estimated at 30,000 to 35,000 people gathered Saturday near New Jersey's Statehouse to protest Gov. Chris Christie's proposed budget cuts.
The weather report has a good track record in telling you whether it is going to rain tomorrow or not. Two days out, it is less reliable. Three days out, it is even less so. With investing, the investor has a better tool than a weather report:The Sto
None of this argument would be taking place if regulators had done their jobs years ago and classified credit-default swaps as insurance. As it happened, however, clever people on Wall Street followed the prescription laid down by Humpty Dumpty in L
There is a lot of “noise” being tossed out by the politicos and their preferred pundits about how the U.S. economy is on the mend. Thus it is important to try and separate fact from fiction about where things really stand.
Max Keiser at his best, deconstructing the global ponzi with Gerald Celente, another very much outspoken critic of the broken financial system. Most ZH regulars will be quite familiar with the overriding themes exposing the mass corruption perpetrate
War, National Emergency, and 'Continuity of Government' - The US Dollar Is Just Hunky-Dory
For over a decade, accountant Walter Burien has been trying to rouse the public over what he contends is a massive conspiracy and cover-up, involving trillions of dollars squirreled away in funds maintained at every level of government.
At the very least, any emergency budget needs to take stock of this raw sense of popular victimisation and deliver a convincing story about the sharing of burdens. To do otherwise is to guarantee that a bad situation gets very ugly, very fast.
The fixes are more costly than the problems. “Systems of problem solving develop greater complexity and higher costs over long periods… the destructive potential is evident in historical cases where increased expenditures on socioeconomic complexity
During the past year, many landowners have simply turned properties back to banks. ... “The reality is the landowners are finding themselves underwater and servicing their debt, and it has become a challenge,” Gordon said.
Maybe markets aren't worried about the next Lehman. Maybe they're just worried about the fact that the boom is coming to an end.
Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states.
A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.'s list of "problem" institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets.
The Mortgage Emperor is revealed to have no clothing. There is no private mortgage market in the U.S. anymore; there are only the rotting carcasses of Fannie Mae and Freddie Mac, still soaking up tens of billions of dollars in tax money...
With homelessness in America growing, the Obama administration turns a blind eye
Capitalism thrives on certain essential components, each of which tends to regulate the other. At the core of capitalism is the relationship between supply and demand. Success is determined by mediating the relationship between the two: if you have t
The FDIC released the Q1 Quarterly Banking Profile today. The FDIC listed 775 banks with $431 billion in assets as “problem” banks in Q1, up from 702 banks with $403 billion in assets in Q4, and 305 banks and $220 billion in assets in Q1 of 2009.
The FDIC's quarterly banking profile has been released. In between all the fluff we find that the deposit "insurance" agency has exactly negative $20.7 billion to satisfy any upcoming bank runs and liquidations. Thank god for that ongoing Treasury li
Goldman’s bets against WaMu, wagers that took place even as it helped WaMu feed a housing frenzy that Goldman had already lost faith in, are examples of conflicting roles that trouble its critics and some former clients.
Initial jobless claims rose by 25,000 to 471,000 in the week ended May 15, exceeding the median forecast of economists surveyed by Bloomberg News and the highest level in a month, Labor Department figures showed today in Washington.
"Batten down the hatches" because there's a HARD RAIN coming. Get out of debt and sell anything you can sell (and don't need) in order to get liquid.
Unemployment among people under 25 years old was 19.6 percent in April, the highest level since the Labor Department began tracking the data in 1948. Their economic travails may haunt Democrats in the November midterm elections.
Scientists laid out a worst-case scenario in which the oceanic conveyor belt would see the first oil wash up in Florida in as little as six days, before carrying it up the US east coast and even into the Gulf Stream.
"If we need any further illustration of the potential threats to our own economy from uncontrolled borrowing, we have only to look to the struggle to maintain the common European currency, to rebalance the European economy...