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L'Autre Monde 19 mars 2009: La bulle des produits dérivés de 700 000$ milliards éclate & Le Canada qui n'est pas un pays (2/2)
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L'Autre Monde 19 mars 2009: La bulle des produits dérivés de 700 000$ milliards éclate & Le Canada qui n'est pas un pays (2/2)
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L'Autre Monde 19 mars 2009
60 min / Radio de l'UQAM, CHOQ FM
 | Diffusion en direct : Jeudi à 11:00h
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Émission du 19 mars 2009:
-Dossier de l'économie: L'Autre Monde disséquer et analyser toutes les informations cruciales pour que les auditeurs puissent avoir une meilleure compréhension des véritables enjeux. Ce dossier occupe une partie prédominante de l'émission de cette semaine. Nous effectuons un tour de la situation en Amérique du sud et particulièrement au Mexique et en Bolivie en plus de parler de machine à voter électroniques, d'impôts, de gouvernements illégitimes et du Canada qui n'est pas un pays alors que les provinces le sont toutes individuellement.
Ne manquez pas aussi la semaine prochaine, notre émission spéciale de 1h30 avec notre invité Ghis (anciennement Ghilaine Lanctôt), auteur de la Mafia Médicale et de Madame Ghis, évasion en prison.
Soyez au rendez-vous les jeudis à 11h sur les ondes de CHOQ FM!
***Hyperliens vers les sources des informations discutées sur l'émission d'aujourd'hui:
L’assouplissement quantitatif
Une guerre mondiale au secours de l'Empire américain
par Jules Dufour
Mondialisation.ca, Le 3 mars 2009
The American Rome Is Burning - So Let's Attack Iran
Obama's sensible idea was greeted with the deepest dismay by ardent supporters of
Now, as the
'Run on
March 7, 2009, The Independent (One of the
A silent $1 trillion "Run on
Note: For many deep revelations of the realities of the world financial crisis from reliable sources, click here.
Bair Says Insurance Fund Could Be Insolvent This Year
March 4, 2009, Bloomberg News
Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at
Note: For lots more on the financial crisis from reliable sources, click here.
The dangers of printing money: four lessons from history
The hope is that the money pumped into the economy will encourage banks to become more relaxed about lending to individuals and businesses.
1.
The German Government resorted to printing money to pay its bills sparking a hyper inflation that destroyed the value of the currency and the savings of ordinary Germans as money lost all value. The rest, as they say, is history and an ugly one at that.
2.
As in
3. Revolutionary
The massive printing sparked inflation immediately - not something that is expected in the
4.
WOULD YOU CONSIDER JOINING A TAX REVOLT?
YES
95% (2569 votes)
NO
5% (149 votes)
Total votes: 2718
Brown says he hasn’t filed federal, state taxes in 2 years
Nearly 10 percent of
Brown, D-Macon, said Wednesday he’s not sure whether he actually owes the state or federal government any money because he hasn’t filed tax returns. He said he’s gotten extensions, but he declined to give more information or say for what years he received filing extensions.
What Cooked the World's Economy?
It wasn't your overdue mortgage.
Webmaster's Commentary:
The sub-prime mortgage debacle only lost $1.2 trillion. The US Government has already spent 5 times that without a sign of the economy coming out of free fall.
Sub-prime borrowers are getting the blame from the corporate media, but it was Wall Streets high-rollers that brought the casino down.
The $700 trillion elephant
Try as we might to salvage the residential real estate market, it's at best worth $23 trillion in the
Compare any of these to the derivatives market and you can easily see that we are just closing the windows as a tsunami crashes to shore.
The total value of all the stock markets in the world amounts to less than $50 trillion, according to the World Federation of Exchanges.
The US Collapse Of 2009 - This Will Blow Your Mind......
Majority Of U.S. States Join Sovereignty Movement, Assert 10th Amendment Rights
The banks want the economy to collapse so they can grab real assets and power. Their whole monetary system is a giant ponzi scheme designed to fail because money is based on the issuance of debt, and the interest owed is not put into the system except through more debt with more interest.
The stock market has dropped 50% in value since this started last year. This is a great depression.
Stock Decline Hits Depression Levels
Money invested 10 years ago in stocks have lost half their real value, matching the worst ten years of the Great Depression
Bailout The United States Treasury: The Last Remaining Asset Bubble Is Cracking
Prices of US Treasuries fell for a third consecutive day Thursday as excess supply swamped the market for government debt. Today's specific culprit was a huge 7-year note auction, though we are at last seeing an overall awakening by bond traders to the reality that a mountain of supply is coming and it will not be slowing down. The first cracks are finally beginning to show in the last remaining asset bubble. Delicate fiscal issues never discussed openly as recently as 12 months ago, are now standard fare. The economist wondered aloud if the
The Fate of Paper Money
"Paper money eventually returns to its intrinsic value - zero."
(Voltaire, 1694-1778)
Britain Monetizes Its National Debt
The dollar and the pound are about to become the two worst performing asset classes on the planet.
The Two Documents Everyone Should Read to Better Understand the Crisis
The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.
The widespread claim that nonprime loan originators that sold their loans caused the crisis because they "had no skin in the game" ignores the fundamental causes. The ultra sophisticated buyers knew the originators had no skin in the game. Neoclassical economics and finance predicts that because they know that the nonprime originators have perverse incentives to sell them toxic loans they will take particular care in their due diligence to detect and block any such sales. They assuredly would never buy assets that the trade openly labeled as fraudulent, after receiving FBI warnings of a fraud epidemic, without the taking exceptional due diligence precautions. The rating agencies' concerns for their reputations would make them even more cautious. Real markets, however, became perverse -- "due diligence" and "private market discipline" became oxymoronic. These two documents are enough to begin to understand:
- the FBI accurately described mortgage fraud as "epidemic"
- nonprime lenders are overwhelmingly responsible for the epidemic
- the fraud was so endemic that it would have been easy to spot if anyone looked
- the lenders, the banks that created nonprime derivatives, the rating agencies, and the buyers all operated on a "don't ask; don't tell" policy
- willful blindness was essential to originate, sell, pool and resell the loans
- willful blindness was the pretext for not posting loss reserves
- both forms of blindness made high (fictional) profits certain when the bubble was expanding rapidly and massive (real) losses certain when it collapsed
- the worse the nonprime loan quality the higher the fees and interest rates, and the faster the growth in nonprime lending and pooling the greater the immediate fictional profits and (eventual) real losses
- the greater the destruction of wealth, the greater the (fictional) profits, bonuses, and stock appreciation
- many of the big banks are deeply insolvent due to severe credit losses
- those big banks and Treasury don't know how insolvent they are because they didn't even have the loan files
- a "stress test" can't remedy the banks' problem -- they do not have the loan files
The government is in debt to private banks that pretend to have money
US Government as a perpetual debtor for a constant money supply. When loans are repaid, the principal amount of the money created is zeroed out. As Brown explains: “In order to keep money in the system, some major player has to incur substantial debt that never gets paid back; and this role is played by our federal government.” And Brown further notes: “The
'Run on UK' sees foreign investors pull $1 trillion out of the City
A silent $1 trillion "Run on
Russian Stock Market Collapses; Trading Halted
The Russian stock market collapsed today, causing the RTS and the Micex stock exchanges to suspend trading for one hour at 4:05 p.m.
Puerto Rico government bankrupt
MORE than 30,000 government employees - about 14 per cent of the public work force - could lose their jobs and new taxes will be introduced as Puerto Rico attempts to shore up its ailing economy, the governor of the
Japan exports drop 46% in January
BBC Business News Feb 25, 2009
Imports exceeded exports by 952.6bn yen ($9.9bn; £6.8bn). It is the largest gap since records began in 1980.
"
G7 calls for 'urgent reforms' of world finance
Delegates came from the G7 grouping of
Italy's Finance Minister called for a "new world economic order" as he wrapped up the crisis meeting of finance leaders from the Group of Seven leading economies over which he presided here.
In a joint declaration, the G7 called for "urgent reforms" of the international financial system.
"A new world economic order might seem rhetorical," he told reporters. "But it is a true goal we should be aiming towards... today right here in
The US Economy - Designed To Fail
But neither President Obama, nor his Democratic supporters or Republican antagonists, should feel badly about what is happening. This is because the system they have been given to work with was designed to fail. The
Deluge of Financial Calamities Looming by Mid-March
In an interview on www.commodityonline.com released Monday, Marc Gugeri, the Fund Manager and Advisor to both Gold 2000 Ltd and the Julius Baer Gold Equity Fund, was asked about the price of gold. He stated, "The majority of investors purchase Paper-(Gold)-Futures at the COMEX. The sellers or counterparties of those Gold-Futures are just a few dominant players. Some of them have an in-official close link to the
It normally is rare to find such doom-and-gloom commentary appearing in general financial circles. It is even more uncommon for commentators to reveal that some of the dominant players in the gold market have a close link to the
The money supply of all of the world's major currencies is now increasing by 10-30 percent annually. With the gold supply increasing by less than 2 percent annually, it is a virtual certainty that all currencies will fall in value against gold.
RED ALERT: FX Dislocation In Process - Updated (11:47 PM)
Someone, apparently someone in
It originated at approximately 7:15 CT this evening and originated out of
THE FORECLOSURE FIVE
A NATIONAL CRISIS? HARDLY. THE REST OF US ARE PAYING FOR THE IRRESPONSIBILITY OF A FEW STATES
Home Prices Plunge 18.5%; Another New Low
The Standard & Poor’s/Case-Shiller home price index reports that the price of single family homes dropped 18.5% in December versus the same time the previous year.
Since the 2005 real estate peak, home prices have fallen almost 27% nationally. All 20 metro areas are reporting negative monthly and annual rates of change in average home prices.
The seven worst performing cities in terms of year-over-year declines continue to be from the
Nationalization: Code Word for Banker Takeover
“Simply put: Nationalizing ailing banks means the government would tell bank execs to take a hike, and then oversee taxpayer dollars as they course through the banking sector’s veins,” writes Kelley. “When all is well, perhaps after selling assets and operations to new private investors, the government then steps back and lets a newly regulated bank sector float on its way.”
Does Mr. Kelley really think the government will step back after “nationalizing” the banks? He seems to think the government is “of the people, by the people, for the people,” as
Nationalization, US gov't sponsored, private bank profiteering
Plan to nationalise American banks
Geoff Elliott,
February 23, 2009
"The plan proposed in
Orwellian Doublethink "Nationalize the banks." "Free Markets."
How is it that Mr. Greenspan, free-market lobbyist for Wall Street, recently announced that he favored nationalization of America’s banks – and indeed, mainly the biggest and most powerful? Has he "gone left"? Or are we dealing with the most recent exercise in Orwellian doublethink?
The answer is that the rhetoric of "free markets," "nationalization" and even "socialism" (as in "socializing the losses") has been turned into the language of deception to help the financial sector mobilize government power to support its own special privileges. Having undermined the economy at large, Wall Street’s public relations think tanks are now dismantling the language itself.
The popular media should not let them get away with it.
Webmaster's Commentary:
We won't.
The crash of 1904 was exploited to bring about the Federal Reserve. The crash of 1929 was used to end the use of gold coins and force the use of Federal Reserve notes on everyone.
And now the crash of 2008 is being used to force the "Nationalization" of the banks which means that taxpayer bailouts, previously an occasional looting of the public, will now be permanent and ongoing.
Former FDIC Chief: Don't Nationalize Banks, It Won't Work
The guy with the most experience of nationalizing banks in the
Barclays gags Guardian over tax
Barclays Bank obtained a court order early today banning the Guardian from publishing documents which showed how the bank set up companies to avoid hundreds of millions of pounds in tax.
Court Enforces FOIA Request to Release TARP Details
Advocates of an open Government and transparent allocation of taxpayer funds celebrated the news late Friday afternoon (
Webmaster's Commentary:
That there is even resistance on the part of the government to tell us where the money went is damning.
Brzezinski warns of US riots Due to Economic Crisis
"There’s going to be growing conflict between the classes and if people are unemployed and really hurting, hell, there could be even riots!” said Brzezinski, President Jimmy Carter’s national security advisor, in a recent interview with NBC.
' Worst economic collapse ever'
In 2009 were going to see the worst economic collapse ever, the Greatest Depression, says Gerald Celente, U.S. trend forecaster. He believes its going to be very violent in the
Webmaster's Commentary:
About @#%ing time, too!
U.S. Has Entered “The Greatest Depression”
“The global financial system, built on endless supplies of cheap money, rampant speculation, fraud, greed, and delusion is terminally ill and will not be coaxed into remission by stimulus packages nor restored to health by government buyouts and bailouts,” writes Celente.
Global downturn: In graphics
Webmaster's Commentary:
I hereby declare that the Crash of '29 shall henceforth be called the not-as-great-as-we-thought depression.
Next Wave of Banking Crisis to come from Eastern Europe
European banks face an entirely new wave of losses in coming months not yet calculated in any government bank rescue aid to date. Unlike the losses of US banks which derive initially from their exposures to low-quality sub-prime real estate and other securitized lending, the problems of western European banks, most especially in
BOE Unanimously Asks For Authority to Create Money
Federal obligations exceed world GDP
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
Meltdown 101: Highlights of economic stimulus plan
Now that there's a tentative agreement on the economic stimulus plan that President Barack Obama and other supporters hope will provide a considerable jolt to the economy, how long will it take to get infrastructure and other projects moving? And do economists think the plan is big enough to create millions of jobs?
Webmaster's Commentary:
Here is the real problem. In looking through the various projects for the stimulus plan, virtually none are for permanent jobs. They are all temporary employment.
Here in
But once those projects are done the workers will be let go again.
So we will be 6 months down the road, deeper in debt, people will be out of work again, the roads will look good (if they are not already starting to crumble based on previous experience), and there will STILL be no manufacturing of products to export to bring new money into the system.
So, this $700 billion is at best a patch. The real core problem with the economy continues to be ignored.
Stimulus: How it may affect your wallet
The bill provides a $400 credit per worker and a $800 credit per dual-earner couple. The full credit would be paid to people making $75,000 or less ($150,000 per dual-earner couple). A partial credit would be paid to those making above those amounts but no more than $100,000 ($200,000 for couples).
The credit would also be refundable, which means that even very low-income families who don't make enough to owe income tax would be able to claim it.
For most working individuals, the credit will be paid over time at roughly $15 per period, assuming 26 pay periods in a year.
Webmaster's Commentary:
So, the US Government has just dropped $30,000 worth of debt onto your head, and all you get back for that is the cost of a pizza every two weeks.
And they actually think they can buy you off with this lame ass deal????????
Democratic Senator Predicts None of His Colleagues 'Will Have the Chance' to Read Final Stimulus Bill Before Vote
Sen. Frank Lautenberg (D-N.J.) predicted on Thursday that none of his Senate colleagues would "have the chance" to read the entire final version of the $790-billion stimulus bill before the bill comes up for a final vote in Congress.
Webmaster's Commentary:
Shades of the USAPATRIOT act!
Le saut périlleux de 787 milliards de dollars de Barack Obama
Congress didn't even read it!
Dear congress, don't you ever ever ever pass a bill without even reading it. This is the largest spending increase in 30 years with over 1,000 pages of potential pork and who knows what else and you (the congress) didn't even read it?! Anyone who voted yes for a bill they didn't get to read should be fired. You don't just casually spend hundreds of Billions of dollars. The public was also not given details (even though we were promised) and the bill is supposedly going on the internet to read, too bad that is AFTER it has been passed. Welcome to the USSA. Comrade Obama is spending over 700 billion now and more with the coming TARP bill which puts us well over a TRILLION in new money to be spent, plus he didn't cut any spending and still has his wars.
TheToo Big To SAVE?
President of Special Interests
The Bush/Obama bailout/stimulus plans are not going to work. Both are schemes hatched by a clique of financial insiders. The schemes will redistribute income and wealth from American taxpayers to the shyster banksters, who have destroyed American jobs, ruined the retirement plans of tens of millions of Americans, and worsened the situation of millions of people worldwide who naively trusted American financial institutions. The ongoing theft has simply been recast. Instead of using fraudulent financial instruments, the banksters are using government policy.
THE OBAMA STIMULUS / FACTS AND FICTION
The Obama stimulus plan is attempting to inflate the same credit bubble that just burst and it will fail because our whole economic system must be overhauled ~ starting with our insolvent banking system which still hasn't dealt with $175 Trillion in Derivative debt
The Oligarchy's Bailout Ball
"Like spoiled, petulant children," is how Washington Post columnist Steven Pearlstein described them. "These guys won't be happy until the government agrees to relieve them of every last one of their lousy loans and investments at inflated prices, recapitalize every major bank and brokerage and insurance company on sweetheart terms and restore them to the glory days, so they can once again earn inflated profits and obscene pay packages by screwing over their customers and their shareholders."
How Can the U.S. Economy Recover Without Manufacturing Capacity?
"The
Ron Paul "The Federal Reserve Is the Culprit!
"We can't reinflate the bubble"
Here's Congressman Ron Paul (R-Texas) from yesterday's monetary policy testimony before the House Committee on Financial Services.
Ron Paul gives opening statement during HFSC hearing
Ron Paul essentially disagreed with all four facets of the Federal Reserve's program for the struggling economy. In his two-minute statement, he started by branding the financial system a failure, and then laid out the reasons why he didn't think Bernanke's plan was going to save the economy. “It is fundamental for us to understand...if we think we can patch up a system that has failed, it's not going to work,” he told the Reserve's chairman. “We have a total misunderstanding of what credit is, versus capital. Capital can't come from the thin-air creation by a Federal Reserve system, capital has to come from savings.
Webmaster's Commentary:
These House Financial Services Committee hearings will go on as though nothing has happened, and as though this statement was never made.
The bottom line is this: the
Some in power think that the "quick fix" should be another war, which is how the
Financial meltdown blamed on risk models
The failure of banks to count, manage and hedge their risks over the past decade is responsible both for the fantastic growth before 2007 and the crash that followed, according to the Bank of England’s director for financial stability.
Webmaster's Commentary:
Ah yes, the rush is on to find someone to blame.
But the initiating event in this financial catastrophe is obvious. The US Government gave huge tax breaks to corporations to make it easier to send manufacturing to other countries.
UP UNTIL THAT FATEFUL DECISION, Americans WERE paying their mortgages.
UP UNTIL THAT FATEFUL DECISION, Americans WERE paying their credit.
UP UNTIL THAT FATEFUL DECISION, Americans WERE buying retail products.
Jim Rogers: Abolish The IMF & World Bank
In an interview with Sir David Frost on Al Jazeera television, veteran investor Jim Rogers pinned the blame for the economic crisis squarely at the feet of the Federal Reserve, and said that the World Bank and the IMF should be abolished, not given more power, if a recovery is to be made.
Webmaster's Commentary:
He is correct. As I have noted many times the critical flaw with the Federal Reserve is that the moment it went into operation, more money was owed than was actually in existence.
Bank of America Says Bonus Disclosure Will Harm It
Bank of America Corp. will suffer “grave and irreparable harm” if Merrill Lynch & Co. employees paid $3.6 billion in bonuses just before the firm’s acquisition by the bank are publicly identified, its lawyers said.
HSBC to raise $17.7B, cut 6,100 U.S. jobs as profits fall
HSBC PLC, Europe's largest bank by market value, on Monday reported a 70 per cent drop in 2008 net profit and said it would raise US$17.7 billion in new capital through a share issue while cutting 6,100 jobs in the
HSBC said it would scale back its consumer lending in the
HSBC faces years of pain for US deal that went wrong
HSBC conceded yesterday that its purchase of Household International, the
Webmaster's Commentary:
HSBC had no way of knowing that the US tax laws would be changed in such a way that the high paying jobs that paid all those sub-prime mortgages would be lost to other countries.
Don't let the media scapegoat the sub-prime borrowers. The initiating event in the crash of 2009 was the US Government pandering to corporate interests, and of course, the derivatives bubble.
JPMorgan Derivatives Group Earned $5 Billion in Wall Street's Worst Year - It's not honest work, but it pays well.
Bloomberg Matthew Leising and Elizabeth Hester
March 3 (Bloomberg) -- JPMorgan Chase & Co. managed to generate $5 billion in profit during the worst year in Wall Street history by trading over-the-counter fixed-income derivatives, two people with knowledge of the results said.
The unit was among the most profitable at the New York-based company, said the people, who declined to be identified because they weren’t authorized to divulge the figures. JPMorgan spokeswoman Kristin Lemkau declined to comment.
A Monetary Stalingrad" is on its way to Europe"
Europe's loans to Eastern Europe's states within and outside the EU is going to cause the next world economic storm - and that is still while the US and UKs' banks are bankrupt and their debts are bankrupting their countries.
UK "could experience a crash similar to Iceland"
Currently, the
The
However, the two countries that appear most susceptible to an economic collapse are the
"The Federal Government Is Bankrupt ... If The Federal Government Were A Corporation … The President And Senior Treasury Officers Would Be In Federal Penitentiary."
"Truthfully," Williams pointed out, "there is no Social Security 'lock-box.' There are no funds held in reserve today for Social Security and Medicare obligations that are earned each year. It's only a matter of time until the public realizes that the government is truly bankrupt and no taxes are being held in reserve to pay in the future the Social Security and Medicare benefits taxpayers are earning today."
Webmaster's Commentary:
Now, where have I heard that before?
When Will We March Against Obama?
"Give Obama a chance." some of his less critical supporters say. "Do you think you're smarter than Obama?", some of the less polite ones ask. But those are not the real questions. The real question is how long it will be before the left wakes up and finds its own voice. Shut out of Obama's policymaking circles, there are few choices but to speak up. How long before more of us seek to unambiguously hold the new president and his record accountable? How long before protesters hit the street?
Webmaster's Commentary:
Within four months., and yes, as a matter of fact I do think I am smarter than Obama, at least in understanding that you don't fix an economy by taking money from the working class to give to the banks to loan back to the working class (at interest).
I am smart enough to know that you cannot prosper a nation doing each others' laundry for a fee, and that wealth does not grow by shaking money back and forth with great vigor in that giant open-air casino called Wall Street.
I am smart enough to know that the propaganda games that worked at the height of the cold war are failing miserably in the age of the internet.
I am smart enough to know that Obama is not doing anything consistent with the long term improvement of the economy. He is patching things, going with the politically expedient quick fix, and that 6 months from now when the bailout is spent and the potholes in the roads are filled in those workers will be out of work again, still unable to pay their mortgages, still unable to pay their credit cards, and like the rest of of, some $30,000 deeper in debt each to the Federal Reserve for all these bailouts.
I am smart enough to know that the fatal flaw in the debt-based Federal Reserve System is that the moment it went into operation more money is owed than is actually in existence. I am smart enough to know that when the Federal Reserve cannot find more and more people to pledge themselves to a loan in order to create new money that the pyramid will collapse as it collapsing now. I am smart enough to realize that each new bailout thus creates more interest debt, meaning that We The People owe the federal Reserve even more money that does not actually exist.
I am smart enough to understand that the fastest way to fix the economy is to cut taxes so that we can pay our mortgages, ending the mortgage crisis, pay our credit cards, which ends the credit crisis, and shop for those goodies the retailers are screaming we are not buying enough of. I am smart enough to realize that we can afford massive tax cuts if we just lose our addiction to running around Planet Earth killing brown people, or handing billions of dollars in weapons to
I am smart enough to see all this.
Why isn't Obama?
Obama’s Stimulus Not Enough to Avert Biggest GDP Drop Since 1946
President Barack Obama’s stimulus plan will be insufficient to avert the biggest
Ron Paul: Stimulus "Waste of Money"
In what could turn out to be the greatest fraud in
It’s Getting Ugly: Economist Says Hoard Gold & Scotch
Respected economist John Williams, editor of ShadowStats.com, a popular website that tracks real inflation figures, is advising that people hoard physical gold as well as food items in bulk so that they have some means with which to barter as the economic crisis turns ugly.
"Worst Is Yet to Come:" Americans' Standard of Living Permanently Changed
An Interview with Howard Davidowitz
But "the worst is yet to come," according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American's standard of living is undergoing a "permanent change" - and not for the better as a result of:
* An $8 trillion negative wealth effect from declining home values.
* A $10 trillion negative wealth effect from weakened capital markets.
* A $14 trillion consumer debt load amid "exploding unemployment", leading to "exploding bankruptcies."
The end of rampant consumerism is ultimately a good thing, he says, but the unraveling of an economy built on debt-fueled spending will be painful for years to come.
Mortgage woes break records again in 4Q
A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and that's not the worst of it, new data Thursday showed.
UPDATE 1-One in 8 US households late paying or in foreclosure
Reuters Thu Mar 5, 2009 Lynn Adler
A record 11.18 percent of loans on one-to-four unit residences were at least one payment past due or in the foreclosure process in 2008.
"In a recession like this, housing is never just about housing," said Jed Kolko [...]
The New Depression
The business and political elite are flying blind. This is the mother of all economic crises. It has barely started and remains completely out of control.
The Coming Crisis: White Collar Homelessness
Last month, unemployment rates surged to 7.6 percent. As the jobless population becomes older and more educated, many are ending up with no car, no job prospects, no health insurance, and - before long - no home. Will the dramatic increase of unemployment change the face of homelessness in
Webmaster's Commentary:
If the US Government took the same money they are pouring onto the bankers and gave it back to the people (whose money it is anyway) each and every one of us would get about $30,000.
We could pay our mortgages. That would end the mortgage crisis.
We could pay our credit cards. That would end the credit crisis.
We could start new businesses. That would create jobs. That would end the unemployment crisis.
Those new businesses could make products for export. That would end the trade imbalance.
Why on Earth are they not doing this? Or at least slashing taxes by 50% which would produce the same result?
Instead the government has taken $8 trillion from the people to give to the banks so the banks can loan it back to us at interest!
This is like seeing a house burning and deciding that the best way to put out the fire is to rip wood from all the other houses to try to smother the flames!!!!!
Are the wealthy in this nation so greedy that they would not surrender their hold on our throats just long enough for us to stand back up again?
Bank got help, still sending workers to resort
Wisconsin's second-largest bank is sending about 100 employees to a Puerto Rican resort next week, nearly three months after its parent company accepted more than half a billion dollars in taxpayer bailout money.
Bailout Bank Blows Millions Partying in L.A.
A bank that received $1.6 billion in bailout money just spent a fortune last week in
Taking on the banking cabal
Engdahl: Obama should re-regulate the financial system and reinstate the Glass-Steigel Act Pt 1
http://www.youtube.com/watch?v=vsPq-6kIkvM
It's Time to Break up the Big Banks
Timothy Geithner is putting the finishing touches on a plan that will dump $1 trillion of toxic assets onto the
16 US banks collapse in just two months
With the financial meltdown continuing unabated, US has already seen the collapse of 16 banks in the last two months -- which is more than one-fourth the total number of failures in the last nine years.
HSBC to Pullout of US Lending; Trading Suspended in Hong Kong
HSBC requested that trading of its shares be suspended in
China's imploding US ally
AIG, the world's sixth-largest company by assets and biggest insurer, according to the Forbes Global 2000 list for 2007, is one of the few US institutions to be founded in China, its roots dating from 1919 when Cornelius Vander Starr, a veteran of World War I, founded a small insurance company in Shanghai called American Asiatic Underwriters, later to become AIG.
Webmaster's Commentary:
This might explain one reason the US Government is spending so much of YOUR money propping up AIG, because the Chinese will view AIG's collapse as a signal they need to stop buying any more
Video - Engdahl: President Obama has left intact a brain dead banking system that is out of control
Speaking about President Obama's stimulus package and newly announced budget, William Engdahl says the fundamental causes of the economic crisis were missed. Until [President] Obama reinstates Glass-Steigel restraints on banking which were repealed by the
http://www.youtube.com/watch?v=vsPq-6kIkvM
With Hillary Clinton having signaled to the Chinese dictators that we will beg for their money and ignore unfair trade practices and even human rights violations, it will be left up to President Obama to seal the deal.
The truth is starting to seep out. Because of the need for more money to finance the latest bailout-the Obama economic stimulus plan-America is going further in debt to the Chinese Communists. Our country is officially being sold to the highest bidder. And we have striking confirmation of this fact from Secretary of State Hillary Clinton.
Bank slashes rates AGAIN to just 0.5% as it prepares to print ?75billion in new money
The Bank of England took the drastic step of 'printing more money' today in a bid to ease the crippling recession as it slashed rates to a new historic low.
In a fresh blow to savers, interest rates were cut for the sixth consecutive month from 1 per cent to 0.5 per cent, the lowest ever in its 314-year history.
But in an admission this is no longer enough to stave off economic disaster, the Bank confirmed it will now effectively print an extra ?75billion to combat the slump.
MI5 ALERT ON BANK RIOTS
TOP secret contingency plans have been drawn up to counter the threat posed by a “summer of discontent” in
Brits start to fight back
In a day of speeches and discussions, academics, politicians, lawyers, writers, journalists and pop stars joined civil liberty campaigners to issue a call to arms for Britons to defend their democratic rights. More than 1,500 people attended the Convention on Modern Liberty in Bloomsbury, central
In her speech, human rights lawyer, Helena Kennedy said she felt that fear was being used as a weapon to break down civil liberties. “There is a general feeling that in creating a climate of fear people have been writing a blank cheque to government. People feel the fear of terrorism is being used to take away a lot of rights…”
Webmaster's Commentary:
Don't be afraid. Be angry. Be very angry. Be very pissed off.
Think Charles I.
Angela Merkel Rejects Bailout Plan For Eastern EU Nations
The worst business loss in UK history
Royal Bank of
U.S. Injecting Billions Into Foreign Central Banks
For more than a year, the U.S. Federal Reserve System has been increasingly acting as the world's central bank, injecting hundreds of billions of dollars into foreign government treasuries in an effort to increase liquidity in those countries.
The foreign central banks have used the
Factory downturn 'accelerating'
Homeless families face strict new rules
Webmaster's Commentary:
The criminalization of homeless proceeds apace, and it appears that that, due to bad state governmental policies, the people who are most fragile in a battered state economy are made to pay the most harsh penalties.
Struggling owners use new tactic to stall foreclosure
Housing Price Decline Accelerates
The data in the December Case-Shiller 20-City index indicate that the rate of housing price decline is continuing to accelerate. The data show that house prices in the 20 cities fell at a rate of 2.0 percent in the month of December and were falling at a 21.3 percent annual rate in the last quarter of 2008.
Webmaster's Commentary:
Which means Obama's plan to recalculate mortgages based on the current value of the homes will not work, because 6 months from now most home owners will be back n negative equity situations, which means there will be no ability to borrow against the home to buy flat panel TV sets.
Obama is missing the mark. Everything the lawyers and accountants in charge of the government are doing is "restructuring", while ignoring the real issue. WE THE PEOPLE WANT OUR JOBS BACK. We are not asking for handouts, we are not asking for charity. What we want is what we had before.
Morgan Stanley predicts economic collapse worse than depression
Morgan Stanley’s
You certainly can not accuse Mr. Secker of being early as
Arnie Schwarzenegger joins the ranks of the girlie men
So this is what things have come to here in
Broader Unemployment/Underemployment (U-6) is 13.9% ....
Narrow unemployment is now at 7.6%, while the broader measure of underemployment is a whopping 13.9%. and still rising....U-6 is the true measure of employment ...the one trotted out by the media is crap.
Calif. Counties Threaten Tax Revolt Against State
Several counties are considering some form of tax revolt -- either filing lawsuits or delaying tax payments to the state -- because the governor has proposed withholding payments to them for as long as seven months in a move to preserve cash.
Webmaster's Commentary:
Sounds like an idea whose time has come.
The unemployment rate reported in the
"during the Clinton Administration, ‘discouraged workers’ those who had given up looking for a job because there were no jobs to be had--were redefined so as to be counted only if they had been ‘discouraged’ for less than a year. This time qualification defined away the bulk of the discouraged workers. Adding them back into the total unemployed, actual unemployment, [according to the unemployment rate methodology used in 1980] rose to 18% in January, from 17.5% in December."
In other words, without all the manipulations of the data from a government that lies to us every time it opens its mouth, the
Feds Seize Two More Banks
Federal regulators shut down a bank in Southern California and another in the
Federal Deposit Insurance Corp. announced that Ga.-based FirstBank Financial Services and Calif.-based Alliance Bank have been seized.
Yes we are raging - against a Government that spies on its citizens while ignoring the crimes of greedy bankers
Today one of
US bank stocks fall to 17-year low
US banking shares hit their lowest level since 1992 on Thursday as fears mounted that the government would be forced to nationalise a key institution.
Further heavy selling of key names – Bank of America and Citigroup were once again among the worst performing, down 14 per cent to $3.93 and 13.8 per cent to $2.51, respectively – helped push the Dow Jones Industrial Average to its lowest level in six years.
Shortage of Critical Commodities Seen Already
Maybe you thought that less trade with
Ohio: School Gets 700 Applications for One Janitorial Job
Evidence of the slumping economy is stacking up at an
Goodyear posts loss, plans 5,000 job cuts
Goodyear Tire & Rubber Co plans to cut 5,000 jobs worldwide in 2009, or 6.7 percent of its staff, after a prolonged downturn in vehicle demand led to a deeper-than-expected loss in the fourth quarter.
Tech Layoffs Jump 75% in 2008
Layoffs in the
186,955 jobs in the telecommunications, computer, and electronics sectors were slashed in 2008
Iconic Canadian department store slashes 300 jobs
The 300 jobs represent less than 1 percent of the company's total workforce of 35,000 people.
Earlier this month, privately held department store chain
Great real estate drop of 2009
All 10 provinces are expected to show declines in new home construction this year, it said, led by the Western provinces, each with more than 30-percent drops expected for the year.
Last week, data showed sales of previously owned Canadian homes plunged 41 percent in January from a year earlier while prices dropped 11 percent.
Irish economy 'worst hit in eurozone'
For 15 years,
Britain’s bankers plumb new depths
From The Times
Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.
The mind boggles at a financial crisis far worse than the current one. Is such a thing possible? Even with this one, it may already be too late to prevent social unrest, especially in
The spectacle of bankers continuing to award themselves bonuses while taking taxpayer support is feeding an extraordinary public rage and a fierce sense of injustice. With 40,000 people losing their jobs each month, it is a recipe for trouble, come the traditional rioting months of the summer.
Record numbers are declared bankrupt as recession bites
The number of people being made bankrupt hit an all-time high during the last three months of 2008, as the country's worst recession in three decades left thousands of individuals unable to pay their debts.
The number of companies being forced into administration also more than tripled during the quarter, as businesses struggled to refinance loans and raise necessary new capital.
The statistics reaffirmed the bleak state of
The increase in the number of people declaring themselves insolvent was particularly high in
Recession will be worst since 1930s: Greenspan
Former U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday the current global recession will "surely be the longest and deepest" since the 1930s and more government rescue funds are needed to stabilize the
Geithner Plans to Bring in Private Investment for Toxic Assets
Aspects of the plan that have been settled include a new round of injections of taxpayer funds into banks, targeted at those identified by regulators as most in need of new capital, people briefed on the matter said.
“We have to reach a point where investors and consumers have greater confidence in our financial system,” Philadelphia Federal Reserve Bank President Charles Plosser said in an interview. “Without that, these institutions will not be able to attract new capital or be able to fully resume their important role in providing credit.”
Bank to issue grimmest warning yet on economy
Mervyn King will this week present the Bank of England's most pessimistic assessment yet of the outlook for Britain's economy, after a slew of official figures confirming that activity has "fallen off a cliff" since the autumn.
Geithner Says U.S. Financial System Remains 'Badly Damanged'
Treasury Secretary Timothy Geithner warned U.S. House Democrats on Saturday that the
Webmaster's Commentary:
This is the usual placation statement from a politician.
The fact is that the
What the bailouts amount to is the government borrowing ON Y0UR BEHALF (AND WITHOUT YOUR PERMISSION), to create the new money to cover the current outstanding debts by the banks.
But it is not a permanent solution. In fact, it will make the eventual crash far worse, because there is interest owed on the money 'Obushma' has borrowed for the bailouts, and the money to cover that interest doesn't exist!
About all the bailouts are doing is clearing up the books at the financial institutions by dumping that toxic debt on YOU!
UK top "bankers" had no formal Banking qualifications
four ex-chiefs of Royal Bank of Scotland (RBS) and HBOS admitted to having no formal banking qualifications between them in today's dramatic grilling by MPs.
Sir Fred denied he lacked experience, saying he had a degree in law and was a qualified chartered accountant, while also having worked as chief executive of the Clydesdale Bank and Yorkshire Bank before joining RBS.
Sir Tom McKillop, previously chairman of now part-nationalised RBS, said he was "certainly numerate", although he conceded he had not studied banking specifically.
Andy Hornby, who had headed HBOS until its rescue takeover by Lloyds TSB, said he had gained an MBA at
Corporate CEOs Caught Scheming on Tape
The Day After: Stocks Struggle to Overcome Geithner's Stumble, RIM's Warning
Webmaster's Commentary:
Stock's aren't supposed to "overcome."
Stocks are supposed to be shares in a company, paying dividends based on that company's earnings. The price of the stock is ideally supposed to be directly proportional to the earnings of the company, usually 13 to 16 years worth of the dividends payouts.
But when speculation takes over the market, as it has done over the last 12 years, the dividends cease being a factor, and the stock prices are driven by supply and demand, and more often the hopes and fears of the speculators who purchase stocks solely to sell them a short time down the road at a profit.
Wall street has been turned into a gigantic open-air casino, with one advantage over
Final Economic Stimulus Bill Permits Americans' Personal Health Information to Be Sold for Research and Public Health Purposes WITHOUT Patients' Consent
The final economic stimulus bill permits Americans' personal health information to be exchanged and sold -- without patients' consent -- for research and public-health purposes, warns the Institute for Health Freedom (
Obama's Opening Salvo
In an interview following his announcement, Geithner stated that government should replace the demand lost by the private sector. However, those with even a marginal grasp of economics know that demand is unlimited. It is the ability to spend that is not. While Americans still want all the things they wanted years ago, they have made the rational choice that they can no longer afford to buy at the same levels they once did. Using a printing press to replace this lost ‘demand’ will simply cause consumer prices to rise. Printed money does not create new purchasing power, but merely redistributes it from savers to borrowers. And since the plan will severely undermine the real productive capacity of our economy, there will not be much purchasing power left to redistribute!
With US infrastructure in tatters, stimulus plan offers paltry sum
The ASCE estimates that it would take an investment of $2.2 trillion over the next five years to update the nation's infrastructure. By the most generous calculations, the funds allocated in the final version of the Obama stimulus package would provide less than 5 percent of what is required.
Great Depression Quotes 1929 vs 2008: Have We Learned Anything?
A few select quotes during the depression years of 1929 to 1931.
Notice the "Expert" opinions which convey optimism, the bank bailouts, government assurances, the
Hedge Funds Pulling Most of Their Money Out of Market at the End of Each Day
Explains why the market performs like a schizophrenic day trader, as investors try to game the greater fool in unison, running the market up and down especially in market leading sectors such as financials. As long as a fund is not the last man in, the first 50% in any wave are set to make profits. While this has long been the modus operandi for ... notable algo trading outfits ..., the fact that it is spreading to most hedgies is shocking ....
Webmaster's Commentary:
Is all of Wall Street one solid scam-o-rama?????????
Arsonists Torch Berlin Porsches, BMWs on Economic Woe
At least 29 vehicles were destroyed in arson attacks this year, most of them luxury cars, according to police. The number is already about 30 percent of the total for 2008. The latest to go up in flames was a Porsche, on Feb. 14, two days after a Mercedes was set alight in a public car park.
While youths in Athens protest by throwing Molotov cocktails, in Paris by toppling barricades, and in Budapest by hurling eggs at politicians, protesters in Berlin rage at their economic plight by targeting the most expensive cars -- symbols of German wealth and power.
U.S. gov't takeover of mortgage giants good for Israeli banks
"The banks that today hold bonds of Freddie Mac and Fannies Mae are Israel Discount Bank, Bank Leumi and First International Bank. As far as they are concerned, the nationalization is a positive step because now the bonds are those of the
Webmaster's Commentary:
I am so happy for
On the other hand, the above sounds like famous last words.
This Is What A Collapse Looks Like
Some of you may not realize that
The primary reasons for this collapse are corrupt politicians, and fraudulent banking institutions that colluded to put the country into massive DEBT!
It is true that
How much of AIG’s bailout/handout is financing Israeli mortgages in Jerusalem & the West Bank?
On March 3, 2009, this exchange took place in the august and hallowed halls of what used to be known as the Congress of a
With One Word, Bernanke Reveals Who Actually Runs the Country:
Senator Sanders: “Will you tell the American people to whom you lent $2.2 trillion of their dollars?”
Ben Bernanke: “No.”
One can only surmise Bernanke’s reasoning. He claims he doesn’t want to spook the banks and the markets or some such claptrap. I have another possible reason: Bernanke, being an Orthodox Jew, doesn’t want the American public to get any inkling of
283 US firms at high risk of default: Moody's
A total of 283 publicly traded
Moody's newly created "Bottom Rung" includes companies known to be in distress including automakers General Motors and Chrysler, but also corporate icons such as Eastman Kodak and American Airlines parent AMR Corp.
Riding out the tsunami in paradise
I think the best action for the
Britain will be only nation still in recession next year
The British economy is heading for its worst year since the Great Depression, according to the latest predictions from the International Monetary Fund (IMF).
The fund shocked analysts during a briefing in which it was revealed that the UK will see its economy shrink by 3.8 per cent in 2009, and a further 0.2 per cent in 2010 – the only large economy predicted to still be in decline next year as well as this.
Some believe that the scale of the downturn signals the
Russia wants to start debate on new reserve currency at G20
"We fully agree that this is not the issue, which would enable us to get out of the crisis and cut costs. The main idea is to initiate discussions on this issue," the government source said.
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