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The only mortgages being traded are those 100% guaranteed by the U.S. government: in effect, the risks intrinsic to a corrupted market have been shifted to the taxpayers, while the criminals who profited from the fraud and embezzlement got away...
Regulators shut down 7 banks in Florida, Georgia, Illinois, Kansas and Arizona, lifting to 139 the number of US banks that have fallen this year as soured loans have mounted and the economy has sputtered. The Federal Deposit Insurance Corp. took over
NJ Governor Christie will examine a report on an $8.7 billion rail tunnel after the federal government urged him to reconsider his cancellation of the project. The tunnel between NJ and Manhattan would be the largest US public-works project and has b
The two companies mostly impacted by this announcement are Bank of America Corporation and Citigroup, Inc. This is due to the fact that both entities’, and their related subsidiaries’, Issuer Default Ratings (IDRs) and their respective senior debt...
All across the world, the kids are OK! And so are their investments!
Why I Do Not Vote - Butler Shaffer on another government trick / The Fascist on the Dime - Lew Rockwell on the mystery of FDR unraveled / The 'Good,' the Bad, and the Ugly - Doug Casey on US presidents
Treasury Secretary Timothy Geithner said he would use weekend meetings of G-20 finance ministers to advance efforts to "rebalance" the world economy so it is less reliant on U.S. consumers, to move toward establishing "norms" on exchange-rate policy,
We estimate that every one percentage point decline in the real trade-weighted dollar translates into a $6 per barrel increase in oil prices. Every $6 dollar increase in oil prices is worth three cents more on retail gasoline prices.
The federal bailout for Fannie Mae and Freddie Mac could nearly double in size during the next 3 years, according to projections from the companies' federal regulator. Fannie and Freddie, the federally controlled mortgage finance giants, will need as
No moratorium, but problem servicers will face 'full force of the law'
Stocks advanced on Monday, led by gains in financial companies as Citigroup reported stronger-than-expected profits and concerns about lenders' home foreclosure problems eased.
What is to stop U.S. banks and their customers from creating $1 trillion, $10 trillion or even $50 trillion on their computer keyboards to buy up all the bonds and stocks in the world, along with all the land and other assets for sale, in the hope of
The US stands out as quite different. No one is yet seriously proposing to address our underlying budget problems. Certainly, some people consider themselves fiscal conservatives, but none can yet be taken seriously. The implications are dire.
(Publisher: Foreclosure-gate has gone mainstream... well, at least the largest investors now understand the real risks of a total collapse. An excellent summary.)
A special never before seen interview with economic expert Paul Craig Roberts.
Like the character of Will Kane, Liberty Movement proponents also listen to their inner voice. They understand that there are greater concerns at stake than their own safety. That there are ideals under threat of extinction.
Household spending for the middle fifth of all U.S. income earners was down 3.5% in 2009, the steepest decline on record
The fiscal imbalance meant the US was on a path toward an explosion of debt. With the looming retirement of baby boomers, spiraling healthcare costs, plummeting savings rates and increasing reliance on foreign lenders, we face unprecedented fiscal...
Buying U.S. stocks because the Fed says it will proactively debase the U.S. dollar is like sitting on the beach in order to get a great view of an incoming tsunami. Any pleasure so derived should be short-lived, when the terror of underlying reality.
European and U.S. stock markets mostly fell Thursday as investors awaited a speech from the Federal Reserve chairman that is expected to give more clarity on what the central bank is planning to do to prop up the ailing U.S. economy.
The federal deficit hit $1.3 trillion for the just-completed budget year. That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending went up as the economy pulled out of recession.
Unless consumers have gone on a tear in the third quarter (highly unlikely with renewed slowdown in housing as well as the recent Gallup survey above), these retail sales reports are simply not believable.
And here's how it looks on a state-by-state basis. Note that the dark green states are in the worst shape. (Arizona appears to be in serious trouble because of it's over dependence on home building, and real estate sales.)
A VAT is the most micro form of taxation on consumption that needs the most macro form of law enforcement, an even bigger, all consuming IRS.
Banks, and especially regional banks, are about to experience the mother of all delinquency-to-foreclosure cliff events, as squatters now certainly will have no intention of ever paying down their mortgage.
Lower- and middle-income Americans' self-reported average daily spending in stores, restaurants, gas stations, and online averaged $48 per day during September -- down $6 from August and $16 from July.
Today, the Economic Collapse has followed up this list with 24 facts of their own, which confirm what Zero Hedge readers know: namely that the US economy has officially entered the "Late Roman Empire" phase of its civilization.
The global elite have engineered a total economic collapse.
The statistics Williams uses are based on the original formulas the United States government used for years before they were changed to hide the economic meltdown Washington’s policies were creating. Some have accused the Social Security system as be
Walmart has rolled back its rollbacks. Earlier this year, the retailer tried to spark sluggish U.S. sales by lowering its prices — already bargains — even further. One analyst called it "an initiative that screams: Price! Price! Price!" These rollbac
