No Tapering! — Spending Addiction Disorder (SAD) — Fed Must Continue Massive Financing of Deficits and Debt of Federal Government — Digital Electronic Money (DEM) Creation Continues At $85 Billion Per Month or $1,020 Billion Per Year Pace — U.S. Economy Stagnating Below 3 Percent GDP Growth Trend Line — U.S. Dollar Devalued — Currency War Continues — Abolish The Fed Videos

Posted on September 19, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Photos, Politics, Programming, Psychology, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

5-reasons-the-fed-taper-will-kick-off-in-september

Tracking-the-Fed-September

U.S. National Debt Clock

BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345


http://www.fms.treas.gov/mts/mts0813.txt

civilian_labor_participation_rate

InflationAug2013

US-Fed-Funds-Target-Rate

savings

fed_taper_bets

When-To-Taper

fed_taper

wrong_way

US Chairman of the Federal Reserve Ben Bernanke listens to questions as he testifies before a House Budget Committee on Capitol Hill in Washington

2013-09-17-bernanke-hands-over-control

janet_yellen

Tracking-the-Fed-September

Federal Reserve Vice Chair Janet Yellen addresses a conference in Washington

No Fed Taper: What Does It Mean for Your Money? (9/18/13)

Federal Reserve: No Taper (9/18/13)

Ron Paul: Fed Decision To Not Taper Is A Really Bad Sign

Ron Paul: Taper Fakeout Means Fed Is Worried

Breaking News: Federal Reserve Will Not Taper

Rick Santelli Reacts to Federal Reserve No Taper

Why The Fed. Will INCREASE, NOT DECREASE, It’s QE/Money Printing. By Gregory Mannarino

In Business – Fed Taper Pause Fuels Commodities Rally

To Taper, or Not to Taper

FED Says No Taper — We Need A War, Gun Confiscation And Control Of Internet First — Episode 166

JIM RICKARDS: Fed Will TAPER in September or Never, and the Looming MONETARY System COLLAPSE [50]

James Rickards on “Why The Fed Will NOT Taper Quantitative Easing”

Peter Schiff: “The party is coming to an end”.

JIM ROGERS – When the FED stops PRINTING FIAT CURRENCY the COLLAPSE will be here. PREPARE NOW

Fed decision Just idea of tapering caused huge ruckus

Background Articles and Videos

Milton Friedman – Abolish The Fed

Milton Friedman On John Maynard Keynes

Free to Choose Part 3: Anatomy of a Crisis (Featuring Milton Friedman)

Murray Rothbard – To Expand And Inflate

The Founding of the Federal Reserve | Murray N. Rothbard

The Origin of the Fed – Murray N. Rothbard

Murray Rothbard on Hyperinflation and Ending the Fed

Murray N. Rothbard on Milton Friedman (audio – removed noise) part 1/5

Keynes the Man: Hero or Villain? | Murray N. Rothbard

WASHINGTON (AP) — The Federal Reserve has decided against reducing its stimulus for the U.S. economy, saying it will continue to buy $85 billion a month in bonds because it thinks the economy still needs the support.

The Fed said in a statement Wednesday that it held off on tapering because it wants to see more conclusive evidence that the recovery will be sustained.

Stocks spiked after the Fed released the statement at the end of its two-day policy meeting.

In the statement, the Fed says that the economy is growing moderately and that some indicators of labor market conditions have shown improvement. But it noted that rising mortgage rates and government spending cuts are restraining growth.

The bond purchases are intended to keep long-term loan rates low to spur borrowing and spending.

The Fed also repeated that it plans to keep its key short-term interest rate near zero at least until unemployment falls to 6.5 percent, down from 7.3 percent last month. In the Fed’s most recent forecast, unemployment could reach that level as soon as late 2014.

Many thought the Fed would scale back its purchases. But interest rates have jumped since May, when Fed Chairman Ben Bernanke first said the Fed might slow its bond buys later this year. But Bernanke cautioned that the reduction would hinge on the economy showing continued improvement.

In its statement, the Fed says that the rise in interest rates “could slow the pace of improvement in the economy and labor market” if they are sustained.

The Fed also lowered its economic growth forecasts for this year and next year slightly, likely reflecting its concerns about interest rates.

The statement was approved on a 9-1 vote. Esther George, president of the Federal Reserve Bank of Kansas City, dissented for the sixth time this year. She repeated her concerns that the bond purchases could fuel the risk of inflation and financial instability.

The decision to maintain its stimulus follows reports of sluggish economic growth. Employers slowed hiring this summer, and consumers spent more cautiously.

Super-low rates are credited with helping fuel a housing comeback, support economic growth, drive stocks to record highs and restore the wealth of many Americans. But the average rate on the 30-year mortgage has jumped more than a full percentage point since May and was 4.57 percent last week — just below the two-year high.

The unemployment rate is now 7.3 percent, the lowest since 2008. Yet the rate has dropped in large part because many people have stopped looking for work and are no longer counted as unemployed — not because hiring has accelerated. Inflation is running below the Fed’s 2 percent target.

The Fed meeting took place at a time of uncertainty about who will succeed Bernanke when his term ends in January. On Sunday, Lawrence Summers, who was considered the leading candidate, withdrew from consideration.

Summers’ withdrawal followed growing resistance from critics. His exit has opened the door for his chief rival, Janet Yellen, the Fed’s vice chair. If chosen by President Barack Obama and confirmed by the Senate, Yellen would become the first woman to lead the Fed.

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The U.S. Economy Real Gross Domestic Product (GDP) Grew Only 1.8% (Third Estimate) Not 2.4% (Second Estimate) in First Quarter of 2013 — Videos

Posted on June 28, 2013. Filed under: American History, Blogroll, College, Communications, Constitution, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Resources, Security, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

gdp_large

GDP

saupload_Real-GDP-per-capita-since-1960_thumb1

saupload_Real-GDP-per-capita-since-1960-log

saupload_Real-GDP-per-capita-percent-off-high

http://seekingalpha.com/article/1379861-real-gdp-per-capita-another-perspective-on-the-economy

Line 2011 2012 2013
I II III IV I II III IV I
1 Gross domestic product 0.1 2.5 1.3 4.1 2.0 1.3 3.1 0.4 1.8
2 Personal consumption expenditures 3.1 1.0 1.7 2.0 2.4 1.5 1.6 1.8 2.6
3 Goods 5.4 -1.0 1.4 5.4 4.7 0.3 3.6 4.3 4.4
4 Durable goods 7.3 -2.3 5.4 13.9 11.5 -0.2 8.9 13.6 7.6
5 Nondurable goods 4.6 -0.3 -0.4 1.8 1.6 0.6 1.2 0.1 2.8
6 Services 2.0 1.9 1.8 0.3 1.3 2.1 0.6 0.6 1.7
7 Gross private domestic investment -5.3 12.5 5.9 33.9 6.1 0.7 6.6 1.3 7.4
8 Fixed investment -1.3 12.4 15.5 10.0 9.8 4.5 0.9 14.0 3.0
9 Nonresidential -1.3 14.5 19.0 9.5 7.5 3.6 -1.8 13.2 0.4
10 Structures -28.2 35.2 20.7 11.5 12.9 0.6 0.0 16.7 -8.3
11 Equipment and software 11.1 7.8 18.3 8.8 5.4 4.8 -2.6 11.8 4.1
12 Residential -1.4 4.1 1.4 12.1 20.5 8.5 13.5 17.6 14.0
13 Change in private inventories
14 Net exports of goods and services
15 Exports 5.7 4.1 6.1 1.4 4.4 5.3 1.9 -2.8 -1.1
16 Goods 5.7 3.7 6.2 6.0 4.0 7.0 1.1 -5.0 -2.5
17 Services 5.8 5.1 6.1 -8.8 5.2 1.1 4.0 2.5 2.4
18 Imports 4.3 0.1 4.7 4.9 3.1 2.8 -0.6 -4.2 -0.4
19 Goods 5.2 -0.7 2.9 6.3 2.0 2.9 -1.2 -3.9 -1.3
20 Services -0.6 4.2 13.8 -1.7 9.0 2.3 2.6 -5.6 4.5
21 Government consumption expenditures and gross investment -7.0 -0.8 -2.9 -2.2 -3.0 -0.7 3.9 -7.0 -4.8
22 Federal -10.3 2.8 -4.3 -4.4 -4.2 -0.2 9.5 -14.8 -8.7
23 National defense -14.3 8.3 2.6 -10.6 -7.1 -0.2 12.9 -22.1 -12.0
24 Nondefense -1.7 -7.5 -17.4 10.2 1.8 -0.4 3.0 1.7 -2.1
25 State and local -4.7 -3.2 -2.0 -0.7 -2.2 -1.0 0.3 -1.5 -2.1
Addendum:
26 Gross domestic product, current dollars 2.2 5.2 4.3 4.2 4.2 2.8 5.9 1.3 3.1

US first-quarter growth was 1.8%, not 2.4% – economy

Marc Faber – Economic Predictions, Debt, Crisis, Depression

Financial Crisis, Jim Rogers Interview

Peter Schiff: Don’t get Burned by a Volatile Market

Peter Schiff ~ Where Is The Bottom In Gold?

Jim Rogers Economy Predictions 2013

USA Will Lose Economic War Jim Rogers

Background Articles and Videos

GDP Propaganda Exposed

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JUNE 26, 2013
BEA 13-30

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov
Recorded message: (202) 606-5306
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 1st quarter 2013 (third estimate);
Corporate Profits, 1st quarter 2013 (revised estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.8 percent in the first quarter of 2013 (that
is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau
of Economic Analysis.  In the fourth quarter, real GDP increased 0.4 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month.  In the second estimate, real GDP increased 2.4 percent.  With
the third estimate for the first quarter, the increase in personal consumption expenditures (PCE) was less
than previously estimated, and exports and imports are now estimated to have declined (for more
information, see "Revisions" on page 3).

      The increase in real GDP in the first quarter primarily reflected positive contributions from PCE,
private inventory investment, and residential fixed investment that were partly offset by negative
contributions from federal government spending, state and local government spending, and exports.
Imports, which are a subtraction in the calculation of GDP, decreased.

BOX._____________

     Comprehensive Revision of the National Income and Product Accounts

     BEA will release the results of the 14th comprehensive (or benchmark) revision of the national
income and product accounts (NIPAs) in conjunction with the second quarter 2013 "advance" estimate
on July 31, 2013.  More information on the revision is available on BEA’s Web site at
www.bea.gov/gdp-revisions.  An article in the March 2013 issue of the Survey of Current Business
discusses the upcoming changes in definitions and presentations, and an article in the May Survey
describes the changes in statistical methods.  Revised NIPA table stubs and news release stubs are also
available on the Web site.  An article in the September Survey will describe the estimates in detail.
________________

FOOTNOTE._______
Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Quarter-to-quarter dollar changes are differences between these published estimates.  Percent changes are
calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005) dollars.
Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note
 and Highlights related to this release.  For information on revisions, see "Revisions to GDP, GDI, and Their Major Components".
_________________

      The acceleration in real GDP in the first quarter primarily reflected an upturn in private
inventory investment, an acceleration in PCE, and smaller decreases in federal government spending and
in exports that were partly offset by a deceleration in nonresidential fixed investment and a smaller
decrease in imports.

      Motor vehicle output added 0.33 percentage point to the first-quarter change in real GDP after
adding 0.18 percentage point to the fourth-quarter change.  Final sales of computers added 0.09
percentage point to the first-quarter change in real GDP after adding 0.10 percentage point to the fourth-
quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.2 percent in the first quarter, unrevised from the second estimate; this index increased 1.6
percent in the fourth quarter.  Excluding food and energy prices, the price index for gross domestic
purchases increased 1.5 percent in the first quarter, compared with an increase of 1.2 percent in the
fourth.

      Real personal consumption expenditures increased 2.6 percent in the first quarter, compared with
an increase of 1.8 percent in the fourth.  Durable goods increased 7.6 percent, compared with an increase
of 13.6 percent.  Nondurable goods increased 2.8 percent, compared with an increase of 0.1 percent.
Services increased 1.7 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 0.4 percent in the first quarter, compared with an
increase of 13.2 percent in the fourth.  Nonresidential structures decreased 8.3 percent, in contrast to an
increase of 16.7 percent.  Equipment and software increased 4.1 percent, compared with an increase of
11.8 percent.  Real residential fixed investment increased 14.0 percent, compared with an increase of
17.6 percent.

      Real exports of goods and services decreased 1.1 percent in the first quarter, compared with a
decrease of 2.8 percent in the fourth.  Real imports of goods and services decreased 0.4 percent,
compared with a decrease of 4.2 percent.

      Real federal government consumption expenditures and gross investment decreased 8.7 percent
in the first quarter, compared with a decrease of 14.8 percent in the fourth.  National defense decreased
12.0 percent, compared with a decrease of 22.1 percent.  Nondefense decreased 2.1 percent, in contrast
to an increase of 1.7 percent.  Real state and local government consumption expenditures and gross
investment decreased 2.1 percent, compared with a decrease of 1.5 percent.

      The change in real private inventories added 0.57 percentage point to the first-quarter change in
real GDP, after subtracting 1.52 percentage points from the fourth-quarter change.  Private businesses
increased inventories $36.7 billion in the first quarter, following increases of $13.3 billion in the fourth
quarter and $60.3 billion in the third.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.2
percent in the first quarter, compared with an increase of 1.9 percent in the fourth.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.8 percent in the first quarter; it was unchanged in the fourth.

Gross national product

      Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 1.2 percent in the first quarter, compared with an increase of 0.9
percent in the fourth.  GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $17.7 billion in the first quarter after increasing $19.2 billion in the fourth; in
the first quarter, receipts decreased $16.3 billion, and payments increased $1.4 billion.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.1 percent, or $120.0 billion, in the first quarter to a level of $15,984.1 billion.  In the fourth quarter,
current-dollar GDP increased 1.3 percent, or $53.1 billion.

Gross domestic income

      Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 2.5 percent in the first quarter,
compared with an increase of 5.5 percent in the fourth.  For a given quarter, the estimates of GDP and
GDI may differ for a variety of reasons, including the incorporation of largely independent source data.
However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.

Revisions

      The downward revision to the percent change in real GDP primarily reflected downward
revisions to personal consumption expenditures, to exports, and to nonresidential fixed investment that
were partly offset by a downward revision to imports.

                                             Advance Estimate         Second Estimate         Third Estimate
				        		(Percent change from preceding quarter)

Real GDP......................................     2.5                     2.4                     1.8
Current-dollar GDP............................     3.7                     3.6                     3.1
Gross domestic purchases price index..........     1.1                     1.2                     1.2

                                              Corporate Profits

      Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $28.0 billion in the first quarter, in contrast to an increase of $45.4
billion in the fourth quarter.  Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- increased $125.6 billion in
the first quarter, in contrast to a decrease of $89.8 billion in the fourth.

      Taxes on corporate income decreased $10.5 billion in the first quarter, compared with a decrease
of $4.4 billion in the fourth.  Profits after tax with inventory valuation and capital consumption
adjustments decreased $17.5 billion in the first quarter, in contrast to an increase of $49.8 billion in the
fourth.  Dividends decreased $103.5 billion, in contrast to an increase of $124.3 billion.  The large
fourth-quarter increase reflected accelerated and special dividends paid by corporations at the end of
2012 in anticipation of changes to individual income tax rates.   Current-production undistributed profits
increased $85.8 billion, in contrast to a decrease of $74.3 billion.

      Domestic profits of financial corporations decreased $3.4 billion in the first quarter, compared
with a decrease of $3.5 billion in the fourth.  Domestic profits of nonfinancial corporations decreased
$5.0 billion in the first quarter, in contrast to an increase of $24.8 billion in the fourth.  In the first
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value
added decreased.  The decrease in unit profits reflected an increase in the unit nonlabor costs incurred by
corporations that was partly offset by a decrease in unit labor costs; unit prices were unchanged.

      The rest-of-the-world component of profits decreased $19.6 billion in the first quarter, in contrast
to an increase of $24.1 billion in the fourth.  This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents.  The first-quarter decrease was
accounted for by a larger decrease in receipts than in payments.

      Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist.  This measure
reflects depreciation-accounting practices used for federal income tax returns.  According to this
measure, domestic profits of both financial and nonfinancial corporations decreased.  The decrease in
nonfinancial corporations primarily reflected decreases in "other" nonfinancial and in manufacturing that
were partly offset by increases in information and in wholesale trade.  Within manufacturing, the largest
decreases were in petroleum and coal products and in machinery.

      Profits before tax decreased $34.7 billion in the first quarter, in contrast to an increase of $27.3
billion in the fourth.  The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments.  These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts.  The capital consumption
adjustment increased $12.5 billion in the first quarter (from -$199.5 billion to -$187.0 billion), compared
with an increase of $0.5 billion in the fourth.  The inventory valuation adjustment decreased $5.8 billion
(from -$9.2 billion to -$15.0 billion), in contrast to an increase of $17.6 billion.

      The first-quarter changes in taxes on corporate income and in the capital consumption
adjustment mainly reflect the expiration of bonus depreciation claimed under the American Taxpayer
Relief Act of 2012.  For detailed data, see the table "Net Effects of the Tax Acts of 2002, 2003, 2008,
2009, 2010, and 2012 on Selected Measures of Corporate Profits" at
www.bea.gov/national/xls/technote_tax_acts.xls.  Profits from current production are not affected
because they do not depend on the depreciation-accounting practices used for federal income tax returns;
rather, they are based on depreciation of fixed assets valued at current cost using consistent depreciation
profiles based on used-asset prices. For more details on the effect of tax act provisions on the capital
consumption adjustment, see FAQ #999 on the BEA Web site, "Why does the capital consumption
adjustment for domestic business decline so much in the first quarter of 2012?"

                                        *          *          *

      BEA’s national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA’s Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                        *          *          *

                         Next release -- July 31, 2013, at 8:30 A.M. EDT for:
                    Gross Domestic Product:  Second Quarter 2013 (Advance Estimate)
                  Comprehensive Revision of the National Income and Product Accounts
                                  (1929 through First Quarter 2013)

Real GDP Per Capita: Another Perspective On The Economy

Earlier Friday we learned that the Advance Estimate for Q1 2013 real GDP came in at 2.5 percent, up from 0.4 percent in Q4 2012. Let’s now review the numbers on a per-capita basis.

For an alternate historical view of the economy, here is a chart of real GDP per-capita growth since 1960. For this analysis I’ve chained in today’s dollar for the inflation adjustment. The per-capita calculation is based on quarterly aggregates of mid-month population estimates by the Bureau of Economic Analysis, which date from 1959 (hence my 1960 starting date for this chart, even though quarterly GDP has is available since 1947). The population data is available in the FRED series POPTHM. The logarithmic vertical axis ensures that the highlighted contractions have the same relative scale.

I’ve drawn an exponential regression through the data using the Excel GROWTH() function to give us a sense of the historical trend. The regression illustrates the fact that the trend since the Great Recession has a visibly lower slope than long-term trend. In fact, the current GDP per-capita is 11.6% below the regression trend.

(click to enlarge)

The real per-capita series gives us a better understanding of the depth and duration of GDP contractions. As we can see, since our 1960 starting point, the recession that began in December 2007 is associated with a deeper trough than previous contractions, which perhaps justifies its nickname as the Great Recession. In fact, at this point, 20 quarters beyond the 2007 GDP peak, real GDP per capita is still 1.04% off the all-time high following the deepest trough in the series.

Here is a more revealing snapshot of real GDP per capita, specifically illustrating the percent off the most recent peak across time, with recessions highlighted. The underlying calculation is to show peaks at 0% on the right axis. The callouts shows the percent off real GDP per-capita at significant troughs as well as the current reading for this metric.

(click to enlarge)
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Ben Bernanke Boom Bubble Blower Busted By The Bubble Film — Videos

Posted on May 1, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government, government spending, history, History of Economic Thought, Homes, Inflation, Investments, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Transportation, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Federal_funds_rate

QE-Fed-BalanceSheet-SP500-020413

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Fed-Reserve-Balance-Sheet

fed-balance-sheet-2016

fed-dollars-2003-2012

cpi_changes

alt-cpi-home2

sgs-cpi

burstbubble

Ben Bernanke Is The Most Dangerous Man In US History

BREAKING 2013 Economic Collapse Peter Schiff

The Bubble film official trailer

Raw footage of Jim Rogers interview – The Bubble film

Raw Footage of Doug Casey Interview from The Bubble

Raw footage of Jim Grant interview from The Bubble film

Raw footage of Peter Schiff Interview from The Bubble

The Bubble – Raw footage of Marc Faber interview

Raw Footage of Peter Wallison Interview from The Bubble

Raw Footage of Joseph Salerno Interview from The Bubble

Raw Footage of Robert Murphy interview from The Bubble

Raw footage of Roger Garrison Interview from The Bubble

Raw footage of Ron Paul interview from The Bubble film

The Bubble film panel at Freedom Fest 2012

U.S. Debt Clock

http://www.usdebtclock.org/

Background Articles and Videos

The American Dream By The Provocateur Network

Slow “growth”,GDP makeover, Keynesians demand more debt and inflation

The Fed, Ben Bernanke & the Economy (4/30/13)

Coming Economic Collapse Peter Schiff RT America

Austrian Theory of the Trade Cycle | Roger W. Garrison

Tom Woods Discusses his New Documentary, The Bubble

Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 1/2

Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 2/2

Fed Keeps Interest Rates Low, Continues Bond Buying Program

The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.

Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.

While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.

The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.

Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.

While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.

While stocks have soared to new highs, the economy remains in slow-growth mode as it has throughout Chairman Ben Bernanke’s term, which began just before the onset of the financial crisis.

The stock market reacted little to the 2 pm news, maintaining an earlier selloff spurred over jobs fears.

Fed officials have long bemoaned Washington fiscal policy, with Congress and the White House in a continued stalemate that has resulted in a raft of mandated tax increases and spending cuts known as the sequester.

The May FOMC statement kept up the heat.

“Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth,” the statement said.

The Fed’s decision came the same day as a report on private payrolls fell well below expectations, indicating just 119,000 new jobs created, a seven-month low.

While critics worry about inflation, the Fed continued to conclude that “expectations have remained stable.”

The Fed has vowed to keep interest rates exceptionally low until unemployment falls to 6.5 percent from its current 7.6 percent and until inflation reaches 2.5 percent from its current 1.5 percent.

-By CNBC.com Senior Writer Jeff Cox.

http://www.cnbc.com/id/100695681

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The Coming U.S. Stock and Bond Market Crash of 2013-2014 — The Stock and Bond Big Bubble Burst — Central Banks Buying Gold! — Videos

Posted on April 27, 2013. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Computers, Constitution, Crime, Demographics, Diasters, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, History of Economic Thought, Immigration, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Radio, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Television, Transportation, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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BREAKING 2013 Economic Collapse Peter Schiff

Overdose: The Next Financial Crisis

David Stockman: We’re in a Monetary Fantasy Land

Ben Bernanke Is The Most Dangerous Man In US History

US BOND BUBBLE’S READY TO BURST!

Max Keiser: Propped Up Bond Market Set To Burst In April

U.S. Government Bond Bubble to Burst, Faber Says 

James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

USA Will Die – Economic Collapse 2013 – Jim Rogers

JIM ROGERS – 2013 to Be Bad, ‘God Knows What Will Happen in 2014′

Jim Rogers Predicts Global Depression In 2013-2014

Peter Schiff on Max Keiser – Stopping the Global Financial Crisis

Keiser Report: Psyops & Debt Diets

Max Keiser: Will the next crash be on Bonds?

MAX KEISER: Colossal Collapse Coming! Keiser Report

MAX KEISER: Colossal Collapse Coming! Keiser Report

ALEX JONES & Max Keiser 2013, Year of The GREAT CRASH!

Peter Schiff – Dollar Could Collapse This Fall 2013

Peter Schiff – Economic Collapse 2013

Fed Will Keep Printing Until The Dollar Collapses~ Jim Rickards

Jim Rickards  Gold is Money ($7,000 Gold Price)

James Rickards Predicts US Inflation in 2013 due to the Devaluation of the US dollar

Currency Wars: Jim Rickards

Financial Pearl Harbor’ is a Real Threat Warns a Pentagon Adviser

CNBC Global Recession Is Coming – Marc Faber

Dr. Marc Faber – US is in 50-100 trillion worth of debt!

Marc Faber ‘We Are in the End Game’ Part 1

Marc Faber  ‘We Are in the End Game Part 2

Marc Faber – We Could See a 1987-Like Market Crash – Be Prepared and Get OUT!

Marc Faber-No Government Complies With Anything

Total Economic Collapse, Death of the Dollar, Impovershment, WWIII, Marc Faber Interview

Gerald Celente Deal Or No Debt Deal, The Debt Still Exists

Bill Gross: Economy Faces Structural Headwinds, “I Think We Are Facing Bubbles Almost Everywhere”

ECONOMIC CRASH WORLDWIDE STARTING

Harry Dent predicts global economic crash in 2013

Planned Economic Collapse 2013-2014

Background Articles and Videos

Meltdown (pt 1-4) The Secret History of the Global Financial Collapse 2010

Meltdown (pt 2-4) The Secret History of the Global Financial Collapse 2010

Meltdown (pt 3-4) The Secret History of the Global Financial Collapse.2010 

Meltdown – pt 4-4 The Secret History of the Global Financial Collapse (2010) 

The Fall of Lehman Brothers

Goldman Sachs: Power and Peril – Documentary

The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd. 1-5 (Full Documentary)

The Fall of the Dollar – The Death of a Fiat Currency part 1

The Fall of the Dollar – The Death of a Fiat Currency part 2

The First 12 Hours of a US Dollar Collapse

LIFE HIDDEN TRUTH 2013 GLOBAL FINANCIAL CRISIS

 

Billionaires Dumping Stocks, Economist Knows Why

 

Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.

Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of “disappointing performance” in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.

In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.

With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in these companies’ future prospects is worrisome.

Unfortunately Buffett isn’t alone.

Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position in discount retailer Family Dollar and consumer-goods maker Sara Lee.

Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.

So why are these billionaires dumping their shares of U.S. companies?

After all, the stock market is still in the midst of its historic rally. Real estate prices have finally leveled off, and for the first time in five years are actually rising in many locations. And the unemployment rate seems to have stabilized.

It’s very likely that these professional investors are aware of specific research that points toward a massive market correction, as much as 90%.

One such person publishing this research is Robert Wiedemer, an esteemed economist and author of the New York Times best-selling book Aftershock.

Editor’s Note: Wiedemer Gives Proof for His Dire Predictions in This Shocking Interview.

Before you dismiss the possibility of a 90% drop in the stock market as unrealistic, consider Wiedemer’s credentials.

In 2006, Wiedemer and a team of economists accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States. They published their research in the book America’s Bubble Economy.

The book quickly grabbed headlines for its accuracy in predicting what many thought would never happen, and quickly established Wiedemer as a trusted voice.

A columnist at Dow Jones said the book was “one of those rare finds that not only predicted the subprime credit meltdown well in advance, it offered Main Street investors a winning strategy that helped avoid the forty percent losses that followed . . .”

The chief investment strategist at Standard & Poor’s said that Wiedemer’s track record “demands our attention.”

And finally, the former CFO of Goldman Sachs said Wiedemer’s “prescience in (his) first book lends credence to the new warnings. This book deserves our attention.”

In the interview for his latest blockbuster Aftershock, Wiedemer says the 90% drop in the stock market is “a worst-case scenario,” and the host quickly challenged this claim.

Wiedemer calmly laid out a clear explanation of why a large drop of some sort is a virtual certainty.

It starts with the reckless strategy of the Federal Reserve to print a massive amount of money out of thin air in an attempt to stimulate the economy.

“These funds haven’t made it into the markets and the economy yet. But it is a mathematical certainty that once the dam breaks, and this money passes through the reserves and hits the markets, inflation will surge,” said Wiedemer.

“Once you hit 10% inflation, 10-year Treasury bonds lose about half their value. And by 20%, any value is all but gone. Interest rates will increase dramatically at this point, and that will cause real estate values to collapse. And the stock market will collapse as a consequence of these other problems.”

Read Latest Breaking News from Newsmax.com http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola#ixzz2RhO2R5ey
Urgent: Should Obamacare Be Repealed? Vote Here Now!

http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola

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Jim Rogers On Federal Reserve Chairman Ben Bernanke–Videos

Posted on February 27, 2013. Filed under: American History, Blogroll, Business, College, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, government spending, Inflation, Investments, Law, liberty, Life, Links, People, Politics, Raves, Tax Policy, Taxes, Technology, Unemployment, Video, War, Water, Weather, Wisdom | Tags: , , , |

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Jim Rogers On Federal Reserve Chairman Ben Bernanke

Jim Rogers On What The US Economy Will Look Like In 5 Years

Jim Rogers Recommends Giving Up Wall Street For Agriculture Careers

Jim Rogers Discusses Incorrect Wall Street Stories And Predictions

Jim Rogers On Why The Shift Has Not Moved Away From Wall Street Sooner

Jim Rogers Discusses The Growth Rate, 4,200 Percent Of The Quantum Fund

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Jim Rogers Asks Whether Obama Is ‘Delusional’ Or ‘Lying’–Videos

Posted on February 13, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Narcissism, People, Philosophy, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Security, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

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Jim Rogers Asks Whether Obama Is ‘Delusional’ Or ‘Lying’

America is a FREAKING MESS…

Barack Obama is AMERICA’S DAD….

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The Coming Collapse and Fall of the United States of America–Doug Casey, Gerald Celente, Marc Faber, Michael Maloney, Jim Rickards, Jim Rogers, and Peter Schiff — Videos

Posted on February 7, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Programming, Psychology, Public Sector, Raves, Regulations, Tax Policy, Unemployment, Unions, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , , , , , , |

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The Collapse of The American Dream Explained in Animation

The First 12 Hours of a US Dollar Collapse

Doug Casey on the Problem with Glenn Beck’s Galt’s Gulch (and much more)

BEST DOUG CASEY SPEECH EVER! An Anarchist, Economic Collapse & 7 billion Chi

Doug Casey talks to James Turk

Doug Casey interviews Peter Schiff

RAGING CURRENCY WARFARE!

Gerald Celente Economic Collapse IMMINENT Gerald Celente Today

Marc Faber ‘We Are in the End Game’ – Economic Collapse

How does the Global Financial Crisis End – Michael Maloney explains

Jim Rickards: the Fed is Racing to Create Inflation Before the US Economy Implodes

Jim Rogers Predicts Global Depression In 2013-2014

The Dollar Collapse Revisited and a Bull Market in US Treasuries w/Peter Schiff!

Press Conference with FOMC Chairman Ben S. Bernanke

Conversations with Casey

http://www.caseyresearch.com/cwc

U.S. Dollar Collapse: Where is Germany’s Gold?

By Peter Schiff

The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany’s behalf. One cannot help but wonder if the refusal triggered the demand.

Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world’s safe-haven asset and the US government is no longer a trustworthy banker for foreign nations. It looks like their fears are well-grounded, given the Fed’s seeming inability to return what is legally Germany’s gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world. If they can’t rely on Washington to keep its promises, who can?

Where is Germany’s Gold?

The impact of Germany’s repatriation on the dollar revolves around an unanswered question: why will it take seven years to complete the transfer?

The popular explanation is that the Fed has already rehypothecated all of its gold holdings in the name of other countries. That is, the same mound of bullion is earmarked as collateral for a host of different lenders. Since the Fed depends on a fractional-reserve banking system for its very existence, it would not come as a surprise that it has become a fractional-reserve bank itself. If so, then perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back – a ‘run’ on the Fed.

Now, the Fed can always print more dollars and buy gold on the open market to make up for any shortfall, but such a move could substantially increase the price of gold. The last thing the Fed needs is another gold price spike reminding the world of the dollar’s decline.

Speculation Aside

None of these theories are substantiated, but no matter how you slice it, Germany’s request for its gold does not bode well for the future of the dollar. In fact, the Bundesbank’s official statements are all you need to confirm the Germans’ waning faith in the US.

Last October, after the Bundesbank had requested an audit of its Fed holdings, Executive Board Member Carl-Ludwig Thiele was asked in an interview why the bank kept so much of Germany’s gold overseas. His response emphasized the importance of the dollar as the world’s reserve currency:

Thiele’s statement can lead us to only one conclusion: by keeping fewer reserves in the US, Germany foresees less future need for “US dollar-denominated liquidity.””Gold stored in your home safe is not immediately available as collateral in case you need foreign currency. Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity.”

History Repeats

The whole situation mirrors the late 1960s, during a period that led up to the “Nixon Shock.” Back then, the world was on the Bretton Woods System – an attempt on the part of Western central bankers to pin the dollar to gold at a fixed rate, while still allowing the metal to trade privately as a commodity. This led to a gap between the market price of gold as a commodity and the official price available from the Treasury.

As the true value of gold separated further and further from its official rate, the world began to realize the system was unsustainable, and many suspected the US was not serious about maintaining a strong dollar. West Germany moved first on these fears by redeeming its dollar reserves for gold, followed by France, Switzerland, and others. This eventually culminated in Nixon “closing the gold window” in 1971 by ending any link between the dollar and gold. This “Nixon Shock” spurred chronic inflation throughout the ’70s and a concurrent rally in gold.

Perhaps the entire international community is thinking back to the ’60s, because Germany isn’t the only country maneuvering away from the dollar today. The Netherlands and Azerbaijan are also discussing repatriating their foreign gold holdings. And every month, we hear about central banks increasing gold reserves. The latest are Russia and Kazakhstan, but in the last year, countries from Brazil to Turkey have been adding to their gold holdings in order to diversify away from fiat currency reserves.

And don’t forget China. Once the biggest purchaser of US bonds, it is now a net seller of Treasuries, while simultaneously gobbling up gold. Some sources even claim that China has unofficially surpassed Germany as the second largest holder of gold in the world.

Unlike the ’60s, today there is no official gold window to close. There will be no reported “shock” indicator of a dollar flight. This demand by Germany may be the closest indicator we’re going to get. Placing blame where it’s due, let’s call it the “Bernanke Shock.”

It Takes One to Know One

In last month’s Gold Letter, I wrote about the three pillars supporting the US Treasury’s persistently low interest rates: the Fed, domestic investors, and foreign central banks – led by Japan. I examined how Japan’s plans to radically devalue the yen may undermine that country’s ability to continue buying Treasuries, which could cause the other pillars to become unstable as well.

While private investors and even the Fed might be deluding themselves into believing US bonds are still a viable investment, Germany’s repatriation news makes it clear that foreign governments are no longer buying the propaganda. And why should they? If anyone should appreciate the real constraints the US government is facing, it is other governments.

Our sovereign creditors know that Ben Bernanke and Barack Obama are just regular men in fancy suits. They know the Fed isn’t harboring some ingenious plan for raising interest rates while successfully selling back its worthless mortgage and government securities. Instead, the Fed is like a drug addict making any excuse to get its next fix. [See Bernanke's tell-all interview with Oprah where he confesses to economic doping!]

US investors should be as shocked as the Bundesbank about the Fed’s deception. While we cannot redeem our dollars for gold with the Fed, we can still buy gold with them in the open market. As more investors and governments choose to save in precious metals, the dollar’s value will go into steeper and steeper decline – thereby driving more investors into metals. That’s when the virtuous circle upon which the dollar has coasted for a generation will quickly turn vicious.

Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is The Real Crash: America’s Coming Bankruptcy, How to Save Yourself and Your Country.

http://www.globalresearch.ca/u-s-dollar-collapse-where-is-germanys-gold/5321894

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Richard Duncan–The New Depression–Videos

Posted on December 9, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Security, Strategy, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

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The U.S. does not have a capitalist economy 

A new depression: Out of credit

Interview With Richard Duncan, Author of The New Depression 

Richard Duncan on Riding out this Depression on a Deflationary Debt Raft! 

    “The New Depression” Book w/ Glenn Beck & Richard Duncan

The New Depression: Richard Duncan | McAlvany Commentary 

Pt 1/5: Can governments end the crisis cycle? 

Pt 2/5: Can governments end the crisis cycle? 

Pt 3/5: Can governments end the crisis cycle?

Pt 4/5: Can governments end the crisis cycle?

Pt 5/5: Can governments end the crisis cycle?

Jim Rogers  New Recession/Depression Coming

Peter Schiff interviews Marc Faber on Schiffradio Oct 2012 

Why the global recession is in danger of becoming another Great Depression, and how we can stop it

When the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy, Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government’s policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios.

In his previous book, The Dollar Crisis (2003), Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he’s back to explain what’s next. The economic system that emerged following the abandonment of sound money requires credit growth to survive. Yet the private sector can bear no additional debt and the government’s creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it.

  • Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression
  • Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead
  • Offers unique insights from the man who predicted the global economic breakdown

Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.

http://www.wiley.com/WileyCDA/WileyTitle/productCd-1118157796.html

The New Depression: Richard Duncan’s prognosis of our economic ills and the answer to them

“… In a nutshell, his case is half-Austrian. Or indeed half-Keynesian. That is because whilst Duncan’s diagnosis of the current economic ills is very much in the Austrian school of economics, with its emphasis on the role of credit, his prescription for fixing the economy is large-scale borrowing to fund infrastructure work, all of which sounds rather Keynesian.

It is a more fiscally responsible version of Keynesianism than some, for Duncan argues that, “The U.S. government can now borrow money for ten years at a cost of 2 percent interest a year. If it borrows at that rate and invests in projects that yield even 3 percent … on a grand scale in grand projects … [our economy] could be transformed”. In other words, borrow massively to boost economic growth, but spend those funds on projects that will generate future returns which make the borrowing affordable.

Duncan has a particular set of target for his investment plans for the American economy – developing new industries to reduce the trade deficit and generate new tax revenues. In particular, he talks about renewable energy, arguing that massive investment will cut energy bills whilst also providing the sort of financial return that makes the massive spending of money on it a prudent rather than profligate move.

All that means there are three main bones of contention in the book: is Richard Duncan right in blaming the crash on credit conditions; is he right that massive infrastructure investment on projects which pay returns the answer; and if money is to be invested in infrastructure that pays returns, does renewable energy fit the bill? Although a book principally about the US economy and the policy choices faced by Americans, those three questions are very applicable to other countries too, even if his evidence tends to be centred on the USA.

As he mulls over these three questions, most readers will find at least one eye-catching piece of evidence to savour, such as when he describes how heavily the financial system became dependent on credit not going sour:

In 1945 [American] commercial banks held reserves and vault cash of … the equivalent of 12 percent of their total assets … By 2007, the banks’ reserves and vault cash [was] 0.6 percent.

He goes on to argue that

Economic progress was no longer achieved the old-fashioned way through savings and investments, but, rather, by borrowing and consumption … The new reality is that credit has displaced money as the key economic variable.

Hence the book’s subtitle, “The Breakdown of the Paper Money Economy”.

Each of the three main questions in themselves could sustain not merely one whole book but a mini-book publishing flurry of titles. To condense credible arguments over all three into one relatively slim and easy to follow volume is tribute to the Duncan, even if some readers may choose to agree with less than all three of the main points of his case. …”

http://www.libdemvoice.org/the-new-depression-richard-duncans-prognosis-of-our-economic-ills-and-the-answer-to-them-28981.html

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Glenn Beck On Communist China With Jim Rogers–Videos

Posted on January 14, 2011. Filed under: Banking, Blogroll, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Rants, Raves, Resources, Science, Security, Strategy, Taxes, Technology, Uncategorized, Video, War, Wealth, Wisdom | Tags: , , , , , |

A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.

~Thomas Jefferson

Glenn Beck-01/14/11-A 

Glenn Beck-01/14/11-B

 

 

Glenn Beck-01/14/11-C 

Government intervention into the economy is the problem.

If both the United States and China would stop interferrring in markets both countries would significantly increase production with higher rates of economic growth.

Balance the budget, pass the FairTax , end the Fed, and bring all the troops home.

The ruling class in both the United States and Communist China fear the people–good–they have much to fear.

My reading of history convinces me that most bad government results from too much government.

~Thomas Jefferson

 

Background Articles and Videos

Conversations with History: Clyde Prestowitz

 

Book Discussion with Clyde Prestowitz: The Betrayal of American Prosperity

Currency Wars & China

 

Mar 24 10 Hearing on China’s Exchange Rate Policy, Clyde Prestowitz Opening Statement

 

Mar 24 10 Hearing on China’s Exchange Rate Policy, C. Fred Bergsten Opening Statement

 

Peter Schiff: Fed Waging War

 

Dalian 2007 – BBC World Debate China: Resolving Tensions of Growth

 

Related Posts On Pronk Palisades

Jim Rogers On China, Currencies, Commoditites, Trade War and Ron Paul–Videos

Jim Rogers Awarded The Schlarbaum Prize 2010–Videos

Jim Rogers–Videos

Jim Rogers: Secretary of the Treasury Tim Geithner and Federal Reserve System Chairman Ben Bernanke Are Incompetent–Tim and Ben Exit Strategy aka Thelma & Louise Ending The Fed!

 

 

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Jim Rogers Awarded The Schlarbaum Prize 2010–Videos

Posted on October 21, 2010. Filed under: Blogroll, Books, College, Communications, Economics, Education, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , |

Jim Rogers: Schlarbaum Prize 2010

“…The Schlarbaum Prize for the lifetime defense of liberty in 2010 goes to James Beeland Rogers. Jim Rogers has been a constant media presence for many years, accurately predicted the current boom-bust. He uses every opportunity to explain his economic rationale by his investment outlook, which is solidly rooted Misesian theory, not only of business cycles but of the costs of the welfare-warfare state.

In his commentary and investment outlook, he illustrates the way in which sound economics can serve as a critical intellectual infrastructure for understanding and interpreting economic events.

He has been guest professor at the Columbia University Graduate School of Business and is author of several important books on finance and investing. He was raised in Demopolis, Alabama, graduated from Yale and Oxford, co-founded the Quantum Fund in 1970, holds three world records for motorcycle travel (as noted by Guinness), and founded Rogers International Commodity Index in 1998.

The Schlarbaum Prize will be awarded at the Mises Institute Supporters Summit in Auburn, Alabama, October 8-9, 2010. The prize carries with it a $10,000 cash award. The prize has been given since 1999. …”

http://blog.mises.org/11649/jim-rogers-schlarbaum-prize-2010/

How I See the World Today | Jim Rogers

 

How I See the World Today: Question and Answer Period | Jim Rogers

 

 

Congratulations Jim.

End The Fed!

Related Posts On Pronk Palisades

Jim Rogers–Videos

Jim Rogers: Secretary of the Treasury Tim Geithner and Federal Reserve System Chairman Ben Bernanke Are Incompetent–Tim and Ben Exit Strategy aka Thelma & Louise Ending The Fed!

Collectivism: Socialism, Communism, Progressivism and Fascism

Progressivism America’s Cancer–Videos

The Battle For The World Economy–Videos

Walter Block–Videos

Walter Block–Free Trade–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Jeffrey Miron–Obamaomics–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Today’s Progressives–Obama’s Radical Socialist Democratic Party

The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!

Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Progressives

Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!

Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Lord Christopher Monckton–Climate Change–Treaty–Videos

Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

The Bloody History of Communism–Videos

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!

American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?

Today’s Progressives–Obama’s Radical Socialist Democratic Party

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos

Milton Friedman–Videos

Milton Friedman–Capitalism and Freedom–Videos

Milton Friedman On Business–Videos

Milton Friedman On Education–Videos

Milton Friedman On Monetary Policy–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Milton Friedman–Economic Myths–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Robert Higgs–The Great Depression and the Current Recession–Videos

Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Liberal Fascism–Jonah Goldberg–Videos

Dan Mitchell–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos

Paul Craig Roberts–Peak Jobs–Videos

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

Murray Rothbard–Videos

Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos

Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Econ Talk With Thomas Sowell–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Thomas E. Woods–The Market Economy–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( None so far )

No Bailouts For Greece Or California–Videos

Posted on March 24, 2010. Filed under: Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Homes, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , |

3/19/10 Jim Rogers on Bloomberg

 

Greece Gives EU 1 Week Deadline for Aid

Greece Considers Asking IMF For Help

Kraemer Sees IMF Taking Assistant Role in Greece Aid: Video

Bill O’Reilly: California Is Bankrupt

Glenn Beck Discusses Barney Frank’s California Bailout Idea

Ron Paul USA is Bankrupt Our Credit Will Get Cut Off,We Will Be Done

Tim Geithner Agrees With Ron Paul- Austrian’s where right

Peter Schiff & Steven Keen on Dateline(Australia) – Part 1 of 2

Peter Schiff & Steven Keen on Dateline(Australia) – Part 2 of 2

Peter Schiff explains how bad government monetary policy could lead to the end of the dollar.

Related Posts On Pronk Palisades

Bailouts and Deficit Spending

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

 

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Obama’s Christmas Eve Rape and Robbery of The American Taxpayer–Pouring Trillions of Taxpayer Money Down the Fannie Mae and Freddie Mac Toilet Bowl–Totally Corrupt and Criminal Politicians!

Posted on January 4, 2010. Filed under: Blogroll, Communications, Crime, Economics, Employment, Fiscal Policy, government spending, Homes, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Politics, Psychology, Quotations, Rants, Raves, Regulations, Taxes, Video, Wisdom | Tags: , , , , , , , , , |

 

Obama Pledges Unlimited Funds to Fannie Mae, Freddie

Wallison Says Fannie, Freddie Seeing `Enormous’ Losses

http://www.youtube.com/watch?v=aHGJlcEsfOc

 

Fannie And Freddie – Unlimited Federal Money

Blank check for Fannie Freddie: Absolute Outrage

Capital Limits Removed for Fannie, Freddie

12/28/2009 Peter Schiff On The Glenn Beck Show: Will Gov’t Get Out Of The Way In 2010?

Glen Beck: 800 Billion More for Fannie and Freddie

Who is Responsible? (Meltdown): Fannie Mae – Freddie Mac – Wall Street – Bill Clinton – George Bush?

Democrats Covering up the Fannie Mae Freddie Mac

 

Thomas E Woods. Fannie Mae CRA and The Federal Reserve

Housing and Fannie Mae: FDR’s American Dream

 

Obama and Democrats are Responsible: Fannie Mae/Freddie Mac

Democrats were WARNED of Financial crisis and did NOTHING

The real reason for the financial mess!!!

OBAMA hires FANNIE MAE CEO as advisor – Dem connections

LET THEM FAIL ! NO BAILOUT ON MY BEHALF JIM ROGERS

Jim Rogers on Regulators’ Failings and Inflation’s Return

LOL
Solution to Our Economic Problems…

The American people are tapped out when it comes to bailing out failing businesses and financial institutions.

No more bailouts and no more blank checks to bailout both Fannie Mae and Freddie Mac.

Shut down these total irresponsible and failing financial institutions.

No more Federal Government supported enterprises that keep losing taxpayer money and causing the Obama Depression.

Both Fannie Mae and Freddie Mac should be closed down and sold to any private company that would like to buy them.

The Federal Government should get completely out of the mortgage investment market.

Throw the bums out in Congress, the Senate and the White House who support the repeated serial rape and robbery of the American people.

These people should be in prison not in government.

How dare they?

The arrogance of the progressive radical socialists led by Barack Obama knows no bounds.

This is a high crime against the property and prosperity of the American people and future generations.

These people are criminals and should be prosecuted for stealing from the American people.

No blank checks and no unlimited bailouts for Fannie Mae and Freddie Mac.

If Fannie Mae and Freddie Mac is too big to fail, it should fail.

Shut down Fannie Mae and Freddie Mac and fire everyone that works there.

Background Articles and Videos

 

U.S. Move to Cover Fannie, Freddie Losses Stirs Controversy

By JAMES R. HAGERTY and JESSICA HOLZER

“…The Obama administration’s decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday.

The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.

Unlimited access to bailout funds through 2012 was “necessary for preserving the continued strength and stability of the mortgage market,” the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since the 1930s.

“The timing of this executive order giving Fannie and Freddie a blank check is no coincidence,” said Rep. Spencer Bachus of Alabama, the ranking Republican on the House Financial Services Committee. He said the Christmas Eve announcement was designed “to prevent the general public from taking note.”

Treasury officials couldn’t be reached for comment Friday.

So far, Treasury has provided $60 billion of capital to Fannie and $51 billion to Freddie. Mahesh Swaminathan, a senior mortgage analyst at Credit Suisse in New York, said he didn’t believe Fannie and Freddie would need more than $200 billion apiece from the Treasury. But he and other analysts have said the market would find a larger commitment from the Treasury reassuring.

In exchange for the funding, the Treasury has received preferred stock in the companies paying 10% dividends. The Treasury also has warrants to acquire nearly 80% of the common shares in each firm.

The Treasury removed the cap on the size of available bailout funds by amending agreements it reached with the companies in September 2008, when the government seized control of the agencies under a legal process called conservatorship. The agreement allowed the Treasury to make amendments through the end of the year, without the consent of Congress. Changes made after Dec. 31 would likely involve a struggle with lawmakers over the terms.

Some Republicans are angry the administration is expanding the potential size of the bailout without having a plan for eventually ending the federal government’s role in the companies. …”

http://online.wsj.com/article/SB126168307200704747.html

December 24, 2009
2009-12-24-15-34-59-24543

TREASURY ISSUES UPDATE ON STATUS OF SUPPORT FOR HOUSING PROGRAMS

U.S. Treasury Department
Office of Public Affairs

FOR IMMEDIATE RELEASE:  December 24, 2009
CONTACT: Treasury Public Affairs (202) 622-2960 

Treasury Issues Update on Status
of Support for Housing Programs
 

The Freddie Mac 509 Amendment is available here.  

The Fannie Mae 509 Amendment is available here.

WASHINGTON – Today, the U.S. Department of the Treasury provided an update on initiatives established under the Housing and Economic Recovery Act (HERA) of 2008, which supports housing market stabilization and provides relief to struggling homeowners. As part of a commitment to wind down programs that were established during the crisis and are no longer critical to financial stability, Treasury will terminate several HERA programs at the end of the year. Treasury will also amend the terms of its agreements with Fannie Mae and Freddie Mac to support their ongoing stability. The steps outlined today are necessary for preserving the continued strength and stability of the mortgage market.

Program Wind Downs  

The program that Treasury established under HERA to support the mortgage market by purchasing Government-Sponsored Enterprise (GSE) -guaranteed mortgage-backed securities (MBS) will end on December 31, 2009.    By the conclusion of its MBS purchase program, Treasury anticipates that it will have purchased approximately $220 billion of securities across a range of maturities.

The short-term credit facility that Treasury established under HERA for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks will terminate on December 31, 2009.  This credit facility was designed to provide a backstop source of liquidity and has not been used. 

Amendments to Terms of Preferred Stock Purchase Agreements  

At the time the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship in September 2008, Treasury established Preferred Stock Purchase Agreements (PSPAs) to ensure that each firm maintained a positive net worth. Treasury is now amending the PSPAs to allow the cap on Treasury’s funding commitment under these agreements to increase as necessary to accommodate any cumulative reduction in net worth over the next three years. At the conclusion of the three year period, the remaining commitment will then be fully available to be drawn per the terms of the agreements.

Neither firm is near the $200 billion per institution limit established under the PSPAs. Total funding provided under these agreements through the third quarter has been $51 billion to Freddie Mac and $60 billion to Fannie Mae.  The amendments to these agreements announced today should leave no uncertainty about the Treasury’s commitment to support these firms as they continue to play a vital role in the housing market during this current crisis.

The PSPAs also cap the size of the retained mortgage portfolios and require that the portfolios are reduced over time. Treasury is also amending the PSPAs to provide Fannie Mae and Freddie Mac with some additional flexibility to meet the requirement to reduce their portfolios. The portfolio reduction requirement for 2010 and after will be applied to the maximum allowable size of the portfolios – or $900 billion per institution – rather than the actual size of the portfolio at the end of 2009. 

Treasury remains committed to the principle of reducing the retained portfolios.  To meet this goal, Treasury does not expect Fannie Mae and Freddie Mac to be active buyers to increase the size of their retained mortgage portfolios, but neither is it expected that active selling will be necessary to meet the required targets. FHFA will continue to monitor and oversee the retained portfolio activities in a manner consistent with the FHFA’s responsibility as conservator and the requirements of the PSPAs.

Treasury is making two additional changes to the PSPAs.  Treasury will delay setting the Periodic Commitment Fee by one year to December 31, 2010.  Treasury will also make technical changes to the definitions of mortgage assets and indebtedness to make compliance with the covenants of the PSPAs less burdensome and more transparent in light of impending accounting changes.

The Path to Longer Term Reform  

The Administration is in the process of reviewing issues around longer term reform of the federal government’s role in the housing market. We expect to provide a preliminary report around the time President Obama releases his fiscal 2011 budget in February 2010.  Recent announcements on the tightening of underwriting standards by Fannie Mae, Freddie Mac, and the Federal Housing Administration, demonstrate a commitment to prudent housing finance policy that enables a transition to an environment where the private market is able to provide a larger source of mortgage finance.

###

http://www.ustreas.gov/press/releases/2009122415345924543.htm

Fannie Mae & Freddie Mac Get “Unlimited” Bail out!

By Robert Oak

“…What a time to bury a press release,Christmas Eve, the headlines awash on health care bill Senate passage. Well, some of use are wired to God and despite cooking pomegranate glazed ducks and wrapping presents, we’re not asleep at the wheel!

To find the juice, one must even look between the lines of the U.S. Treasury Press release:

Treasury is now amending the PSPAs to allow the cap on Treasury’s funding commitment under these agreements to increase as necessary to accommodate any cumulative reduction in net worth over the next three years. At the conclusion of the three year period, the remaining commitment will then be fully available to be drawn per the terms of the agreements.

The cap was $400 billion dollars. Previously, Fannie Mae and Freddie Mac requested $800 billion dollars in available bail out money. Now, it’s unlimited.

Treasury is also amending the PSPAs to provide Fannie Mae and Freddie Mac with some additional flexibility to meet the requirement to reduce their portfolios. The portfolio reduction requirement for 2010 and after will be applied to the maximum allowable size of the portfolios – or $900 billion per institution – rather than the actual size of the portfolio at the end of 2009.

Note that the Treasury and Federal Reserve stopped buying mortgage backed securities. Current Fannie/Freddie holdings are each about $760 billion. Now is this yet another free money to Goldman Sachs and other large institutions to get them to buy toxic MBSes from Fannie and Freddie? They can now hold onto this toxic waste for 3 years instead of 2010.

Treasury will delay setting the Periodic Commitment Fee by one year to December 31, 2010. Treasury will also make technical changes to the definitions of mortgage assets and indebtedness to make compliance with the covenants of the PSPAs less burdensome and more transparent in light of impending accounting changes.

Get that? Fannie and Freddie now have unlimited funds resources and don’t have to reduce their mortgage holdings. …”

http://www.economicpopulist.org/content/fannie-mae-freddie-mac-get-unlimited-bail-out

Call For An Audit – The Blank Check For Freddie And Fannie Must Be Tracked

“…Freddie and Fannie are de facto wards of the state, but their operations are housed off Uncle Sam’s balance sheet. As such, who will keep them accountable? Who will properly monitor their operations? Who will question their business practices?

I have no doubt that the blank check provided to Freddie and Fannie on Christmas Eve is nothing short of the continuation of Uncle Sam’s quantitative easing program currently managed by the Federal Reserve. Recall that the Fed’s quantitative easing program to purchase mortgage-backed securities is scheduled to end on March 31, 2010. At that point, if not prior, I fully expect the internal investment portfolios housed within Freddie and Fannie to reenter the marketplace and become the biggest buyer of mortgages.

Readers may wonder why I am so concerned about this activity. Look for economists, market analysts, and political pundits to promote this activity as both necessary and beneficial for the American housing market. This misinformed crowd believes Freddie and Fannie can issue debt at favorable rates, use the proceeds to purchase mortgages at prevailing rates, and make big, fat, juicy returns. Look for this overly simplistic analysis to be fed to the American public a lot over the next quarter and throughout 2010. …”

http://www.dailymarkets.com/stocks/2009/12/30/call-for-an-audit-the-blank-check-for-freddie-and-fannie-must-be-tracked/

Fannie and Freddie’s Blank Check Will Further Fuel America’s Rage

By  Larry Doyle

“…I remain incensed at the sheer arrogance and brazen demeanor of the Obama administration providing a blank check on Christmas Eve to cover future losses of the failed institutions Fannie Mae and Freddie Mac. Given the fact that this check has been issued, America deserves to know what exactly it is covering. Over and above a full and total exposition of these government sponsored entities, America is in a position to demand certain retributions. Let’s bang the drum and demand some answers, including:

1. The current valuations of all of Freddie’s and Fannie’s holdings so America can fully evaluate those holdings relative to market prices.

2. The current fees being paid for all services rendered.

3. An independent audit.

4. Why aren’t these stocks delisted immediately? To allow stock in these entities to continue to trade is a total mockery of a legitimate market.

5. Clawback all bonus payments rendered to Franklin Raines, James Johnson, and Leland Brendsel, the executives at Fannie and Freddie who truly plundered these institutions.

6. Immediately extinguish Freddie’s and Fannie’s contingency liabilities to Wall Street firms.

7. How are we to know and appreciate that this blank check is not merely a conduit to deliver slush funds and hush money to every favored friend of the administration?

8. Any market analyst who favorably opines on the housing market in light of this blank check is hereby rendered a total jackass. …”

http://www.senseoncents.com/2009/12/fannie-and-freddies-blank-check-will-further-fuel-americas-rage/comment-page-1/

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae

EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to make BAD LOANS and ACORN and Obama’s tie to all of it!!!

Related Posts On Pronk Palisades

Federal Reserve’s Quantitative Easing, New Term Deposit Tool and Exit Strategy To Stop Inflation in 2011 and Beyond

Cloward Piven

Cloward Piven Strategy–The Crisis Strategy Of Barack Obama

President Obama’s Cloward-Piven Strategy of Controlled Crisis Creation Crippling Capitalism–Coup D-Etat On America 

Bailouts

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

Banking And The Federal Reserve System

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos 

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Read Full Post | Make a Comment ( None so far )

Jim Rogers: Secretary of the Treasury Tim Geithner and Federal Reserve System Chairman Ben Bernanke Are Incompetent–Tim and Ben Exit Strategy aka Thelma & Louise Ending The Fed!

Posted on December 11, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Energy, Fiscal Policy, Foreign Policy, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Raves, Regulations, Security, Talk Radio, Taxes, Technology, Video | Tags: , , , , , , |

One-on One With Jim Rogers- CNBC-12.10.09

Fed Chairman: Ben Bernanke blasted by Senators

 

Ron Paul on The House Floor “END THE FED!”

Jim Rogers the Economy is getting Worse Audit the Fed 1/2

Jim Rogers the Economy is getting Worse Audit the Fed 2/2

Jim Rogers Bloomberg December 2009 1/2

 

Jim Rogers Bloomberg December 2009 2/2

http://www.youtube.com/watch?v=lKQEkSCYir0

 

Geithner Defends Extension of US Bank Bailout

Does Bernanke Have an Exit Strategy?

Ron Paul to Bernanke: Continue Down Path of Socializing Our Entire Economy + Transparency

Bernanke: Why are we still listening to this guy?


 

One small but important correction to Jim Roger’s criticisms of Geithner and Bernanke, both are either intentionally incompetent or clueless tools of Obama’s crisis creating Cloward-Piven strategy, in wrecking the United States economy with massive government interventionism.

These people know exactly what they are doing and in my opinion both are intentionally incompetent.

Both should be fired today.

Will this happen?

As long as President Obama is leading this economy wrecking crew–no.

Only the American people can stop the progressive radical socialists massive fiscal and monetary government interventionism.

These economic policies will result in a long and deep depression–The Obama Depression.

Stop the bailouts, stimulus bills, huge tax increases, deficit spending, cap and trade energy and health care taxes, and the reckless money and credit expansion policies.

These government intervention actions will only prolong the duration of the Obama Depression.

Expect double digit unemployment rates throughout 2010.

Expect double digit inflation rates throughout 2012.

Vote the unresponsive political elites of both political parties out of office in 2010 and 2012–throw the bums out.

Only the American people by direct action can derail these policies that will destroy jobs, wreck the US economy, and kill the American Dream.

Tea Party Patriots–the time to organize and march is now!

The Tim and Ben exit strategy reminds me of the Thelma & Louise exit strategy, does anybody want to hitch a ride?

Thelma & Louise Ending – HD

Background Articles and Videos

http://www.nowandfutures.com/key_stats.html 

Credit and Liquidity Programs and the Balance Sheet

http://www.federalreserve.gov/monetarypolicy/bst_lendingother.htm

Fox News Hyperinflation M1 M2 M3 Money Supply Debt Soup Lines Glenn Beck Weimar Germany

Fox News Hyperinflation M1 M2 M3 Money Supply Debt Soup Lines Glenn Beck Weimar Germany Part 2 Update

Stop Spending Our Future – The Crisis

What does one TRILLION dollars look like?

pallet_x_10000

US Debt Clock Real Time
http://www.usdebtclock.org/

 

Tim  Geithner

Secretary of the Treasury

Tim Geithner

“…Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961) is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.

Geithner’s position includes a large role in directing the Federal Government’s economic response to the financial crisis which began after December 2007. Specific tasks include directing the allocation of the $350 billion of Wall Street bailout funds. He is currently dealing with multiple high visibility issues, including the survival of the automobile industry, the restructuring of banks, financial institutions and insurance companies, recovery of the mortgage market, demands for protectionism, President Obama’s tax changes, and relations with foreign governments that are dealing with similar crises.[1]

Geithner was born in Brooklyn, New York City and spent most of his childhood outside the United States, including present-day Zimbabwe, Zambia, India and Thailand where he completed high school at the International School Bangkok.[2] He attended Dartmouth College, graduating with an A.B. in government and Asian studies in 1983.[3] In the process he studied Mandarin at Peking University in 1981 and at Beijing Normal University in 1982.[4] He earned an M.A. in international economics and East Asian studies from Johns Hopkins University’s School of Advanced International Studies in 1985.[3][5] He has studied Chinese[3] and Japanese.[6]

Geithner’s paternal grandfather, Paul Herman Geithner (1902–1972), emigrated with his parents from the German town of Zeulenroda-Triebes to Philadelphia in 1908.[7] His father, Peter F. Geithner, was the director of the Asia program at the Ford Foundation in New York in the 1990s. During the early 1980s, Peter Geithner oversaw the Ford Foundation’s microfinance programs in Indonesia being developed by Ann Dunham, President Barack Obama’s mother, and they met in person at least once.[8] Timothy Geithner’s mother, Deborah Moore Geithner, is a pianist and piano teacher in Larchmont, New York where his parents currently reside. Geithner’s maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower and served as Vice President of Public Relations from 1952-1964 for Ford Motor Company.[9]

Geithner worked for Kissinger Associates in Washington for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He went on to serve as an attaché at the Embassy of the United States in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998).[5]

He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers.[5] Summers was his mentor,[10][11] but other sources call him a Rubin protégé.[11][12][13]

In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.[14] He was director of the Policy Development and Review Department (2001-2003) at the International Monetary Fund.[5]

In October 2003 at age 42,[15] he was named president of the Federal Reserve Bank of New York.[16] His salary in 2007 was $398,200.[17] Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty.[18] In May 2007 he worked to reduce the capital required to run a bank.[15] In November he rejected Sanford Weill’s offer to take over as Citigroup’s chief executive.[15]

In March 2008, he arranged the rescue and sale of Bear Stearns;[10][19] in the same year, he played a pivotal role in both the decision to bail out AIG as well as the government decision not to save Lehman Brothers from bankruptcy, though claims were made after Geithner’s nomination that distanced him from both AIG and Lehman Brothers.[20] As a Treasury official, he helped manage multiple international crises of the 1990s[12] in Brazil, Mexico, Indonesia, South Korea and Thailand.[13]

Geithner believes, along with Henry Paulson, that the United States Department of the Treasury needs new authority to experiment with responses to the financial crisis of 2007–2009.[10] Paulson has described Geithner as “[a] very unusually talented young man…[who] understands government and understands markets.”[19]

On 10/27/09 it was reported by Bloomberg news[21] that while acting as president of the New York Federal Reserve Tim Geithner arranged for Goldman Sachs, Société Générale, and Deutsche Bank to receive full payment on credit default swaps they had purchased rather than 40 cents on the dollar insurance giant AIG proposed. A Fed-run entity called Maiden Lane III was used to shunt these CDOs, which cost American tax payers at least $13 billion dollars at the time. It is currently estimated that due to a decline in value, the total costs for this bank favoritism case cost the American tax payers $35.6 billion total. To quote Bloomberg: “the deal contributed to the more than $14 billion that over 18 months was handed to Goldman Sachs, whose former chairman, Stephen Friedman, was chairman of the board of directors of the New York Fed when the decision was made. …”

“…Bank bailout

Geithner has the authority to decide what to do with the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. He does not need Congressional approval, but went to Congress on February 10-11 to explain his plans. He proposes to create one or more “bad banks” to buy and hold toxic assets, using a mix of taxpayer and private money. He also proposes to expand a lending program that would spend as much as $1 trillion to cover the decline in the issuance of securities backed by consumer loans. He further proposes to give banks new infusions of capital with which to lend. In exchange, banks would have to cut the salaries and perks of their executives and sharply limit dividends and corporate acquisitions.[40][41] The plan has been criticized by Nobel-prize winning economist Paul Krugman[42] as well as fellow Nobel laureate and former World Bank Chief Economist Joseph Stiglitz.[43]

Timothy Geithner along with President Obama proposed a new bureaucratic committee to oversee operations by the FDIC, Federal reserve, and the SEC. The committee would serve to consolidate governmental control over financials. Geithner, states “with new laws in place government will be able to take control of troubled institutions before it’s too late.”[44]

AIG bonuses

Main article: AIG bonus payments controversy

Although President Obama expressed strong support for Geithner, the outrage over the AIG bonuses has undermined public support. AIG paid bonuses to executives in its Financial Services division after receiving more than $170 billion in federal bailout aid.[45] Even prior to the election, senior aides to Timothy Geithner have closely dealt with American International Group Inc. on compensation issues including bonuses, both from his time as president of the Federal Reserve Bank of New York and as Treasury secretary. In early November, 2008, a committee concluded that the bonuses, which were in contracts signed before the government takeover, couldn’t be legally blocked. On March 3, 2009, appearing at a hearing of the House Ways and Means Committee Rep. Joseph Crowley, a New York Democrat, asked him about the bonuses that AIG would be paying to financial-products employees “in the coming weeks.” On March 11, Geithner called Mr. Edward Liddy, AIG chief, to protest the bonus payouts. Mr. Geithner and Federal Reserve Chairman Ben Bernanke attended a hearing by Congress on March 24, 2009.[46]…”

http://en.wikipedia.org/wiki/Timothy_F._Geithner

Ben Bernanke

Chairman of The Federal Reserve System

 

 

Ben Bernanke

“…Ben Shalom Bernanke[1] (pronounced /bərˈnænki/ bər-NAN-kee;[2] born December 13, 1953) is an American economist, and the current Chairman of the United States Federal Reserve. Bernanke succeeded Alan Greenspan on February 1, 2006. He was nominated for a second term by President Barack Obama in 2009 as the Chairman of the Federal Reserve.

Born in Augusta, Georgia, Bernanke was raised in a ranch house on East Jefferson Street in Dillon, South Carolina.[3] His father Philip was a pharmacist and part-time theater manager, and his mother Edna was originally a schoolteacher. He is the eldest of three children, having a brother and sister. His younger brother, Seth, is a lawyer in Charlotte, North Carolina, and his younger sister, Sharon, is a longtime administrator at Berklee College of Music in Boston.

The Bernankes were one of the few Jewish families in the area, attending a local synagogue called Ohav Shalom;[4] as a child, Bernanke learned Hebrew from his maternal grandfather Harold Friedman, who was a professional hazzan and Hebrew teacher.[5] His father and uncle co-owned and managed a drugstore that they bought from his paternal grandfather, Jonas Bernanke.[3] Jonas was born in Boryslav, Austria-Hungary (today part of Ukraine), on January 23, 1891, and immigrated to the United States from Przemyśl, Poland (part of Austria-Hungary until 1919). He arrived at Ellis Island, age 30, Thursday, June 30, 1921, with his wife Pauline, age 25. On the ship’s manifest, Jonas’ occupation is listed as “clerk” and Pauline’s as “doctor med.”[6][7][8][9] They moved to Dillon, South Carolina, from New York in the 1940s.[10] Bernanke’s mother often worked there as well, having given up her job as a school teacher when he was born, and Bernanke also assisted from time to time.[11]

Bernanke was educated at East Elementary, J. V. Martin Junior High, and Dillon High School, where he was class valedictorian. Bernanke achieved a near-perfect SAT score of 1590 out of 1600.[13] He was also an All-State saxophonist, playing in the school’s marching band.[14] Bernanke spent his undergraduate years at Harvard University where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His thesis was named “Long-term commitments, dynamic optimization, and the business cycle” and his thesis adviser was Stanley Fischer.[15]

A notable contemporary at Harvard University was Lloyd Blankfein (A.B. 1975, also Winthrop House), Chairman & CEO at Goldman Sachs. …”

“…Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005. Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005, and was Chairman of the President’s Council of Economic Advisers, from June 2005 to January 2006. On February 1, 2006, he was appointed as a member of the Board for a fourteen-year term and to a four-year term as Chairman.[18]

In one of his first speeches, entitled “Deflation: Making Sure It Doesn’t Happen Here,” he outlined what has been referred to as the Bernanke Doctrine.[19]

In view of his current position as Fed chair, Bernanke also sits on the newly established Financial Stability Oversight Board that oversees the Troubled Assets Relief Program.

Bernanke’s future as Federal Reserve chairman became uncertain on November 21, 2008, when it was announced that President-elect Barack Obama would name Tim Geithner as Treasury Secretary over Larry Summers, leading to speculation that Obama was positioning Summers as Bernanke’s successor. Summers was picked to run the National Economic Council. Two Obama advisers said that Summers would be the leading candidate to become the next Federal Reserve chairman should President Obama choose not to reappoint Bernanke when his term ends January 31, 2010.[20][21] White House sources announced on August 24, 2009 that President Obama would nominate Bernanke for another term in 2010.[22] During Bernanke’s first term as Chairman, he oversaw the Federal Reserve’s largest increase of power since the bank’s creation in 1913.[23] …”

Merrill Lynch merger with Bank of America

In a letter to Congress from New York Attorney General Andrew Cuomo dated April 23, 2009, Bernanke was mentioned along with former Treasury Secretary Henry Paulson in allegations of fraud concerning the acquisition of Merrill Lynch by Bank of America. The letter alleged that the extent of the losses at Merrill Lynch were not disclosed to Bank of America by Bernanke and Paulson. When Bank of America CEO Kenneth Lewis informed Paulson that Bank of America was exiting the merger by invoking the “Materially Adverse Change” clause Paulson immediately called Lewis to a meeting in Washington. At the meeting, which allegedly took place on December 21, 2008, Paulson told Lewis that he and the board would be replaced if they invoked the MAC clause and additionally not to reveal the extent of the losses to shareholders. Paulson stated to Cuomo’s office that he was directed by Bernanke to threaten Lewis in this manner.[24] Congressional hearings into these allegations were conducted on June 25, 2009, with Bernanke testifying that he did not bully Ken Lewis. Under intense questioning by members of Congress, Bernanke said, “I never said anything about firing the board and the management [of Bank of America].” In further testimony, Bernanke said the Fed did nothing illegal or unethical in its efforts to convince Bank of America not to end the merger. Lewis told the panel that authorities expressed “strong views” but said he would not characterize their stance as improper.[25]

Renominated for Fed Chief

On 25th Aug 2009, President Obama announced that he would nominate Ben Bernanke to a second term as chairman of the Federal Reserve. In a short statement in Martha’s Vineyard, with Bernanke standing at his side, Obama said Bernanke’s background, temperament, courage and creativity helped to prevent another Great Depression in 2008. “Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and out-of-the-box thinking that has helped put the brakes on our economic free fall”, the President said.[26]

Senate Banking Committee hearings on his nomination begin December 3, 2009. …”

http://en.wikipedia.org/wiki/Ben_Bernanke

Glenn Beck – You’re Gonna Need Duct Tape For This One

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Official Unemployment Rate Hits 10.2%–15,700,000 Unemployed American Citizens–Real Unemployment Rate Hits 17.5%– 26,950,000 Americans Seeking Full Time Jobs–Obama Depression Worse Than Great Depression

Posted on November 6, 2009. Filed under: Blogroll, Climate, Communications, Economics, Employment, Fiscal Policy, government spending, Health Care, Immigration, Law, liberty, Life, Links, media, Music, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , |

 

2_great_depression

Great Depression Billboard

Brother, Can You Spare A Dime?

“Courage is the greatest of all virtues, because if you haven’t courage, you may not have an opportunity to use any of the others. ”

~Samuel Johnson

“…Among the major worker groups, the unemployment rates for adult men (10.7 per-cent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. …”

 

~Bureau of Labor Statistics, News Release, November 6, 2009

“It is not capitalism which is responsible for the evils of permanent mass unemployment, but the policy which paralyses its working.”

~Ludwig von Mises

 

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Unemployment in U.S. Jumps to 10.2% as Payrolls Fall: Video

http://www.youtube.com/watch?v=ldSUfGLqfyU

 

Dollar Volatile as U.S. Payrolls Fall More Than Forecast: Video

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Why You’ve Never Heard of the Great Depression of 1920

Is Limited Government an Oxymoron?

The Obama Depression is real and worsening with the number of unemployed Americans over 15,700,000, while the number of Americans seeking a full time job is over 26,500,000 Americans.

During 1933, the worse year of the Great Depression, the number of unemployed Americans was about 13,000,000.

The Obama Depression has more than double the number of Americans seeking full time jobs than the Great Depression.

The Great Depression lasted at least another eight years until the start of World War II, but actually lasted until 1946.

The question is how long will the Obama Depression last?

As long as President Obama follows the failed Keynesian economic policies of more government stimulus spending at least another three years when he will be voted out of office.

The unemployment rate is expected to exceed 10% for at least another six months and peak at about 13% in July.

If a Health Care Reform, Cap and Trade Energy Tax, or Comprehensive Immgiration Reform bill is passed and signed into law, it will be worse.

The unemployment rate would remain in double digits until 2012.

When will the unemployment rate again achieve full-employment rates of 2% to 3% levels?

It will take another five years minimum to reach these levels provided pro-growth economic policies are implemented such as the FairTax and real cuts in Federal Government spending of at least 50%.

Not very likely with the Progressive Radical Socialist Democratic Party led by President Obama favoring massive government spending increases, huge tax increases and wealth redistribution instead of  wealth and job creation economic policies.

President Obama economic policies are pro-government, anti-growth and anti-small business.

The only sector that is growing is the Federal Government.

President Obama’s  economic policies of massive bailouts, stimulus-spending, deficits, wage and price controls and subsidies and funding for big corporations, unions  and community organizations are political payoffs for campaign contribution and support.

Obama’s policies are generating much uncertainty among both business owners and consumers.

Business and consumer confidence needs to be restore before an economic recovery with job creation begins.

Until confidence is restored higher unemployment rates combined with increasing inflation will result in stagflation or an inflationary depression–the Obama Depression.

Do not be surprised when President Obama announces wage and price controls once inflation start in earnest in 2011.

President Obama is destroying jobs, wrecking the economy and killing the American dream.

Expect massive Democratic defeats in the elections of 2010 with 50 House seats lost and with the Republicans gaining control of the House of Representatives and may be picking up two to four Senate seats. The Democrats will most likely continue to control the Senate.

Expect this massive Democratic defeat to continue into the 2012 as high rates of unemployment continue and inflation ramps up. The Democrats will lose another  25 House seats and eight Senate seats. The Republican Party will most likely gain control of the Senate in 2012 or 2014.

President Obama will be challenged in 2012 for the nomination and will lose to Hillary Clinton.

The Republicans will most likely win the Presidency in 2012 provided the Republican Party nominates a principled conservative/libertarian candidate with experience, integrity, and a record of fiscal responsibility. Possible leading candidates include Senator Coburn, Congressman Pence, former House Speaker Newt Gingrich and former Governor Sarah Palin.

There is a distinct possibility of another third political party being formed consisting of conservatives, libertarians, independents, and Reagan Democrats and Republicans, who have given up on the fiscal irresponsibility of the Democratic and Republican parties. The core of this party will come from Americans attending the tea party rallies.

The top policitical issues will be all be the economy (high unemployment and inflation), Federal government spending and taxation, illegal immigration, energy independence, and national defense, the Iran and  terrorist nuclear threats. 

The party is definitely over for Obama and the progressive radical socialist Democratic Party.

The American people are wide awake and ready to throw these bums out.

Doris Day sings The Party’s Over

The American people will lead the way.

The Law Of Attraction

“What lies behind us and what lies before us are tiny matters compared to what lies within us.”

~Ralph Waldo Emerson

 

“Keynes did not add any new idea to the body of inflationist fallacies, a thousand times refuted by economists… He merely knew how to cloak the plea for inflation and credit expansion in the sophisticated terminology of mathematical economics.”

~Ludwig von Mises

 

Background Articles and Videos

Transmission of material in this release is embargoed USDL-09-1331
until 8:30 a.m. (EST) Friday, November 6, 2009

Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * http://www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * http://www.bls.gov/ces

Media contact: (202) 691-5902 * PressOffice@bls.gov

THE EMPLOYMENT SITUATION — OCTOBER 2009

The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in con-struction, manufacturing, and retail trade.

Household Survey Data

In October, the number of unemployed persons increased by 558,000 to 15.7 million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (10.7 per-cent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1,
A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) was
little changed over the month at 5.6 million. In October, 35.6 percent of
unemployed persons were jobless for 27 weeks or more. (See table A-9.)

The civilian labor force participation rate was little changed over the month
at 65.1 percent. The employment-population ratio continued to decline in
October, falling to 58.5 percent. (See table A-1.)

The number of persons working part time for economic reasons (sometimes refer-
red to as involuntary part-time workers) was little changed in October at 9.3
million. These individuals were working part time because their hours had been
cut back or because they were unable to find a full-time job. (See table A-5.)

About 2.4 million persons were marginally attached to the labor force in October,
reflecting an increase of 736,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work in
the 4 weeks preceding the survey. (See table A-13.)

Among the marginally attached, there were 808,000 discouraged workers in October,
up from 484,000 a year earlier. (The data are not seasonally adjusted.) Dis-
couraged workers are persons not currently looking for work because they believe
no jobs are available for them. The other 1.6 million persons marginally attached
to the labor force in October had not searched for work in the 4 weeks preceding
the survey for reasons such as school attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment declined by 190,000 in October. In the most re-
cent 3 months, job losses have averaged 188,000 per month, compared with losses
averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000
per month from November 2008 to April 2009. Since December 2007, payroll employment
has fallen by 7.3 million. (See table B-1.)

Construction employment decreased by 62,000 in October. Monthly job losses have
averaged 67,000 during the most recent 6 months, compared with an average decline
of 117,000 during the prior 6 months. October job losses were concentrated in
nonresidential specialty trade contractors (-30,000) and in heavy construction
(-14,000). Since December 2007, employment in construction has fallen by 1.6 mil-
lion.

Manufacturing continued to shed jobs (-61,000) in October, with losses in both
durable and nondurable goods production. Over the past 4 months, job losses in
manufacturing have averaged 51,000 per month, compared with an average monthly
loss of 161,000 from October 2008 through June 2009. Manufacturing employment has
fallen by 2.1 million since December 2007.

Retail trade lost 40,000 jobs in October. Employment declines were concentrated
in sporting goods, hobby, book, and music stores (-16,000) and in department
stores (-11,000). Employment in transportation and warehousing decreased by 18,000
in October.

Health care employment continued to increase in October (29,000). Since the start
of the recession, health care has added 597,000 jobs.

Temporary help services has added 44,000 jobs since July, including 34,000 in
October. From January 2008 through July 2009, temporary help services had lost
an average of 44,000 jobs per month.

The average workweek for production and nonsupervisory workers on private nonfarm
payrolls was unchanged at 33.0 hours in October. The manufacturing workweek rose
by 0.1 hour to 40.0 hours, and factory overtime increased by 0.2 hour over the
month. (See table B-2.)

In October, average hourly earnings of production and nonsupervisory workers on
private nonfarm payrolls rose by 5 cents, or 0.3 percent, to $18.72. Over the past
12 months, average hourly earnings have risen by 2.4 percent, while average weekly
earnings have risen by only 0.9 percent due to declines in the average workweek.
(See table B-3.)

The change in total nonfarm payroll employment for August was revised from -201,000
to -154,000, and the change for September was revised from -263,000 to -219,000.

_____________
The Employment Situation for November is scheduled to be released on Friday,
December 4, 2009, at 8:30 a.m. (EST).

http://www.bls.gov/news.release/empsit.nr0.htm

 

 

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2      
Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7759 7972 7740 7683 7672 7551 7415 7360 7570 7457 7541 7219  
2006 7020 7176 7080 7142 7028 7039 7167 7118 6874 6738 6837 6688  
2007 7029 6887 6737 6874 6844 7028 7128 7123 7221 7295 7212 7541  
2008 7555 7423 7820 7675 8536 8662 8910 9550 9592 10221 10476 11108  
2009 11616 12467 13161 13724 14511 14729 14462 14928 15142 15700      
Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5 16.3 16.8 17.0 17.5      
Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248  
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305  
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066  
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729  
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059  
2005 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926 154504 154577 154006 153975

 

Unemployment Rate Actually Near 14% in July is Now 17.5%

11/3/09 Part 1/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

11/3/09 Part 2/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

11/3/09 Part 3/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

11/3/09 Part 4/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

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The Obama Depression Continues–Official Unemployment Rate Hits 9.8% (15,142,000 Seek Full Time Job) and Real Unemployment Rate Hits 17.0% (26,181,000 Seek Full Time Job)!

Posted on October 2, 2009. Filed under: Blogroll, Economics, Employment, Fiscal Policy, liberty, Life, Links, Monetary Policy, People, Politics, Quotations, Video | Tags: , , , , , , , , , |

 

Unemployment Rate Hits 9.8 Percent

 

15.1 million Americans now out of work!

 

Economic Expectations – Unemployment Rate May Reach 15% – Bloomberg

 

 

Gerson Says Wall Street Executives Confident on Hiring

http://www.youtube.com/watch?v=QyN4iif8CoE

 

1929 Great Depression, 1979 Economic Stagflation or 1989 Soviet-Style Collapse?

Ready For America’s Economic Crash ?

George Soros Predicts Stagflation


 

 

The Bush Recession ended and the Obama Depression continues due to progressive radical socialist Democratic Party failed economic policies of  massive bailouts, deficits, and stimulus spending.

With more than 26 million Americans seeking full time jobs, do not be fooled by statements that the recession is over.

During the very worse year of the Great Depression 13 million Americans were seeking full time jobs.

Today, more then twice that number or over 26 million Americans are seeking work.

In May of 2009 the US Labor force peaked at 155,051,000.

In September of 2009  the US labor force was 154,006,000.

Since May of this year over 1,000,000 Americans have left the labor force!

They are not employed nor unemployed, but usually are so discouraged that they have given up looking for work.

The Obama Depression continues and is not expected to get better for at least another six to twelve months.

The official unemployment rate is expected to exceed 10% in October and to continue to increase through May 2010.

The Obama economic policies and proposed health care and cap and trade energy taxes bills are destroying  jobs, wrecking the economy and killing the American Dream.

Obama must change course and make the Bush tax cuts permanent if he has any hope in creating new jobs.

He must also forget about a new mandatory health care tax and cap and trade energy tax–not likely.

Should either or both bills make it into law, expect the recession/depression to last through 2011.

Small business views these bills as massive tax increases that they cannot afford to pay and will reduce hiring, meaning fewer  jobs and a longer recession/depression.

President Obama and the progressive radical socialist Democratic Party are facing defeat at the election polls in 2010 and 2012 for not delivering  jobs!

The US dollar will continue to decline in value and inflation should rapidly increase in late 2011– the result– the return of a stagflation economy.

Stagflation

 

Background Articles and Videos

 Stagflation

“…Stagflation is an economic situation in which inflation and economic stagnation occur simultaneously and remain unchecked for a period of time.[1] The portmanteau stagflation is generally attributed to British politician Iain Macleod, who coined the term in a speech to Parliament in 1965.[2][3][4] The concept is notable partly because, in postwar macroeconomic theory, inflation and recession were regarded as mutually exclusive, and also because stagflation has generally proven to be difficult and costly to eradicate once it gets started.

Economists offer two principal explanations for why stagflation occurs. First, stagflation can result when an economy is slowed by an unfavorable supply shock, such as an increase in the price of oil in an oil importing country, which tends to raise prices at the same time that it slows the economy by making production less profitable.[5][6][7] This type of stagflation presents a policy dilemma because most actions to assist with fighting inflation worsen economic stagnation and vice versa. Second, both stagnation and inflation can result from inappropriate macroeconomic policies. For example, central banks can cause inflation by permitting excessive growth of the money supply,[8] and the government can cause stagnation by excessive regulation of goods markets and labor markets;[9] together, these factors can cause stagflation. Both types of explanations are offered in analyses of the global stagflation of the 1970s: it began with a huge rise in oil prices, but then continued as central banks used excessively stimulative monetary policy to counteract the resulting recession, causing a runaway wage-price spiral.[10]

…”

http://en.wikipedia.org/wiki/Stagflation

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS12000000
Seasonal Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 133027 132856 132947 132955 133311 133378 133414 133591 133707 133993 134309 134523  
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614  
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047  
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426  
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411  
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125  
2005 140246(1) 140377 140626 141243 141600 141711 142029 142434 142407 142551 142555 142783  
2006 143129(1) 143424 143713 143763 144092 144358 144247 144644 144806 145289 145587 145989  
2007 145983(1) 145992 146267 145647 145915 146057 145972 145732 146203 145867 146665 146294  
2008 146317(1) 146075 146023 146257 145974 145738 145596 145273 145029 144657 144144 143338  
2009 142099(1) 141748 140887 141007 140570 140196 140041 139649 138864        
1 : Data affected by changes in population controls.

 


 

Series Id:           LNS11000000
Seasonal Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248  
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305  
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066  
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729  
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059  
2005 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926 154504 154577 154006        
1 : Data affected by changes in population controls.

 


 

Series Id:           LNS13000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7759 7972 7740 7683 7672 7551 7415 7360 7570 7457 7541 7219  
2006 7020 7176 7080 7142 7028 7039 7167 7118 6874 6738 6837 6688  
2007 7029 6887 6737 6874 6844 7028 7128 7123 7221 7295 7212 7541  
2008 7555 7423 7820 7675 8536 8662 8910 9550 9592 10221 10476 11108  
2009 11616 12467 13161 13724 14511 14729 14462 14928 15142        

 


 

Series Id:           LNS14000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8        

 


 

Series Id:           LNS13327709
Seasonal Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5 16.3 16.8 17.0        

 http://data.bls.gov/cgi-bin/surveymost

 

“…

THE EMPLOYMENT SITUATION — SEPTEMBER 2009

Nonfarm payroll employment continued to decline in September (-263,000), and
the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of
Labor Statistics reported today. The largest job losses were in construction,
manufacturing, retail trade, and government.

Household Survey Data

Since the start of the recession in December 2007, the number of unemployed
persons has increased by 7.6 million to 15.1 million, and the unemployment
rate has doubled to 9.8 percent. (See table A-1.)

Unemployment rates for the major worker groups–adult men (10.3 percent),
adult women (7.8 percent), teenagers (25.9 percent), whites (9.0 percent),
blacks (15.4 percent), and Hispanics (12.7 percent)–showed little change
in September. The unemployment rate for Asians was 7.4 percent, not season-
ally adjusted. The rates for all major worker groups are much higher than
at the start of the recession. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed
temporary jobs rose by 603,000 to 10.4 million in September. The number of
long-term unemployed (those jobless for 27 weeks and over) rose by 450,000
to 5.4 million. In September, 35.6 percent of unemployed persons were job-
less for 27 weeks or more. (See tables A-8 and A-9.)

The civilian labor force participation rate declined by 0.3 percentage point
in September to 65.2 percent. The employment-population ratio, at 58.8 per-
cent, also declined over the month and has decreased by 3.9 percentage points
since the recession began in December 2007. (See table A-1.)

In September, the number of persons working part time for economic reasons
(sometimes referred to as involuntary part-time workers) was little changed
at 9.2 million. The number of such workers rose sharply throughout most of
the fall and winter but has been little changed since March. (See table A-5.)

About 2.2 million persons were marginally attached to the labor force in
September, an increase of 615,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior 12
months. They were not counted as unemployed because they had not searched for
work in the 4 weeks preceding the survey. (See table A-13.)

Among the marginally attached, there were 706,000 discouraged workers in
September, up by 239,000 from a year earlier. (The data are not seasonally
adjusted.) Discouraged workers are persons not currently looking for work
because they believe no jobs are available for them. The other 1.5 million
persons marginally attached to the labor force in September had not searched
for work in the 4 weeks preceding the survey for reasons such as school
attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment declined by 263,000 in September. From May
through September, job losses averaged 307,000 per month, compared with los-
ses averaging 645,000 per month from November 2008 to April. Since the start
of the recession in December 2007, payroll employment has fallen by 7.2 mil-
lion. (See table B-1.)

In September, construction employment declined by 64,000. Monthly job los-
ses averaged 66,000 from May through September, compared with an average of
117,000 per month from November to April. September job cuts were concen-
trated in the industry’s nonresidential components (-39,000) and in heavy
construction (-12,000). Since December 2007, employment in construction has
fallen by 1.5 million.

Employment in manufacturing fell by 51,000 in September. Over the past 3
months, job losses have averaged 53,000 per month, compared with an average
monthly loss of 161,000 from October to June. Employment in manufacturing
has contracted by 2.1 million since the onset of the recession.

In the service-providing sector, the number of jobs in retail trade fell by
39,000 in September. From April through September, retail employment has
fallen by an average of 29,000 per month, compared with an average monthly
loss of 68,000 for the prior 6-month period.

Government employment was down by 53,000 in September, with the largest
decline occurring in the non-education component of local government
(-24,000).

Employment in health care continued to increase in September (19,000), with
the largest gain occurring in ambulatory health care services (15,000).
Health care has added 559,000 jobs since the beginning of the recession,
although the average monthly job gain thus far in 2009 (22,000) is down from
the average monthly gain during 2008 (30,000).

Employment in transportation and warehousing continued to trend down in
September. The number of jobs in financial activities, professional and
business services, leisure and hospitality, and information showed little
or no change over the month.

In September, the average workweek for production and nonsupervisory workers
on private nonfarm payrolls edged down by 0.1 hour to 33.0 hours. Both the
manufacturing workweek and factory overtime decreased by 0.1 hour over the
month, to 39.8 and 2.8 hours, respectively. (See table B-2.)

In September, average hourly earnings of production and nonsupervisory
workers on private nonfarm payrolls edged up by 1 cent, or 0.1 percent, to
$18.67. Over the past 12 months, average hourly earnings have risen by 2.5
percent, while average weekly earnings have risen by only 0.7 percent due
to declines in the average workweek. (See table B-3.)

The change in total nonfarm payroll employment for July was revised from
-276,000 to -304,000, and the change for August was revised from -216,000
to -201,000. …”

http://www.bls.gov/news.release/empsit.nr0.htm

 

Labor Force Statistics from the Current Population Survey

“Why does the Government collect statistics on the unemployed?

When workers are unemployed, they, their families, and the country as a whole lose. Workers and their families lose wages, and the country loses the goods or services that could have been produced. In addition, the purchasing power of these workers is lost, which can lead to unemployment for yet other workers.

To know about unemployment—the extent and nature of the problem—requires information. How many people are unemployed? How did they become unemployed? How long have they been unemployed? Are their numbers growing or declining? Are they men or women? Are they young or old? Are they white or black or of Hispanic ethnicity? Are they skilled or unskilled? Are they the sole support of their families, or do other family members have jobs? Are they more concentrated in one area of the country than another? After these statistics are obtained, they have to be interpreted properly so they can be used—together with other economic data—by policymakers in making decisions as to whether measures should be taken to influence the future course of the economy or to aid those affected by joblessness.

Where do the statistics come from?

Early each month, the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor announces the total number of employed and unemployed persons in the United States for the previous month, along with many characteristics of such persons. These figures, particularly the unemployment rate—which tells you the percent of the labor force that is unemployed—receive wide coverage in the media.

Some people think that to get these figures on unemployment, the Government uses the number of persons filing claims for unemployment insurance (UI) benefits under State or Federal Government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed.

Other people think that the Government counts every unemployed person each month. To do this, every home in the country would have to be contacted—just as in the population census every 10 years. This procedure would cost way too much and take far too long. Besides, people would soon grow tired of having a census taker come to their homes every month, year after year, to ask about job-related activities.

Because unemployment insurance records relate only to persons who have applied for such benefits, and since it is impractical to actually count every unemployed person each month, the Government conducts a monthly sample survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. The CPS has been conducted in the United States every month since 1940, when it began as a Work Projects Administration project. It has been expanded and modified several times since then. For instance, beginning in 1994, the CPS estimates reflect the results of a major redesign of the survey. (For more information on the CPS redesign, see Chapter 1, “Labor Force Data Derived from the Current Population Survey,” in the BLS Handbook of Methods.)

There are about 60,000 households in the sample for this survey. This translates into approximately 110,000 individuals, a large sample compared to public opinion surveys which usually cover fewer than 2,000 people. The CPS sample is selected so as to be representative of the entire population of the United States. In order to select the sample, all of the counties and county-equivalent cities in the country first are grouped into 2,025 geographic areas (sampling units). The Census Bureau then designs and selects a sample consisting of 824 of these geographic areas to represent each State and the District of Columbia. The sample is a State-based design and reflects urban and rural areas, different types of industrial and farming areas, and the major geographic divisions of each State. (For a detailed explanation of CPS sampling methodology, see Chapter 1, of the BLS Handbook of Methods.)

Every month, one-fourth of the households in the sample are changed, so that no household is interviewed more than 4 consecutive months. This practice avoids placing too heavy a burden on the households selected for the sample. After a household is interviewed for 4 consecutive months, it leaves the sample for 8 months, and then is again interviewed for the same 4 calendar months a year later, before leaving the sample for good. This procedure results in approximately 75 percent of the sample remaining the same from month to month and 50 percent from year to year.

Each month, 2,200 highly trained and experienced Census Bureau employees interview persons in the 60,000 sample households for information on the labor force activities (jobholding and jobseeking) or non-labor force status of the members of these households during the survey reference week (usually the week that includes the 12th of the month). At the time of the first enumeration of a household, the interviewer prepares a roster of the household members, including their personal characteristics (date of birth, sex, race, Hispanic ethnicity, marital status, educational attainment, veteran status, and so on) and their relationships to the person maintaining the household. This information, relating to all household members 15 years of age and over, is entered by the interviewers into laptop computers; at the end of each day’s interviewing, the data collected are transmitted to the Census Bureau’s central computer in Washington, D.C. (The labor force measures in the CPS pertain to individuals 16 years and over.) In addition, a portion of the sample is interviewed by phone through three central data collection facilities. (Prior to 1994, the interviews were conducted using a paper questionnaire that had to be mailed in by the interviewers each month.)

Each person is classified according to the activities he or she engaged in during the reference week. Then, the total numbers are “weighted,” or adjusted to independent population estimates (based on updated decennial census results). The weighting takes into account the age, sex, race, Hispanic ethnicity, and State of residence of the person, so that these characteristics are reflected in the proper proportions in the final estimates.

A sample is not a total count, and the survey may not produce the same results that would be obtained from interviewing the entire population. But the chances are 90 out of 100 that the monthly estimate of unemployment from the sample is within about 290,000 of the figure obtainable from a total census. Since monthly unemployment totals have ranged between about 7 and 11 million in recent years, the possible error resulting from sampling is not large enough to distort the total unemployment picture.

Because these interviews are the basic source of data for total unemployment, information must be factual and correct. Respondents are never asked specifically if they are unemployed, nor are they given an opportunity to decide their own labor force status. Unless they already know how the Government defines unemployment, many of them may not be sure of their actual classification when the interview is completed.

Similarly, interviewers do not decide the respondents’ labor force classification. They simply ask the questions in the prescribed way and record the answers. Based on information collected in the survey and definitions programmed into the computer, individuals are then classified as employed, unemployed, or not in the labor force.

All interviews must follow the same procedures to obtain comparable results. Because of the crucial role interviewers have in the household survey, a great amount of time and effort is spent maintaining the quality of their work. Interviewers are given intensive training, including classroom lectures, discussion, practice, observation, home-study materials, and on-the-job training. At least once a year, they attend day-long training and review sessions. Also, at least once a year, they are accompanied by a supervisor during a full day of interviewing to determine how well they carry out their assignments.

A selected number of households are reinterviewed each month to determine whether the information obtained in the first interview was correct. The information gained from these reinterviews is used to improve the entire training program.

What are the basic concepts of employment and unemployment?

The basic concepts involved in identifying the employed and unemployed are quite simple:

  • People with jobs are employed.
  • People who are jobless, looking for jobs, and available for work are unemployed.
  • People who are neither employed nor unemployed are not in the labor force. …”

http://www.bls.gov/cps/cps_htgm.htm

 

Jim Rogers- True Inflation 6-7%

16.8% unemployment rate

Who is Peter Schiff? A True Patriot – SchiffSuperBomb Nov 5th

In-Depth Look – Inflation Vs Unemployment – Bloomberg

Economic Outlook Index, September 2009

 

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Employment and Unemployment

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Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Job Creating Businesses and CIT–Videos

President Barack Obama Beats It–President Franklin Roosevelt Record–Worse Unemployment Numbers Since 1933–14,700,000 Unemployed Americans Greater than 13,000,000 in 1933!

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Bill Gates–Hope, Change and Rapid Affluence Development–Creative Capitalism!

Bureau of Labor Statistics–Selected Tables on Labor Force Statistics from the Current Population Survey

 

Fiscal Economic Policy

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

A New Political Party In The United States? American Citizens Alliance Party–ACAP On Government Spending, Taxes, Debt, and Regulations!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously!

Barlett Boo Boos–Boortz Blasts Back

President Doom and Panic Obama’s Big Lie: More Government Spending Works and Tax Cuts Do Not Work

 

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Public Option = Government Option = Pathway to Single Payer = Single Payer = Socialized Medicine = Blue Pill = Poison Pill

Obama: First We Kill The Babies, Then We Kill The Elderly, Then We Kill The Veterans–Your Life, Your Choices–Your Time Is Up!

This Joker Is A Lost Cause: Keeping President Obama Honest on Health Care–Let’s But A Smile On That Face–Staying Alive

Fact 1. Federal Government Health Insurance Is Compulsory–Kill The Bill–H.R. 3200

Patient Empowerment: Health Savings Accounts–High Deductible Catastrophic Health Insurance–Affordable, Portable, Fair, Individual Health Care Plan–Consumer Driven Health Care Reform!

The Dangers Of A Single Payer Health Care System: Ronald Reagan On Socialized Medicine and Friedrich A. Hayek On State Monopoly

The American People Believe The Government Public Option Plan Is The Path To The Single Payer Government Plan–Socialized Medicine–Obama Caught Lying To The American People!

The Small Business and Self-Employed Perspective on Health Care Reform

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The Bush Recession Is Over–The Obama Depression Has Begun!

Posted on August 3, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Fiscal Policy, government spending, Health Care, Immigration, Investments, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Taxes, Video, Wisdom | Tags: , , , , , , , |

 

 crystal_ball

2009-10 Total DECLINE for US Jim ROGERS 1

2009-10 Total DECLINE for US Jim ROGERS 2

 

PETER SCHIFF ON GLENN THE SNAKE BECK SHOW JULY 31, 2009

 

Turning Japanese – Is the US Creating Its Own Lost Decade?

 

Recession Bottoming – Greenspan – Bloomberg

 

CNBC Bulltards – The Recession IS NOT OVER

 

2009-07-16 CNBC: You Owe Investors An Apology

 

Inside Look – How Long Will the Recession Last? – Bloomberg

 

 

JIM ROGERS THE WORSE IS YET TO COME

Dr. Gloom Govts Should Be Fired!

 

The Bush recession that started in the third quarter of 2008 ended in the second quarter of 2009.

Unfortunately, the Obama Depression officially started in the third quarter of 2009 and will not end until the fourth quarter 0f 2010 at the earliest.

The official unemployment rate will exceed 10% in August 2009 and will most likely go over 13% in the second quarter of 2010 before declining.

Inflation or a rise in the general price level will start in 2011 and continue throughout 2012.

Expect wage and price controls to be seriously considered if not implemented by the Obama administration in the second quarter 2012.

If the cap and trade energy tax and mandatory government health insurance with a public option bills are passed in October, the Obama Depression will last until end of 2013 or beyond.

The American people and businesses have lost all confidence that President Obama and his progressive radical socialist Democratic Party know what they doing in regard to economic policy.

The American people are becoming increasingly mad at the willful incompetence of the Obama Administration and the Democratic Party in economic policy matters.

It is the economy and stupid socialists are screwing the American people.

There will be political payback in November 2010 and 2012.

Background Articles and Videos

 

What is a Recession?

 

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Rush Right–Obama Destroying the Economy on Purpose–Limbaugh Lambastes Leftists!

Posted on July 27, 2009. Filed under: Blogroll, Economics, Education, Employment, Energy, Fiscal Policy, Foreign Policy, government spending, Health Care, Immigration, Law, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Talk Radio, Video, Wisdom | Tags: , , , , , , , , , , |

 

lenin

“The best way to destroy the capitalist system is to debauch the currency”

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

~Vladimir Lenin

 

adolf_hitler

“We demand that the State shall make it its primary duty to provide a livelihood for its citizens.”

“It’s time to put the common good, the national interest, ahead of individuals.”

~Adolf Hitler

 

Rush Limbaugh on Greta (1 of 5): Obama Destroying the Economy on Purpose


 

 

Rush Limbaugh on Greta (2 of 5): Obama Destroying the Economy on Purpose

 

Rush Limbaugh on Greta (3 of 5): Obama Destroying the Economy on Purpose

 

Rush Limbaugh on Greta (4 of 5): Obama Destroying the Economy on Purpose

 

Rush Limbaugh on Greta (5 of 5): Obama Destroying the Economy on Purpose

 

Stop Spending Our Future – The Crisis

 

US Federal Government Deficits

federal_spending

defcits

 

HyperStagflation

 

Hyperinflation is Coming! Weimar Republic of Germany – Obamaflation – Socialist States of America

 

HYPERINFLATION NATION MOVIE Part 1 of 3

 

HYPERINFLATION NATION MOVIE Part 2 of 3


 

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Americans’ Opinion of Federal Reserve Board Sours

 

Hannity Sean & Dick Morris Talk Barack Obama and His Health Care Plan Strategy FOX News

 

“To the extent that we’ve got a fiscal crisis right now, part of it is prompted by a bullheaded insistence on the part of the president, for example, that we should extend all of his tax cuts, make all of them permanent.”

“Focusing your life solely on making a buck shows a certain poverty of ambition. It asks too little of yourself. Because it’s only when you hitch your wagon to something larger than yourself that you realize your true potential.”

“Instead of having a set of policies that are equipping people for the globalization of the economy, we have policies that are accelerating the most destructive trends of the global economy.”

“In the end, that’s what this election is about. Do we participate in a politics of cynicism or a politics of hope?”

~Barack Obama

 

hope

 change

 

Background Articles and Videos

Sticker wars: Shattering the myth of Hope and Change

By Michelle Malkin  

cover_culture_corruption

“… Just wanted to share a quick back story about the cover of Culture of Corruption:

 

If the distinctive artwork seems familiar, it’s because the graphic artist behind the shattered O logo is our friend, Tennyson Hayes. Tennyson and I collaborated on the image, which sums up the book — and the last six months of the Age of Obama — in a stark and arresting way. The Obama campaign understands the power of visual propaganda. The Right needs to get in the game, too. Just look around your neighborhood or highway and the still-stubborn proliferation of HopeAndChange bumper stickers.

To fight back against the delusional tide, Tennyson has made shattered O stickers available here. I’ve got one on the back of my car window and have already earned some dirty looks:

So, get a book. Lend it to your “progressive” friends and family. Send them a sticker. Send me photos of your car with the shattered O logo sticker. I’ll post ‘em.

And stay tuned. We have more goodies in store for you! …”

http://michellemalkin.com/2009/07/27/sticker-wars-shattering-the-myth-of-hope-and-change/

Glen Beck: What does 1 Trillion dollars look like? (HD)

 

One Trillion Dollars Visualized from http://www.mint.com

 

Jim Rogers “Obama,Geitner destroying America”

 

pt 1/6 Peter Schiff WSU July 1st 2009

 

pt 2/6 Peter Schiff WSU July 1st 2009

 

pt 3/6 Peter Schiff WSU July 1st 2009

 

pt 4/6 Peter Schiff WSU July 1st 2009

 

pt 5/6 Peter Schiff WSU July 1st 2009

 

pt 6/6 Peter Schiff WSU July 1st 2009

 

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Read Full Post | Make a Comment ( 7 so far )

The Three Amigos: Jim Rogers, Yaron Brook, and Ron Paul To President Obama–You Are Wrong Economically and Morally!

Posted on March 28, 2009. Filed under: Blogroll, Economics, Education, Employment, Energy, Investments, Links, Politics, Quotations, Video | Tags: , , , , , , , , , , , |

three_amigos

Three Amigos

First, some Rogers rants and raves to get your attention:

Jim Rogers Geithner does not know what he is doing …

Jim Rogers welcome to the economic meltdown

Jim Rogers on CNBC: ABOLISH THE FEDERAL RESERVE!

Jim Rogers Discusses China 3-24-09

Could not have said it better myself.

Looks like Rogers is pissing on Soros’ socialist  economy wreckers and job destroyers.

How do  you spell relief?

Keep telling it like it is Jim!

Second, to calm us down and start thinking.

Yaron gives us the capitalist view:

 

Yaron Brook’s Call to Action – March 2009 (Part 1 of 2)

Yaron Brook’s Call to Action – March 2009 (Part 2 of 2)

The Morality of Capitalism Part 1 of 7

The Morality of Capitalism Part 2 of 7

The Morality of Capitalism Part 3 of 7

The Morality of Capitalism Part 4 of 7

The Morality of Capitalism Part 5 of 7

The Morality of Capitalism Part 6 of 7

The Morality of Capitalism Part 7 of 7

Reasons to be Optimistic about Ayn Rand’s Influence on American Culture

Yaron Brook 27 march 2009

Interview with Yaron Brook
http://www.youtube.com/watch?v=GIoP7V6U-aQ&NR=1

 

Ron also would like to end the Federal Reserve, but let us audit it as a first step.

Ron Paul HR 1207

 

Ron Paul on Washington Watch – Audit the Federal Reserve HR 1207 03-03-09 1 of 2

 

Ron Paul on Washington Watch – Audit the Federal Reserve HR 1207 03-03-09 2 of 2

 

Ben Bernanke RefusesTransparency – TAKE ACTION NOW!

Rep. Manzullo Discusses Radical Treasury Plan on the Glenn Beck Show

 

Background Articles and Videos

 Three Amigos

“…Three Amigos! is a 1986 comedy western film, produced by George Folsey, Jr. and Lorne Michaels. John Landis directed. Steve Martin, Chevy Chase, and Martin Short star. The movie was written by Steve Martin, Lorne Michaels, and Randy Newman. Randy Newman contributed three original songs: “The Ballad of the Three Amigos”, “My Little Buttercup” and “Blue Shadows”, while the musical score was composed by Elmer Bernstein. It was shot in Simi Valley, California, Coronado National Forest, Old Tucson Studios, and Hollywood. It was originally entitled The Three Caballeros and Steve Martin was to be teamed with Dan Aykroyd and John Belushi. This film is 79. on Bravo’s “100 Funniest Movies.”

In the year 1916, three prissy silent film actors are fired after they demand a higher salary for their popular “Three Amigos” western films. Later that day they receive a plea from the villagers of Santo Poco who have been under siege from the infamous villain El Guapo (“The Handsome Guy”). Mistaking the plea for an acting job, the actors steal their costumes and travel to Santo Poco. The villagers give the actors a hero’s welcome, believing them to be bona fide gunfighters. After a nearly fatal confrontation with El Guapo, the actors realize the danger to which they are now subject. They panic and plan a hasty retreat, leaving the villagers at the mercy of El Guapo. They soon return to the village and, upon seeing the devastation caused by the bandits, decide to step up and become the Three Amigos for real. …”

http://en.wikipedia.org/wiki/%C2%A1Three_Amigos

 

Obama’s online townhall: What’s really going on? Updated: Megalomania-palooza!

By Michelle Malkin  •  March 26, 2009 10:35 AM

“…Scroll down for updates…

At 11:30am Eastern, President Obama will conduct an “online townhall” on the economy.

At this moment, the White House website reports that “92,889 people have submitted 104,079 questions and cast 3,608,538 votes.”

In order to ask a question, you must register your name, e-mail, and zip code. …”

http://michellemalkin.com/2009/03/26/obamas-online-townhall-whats-really-going-on/

 

Leave the lights on: Celebrate Human Achievement Hour

By Michelle Malkin  

I mentioned earlier this week that my friends at CEI are leading a counter-movement today to answer the enviro-nitwits’ “Earth Hour” with Human Achievement Hour.

Leave the lights on between 8:30pm and 9:30pm and watch this video with your friends and family! …”

http://michellemalkin.com/2009/03/28/leave-the-lights-on-celebrate-human-achievement-hour/

Celebrate Human Achievement Hour

By Michelle Malkin 

“…This weekend, enviro-zealots will celebrate “Earth Hour” by turning off their lights. They’ve pulled this stunt for a few years now. But this time, they’ve added a new twist: “This year, Earth Hour has been transformed into the world’s first global election, between Earth and global warming. For the first time in history, people of all ages, nationalities, race and background have the opportunity to use their light switch as their vote – Switching off your lights is a vote for Earth, or leaving them on is a vote for global warming.”

How about voting for human achievement? Michelle Minton at the Competitive Enterprise Institute has a good proposal: …”

http://michellemalkin.com/2009/03/24/celebrate-human-achievement-hour/

 

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The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

 

 

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Jim Rogers–Videos

Posted on February 28, 2009. Filed under: Books, Economics, Education, Employment, Energy, Immigration, Investments, Law, Life, Music, People, Philosophy, Politics, Taxes, Video | Tags: , , , , , , |

Jim Rogers

 

“Historically, there has been a bull market in commodities every 20 or 30 years.”

~Jim Rogers  

 

<span class=”bodyJim Rogers On Current Economic Conditions 5.12.09 Part 1

<span class=”bodyJim Rogers On Current Economic Conditions 5.12.09 Part 2

<span class=”bodyJim Rogers On Current Economic Conditions 5.12.09 Part 3

Let The Incompetent Fail – Jim Rogers

Jim Rogers Says Investors Should Expect More Bottoms pt 1/3 Apr 13 2009

 

Jim Rogers Says Investors Should Expect More Bottoms pt 2/3 Apr 13 2009

 

Jim Rogers Says Investors Should Expect More Bottoms pt 3/3 Apr 13 2009

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 1/4

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 2/4

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 3/4

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 4/4

 

Jim Rogers is the Asian model Viable for the West ? pt 1/2

 

Jim Rogers is the Asian model Viable for the West ? pt 2/2

 

 Jim Rogers Britain could go Bankrupt

 

Jim Rogers on Glenn Beck Program March 4, 2009

 

Jim Rogers on Barack Obama – March 4th 2009

 

Jim Rogers abolish the WB and the IMF 13 Feb 09

 

Best Jim Rogers Video Ever

 

Jim Rogers America is Collapsing pt 1/5

 

Jim Rogers America is Collapsing pt 2/5

 

Jim Rogers America is Collapsing pt 3/5

 

Jim Rogers America is Collapsing pt 4/5

 

Jim Rogers America is Collapsing pt 5/5

 

Jim Rogers : Teach your children Chinese

 

Jim Rogers on GSR Radio pt 1/2 Feb. 24, 2009

 

Jim Rogers on GSR Radio pt 2/2 Feb. 24, 2009

 

Jim Rogers on dutch TV pt 1/2 Feb 12 2009

 

Jim Rogers on dutch TV pt 2/2 Feb 12 2009

 

Jim Rogers the UK is FINISHED

 

Jim Rogers UK will go bankrupt pt 1/2

 

Jim Rogers UK will go bankrupt pt 2/2

 

Jim Rogers has started a Bank Run on UBS Part 1/2

 

Jim Rogers has started a Bank Run on UBS Part 2/2

 

Jim Rogers on Russia Today 09 FEB 2009

 

Jim Rogers in Russia : No Future for the Rubble , I buy only Yen 05 FEB 2009

 

Jim Rogers Russia will continue to disintegrate

 

Jim Rogers on the Asian Financial Forum pt 1/2 Jan 21 2009

 

Jim Rogers on the Asian Financial Forum pt 2/2 Jan 21 2009

 

Jim Rogers Asian Financial Forum interview 20 Jan 09

 

2009 will be the year of Total decline for US Jim Rogers

 

Jim Rogers The worse recession ever pt 1/2

 

Jim Rogers The worse recession ever pt 2/2

 

jim-rogers_2

 

“The price of a commodity will never go to zero. When you invest in commodities futures, you’re not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.

~Jim Rogers

 

Background Articles and Videos

Jim Rogers

James Beeland Rogers, Jr. (born October 19, 1942) is an American investor and financial commentator. He is co-founder, along with George Soros, of the Quantum Fund, and is a college professor, author, world traveler, economic commentator, and creator of the Rogers International Commodities Index (RICI). …”

“Books

  • Investment Biker: Around the World with Jim Rogers – 1995 (ISBN 1-55850-529-6)
  • Adventure Capitalist: The Ultimate Road Trip – 2003 (ISBN 0375509127)
  • Hot Commodities: How Anyone Can Invest Profitably in the World’s Best Market – 2004 (ISBN 140006337X)
  • A Bull in China: Investing Profitably in the World’s Greatest Market – December 4, 2007 (ISBN 1400066166)
  • A Gift to My Children: A Father’s Lessons For Life And Investing – April 28, 2009 (ISBN 1400067545)  …”

http://en.wikipedia.org/wiki/Jim_Rogers

 

Related Post on Pronk Palisades

 George Soros: Barack Obama’s Money Man and Agenda Puppeter

 

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The Second Breaking Wave of Mortgage Defaults–Alt+A and Option Arm Mortgages–Crashes US Economy!–Videos

Posted on February 23, 2009. Filed under: Blogroll, Economics, Education, Employment, Homes, Investments, Law, Links, People, Quotations, Regulations, Security, Taxes, Video | Tags: , , , , , |

The American people have as the song goes “Ain’t Seen Nothing Yet”!

Cash is king or more precisely hard assets or commodities are especially gold, silver, etc.

Buy guns and safes to protect them.

Unfortunately the third wave of mortgage defaults will be in commercial real estate and will shortly follow the second wave.

The greedy, arrogant, stupid bastards that got us into this mess are really beginning to make me mad including the political class in Washington who were their pals.

No more bailouts–on strike–shut it down.

A phrase even the radical socialists might even be able to understand.

Result: 18 month to 24 month recession, unemployment rate peaks at 15% in next 12 months.

Hang on to your job if you have one.

Great investment buying opportunity in real estate and eventually equities over the next 12 to 18 months.

For the long run buy commodities or raw materials.

Just wait awhile.

You ain’t seen nothing yet.

Jim Rogers has it completely right. My favorite video–three cheers!

Jim Rogers about Tim Geithner testimony 2009.02.11

 

When it comes to economics President Obama is an economic illiterate advised by a group of arrogant big government economists who think government intervention is the answer to the world’s economic problems–living in the 1930s with the same results.
 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

History of Housing Prices Chart – *SHOCKING* You Need To See This!

Count me out.

Join the second American Revolution and march on Washington July 4, 2009:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

 

This may be you last chance for a some time.

Time to take care of business and get out of Dodge.

Learn Chinese!

 

Bachman Turner Overdrive – You Ain’t Seen Nothing Yet

 

Alt+A and Option Arm Mortage Crises Yet to Come – MORE BANKER FRAUD (1 of 2)

 

Alt+A and Option Arm Mortage Crises Yet to Come – MORE BANKER FRAUD (2 of 2)

 

 Deconstructing the Subprime Crisis

 

Mr Mortgage – HERE COMES THE ALT-A CRISIS

 

Mr Mortgage on the Pay Option ARM Implosion

 

Mark Zandi on the Risky Loans Behind the Meltdown

 

Jeremy Siegel on the Resilience of American Finance

 

Franklin Allen on Lessons from the Subprime Crisis

 

Richard Herring on What’s Next for Investment Banks

 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

John Berlau on Obama’s Mortgage Rescue Plan

 

1/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

2/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

3/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

Bachman Turner Overdrive “Takin Care Of Business” Live ’74

 

 Background Articles and Videos

Jim Rogers on the Asian Financial Forum pt 1/2 Jan 21 2009

 

Jim Rogers on the Asian Financial Forum pt 2/2 Jan 21 2009

 

Investment guru Jim Rogers

 

Jim Rogers : Teach your children Chinese !!!!!!!!

 

Richard Herring on Mortgage-backed Securities

 

Angry renters, unite!

By Michelle Malkin  

“…I want you to look at this chart, via AngryRenter.com. While ACORN and the housing entitlement mob get all the press, look who’s not getting attention.

Now, here’s some feedback in response to my appearance on FNC’s Neil Cavuto show this afternoon in support of renters (self included) who are getting the shaft from the housing entitlement-mongers: …”

http://michellemalkin.com/2009/02/19/angry-renters-unite/

 

Neil Cavuto shout down

 

 

The Federal Response to Home Mortgage Distress:

Lessons from the Great Depression

David C. Wheelock

“…The sharp increase in mortgage delinquencies and foreclosures during 2007 prompted numerous calls for government intervention in housing and mortgage markets, including the creation of an HOLC-like agency to purchase delinquent mortgages. The right of lenders to foreclose on collateral is themain reason why the interest rates on secured loans, such as home mortgages, are typically much lower than those on unsecured loans, such as credit card debt. Ordinarily, mortgage foreclosures receive little notice from the public because they have little impact on parties other than the delinquent borrower. However, when the number of foreclosures is high or concentrated geographically, they can lower property values, destabilize neighborhoods, and impose other social costs. Such “externalities” can justify government intervention to reduce the number of foreclosures. …”

 

 

 

 

http://research.stlouisfed.org/publications/review/08/05/Wheelock.pdf

 

 

 

 

New data analysis helps identify future foreclosure trouble spots

“…First, some background on the data we used. This background discussion includes a brief overview of two recent and related changes in the mortgage market: namely, mortgage securitization and the use of risk-based pricing for mortgage loans.

In the past, lenders originated, serviced, and owned their mortgages. However, in recent years, it has become more common to separate these functions. Typically, mortgages are now pooled and sold to secondary market investors, while the rights to service the loans are sold to a servicer, a firm that specializes in conducting this activity for a fee. The share of U.S. residential mortgage debt in a mortgage pool or trust has grown in the past decade. As of the second quarter of 2007, it accounted for 57 percent of total mortgage debt.1/

As the use of securitization expanded, lenders found that investors had a ready appetite for securities backed by nonprime (that is, subprime and alt-A) loans. By 2006, the number of nonprime mortgage originations increased substantially, accounting for 40 percent of all newly securitized mortgages, compared to only 9 percent in 2001.2/

In retrospect, it appears as though the chain of securitization failed to align the interests of mortgage originators, who earned fees by making loans, and investors in mortgage-backed securities, who ultimately bore the credit risk of the loans. Why investors did not exert sufficient oversight to ensure the quality of securitized mortgages is beyond the scope of this article.

The data used in our analysis capture a good deal of information about the simultaneous growth in and fusion of nonprime lending and mortgage securitization. In particular, the data include a sizable proportion of all loans sold into subprime or alt-A securities. As noted above, alt-A and subprime loans are considered riskier than prime loans and more prone to default. The risk is due mainly to quality and size considerations that make these loans “nonconforming” in the eyes of Fannie Mae and Freddie Mac.3/

Our understanding is that LP captures about 70 percent of subprime securities and 95 percent of alt-A securities. Still, it is important to remember that these data do not include any loans held on a bank’s books. The data used in this article are from October 2007. …”

http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=2453

 

The Rise in Mortgage Defaults

Chris Mayer, Karen Pence, and Shane M. Sherlund

“…The mortgage market began suffering serious problems in mid-2005. According to data from the Mortgage Bankers Association, the share of mortgage loans that were “seriously delinquent” (90 days or more past due or in the process of foreclosure) averaged 1.7 percent from 1979 to 2006, with a low of about 0.7 percent (in 1979) and a high of about 2.4 percent (in 2002). But by the second quarter of 2008, the share of seriously delinquent mortgages had surged to 4.5 percent. These delinquencies foreshadowed a sharp rise in foreclosures: roughly 1.2 million foreclosures were started in the first half of 2008, an increase of 79 percent from the 650,000 in the first half of 2007 (Federal Reserve estimates based on data from the Mortgage Bankers Association). No precise national data exist on what share of foreclosures that start are actually completed, but anecdotal evidence suggests that historically the proportion has been somewhat less than half (Cordell et al., 2008).

Mortgage defaults and delinquencies are particularly concentrated among borrowers whose mortgages are classified as “subprime” or “near-prime.” Some key players in the mortgage market group these two into a single category, which we will call “nonprime” lending. Although the categories are not rigidly defined, subprime loans are generally targeted to borrowers who have tarnished credit histories and little savings available for down payments. Near-prime mortgages are made to borrowers with more minor credit quality issues or borrowers who are unable or unwilling to provide full documentation of assets or income; some of these borrowers are investing in real estate rather than occupying the properties they purchase. Near-prime mortgages are often bundled into securities marketed as “Alt-A.” Since our data are based on the loans underlying such securities, we use the term “Alt-A” to refer to near-prime loans in the remainder of this paper. …”

“…Conclusions and Future Research

Slackened underwriting standards–manifested most dramatically by lenders allowing borrowers to forego downpayments entirely–combined with stagnant to falling house prices in many parts of the country appear to be the most immediate contributors to the rise in mortgage defaults. The surge in early payment defaults and the rise in the share of mortgages with low or no documentation suggest that underwriting also deteriorated along other dimensions. Because downpayments were so small, when house prices declined many borrowers had little or no equity in their properties and thus less incentive to repay their mortgages. In the industrial Midwest, economic distress was also a factor in the heightened defaults. Unorthodox mortgage features such as rate resets, prepayment penalties, or negative amortization provisions do not appear to be significant contributors to date to the defaults because borrowers who experienced problems with these provisions could refinance into other mortgages. However, as markets realized the extent of the poor underwriting and house prices began to fall, refinancing opportunites became more limited. Borrowers may not be able to resolve their problems with these products through refinancing going forward and thus may be forced to default. Our conclusions are consistent with other studies (Sherlund, 2008, Gerardi, Lehnert, Sherlund, and Willen, 2008, Gerardi, Shapiro, and Willen, 2007, Haughwout, Peach, and Tracy, 2008).

Our conclusions run counter to the popular perception that unorthodox mortgage features are responsible for the surge in defaults. At first glance, the fact that the most common subprime mortgage was a confusing and complicated product–a short-term hybrid with a prepayment penalty–and that delinquency rates were highest on these products suggest that the mortgage type itself must be to blame. We suggest instead that default rates were highest on these products because they were originated to the borrowers with the lowest credit scores and highest loan-to-value ratios. This interpretation raises the questions of why the riskiest borrowers were matched with the most complicated products, and whether it was borrowers, lenders, or both who misjudged the likelihood that borrowers would default. Did borrowers seek out this product because it offered the lowest initial payment and they were focused on short-term affordability? Or did lenders offer this product to borrowers because they thought that this combination of features allowed them to manage the risks of lending to borrowers with high probabilities of default?

News accounts often suggested that borrowers were steered into subprime adjustable-rate mortgages when they could have qualified for fixed-rate or prime mortgages (Brooks and Simon, 2007). Given the poor credit profiles of these borrowers and the high price of housing relative to their incomes, however, it seems more likely that in the absence of subprime adjustable-rate mortgages these borrowers would not have gotten credit at all. If so, several more questions spring to mind. First, were these borrowers better off for having the opportunity of home ownership when the possibility of failure was so high? Second, were the associated gains in the homeownership rate illusory, or will some of these gains be sustained? Finally, to what extent were house prices pushed up by the entrance of these new buyers into the market?

Alt-A mortgages pose a similar set of questions and issues. As with subprime mortgages, the complicated provisions of these mortgages do not appear to be responsible for the sharp rise in delinquencies. Very few of these mortgages are scheduled to “recast” before 2010, when their payments could potentially increase dramatically. But even more than subprime mortgages, these mortgages were originated to borrowers who may have been speculating on future house price appreciation. As these borrowers were somewhat better credit risks than borrowers with subprime mortgages, they tended to have lower combined loan-to-value ratios at origination and better credit scores. However, the areas where investors speculated most heavily on house price appreciation were also the areas that experienced the most severe house price declines. Although the initial equity cushion kept Alt-A mortgages from defaulting as quickly as subprime mortgages, default rates on Alt-A loans, and on option adjustable-rate mortgages in particular, began to skyrocket in 2007, about twelve months after the surge in subprime delinquencies. Going forward, the key question is whether house prices will decline enough so that borrowers with prime mortgages are also left with little or no equity and thus a higher chance of default.

Any government response to mortgage distress would entail some cost. For example, a government purchase of delinquent mortgages, or expanded federal mortgage guarantees or insurance, could impose a substantial monetary cost on taxpayers. Some policies, including a government bailout of delinquent loans or expanded loan guarantees, could also encourage increased financial risk-taking and thereby lead to further instability in the future. Other actions, such as a government-imposedmoratoriumon loan foreclosures, could simply delay inevitable adjustments that are necessary to restore the functioning of mortgage and housing markets. Such direct government intervention could also increase the cost of loans for future borrowers by encouraging lenders to add a premium to loan interest rates to compensate for the risk that government officials might re-write the terms of loan contracts.

34 …” 

http://www.federalreserve.gov/Pubs/feds/2008/200859/index.html

 

Crosby Stills & Nash – Teach Your Children

 

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Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Pattern Recognition: The Template Is Hitler’s Rise To Power Using National Socialism

Censorship Commissar for AM and Internet Talk Radio–Henry Waxman–The Face of Progressive Liberal Fascism!

President Obama’s–Recovery Accountability and Transparency Board–RAT Board–King Rat’s Chicago Corruption–The Fix is In The Stimulus Bill!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

 

 

 

Read Full Post | Make a Comment ( 1 so far )

Are You POed?–Pelosi Obama–Clueless Crisis Creators Cry Crisis Crisis Crisis–Gloom, Doom and Then Boom Boom Boom–When: After 2010 Elections–How Convenient!

Posted on February 22, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Strategy, Taxes, Uncategorized, Video | Tags: , , , , , , , , , , , , , , , , |

pelosei_obama 

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.

~H.L. Mencken

 

Nancy Pelosi, Barney Frank, and Democrats are Clueless on Freddie Mac Fannie Mae and the financial credit crisis.

 

Barack Obama and Bill Clinton Each Had Large Roles in the Mortgage Crisis

 

Encouragement from Obama? None!

 

President Obama Addresses Economic Crisis

 

President Obama’s first press conference – Question segment 1

 

Obama: This is a “Full-Blown Crisis”

 

“Show Us Hope, Barack !” : BILL CLINTON | Crisis Economy? | Interview GOOD MORNING AMERICA

 

Scenario Planning : Thinking The Unthinkable–More Doom, Gloom and Revolution

War Room: 2014 Financial Meltdown – Banks Nationalized – Unemployment 25% – DOW 2,800

 

War Room: 2014 Financial Meltdown – Banks Nationalized – Unemployment 25% – DOW 2,800 Pt.2

 

War Room WWIII Glenn Beck and Panel Discuss the scenario that will create The New World Order

 

War Room: WWIII Glenn Beck and Panel Discuss the scenario that will create, The New World Order

 

Peter Schiff on CNBC 18th Feb 2009 1 of 2

 

Peter Schiff on Kudlow 02-18-09 (2/2)

 

Jim Rogers: Abolish The IMF & World Bank

 

 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

Rudyard Kipling’s Poem ”If” Read By Federer & Nadal

Typography: IF Rudyard Kipling

If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too; . . . If you can meet with Triumph and Disaster And treat those two impostors just the same . . . Yours is the Earth and everything that’s in it.” – “If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too; . . . If you can meet with Triumph and Disaster And treat those two impostors just the same . . . Yours is the Earth and everything that’s in it.’);”

~Rudyard Kipling
 

 

 

For the next 6-12 months the Democrats will be blaming the high unemployment rates of between 10% and 12% with over 15-18 million unemployed on the Bush Administration.

Then starting in 2010 the Democratic message will gradually change to one that the so-called stimulus package is working and they will take credit for any good news regarding the economy and the stock market, just in time for the 2010 elections.

The majority of the economic impact of the stimulus bill will be in 2011-2012 when the economy should be growing again, no thanks to the stimulus bill.

Unfortunately by then inflation will be exceeding 10% as the Federal Reserve decreases the money supply and raises interest rates to prevent rising inflation.

In economics and politics timing is everything and  lags happen.

If the timing is off, this can very easily result in a repeat of the Carter years with stagflation, little growth in the  economy, high unemployment  and  inflation rates.

The 2012 election will be a repeat of 1980.

Who will be the Ronald Reagan of 2o12–Former Speaker of the House–Newt Gingrich.

His running mate–Mitt Romney or Sarah Palin.

What concerns me and many others is that the so-called stimulus package was designed for political impact during the six to twelve months before the election of 2010 and not for immediate economic impact in the next six to twelve months.

President Obama and the Democratic Party are intentionally trying to scare people instead of doing something that would improve the economic situation.

The result will be millions and million of unemployed Americans with rising inflation rates two years out. This will hurt the poor and those on fixed income.

Should the misery index, the sum of  the unemployment rate and the inflation rate, rise above 15% both the Democrats and Obama will lose  in the 2010 and 2012 elections.

Misery index – era by U.S president

Index = Unemployment rate + Inflation rate
Rank President Time Period Index Average Low High
5 Harry Truman 1948–1952 7.87 Dec 1952 = 3.45 Jan 1948 = 13.63
1 Dwight D. Eisenhower 1953–1960 6.26 Jul 1953 = 2.97 Apr 1958 = 10.98
3 John F. Kennedy 1961–1962 7.27 Jul 1962 = 6.40 Jul 1961 = 8.38
2 Lyndon B. Johnson 1963–1968 6.78 Nov 1965 = 5.70 Jul 1968 = 8.19
7 Richard Nixon 1969–1973 9.98 Jan 1968 = 7.80 Dec 1973 = 13.61
10 Gerald Ford 1974–1976 15.93 Dec 1976 = 12.66 Jan 1975 = 19.90
11 Jimmy Carter 1977–1980 16.27 Apr 1978 = 12.60 Jun 1980 = 21.98
9 Ronald Reagan 1981–1988 12.19 Dec 1986 = 7.70 Sep 1981 = 19.33
8 George H. W. Bush 1989–1992 10.68 Sep 1989 = 9.64 Nov 1990 = 12.47
4 Bill Clinton 1993–2000 7.80 Apr 1998 = 5.74 Jan 1993 = 10.56
6 George W. Bush 2001 – 2008 8.10 Oct 2006 = 5.71 Aug 2008 = 11.47

The American people will rightfully feel betrayed by the political class or elites of both parties.

Ignore  the  crisis creators with their cries of crisis, they may know what they are doing politically, but economically they are destroying  jobs and wealth for the next two years.

For that they justily deserve to pay a very high price; they should be voted out of office.

What is very disturbing is President Obama is out and out lying about the economic situation and the so-called stimulus package and he knows it.

The President is being called out on his lies, but he does not give a damn and just repeats the lies.

Barack Obama America’s Puppet President Pinocchio –The Transparent Lies–Ears and Nose Are Growing?

The American elites of both politically parties could care less that million of americans are unemployed and losing their homes.

If they truly cared they would shut down the open borders, deport all illegal aliens, cut tax rates now,  cut government spending, and pass the Fair Tax just for starters.

Neither political party has the will, courage or wisdom to do the above.

The public interest be damned.

Both are playing politics as usual.

The choice in 2010 and 2012 will be one of the lesser of two evils, welfare socialism or national socialism, not much difference between the two.

When was the last time Federal spending was actually cut and Departments eliminated?

Instead each day we hear of a new “commissar” or “czar” for energy, cars, etc.

Who is to blame?

Look in the mirror. 

Then join the second American Revolution.

March on Washington on Saturday, July 4, 2009:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

 

LOL 

Illegal Immigrants Sue Citizen and Win…

 

George Carlin on Baby Boomers, Politicians and voting

 

 

Buffalo Springfield – For What It’s Worth (Monterey 1967)


 

Background Articles and Videos

Scenario Planning
“Scenario planning [or scenario thinking or scenario analysis] is a strategic planning method that some organizations use to make flexible long-term plans. It is in large part an adaptation and generalization of classic methods used by military intelligence.

The original method was that a group of analysts would generate simulation games for policy makers. The games combine known facts about the future, such as demographics, geography, military, political, industrial information, and mineral reserves, with plausible alternative social, technical, economic, environmental, educational, political and aesthetic (STEEEPA) trends which are key driving forces.

In business applications, the emphasis on gaming the behavior of opponents was reduced (shifting more toward a game against nature). At Royal Dutch/Shell for example, scenario planning was viewed as changing mindsets about the exogenous part of the world, prior to formulating specific strategies.

Scenario planning shines especially if it includes systems thinking, which recognizes that many factors may combine in complex ways to create sometime surprising futures (due to non-linear feedback loops). The method also allows the inclusion of factors that are difficult to formalize, such as novel insights about the future, deep shifts in values, unprecedented regulations or inventions. Systems thinking used in conjunction with scenario planning leads to plausible scenario story lines because the causal relationship between factors can be demonstrated. In these cases when scenario planning is integrated with a systems thinking approach to scenario development, it is sometimes referred to as structural dynamics. …”

http://en.wikipedia.org/wiki/Scenario_planning

 

US Unemployment Rates 1950-2005

US Unemployment Rates 1950-2005

 

Employment Situation Summary

 

 

Technical information:
  Household data:    (202) 691-6378    USDL 09-0117

http://www.bls.gov/cps/

  Establishment data:(202) 691-6555    Transmission of material in this release
            http://www.bls.gov/ces/    is embargoed until 8:30 A.M. (EST),
  Media contact:     (202) 691-5902    Friday, February 6, 2009.

                  THE EMPLOYMENT SITUATION:  JANUARY 2009

   Nonfarm payroll employment fell sharply in January (-598,000) and the unem-
ployment rate rose from 7.2 to 7.6 percent, the Bureau of Labor Statistics of
the U.S. Department of Labor reported today.  Payroll employment has declined
by 3.6 million since the start of the recession in December 2007; about one-
half of this decline occurred in the past 3 months.  In January, job losses
were large and widespread across nearly all major industry sectors.

Unemployment (Household Survey Data)

   Both the number of unemployed persons (11.6 million) and the unemployment
rate (7.6 percent) rose in January.  Over the past 12 months, the number of un-
employed persons has increased by 4.1 million and the unemployment rate has
risen by 2.7 percentage points.  (See table A-1.)

   The unemployment rate continued to trend upward in January for adult men
(7.6 percent), adult women (6.2 percent), whites (6.9 percent), blacks (12.6
percent), and Hispanics (9.7 percent).  The jobless rate for teenagers was un-
changed at 20.8 percent.  The unemployment rate for Asians was 6.2 percent in
January, not seasonally adjusted.  (See tables A-1, A-2, and A-3.)

   Among the unemployed, the number of job losers and persons who completed
temporary jobs increased to 7.0 million in January.  This measure has grown
by 3.2 million during the last 12 months.  (See table A-8.)

   The number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 2.6 million in January.  Over the past 12 months, the
number of long-term unemployed was up by 1.3 million.  The number of persons
unemployed less than 5 weeks rose to 3.7 million in January.  (See table A-9.)

Total Employment and the Labor Force (Household Survey Data)

   The civilian labor force participation rate, at 65.5 percent in January, has
edged down in recent months.  The employment-population ratio declined by 0.5
percentage point to 60.5 percent over the month, and by 2.4 percentage points
over the year.  (See table A-1.)

   The number of persons who worked part time for economic reasons (sometimes
referred to as involuntary part-time workers) was essentially unchanged in
January at 7.8 million; however, this measure was up by 3.1 million over the
past 12 months.  Included in this category are persons who would like to work
full time but were working part time because their hours had been cut back or
because they were unable to find full-time jobs.  (See table A-5.)
http://www.bls.gov/news.release/empsit.nr0.htm

 

Misery Index

“…The misery index is an economic indicator, created by economist Arthur Okun, and found by adding the unemployment rate to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.[1] It is often incorrectly attributed to Chicago economist Robert Barro in the 1970s, due to the Barro Misery Index that additionally includes GDP and the bank rate.[2]

During the Presidential campaign of 1976, Democratic candidate Jimmy Carter made frequent references to the Misery Index, which by the summer of 1976 was at 13.57%. Carter stated that no man responsible for giving a country a misery index that high had a right to even ask to be President. Carter won the 1976 election. However, by 1980, when President Carter was running for re-election against Ronald Reagan, the Misery Index had reached an all-time high of 21.98%. Carter lost the election to Reagan.

http://en.wikipedia.org/wiki/Misery_index_(economics)
 

Tea Party U.S.A.: The movement grows

By Michelle Malkin  

 

“…Seattle on Monday. Denver on Tuesday. Mesa AZ on Wednesday. Overland Park, Kansas today. What a week, huh? We got the anti-stimulus, anti-entitlement protest ball rolling — and now the movement, spurred further by CNBC host Rick Santelli’s call for a “Chicago Tea Party,” is really taking off.

David Hogberg at Investor’s Business Daily has a nice piece out today spotlighting the growing taxpayer revolt the rest of the MSM won’t cover. He interviewed our registered commenters Liberty Belle Keli Carender, who spearheaded the Seattle anti-pork protest, and HuskerGirl Amanda Grosserode, who organized today’s anti-stimulus demonstration against Democrat Rep. Dennis Moore in Overland Park, KS.

I’m happy to report on several new protest events now on the docket. …”

http://michellemalkin.com/2009/02/21/tea-party-usa-the-movement-grows/ 

 

Rudyard Kipling

If

 

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don’t deal in lies,
Or, being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise;

If you can dream – and not make dreams your master;
If you can think – and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build ‘em up with wornout tools;

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on”;

If you can talk with crowds and keep your virtue,
Or walk with kings – nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run -
Yours is the Earth and everything that’s in it,
And – which is more – you’ll be a Man my son!

 

 

 

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Forget

Read Full Post | Make a Comment ( 2 so far )

Irresponsible Government Intervention Results In Huge and Continuing Government Failures–Shut Down Government Interventions–No More Bailouts!

Posted on February 19, 2009. Filed under: Blogroll, Economics, Employment, Homes, Investments, Links, Politics, Quotations, Rants, Raves, Regulations, Taxes, Technology, Video | Tags: , , , , , , , , , , |

 The essence of the interventionist policy is to take from one group to give to another. It is confiscation and distribution.

Interventionism cannot be considered as an economic system destined to stay. It is a method of transformation of capitalism into socialism by a series of successive steps.

~Ludwig von Mises

government_intervention

  red_socialism

The above cartoon combined with an excellent article by economist Thomas Sowell provides a casebook example of government intervention in the economy leading to more and more government intervention with the result being  a US and world wide recession and financial crisis.

The Radical Socialists led by Renegade President Obama are wrecking the economy and destroying jobs by their continuing plans to bailout the imprudent and irresponsible.

The market would let them fail, because that is how resources are reallocated to those who produce the wealth, income and jobs.

The Federal government wants to continue the bailouts to those who should not be bailed out.

The Fascist Democratic Radicals (FDRs), socialist all, are destroying the United States economy.

The Trouble Asset Recovery Plan (TARP) money was designed to provide sound and quality banks with capital to buy the assets of banks that were failing.

My advice is do not to do business with any bank, business, and organization that accepts government bailout money.

Why?

 The Federal Government gradually controls more and more of that bank, business, and organization once they accept their money.

 

Obama’s Focus On Foreclosures

 

Who caused the problem?

Jim Rogers : Must Let Banks Fail Feb 11 2009

 

2009 will be the year of Total decline for US Jim Rogers

 

Rogers on the Global Market Meltdown

 

Just say no to bailouts and no to businesses, banks, and organizations that accept bailouts.

 

What should you do?

Here is one interesting suggestion:

Jim Rogers Obama does not Understand Economics !!!!!!

 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

Upside Down Economics

by Thomas Sowell

“…It was precisely government intervention which turned a thriving industry into a basket case.

An economist specializing in financial markets gave a glimpse of the history of housing markets when he said: “Lending money to American homebuyers had been one of the least risky and most profitable businesses a bank could engage in for nearly a century.” That was what the market was like before the government intervened. Like many government interventions, it began small and later grew. …” “…Under growing pressures from both the Clinton administration and later the George W. Bush administration, banks began to lower their lending standards. Mortgage loans with no down payment, no income verification and other “creative” financial arrangements abounded. Although this was done under pressures begun in the name of the poor and minorities, people who were neither could also get these mortgage loans. With mortgage loans widely available to people with questionable prospects of being able to keep up the payments, it was an open invitation to financial disaster. Those who warned of the dangers had their warnings dismissed. Now, apparently, we need more politicians intervening in more industries, if you believe the politicians and the media. …” http://townhall.com/columnists/ThomasSowell/2009/02/18/upside_down_economics?page=2   

 

 Socialism and interventionism. Both have in common the goal of subordinating the individual unconditionally to the state.

 Every step which leads from capitalism toward planning is necessarily a step near to absolutism and dictatorship.

~Ludwig von Mises, Omnipotent Government, page 44 and 53. 

 

Background Articles and Videos

 

Glenn Beck Socialism to Fascism 

 

The Economic “Stimulus”

by Thomas Sowell

“…In short, it can be years before the money that is supposed to stimulate the economy actually gets into the economy. And nobody knows what the economy will be like when that money finally gets into circulation.

A common problem with government economic policies in general is that it is very hard to predict how long it will be before the policy actually affects the economy. An economic stimulus policy created during a contraction in demand can take effect during an inflationary expansion of demand– and fuel still more inflation.

A trillion dollars or so, created out of thin air by a government that already has a huge deficit, can set off another round of inflation that can take some very painful new policies to bring under control– or can have even more painful effects, if it is not brought under control. The new administration may need that get-out-of-jail-free card.”

http://townhall.com/columnists/ThomasSowell/2009/01/06/the_economic_stimulus?page=2

 

 

Regional Banks Reject TARP Funding

“…When Congress approved $700 billion for TARP, it was supposed to buy troubled mortgage securities from banks. The bill’s language was broad, and former Treasury Secretary Henry Paulson decided in October he would use $250 billion to buy preferred stock in banks to bolster their capital. In late October, Paulson forced the nation’s nine largest banks to accept a total of $125 billion, regardless of their health.[17] This was former Treasury Secretary Henry Paulson’s original vision for the TARP fund, but he switched course and decided to devote $250 billion to direct equity stake investments in banks before waffling again and heading back in the direction of asset purchases.[22] The Treasury has repeatedly said that TARP is not a bailout, and that it expects to eventually make money on the program. A study this month by the Congressional Budget Office found that, of the $247 billion the government had spent through Dec. 31, taxpayers were on the hook for about a quarter, or $64 billion. That amount represents the difference between what the Treasury paid for assets versus their market values. The Office of Management and Budget must submit semiannual reports on the costs of TARP, and the CBO must assess those reports.[1] Buying toxic assets was the original plan for government money until the Treasury shifted gears toward investments. “The first step has to be removing these toxic assets,” Kaufman said. He sees the government buying up bad loans similar to the way the Resolution Trust Corp. bought distressed homes from savings and loans nearly two decades ago. Just as the RTC wound up costing taxpayers less than one-half the original estimates, the public could be on the hook for less than the full $700 billion this time, Kaufman said. Toxic-asset purchases can be tricky when it’s hard to figure out a reasonable, fair price.[11] Parts of the discussion taking place within the government revolve around ways to leverage the remaining money in the TARP. The Fed already plans to use $20 billion from the TARP to set up a $200 billion program to support consumer and small business loans.[18]

…”

“…Until we start recognizing the losses, we’re just engaging in crony capitalism,” said Mason, who is also a banking industry consultant. Executives of banks that get federal support without being force to take adequate writedowns, he adds, are “using Congress as a piggybank.” Treasury Secretary Henry Paulson used much of the first half of TARP to buy preferred shares in banks, using the rationale that banks’ capital shortfalls needed to be filled before they could be depended on to extend loans to expand the economy. Under the plan, big banks such as Citi, JPMorgan Chase ( JPM, Fortune 500 ) and Goldman Sachs ( GS, Fortune 500 ) got billions of dollars in federal funds with few strings attached. Paulson said the plan — which he adopted after regulators in the U.K. launched their own plan to buy banks’ preferred shares — resulted in a more stable financial system.[4] The program, which is similar to the ones that U.S. regulators have extended to Citigroup ( C, Fortune 500 ) and Bank of America ( BAC, Fortune 500 ), aims to “reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to support the recovery of the economy,” the U.K. Treasury said in a statement. Offering loan guarantees to a broad array of banks is reportedly among the options being considered by incoming President Barack Obama as he seeks to restore economic growth.[4] …”

“…Instead of using the first payment of $350 billion to purchase troubled assets, as the name Troubled Asset Relief Program suggests, the money has been erratically and arbitrarily distributed in a monstrous act of government intervention and ownership over our financial markets.[25] More than 200 banks have gotten $191 billion in relief from the $700 billion Troubled Asset Relief Program, according to Keefe Bruyette.[22] Two local banks have garnered millions from the controversial $700 billion Trouble Asset Relief Program, often called the banking bailout bill.[19]

Citigroup tops the list with $25 billion in TARP funding, while some smaller community banks have taken around $1 million. J.W. Davis, Carolina First chairman, said his company discussed the TARP program extensively before exchanging equity for money with the federal government. He said a tight credit market makes it difficult to raise capital, and the TARP program was an efficient and low-cost solution.[19] “I am convinced that our bank and many, many others are lending more than we would have if we hadn’t taken the TARP money, says Ken Wilcox, chief executive of SVB Financial, which operates Silicon Valley Bank in Palo Alto. Wilcox says his bank, which caters to startup and publicly held technology companies, was able to raise several billion in new deposits since it took $235 million in TARP funds in early December.[17] We’ve also in the interbank market we have had on average $40 billion or $50 billion out and into bank market, that is also a form of lending. All of this is helped by the TARP so we think it’s a valid question people to ask what are doing with the TARP money and we do say its hard to separate exactly what is TARP money because remember we’re making loans all the time but we are trying to follow the intent and spirit of TARP which is to help the economy of the United States recover and make sure we’re financing people.[27]

…”

 

http://newsfeedresearcher.com/data/articles_b5/banks-buyouts-tarp.html

 

Two local banks get a piece of bailout

“…Critics, however, point to a lack of oversight surrounding the federal program and a shift in direction from the bill’s original intent.

Under the terms of the agreement with the Treasury, South Financial and Mountain First must pay the money back with interest. The banks are charged 5 percent annually for the first five years. After five years, the rate goes up to 9 percent.

“The reason we participated in that was we wanted to provide more services to Western North Carolina,” said Greg Gibson, Mountain First Bank and Trust CEO. “This TARP program offered the best alternative to offer credit to our customers.”

When Congress originally approved the TARP program, Treasurer Secretary Henry Paulson planned to purchase troubled loans from shaky financial institutions. Paulson quickly changed course, and the Treasury has used the money to purchase stock in nearly 300 banks, thrifts and finance companies. Citigroup tops the list with $25 billion in TARP funding, while some smaller community banks have taken around $1 million.

J.W. Davis, Carolina First chairman, said his company discussed the TARP program extensively before exchanging equity for money with the federal government. He said a tight credit market makes it difficult to raise capital, and the TARP program was an efficient and low-cost solution.

“We saw it as an opportunity to pad our capital,” Davis said. “Given the slowdown, we thought padding those ratios was good. We also want to take advantage of things in the marketplace.”

http://www.blueridgenow.com/article/20090119/TOPSTORIES/901180996/1042/NEWS?Title=Two_local_banks_get_a_piece_of_bailout 

 

What Just Happened?

“…And where did the ultimately successful plan come from, anyway?  Ten days ago it appeared that it was UK Prime Minister Gordon Brown’s idea (doubtless crafted for him by Bank of England Governor Mervyn King). True enough, Brown boldly and confidently tackled his banking crisis at its root. A cartoon in the Financial Times depicted leaders of other industrial nations following him along in a cheerful dance. There followed the standard paeans to John Maynard Keyes.

 

But the basic blueprints Brown adopted had been drawn up in Stockholm in late 1992, when central bankers in Sweden, Norway and Finland moved swiftly to rescue their big banks after the collapse of a property bubble. The rescue succeeded, though its aftermath lingered on for four years.

 

What were the channels through which Swedish influence flowed to London and Washington? This is an especially interesting question because of the experience of the early 1930s, when Gustav Cassel argued without success that overly restrictive American monetary policy was making matters worse, and Gunnar Myrdal devised budgetary policies implemented by the new Social Democratic government in 1933 that spared Sweden the worst of the Great Depression.

 

In other words, economists of the Stockholm School implemented successful macroeconomic policies several years before John Maynard Keynes published his General Theory of Employment, Interest and Money, even if they were unable to make the case for what they were doing to the wider world. The Swedes have taken economics very seriously ever since. Would they sit on their hands at a time when the world was threatened with another serious depression? What overtures would they make instead? …” 

http://www.economicprincipals.com/issues/2008.10.26/341.html

 

1/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

2/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

3/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

 

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Read Full Post | Make a Comment ( Comments Off )

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!

Posted on September 23, 2008. Filed under: Blogroll, Economics, Investments, Links, Music, People, Politics, Rants, Raves, Regulations, Resources, Taxes, Video, War | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

For What It’s Worth – Buffalo Springfield

 

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

 

Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae

OBAMA CAUGHT SAYING ACORN AND FRIENDS WILL SHAPE HIS PRESIDENTIAL AGENDA

EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to make BAD LOANS and ACORN and Obama’s tie to all of it!!!

 

Jim Rogers Speaks the Truth about Fannie Mae and Freddie Mac

 

Jim Rogers: Socialism for the Rich.

 

Reaction To Fannie Mae, Freddie Mac Rescue Plan

 

Will Congress Pass Bailout Plan?

 

Kevin Phillips on Bill Moyers – Economic crash 2008 (3/3)


 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

Dollar Collapse – Chicken Little Was Right – Goodbye Dollar

 

The American people are outraged by the corruption in Washington.

The American people are opposed to any bailout of Fannie Mae, Fannie Mac, AIG, investment, commerical, security and mortage bankers that profited from the home subprime mortgage scam –the crime of the century. 

The American people want the politicians of either party that aided and abetted this crime to be exposed for what they are–corrupt criminals that should not be in Congress nor the Whitehouse but in prison.

The Democratic Party fought against more regulation and oversight for both Fannie Mae and Freddie Mac recommended and proposed by both President Bush and Senator McCain.

The Democratic Party insisted and required by law, the Community Reinvestment Act, that banks make loans to people that were clearly unqualified to receive them.

The Democratic Party made sure that the executives running both Fannie Mae and Freddie Mac supported their efforts to fund undocumented loans for home mortages.

The Democratic Party is responsible for starting this crisis by their meddling and government intervention in the mortage market.

The former executives who ran both Fannie Mae and Freddie Mac should be in prison and not advising Barack Obama.

Reform yes. Cover up no!

Prison yes. Bailout no! 

Only you can prevent socialism in America! 

 Ron Paul Blasts Secret Government Running Economy


 

 Background Articles and Videos

 

http://townhall.com/columnists/ThomasSowell/2008/10/03/do_facts_matter

Do Facts Matter?

by Thomas Sowell

 

“…The current financial bailout crisis has propelled Barack Obama back into a substantial lead over John McCain– which is astonishing in view of which man and which party has had the most to do with bringing on this crisis.

It raises the question: Do facts matter? Or is Obama’s rhetoric and the media’s spin enough to make facts irrelevant?

Fact Number One: It was liberal Democrats, led by Senator Christopher Dodd and Congressman Barney Frank, who for years– including the present year– denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.

It was Senator Dodd, Congressman Frank and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.

It was liberal Democrats, again led by Dodd and Frank, who for years pushed for Fannie Mae and Freddie Mac to go even further in promoting subprime mortgage loans, which are at the heart of today’s financial crisis.

Alan Greenspan warned them four years ago. So did the Chairman of the Council of Economic Advisers to the President. So did Bush’s Secretary of the Treasury, five years ago.

Yet, today, what are we hearing? That it was the Bush administration “right-wing ideology” of “de-regulation” that set the stage for the financial crisis. Do facts matter?  …”

 

 

Bank Mess Started With Gov’t Intervention

By THOMAS SOWELL

“…Blaming the lenders is the party line of congressional Democrats as well. What we need is more government regulation of lenders, they say, to protect the innocent borrowers from “predatory” lending practices.

Before going further down that road, it may be useful to look back at what got us into this mess in the first place.

It was not that many years ago when there was moral outrage ringing throughout the media because lenders were reluctant to lend in certain neighborhoods and because banks did not approve mortgage loan applications from blacks as often as they approved mortgage loan applications from whites.

All this was an opening salvo in a campaign to get Congress to pass laws forcing lenders to lend to people they would not otherwise lend to and in places where they would not otherwise put their money.

Banks’ Dilemma

The practice of not lending in some neighborhoods was demonized as “redlining” and the fact that minority applicants were approved for mortgages only 72% of the time, while whites were approved 89%, was called “overwhelming” evidence of discrimination by the Washington Post. …”

“…Laws and regulations pressured lending institutions to lend to people that they were not lending to, given the economic realities.

Forced Lending

The Community Reinvestment Act forced them to lend in places where they didn’t want to send money, and where neither they nor politicians wanted to walk.

Now that this whole situation has blown up in everybody’s face, the government intervention that brought on this disaster in is supposed to save the day.

Politics is largely the process of taking credit and putting the blame on others — regardless of what the facts may be. Politicians get away with this to the extent that we gullibly accept their words and look to them as political messiahs.”

http://www.ibdeditorials.com/IBDArticles.aspx?id=301532605156669

 

Inside Obama’s Acorn
By their fruits ye shall know them.

By Stanley Kurtz

“What if Barack Obama’s most important radical connection has been hiding in plain sight all along? Obama has had an intimate and long-term association with the Association of Community Organizations for Reform Now (Acorn), the largest radical group in America. If I told you Obama had close ties with MoveOn.org or Code Pink, you’d know what I was talking about. Acorn is at least as radical as these better-known groups, arguably more so. Yet because Acorn works locally, in carefully selected urban areas, its national profile is lower. Acorn likes it that way. And so, I’d wager, does Barack Obama.

This is a story we’ve largely missed. While Obama’s Acorn connection has not gone entirely unreported, its depth, extent, and significance have been poorly understood. Typically, media background pieces note that, on behalf of Acorn, Obama and a team of Chicago attorneys won a 1995 suit forcing the state of Illinois to implement the federal “motor-voter” bill. In fact, Obama’s Acorn connection is far more extensive. In the few stories where Obama’s role as an Acorn “leadership trainer” is noted, or his seats on the boards of foundations that may have supported Acorn are discussed, there is little follow-up. Even these more extensive reports miss many aspects of Obama’s ties to Acorn. …”

http://article.nationalreview.com/?q=NDZiMjkwMDczZWI5ODdjOWYxZTIzZGIyNzEyMjE0ODI=&w=MA==

 

Association of Community Organizations for Reform Now 

ACORN, the Association of Community Organizations for Reform Now, a community organization of low- and moderate-income families that addresses housing, schools, neighborhood safety, health care, job conditions, and other social issues that affect its members. With a membership of over 350,000, ACORN is organized into more than 850 neighborhood chapters in over 100 cities across the United States, as well as in Argentina, Canada, Mexico, and Peru. The organization was born out of the American Civil Rights Movement. ACORN was founded in 1970 by Wade Rathke, George Wiley, and Gary Delgado.[1] Maude Hurd has been National President of ACORN since 1990.

ACORN groups work through direct action, negotiations, and with public officials.

http://en.wikipedia.org/wiki/Association_of_Community_Organizations_for_Reform_Now

 

ACORN

 

ACORN, the Association of Community Organizations for Reform Now, is the nation’s largest community organization of low- and moderate-income families, working together for social justice and stronger communities.

http://www.acorn.org/

OBAMA’S ACORN EXPOSED PART 1 OF 2

 

OBAMA’S ACORN EXPOSED PART 2 OF 2

 

Rep. Waters Speaks About Obama at ACORN

 

What is a Community Organizer?

 

Lou Dobbs – Electoral Fraud Threat to Democracy

 

Obama complicit in voter fraud? — Obama’s ACORN connection

 

Acorn / Voter Fraud / Obama and Community Organizers

 

More ACORN Allegations

 

ACORN Vote Fraud

 

Representative from ACORN

 

ACORN Convention Member Speak Out

 

ACORN National Convention 2008, Detroit

 

ACORN Grassroots Democracy Campaign

 

Advocacy Group Partners With Countrywide

 

Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN


 

Community Reinvestment Act   

“The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as “redlining.” The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses. It has been subjected to important regulatory revisions. …” 

“…Criticism 

“…Critics claim that government policy encouraged risky lending[7] and the development of the subprime debacle through legislation like the CRA. Economics professor Stan Liebowitz writes that banks were forced to loan to un-credit worthy consumers with “no verification of income or assets; little consideration of the applicant’s ability to make payments; no down payment.” The chief executive of Countrywide Financial, the nation’s largest mortgage lender, is said to have “bragged” that to approve minority applications “lenders have had to stretch the rules a bit.”[8] Robert Gordon of the Center for American Progress disagrees, and quotes statistics that he claims show “independent mortgage companies, which are not covered by CRA, made high-priced loans at more than twice the rate of the banks and thrifts.” He faults then-Federal Reserve chair Alan Greenspan for “cheering the subprime boom” in the banking industry.[9] Economics professor Thomas DiLorenzo counters Gordon, stating that independent mortgage companies are “middlemen” between banks, including those regulated by the CRA, and consumers and that in any case the CRA had caused tens of billions in defaults on mortgages by unqualified borrowers.[10] Economist Yaron Brook concluded succinctly, “The Government Did It:” through the stick of the CRA [and] the carrot of Fannie Mae and Freddie Mac, the fed created the mortgage market debacle. [11] …” 

 http://en.wikipedia.org/wiki/Community_Reinvestment_Act

 

Subprime Pols

 

Government has been the principal factor preventing the “affordable housing” that politicians talk about so much.

By Thomas Sowell 

“…In short, government has been the principal factor preventing the “affordable housing” that politicians talk about so much.Politicians have also been a key factor behind pushing lenders to lend to borrowers with lower prospects of being able to repay their loans.The Community Reinvestment Act lets politicians pressure lenders to lend to people they might not lend to otherwise — and the same politicians are quick to cry “exploitation” when the interest charged to high-risk borrowers reflects that risk.

 

The huge losses of sub-prime lenders, some of whom have gone bankrupt, demonstrate again the consequences of letting politicians try to micromanage the economy.

Yet with all the fingerpointing in the media and in government, seldom is a finger pointed at the politicians at local, state, and national levels who have played a key role in setting up the conditions that led to financial disasters for individual home buyers and for those who lent to them.

While financial markets are painfully adjusting and both lenders and borrowers are becoming less likely to take on so much risky “creative” financing in the future, politicians show no sign of changing.

Why should they, when they have largely escaped blame for the disasters that their policies fostered? …”

http://article.nationalreview.com/?q=YjgwYzI4Njg3OWMxOGUzYmY0ZDMwYzYwNzkzYjc1NDI=

 

The Right Stuff…

By INVESTOR’S BUSINESS DAILY | Posted Friday, September 19, 2008 4:20 PM PT

Subprime Crisis: President Bush’s financial team is now proving its mettle — and its expertise. Led by Treasury Secretary Henry Paulson, it crafted a reasonable, workable response to the subprime meltdown.

“…Like so many others, we believe that government should largely remove itself from functioning markets. But in a case such as this, where a market has been seriously damaged due to regulatory excess, an obligation exists to help undo the damage.

That’s the case now with the subprime crisis and housing collapse, both largely due to decades of congressional incompetence.

With world credit markets seized up and little to show for piecemeal U.S. efforts to deal with the growing financial panic, Paulson and others on the Bush financial team late last week shifted course, crafting a systematic answer to the markets’ meltdown.

This was leadership writ large. Paulson spent decades on Wall Street as a trader and top executive at one of its flagship firms, Goldman Sachs, and his experience and market wisdom showed.

His controversial decision to create a new financial entity, modeled broadly on the 1980s-era Resolution Trust Corp., may just spell an end to this financial crisis. Congress, which has mostly sat on the sidelines during this crisis, should approve it right away.

Unlike the RTC, which owned actual properties, the new agency that Paulson’s Treasury is creating will buy up the impaired mortgage-backed securities and hold them for resale when the market turns favorable again.

For ailing financial markets, this was welcome tonic. At this point they care less about details of the agency than limiting the contagion of the subprime crisis so it will no longer contaminate global banks and investors’ balance sheets. Mission accomplished. …”

http://www.ibdeditorials.com/IBDArticles.aspx?id=306716096379423

 

Dispelling The ‘Deregulation’ Myth

By INVESTOR’S BUSINESS DAILY | Posted Friday, September 19, 2008 4:20 PM PT

Politics: A dubious and dangerous idea seems to be gaining strength — that government caused the financial crisis by giving capitalism free rein. If anything, it hasn’t done enough of that.

“So why did banks and investment houses get into so much trouble? It will take a long and exhaustive post-mortem to answer that question fully, but one point is already clear: They made mistakes that had nothing to do with the 1999 law.

Commercial banks threw lending standards out the window in their rush to get new business. Like S&Ls of the 1980s, they would have gone wild without Gramm-Leach-Bliley. Washington, if anything, egged them on, but not because of free-market dogma. Banks and mortgage brokers were pumping up the homeownership numbers in America, and politicians were eager to take credit for that.

Wall Street, meanwhile, became a victim of its own innovation. It created new classes of derivative investments that spread — and, through leverage, amplified — the risk from the subprime mortgages produced by the banks. A new multitrillion-dollar market emerged almost overnight, lacking in transparency and reliable price signals. With their asset values in doubt, investment banks lurched toward insolvency.

If regulators failed here, it wasn’t because of policies adopted years before. It was more of the same story that has played itself out over and over in modern finance: Innovation races ahead of the rules. Crises tend to take almost everyone by surprise — including the major players as well as the regulators.

Careful study in the aftermath can lead to smart policies that cushion the blows of future shocks, but it doesn’t prevent them entirely. Nor should it. Capitalism needs some room for trial and error, bringing out new ideas and testing them in adversity.

In this respect, Gramm-Leach-Bliley has turned out to be smart policy indeed. By repealing the rule against banks owning investment firms, it has led to at least two crucial mergers — JPMorgan Chase absorbing Bear Stearns and Bank of America merging with Merrill Lynch. Morgan Stanley may be the next investment house to find shelter in a well-capitalized commercial bank.

You can spot the theme here: By taking down an outmoded firewall, the law is helping the financial industry cope with a once-in-a-lifetime crisis. Far from being the cause, this instance of deregulation, or whatever you call it, is part of the cure.”

http://www.ibdeditorials.com/IBDArticles.aspx?id=306716557967194

 

Congress Lies Low To Avoid Bailout Blame

INVESTOR’S BUSINESS DAILY

Posted 9/18/2008

“…Until now, Congress has been surprisingly passive. As Sen. Majority Leader Harry Reid put it, “no one knows what to do” right now.

Funny, since it was a Democrat-led Congress that helped cause the problems in the first place.

When House Speaker Nancy Pelosi recently barked “no” at reporters for daring to ask if Democrats deserved any blame for the meltdown, you saw denial in action.

Pelosi and her followers would have you believe this all happened because of President Bush and his loyal Senate lapdog, John McCain. Or that big, bad predatory Wall Street banks deserve all the blame.

“The American people are not protected from the risk-taking and the greed of these financial institutions,” Pelosi said recently, as she vowed congressional hearings.

Only one problem: It’s untrue.

Yes, banks did overleverage and take risks they shouldn’t have.

But the fact is, President Bush in 2003 tried desperately to stop Fannie Mae and Freddie Mac from metastasizing into the problem they have since become.

Here’s the lead of a New York Times story on Sept. 11, 2003: “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”

Bush tried to act. Who stopped him? Congress, especially Democrats with their deep financial and patronage ties to the two government-sponsored enterprises, Fannie and Freddie. …”

“…In the name of diversity, banks began making huge numbers of loans that they previously would not have. They opened branches in poor areas to lift their CRA ratings.

Meanwhile, Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans from banks, then repackaging and securitizing them for resale on the open market.

That’s how the contagion began.

With those changes, the subprime market took off. From a mere $35 billion in loans in 1994, it soared to $1 trillion by 2008.

Wall Street eagerly sold the new mortgage-backed securities. Not only were they pooled investments, mixing good and bad, but they were backed with the implicit guarantee of government.

Fannie Mae and Freddie Mac grew to become monsters, accounting for nearly half of all U.S. mortgage loans. At the time of their bailouts this month, they held $5.4 trillion in loans on their books. About $1.4 trillion of those were subprime.

As they grew, Fannie and Freddie grew heavily involved in “community development,” giving money to local housing rights groups and “empowering” the groups, such as ACORN, for whom Barack Obama once worked in Chicago.

Warning signals were everywhere. Yet at every turn, Democrats in Congress halted attempts to stop the madness. It happened in 1992, again in 2000, in 2003 and in 2005. It may happen this year, too.

Since 1989, Fannie and Freddie have spent an estimated $140 million on lobbying Washington. They contributed millions to politicians, mostly Democrats, including Senator Chris Dodd (No. 1 recipient) and Barack Obama (No. 3 recipient, despite only three years in office).

The Clinton White House used Fannie and Freddie as a patronage job bank. Former executives and board members read like a who’s who of the Clinton-era Democratic Party, including Franklin Raines, Jamie Gorelick, Jim Johnson and current Rep. Rahm Emanuel.

Collectively, they and others made well more than $100 million from Fannie and Freddie, whose books were cooked Enron-style during the late 1990s and early 2000s to ensure executives got their massive bonuses.

They got the bonuses. You get the bill.”

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

 

Analysis: Washington’s Trillion Dollar Wall Street Bailout

James Pethokoukis

“…Is a bailout necessary?
Look, the financial system probably couldn’t take another week like the one we just went through. Stocks plunging, credit markets freezing. As economist Robert Brusca puts it, “The proposed US government rescue plan comes at the end of a week of almost unprecedented turmoil on world financial markets amid a crisis of confidence in banks.”

The government had to get ahead of the curve and quit reacting on a case-by-case basis. If you look at banking crises in Japan and Sweden, for instance, all roads eventually led to a government bailout with taxpayer money at risk. The rule in these cases seems to be the sooner, the better. If you want more evidence, markets around the world and here in the United States are soaring on this news. Strategist Richard Bernstein of Merrill Lynch, in a research note, says the bailout plan is “an opportunity for the government to solve the on-going problems through one system-wide solution.” …”

“…As long as we have markets and humans there will be bubbles, whether in stocks, homes, Beanie Babies, tulips, or whatever. But as far as the housing/credit bubbles go, I think it could have been avoided. Alan Greenspan cut rates too low and left them there for too long, creating an extreme financial situation that Wall Street tried to profit from. Uncle Sam also fed into that market distortion by making greater homeownership a national goal, using both tax policy and the regulation like the Community Reinvestment Act to, essentially, push capital into homes. And were regulators as tough as they could have been? Obviously not. …”

http://www.usnews.com/blogs/capital-commerce/2008/9/19/analysis-washingtons-trillion-dollar-wall-street-bailout.html

 

More on the diversity racket and the home loan debacle

By Michelle Malkin  

 

“…Referencing my column yesterday on illegal immigration and the mortgage mess, Hans Bader at Open Market shares his experience. I’ve been getting a lot of e-mails with similar stories. Tip of the iceberg:

When I and my wife, a legal alien, bought our house, the mortgage company told me that if my wife were an illegal alien, rather than legal, we would have qualified for certain loan programs with big banks. But because she was a legal alien waiting for her green-card (which she had recently applied for), we didn’t qualify.

Mark Krikorian, an activist against illegal immigration, argues that “we’re in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the “Diversity Recession” (if this doesn’t work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus ‘creditworthiness’ was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn’t everyone entitled to credit?” …”

 

The Mother of All Bailouts = The Death of Fiscal Conservatism 

“…Bush Treasury Secretary Hank Paulson just wrapped up his press conference announcing the Mother of All Bailouts. He said a “bold” approach was needed to achieve “stability” in the market.

Let me translate that.

“Bold” = Massively massive, taxpayer-funded rescue.

“Stability” = Privatizing profits and socializing losses on a scale we have never seen before in our lifetimes.

I have had it with Pollyanna conservatives who continue to parrot the “fundamentals of the market are great!” line.

The fundamentals of the market suck. The fundamentals of capitalism have been sabotaged.

Yes, yes, crony Democrats are to blame for much of how we got here. You don’t need to recite all the talking points back to me. I’ve been writing about the Fannie/Freddie debacle for years.

But it is September 19, 2008. And this is a Republican White House presiding over the Mother of All Bailouts. Every step along the way since stimuluspalooza began last summer, we’ve heard that every bailout step was just a one-off. Each step was supposed to calm the markets. Each new government intervention and allocation of taxpayer dollars was supposed to achieve “stability.” Each new package of goodies rewarding irresponsible behavior and bad financial decisions was supposed to prevent new ones. …”

http://michellemalkin.com/2008/09/19/the-mother-of-all-bailouts-the-death-of-fiscal-conservatism/

Chain of Blame: How Wall Street Caused the Mortgage Crisis.

 

Deconstructing the Subprime Crisis

 

Joseph Gyourko on Fannie, Freddie, and the Housing Bust

 

Franklin Allen on Past Crises

 

Franklin Allen on Lessons from the Subprime Crisis

 

Jeremy Siegel on the Resilience of American Finance

 

Richard Herring on Mortgage-backed Securities

Susan Wachter on Securitizations and Deregulation

 

Wall Street’s Day of Reckoning: The Fannie & Freddie Bailout

 

Housing Bailout For Deadbeats Gamblers Liars Thieves

 

 

Part 1 – Exposing Fannie Mae and Freddie Mac: Origins

New York Investing meetup organizer Daryl Montgomery discusses the origins of Fannie Mae and Freddie Mac in the first episode of a multi-part series. The New York Investing meetup is an organization of 1800 independent traders and investors that provides unbiased stock market education and analysis. We also have a blog,”The Helicopter Economics Investing Guide” which can be found at:

http://nyinvestingmeetup.blogspot.com

 

Part 2 – Exposing Fannie Mae and Freddie Mac: Origins

 

Part 3 – Exposing Fannie Mae and Freddie Mac: Origins

 

Part 4 – Exposing Fannie Mae and Freddie Mac: Origins

 

Part 5 – Exposing Fannie Mae and Freddie Mac: Origins

 

The Big Lie – The U.S. GDP Figures

 

Patrick Byrne and Don Harrold – Part One

 

Patrick Byrne and Don Harrold – Part Two

 

Patrick Byrne on Naked Short Selling

 

Bud Burrell on FSN about short selling, hedgefunds …P1

 

Bud Burrell on FSN about short selling, hedgefunds …P2

 

Bud Burrell on FSN about short selling, hedgefunds …P3

 

Bud Burrell on FSN about short selling, hedgefunds …P4

 

Bud Burrell on FSN about short selling, hedgefunds …P5

 

Bud Burrell on FSN about short selling, hedgefunds …P6

 

Rush On Franklin Raines

 

Hey Barack, Who’s Franklin Raines

 

LOL

Solution to Our Economic Problems…

 

Fannie Mae, Freddie Mac and Bill Clinton… 

 

Barack Obama is a freaking Socialist…

 

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