Dateline Sacramento, Jan. 5, 2012: The state of California today filed for federal bankruptcy protection, citing a worsened economy that has blown out even the most pessimistic assumptions about its long-term financial picture.
Democratic politics relies on deception. Without deception of the voters on a comprehensive scale, there could be no politics above the local level, where people know the deceivers personally and are therefore less easy to fool.
The financial news media is conspiring to blow up your brokerage account and flush your retirement savings down Ben Bernanke's new commode.
Paper money always fails and wipes out the people who depend on it.
Folks, the States are absolute pikers when it comes to this - The Federal Government is literally borrowing 40% of every dollar it's spending at the present time. This cannot continue indefinitely, and yet if it is pulled back GDP is going to...
Oh, you mean we should just not talk about state insolvency? The solution to being insolvent is to lie about being insolvent?
"We did this analysis in September," Whitney said. "I was scared to death to publish the analysis, understanding that this was a massive deal, probably the biggest call I ever made. We put thousands of man hours into this project.
Once we get the numbers right – and spend enough – successful projects will follow.
Meredith Whitney stated earlier today that with every passing day, more information comes out that proves her point, and that by June of 2011 it will start to really hit the fan.
ECB buying Portugal's debt... Bullish on natural gas... End of America Watch... China protecting its agriculture... Can states file for bankruptcy?... Last day to register for Retirement Conference... Porter's court case, again...
"End of America" interview with Porter, he reveals what you've all been waiting for... the three ways to protect yourself from the collapse of the U.S. dollar.
Meredith Whitney: Muni bond debt has outgrown GDP by 100% over the past ten years, the debt load is twice what it was 10 years ago, and out of 3 trillion in Muni debt, hundreds of billions will default.
The market has already factored in that no matter what happens, Congress has no choice but to continue heaping on the debt, and following this week's auctions, the total should approach $14.1 trillion in debt...
The stock market is dominated by large money managers... folks who run pension funds, insurance funds, mutual funds, and hedge funds.
In the second installment of "Porter's End of America" interview, Porter explains quantitative easing, its effects on the economy, and when it will stop.
President Obama agreed to extend the Bush administration's tax cuts for two years. He also decreased the estate tax to 35% from 55% (effective January 1, 2011).
Despite the enormous buying of Treasurys by the Fed, long-term Treasury bond rates have soared on these announcements. Investors have begun to flee the U.S. dollar into all other forms of savings...
Wall Street banks are cutting their holdings of Treasuries at the fastest pace since 2004 as the world’s biggest bond firms bet that the economy will strengthen and demand for higher-yielding assets will increase.
Bad news on the state of muni finances. The Texas budget is expected to run a $27 billion two-year budget shortfall according to just-released state estimates.
Newt is pushing for legislation that will allow insolvent states to be taken off bailout support and file bankruptcy, in the process allowing them to renege on pension and other benefit obligations promises to state workers.
While many investors have seen this coming, for a major investment bank to tackle the issue and in harsh terms break down the difficulties facing several states, is a sign the situation may be deteriorating further.
And let’s not even mention sovereign debt bombs—I mean, bonds! Or bombs. Whatever. Hell, European sovereign debt is like nitroglycerin in a shake-and-bake pouch: Ready to go off at the first signs of trouble.
David Stockman, budget chief under President Ronald Reagan, delivered a sobering assessment of the nation's economy Friday.
Republicans on Thursday trimmed about $35 million from the House's budget, a move that Speaker Boehner hailed as "a strong signal" of the new Congress' "commitment to making the tough choices necessary to end Washington's job-killing spending binge."
Brian Williams: Name a program right now that we could do without. House Speaker John Boehner: I don’t think I have one off the top of my head.
The United States is about $335 billion away from its authorized debt ceiling of $14.29 trillion, Treasury Secretary Timothy F. Geithner told lawmakers Thursday. And the limit is fast approaching.
We finally get confirmation from none other than tax expert Tim Geithner, who in continuing his tirade of scaring the bejesus out of anyone dumb enough to listen to him, has just confirmed our concerns.
Remember, the claim by the Republicans was that they would cut the budget by $100 billion? Which, I might remind you, would have been less than five percent of the deficit this year. Well, it turns out that was a lie too.
Latvia is broke… I’m talking flat broke– more than Spain, Greece, California, etc. And because this small Baltic, former Soviet republic is not in the Eurozone, it’s generally been left for dead by the EU’s larger economies save a few handouts here a
We shall overcome. Regulatory democracy shall be expanded.