Obama's mortgage modification program (HAMP) has been an utter failure. More than half the applicants default within the year. At the same time, mortgage purchase applications have fallen off a cliff. "The weekly applications index is at the lowes
Governor Arnold Schwarzenegger had declared a brand new budget emergency in California, where a $19.1 billion shortfall will force state employees to take time off, with the possibility that the state may bring back last summer IOUs to pay its debts.
This video of Koo explaining this reality is vital viewing for anyone trying to come to grips with our deflationary reality. This article also has a slide show explaining how the US is like Japan.
Going back over the past 6 decades (Chart 6), household debt has been forever rising as a percentage of GDP, ramping up this decade to its peak in Q1 last year at 97.3%. Through the end of Q1 this year, it has dropped to 92.8%.
Financial experts think this will be the largest "scam" or "legalheist" in world history. Obama's cronies make the Mafia look like rank amateurs. They will make Bernie Madoff's fraud look like penny ante stuff
The 4-week average of initial weekly claims has been at about the same level since December 2009 (eight months) and the 4-week average of 452,500 is high historically, and suggests a weak labor market.
Ron Paul, Dennis Kucinich, WikiLeaks Force Rare Debate - State Media Love Crime Waves, Especially Phony Ones - Was Bush Sr. Involved in Killing JFK and Framing Nixon? - Home Pharmacy Preparedness
Rome was not as indebted to the gills as is the US. Accordingly, the US is in fact in a far worse shape than Rome, as the ever increasing cost of funding the debt can only come from further currency debasement, which in turn merely stimulates greater
Quite possibly this has something to do with the fact that Arnie just had a very vivid Total Recall from the future in which California had filed Chapter 66 (a brand new invention in honor of the famous route)...
"Local Governments Cutting Jobs and Services: Job losses projected to approach 500,000", showed local governments moved to cut the equivalent of 8.6 percent of their workforces from 2009 to 2011.
The danger today, as opposed to prior deleveraging cycles, is that the deleveraging is being attempted into the headwinds of a structural demographic downwave as opposed to a decade of substantial population growth.
There are two major schools of thought on what is coming next…and two renegade, home-schools too. There are those who believe we have a recovery…though weak…that will continue and eventually bring the economy back to health. This is the line of the O
Is something (abnormally) fishy in the state of precious metals manipulation? ...after Adrian Douglas observation that the LBMA has decided to block "access to statistics relating to the trading activities of its member bullion banks.
Apparently, all of us little people just need to sit down and keep quiet… so sayeth Kartik Athreya, senior economist for the Federal Reserve Bank of Richmond.
America has become a monster and you are its next meal…
There is overwhelming agreement among economists that the Second World War was responsible for decisively ending the Great Depression. When asked why the wars in Iran and Afghanistan are failing to make the same impact today, they often claim that th
At the heart of Schiff’s critique is a strong belief the U.S. dollar “is a bottomless pit” that will continue the long-term trend of losing value vs. gold and other major currencies.
Hundreds of residents of one of the poorest municipalities in Los Angeles County shouted in protest last night as tensions rose over a report that the city’s manager earns an annual salary of almost $800,000. An overflow crowd packed a City Counci
Those Indymac boys were given deal by the FDIC, and borrowers were strong-armed.
The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America. The rich are getting richer and the poor are getting poorer at a staggering rate.
The United States and it's debt.
This is not a complete thought, but I see a failure point. What happens when you have a class of people that are landless and disenfranchised?
The Senate voted 60-40 on Tuesday to move forward with reauthorizing unemployment benefits for the long-term jobless, 2.5 million of whom have missed checks since the end of May as Republicans and conservative Democrats filibustered several bills to
Do we spend $1 trillion a year on foreign policy? That was a claim recently made by Rep. Ron Paul (R-TX). The statement got the attention of the folks over at Politifact. They reviewed it, and they found it to be true:
Taking into account the approximately 14 million new job seekers in the future, then the December 2007 unemployment rate will not be met until April 2021! Welcome to the new normal. Of course, both of these analyses assume...
Barack Obama: "No more taxpayer funded bailouts of Wall Street Institutions"
Bank lending has declined for six straight quarters. The financial accommodation from the Fed is parked as excess reserves of the banking system and is not being converted to loans.
This week Max Keiser and co-host, Stacy Herbert, look at the latest scandals of deficit fraud, Hank Paulson's love of financial reform and the RIAA's very low return bullying. In the second half of the show, Max talks to Ben Davies of Hinde Capital a
The median duration of unemployment is higher today than any time in the last 50 years. That's an understatement. It is more than twice as high today than any time in the last 50 years.
Support hard money advocate and Ron Paul clone Deon Long for Florida District 24