thestatedtruth.com | July 31, 2009
NYSE Embraces A Ruinous Idea By: Rick Ackerman Rick’s Picks Friday, July 31, 2009 “Phenomenally accurate forecasts” Sadly, another venerable American institution has lost its way: the New York Stock Exchange. We read the other day that the Exchange is building a fast-trade hub in northern New Jersey that supposedly will help secure its [...]
thestatedtruth.com | July 31, 2009
Art Cashin: Stock Market Facing a 1929 Bounce July 31, 2009 The US GDP shrunk at a slower-than-expected pace in the second quarter. What does it mean for the stock markets? Art Cashin, director of floor operations at UBS Financial Sevices, offered CNBC his insights. The market may temper optimism over the economy by analyzing [...]
thestatedtruth.com | July 31, 2009
thestatedtruth.com | July 30, 2009
thestatedtruth.com | July 29, 2009
Commercial Real Estate Crash Looming, Says Fed’s Yellen By AUSTIN KILGORE July 29, 2009 9:55 AM CST As the industry looks for signs the housing sector is beginning to stabilize, the threat of a crash in the commercial mortgage market grows, according to San Francisco Federal Reserve president Janet Yellen. Speaking [...]
thestatedtruth.com | July 29, 2009
thestatedtruth.com | July 28, 2009
Cumberland Advisors 614 Landis Avenue Vineland NJ 08360-8007 1-800-257-7013 http://www.cumber.com Being in the Sweet Spot (twice) July 29, 2009 At the moment we are in the “sweet spot” in markets and soon, in Maine. We must enjoy it while it lasts. Some bullets follow. 1. Fed policy is on hold at Quantitative Easing (QE), [...]
thestatedtruth.com | July 28, 2009
U.S. Assures a ‘Concerned’ China It Will Shrink Record Deficit By Rob Delaney and Rebecca Christie July 27 (Bloomberg) — The Obama administration’s economic leaders assured Chinese counterparts they will rein in a record budget deficit as China underscored its concern about preserving the value of its holdings of Treasuries. “China has a huge amount [...]
thestatedtruth.com | July 27, 2009
President Obama’s popularity continues to fade, as he had two bad days in the polls. According to the Rasmussen Reports.com daily poll, the number of those who disapprove of the president’s performance is now 51%. Here are some details: “The Rasmussen Reports daily Presidential Tracking Poll for Saturday shows that 30% of the nation’s voters [...]
thestatedtruth.com | July 26, 2009
Acknowledging the Deception by J. R. Nyquist Weekly Column Published: 07.24.2009 Meet Victor Kalashnikov: former KGB officer, scholar, analyst, and writer. He is married to historian and journalist Marina Kalashnikova, the subject of last week’s column. Before the Soviet Union collapsed Victor worked for the KGB in Vienna. After Gorbachev’s bizarre abdication in [...]
thestatedtruth.com | July 26, 2009
thestatedtruth.com | July 26, 2009
Storm Watch Update THE END OF AN ERA (Excerpt from a 17 July 2009 President’s Message to Jim’s clients at PFS Group) When the facts change, I change my mind. What do you do, sir? — John Maynard Keynes, British economist (1883–1946), in reply to a criticism during the Great Depression of having [...]
thestatedtruth.com | July 26, 2009
Here is the entire 1017 page Health Care Bill. There is a man by the name of Peter Fleckstein (aka Fleckman) who is reading it and has been posting on Twitter his findings. This is from his postings (Note: All comments are Fleckman’s) Pg 16: SEC. 102. PROTECTING THE CHOICE TO KEEP CURRENT COVERAGE. lines [...]
thestatedtruth.com | July 25, 2009
American Capitalism Gone With A Whimper. It must be said, that like the breaking of a great dam, the American descent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people. True, the situation has been well prepared on and [...]
thestatedtruth.com | July 25, 2009
Biden Criticizes Russia By ANDREW E. KRAMER Published: July 25, 2009 MOSCOW — Just weeks after a summit meeting intended to show a thawing in relations between the United States and Russia, Vice President Joseph R. Biden Jr. made blistering references to Russia’s failing economy, loss of face and a leadership that is “clinging to [...]
thestatedtruth.com | July 25, 2009
This is an astonishing datapoint: “There were 18.7 million vacant homes in the U.S. during the second quarter as the steepest recession in 50 years sapped demand for real estate and banks seized properties from delinquent borrowers. The number of vacant properties, including foreclosures, residences for sale and vacation homes, was little changed from 18.6 [...]
thestatedtruth.com | July 25, 2009
At one point, housing construction was over 5% of GDP. Now it is around 2.5%. The graph shows how much a shrinking home-construction industry has reduced GDP each quarter for the last two years.
thestatedtruth.com | July 25, 2009
A few side observations on the above graph. China is roughly as big as the other three of the BRICs (Brazil, Russia, and India) combined. Russia and Brazil are in recessions. Also, note that it will be decades before China’s economy is as big as that of the US, even with growth of 5-6% a [...]
thestatedtruth.com | July 25, 2009
State Tax Revenues Across U.S. Experience Largest Decline on Record, New Rockefeller Institute Report Shows “Taxes collected by the 50 states dropped by 11.7 percent overall during the first quarter of 2009, compared to the same period a year earlier – the largest such decline in the 46 years for which quarterly data are available, [...]
thestatedtruth.com | July 25, 2009
Sen. Schumer warns SEC on “flash” stock orders By Jonathan Spicer NEW YORK, July 24 (Reuters) – U.S. Senator Charles Schumer warned a top regulator on Friday that if she does not ban so-called “flashes” — orders that stock exchanges send to a select group of traders before revealing them to the wider market — [...]
thestatedtruth.com | July 23, 2009
“Our enemies of today are the forces of privilege and greed within our own borders.” Franklin Roosevelt
thestatedtruth.com | July 23, 2009
Commercial Real Estate Prices in Freefall Boston Business Journal – by Katherine Conrad San Jose Business Journal Thursday, July 23, 2009 Commercial real estate values around the country have dropped 35 percent from their peak in October 2007, according to Moody’s REAL Commercial Property Price Indices. The decline appears to be accelerating as the index [...]
thestatedtruth.com | July 23, 2009
Through March of 2009, banks had taken only $1.1 trillion in write- downs to date. Even the most conservative estimates put total credit losses at $2.2 trillion. Tilson and Tongue make a convincing case that the losses will be far worse than that – more like $3.8 trillion. And these numbers have only grown over time. [...]
thestatedtruth.com | July 21, 2009
Why Gold Should Anchor a Portfolio By: Rick Ackerman Rick’s Picks Tuesday, July 21, 2009 (Following is the fourth in a series of articles on gold by Chuck Cohen, a financial consultant and lifelong resident of New York City.) Recently I discussed some of the reasons investors often fall short. Today I want to [...]
thestatedtruth.com | July 21, 2009
Details of agreement to close California deficit Gov. Arnold Schwarzenegger and legislative leaders from both parties reached a tentative deal to address California’s $26.3 billion budget deficit. The plan still must get a two-thirds vote in the Assembly and Senate. It includes about $15 billion in cuts, as well as borrowing from local governments [...]
thestatedtruth.com | July 21, 2009
Americans Repaying Debt Most Since 1952 By Caroline Salas and Michael McKee July 21 (Bloomberg) — For the first time since Harry S. Truman was in the White House, Americans are paying back their debts, a phenomenon that just might help keep interest rates low as the Treasury sells a record $2 trillion of bonds [...]
thestatedtruth.com | July 21, 2009
“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.” –Thomas Jefferson
thestatedtruth.com | July 20, 2009
Bureaucracy, Taxpayers Headed for a Collision By: Rick Ackerman, Rick’s Picks Posted Monday, 20 July 2009 Rick’s Picks Monday, July 20, 2009 “Phenomenally accurate forecasts” The headline atop the front page of this morning’s Boulder Camera suggests a city struggling diligently to balance its budget: “Work-Week Options Eyed”. Reading this, one might infer that the [...]
thestatedtruth.com | July 20, 2009
GOLD THOUGHTS by Ned W. Schmidt, CFA, CEBS Schmidt Management Company July 20, 2009 Failing economic policies of the Obama Regime are setting the stage for the next significant rally for $Gold as massive debt monetization becomes necessary. Before going into that though, we need to understand the situation with the U.S. economy. That will [...]
thestatedtruth.com | July 20, 2009
Lessons Learned, New York City Braces for Swine Flu’s Resurgence…………… July 21, 2009 By ANEMONA HARTOCOLLIS As New York City braces for a second wave of swine flu this fall, health officials are making plans to carve space out of hospitals, clinics and other buildings to screen people before they can overwhelm emergency rooms. [...]
thestatedtruth.com | July 20, 2009
U.S. Rescue May Reach $23.7 Trillion, Barofsky Says By Dawn Kopecki and Catherine Dodge July 20 (Bloomberg) — U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program. The Treasury’s [...]
thestatedtruth.com | July 19, 2009
Converting an I.R.A. Into a Roth? July 18, 2009 By RON LIEBER You’ll be hearing a lot in the next six months about Roth Individual Retirement Accounts — but not as much as you should about a long-term threat that hangs over them. Starting Jan. 1, you’ll be able to take a regular I.R.A., [...]
thestatedtruth.com | July 18, 2009
Thoughts from the Frontline Weekly Newsletter Europe on the Brink by John Mauldin July 17, 2009 In this issue: Europe on the Brink And Then There Was Leverage Too Big To Save Those Wild and Crazy Swiss A Positive Third Quarter? We have avoided Armageddon, at least for now. The cost to the US [...]
thestatedtruth.com | July 17, 2009
Marina Kalashnikova’s Warning to the West…… by J. R. Nyquist Weekly Column Meet Marina Kalashnikova: a Moscow-based historian, researcher and journalist. Last August she criticized foreign “experts” for suggesting that a conflict with Moscow will not happen because Russia’s elite is too closely associated with the West. According to Kalashnikova, “The [...]
thestatedtruth.com | July 17, 2009
Huge Rally? Don’t Laugh……..By: Rick Ackerman, Rick’s Picks Rick’s Picks Friday, July 17, 2009 “Phenomenally accurate forecasts” Just because there are a dozen great reasons to hate stocks right now doesn’t necessarily mean they can’t go much higher. Not only that, the bear rally could continue for quite a while – till 2011 [...]
thestatedtruth.com | July 16, 2009
thestatedtruth.com | July 16, 2009
thestatedtruth.com | July 16, 2009
thestatedtruth.com | July 16, 2009
thestatedtruth.com | July 15, 2009
thestatedtruth.com | July 15, 2009
“SOCIALISM is a philosophy of failure, the creed of ignorance, and the gospel of envy. It’s inherent virtue is the equal sharing of misery.” Sir Winston Churchill
thestatedtruth.com | July 15, 2009
U.S. Cites ‘High Threshold’ for Aid as CIT Denied Assistance By Brendan Murray July 15 (Bloomberg) — The U.S. Treasury said the government has a “high threshold” for giving assistance to companies, after CIT Group Inc., a commercial lender running short of cash, said a bailout was unlikely. “Even during periods of financial stress, we [...]
thestatedtruth.com | July 15, 2009
Fed Saw Economy as ‘Vulnerable’ at June FOMC Meeting By Scott Lanman and Vivien Lou Chen July 15 (Bloomberg) — Most Federal Reserve officials judged the economy at risk to further shocks last month even as they rejected an expansion in asset purchases, reflecting doubt at the likely impact of such a move. “Most participants [...]
thestatedtruth.com | July 15, 2009
The banks have been rescued, but the problem still sits there looking you right in the eye. The BIS (Bank For International Settlement) changed their method of computer valuation to value to maturity, a cartoon thereby reducing the nominal value from one quadrillion one thousand one hundred and forty four trillion to eight hundred trillion. There [...]
thestatedtruth.com | July 14, 2009
Cumberland Advisors 614 Landis Avenue Vineland NJ 08360-8007 1-800-257-7013 http://www.cumber.com Viacialevetra in Reverse July 14, 2009 Too big to fail has become smaller. CIT was not on the original Geithner-Summers-Bernanke-designed list of 19 organizations deemed to be too large to fail. In the post-Lehman environment, this has become the norm. Failing is not permitted. [...]
thestatedtruth.com | July 14, 2009
What the Fed’s Exit Strategy Will Mean for the Economy by Michael Pento, Delta Global Advisors, Inc. | July 14, 2009 Economics is not an exact science. It pales in comparison to mathematics because it contains a high component of art in its analysis. With that said, there are several principles that [...]
thestatedtruth.com | July 13, 2009
It is not at all my point to emphasize this; other than it is a real issue. Reuters today is reporting that the ‘new flu’ “resembles the feared 1918 virus” and that’s a quote. They also say that researchers are reporting today that the virus has the ability to infect the lungs more so than [...]
thestatedtruth.com | July 13, 2009
thestatedtruth.com | July 13, 2009
thestatedtruth.com | July 13, 2009
thestatedtruth.com | July 12, 2009
Gold As Insurance by Rick Ackerman on July 13, 2009 12:01 am GMT · 0 comments (Following is the third installment in a series of articles by Chuck Cohen, a seasoned and highly successful investment consultant who lives in New York City. We will be featuring Chuck’s thoughts regularly at Rick’s Picks in order to [...]
thestatedtruth.com | July 12, 2009
The year is 1909. One hundred years ago. What a difference a century makes! Here are some statistics for the Year 1909 : ************ ********* ********* ****** The average life expectancy was 47 years. Only 14 percent of the homes had a bathtub. Only 8 percent of the homes had a [...]
thestatedtruth.com | July 12, 2009
A study finds that 26% of the defaults across the country are calculated economic decisions to bail out of loans by borrowers who could afford to make the monthly payments. By Kenneth R. Harney July 12, 2009 Reporting from Washington — Would you, under any circumstances, default on your home mortgage, even if you could [...]
thestatedtruth.com | July 12, 2009
Hotel foreclosures spread throughout California Andrew S. Ross Sunday, July 12, 2009 The “challenges” for San Francisco’s biggest business are coming thick and fast. That oft-used word at last Tuesday’s San Francisco Visitors & Convention Bureau luncheon rang loud and clear two days later when the Four Seasons Hotel on Market Street defaulted on a [...]
thestatedtruth.com | July 11, 2009
Constructed in 1981 by the Danish engineers………. The yacht boasts, among other things, a secret emergency exit, a mobile hospital and a helicopter landing area. It can accommodate 28 guests and 35 members of the crew. If you guessed former Iraq leader Saddam Hussein, then you’re right. It is now up for sale at $34.5 million.
thestatedtruth.com | July 11, 2009
thestatedtruth.com | July 11, 2009
thestatedtruth.com | July 11, 2009
Housing is still in deep doo-doo, as evidenced by the graphic on this page. The telling tables are the handiwork of Amherst and come to us via Mark Hanson of Hanson Advisors, whose pithy analyses we’ve quoted on more than one recent occasion. The table on the left shows the re-default rates of homeowners who [...]
thestatedtruth.com | July 11, 2009
thestatedtruth.com | July 11, 2009
thestatedtruth.com | July 11, 2009
thestatedtruth.com | July 11, 2009
Buffett’s Most-Watched Index…Freight-Train Traffic Has Dropped 19.2% Year Over Year! By David Wilson July 10 (Bloomberg) — For Warren Buffett, freight-train traffic has the kind of importance that Alan Greenspan attached to scrap-steel prices as Federal Reserve chairman — and it isn’t going his way. The CHART OF THE DAY compares the number of freight [...]
thestatedtruth.com | July 10, 2009
thestatedtruth.com | July 10, 2009
In Summer Hideaway for the Rich, Slump Is Visiting, Too By GERALDINE FABRIKANT NANTUCKET, Mass. — On a winding road, down a white shell driveway, sits a rambling gray-shingled home with a view of the harbor, where beige lounge chairs ring an amoeba-shaped swimming pool and the living room is filled with pristinely [...]
thestatedtruth.com | July 9, 2009
Why Does Gold Get No Respect? by Rick Ackerman on July 10, 2009 12:01 am GMT · 0 comments (The following is the second part of a series of articles by Chuck Cohen, one of the smartest investors we know. After the series concludes on Monday with ”Gold as Insurance,” Chuck will be contributing to [...]
thestatedtruth.com | July 9, 2009
Listen to this, sounds like Thomas Paine has nailed it, he’s right on the money………..Six minutes on You Tube. Unbelievable 5,447,365 views! http://www.youtube.com/watch?v=jeYscnFpEyA
thestatedtruth.com | July 8, 2009
Special report from the Inger Letter Daily Briefing…………July 9, 2009 Speaking of insanity (or clever like a dying fox)… Kim Jong Il’s hacker hordes are now attacking US government web sites. At least, according to South Korea’s fairly solid Information Security Agency. A few details tonight; because the primary media is too vague on this [...]
thestatedtruth.com | July 8, 2009
thestatedtruth.com | July 8, 2009
Gene Inger’s Daily Briefing . . . for Thursday July 9, 2009: Good evening; Puppeteering . . .has been the issue; not so much (recently anyway) manipulation. I would never make accusations; but whether ‘strings are being pulled’ in Washington, or in Newport Beach for that matter; there is an issue about influencing the agendas, [...]
thestatedtruth.com | July 8, 2009
U.S. Considers Curbs on Speculative Trading of Oil By EDMUND L. ANDREWS Published: July 7, 2009 WASHINGTON — Reacting to the violent swings in oil prices in recent months, federal regulators announced on Tuesday that they were considering new restrictions on “speculative” traders in markets for oil, natural gas and other energy products. The move [...]
thestatedtruth.com | July 8, 2009
U.S. Web Sites Suffer Attacks by Hackers By Gopal Ratnam and Juliann Neher July 8 (Bloomberg) — Web sites of the U.S. departments of State, Treasury and Transportation were attacked by unidentified hackers during the July 4 holiday weekend and in some cases the attacks were continuing today, officials said. In addition, NYSE Euronext, the [...]
thestatedtruth.com | July 7, 2009
PMI Expects Lower Housing Prices in 2011 by Austin Kilgore July 7, 2009 12:32 PM CST Home prices will be lower in two years compared to Q109 for much of the country’s metropolitan statistical areas, (MSAs) according to an economic trends report released by PMI Mortgage Insurance Co. As many as 324 — [...]
thestatedtruth.com | July 7, 2009
On Foundation of Lies, Recovery Impossible by Rick Ackerman on July 8, 2009 12:01 am GMT Gold continues to hang tough in the midst of oil’s nasty selloff. Although August crude has fallen more than 14%, from last Tuesday’s peak of $73.38, a Comex Gold futures contract expiring the same month [...]