Sunday, September 30, 2012
Calif dairies going broke due to feed, milk prices - Yahoo! News
Calif dairies going broke due to feed, milk prices - Yahoo! News
In nearly six decades of running a dairy in central California, Mary Cameron made a name for herself in a male-dominated industry: She led several dairy organizations and was honored as Outstanding Dairy Producer of the Year.
But .....but...... but Uncle Ben Bernanke said that food and fuel prices are transitory.
In nearly six decades of running a dairy in central California, Mary Cameron made a name for herself in a male-dominated industry: She led several dairy organizations and was honored as Outstanding Dairy Producer of the Year.
But the 82-year-old Cameron
— who still drives a tractor and supervises her Hanford dairy — is on
the brink of losing her life's work. She can no longer pay the bills.
Her bank has classified her loan as distressed. And she can't afford
enough feed for her 900 milking cows and 1,000 heifers.
"I have
been in this business for 57 years and I have never been in financial
trouble like I am right now," said Cameron, who runs the Atsma-Cameron
Dairy with her two sons. "I'm on the verge of bankruptcy. It's horrible
and inexcusable."But .....but...... but Uncle Ben Bernanke said that food and fuel prices are transitory.
Chilean peso declines after Vergara remarks on capital controls – SteelGuru
Chilean peso declines after Vergara remarks on capital controls – SteelGuru
Chile’s peso slid after central bank President Rodrigo Vergara raised the prospect of capital controls to mitigate the flood of dollars from the US Federal Reserve’s quantitative easing program. The peso depreciated 0.1% to 471.25 per dollar. It had earlier appreciated to 468.35 per dollar as copper gained in New York.
Fed Chairman Mr Ben S Bernanke’s plan to fight unemployment by buying USD 40 billion of mortgage bonds a month may mean emerging market currencies appreciate, producing imbalances in small open economies. While Chile’s central bank can buy dollars or introduce capital controls, premature intervention risked being ineffective.
Chile’s peso slid after central bank President Rodrigo Vergara raised the prospect of capital controls to mitigate the flood of dollars from the US Federal Reserve’s quantitative easing program. The peso depreciated 0.1% to 471.25 per dollar. It had earlier appreciated to 468.35 per dollar as copper gained in New York.
Fed Chairman Mr Ben S Bernanke’s plan to fight unemployment by buying USD 40 billion of mortgage bonds a month may mean emerging market currencies appreciate, producing imbalances in small open economies. While Chile’s central bank can buy dollars or introduce capital controls, premature intervention risked being ineffective.
Food stamp nation – Inside Investing Daily
Food stamp nation – Inside Investing Daily
Trouble is, people are catching on. And this is where the tragedy begins. The welfare state -- the world we have known all our lives -- is, fundamentally, a Ponzi scheme.
The average voter hoped to get more out of the system than he paid in. That's the unwritten "social contract." The masses give their votes to the politicians who promise to give them more than they put in. And until now it worked. Bigger, richer generations -- and debt -- allowed the politicians to pay off.
But now, the next generation is smaller... and poorer. They don't understand what is going on. They don't know which politicians are to blame. But when they get hot about something, they cause trouble.
In Greece, they're battling police in the streets. The New York Times:
Trouble is, people are catching on. And this is where the tragedy begins. The welfare state -- the world we have known all our lives -- is, fundamentally, a Ponzi scheme.
The average voter hoped to get more out of the system than he paid in. That's the unwritten "social contract." The masses give their votes to the politicians who promise to give them more than they put in. And until now it worked. Bigger, richer generations -- and debt -- allowed the politicians to pay off.
But now, the next generation is smaller... and poorer. They don't understand what is going on. They don't know which politicians are to blame. But when they get hot about something, they cause trouble.
In Greece, they're battling police in the streets. The New York Times:
Saturday, September 29, 2012
Judge Throws Out CFTC’s Position Limits Rule
Judge Throws Out CFTC’s Position Limits Rule - Max Keiser
DC District Court Jude Robert Wilkins this afternoon threw out the CFTC’s position limits rule, scheduled to go into effect Oct 12th.
The metals manipulation will only end when FREE MARKET FORCES OVERWHELM the bullion banksters.
Military cargo airline Southern Air Inc.
From the WSJ ...
Military cargo airline Southern Air Inc. filed for bankruptcy protection Friday with its revenue plummeting as the U.S. withdraws its forces from Afghanistan.
Southern Air Inc.'s parent company filed for Chapter 11 protection in Delaware, blaming its financial woes on the decline in business from the U.S. Department of Defense, which reduced its troop count in Afghanistan and hired Southern Air less frequently.
The carrier says its fleet of 11 jets is under used, and it plans to reorganize its operations around another arm of its business: its cargo-moving operations for DHL Worldwide.
Its government business, which makes up more than 40% of Southern Air's revenue, has fallen throughout the year. Its government-related revenue in the second quarter was $44.9 million, 34% less than company executives expected, according to court papers filed in U.S. Bankruptcy Court in Wilmington, Del.
The hit was harder to take with the pain from its commercial business that has strained under a "stagnant international freight market, a direct result of the worst global economy in decades and a generally negative economic outlook," said Chief Executive Daniel McHugh in court papers.
This year will likely mark the fifth year in a row in which the company will see no growth in demand for its air-cargo services, he added.
For the 12 months ended July 31, the company reported revenue of about $428.2 million and a net loss of $159.8 million, according to court papers.
Despite the slower times, Southern Air still had to make "above-market" lease payments on its fleet of Boeing cargo jets. The company said it will use its bankruptcy case to renegotiate its lease agreements and continue to downsize its operations—moves that will likely cause the company to continue cutting its roster of 611 workers.
The company said it has an agreement to borrow a $25 million bankruptcy loan to spend throughout the case. That spending will first need approval from its bankruptcy judge, Christopher S. Sontchi.
Southern Air follows fellow military transporter Global Aviation Holdings Inc., which filed for bankruptcy earlier this year, into Chapter 11. Global Aviation also cited the hit to its business from the withdrawal of troops from Iraq and Afghanistan.
The company is privately held. In 2007, an affiliate of private-equity firm Oak Hill Capital Partners bought majority ownership of Southern Air, which traced its roots to Miami in 1947.
At the same time as the purchase, Canadian Imperial Bank of Commerce CM.T*-0.41% agreed to extend $300 million in loans. As of the bankruptcy, the airline estimated that it owed about $288 million in secured financing obligations and about $31.1 million in trade debt.
As of July 31, the company said its assets were worth $206.9 million, but that its liabilities topped $485 million.
Military cargo airline Southern Air Inc. filed for bankruptcy protection Friday with its revenue plummeting as the U.S. withdraws its forces from Afghanistan.
Southern Air Inc.'s parent company filed for Chapter 11 protection in Delaware, blaming its financial woes on the decline in business from the U.S. Department of Defense, which reduced its troop count in Afghanistan and hired Southern Air less frequently.
The carrier says its fleet of 11 jets is under used, and it plans to reorganize its operations around another arm of its business: its cargo-moving operations for DHL Worldwide.
Its government business, which makes up more than 40% of Southern Air's revenue, has fallen throughout the year. Its government-related revenue in the second quarter was $44.9 million, 34% less than company executives expected, according to court papers filed in U.S. Bankruptcy Court in Wilmington, Del.
The hit was harder to take with the pain from its commercial business that has strained under a "stagnant international freight market, a direct result of the worst global economy in decades and a generally negative economic outlook," said Chief Executive Daniel McHugh in court papers.
This year will likely mark the fifth year in a row in which the company will see no growth in demand for its air-cargo services, he added.
For the 12 months ended July 31, the company reported revenue of about $428.2 million and a net loss of $159.8 million, according to court papers.
Despite the slower times, Southern Air still had to make "above-market" lease payments on its fleet of Boeing cargo jets. The company said it will use its bankruptcy case to renegotiate its lease agreements and continue to downsize its operations—moves that will likely cause the company to continue cutting its roster of 611 workers.
The company said it has an agreement to borrow a $25 million bankruptcy loan to spend throughout the case. That spending will first need approval from its bankruptcy judge, Christopher S. Sontchi.
Southern Air follows fellow military transporter Global Aviation Holdings Inc., which filed for bankruptcy earlier this year, into Chapter 11. Global Aviation also cited the hit to its business from the withdrawal of troops from Iraq and Afghanistan.
The company is privately held. In 2007, an affiliate of private-equity firm Oak Hill Capital Partners bought majority ownership of Southern Air, which traced its roots to Miami in 1947.
At the same time as the purchase, Canadian Imperial Bank of Commerce CM.T*-0.41% agreed to extend $300 million in loans. As of the bankruptcy, the airline estimated that it owed about $288 million in secured financing obligations and about $31.1 million in trade debt.
As of July 31, the company said its assets were worth $206.9 million, but that its liabilities topped $485 million.
Student loan default rates jump - Sep. 28, 2012
Student loan default rates jump - Sep. 28, 2012
Borrowers are having a harder time repaying their student loans.
The percentage of borrowers who defaulted on their federal student loans within two years of their first payment jumped to 9.1% in fiscal year 2011, up from 8.8% the previous year, according to U.S. Department of Education data released Friday.
That represents 375,000 of the more than 4.1 million borrowers who were required to start making payments on their student loans in the 12 months prior to October 2010 and defaulted before September 2011.
Borrower are considered in default when they miss payments for 270 consecutive days.
Borrowers are having a harder time repaying their student loans.
The percentage of borrowers who defaulted on their federal student loans within two years of their first payment jumped to 9.1% in fiscal year 2011, up from 8.8% the previous year, according to U.S. Department of Education data released Friday.
Borrower are considered in default when they miss payments for 270 consecutive days.
WH to Contractors: Hold off on Layoff Warnings
Contractors told to hold off on layoff warnings due to fiscal cliff spending cuts - Sep. 28, 2012
The White House on Friday told government contractors worried about fiscal cliff spending cuts to hold off on warning employees about possible layoffs.
The government said it would cover legal costs if contractors are forced to slash their payrolls because of the looming $109 billion in automatic cuts next year and are alleged to have violated the WARN Act.
The federal WARN Act requires businesses with more than 100
employees to notify workers at least 60 days in advance of a mass layoff
or plant closing. Some states require more notice.
The White House on Friday told government contractors worried about fiscal cliff spending cuts to hold off on warning employees about possible layoffs.
The government said it would cover legal costs if contractors are forced to slash their payrolls because of the looming $109 billion in automatic cuts next year and are alleged to have violated the WARN Act.
1 million Ohioans using free phone program
http://www.daytondailynews.com/news/news/subsidized-cell-phone-program-nearly-doubles-in-oh/nRDqC/?src=cbTopWidget
Correction one million and one
I would like to recommend a free Toothbrush with every mail order. This is EXACTLY the 47% Mitt Romney was talking about. And she even admits it.
Correction one million and one
I would like to recommend a free Toothbrush with every mail order. This is EXACTLY the 47% Mitt Romney was talking about. And she even admits it.
Bernanke Sent Out 'Thank You for Supporting Federal Reserve Secrecy' Letters to Key Congressmen
In July, the Fed chairman sent thank you notes to five Democratic members of Congress after they delivered speeches on the House floor urging fellow lawmakers to reject Ron Paul's “Audit the Fed” bill, Politico.
Ben Bernanke's thank-you notes - MJ Lee - POLITICO.com
Dated July 26, the notes were written the day after the House voted 327-98 to pass Paul’s bill, which would authorize the Government Accountability Office to audit how the central bank implements monetary policy.
“While the outcome of the vote was not in doubt, your willingness to stand up for the independence of the Federal Reserve is greatly appreciated,” Bernanke wrote in the letters, which were obtained by Politico through a Freedom of Information Act request.
He continued, “Independence in monetary policy operations is now the norm for central banks around the world — and it would be a grave mistake were Congress to reverse the protection it provided to the Federal Reserve more than 30 years ago.”
The letters were sent to Reps. Barney Frank, Elijah Cummings, Melvin Watt, Carolyn Maloney and Steny Hoyer.
List of the 98 TRAITORS who voted AGAINST "Audit the Fed"
Money of the Future: Looper
Looper which opened yesterday and stars Bruce Willis and Joseph Gordon-Levitt. Without going much into the premise, it is a time travel movie that takes place in the years 2042 and 2072. What is of interest is that in this future, Joseph-Gordon Levitt's character is paid in silver and gold for his services. He then stores a portion of the metals at home and a portion at a warehouse facility where he receives receipts/paper currency to use in everyday transactions. How bizarre a concept right? Awesome. It's the Ron Paul-Murray Rothbard impact on the film writers, right down to the warehouse receipts. I wonder exactly what year the Fed was ended?
Friday, September 28, 2012
Romney or Obama Win Means No Escape From Fiscal Crisis of Debt - Bloomberg
Romney or Obama Win Means No Escape From Fiscal Crisis of Debt - Bloomberg
Whomever wins the Presidency, both parties are still likely to have their heels dug in on higher taxes and spending cuts, meaning that unless one party wins the
Presidency and both Houses of Congress, Washington is still going to mired in gridlock and the status quo of mounting debt will prevail.
Whomever wins the Presidency, both parties are still likely to have their heels dug in on higher taxes and spending cuts, meaning that unless one party wins the
Presidency and both Houses of Congress, Washington is still going to mired in gridlock and the status quo of mounting debt will prevail.
Harsh Words for Fed From Beijing, Seoul - WSJ.com
Harsh Words for Fed From Beijing, Seoul - WSJ.com
…and then the PBoC turns around and responds with a $59 bln liquidity pump. Currency war.
…and then the PBoC turns around and responds with a $59 bln liquidity pump. Currency war.
Suspicious voter registration forms found in 10 Florida counties - latimes.com
Florida elections officials said Friday that at least 10
counties have identified suspicious and possibly fraudulent voter
registration forms turned in by a firm working for the Republican Party
of Florida, which has filed an election fraud complaint with the state
Division of Elections against its one-time consultant.
Suspicious voter registration forms found in 10 Florida counties - latimes.com
Suspicious voter registration forms found in 10 Florida counties - latimes.com
Spain capital flight continues into 13th month | Business | DW.DE | 28.09.2012
Spain capital flight continues into 13th month | Business | DW.DE | 28.09.2012
"Capital flight actually continued into its 13th consecutive month, with a total of 331 billion euros making it out of Spain during that period. That's about one third of the country's total gross domestic product (GDP)."
But their Banks are strong...FAIL!
"Capital flight actually continued into its 13th consecutive month, with a total of 331 billion euros making it out of Spain during that period. That's about one third of the country's total gross domestic product (GDP)."
But their Banks are strong...FAIL!
Hmm, Spain passes stress test
Hmm, Spain passes stress test, yet the dollar is up for some reason:
Spain banks will need around €60billion in capital - MarketWatch
Oh, wait...
Dollar up after Spain bank tests - Currencies - MarketWatch
LMAO! Just goes to show you the Stress test thing is BS..Spain is in Capital flight mode yet their banks are solid GMAFB.
Spain banks will need around €60billion in capital - MarketWatch
Oh, wait...
Dollar up after Spain bank tests - Currencies - MarketWatch
LMAO! Just goes to show you the Stress test thing is BS..Spain is in Capital flight mode yet their banks are solid GMAFB.
The Rutherford Institute :: Guantanamo Bay: The Model for an American Police State?
The Rutherford Institute :: Guantanamo Bay: The Model for an American Police State?
Throw in the profit-driven corporate incentive to jail Americans in private prisons, as well as the criminalizing of such relatively innocent activities as holding Bible studies in one’s home or sharing unpasteurized goat cheese with members of one’s community, and you have a 10-step blueprint for how to transform a republic into a police state without the populace cluing in until it’s too late.
Throw in the profit-driven corporate incentive to jail Americans in private prisons, as well as the criminalizing of such relatively innocent activities as holding Bible studies in one’s home or sharing unpasteurized goat cheese with members of one’s community, and you have a 10-step blueprint for how to transform a republic into a police state without the populace cluing in until it’s too late.
Senate backs resolution reaffirming effort to stop Iran from developing a nuclear weapon - The Washington Post
Senate backs resolution reaffirming effort to stop Iran from developing a nuclear weapon - The Washington Post
The Senate has overwhelmingly approved a resolution that reaffirms U.S. efforts to stop Iran from developing a nuclear weapon and says containment of a nuclear-capable Iran is not an option.
By a vote of 90-1 early Saturday, the Senate backed the nonbinding measure that specifically states that it should not been interpreted as an authorization for the use of military force or a declaration of war.
The Senate has overwhelmingly approved a resolution that reaffirms U.S. efforts to stop Iran from developing a nuclear weapon and says containment of a nuclear-capable Iran is not an option.
By a vote of 90-1 early Saturday, the Senate backed the nonbinding measure that specifically states that it should not been interpreted as an authorization for the use of military force or a declaration of war.
Activist Post: Feds’ warrantless surveillance targeted more people in past two years than entire previous decade
Activist Post: Feds’ warrantless surveillance targeted more people in past two years than entire previous decade
Disturbing new documents from the United States Department of Justice reveal that federal agents are increasingly being given real-time access to the social networking accounts and e-mails of Americans without having to obtain a search warrant.
Unfortunately, this is hardly surprising given that the Obama administration has fought to maintain their warrantless wiretapping powers and similarly declared that cellphone location data is not constitutionally protected.
Disturbing new documents from the United States Department of Justice reveal that federal agents are increasingly being given real-time access to the social networking accounts and e-mails of Americans without having to obtain a search warrant.
Unfortunately, this is hardly surprising given that the Obama administration has fought to maintain their warrantless wiretapping powers and similarly declared that cellphone location data is not constitutionally protected.
Are JPMs COMEX Silver Positions Only A Hedge Against Physical in the Warehouse?
Are JPMs COMEX Silver Positions Only A Hedge Against Physical in the Warehouse?
My take: NOT A CHANCE IN THE WORLD for the following reasons:
1) There were over 100 BILLION ounces of COMEX silver shorts sold in 2011 according to the CME data. How much silver was physically purchased to counter these shorts when JPM controls over 30% of the short according to CFTC's own data? Is David R. saying that JPM bought 30B ounces of physical in 2011?! Utterly ridiculous.
2) David R. claims that he can show the physical silver in JP Morgan's vaults. But wait...JP Morgan is the custodian of SLV which is supposed to hold 322M ounces of the physical silver in Trust for the ETF. If JPM is using the SLV inventory to justify their shorts it's the biggest fraud in history.
3) If there are grand warehouses of silver stockpiles...who owns them? How many times have they been "rehypothicated"? Is it leased-in silver that must be paid back? Are they part of a silver storage program? Are they "Moly-Bars"
My take: NOT A CHANCE IN THE WORLD for the following reasons:
1) There were over 100 BILLION ounces of COMEX silver shorts sold in 2011 according to the CME data. How much silver was physically purchased to counter these shorts when JPM controls over 30% of the short according to CFTC's own data? Is David R. saying that JPM bought 30B ounces of physical in 2011?! Utterly ridiculous.
2) David R. claims that he can show the physical silver in JP Morgan's vaults. But wait...JP Morgan is the custodian of SLV which is supposed to hold 322M ounces of the physical silver in Trust for the ETF. If JPM is using the SLV inventory to justify their shorts it's the biggest fraud in history.
3) If there are grand warehouses of silver stockpiles...who owns them? How many times have they been "rehypothicated"? Is it leased-in silver that must be paid back? Are they part of a silver storage program? Are they "Moly-Bars"
BANKERS JUMPING ON THE GOLD BANKWAGON?!?!
Bankers jumping on the gold bandwagon?!
An excellent gauge of the concerns of all of our readers/clients
Our Briefings were held at an undoubtedly interesting time. We have the upcoming presidential elections in America. Ben Bernanke has followed Draghi´s QE lead and trumped with his promise of ‘QE forever´ (why even number them anymore?). Meanwhile, in Germany, the courts decided that Draghi´s monetary policy, despite a clear contradiction to the EU´s laws and Germany´s own constitution, is still perfectly legal.
Quantitative easing (QE) is today´s central bankers´ panacea for stimulating the economy. While clearly having boosted the stock market, QE has not helped boost employment enough. The model of running inflation higher than interest rates for an extended period, in an effort to reduce government debt loads in real terms, is their primary plan. It helps to paper over the problems in a credit-addicted economy.
An excellent gauge of the concerns of all of our readers/clients
Our Briefings were held at an undoubtedly interesting time. We have the upcoming presidential elections in America. Ben Bernanke has followed Draghi´s QE lead and trumped with his promise of ‘QE forever´ (why even number them anymore?). Meanwhile, in Germany, the courts decided that Draghi´s monetary policy, despite a clear contradiction to the EU´s laws and Germany´s own constitution, is still perfectly legal.
Quantitative easing (QE) is today´s central bankers´ panacea for stimulating the economy. While clearly having boosted the stock market, QE has not helped boost employment enough. The model of running inflation higher than interest rates for an extended period, in an effort to reduce government debt loads in real terms, is their primary plan. It helps to paper over the problems in a credit-addicted economy.
Silver Demand & Performance Analysis With Hecla Mining CEO - TheStreet
Silver Demand & Performance Analysis With Hecla Mining CEO - TheStreet
Better than stocks, better than gold, silver this year has been a sterling performer, rising more than 23% since January. We spoke with Phil Baker, CEO of Hecla Mining & started by asking him where the bulk of silver is coming from.
Better than stocks, better than gold, silver this year has been a sterling performer, rising more than 23% since January. We spoke with Phil Baker, CEO of Hecla Mining & started by asking him where the bulk of silver is coming from.
China Boosts Liquidity, Lifting Commodities and Equities
China Boosts Liquidity, Lifting Commodities and Equities
China’s central bank announced a large liquidity injection of $57.9 billion this week, its largest on record, sending the Shanghai Composite up 2.6% to 2056 and the Hang Seng up 1.1% to 20762. The positive news impacted the region as well, as the Nikkei rose .5% to 8950, the Kospi gained .4% to 1989, and the ASX 200 advanced .5% to 4384.
European markets rebounded modestly, encouraged by the Chinese liquidity boost. The CAC40 bounced .7% to 3439, while the DAX and FTSE ticked up .2%. Spain announced it would cut spending to address budget shortfalls in the coming year, and the prime minister said he would seek a bailout if bond yields remain high.
China’s central bank announced a large liquidity injection of $57.9 billion this week, its largest on record, sending the Shanghai Composite up 2.6% to 2056 and the Hang Seng up 1.1% to 20762. The positive news impacted the region as well, as the Nikkei rose .5% to 8950, the Kospi gained .4% to 1989, and the ASX 200 advanced .5% to 4384.
European markets rebounded modestly, encouraged by the Chinese liquidity boost. The CAC40 bounced .7% to 3439, while the DAX and FTSE ticked up .2%. Spain announced it would cut spending to address budget shortfalls in the coming year, and the prime minister said he would seek a bailout if bond yields remain high.
WATCH: Protesters Arrested In Front Of Fannie Mae Headquarters
WATCH: Protesters Arrested In Front Of Fannie Mae Headquarters
Freedom of Speech, Press, Religion and Petition
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
So why were they detained?
Freedom of Speech, Press, Religion and Petition
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
So why were they detained?
Five woman were arrested for blocking passage outside the Fannie Mae complex after local police issued three warnings for them to get out of the street.So what laws was broken? These are city Streets not COP OWNED STREETS!
Defense cuts force Southern Air to file for bankruptcy | Reuters
Defense cuts force Southern Air to file for bankruptcy
| Reuters
The filing comes as Washington's self-imposed year-end deadline approaches to agree on a plan to shrink the federal budget or trigger $600 billion in spending cuts and higher taxes.
The Pentagon early this year outlined a 2013 budget plan to reduce spending by $487 billion over the next decade.
Governmental services accounted for about 44 percent of the company's revenue for the year ended July 31.
In January, U.S. Defense Secretary Leon Panetta said the United States intends to end combat operations in Afghanistan before the end of 2013.
Southern Air posted a revenue of about $428.2 million and a net loss of $159.8 million for the year ended July 31. The company had assets of about $206.9 million and liabilities of about $486.5 million as of that date.
The Connecticut-based company, which operates a fleet of 11 Boeing Co (BA.N) aircraft, has about 611 full-time employees, according to its Chapter 11 petition.
| Reuters
The filing comes as Washington's self-imposed year-end deadline approaches to agree on a plan to shrink the federal budget or trigger $600 billion in spending cuts and higher taxes.
The Pentagon early this year outlined a 2013 budget plan to reduce spending by $487 billion over the next decade.
Governmental services accounted for about 44 percent of the company's revenue for the year ended July 31.
In January, U.S. Defense Secretary Leon Panetta said the United States intends to end combat operations in Afghanistan before the end of 2013.
Southern Air posted a revenue of about $428.2 million and a net loss of $159.8 million for the year ended July 31. The company had assets of about $206.9 million and liabilities of about $486.5 million as of that date.
The Connecticut-based company, which operates a fleet of 11 Boeing Co (BA.N) aircraft, has about 611 full-time employees, according to its Chapter 11 petition.
Obama's Call For Economic Patriotism Is As Convincing As New Coke - Forbes
In 2008, Obama said, “Number 43 added four trillion dollars [to the
national debt] by his lonesome…that’s irresponsible, that’s
unpatriotic.” Obama, of course, has been adding to the debt at double
the rate of his predecessor.
Now he’s running an ad saying his platform is a “new economic patriotism,” tacitly inviting viewers to think of opposing views as unpatriotic. Obama’s “economic plan” has never changed: It involves more federal spending and an almost religious faith in the soul-cleansing effects of more taxes on high earners.
Obama's Call For Economic Patriotism Is As Convincing As New Coke - Forbes
This from the So called Constitutional Scholar who signed this piece of trash.
President Obama Signed the National Defense Authorization Act
Now he’s running an ad saying his platform is a “new economic patriotism,” tacitly inviting viewers to think of opposing views as unpatriotic. Obama’s “economic plan” has never changed: It involves more federal spending and an almost religious faith in the soul-cleansing effects of more taxes on high earners.
Obama's Call For Economic Patriotism Is As Convincing As New Coke - Forbes
This from the So called Constitutional Scholar who signed this piece of trash.
President Obama Signed the National Defense Authorization Act
Chicago PMI in contraction. Over to you, ECRI.
Chicago PMI in contraction. Over to you, ECRI.
Chicago PMI falls into negative territory in Sept. - MarketWatch
The MNI Chicago Report said its purchasing managers' index fell to 49.7 in September from 53.0 in August. Any reading below 50 indicates contraction. This is the lowest level in three years. The size of the decline was unexpected. Economists had expected only a small decline
Core capital goods orders
April -1.4%
May +2.3%
June-2.8%
July-5.32%
August +1.1%
Chicago PMI falls into negative territory in Sept. - MarketWatch
The MNI Chicago Report said its purchasing managers' index fell to 49.7 in September from 53.0 in August. Any reading below 50 indicates contraction. This is the lowest level in three years. The size of the decline was unexpected. Economists had expected only a small decline
Core capital goods orders
April -1.4%
May +2.3%
June-2.8%
July-5.32%
August +1.1%
U.S. Postal Service to miss $5.6 bln payment - MarketWatch
U.S. Postal Service to miss $5.6 bln payment - MarketWatch
The United States Postal Service will miss a $5.6 billion payment due Sunday to the U.S. Treasury, according to a report by the Associated Press. Postmaster General Patrick Donahoe said services won't be disrupted, but he sounded a cautionary note that the mail delivery specialist has squeezed all of the cost savings within its power, according to the report. The Postal Service has been pushing for legislation to allow it to eliminate Saturday mail delivery and reduce its $5 billion annual payment for future retiree health benefits. Congress has wrapped up its session until after the November elections with no postal fix approve
The United States Postal Service will miss a $5.6 billion payment due Sunday to the U.S. Treasury, according to a report by the Associated Press. Postmaster General Patrick Donahoe said services won't be disrupted, but he sounded a cautionary note that the mail delivery specialist has squeezed all of the cost savings within its power, according to the report. The Postal Service has been pushing for legislation to allow it to eliminate Saturday mail delivery and reduce its $5 billion annual payment for future retiree health benefits. Congress has wrapped up its session until after the November elections with no postal fix approve
FT Alphaville » “As the only person in the room who has apparently never written a line of computer code
FT Alphaville » “As the only person in the room who has apparently never written a line of computer code
Presenting, a rather charming tale from Nicholas Colas, group chief market strategist at ConvergEx, who recently attended an algorithm-themed conference, and discovered — to his surprise — that quants aren’t really like regular people.
Presenting, a rather charming tale from Nicholas Colas, group chief market strategist at ConvergEx, who recently attended an algorithm-themed conference, and discovered — to his surprise — that quants aren’t really like regular people.
France taxes rich and business to slash deficit - 1450 WHTC Holland's Hometown Station
France has approved a "temporary" 75 percent tax rate for earnings
over one million euros ($1.3 million) as part of a 2013 budget.
In addition, the tax rate will climb to 45 percent for revenues at 150,000 euros mark.
Expect L'Exodus.
Before the hike President Francois Hollande's approval ratings were in free-fall as many French feel he has been slow to get to deal with the economic slow-down and unemployment, which is at a 10-year high and rising. As if this character actually new enough French in the first place to understand the theory behind laissez-faire. The man is going to destroy France with his central planning on steroids mentality.
France taxes rich and business to slash deficit - 1450 WHTC Holland's Hometown Station
In addition, the tax rate will climb to 45 percent for revenues at 150,000 euros mark.
Expect L'Exodus.
Before the hike President Francois Hollande's approval ratings were in free-fall as many French feel he has been slow to get to deal with the economic slow-down and unemployment, which is at a 10-year high and rising. As if this character actually new enough French in the first place to understand the theory behind laissez-faire. The man is going to destroy France with his central planning on steroids mentality.
France taxes rich and business to slash deficit - 1450 WHTC Holland's Hometown Station
Consumer spending climbs 0.5% in August - MarketWatch
Consumer spending climbs 0.5% in August - MarketWatch
Consumer spending in the U.S. rose in August by the fasted amount in six months, according to the latest government data. Spending jumped 0.5% last month on a seasonally adjusted basis, the Commerce Department said Friday. Personal income, however, rose a much smaller 0.1% and the U.S. savings rate fell to 3.7% from 4.1%. That's the biggest one-month decline in a year. Economists surveyed by MarketWatch had forecast a 0.5% increase in consumer spending, largely because of sharply higher gas prices in August. They also forecast a 0.2% rise in personal income. Since spending rose faster than income, the savings rate fell. Also, inflation as gauged by the core PCE price index rose a scant 0.1% in August. Over the past 12 months the core PCE has risen 1.6%, within the Federal Reserve's preferred zero to 2.0% range. In July, spending was unchanged at a 0.4% increase. The rise in income, however, was reduced to 0.1% from 0.3%
Consumer spending in the U.S. rose in August by the fasted amount in six months, according to the latest government data. Spending jumped 0.5% last month on a seasonally adjusted basis, the Commerce Department said Friday. Personal income, however, rose a much smaller 0.1% and the U.S. savings rate fell to 3.7% from 4.1%. That's the biggest one-month decline in a year. Economists surveyed by MarketWatch had forecast a 0.5% increase in consumer spending, largely because of sharply higher gas prices in August. They also forecast a 0.2% rise in personal income. Since spending rose faster than income, the savings rate fell. Also, inflation as gauged by the core PCE price index rose a scant 0.1% in August. Over the past 12 months the core PCE has risen 1.6%, within the Federal Reserve's preferred zero to 2.0% range. In July, spending was unchanged at a 0.4% increase. The rise in income, however, was reduced to 0.1% from 0.3%
East St. Louis shows us how freedom ends
**Minors are to be off the streets at ten o’clock on both weeknights and weekend nights.Virtual House Arrest Ordered for Minors in East St. Louis « CBS St. Louis
**Minors on the street during school hours will be arrested on sight.
**Police will also perform I.D. checks on street corners and conduct gun searches, and Parks says he won’t hesitate to call in the National Guard if the spike in violence continues.
Surrounded by police, Parks announced they also plan to arrest adult males and young men wearing gang colors, amounting to a city-wide dress code.
“No royal blue, no bright red to be worn by our men or our boys in this community,” Parks said. “Why is that? Those colors have long been affiliated with gang kinds of affiliations”
Asked about Constitutional concerns, and the need for probable cause, Parks says the recent wave of crime is the probable cause and justifies the extreme new measures.
Welcome to the police state, where's the ACLU on THIS one? Now I understand East St Louis is a dump, but that is no excuse to void the following of freedom and constitutionality. As soon as you limit 1 right, say Freedom to Peaceably Assemble or The Right from unreasonable search and seizure; it's not long until that Freedom of Religion thing goes away (they all get together and dress alike you know) and then the rest, maybe one at a time, maybe all at once.
Schools, fine, if you want to go to school you must be attired with certain guidelines. Walking down the street in my Red Flannel is probable cause?
Any civil rights lawyers should rush to set up shop there, thats a retirement fund in the making.
Americans’ Incomes Have Fallen $3,040 During the Obama ‘Recovery’ | The Weekly Standard
Americans’ Incomes Have Fallen $3,040 During the Obama ‘Recovery’ | The Weekly Standard
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.
All the more reason to vote for him again, the destruction of the Middle class is incomplete.
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.
All the more reason to vote for him again, the destruction of the Middle class is incomplete.
Thursday, September 27, 2012
Cellphones Are Eating the Family Budget - WSJ.com
But the question for the industry is how much bigger bills can get
before the cuts in other parts of the family budget grow too painful.
Melinda Tuers, an accounting clerk at a high school in Redlands, Calif., said she already pays close to $300 a month for her family's four smartphones. She and her husband have cut back on dining out, special events and concerts to make room for the bigger phone bill.
Cellphones Are Eating the Family Budget - WSJ.com
Americans Love their cell phones, as our entitlement friend from Ohio has eluded to below.
Melinda Tuers, an accounting clerk at a high school in Redlands, Calif., said she already pays close to $300 a month for her family's four smartphones. She and her husband have cut back on dining out, special events and concerts to make room for the bigger phone bill.
Cellphones Are Eating the Family Budget - WSJ.com
Americans Love their cell phones, as our entitlement friend from Ohio has eluded to below.
Chart of the Week: QE3’s Possible Effects on the Mortgage Market and Mortgage Securities | American Century Investments Blog
Chart of the Week: QE3’s Possible Effects on the Mortgage Market and Mortgage Securities | American Century Investments Blog
After the U.S. central bank, the Federal Reserve (the Fed), announced two weeks ago its third round of economic stimulus-related government securities purchases since the 2008 Financial Crisis, our fixed income investment management team has been asked many questions about possible outcomes. A high percentage of these questions focused on the mortgage market and mortgage-backed securities(MBS), including Ginnie Maes (MBS guaranteed for the payment of interest and principal by the Government National Mortgage Association—GNMA).
After the U.S. central bank, the Federal Reserve (the Fed), announced two weeks ago its third round of economic stimulus-related government securities purchases since the 2008 Financial Crisis, our fixed income investment management team has been asked many questions about possible outcomes. A high percentage of these questions focused on the mortgage market and mortgage-backed securities(MBS), including Ginnie Maes (MBS guaranteed for the payment of interest and principal by the Government National Mortgage Association—GNMA).
"Living Under Drones"
A vitally important and thoroughly documented new report on the
impact of Obama's drone campaign has just been released by researchers
at NYU School of Law and Stanford University Law School.
"Living Under Drones"
http://livingunderdrones.org/wp-content/uploads/2012/09/Stanford_NYU_LIVING_UNDER_DRONES.pdf
"Living Under Drones"
http://livingunderdrones.org/wp-content/uploads/2012/09/Stanford_NYU_LIVING_UNDER_DRONES.pdf
Fed virtually funding the entire US deficit – CNBC
Fed virtually funding the entire US deficit – CNBC
The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver should another crisis hit, economist Lawrence Lindsey told CNBC’s “Squawk Box” on Wednesday.
The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver should another crisis hit, economist Lawrence Lindsey told CNBC’s “Squawk Box” on Wednesday.
Lindsey
said that with the Fed purchasing at least $40 billion a month in
mortgage debt through QE3, “they are buying the entire deficit.” (Read more: Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates.)
JP Morgan secretly stockpiles silver and gold; blood money – ETF Daily News
JP Morgan secretly stockpiles silver and gold; blood money – ETF Daily News
If Keiser, who himself appears to have once been a clever and scheming juvenile delinquent, believes the article’s supposition reeks of the devil’s sulfur, there may be more than a sliver of truth in it.
The Silver Doctors cite Jim Sinclair, ‘Mr. Gold‘, who has said two things which would most likely prove to be foolhardy not to believe. One, that the Fed would embark on “QE to infinity.” And, two, the bullion banks would amass the lion’s share of the bull market profits in the rise in gold and silver prices.
If Keiser, who himself appears to have once been a clever and scheming juvenile delinquent, believes the article’s supposition reeks of the devil’s sulfur, there may be more than a sliver of truth in it.
The Silver Doctors cite Jim Sinclair, ‘Mr. Gold‘, who has said two things which would most likely prove to be foolhardy not to believe. One, that the Fed would embark on “QE to infinity.” And, two, the bullion banks would amass the lion’s share of the bull market profits in the rise in gold and silver prices.
Obama Voter Says Vote for Obama because he gives a free Phone
It is sad when the future of our country could be influence by an "obamaphone". Shameless political tactics
Even worse, I pay taxes to support people like this parasite,... and they want me to give more.
Report: George Soros Donates $1 Million To Democratic Super PAC | TPM LiveWire
Soros comes off the bench:
Report: George Soros Donates $1 Million To Democratic Super PAC | TPM LiveWire
Billionaire financier George Soros is donating $1 million to Priorities USA, a super PAC supporting President Obama's re-election, according to the New York Times. He plans on giving another $500,000 to Democratic super PACs aimed at winning House and Senate races. Previously Soros had indicated he planned to remain on the sidelines in 2012 when it came to funding partisan groups.
Report: George Soros Donates $1 Million To Democratic Super PAC | TPM LiveWire
Billionaire financier George Soros is donating $1 million to Priorities USA, a super PAC supporting President Obama's re-election, according to the New York Times. He plans on giving another $500,000 to Democratic super PACs aimed at winning House and Senate races. Previously Soros had indicated he planned to remain on the sidelines in 2012 when it came to funding partisan groups.
Bizarre TSA “Freeze” Security Drill Caught on Camera:
The TSA’s bizarre new policy where it orders travelers who have already passed security to “freeze” on command has been caught on camera, with the clip illustrating once more how the federal agency has implemented a series of ludicrous policies that seemingly have no other purpose than to act as an obedience test for the traveling public.
The video shows the final 24 seconds of a 2 minute period during which travelers were ordered to “freeze” by TSA workers and were not allowed to move.
One TSA screener is heard to say, “stay right where you are,” at a man who is walking through the airport, as the other static travelers look on in bewilderment.
Expensive to Be Poor: Expenses Twice as Much as Income for Bottom 20% of US Households | FDL News Desk
Expensive to Be Poor: Expenses Twice as Much as Income for Bottom 20% of US Households | FDL News Desk
A new study from the Bureau of Labor Statistics out today probably won’t get as much notice as their other report showing the US gained 386,000 jobs more than expected. However, this one shows a persistent problem in America, that it’s actually expensive to be poor.
The average individual in the lowest 20% of the income ladder had take-home pay of $10,074 and average expenses of $22,011. That’s more than double, and it makes being poor nearly impossible to manage. The story for the second and third quintiles weren’t much better, with their expenses roughly commensurate to their income, meaning they live paycheck-to-paycheck and save next to nothing. But the expenses-versus-income report for the poorest Americans is almost unreal.
Or to put it another way, since 2009, 620,00 middle-class jobs have been eliminated and are not coming back.
Living Paycheck To Paycheck: Two-Thirds Of Americans Are Struggling To Get By
This is a bad development.
Europe's betrayal of Spain – Telegraph Blogs
He bit the bullet and agreed to the highly intrusive terms of a €100bn eurozone rescue for the Spanish banking system on a specific understanding: that the ESM bail-out fund would ultimately take over the burden by recapitalising Spain’s banks directly.
This deal has been breached. Can we believe anything that the Chancellor of Germany, the prime minister of Holland, and the prime minister of Finland say from now on? The EMU rescue edifice is built on sand.
Hedge Funds Bullish on Silver as Hoard Nears Record: Commodities - Bloomberg
Hedge Funds Bullish on Silver as Hoard Nears Record: Commodities - Bloomberg
Wagers on rising prices jumped 10-fold since June, U.S. Commodity Futures Trading Commission data show. Investors bought 717.2 metric tons valued at $797 million through exchange-traded products this quarter, the most in a year, according to data compiled by Bloomberg. Prices will increase for at least the next three quarters and average $38 an ounce in the three months through June, or 9.9 percent more than now, based on the median of 14 analyst estimates compiled by Bloomberg.
http://online.wsj.com/article/SB10000872396390443916104578019703001560168.html
Central-bank stimulus moves have helped drive silver prices up sharply in the past two months, and analysts say the metal looks poised to continue its climb until the end 2013, despite weakening industrial demand.
Still, analysts caution that silver's movements tend to be volatile.
Silver futures are up 21% since the beginning of August, settling Wednesday at $33.88 an ounce, largely driven by demand from investors who anticipated and then cheered the U.S. Federal Reserve's announcement of a third round of quantitative easing to stimulate the economy.
QE3 is bullish for gold and silver. Both metals are often considered hedges against U.S. dollar weakness and inflation; the liquidity increases from the Fed's stimulus measures tend to weaken the dollar and raise the potential for inflation.
Wagers on rising prices jumped 10-fold since June, U.S. Commodity Futures Trading Commission data show. Investors bought 717.2 metric tons valued at $797 million through exchange-traded products this quarter, the most in a year, according to data compiled by Bloomberg. Prices will increase for at least the next three quarters and average $38 an ounce in the three months through June, or 9.9 percent more than now, based on the median of 14 analyst estimates compiled by Bloomberg.
http://online.wsj.com/article/SB10000872396390443916104578019703001560168.html
Central-bank stimulus moves have helped drive silver prices up sharply in the past two months, and analysts say the metal looks poised to continue its climb until the end 2013, despite weakening industrial demand.
Still, analysts caution that silver's movements tend to be volatile.
Silver futures are up 21% since the beginning of August, settling Wednesday at $33.88 an ounce, largely driven by demand from investors who anticipated and then cheered the U.S. Federal Reserve's announcement of a third round of quantitative easing to stimulate the economy.
QE3 is bullish for gold and silver. Both metals are often considered hedges against U.S. dollar weakness and inflation; the liquidity increases from the Fed's stimulus measures tend to weaken the dollar and raise the potential for inflation.
Tempur-Pedic Buying Sealy for About $228.6M - ABC News
More consolidation in banking.
Tempur-Pedic Buying Sealy for About $228.6M - ABC News
Mattress rivals Tempur-Pedic and Sealy are becoming bedfellows.
Tempur-Pedic, the 20-year-old leader in foam mattresses, is buying more-than-a century-old rival Sealy for about $228.6 million in cash.
The acquisition comes as competition has increased in the mattress industry, with makers stepping up their marketing and promotions to help lure cost-conscious consumers into making big purchases.
Tempur-Pedic International Inc. said Thursday that it will pay $2.20 per Sealy share, which is a 3 percent premium to the company's Wednesday closing price of $2.14.
Tempur-Pedic Buying Sealy for About $228.6M - ABC News
Mattress rivals Tempur-Pedic and Sealy are becoming bedfellows.
Tempur-Pedic, the 20-year-old leader in foam mattresses, is buying more-than-a century-old rival Sealy for about $228.6 million in cash.
The acquisition comes as competition has increased in the mattress industry, with makers stepping up their marketing and promotions to help lure cost-conscious consumers into making big purchases.
Tempur-Pedic International Inc. said Thursday that it will pay $2.20 per Sealy share, which is a 3 percent premium to the company's Wednesday closing price of $2.14.
Aurora Colo. June 2012
1943
Now you tell me.
Campbell closing plants as soup consumption falls - seattlepi.com
Campbell closing plants as soup consumption falls - seattlepi.com
Campbell Soup Co. is closing two U.S. plants and cutting more than 700 jobs as it looks to trim costs amid declining consumption of its canned soups.
The world's largest soup maker said Thursday that it will close a plant in Sacramento, Calif., that has about 700 full-time workers. The plant, which makes soups, sauces and beverages, was built in 1947 and is the company's oldest in the country. That also means it has the highest production costs of Campbell's four U.S.
Campbell Soup Co. is closing two U.S. plants and cutting more than 700 jobs as it looks to trim costs amid declining consumption of its canned soups.
The world's largest soup maker said Thursday that it will close a plant in Sacramento, Calif., that has about 700 full-time workers. The plant, which makes soups, sauces and beverages, was built in 1947 and is the company's oldest in the country. That also means it has the highest production costs of Campbell's four U.S.
Meet the largest landowner in America - Fortune Management
Meet the largest landowner in America -
Fortune Management
By "something" Malone means land. Given that in 2011 Malone bought 1.2 million acres of Maine woodlands, thereby surpassing his old friend Ted Turner as the nation's largest private landowner, one might view the Friday shopping trip as a touch superfluous. Malone doesn't. He's got the land bug, thanks in part to Turner, now the second-largest private landowner in America, with whom he has a fond rivalry. If, as the German philosopher G.W.F. Hegel posited, "property is the first embodiment of freedom," Malone is one liberated individual. According to The Land Report magazine, he now owns an estimated 2.2 million acres of U.S. cropland, ranch land, and woodland, an area about three times the size of Rhode Island. (The largest landowner in the world is Queen Elizabeth II, because technically she owns places like Australia and Canada.)
Fortune Management
By "something" Malone means land. Given that in 2011 Malone bought 1.2 million acres of Maine woodlands, thereby surpassing his old friend Ted Turner as the nation's largest private landowner, one might view the Friday shopping trip as a touch superfluous. Malone doesn't. He's got the land bug, thanks in part to Turner, now the second-largest private landowner in America, with whom he has a fond rivalry. If, as the German philosopher G.W.F. Hegel posited, "property is the first embodiment of freedom," Malone is one liberated individual. According to The Land Report magazine, he now owns an estimated 2.2 million acres of U.S. cropland, ranch land, and woodland, an area about three times the size of Rhode Island. (The largest landowner in the world is Queen Elizabeth II, because technically she owns places like Australia and Canada.)
Unemployment: Workers give up in Los Angeles - Sep. 27, 2012
Unemployment: Workers give up in Los Angeles - Sep. 27, 2012
When surveyed by the government, fewer L.A. residents say they're unemployed compared to a year ago. But it's not because they're finding jobs. It's because they're dropping out of the labor force altogether.
Just over 100,000 of workers have left the Los Angeles labor force since the beginning of the year, according to seasonally adjusted data from the California Employment Development Department.
When surveyed by the government, fewer L.A. residents say they're unemployed compared to a year ago. But it's not because they're finding jobs. It's because they're dropping out of the labor force altogether.
Just over 100,000 of workers have left the Los Angeles labor force since the beginning of the year, according to seasonally adjusted data from the California Employment Development Department.
Another California city scrambling to avoid bankruptcy | Fox News
Another California city scrambling to avoid bankruptcy | Fox News
Atwater, a city of roughly 28,000 in California's Central Valley, may declare a fiscal emergency as soon as next week, but it is trying to avoid becoming the fourth California city to file for municipal bankruptcy this year, its mayor said.
Under California law, a local government must either declare a "fiscal emergency" or go through a 60-to-90 day confidential negotiation process with its creditors before it files for municipal bankruptcy. Since late June, three Golden State cities-Stockton, San Bernardino and Mammoth Lakes-have filed for bankruptcy protection.
"We are planning to stay current on our ... bonds," said Mayor Carol Joan Faul in a telephone interview with Dow Jones Newswires. "We are hoping to avoid" bankruptcy, she said, "but as far as I'm concerned, we may have to declare a fiscal emergency" on Oct. 3.
Atwater, a city of roughly 28,000 in California's Central Valley, may declare a fiscal emergency as soon as next week, but it is trying to avoid becoming the fourth California city to file for municipal bankruptcy this year, its mayor said.
Under California law, a local government must either declare a "fiscal emergency" or go through a 60-to-90 day confidential negotiation process with its creditors before it files for municipal bankruptcy. Since late June, three Golden State cities-Stockton, San Bernardino and Mammoth Lakes-have filed for bankruptcy protection.
"We are planning to stay current on our ... bonds," said Mayor Carol Joan Faul in a telephone interview with Dow Jones Newswires. "We are hoping to avoid" bankruptcy, she said, "but as far as I'm concerned, we may have to declare a fiscal emergency" on Oct. 3.
SEC’s Gallagher Calls for Floating Price for Money Market Funds - Businessweek
SEC’s Gallagher Calls for Floating Price for Money Market Funds - Businessweek
Gallagher, who helped derail efforts to tighten rules for money market mutual funds, said he would likely support a measure forcing the industry to abandon its marquee $1 share price.
Requiring money funds to have a fluctuating share price “is an attractive option that I am likely to support,” Gallagher, a Republican, said in an interview.
All your money market accounts belong to us. First MM next you're 401k.
Gallagher, who helped derail efforts to tighten rules for money market mutual funds, said he would likely support a measure forcing the industry to abandon its marquee $1 share price.
Requiring money funds to have a fluctuating share price “is an attractive option that I am likely to support,” Gallagher, a Republican, said in an interview.
All your money market accounts belong to us. First MM next you're 401k.
The World Health Organization
The World Health Organization (WHO) is considering a global excise
tax of up to 70 percent on cigarettes at an upcoming November
conference, raising concerns among free market tax policy analysts about
fiscal sovereignty and bureaucratic mission creep
http://freebeacon.com/taxes-without-borders/
http://freebeacon.com/taxes-without-borders/
Cash for Clunkers ( Fail )
Cash for Clunkers I
was doing a bit of research last night and discovered this little tid
bit of information. The person who calculated this bit of information is now, and has
been a professor at the University of West Virginia in Morgantown for
the last forty some years.
He says that:
A clunker that travels 12,000 miles a year at 15 mpg uses 800 gallons of gas a year.
A new vehicle that travels 12,000 miles a year at 25 mpg uses 480 gallons of gas a year.
So, the average Cash for Clunkers transaction reduced gasoline consumption by 320 gallons per year.
I know it's been a while but here's the math that someone sent me about the cash for clunkers program.
The government claims 700,000 clunkers were replaced so that is 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $70 per barrel costs about $350 million dollars.
So, the government paid $3 billion of our tax dollars to save $350 million. They spent $8.57 for every $1.00 they saved.
I'm pretty sure they will do a much better job with our health care though.
* Note and please for the love all all that is good, don't quote me the Boston Globe Snopes article.Unfortunately the snopes math is horrible. Even then there are some monster bad assumptions like a clunker driving 12k mi/yr being replaced by a new vehicle being driven 12k mi/yr. Totally unrealistic.
Another aspect of C4C. The $3b cost came from borrowing. Over the expected useful life of the vehicles purchased the cost of repaying that $3b is ~200m/yr. Opportunity cost. Fail.
He says that:
A clunker that travels 12,000 miles a year at 15 mpg uses 800 gallons of gas a year.
A new vehicle that travels 12,000 miles a year at 25 mpg uses 480 gallons of gas a year.
So, the average Cash for Clunkers transaction reduced gasoline consumption by 320 gallons per year.
I know it's been a while but here's the math that someone sent me about the cash for clunkers program.
The government claims 700,000 clunkers were replaced so that is 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $70 per barrel costs about $350 million dollars.
So, the government paid $3 billion of our tax dollars to save $350 million. They spent $8.57 for every $1.00 they saved.
I'm pretty sure they will do a much better job with our health care though.
* Note and please for the love all all that is good, don't quote me the Boston Globe Snopes article.Unfortunately the snopes math is horrible. Even then there are some monster bad assumptions like a clunker driving 12k mi/yr being replaced by a new vehicle being driven 12k mi/yr. Totally unrealistic.
Another aspect of C4C. The $3b cost came from borrowing. Over the expected useful life of the vehicles purchased the cost of repaying that $3b is ~200m/yr. Opportunity cost. Fail.
US growth rate sees shock fall to 1.3% in Q2
US growth rate sees shock fall to 1.3% in Q2
27-Sep (Investment Week) — The US economy grew more slowly than expected in the second quarter, compounding fears the world’s largest economy could be heading back into recession, the latest data has revealed.
The final reading of the country’s second quarter growth rate showed the economy expanded by 1.3% in Q2, down from 1.7%, according to the Bureau of Economic Analysis.
The fall was much larger than analysts had expected, with many pricing in no change at all.
It means the US economy is slowing quickly, having recorded GDP growth of 2% in the first quarter.
The slump was attributed to slowing consumer spending, weaker farm inventories and lower business investment.
Analysts partly blamed weather conditions for the weakness in farm inventories, following a severe drought this year.
Ha ha ha ha!
27-Sep (Investment Week) — The US economy grew more slowly than expected in the second quarter, compounding fears the world’s largest economy could be heading back into recession, the latest data has revealed.
The final reading of the country’s second quarter growth rate showed the economy expanded by 1.3% in Q2, down from 1.7%, according to the Bureau of Economic Analysis.
The fall was much larger than analysts had expected, with many pricing in no change at all.
It means the US economy is slowing quickly, having recorded GDP growth of 2% in the first quarter.
The slump was attributed to slowing consumer spending, weaker farm inventories and lower business investment.
Analysts partly blamed weather conditions for the weakness in farm inventories, following a severe drought this year.
Ha ha ha ha!
Labor Dept. says it underestimated job growth - Economic Report - MarketWatch
Labor Dept. says it underestimated job growth - Economic Report - MarketWatch
The initial estimates of private employment suggest an upward revision of 453,000. This includes an additional 85,000 jobs in construction, and 145,0000 to trade, transportation and utilities. Read the complete government report.
There were some downward revisions as well, including 25,000 fewer manufacturing jobs and 67,000 fewer government jobs.
“We have found that annual benchmark revisions tend follow the business cycle, and an upward revision of 386,000 is in line with the solid but not spectacular GDP growth so far in 2012,” said Cooper Howes, an economist with Barclays Capital, in a note to clients....
The initial estimates of private employment suggest an upward revision of 453,000. This includes an additional 85,000 jobs in construction, and 145,0000 to trade, transportation and utilities. Read the complete government report.
There were some downward revisions as well, including 25,000 fewer manufacturing jobs and 67,000 fewer government jobs.
“We have found that annual benchmark revisions tend follow the business cycle, and an upward revision of 386,000 is in line with the solid but not spectacular GDP growth so far in 2012,” said Cooper Howes, an economist with Barclays Capital, in a note to clients....
US housing plan aims to woo bondholders - FT.com
US housing plan aims to woo bondholders - FT.com
Mortgage Resolution Partners, advised by Evercore Partners
and Westwood Capital, has proposed that governments should instead use
that authority to seize mortgages worth more than the underlying
property and write down borrowers’ excess housing debt in hopes of
averting default. The owners of the loans would receive compensation at
fair market value.
MRP is initially targeting 5,000 home loans, at a potential cost of about $750m, owned in private label securities. The company is attempting to raise hundreds of millions of dollars from institutional investors, with the money to be used by local authorities to buy loans. The new mortgages would be sold and the proceeds divided between the local government and the investors.
Proponents of a controversial US housing plan that would use
local governments’ compulsory purchase powers to seize distressed home
loans are wooing bondholders with improved financial terms.
The plan involves using government powers known as “eminent domain” that are commonly used to force homeowners to sell their property to make room for public projects such as new roads.
The plan involves using government powers known as “eminent domain” that are commonly used to force homeowners to sell their property to make room for public projects such as new roads.
MRP is initially targeting 5,000 home loans, at a potential cost of about $750m, owned in private label securities. The company is attempting to raise hundreds of millions of dollars from institutional investors, with the money to be used by local authorities to buy loans. The new mortgages would be sold and the proceeds divided between the local government and the investors.
Romney vs. Obama: An Overview of the Candidates Housing Views
Romney vs. Obama: An Overview of the Candidates Housing Views
Even while housing is repeatedly cited as a leading cause of the Great Recession and as a significant key to a full recovery the candidates for President of the United States have had little to say on the subject. While President Barack Obama has been heavily involved in housing issues for almost four years and it is fairly easy to derive and document what we can assume will be his policy over the next four years the same is obviously not true for the challenger. Mitt Romney finally released a "White Paper" on his housing policy last Friday but it merely paralleled and slightly expanded some information that has been on his website for months
Even while housing is repeatedly cited as a leading cause of the Great Recession and as a significant key to a full recovery the candidates for President of the United States have had little to say on the subject. While President Barack Obama has been heavily involved in housing issues for almost four years and it is fairly easy to derive and document what we can assume will be his policy over the next four years the same is obviously not true for the challenger. Mitt Romney finally released a "White Paper" on his housing policy last Friday but it merely paralleled and slightly expanded some information that has been on his website for months
Wednesday, September 26, 2012
FT: Euro Crisis May Fuel the Breakup of Spain
Some real good may come out of the eurozone crisis. It's spawning a separatist movement in Spain FT is reporting:
Spain has entered a constitutional crisis. The decision of Catalonia’s nationalist government to call a snap election in November – which in practice will amount to a referendum on independence – has opened the way to Catalan secession. That decision, in turn, may give a lift to Basque separatists, now running neck and neck with mainstream nationalists in regional government elections due next month, after winning the largest number of Basque Country seats last year in local and general elections.
As a Spain trapped in the eurozone crisis tries to battle its way through a wrenching recession, it must now contemplate the real possibility that its plurinational state, which replaced the suffocatingly centralist Franco dictatorship with highly devolved regional government, may break up.Something to look forward to when this debt crisis reaches our shores.
The IMF Is Shocked, Shocked, at Greece’s Fiscal Failure. Should It Be?
The IMF last week told the Greek government to get with the
program—specifically, the economic adjustment program that Greece agreed
to as a condition for receiving loans from the Fund. Greece is
indeed way off target, but that’s apparently par for the course with
such programs. In 2003, the IMF’s own independent evaluation office
looked at the difference between actual and projected changes in fiscal
balances in countries receiving funds from its Extended Fund Facilities
(EFF) and so-called Stand-By Arrangements (SBA). As shown in the
graphic above, nearly ¾ of market-based countries (that is, countries
not in transition from central planning) receiving funds from the EFF or
SBA underperformed their targets in the second year of their program.
This suggests that Greece’s performance is par for the course with such
IMF programs. However, Der Spiegel reported on Monday that
the Troika of official Greek lenders (the European Commission, ECB, and
IMF) was now pegging Greece’s budget deficit at €20 billion. If
accurate, that would put Greece on track to miss its IMF fiscal deficit
target by €13 billion, or a whopping 6 percent of GDP – making it an
extreme target-underperformer even by the standards of the many past
underperformers.
Der Spiegel: Troika Nearly Doubles Estimate of Greek Shortfall
IMF: Statement on Mission to Greece
Geo-Graphics: Does “More Europe” Mean More Pro-Cyclical Fiscal Policy?
IMF Evaluation Report: Fiscal Adjustment in IMF-Supported Programs
Der Spiegel: Troika Nearly Doubles Estimate of Greek Shortfall
IMF: Statement on Mission to Greece
Geo-Graphics: Does “More Europe” Mean More Pro-Cyclical Fiscal Policy?
IMF Evaluation Report: Fiscal Adjustment in IMF-Supported Programs
Question for the MSM
Where is your coverage of the Riots in Spain? Yet one week ago the Middle East was Plastered all over the television on September 11th on all major Networks. Selective reporting and fear mongering? Proof you are bought and paid for enablers.
Madrid, Spain
Citizens have surrounded the Congress building in Madrid and are demanding immediate resignation of the Government.
http://www.livestream.com/spanishrevolutionsol
Madrid, Spain
Citizens have surrounded the Congress building in Madrid and are demanding immediate resignation of the Government.
http://www.livestream.com/spanishrevolutionsol
Nokia Dividend Elimination Looms as Cash Dwindles - Bloomberg
Nokia Dividend Elimination Looms as Cash Dwindles - Bloomberg
“Most crucial for Nokia now is to turn around their sales and reach profitability as soon as possible,” said Mikael Anttila, who helps manage corporate bonds, including Nokia debt, at SEB AB in Stockholm. “Until then, it would be rational for them to not pay dividends, to help maintain what cash they have.”
Without a dividend, Nokia Chief Executive Officer Stephen Elop risks alienating yield-focused investors at a time when the company’s stock price is headed for its fifth consecutive annual decline.
“Most crucial for Nokia now is to turn around their sales and reach profitability as soon as possible,” said Mikael Anttila, who helps manage corporate bonds, including Nokia debt, at SEB AB in Stockholm. “Until then, it would be rational for them to not pay dividends, to help maintain what cash they have.”
Without a dividend, Nokia Chief Executive Officer Stephen Elop risks alienating yield-focused investors at a time when the company’s stock price is headed for its fifth consecutive annual decline.
A record 1 in 5 homes has student loan debt - CBS News
A record 1 in 5 homes has student loan debt - CBS News
A growing number of Americans need to work just to pay off their student loans.
A study out Wednesday says that 19 percent of households in 2010 had student loan debt. The average balance was more than $26,000 -- a fourteen percent increase in three years.
Jessica Brothers, 28, has a bachelor's degree and is pursuing a master's degree -- and she owes $85,000 in college loans.
"I didn't expect it to cost that much. When I started I was just pursing what I wanted to do in school and what my passion was," Brothers said.
Brothers used to attend a private college, where tuition was more than $30,000 per year. To save money, she transferred to Brooklyn College, where annual tuition is just over $5,000.
"It puts on pressure to make sure I get that good paying job to make sure I can pay these loans back," Brothers said
A growing number of Americans need to work just to pay off their student loans.
A study out Wednesday says that 19 percent of households in 2010 had student loan debt. The average balance was more than $26,000 -- a fourteen percent increase in three years.
Jessica Brothers, 28, has a bachelor's degree and is pursuing a master's degree -- and she owes $85,000 in college loans.
"I didn't expect it to cost that much. When I started I was just pursing what I wanted to do in school and what my passion was," Brothers said.
Brothers used to attend a private college, where tuition was more than $30,000 per year. To save money, she transferred to Brooklyn College, where annual tuition is just over $5,000.
"It puts on pressure to make sure I get that good paying job to make sure I can pay these loans back," Brothers said
Russians bargain-hunting in Northern Aegean | Presseurop (English)
Russians bargain-hunting in Northern Aegean | Presseurop (English)
More and more rich Russians are buying up second homes in the Halkidiki [region of Northern Greece], while Russian companies are purchasing hotels and investing in land. No one knows exactly how much they have already bought.
But it appears that Russians are already the owners of a major hotel development in Potidaea and another in Psakoudia, and that they aim to participate in a call for tender for a major hotel in Gerakini. At the same time, they are partners in a joint venture with a Greek company to build a further 600-bed hotel in the region.
More and more rich Russians are buying up second homes in the Halkidiki [region of Northern Greece], while Russian companies are purchasing hotels and investing in land. No one knows exactly how much they have already bought.
But it appears that Russians are already the owners of a major hotel development in Potidaea and another in Psakoudia, and that they aim to participate in a call for tender for a major hotel in Gerakini. At the same time, they are partners in a joint venture with a Greek company to build a further 600-bed hotel in the region.
Home prices may not return to peak until 2023 - Sep. 26, 2012
Home prices may not return to peak until 2023 - Sep. 26, 2012
Fiserv forecasts prices will bounce back an average of 3.7% a year for the next five years -- a rate that would still leave prices 20% below the peak. At that forecasted growth rate, the national average high of $238,000 would not be hit again until 2023.
So what you are witnessing folks is Election time brouhaha, make note of that when the Actors inform you of the housing market on the mend during the 10 o'clock News Hour.
Fiserv forecasts prices will bounce back an average of 3.7% a year for the next five years -- a rate that would still leave prices 20% below the peak. At that forecasted growth rate, the national average high of $238,000 would not be hit again until 2023.
So what you are witnessing folks is Election time brouhaha, make note of that when the Actors inform you of the housing market on the mend during the 10 o'clock News Hour.
Exclusive: BOJ's Sato says ready to ease policy again | Reuters
Exclusive: BOJ's Sato says ready to ease policy again
| Reuters
In an exclusive interview with Reuters, Sato also said Japan may not achieve the BOJ’s 1 percent inflation target as early as the central bank had hoped, issuing the strongest warning to date by a policymaker of risks to the country’s recovery.
“We won’t hesitate in taking additional monetary easing steps if we feel that risks have heightened enough and that the economy may undershoot our forecasts even after this month’s monetary easing,” he said on Wednesday.
| Reuters
In an exclusive interview with Reuters, Sato also said Japan may not achieve the BOJ’s 1 percent inflation target as early as the central bank had hoped, issuing the strongest warning to date by a policymaker of risks to the country’s recovery.
“We won’t hesitate in taking additional monetary easing steps if we feel that risks have heightened enough and that the economy may undershoot our forecasts even after this month’s monetary easing,” he said on Wednesday.
Fed Virtually Funding the Entire US Deficit: Lindsey - US Business News - CNBC
Fed Virtually Funding the Entire US Deficit: Lindsey - US Business News - CNBC
Lindsey said that with the Fed purchasing at least $40 billion a month in mortgage debt through QE3, “they are buying the entire deficit.”
“I have no problem doing extraordinary things in extraordinary times,” said Lindsey, a former White House economic advisor under former president George W. Bush who now runs his own consulting firm.
...“The Fed, maybe because it can't do otherwise, has told the Congress: 'We're going to buy your bonds no matter what,'” Lindsey said. “I think that's keeping the pressure off the president, off the Congress.”
Lindsey said that with the Fed purchasing at least $40 billion a month in mortgage debt through QE3, “they are buying the entire deficit.”
“I have no problem doing extraordinary things in extraordinary times,” said Lindsey, a former White House economic advisor under former president George W. Bush who now runs his own consulting firm.
...“The Fed, maybe because it can't do otherwise, has told the Congress: 'We're going to buy your bonds no matter what,'” Lindsey said. “I think that's keeping the pressure off the president, off the Congress.”
Top investors expect financial tsunami in next year: survey - The Globe and Mail
Top investors expect financial tsunami in next year: survey - The Globe and Mail
"The world’s biggest investors fear a fresh market crisis will erupt in the next 12 months amid worries that troubles in the eurozone will hit global growth and cause disruption in the financial system similar to the collapse of Lehman Brothers.
More than 70 per cent of investors warn that a so-called tail-risk event, an external shock that causes a market sell-off and potentially threatens the financial system, will happen in the next year, says State Street Global Advisors."
"The world’s biggest investors fear a fresh market crisis will erupt in the next 12 months amid worries that troubles in the eurozone will hit global growth and cause disruption in the financial system similar to the collapse of Lehman Brothers.
More than 70 per cent of investors warn that a so-called tail-risk event, an external shock that causes a market sell-off and potentially threatens the financial system, will happen in the next year, says State Street Global Advisors."
Brown demands Warren reveal her corporate clients - BostonHerald.com
Brown demands Warren reveal her corporate clients - BostonHerald.com
GOP Sen. Scott Brown this morning demanded Democrat Elizabeth Warren release a full list of the corporate legal clients she has represented while she has worked at Harvard University, a day after the Herald reported Warren had represented a steel conglomerate that was fighting a court ruling to pay out benefits to its retirees.
“Voters deserve to know your full involvement in these types of cases,” Brown wrote in a letter to Warren, which was released this morning. “Therefore, I am calling on you to provide a complete accounting of your corporate legal clients during your years at Harvard.”
GOP Sen. Scott Brown this morning demanded Democrat Elizabeth Warren release a full list of the corporate legal clients she has represented while she has worked at Harvard University, a day after the Herald reported Warren had represented a steel conglomerate that was fighting a court ruling to pay out benefits to its retirees.
“Voters deserve to know your full involvement in these types of cases,” Brown wrote in a letter to Warren, which was released this morning. “Therefore, I am calling on you to provide a complete accounting of your corporate legal clients during your years at Harvard.”
Police stop 19 cars, handcuff citizens
WTF! women and children everywhere and these guys are blazing!..LAWSUIT! .It takes a big man to hold women and children at gunpoint. Somebody tell me again why the police are less of a threat than the criminals.
More than 800 thousand loans have been rescheduled due to the decline in income
More than 800 thousand loans have been rescheduled due to the decline in income
The Greek financial system worsened dramatically after the haircut of the face value of Greek government bonds. Banks’ balance sheets noted serious deficiencies when the bonds they hold as assets lost 50% of their value in the PSI process. The reduction of pensions and wages and increased unemployment have put a large number of payers in a very difficult position and they started to experience difficulties or ceased repaying their monthly obligations to financial institutions. By August 2012, the loans "in the red" reached 17.2% or 77 billion euro and one out of every three consumer loans was not serviced. Meanwhile, more than 70 billion euro in deposits have been withdrawn from the country in the last three years since 2009.
The Greek financial system worsened dramatically after the haircut of the face value of Greek government bonds. Banks’ balance sheets noted serious deficiencies when the bonds they hold as assets lost 50% of their value in the PSI process. The reduction of pensions and wages and increased unemployment have put a large number of payers in a very difficult position and they started to experience difficulties or ceased repaying their monthly obligations to financial institutions. By August 2012, the loans "in the red" reached 17.2% or 77 billion euro and one out of every three consumer loans was not serviced. Meanwhile, more than 70 billion euro in deposits have been withdrawn from the country in the last three years since 2009.
Taiwan wades in: Water-gunfighting | The Economist
Taiwan wades in: Water-gunfighting | The Economist
A fierce shootout with water-cannon broke out between Japan’s coast guard and Taiwan’s on the morning of September 25th. The Japanese side was trying to repel an armada of almost 60 Taiwanese fishing vessels, which had sailed irritatingly near the islets, by blasting some of them with deck-mounted water cannon. Taiwan’s patrol boats retaliated by firing back with their own high-pressure hoses at the Japanese coastguard ships, all the while booming over loudspeakers that these rocks are the sovereign territory of the Republic of China (Taiwan’s official name) and that the Japanese vessels must leave Taiwan’s territory immediately. The fishing fleet managed to sail within three nautical miles (5.5km) of the disputed islands, before being turned back by the Japanese side. Meanwhile Taiwan’s navy dispatched frigates to the country’s north-eastern coast and scrambled warplanes, such as F-16s and Mirages, to monitor the civilian armada, according to a statement issued by the defence ministry on September 26th. The point, they say, was to be prepared for any eventuality. The president, Ma Ying-jeou, lent his support too, not missing a chance to add that the waters around the contested islands have been fishing grounds for Taiwan’s fishermen for more than 100 years.First water, then bullets, then bombs.
California Screaming As 4th Muni Bankruptcy Looms in Atwater | ZeroHedge
California Screaming As 4th Muni Bankruptcy Looms in Atwater | ZeroHedge
Whether Atwater, California will join the prodigious ranks of Stockton, San Bernardino, and Mammoth Lakes to become the 4th Muni bankruptcy is up for vote on October 3rd (before a $2mm bond payment in November). As Bloomberg notes, the 28,000-strong Merced county town is suffering under the same weight of public employee costs, lost revenue, and a stagnant economy leaving it with a $3.3 million budget deficit. While some put their hope in the FB IPO, perhaps Bernanke should have mandated investment in AAPL for all these municipal comptrollers? The median income is 19% below the national average as the foreclosure crisis - which saw Atwater's median home price drop by more than half - has depleted property-tax revenues dramatically. "We just started negotiating with our unions and they are going to have to take a major cut," Mayor Joan Faul said. "We hope that once we declare a fiscal emergency, that they will realize that we are definitely in an emergency. If they want to save all the jobs, everyone is going to have to take a cut,"
Whether Atwater, California will join the prodigious ranks of Stockton, San Bernardino, and Mammoth Lakes to become the 4th Muni bankruptcy is up for vote on October 3rd (before a $2mm bond payment in November). As Bloomberg notes, the 28,000-strong Merced county town is suffering under the same weight of public employee costs, lost revenue, and a stagnant economy leaving it with a $3.3 million budget deficit. While some put their hope in the FB IPO, perhaps Bernanke should have mandated investment in AAPL for all these municipal comptrollers? The median income is 19% below the national average as the foreclosure crisis - which saw Atwater's median home price drop by more than half - has depleted property-tax revenues dramatically. "We just started negotiating with our unions and they are going to have to take a major cut," Mayor Joan Faul said. "We hope that once we declare a fiscal emergency, that they will realize that we are definitely in an emergency. If they want to save all the jobs, everyone is going to have to take a cut,"
FHFA Threatens Strategic Defaulters With Prison: “We’re Going To Lock People Up” « Set You Free News
FHFA Threatens Strategic Defaulters With Prison: “We’re Going To Lock People Up” « Set You Free News
Strategic defaulters, beware. The feds are coming for you. And they are not happy.
Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a “strategic defaulter” who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it’s time to start looking over your shoulder.
If you conveniently left off the fact that you have an outstanding mortgage you failed to pay, or that you have a deficiency judgment against you for the difference between what you owe and what the house sold for at foreclosure, you’ve committed mortgage fraud.
YET THEY FAILED TO ARREST ONE BANKER DURING THIS ENTIRE SCAM! The hypocrisy is mind numbing.
Strategic defaulters, beware. The feds are coming for you. And they are not happy.
Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a “strategic defaulter” who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it’s time to start looking over your shoulder.
If you conveniently left off the fact that you have an outstanding mortgage you failed to pay, or that you have a deficiency judgment against you for the difference between what you owe and what the house sold for at foreclosure, you’ve committed mortgage fraud.
YET THEY FAILED TO ARREST ONE BANKER DURING THIS ENTIRE SCAM! The hypocrisy is mind numbing.
Athens descends into violence as 200,000 march against austerity | World news | guardian.co.uk
They aren't just marching in Greece, now firebombs are being thrown,
numbers at 200,000 during a general strike. The video embedded is very
graphic.
Athens descends into violence as 200,000 march against austerity | World news | guardian.co.uk
Athens descends into violence as 200,000 march against austerity | World news | guardian.co.uk
Subscribe to:
Posts (Atom)