thestatedtruth.com | August 31, 2009
By: Rick Ackerman Rick’s Picks Monday, August 31, 2009 “Phenomenally accurate forecasts” Because we never shared investors’ wild enthusiasm for Cerberus, its near-collapse in recent days hardly came as a shock. The once-huge private-equity firm specialized in distressed assets at a time when even the bluest of blue-chip companies – the name Lehman Brothers springs [...]
thestatedtruth.com | August 31, 2009
“Friday’s edition of The Wall Street Journal picks up on the theme of the long road of pain ahead for bank shareholders in the US,” colleague Dan Amoss tells us. “In ‘Banks on Sick List Top 400,’ the WSJ details several ugly highlights from the latest FDIC Quarterly Banking Profile, published last Thursday. “Here are [...]
thestatedtruth.com | August 30, 2009
”These capitalists generally act harmoniously and in concert, to fleece the people” Abraham Lincoln Old Abe must have been talking about our banks…………
thestatedtruth.com | August 30, 2009
thestatedtruth.com | August 30, 2009
Swine Flu Spreading at ‘Unbelievable’ Rate: WHO PARIS — Swine flu spreads four times faster than other viruses and 40 percent of the fatalities are young adults in good health, the world’s top health official warned in an interview appearing Saturday. “This virus travels at an unbelievable, almost unheard of speed,” World Health Organisation Director [...]
thestatedtruth.com | August 29, 2009
Mortgages The Depths of Mortgage Debt The New York Times By BOB TEDESCHI August 28, 2009 THE number of homeowners whose mortgages exceed the value of their home — who are “underwater,” in industry parlance — recently hit a grim milestone. As of the end of June, more than one-third of all mortgaged homes [...]
thestatedtruth.com | August 29, 2009
thestatedtruth.com | August 29, 2009
thestatedtruth.com | August 29, 2009
Chart from www.ingerletter.com
thestatedtruth.com | August 29, 2009
Carles Biderman of Trim Tabs says insider buying and corporate stock buybacks are at worst levels ever and may be setting us up for another epic stock market drop. And the kick off may be that the new offering calander is going to be huge in September. Big Big troubles ahead. Don’t say you weren’t all forewarned! [...]
thestatedtruth.com | August 28, 2009
International Paper Treads Monsanto’s Path to ‘Frankenforests’ By Jack Kaskey Aug. 28 (Bloomberg) — International Paper Co., the world’s largest pulp and paper maker, plans to remake commercial forests in the same way Monsanto Co. revolutionized farms with genetically modified crops. International Paper’s ArborGen joint venture with MeadWestvaco Corp. and New Zealand’s Rubicon Ltd. is [...]
thestatedtruth.com | August 28, 2009
thestatedtruth.com | August 27, 2009
Fed Urges Secrecy on Banks in Bailout Thursday Aug 27, 2009 12:27pm EDT * Fed urges judge not to enforce order pending appeal * Banks say disclosure could cause loss of confidence By Jonathan Stempel NEW YORK, Aug 27 (Reuters) – The U.S. Federal Reserve asked a federal judge not to enforce her [...]
thestatedtruth.com | August 26, 2009
According to the US Department of Energy, liquid fuel demand in the developed nations peaked in August 2005 at 41.89 million barrels per day. Since then, it has plunged by 3.6 million barrels per day to 38.27 million barrels per day. However, you may want to note that despite these tough economic conditions, consumption has [...]
thestatedtruth.com | August 24, 2009
From www.ingerletter.com
thestatedtruth.com | August 24, 2009
From www.ingerletter.com
thestatedtruth.com | August 24, 2009
Volcker Says Money-Market Funds Weaken U.S. Financial System By Christopher Condon Aug. 25 (Bloomberg) — Paul Volcker, the former Federal Reserve chairman who is an adviser to President Barack Obama, said money-market mutual funds undermine the strength of the U.S. financial system and should be regulated more like banks. “Banks remain the functioning heart of [...]
thestatedtruth.com | August 24, 2009
Swine Flu May Infect Half of U.S., Kill 90,000, Report Says By Tom Randall Aug. 24 (Bloomberg) — Swine flu may infect half the U.S. population this year, hospitalize 1.8 million patients, and lead to 90,000 deaths, according to a report by White House advisers. Thirty percent to 50 percent of the country’s population will [...]
thestatedtruth.com | August 24, 2009
How to Kill Germs, and Consumer Resistance Sandy Huffaker for The New York Times Consumers can be skeptical of new disinfectants, so Michael Krall is eager to demonstrate his faith in his company’s ingredient, silver dihydrogen citrate, that is contained in a new consumer product called PureGreen 24. By NATASHA SINGER Published: August 22, 2009 [...]
thestatedtruth.com | August 23, 2009
Roubini Sees Increasing Risks of Double-Dip Global Recession By Shamim Adam Aug. 24 (Bloomberg) — Nouriel Roubini, the New York University professor who predicted the financial crisis, said the chance of a double-dip recession is increasing because of risks related to exit strategies from global monetary and fiscal stimulus. The global economy will bottom out [...]
thestatedtruth.com | August 22, 2009
thestatedtruth.com | August 21, 2009
White House Sees $9 Trillion in Deficits Over Decade By Brian Faler Aug. 21 (Bloomberg) — The U.S. government’s long-term budget outlook is darker than expected, with projected deficits over the next 10 years totaling $2 trillion more than had been forecast, according to an Obama administration official. A White House budget review set for [...]
thestatedtruth.com | August 21, 2009
Meredith Whitney Predicts More Than 300 Bank Failures By Lynn Thomasson and Margaret Brennan Aug. 21 (Bloomberg) — Meredith Whitney, the analyst who predicted that Citigroup Inc. would cut its dividend last year, said the number of U.S. bank failures will quadruple as lenders struggle with bad loans. “There will be over 300 bank closures,” [...]
thestatedtruth.com | August 20, 2009
thestatedtruth.com | August 20, 2009
thestatedtruth.com | August 20, 2009
Mortgage defaults rise to record 13% In the second quarter, the number of homeowners behind on payments or in foreclosure rose along with the jobless rate, with California among states leading the way. The mortgage meltdown continued to worsen in the second quarter as the number of homeowners who are either behind on [...]
thestatedtruth.com | August 20, 2009
‘Cash for Clunkers’ Program to Close on Aug. 24, U.S. Says By Angela Greiling Keane Aug. 20 (Bloomberg) — The U.S. “cash for clunkers’’ vehicle trade-in program will close on Aug. 24, Transportation Secretary Ray LaHood said. LaHood commented in an e-mailed press release today. More……. http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ2___hEnt6E
thestatedtruth.com | August 20, 2009
Pension Plans’ Private-Equity Cash Depleted as Profits Shrink By Jason Kelly and Jonathan Keehner Aug. 20 (Bloomberg) — U.S. pension funds contributed to the record $1.2 trillion that private-equity firms raised this decade. Three of the biggest investors, state pensions in California, Oregon and Washington, plunked down at least $53.8 billion. So far, they only [...]
thestatedtruth.com | August 19, 2009
thestatedtruth.com | August 19, 2009
Hyperinflation Won’t Be Like Germany’s By: Rick Ackerman Rick’s Picks Wednesday, August 19, 2009 “Phenomenally accurate forecasts” I thought I’d overdosed on the inflation vs. deflation debate, but that was before I started reading Adam Fergusson’s When Money Dies: The Nightmare of the Weimar Collapse. Fascinating stuff. Anyone who thinks it couldn’t happen here [...]
thestatedtruth.com | August 19, 2009
thestatedtruth.com | August 19, 2009
Buffett Says Federal Debt Poses Risks to Economy By Shamim Adam Aug. 19 (Bloomberg) — The U.S. must address the massive amounts of “monetary medicine” that have been pumped into the financial system and now pose threats to the world’s largest economy and its currency, billionaire Warren Buffett said. The “gusher of federal money” has [...]
thestatedtruth.com | August 18, 2009
Cumberland Advisors 614 Landis Avenue Vineland NJ 08360-8007 1-800-257-7013 http://www.cumber.com September!!!! Also, Closing the Lehman Gap August 18, 2009 From the Wall Street Journal of August 11: “For investors, the period between Labor Day and Halloween is proving an annual fright show. And no one knows why. It was, of course, in [...]
thestatedtruth.com | August 18, 2009
CalPERS Admits California “Pension Costs Unsustainable” – So What To Do About It? In an unusual display of honesty CalPERS Actuary Says “Pension Costs Unsustainable” The CalPERS chief actuary says pension costs are “unsustainable,” and the giant public employee pension system plans to meet with stakeholders to discuss the issue. “I don’t want to sugarcoat [...]
thestatedtruth.com | August 17, 2009
thestatedtruth.com | August 17, 2009
Is Cash-for-Clunkers Our Economic Future? By: Rick Ackerman Monday, August 17, 2009 “Phenomenally accurate forecasts” Although we had vowed to let the by-now tiresome inflation vs. deflation debate simmer for a while, it came to an unexpected boil last week after some provocative comments were posted by “Senor Cuidado” in the Rick’s Picks forum. [...]
thestatedtruth.com | August 17, 2009
U.S. Indicts Three in Theft of 130 Million Accounts By David Voreacos Aug. 17 (Bloomberg) — A Miami man and two unidentified computer hackers were charged with stealing 130 million credit and debit card numbers in what the Justice Department said was the largest such prosecution in U.S. history. Albert Gonzalez, a 28-year-old Miami resident, [...]
thestatedtruth.com | August 17, 2009
Fed Says Banks Tightened Lending in Second Quarter By Craig Torres Aug. 17 (Bloomberg) — U.S. banks tightened standards on all types of loans in the second quarter and said they expect to maintain strict criteria on lending until at least the second half of 2010, a Federal Reserve report showed today. Most banks cited [...]
thestatedtruth.com | August 16, 2009
Op-Ed Contributor New York Times Why We Need Health Care Reform By BARACK OBAMA Published: August 15, 2009 OUR nation is now engaged in a great debate about the future of health care in America. And over the past few weeks, much of the media attention has been focused on the loudest voices. What we [...]
thestatedtruth.com | August 15, 2009
thestatedtruth.com | August 15, 2009
thestatedtruth.com | August 14, 2009
“Capacity utilization inched up a few tenths of a percent in July, the Fed proclaimed today. American companies utilized 68.5% of their productive potential, up from June’s record low of 68.1%. “So is this it? Despite so many other feelings to the contrary, is the recession (as we know it) over? “The reason behind capacity [...]
thestatedtruth.com | August 14, 2009
Boeing Halted Work on 787 Sections Due to ‘Wrinkles’ By Susanna Ray Aug. 14 (Bloomberg) — Boeing Co. said it stopped work more than a month ago on two sections for the 787 Dreamliner after tiny wrinkles were discovered in the composite-material fuselages supplied by Italian vendor Alenia Aeronautica. The flaws were found on 23 [...]
thestatedtruth.com | August 14, 2009
Toxic Loans Topping 5% May Push 150 Banks to Point of No Return By Ari Levy Aug. 14 (Bloomberg) — More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival. [...]
thestatedtruth.com | August 14, 2009
U.S. Homeowners Cut Asking Prices $27.8 Billion, Led by Nevada By Dan Levy Aug. 14, 2009 (Bloomberg) — U.S. homeowners cut their asking prices by $27.8 billion with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia Inc. said. Owners slashed prices by 15 percent in Nevada [...]
thestatedtruth.com | August 13, 2009
A Scenario to Trap Both Bulls and Bears By: Rick Ackerman Rick’s Picks Thursday, August 13, 2009 “Phenomenally accurate forecasts” We offered an S&P 500 chart here a while back that was intended to show how a very powerful rally over the next 18 months would not change a long-term picture that remains very [...]
thestatedtruth.com | August 13, 2009
thestatedtruth.com | August 13, 2009
thestatedtruth.com | August 13, 2009
The Rules: Which Vehicles Qualify….. Not all cars are eligible for the “cash for clunkers” program. Full information is available at www.cars.gov. Trade-ins must: * Be no older than 25 years, based on manufacture date. * Have had a combined fuel economy of 18 mpg or less when new. * Have been registered by the [...]
thestatedtruth.com | August 11, 2009
Project ‘Almost a City in Itself’ August 12,2009 By MORRIS NEWMAN SACRAMENTO — The western terminus of the first transcontinental railroad is a forlorn place these days. All that is left of the historic railyards are seven immense brick buildings, the remnants of an era when this site was the busiest industrial center in northern [...]
thestatedtruth.com | August 11, 2009
U.S. Underwater Mortgages May Reach 30% to 48% By Dan Levy Aug. 11 (Bloomberg) — Almost one-quarter of U.S. mortgage holders owed more than their homes were worth in the second quarter and that figure may rise to as much as 30 percent by mid-2010 as job losses and foreclosures climb, Zillow.com said. Homeowners are [...]
thestatedtruth.com | August 10, 2009
You cannot help the poor by destroying the rich. ……Abraham Lincoln
thestatedtruth.com | August 9, 2009
Cumberland Advisors 614 Landis Avenue Vineland NJ 08360-8007 1-800-257-7013 http://www.cumber.com Leen’s Lodge Report Sunday, August 9, 2009 Back to back in Maine. First the NBEIC meeting at Samoset. Then the annual Shadow Fed fishing weekend at Leen’s Lodge. Rules in both places are Chatham House, which means no direct quotations without permission of the [...]
thestatedtruth.com | August 8, 2009
thestatedtruth.com | August 7, 2009
thestatedtruth.com | August 6, 2009
US Sen Bunning: FDIC’s Bair Said Up To 500 More Banks Could Fail By Jessica Holzer, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Federal Deposit Insurance Corp. Chairman Sheila Bair believes up to 500 more banks could fail, a U.S. senator said Bair told him in a recent meeting. “She told us [...]
thestatedtruth.com | August 6, 2009
thestatedtruth.com | August 5, 2009
The problem with socialism is that you eventually run out of other people’s money. –Margaret Thatcher
thestatedtruth.com | August 5, 2009
thestatedtruth.com | August 3, 2009
Report: Mega Bunker Buster bomb ahead. According to Stratfor.com: “The United States will speed the deployment of a new bunker-buster bomb, ten-times more powerful than the largest existing model, as soon as July 2010, the Air Force said Aug. 2, Reuters reported. The non-nuclear, 30,000-pound bomb is 20-feet-long and is designed to penetrate up to [...]
thestatedtruth.com | August 3, 2009
Deficit Recovery Strategy: White House Charges CEOs for lunch with president. According to The New York Daily News: “Verizon CEO and Business Roundtable chairman Ivan Seidenberg, Wal-Mart CEO Mike Duke, Nucor CEO Dan DiMicco and Starbucks CEO Howard Schultz joined Obama in the President’s private dining room for a lunch of burgers and sandwiches,” and [...]
thestatedtruth.com | August 2, 2009
thestatedtruth.com | August 2, 2009
thestatedtruth.com | August 2, 2009