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Today on LewRockwell.com - August 28th 2010
•Bernanke's Jackson Hole Speech - What % of Your Assets Is in Gold, Silver, Oil?
Contents Pages by Subject
Economy - Economics USA
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Double Dip Market Chatter
• arcleinThe solution is to jump start the housing market by changing foreclosure laws in such a way that it becomes attractive to bail out the foreclosed by harnessing their support. The current system has worked so long as foreclosures were always at aro
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Meredith Whitney: Housing Double-Dip Forces Banks To Add New Capital
• Bloomberg.com“I’m steadfast in my belief there’s going to be a double- dip in housing,” she said then. “You will see clearly that the banks are under-reserved when housing dips again.”
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“Wall Street Psycho:” 15 Signs of Moral & Ethical Pathology, Soul-Sickness.
• wallstreetwarzone.com/They’re morally blind money addicts who believe they’re “God’s chosen.” AA would say: They haven’t “bottomed,” won’t recover from their disease till a disaster hits, with another market meltdown and the “Great Depression 2.” Then maybe they’ll “quit
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Unofficial Problem Bank List Increases to 840: 1/9 of Banks in Trouble
• CalculatedRiskBlog.comThe Unofficial Problem Bank List grew by more than five percent this week as the FDIC released its enforcement actions for July 2010. This week, there were 28 additions and 5 removals.
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Top economists: The Second Great Depression Has Arrived
• Helium.com/David Rosenberg, market guru, has officially declared that the US economy is in a state of depression, and he sees the economic superpowers woes worsening.
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U.S. Births decline in 2009: Repeating A Pattern From the Mid 1920s?
• CalculatedRiskBlog.comNotice that the number of births started declining a number of years before the Great Depression started. Many families in the 1920s were under severe stress long before the economy collapsed. By 1933 births were down by almost 23%...
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Cramer Gets It Wrong With “Mass Panic” GDP Forecast
Ernest HancockCNBC host predicts gross domestic product to shrink to an alarming 0.5 per cent
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Today on LewRockwell.com - Friday August 27th 2010
• LewRockwell.com10 Practical Steps You Can Take Now - US Bond Bubble Bursting? - What Would Jim Rogers Do? - US Exports Terrorism - Forced Mass Schooling of the Young - The True National Debt
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ECRI At -9.9% - Weeks at Recent Lows Confirming Double-Dip Recession
• ZeroHedge.comJames Altucher is a well known "PermaBull", but his index is signaling the start of a double-dip recession.
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Economist Robert Shiller: Double-dip recession "may be imminent."
• online.WSJ.comThe co-creator of the Case-Shiller Home Price Index said he is worried that housing prices could decline for another five years. He noted that Japan saw land prices decline for 15 consecutive years up to 2006.
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As fees for credit & debit cards rise, businesses are offering discounts for payment by cash
• floridatoday.com"It was 80 percent credit cards before we started, but it's now about 50/50," said Kent Black. "Non-locals still tend to pay with credit cards, but we've seen a marked increase in cash payments from the local customers."
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America Facing Depression and Bankruptcy
Stephen LendmanRecovery was an illusion. The worst is yet to come.
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Too Much Debt, Too Many Houses: Schiff, and Blodget Fix The Economy
• BUsinessinsider.com/Henry's answer: Too much debt, too many houses. Peter's answer: Absurd drug-addict-like stimulus hastening bankruptcy of already bankrupt country. Dylan's answer: Banksters.
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16th Sequential Equity Fund Outflow Takes Total To Over $50 Billion YTD
• ZeroHedge.comCNBC has now failed to sucker its viewers into the stock ponzi for 16 weeks in a row and rising.
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Consumer Metrics Institute Growth Index Still Warning Of A Double Dip
• Businessinsider.com/Since the consumer accounts for over two-thirds of the US economy, one would expect that a well-crafted index of consumer behavior would serve as a leading indicator.
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Axing the Bankers Money Tree
• arcleinThe too-big-to-fails, rather than being whittled down to size, have grown even bigger, circumventing antitrust laws; and they are being allowed to carry on pretty much as before. The Federal Reserve, rather than being called on the carpet, has been g
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Doomsday Investing
• The Wall Street JournalDow Jones Newswires' Meena Thiruvengadam reports on a man who has become a financial fortune teller for Tea Party activists and who predicts an evisceration of the American dream.
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Ron Paul Calls for Audit of US Gold Reserves
• kitco.com Daniela CamboneU.S. Rep. Ron Paul , R-Tex., plans to introduce a new bill next year that will allow for an audit of US gold reserves, he told Kitco News in an exclusive interview. Paul dropped the news in the interview, indicating that the bill still does not h
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In A Nutshell Our Economy Is Really An Insane Asylum Run By Lunatics
• ZeroHedge.comAverage Real Weekly Earnings, (read: incomes adjusted for inflation), are below what what what they were in 1973. Income wise the average American family is worse off now than they were 37 years (4 decades) ago.
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July Durable Goods Orders Come In Way Below Expectations
• Businessinsider.com/The numbers: July durable goods orders came in at 0.3%, which is WAY below the 3.0% that analysts were expecting.
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Morgan Stanley Says Government Defaults Inevitable
• BloombergInvestors will face defaults on government bonds given the burden of aging populations and the difficulty of securing more tax revenue, according to Morgan Stanley. “Governments will impose a loss on some of their stakeholders,”
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The Depression is Here: New Home Sales Fall To 50 year Low
• CalculatedRiskBlog.com & EconomicPolicyJournal.comNew home sales fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost. This is after yesterday's report of a 27.2% decline in sales of existing homes.
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Credit Card Debt Drops to Lowest Level in 8 Years
• APThe amount consumers owed on their credit cards in this year's second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.
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Dow Faces Bouncy Ride to 5,000: Strategist
• CNBCThe Dow Jones Industrial Average will lose about half of its value over the next couple of years as it follows a Nikkei-like pattern of several sharp rallies in an overall decline, according to Charles Nenner, founder and president of Charles Nenner
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David Rosenberg: Prepare For Another 4-5 Million Job Cuts
• Businessinsider.com/In fact, we could see a situation where another 4 to 5 million jobs could be shed in the United States — and in the three sectors that were, and remain, the most affected by the housing crisis and financial collapse.
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Housing Slide in U.S. Threatens to Drag Economy Into Recession
• John Gittelsohn via Bob WillisHousing led the U.S. out of seven of the last eight recessions. This time, it may kill the recovery.
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How Hyperinflation Will Happen
• Seeking Alpha / Gonzalo LiraOne day, when nothing much is going on in the markets, but general nervousness is running like a low-grade fever, there will be a commodities burp: A slight but sudden rise in the price of a necessary commodity, such as oil.
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Arizona's Real Unemployment Rate is 18.5 Percent
• AZcentral.comAlthough having one of every 10 willing workers out of a job is a grim statistic, the figure is much higher when discouraged workers are included in the count. That brings the broader unemployment rate to nearly 1 in 5.
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IOU Part Two: California To Issue IOUs For Second Year In A Row
• ZeroHedge.comThe insolvent state of California which, just like the country of the USA, is operating without a budget, has once again ended up on the verge of bankruptcy.
