19 Signs The Economy Is Worse Now Than Ever In Your Lifetime
• Businessinsider.com/There's growing evidence of a generational impact from the crisis, similar to how the Great Depression created a generation of penny pinchers.
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Economy - Economics USA
Recession cut into employment for half of working adults, study says
• washingtonpost.com/The recession has directly hit more than half of the nation's working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey.
David Rosenberg: Three Very Ugly Numbers For Housing, Cars and Business
• Businessinsider.com/The internal numbers from yesterdays Consumer Confidence Survey were really very ugly. The American public has no interest in buying a house or car, and their view of the economy is down right bearish.
In U.S. Bailout of A.I.G., Forgiveness for Big Banks
• NY TimesWhen the government began rescuing AIG from collapse in the fall of 2008 with a $182 billion lifeline, AIG was required to forfeit its right to sue several banks over any irregularities with most of the mortgage securities it insured in the precrisis
ADP Jobs Report Way Below Expectations
• Businessinsider.com/Yet another huge disappointment for markets to digest -- ADP's June employment report showed just 13,000 new jobs were added from May to June on a seasonally-adjusted basis, vs. 61,000 expected. That's clearly a huge miss.
'Double Dip'? Or Did the 'Great Recession' Really Never End?
• finance.yahoo.com/tech-ticker/Despite signs of recent progress, "there's no possibility to restore 8 million jobs lost in the Great Recession," a notably candid Vice President Joe Biden said Monday. Friday's jobs report is expected to show overall payrolls declined by 115,000...
Goldman admits it had bigger role in AIG deals
• McClatchy News (video)Reversing its oft-repeated position that it was acting only on behalf of its clients in its exotic dealings with the American International Group, Goldman Sachs now says that it also used its own money to make secret wagers against the U.S. housing m
Wall St sinks as economic alarm escalates
• ReutersInvestors fled the U.S. stock market on Tuesday and the S&P 500 tumbled to its lowest level in eight months in a sell-off triggered by a wave of increasing alarm over the global economic outlook.
It's Depression Deja-Vu All Over Again!
• Businessinsider.com/Last year, Dan Alpert, described the huge stock market rally that followed the March lows as the "greatest sucker's rally in history." He also produced a fascinating series of news clippings from early 1930, a few months after the historic market cr
Mish: An Economic Depression is Here - Congress, the Fed to Blame
• GlobalEconomicAnalysis.blogspot.comIn this case, a spendthrift Congress coupled with loose monetary policy at the Fed, effectively encouraged housing and other speculation. The depression we are in now is a result of massively failed policy. The same policy cannot possibly...
David Rosenberg: Paul Krugman's Doom Warning Is Spot On
• Businessinsider.com/The bond market is telling a very important story here and it is one of a deflationary depression. We may not agree with Paul Krugman’s cure of solving a credit collapse by trying to create even more credit, but his diagnosis...
Golden Cross Goes “Dark”
• Ritholtz.comTop flight technician Mary Ann Bartels (BofA/ML) comments on the one-year anniversary of the Golden Cross, and the “Dark Cross” — its evil twin — that is now upon us:
G20 Meddlers At It Again
Bill BonnerStabilize public debts by 2016? By then, the US and other major economies will have more government debt than GDP. It is bound to be too late for many of them.
Wall Street falls further on data and Europe banks
• ReutersStocks extended their decline on Tuesday, with the S&P 500 down more than 3 percent, after data showed U.S. consumer confidence plunged in June and on fresh concerns over euro-zone fiscal problems.
Investing–The New Rules: Stocks Are Not Worth Buying Today
• Rob BennettAre stocks worth buying today? Rob Bennett says, "No" as the short reply. His longer answer is in today's Investing: The New Rules.
Joe Biden’s Recovery Summer Struggles Against Bleak Economic News
• Mondo FrazierSome random headlines will tell readers about where the U.S. economy is headed--more so than a dozen Joe Bidens preaching the Recovery Summer gospel.
Today on Lewrockwell.com - September 17th 2010
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23 Doomsayers Who Say We're Heading Toward Depression In 2011
• Businessinsider.com/The two primary ingredients for a depression are debt and fear, and the reality is that we have both of them in abundance in the financial world today.
Consumer Confidence Collapses Massively In June
• Businessinsider.com/ & ZeroHedge.comThe Conference Board's consumer confidence index for June dropped sharply to 52.9, which is a horrible underperformance of expectations given that consensus had forecast a reading of 62.
RICK SANTELLI TO GOVERNMENT: STOP SPENDING! STOP SPENDING! STOP SPENDING! 6-28-2010
• youtubeYet another smackdown on MSNBC by the inimitable Rick Santelli of all that is fiat, and its henchmen. "Go read some Austrian economist instead of the funny pages." Santelli tells Liesman, to which the response is "I am ready to talk about Fred Hayek,
ALERT: Stock Market getting hit across the board
• Wall Steet JournalJust looked at gold, it plummeted $20 in two days, but today the market is down 2-3% across the boards in little over two hours after opening.
Indymac Boys Get Sweetheart Deal (Part of the Largest Bank Robbery in History)
• YouTubeThose Indymac boys were given deal by the FDIC, and borrowers were strong-armed.
Welcoming the Failure of the Economic Recovery Team
Bill BonnerThe latest from the G20 meeting in Toronto. As you recall, the meeting was billed as a showdown between the Germans and the Americans…that is, between the deficit cutters and the big spenders…
18 States Facing Brutal Austerity Cuts: Arizona Tops The List of Cutters
• Businessinsider.com/This fiscal year will be a bloodbath for many states and Arizona tops the list of cutters. Arizona -- 35% Cuts FY2011 shortfall: $3.1 billion % of FY2010 budget: 35.3% Previous cuts: $5.1 billion in '10; $3.7 billion in '09
Jim Cramer Stock Outrage
• The Daily BeastThe stock guru's top pupil, baseball star Lenny Dykstra, was secretly paid to plug stocks on TheStreet.com and give access to Cramer, reveals Randall Lane in his new book, The Zeroes.
Signs of The Apocalypse: Paul Krugman Thinks We Are In A Depression
• NYtimes.com/We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted...
46 States Facing Greek-Like Budget Crisis
• Businessinsider.com/Forty-six states face budget shortfalls that add up to $112 billion for the fiscal year ending next June, according to the Center on Budget and Policy Priorities, a Washington research institution. State spending is 12 percent of U.S. GDP.
The Great Tropical Debt Depression
• TheAutomaticEarth.blogspot.comThere are scores of hard-working well-meaning Americans who base their decisions on what they think is a neutral news source. What they don’t realize is that the Post, as well as most US economists, are merely part of a propaganda machine...
Employment Probably Fell In June On Census Cutbacks
• Bloomberg.comEmployment fell in June for the first time this year, reflecting a drop in federal census workers as the decennial population count began to wind down, economists said before a report this week.
California Pension Plans $500 Billion in the Red
• Businessinsider.com/So we're stuck with half a trillion dollars of unfunded promises to California's public sector workers, thanks to forecast assumptions so bogus that, rather than merely 'bad' forecasts, they border on being plain lies.
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