President Obama
praised the energy bill passed by the House late last week as
an “extraordinary first step,” but he spoke out against a provision
that would impose trade penalties on countries that do not accept
limits on global warming pollution.
[California's] A2 rating is just five notches above speculative status and Moody's raised the potential for the rating to tumble toward "junk" status if lawmakers fail to quickly produce a budget for Governor Arnold Schwarzenegger to sign.
Excluding public sector borrowing (by the Treasury, government agencies, states, and municipalities), private sector credit was reduced at a mindboggling pace of $1,851.2 billion per year!
In a false bottom of one of their suitcases, Italian customs officers
and ministry of finance police discovered a staggering $134bn in US Treasury bills.
Italian and US secret services working together concluded the
bills were most probably counterfeit,
the latest handiwork of the Mafia.
Chief executives of some banks that received federal money, including
Bank of America Corp, Morgan Stanley and Regions Financial Corp, used
company jets for their personal use.
Many occasions when banks receiving federal money
flew their planes to destinations near resorts or executives' vacation
homes in Europe, Mexico, the Caribbean, south Florida and Aspen,
Michigan again reported the highest jobless rate, 14.1 percent in May. The states with the next highest rates were Oregon, 12.4 percent; Rhode Island and South Carolina, 12.1 percent each; California, 11.5 percent; Nevada, 11.3 percent...
Given that the proportion of recipients who used up their jobless benefits topped a monstrous 49 percent, the continuing claims number going forward will be essentially meaningless.
What would happen if the O'man came on the news and stated that each state in the United States would be entered into a lottery for government grants for new business. Each state would receive one billion dollars, each grant would be one
Credit ratings agency Standard & Poor's said it is
unlikely to lower its rating on the U.S. government in the near-term
despite noting a "significant" weakening in public finances.
S&P said in a report it will retain its top triple A rating for the
U.S.'s long term debt and added that the outlook is stable. Last month,
rival credit ratings agency Moody's Investors Service said the U.S.
government's "AAA" rating is stable despite the country's swelling debt.
NYSE said it
had signed a deal with Depository Trust & Clearing Corp
to form a joint venture for clearing U.S. fixed income
derivatives.
The new clearing house, New York Portfolio Clearing, will
combine the NYSE Euronext's U.S. futures exchange and DTCC's
Fixed Income Clearing Corp to offer risk management, clearing
and settlement efficiencies for U.S. fixed income securities and
derivatives.
Here’s yet another huge financial story that has been virtually
blacked out by the US financial media. Although on the surface, this
story appears to be a non-event, if we consider some of the released
facts about this case, you will understand why I consider it to be a
huge story. On June 8th, the Asia News reported the following story:
“Italy’s
financial police (Guardia italiana di Finanza) has seized US bonds
worth US 134.5 billion from two Japanese nationals at Chiasso (40 km
from Milan) on the border between Italy and Switzerland. They include
249 US Federal Reserve bonds worth US$ 500 million each, plus ten
Kennedy bonds and other US government securities worth a billion
dollars each. Italian authorities have not yet determined whether they
are real or fake, but if they are real the attempt to take them into
Switzerland would be the largest financial smuggling operation in
history; if they are fake, the matter would be even more mind-boggling
becaus
"It's really not going to make any difference because the Greatest Depression is underway. They know that this is not going to be solved by printing more money, phantom money out of thin air." Gerald Celente
Arizona's collections were down a whopping 54.9% depending 25.3% on Personal Income Taxes. South Carolina, Michigan, Vermont, Rhode Island, New Jersey, Idaho, and Ohio are also in deep trouble.
"How do you want people to spend more if they don't have a job, borrow more, and tell the banks to lend more but have less leverage. Try to explain to me how this administration can get away with this nonsense." Nassim Taleb
State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A. Rockefeller Institute of Government.
The actions reflect our belief that operating conditions for the industry will become less favorable than they were in the past, characterized by greater volatility in financial markets during credit cycles...
US Airways Group Inc., the smallest of the full-fare U.S. airlines, is asking 400 flight attendants to accept voluntary leaves after reductions in seating capacity left it with too many employees.
Rising long-term interest rates are making it more expensive for home
buyers, corporations and the U.S. government to borrow money,
threatening to further stifle an already weak economy.
In just the past two weeks, the rate on a 30-year, fixed-rate mortgage
has risen to 5.6 percent from 4.9 percent, ending a boom in refinancing
and working against a budding recovery in the housing market. Rates on
corporate borrowing
“To set the record straight there has been no official announcement
relating to any potential investors but rest assured our negotiations
are on track and we expect to have a new ownership structure finalized
in the early summer,” Saab said. “Until then enjoy the increased
speculation in the knowledge that the next chapter in Saab Automobile’s
history is just around the corner.”
"GM is currently in negotiations with potential investors, these are private talks and we will not comment any further," wrot
Hartford Financial Services Group Inc said it will take as much as
$3.4 billion of federal bailout money and sell up to $750 million of
common stock to bolster capital after large losses on investments.
The 199-year-old life and property insurer announced its plans after saying Chairman and Chief Executive Ramani Ayer will retire
by the end of the year.
The US consumer is losing a large portion of his net worth and creditworthiness through no fault of his own. And who do you think the average American housewife is going to be blaming for this attack on their home? They are already beginning to wonder who the hell they elected. And somehow, a paean to socialist policies rings pretty hollow when one checks the size of your monthly unemployment payout.
Remember, foreign central banks can FORCE a pull in liquidity and make their desires a self-fulfilling prophecy. Care to bet against someone who can make their bet pay off?
If, and I do say IF, you could make a difference in America, would you spend a dollar? The reality is most Americans, ya I am talking to you!, do not understand politics and the very large value of YOU being willing to spend a dollar a we
Maybe this public passivity in the face of rampant corporate welfare and corporate pillage will come to an end as unemployment benefits begin to run out and unemployment rates continue to climb.
Americans are cutting back on spending as unemployment surges, home prices continue to drop and wealth evaporates, signaling any economic recovery will be slow to develop.
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