thestatedtruth.com | September 4, 2010
A must listen to interview with Jim Rickards about our economy and more. We all need to be aware of the direction of things to come. This interview from Jim Rickards will help in understanding these things better. Click on the following link or paste into your browser: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/9/4_Jim_Rickards.html Biography of James G. Rickards…..James G. Rickards is [...]
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Tags: Economy, everybody should listen to this, jim rickards, must listen too, new york stock exchange, stockmarket, wall st, Wall Street
thestatedtruth.com | September 1, 2010
This looks like the worst sales performance since the early 1980′s………If autos looked this bad then one would asume that housing should fare no better as consumers still have too much debt…..Here is a quote from Toyota, “We are bracing ourselves for the coming crisis.”. Toyota Motor Corp., General Motors Co. and Ford Motor Co., [...]
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thestatedtruth.com | August 29, 2010
By Todd Harrison of Minyanville Seeking Solutions In An Uncertain World We used to play for silver, now we play for life; ones for sport and one’s for blood at the point of a knife. –Grateful Dead We live in interesting times. During the last two years, a financial virus spawned and infected the economic [...]
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thestatedtruth.com | August 27, 2010
08/27/2010 The WSJ’s Simon Constable interviews Robert Shiller. He says that an economic double dip may be “imminent.” Shiller also believes that when the NBER looks back at the data, Q3 of this year will mark the beginning of the second dip of the recession. Ironically, since up to now the previous recession has never actually [...]
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thestatedtruth.com | August 26, 2010
Modest is putting it bluntly…..There was some modestly encouraging news. The percentage of mortgage borrowers receiving foreclosure notices fell slightly to 4.57 percent in the April-to-June quarter. Government efforts haven’t made much of a difference. Nearly half of the 1.3 million homeowners who have enrolled in the Obama administration’s main mortgage-relief program have been cut loose [...]
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thestatedtruth.com | August 26, 2010
The Canary in the coal mine. Sounds like a bad situation is setting itself up here…… We went over some of this just a few days ago……It’s an unfolding disaster…. Illinois Teachers’ Retirement System, Springfield, plans to sell $3 billion in investments, or about 10% of its $33.1 billion in assets in the current fiscal year [...]
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thestatedtruth.com | August 26, 2010
Hmm…..Two months in a row, right in the middle of the traditional best seasonal time of the year for real estate….not one new home was sold valued above $750,000 in the whole U.S. according to David Rosenberg (he worked for Merrill Lynch and now resides in Canada as chief economist and strategist at Gluskin Sheff). …..Attitudes towards [...]
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thestatedtruth.com | August 26, 2010
In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify. His proposal was rejected 57-42 on a party-line vote because, …………Senator Chris Dodd (D-Conn) explained, “passage [...]
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thestatedtruth.com | August 25, 2010
An economic recovery doesn’t look anything like this: www.dailyreckoning.com
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thestatedtruth.com | August 25, 2010
Yra Harris. ……..Listen carefully, he knows what is coming! CNBC-CME Trader Sounds Off August 25, 2010 at 9:19 am More at: www.jsmineset.com/
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thestatedtruth.com | August 24, 2010
Existing home sales fell to their lowest level in over 15 years in July as inventories soared. It portrays a grim picture for the housing market absent government support. Home resales dropped a record 27.2% or nearly twice as much as analysts had expected to an annual rate of 3.83 million in July, according to the National Association of [...]
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thestatedtruth.com | August 23, 2010
By Todd Harrison of Minyanville Seeking Solutions In An Uncertain World We used to play for silver, now we play for life; ones for sport and one’s for blood at the point of a knife. –Grateful Dead We live in interesting times. During the last two years, a financial virus spawned and infected the economic [...]
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thestatedtruth.com | August 23, 2010
Let’s keep this in mind…..Quoting PIMCO’s Bill Gross on real estate mortgages, Fannie Mae and Freddie Mac….”To suggest the private market can come back in and take the place [of the government] is simply impractical. It won’t work”. Sources say the Obama administration is floating the idea that any federal backing of mortgages be paid for [...]
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thestatedtruth.com | August 22, 2010
The Phillie Fed report was just awful. Buried in the details was the fact that the hours-worked index is collapsing, consistent with previews to past recessions. Very worrisome. (From my favorite slicer and dicer of data, Greg Weldon: www.weldononline.com) Bottom line? It is going to be a tough environment for the next 6-8 years. That [...]
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thestatedtruth.com | August 20, 2010
HAMP stands for Home Affordable Modification Plan…… The key here is that these borrowers are still up to their eyeballs in debt after the modification. From Treasury: HAMP Servicer Performance Report Through July 2010 According to HAMP, there are 255,934 “active trials”, down from 364,077 last month. There is still a large number of borrowers in limbo [...]
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thestatedtruth.com | August 20, 2010
Aug 20, 2010 PIMCO’s Bill Gross Has A Big Idea…..Actually JP Morgan might have started these thoughts. Question: Is It Fair To Save The Irresponsible At The Expense Of The Prudent And Conservative? Where is the bonus for being fiscally responsible? Auh, there is none unless your in financial trouble! At Tuesday’s [...]
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thestatedtruth.com | August 19, 2010
U.S. commercia real estate mall prices fall almost 11% in second quarter. Question……To whom would one sell commercial property to if forced in this environment? The red ink is going to be massive. The plunge is on. Let’s hope the powers to be never require this stuff to be marked to market by the small banks or pension funds [...]
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thestatedtruth.com | August 18, 2010
When pondering new stimulus and home ownership plans that are subsidized entirely on the backs of the population or future generations, consider this prescient quotable: “The American Republic will endure, until politicians realize they can bribe the people with their own money.” – Alexis de Tocqueville (1800’s French historican)– www.ingerletter.com
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thestatedtruth.com | August 18, 2010
By David Mildenberg and Jody Shenn // Aug 18, 2010 Bank of America and JPMorgan Chase & Co. are among 11 lenders that could suffer $133.8 billion in combined losses as mortgage-bond investors and insurers demand refunds for soured loans, according to an analysis by Compass Point Research and Trading LLC. That’s the base estimate by [...]
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thestatedtruth.com | August 17, 2010
From Zerohedge.com 08/17/2010 The one must watch interview of the week (if not of the year) features Hayman Capital’s Kyle Bass. Bass, who correctly called the subprime implosion (and profited handsomely from it) as a iconoclast contrarian to conventional wisdom, tells David Faber that “given my outlook on the world, I don’t know how I [...]
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thestatedtruth.com | August 17, 2010
Big changes coming to the housing market. One thing you can be assured of, this will end badly, it always does when the government gets heavily involved. “To suggest that there’s a large place for private financing in the future of housing finance is unrealistic,” “Government is part of our future. We need a government balance [...]
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thestatedtruth.com | August 16, 2010
The ECRI index is an important leading indicator. It has now fallen for 10 straight weeks. There are three insurmountable problems in the US economy that are of a magnitude and gravity which can only be remedied by money printing: Federal and state deficits will soon escalate at an exponential rate. The US Federal debt [...]
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thestatedtruth.com | August 15, 2010
A major class struggle lies dead ahead! The gap between the super-rich, the wealthy and “the rest of us” has widened, forming what is in essence two Americas. Economists Emmanuel Saez and Thomas Piketty have reported that the top 10% of earners took home about half of all income. According to Moody’s Analytics research, the top 5% [...]
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thestatedtruth.com | August 15, 2010
The FHA is almost broke, is government supported and they back 30% of all loans outstanding….To make matters more interesting, in its 76-year history, the FHA has never required a credit score from borrowers. (No wonder they’re broke). At a 580 credit score and above, borrowers would be eligible for a 3.5% down payment (still ridiculous). It is well below scores [...]
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thestatedtruth.com | August 13, 2010
Rosenberg Starts Off In Style: “If you don’t believe there’s going to be a double dip, it’s because the first recession never ended. If there is going to be a double dip, the odds are certainly higher than 50-50.”
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thestatedtruth.com | August 12, 2010
Jim Sinclair’s Commentary This is simply not going away. There is no practical means by which it can be drained ever! It is growing in a way that is unsustainable by any measure. Rather than being contained we are on the threshold of another round of unprecedented paper money creation. The reason it is happening [...]
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thestatedtruth.com | August 11, 2010
08-11-2010 The Mortgage Bankers Association released its weekly numbers and the Market Composite Index, a measure of mortgage loan application volume, was up 0.6% from a week before. Yet despite mortgage rates hitting all time record lows, this number was a reduction from the previous mortgage application change of +1.3%. As the press [...]
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thestatedtruth.com | August 11, 2010
By Paul Wiseman, USA TODAY Just how much should Uncle Sam do to help Americans buy their own homes?For 70 years and for the last 15 in particular the answer has been: Whatever it takes. Now, policymakers are pausing to reconsider. In the next few months, they’ll weigh whether there can be too much [...]
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thestatedtruth.com | August 11, 2010
Millions of houses on the verge of foreclosure threaten to send homeownership to its lowest level in 50 years, according to new industry estimates. Latest projections say the rate could plummet to about 62% as early as 2012 but certainly by the end of the decade. Homeownership rates haven’t been that low since they hit 61.9% in [...]
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thestatedtruth.com | August 10, 2010
A deflationary debt spiral is the killer of the American middle class. Little equity is left because the debt level has stayed basically the same, while most or all their assets including retirement are falling in value. In total, roughly $7 trillion in U.S. residential real estate values have been lost in the last few years according to the Case [...]
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thestatedtruth.com | August 9, 2010
Gene Inger’s Daily Briefing . . . for Tuesday August 10, 2010: Good evening; ‘A recessionary relapse’ ……. .is the biggest unreported forecast story of the day. Not by us (though we unfortunately concur but see real risk sooner), but rather from none other than the San Francisco Federal Reserve. I read the key [...]
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thestatedtruth.com | August 9, 2010
Aug 9, 2010 Since the recession started in the fourth quarter of 2007, the common theme has been about Americans cutting back on their spending. But the latest numbers from the BEA show aggregate personal consumption expenditures are up 2.9%, or $285 billion. So here are the numbers. So here is a table of winners: [...]
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thestatedtruth.com | August 6, 2010
Pacific Investment Management Co.’s Bill Gross said the Federal Reserve is unlikely to raise interest rates for two to three years as it seeks to keep the economy from slipping back into recession. Treasury two-year note yields dropped below 0.50 percent for the first time today after the Labor Department said the economy lost more [...]
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thestatedtruth.com | August 5, 2010
The 30 year Freddie Fixed Rate Mortgage has just printed under4.50%, at 4.49%: a new all time record low. Japan has already watched this movie…….It doesn’t matter at what rate the mortgage is, but more importantly for now is the security of having 1) cash flow and 2) a job. Both seem to be in short supply [...]
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thestatedtruth.com | August 5, 2010
These two companies Fannie Mae and Freddie Mac could very well lose money forever! At some point the government has to just say enough of this and either shut both of them down, or require higher down payments on home purchases to protect their assets. Simple as that! By Lorraine Woellert Thursday August 05, 2010 Fannie Mae, [...]
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thestatedtruth.com | August 4, 2010
Source: CREonline Does the above chart look daunting? It should. The peak won’t hit until 2012 when nearly $350 billion in CRE loans will come due. And just look at the amount held by banks and thrifts. This is why predicting another 1,000 bank failures (at least) is within the cards. The connections between [...]
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thestatedtruth.com | August 4, 2010
Contracts for pending sales of previously owned U.S. homes fell to a record low in June as buyers sat on the sidelines, a survey from the National Association of Realtors showed on Tuesday. The June decline followed a 30 percent drop in May after a popular tax credit expired at the end of April. The [...]
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thestatedtruth.com | August 4, 2010
By Bloomberg News – // Aug 4, 2010 China’s banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said. Banks were instructed to include worst-case [...]
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thestatedtruth.com | August 2, 2010
Key Elements Of This Article Are: In the United States, the Fed’s latest Survey of Consumer Finances revealed that current or close retirees have roughly $50,000 of retirement savings, excluding the now questionable equity in their homes. Those born before in a macabre sense, the financial crisis couldn’t have been better timed, if it [...]
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thestatedtruth.com | August 1, 2010
Here are some of the comments from Alan Greenspan on NBC’s “Meet The Press”. We should keep in mind that Alan Greenspan told congress a year or two back that his “model” was broken! Joshua Zumbrun August 1, 2010 “We’re in a pause in a recovery, a modest recovery, but a pause in the modest recovery [...]
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thestatedtruth.com | July 31, 2010
The economy of the U.S. grew at a weaker than expected 2.4% in the second quarter, but the first quarter was revised back up to 3.7% on the strength of stronger-than-projected inventory rebuilding. But the recession years were revised downward rather significantly for this late in the cycle. We find now that the recession was [...]
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thestatedtruth.com | July 29, 2010
Exerts from: Bill Gross Investment Outlook August 2010 Observers will point out, as shown in the following chart, that global population growth rates have been declining since 1970 with no apparent ill effects. True, until 2008, I suppose. The fact is that since the 1970s we have never really experienced a secular period during which [...]
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thestatedtruth.com | July 29, 2010
Broken Financial Generations – U.S. households only have a median of $2,000 saved in retirement accounts. The median net worth for those 25 to 34 is $3,700. Which generation will support the economy going forward? Social Security beneficiaries make up 19 percent of all Americans. This is setting up a big problem. The demographics of the [...]
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thestatedtruth.com | July 28, 2010
By Alex Kowalski – Jul 28, 2010 Pacific Investment Management Co.’s Bill Gross said deficit spending by governments that seek to maintain artificial levels of consumption “can be compared to flushing money down an economic toilet.” Without acceleration in population growth, developed countries finance more consumption to maintain economic growth, the world’s biggest bond-fund manager [...]
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thestatedtruth.com | July 27, 2010
This means each additional dollar of debt is now working its way into a negative muliplyer effect on our economy….not to long ago, it had just the opposite effect, the more debt, the more we would grow. Now at some point going forward, a hiccup in the trillions of dollars of derivatives will set off a domino effect of defaults, [...]
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thestatedtruth.com | July 27, 2010
U.S. local governments may cut almost 500,000 jobs through next year to cope with sliding property taxes, a decline in state and federal aid and added need for social services, according to a report released today. The report, a result of a survey by the National League of Cities, the U.S. Conference of Mayors and [...]
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thestatedtruth.com | July 27, 2010
About 18.9 million homes in the U.S. stood empty during the second quarter as surging foreclosures helped push ownership to the lowest level in a decade. The number of vacant properties, including foreclosures, residences for sale and vacation homes, rose from 18.6 million in the year-earlier quarter, the U.S. Census Bureau said in a report [...]
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thestatedtruth.com | July 20, 2010
Source: Institute for Policy Studies The above shows a solid plutocracy is already here. Wealth is the key issue. As many people are now finding out simply having a massive home with a jumbo mortgage and a leased foreign car is no sign of wealth. In fact, that can be taken from you quickly (and [...]
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thestatedtruth.com | July 11, 2010
By Michael McDonald Jul 11, 2010 States can’t count on the federal government for more budget bailouts, the heads of President Barack Obama’s debt commission told governors today. States that are expecting Congress to authorize more bailout money are “going to be left with a very large hole to fill,” said Erskine Bowles, co-chairman of [...]
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thestatedtruth.com | July 8, 2010
Nice of the IMF to warn us………. By Tyler Durden 07/08/2010 The IMF has issued a less than stellar outlook of the US economy after consultations with US government authorities, in which it cautions that even as the outlook has generally improved, major downside risks remain: “On the downside, the backlog of foreclosures and high [...]
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thestatedtruth.com | July 8, 2010
Now all you have to do is qualify! Today, Freddie Mac announced that the 30 Year FRM declined to a new all time record low, dropping by 1 bp to 4.57% from the week before. Yet even as mortgage rates hit fresh weekly records courtesy of the Fed’s undisputed control of the mortgage market, the [...]
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thestatedtruth.com | July 5, 2010
The U.S. workforce shrank by 652,000 in June, one of the sharpest contractions ever. The rate of hourly earnings fell 0.1pc. Wages are flirting with deflation. So, can things get much worse? Yes! By Ambrose Evans-Pritchard Published: 9:33PM BST 04 Jul 2010 Ambrose Evans-Pritchard: Comment “Home sales are down. Retail sales are down. Factory [...]
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thestatedtruth.com | July 1, 2010
Borrowing costs have tumbled in the past two months as concern that a debt crisis in Europe may spread boosted demand for the safety of bonds including mortgage-backed securities. The lower rates have failed to lift housing demand, which has tumbled since a tax credit for first- time and certain other buyers expired at the [...]
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thestatedtruth.com | July 1, 2010
Decline in sales of existing U.S. homes shows that the industry at the center of the financial crisis continues to remain vulnerable in the absence of government support. Sounds like everything needs government support to exist today! By Shobhana Chandra July 1 (Bloomberg) – Manufacturing in the U.S. expanded in June at the slowest pace this [...]
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thestatedtruth.com | June 30, 2010
By Dan Levy Jun 30, 2010 Homes in the foreclosure process sold at an average 27 percent discount in the first quarter as almost a third of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc. A total of 232,959 homes sold in the period had received [...]
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thestatedtruth.com | June 28, 2010
This spells big big trouble for the world, it effects everyone every where……………..The ECRI leading indicator produced by the Economic Cycle Research Institute plummeted yet again last week to -6.9, pointing to contraction in the US by the end of the year. It is dropping faster that at any time in the post-War era. Andrew [...]
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thestatedtruth.com | June 28, 2010
Gene Inger’s Daily Briefing . . . for Tuesday June 29, 2010 At presstime: We just learned that the USS Nassau (I have personally been on that ship just as a curiosity to note, with an officer friend of mine who flew a helicopter off LHA-4 at the time) Amphibious Assault Ship carrying 4000 Marines has [...]
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thestatedtruth.com | June 28, 2010
By Barry Ritholtz By using traditional metrics: Whether we are looking at U.S. housing stock as a percentage of GDP or Median income versus home prices or even ownership versus renting costs, prices remain elevated. Indeed, we see prices remain above historic means. Consider price relative to income. From 1977 to 2010, the median U.S. [...]
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thestatedtruth.com | June 27, 2010
34 states saw tax collections decline in the first quarter of 2010. State budget deficits projected well into 2010 – Plunging tax revenues reflect a weaker economy dragged down by pervasive unemployment and underemployment. $112 billion in state budget gaps for fiscal 2011. Posted: Sun, 27 Jun 2010 Big states with dismal budget short falls [...]
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thestatedtruth.com | June 24, 2010
Vincent Fernando, CFA Jun. 24, 2010 Deutsche Bank has a new and improved index of U.S. financial conditions, and this index just slumped back towards the lows of our recent crisis. Deutsche Bank’s Peter Hooper: Financial conditions appear to have worsened substantially in recent quarters based on our update of the broad index of US [...]
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thestatedtruth.com | June 23, 2010
So now they tell us…….hasn’t this been ongoing for some time? By CHRISTINE HAUSER Published: June 23, 2010 The Federal Reserve’s policy-making arm said on Wednesday that it had decided to keep short-term interest rates near zero for “an extended period” in light of continuing threats to economic growth, including “developments abroad.” The announcement [...]
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thestatedtruth.com | June 23, 2010
Fannie Mae To Deny New Mortgages To Deadbeats 06/23/2010 According to Dow Jones, bankrupt GSE Fannie Mae, announced “it won’t back new mortgage loans for seven years for homeowners who walk away from their mortgages although they were able to pay or did not seek a workout in good faith with their lender.” “”We’re [...]
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thestatedtruth.com | June 22, 2010
I guess we could say CalPERS (California Public Employees’ Retirement System) is just plain unlucky….either that or they’re plain stupid. Maybe a little of both. After dropping a quarter of the value (and that’s being generous, it may be greater) of its $200-billion portfolio during the recession of 2008 and 2009, the country’s largest public pension fund is [...]
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thestatedtruth.com | June 22, 2010
June 22, 2010 By Andrew Atkinson June 22 (Bloomberg) – British Chancellor of the Exchequer George Osborne increased the value-added tax rate to 20 percent from 17.5 percent in the first permanent change to the levy on sales of goods and services in almost two decades. “The years of debt and spending make this unavoidable,” [...]
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thestatedtruth.com | June 21, 2010
The problems for commercial real estate are deep and significant and have the potential of stifling any sort of recovery. Rather than looking at commercial real estate (CRE) as a reason for more stimulus or bailouts the question should examine why so many CRE locations are defaulting. Can this be a sign that demand for [...]
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thestatedtruth.com | June 17, 2010
By David Beckworth Jun 17, 2010 The topic du jour in many parts of the economics blogosphere is whether there will be a double-dip recession in the second half of 2010. Some folks like MacroAdvisors see absolutely no chance of a recession while others like David Rosenberg see a 80% probability of another recession. Other [...]
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thestatedtruth.com | June 17, 2010
The Dow Jones Industrial Average added five points yesterday to close at 10,409 – almost exactly where it closed eleven years ago. Amidst giddy fanfare and high fives, the Dow closed above 10,000 for the very first time on March 29, 1999. One month later, amidst even giddier fanfare and high fives, [...]
Category: Commentary, Economy, Finance, Interest Rates And Bonds, National News, Real Estate, Wall Street, World News |
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thestatedtruth.com | June 16, 2010
By James Picerno Jun 16, 2010 The markets told us that there were problems in May, and as the economic data rolls in there’s no reason to think otherwise. Today’s numbers on housing starts and new building permits certainly suggest that the economic recovery struggled last month. The question is whether the change is temporary, [...]
Category: Commentary, Economy, Finance, National News, Real Estate, Wall Street, World News |
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thestatedtruth.com | June 15, 2010
Among those who have loans that aren’t backed by any federal agency, the re-default rate within 12 months is likely to be 65% to 75% under the Obama administration’s Home Affordable Modification Program, according to a report from Fitch Ratings.
Category: Commodities, Economy, Finance, Interest Rates And Bonds, National News, Real Estate, Wall Street |
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