You’ve Got To Believe In Yourself! Or Maybe Not
thestatedtruth.com | July 31, 2010
John Mauldin’s “Thoughts From The Front Line”
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 [...]
The Joker Is Wild
thestatedtruth.com | July 30, 2010
The economy is so bad that: I just got a pre-declined credit card in the mail. African television stations are now showing ‘Sponsor an American Child’ commercials! I ordered a burger at McDonald’s and the kid behind the counter asked, “Can you afford fries with that?” CEO’s are now playing miniature golf. [...]
Gingrich: Obama Repeating Mistakes From the Great Depression
thestatedtruth.com | July 30, 2010
Posted Friday July 30, 2010 By: David A. Patten Former GOP House Speaker Newt Gingrich warned Thursday that President Obama and congressional Democrats appear to be on the verge of repeating the same mistakes that aggravated the Great Depression, adding that letting the Bush tax cuts expire would prove “very dangerous” for the nation’s economy. Speaking [...]
Effects On GDP From Federal, State And Local Levels
thestatedtruth.com | July 30, 2010
Hint……this is not a pretty picture! Posted from zerohedge.com Exerts from a Goldman review are shown below. The chart below provides an integrated look at the GDP growth impact of fiscal policy at the federal, state, and local level. These numbers are based on our current assumptions that (1) Congress will not extend emergency unemployment benefits beyond the [...]
Pilot Training Requirement Raised Sixfold By Congress Action
thestatedtruth.com | July 30, 2010
By John Hughes July 30, 2010 The U.S. House passed legislation that would increase by sixfold the minimum experience pilots need to work at airlines in response to a commuter-plane crash. The requirement that pilots have 1,500 hours of flight time, surpassing the current 250-hour minimum, was sought by pilot unions and relatives of victims [...]
More Comments From Bill Gross Of PIMCO
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 [...]
Broken Financial Generations………Why It Is Time To Worry!
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 [...]
New Record Low Temperatures Set In Los Angeles
thestatedtruth.com | July 29, 2010
July 29, 2010 The unusually cool summer continued in Southern California, where several new record-low temperatures were recorded on Wednesday. The 68-degree low at Los Angeles International Airport broke the old record low for the day, which was 70 degrees in 1991. Santa Barbara (68) and San Luis Obispo (69) broke records as well. The [...]
Doctor Visits Cut By Americans
thestatedtruth.com | July 29, 2010
A drop in usage is showing up just as health-care companies report financial results. Insurers, lab-testing companies, hospitals and doctor-billing concerns say that patient visits, drug prescriptions and procedures were down in the second quarter from year-ago levels. “People just aren’t using health-care like they have,” said Wayne DeVeydt, WellPoint Inc.’s chief financial officer, in an [...]
Bill Gross Discusses Growth….And Future Problems Of The New Normal
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 [...]
All Turned Around And Nowhere To Go!
thestatedtruth.com | July 27, 2010
It had to be a Genie in the Bottle at the shore! How else could one of these things get created? Does this remind anybody of the U.S. and European economies…..all turned around, which way is forward and which way is backwards……Actually, in this custom automobile, you can actually think you’re going forward but….ah….you’r really going [...]
Diminishing Marginal Productivity Of Debt In The U.S. Economy
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, [...]
Jimmy Rogers Expects New Recession Around 2012
thestatedtruth.com | July 27, 2010
Just a reminder…… Jim Rogers was George Soro’s original partner for the Quantum Fund. Both are now billionaires! Robert Shiller, co-creator of the Standard & Poor’s/Case-Shiller house price index, also warned that the next downturn may come, maybe even sooner. By James Quinn, US Business Editor Published 27 Jul 2010 Mr Rogers, the respected currency trader and hedge [...]
El-Erian Says `Noisy’ U.S. Economic Data Indicate Uncertainty
thestatedtruth.com | July 27, 2010
“Noisy” economic reports underscore the “unusually uncertain” outlook cited by Federal Reserve Chairman Ben S. Bernanke, according to Pacific Investment Management Co.’s Mohamed El-Erian. Corporate earnings are backward-looking, and the key economic issue is the U.S. labor market, El-Erian, Pimco’s chief executive and co-chief investment officer, said in a radio interview today with Tom Keene [...]
U.S. Cities, Counties Poised To Cut 500,000 Jobs
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 [...]
U.S. Home Ownership Falls To Lowest In A Decade
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 [...]
July Consumer Confidence In The U.S. Fell To A Five Month Low
thestatedtruth.com | July 27, 2010
This is going to be the new normal……specifically the savings part! American consumers lost confidence in July, shaken by mounting concern over jobs and wages that threatens to constrain the economic recovery. The Conference Board’s sentiment index fell to 50.4, below the median forecast of economists surveyed by Bloomberg News and the lowest level in five months. [...]
The Four Smartest Guys On The Planet
thestatedtruth.com | July 26, 2010
Updated Map Of Tropical Storm Bonnie
thestatedtruth.com | July 26, 2010
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Iran Ticks Off Russia, Russia Calls Attacks A Verbal Assault On Medvedev
thestatedtruth.com | July 26, 2010
July 26 (Reuters) – Iranian criticism of Russian President Dmitry Medvedev is “unacceptable” and “fruitless, irresponsible rhetoric”, the Russian Foreign Ministry said on Monday. Medvedev told foreign ambassadors on July 12 that Iran was moving closer to the potential to create nuclear weapons. Iranian President Mahmoud Ahmadinejad reacted harshly last weekend, calling Medvedev’s statement “the [...]
Power Out In The Washington D.C. Area After Violent Storm
thestatedtruth.com | July 26, 2010
WASHINGTON – It could take days to restore power to hundreds of thousands of people in the D.C. area after a violent storm downed power lines and trees and left three people dead. Powerful, fast-moving storms swept through the region Sunday, leaving hundreds of thousands of families without electricity. Three people died as a result [...]
Storm Bonnie Weakens
thestatedtruth.com | July 24, 2010
About 31 percent of U.S. oil output and about 10 percent of gas production, comes from the Gulf of Mexico according to the Energy Department By Dan Hart – Jul 24, 2010 Bonnie has degenerated to a “disorganized area of low pressure” near the U.S. Gulf Coast, hours after the National Hurricane Center lifted [...]
Faber: Fed to ‘Print Money Like Crazy’ by October
thestatedtruth.com | July 24, 2010
THIS MAY BE THE ONLY THING GLOBAL ECONOMIES OF THE WORLD HAVE TO LOOK FORWARD TO. IN THE END, EVERYONE WILL BE WORSE OFF. GOLD ANYONE? Gloom, Boom and Doom publisher Marc Faber says the Fed will begin “massive” quantitative easing by October. “The economy is not robust,” Faber told Bloomberg. “We have mixed signals, but [...]
Some Thoughts on Deflation
thestatedtruth.com | July 24, 2010
By John Mauldin July 24, 2010 The Elements of Deflation Just as every school child knows that water is formed by the two elements of hydrogen and oxygen in a very simple combination we all know as H2O, so deflation has its own elements of composition. Let’s look at some of them (in no [...]
Map Of Tropical Storm Bonnie
thestatedtruth.com | July 22, 2010
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U.S. Credit Card Agreements Unreadable To 4 Out of 5 Adults
thestatedtruth.com | July 22, 2010
Gobbledygook? We encounter it frequently. Contracts written at a reading level most can’t understand. Only one in five adults reads above a 12th-grade level. By Connie Prater Credit card agreements are written on average at a 12th grade reading level, making them not understandable to four out of five adults, according to a CreditCards.com [...]
Confidence In Congress At An All Time Low
thestatedtruth.com | July 22, 2010
By Lydia Saad PRINCETON, NJ — Gallup’s 2010 Confidence in Institutions poll finds Congress ranking dead last out of the 16 institutions rated this year. Eleven percent of Americans say they have “a great deal” or “quite a lot” of confidence in Congress, down from 17% in 2009 and a percentage point lower than [...]
Tropical Storm Bonnie Set To Hit Sunday…..Louisiana Declares State Of Emergency
thestatedtruth.com | July 22, 2010
* Louisiana declares state of emergency * U.S. officials evaluating whether to evacuate area Thu Jul 22, 2010 By Kristen Hays and Anna Driver HOUSTON, July 22 (Reuters) – BP Plc (BP.L) (BP.N) oil spill workers in the Gulf of Mexico prepared for a possible evacuation on Thursday as a tropical storm threatened [...]
Kansas Heat Wave Has Killed 2,000 Cattle
thestatedtruth.com | July 21, 2010
Posted July 21, 2010 CHICAGO (Reuters) – The intense heat and humidity that blanketed central Kansas since late last week have killed more than 2,000 cattle and one state official called the heat-related losses the worst in his 17 years on the job. However, conditions for the cattle improved somewhat on Tuesday as the [...]
Potential Computer Projected Storm Paths
thestatedtruth.com | July 20, 2010
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The New Royalty In America
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 [...]
Household Debt And You….Why It Can’t Continue
thestatedtruth.com | July 20, 2010
For decades the idea was that you can spend more than you earn. This came all the way from the top so it shouldn’t be a surprise that many in the middle class took their signal from their leaders. What happened? Source: Lew Rockwell The personal savings rate went so low that it went from [...]
Gulf Of Mexico Oil News Out Of The U.K.
thestatedtruth.com | July 20, 2010
Interesting happenings between U.S. government and BP………….A standoff between BP and the US government over the handling of the stricken Macondo well in the Gulf of Mexico continued with a sharp exchange of words over the best way to keep the oil contained . At the heart of the dispute is anxiety about what is [...]
Byron Wein…..”The Smartest Man In Europe”
thestatedtruth.com | July 20, 2010
Write up from Byron Wein…………”The Smartest Man In Europe” Commentary courtesy of www.fmxconnect.com We recently came across an interesting piece from Blackstone on the European Stimulus and the road to recovery. Bryon Wein is a well known strategist. The most salient points are outlined below: No clear way out of the enormous debt burden [...]
Soros Says U.S. Shouldn’t Cut Stimulus, Inflation Contained
thestatedtruth.com | July 19, 2010
July 19 (Bloomberg) – Billionaire investor George Soros said U.S. lawmakers should refrain from withdrawing stimulus measures because the economy hasn’t strengthened enough.“I think the timing is wrong with withdrawing the stimulus,” Soros said at the Hamptons Institute in East Hampton, New York on July 16. “Cutting employment benefits, cutting aid to states that are [...]
Gulf Oil Spill Threatened By Possible Tropical System This Weekend
thestatedtruth.com | July 19, 2010
July 19, 2010 . By Carly Porter AccuWeather.com Staff Writer . A well-developed tropical wave currently bringing strong winds and rough seas north of Puerto Rico could develop into a tropical system by the weekend. According to AccuWeather.com hurricane meteorologist Dan Kottlowski, there is high potential for this tropical wave to evolve [...]
Matt Simmons Interview On Gulf Of Mexico Disaster
thestatedtruth.com | July 18, 2010
Must listen interview of Matt Simmons. Absolutely a must listen interview. He is not sure a trillion dollars will be enough to clean up the Gulf! Simmons thinks British Petroleum is a dead company walking. http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/7/17_Matt_Simmons.html
Update And Generally Good News Out Of The Gulf Of Mexico
thestatedtruth.com | July 17, 2010
Generally very good news out of the Gulf of Mexico….Bloomberg says the well is capped successfully, AP says looking much better, but still puzzling readings from busted well. BP Says Cracks in Well Head Still Possible As Cap Test Goes On But Are Encouraged. Bloomberg 07-17-2010 BP Plc said tests on its Macondo well show no [...]
CNBC Host Battles Guest On The Slowing Economy
thestatedtruth.com | July 16, 2010
CNBC’s Simon Hobbs fought it out with Michael Pento today about the reality of the current economic situation in the U.S. http://www.youtube.com/watch?v=mfd8ZwMfG34&feature=player_embedded
Russia In A Swelter
thestatedtruth.com | July 16, 2010
One, but not the only reason the commodity grain markets have been going bananas lately. An emergency drought situation has been declared in 19 of Russia’s 83 regions with crops dying on an estimated 9.6 million hectares of fields. The drought-struck areas were suffering “colossal destruction,” Agriculture Minister Yelena Skrynnik said. July 16, 2010 [...]
Just How Large Is The Outstanding Value Of Sovereign Bonds?
thestatedtruth.com | July 16, 2010
By CalculatedRisk Posted 07-16-2010 According to the Bank for International Settlements, at year end 2009 worldwide sovereign debt exceeded $34 trillion, and is greater than the amount of corporate bonds outstanding. Japan and the U.S. dwarf most other borrowers. Together they have about half of all sovereign debt worldwide. Still, 23 other countries have over [...]
Michigan Consumer Sentiment Index Fell In July
thestatedtruth.com | July 16, 2010
Michigan Consumer Sentiment Index Fell in July By Shobhana Chandra Jul 16, 2010 July 16 (Bloomberg) — The Thomson Reuters/University of Michigan preliminary index of consumer sentiment fell to 66.5 in July from 76 a month earlier, below forecasts. Economists surveyed by Bloomberg News had a median projection of 74. Bloomberg’s Mike McKee reports. (Source: [...]
U.S. Consumer Prices Dipped Slightly In June
thestatedtruth.com | July 16, 2010
U.S. consumer prices dipped slightly in June, but the core measure that strips volatile food and energy prices posted its largest gain since October 2009. The Labor Department said in a report Friday that the seasonally-adjusted consumer price index slid 0.1% last month, knocked down by a decline in energy prices. In May, consumer prices were down [...]
Matt Simmons Latest Interview About British Petroleum’s Gulf Well
thestatedtruth.com | July 15, 2010
Interesting comments from Matt Simmons…..must hear interview from msnbc today Thursday, July 15, 2010…….so what’s really going on in the Gulf of Mexico? Matthew Simmons, founder and chairman emeritus of Simmons & Company International, is a prominent oil-industry insider and one of the world’s leading experts on the topic of peak oil. Simmons was [...]
Warmest First Half Of The Year Ever Worldwide
thestatedtruth.com | July 15, 2010
First half of 2010 warmest on record Global land and ocean surface temperatures in the first half of 2010 were the warmest on record, the federal climate service reported Thursday.
Economic Deterioration Confirmed
thestatedtruth.com | July 15, 2010
Surveyed firms reported a decline in new orders this month compared with June. Employment showed a slight improvement this month. The survey’s broad indicators of future activity continue to suggest that the region’s manufacturing executives expect growth in business over the next six months, but optimism has waned notably in recent months.The survey’s broadest measure [...]
Domestic Equity Flows
thestatedtruth.com | July 15, 2010
ICI reports that domestic equity mutual funds saw $4.1 billion in outflows, the largest outflow in the past 2 months, and the third biggest weekly redemption in 2010! This is also the tenth sequential outflow, amounts to $34 billion in total outflows YTD.
So Far, So Good For British Petroleum In The Gulf
thestatedtruth.com | July 15, 2010
From→ Washington’s Blog 7-15-2010 BP has succeeded in capping the well and stopping oil from flowing into the Gulf of Mexico … at least temporarily. The official Deepwater Horizon Response Twitter feed noted as of a couple of minutes ago: Update: NO OIL FLOWING INTO THE GULF As of this writing, Skandi ROV 2′s [...]
Are Stocks Still Overvalued?
thestatedtruth.com | July 14, 2010
How do we know stocks are still overvalued? We know by looking at Professor Robert Shiller’s cyclically adjusted PE chart for the past 130 years. The cyclically adjusted PE is one of the only measures of valuation that has some long-term predictive validity, and this chart suggests that stock returns are going to continue to [...]
Well Integrity Test Has Now Started, But Oil Industry Experts Ask “What the Hell Are They Doing?”
thestatedtruth.com | July 14, 2010
So who does one believe in this situation……. Submitted by George Washington on 07/14/2010 Admiral Thad Allen just announced that the well integrity test has gotten a green light. The test has already started. As I noted yesterday, BP suspended the “top kill” operation for 16 hours – because, according to numerous experts, it [...]
This Out Of China… Dagong Global Credit Rating Co. Cuts Sovereign Debt Rating Of TheUnited States
thestatedtruth.com | July 14, 2010
Speaking of credit, or the lack thereof, the U.S. has been stripped of its AAA credit rating. So have Britain, France and Germany… This morning, the Dagong Global Credit Rating Co., China’s first real attempt at a ratings agency, initiated coverage on the sovereign debt of 50 different countries. “Dagong’s sovereign credit ratings are based [...]
Jim Grant Editor Of Grant’s Interest Rate Observer Reviews Some Key Issues About The Fed
thestatedtruth.com | July 14, 2010
Jim Grant, editor of Grant’s Interest Rate Observer, appeared on Bloomberg TV to talk about the Fed’s three potential additions to the Board of Governors. Jul 14, 2010 Here are the key highlights from the interview, courtesy of Bloomberg Television: Grant’s thoughts on new Fed additions: “I think the first order of business will be [...]
Fed In A Pickle On What The Economy Needs
thestatedtruth.com | July 14, 2010
Fed policy makers raised the possibility that further monetary stimulus may be needed if the economy shows more serious signs of slowing. They also cut growth forecasts and suggested slower growth is possible going forward.
Intel Tops Analysts’ Estimates, Says Recovery Has Legs
thestatedtruth.com | July 13, 2010
The corporate recovery looks good, actually it looks great,……but what about main street? By Ian King – Jul 13, 2010 Intel Corp., the world’s biggest chipmaker, reported record second-quarter sales and topped analysts’ estimates with its forecast for this period, allaying concern that a rebound in technology spending is losing steam. Third-quarter sales will be [...]
Stratfor………Russian Spies and Strategic Intelligence
thestatedtruth.com | July 13, 2010
July 13, 2010 By George Friedman The United States has captured a group of Russian spies and exchanged them for four individuals held by the Russians on espionage charges. The way the media has reported on the issue falls into three groups: That the Cold War is back, That, given that the Cold War is [...]
British Petroleum Cap Going Well….No Pun Intended
thestatedtruth.com | July 13, 2010
By Jim Polson and Jessica Resnick-Ault Jul 13, 2010 BP Plc plans to start testing today on a new cap over its leaking Gulf of Mexico well to determine whether it can stop the largest U.S. oil spill in history while continuing work on a permanent plug. Starting about noon local time, a 40-foot (12-meter) [...]
That Sinking Feeling…….Credit Scores, 25.5% Of Consumers Or 43.4 Million Of Them Have A Credit Score Of 599 Or Below, Considered To Be Poor Risks
thestatedtruth.com | July 12, 2010
2010-07-12 “Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now [...]
World Banking Warning: Short Term Borrowings May Need Trillions Of Dollars By 2012
thestatedtruth.com | July 12, 2010
The question is….how will this enormous amount of money be rolled over. If things don’t go smoothly, a crisis awaits the world’s banks. By JACK EWING Posted: July 12, 2010 FRANKFURT — The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered [...]
Former Cuban Leader Fidel Castro Predicts Nuclear World War
thestatedtruth.com | July 12, 2010
This is a bomb shell out of Cuba, no pun intended. HAVANA Mon Jul 12, 2010 HAVANA (Reuters) – Former Cuban leader Fidel Castro, who has lived in seclusion since falling ill four years ago, will appear on Cuban television and radio on Monday evening to discuss his theory that the world is on the [...]
Taranis……The Newest Unmanned Stealth Fighter Jet, From The British
thestatedtruth.com | July 12, 2010
I hope the Brits lock up Taranis safe and secure at night, One would think there are a few Russians that would love to fly this pie pan back to the motherland. Might then be uncatchable. By Daily Mail Reporter July 12, 2010 Looming ominously like a space ship from Star Wars, this is the future of unmanned flight. Defence firm BAE [...]
Russia: Iran Closer To Producing Nuclear Weapons
thestatedtruth.com | July 12, 2010
This is an interesting comment out of Russia. One has to wonder why they decided to discuss it now? MOSCOW Mon Jul 12, 2010 MOSCOW July 12 (Reuters) – Russian President Dmitry Medvedev said on Monday that Iran was moving closer to having the potential to create nuclear weapons. “Iran is moving closer to [...]
IRS Starts Mopping Up Congress’s Tax-Reporting Mess
thestatedtruth.com | July 11, 2010
They got to be kidding…..Nope. A new mandate looming, will require business owners to file millions more tax forms according to The Joint Committee on Taxation — a nonpartisan Congressional committee that analyzes pending tax legislation — estimated that it would bring in only about $2 billion a year in new tax revenue. By Neil deMause Posted: [...]
Obama Spokesman Says Democrats Could Lose House
thestatedtruth.com | July 11, 2010
This not just possible, but most likely probable! July 11, 2010 WASHINGTON — President Barack Obama’s chief spokesman says it’s possible that Democrats could lose their majority in the House this fall. Press secretary Robert Gibbs says there’s no doubt that enough seats are in play for Republicans to take control. Gibbs says the outcome [...]
States Can’t Count On More Federal Bailout Money, Bowles Tells Governors
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 [...]
Debt Is Still The Major Problem And Deflation Is The Painful Solution
thestatedtruth.com | July 10, 2010
Comstock Partners, Inc. Posted July 10, 2010 Velocity Is the Key We understand that we have discussed the debt problem in this country for what seems to be forever, but we can’t stop talking about it now that the debt is clearly the catalyst for the latest stock market downturn. Debt is discussed by the [...]
British Petroleum Takes A Big Chance
thestatedtruth.com | July 10, 2010
BP removes old cap; oil runs free as new cap is prepared…….Let’s hope this works. With British Petroleums record, we wouldn’t want to be in their shoes. Engineers began work Saturday on installing a new, tighter-fitting containment cap for the Gulf spill. They removed the old cap, which temporarily means oil is gushing out unabated. [...]
Robert Reich………The Vanishing American Consumer And The Coming Trade War
thestatedtruth.com | July 9, 2010
So, you say who is Robert Reich…………. Robert Reich was the nation’s 22′nd Secretary of Labor and a professor at the University of California at Berkeley. He has served as labor secretary in the Clinton administration, as an assistant to the solicitor general in the Ford administration and as head of the Federal Trade Commission’s policy [...]
The Three Waves Of New Taxes
thestatedtruth.com | July 9, 2010
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011: First Wave: Expiration of 2001 and 2003 Tax Relief In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business [...]
The Diminishing Marginal Productivity Of Debt In The U.S. Economy
thestatedtruth.com | July 8, 2010
The problem is actually pretty simple. We have more debt than productive growth can support. Debt has been losing its marginal productivity for years now and it no longer increases GDP. Rather, we abruptly reached debt saturation and now growth in debt reduces GDP. We have such levels of mal-investment and excess balance sheet [...]
Federal Budget Deficit Hits $1 Trillion For 1st 9 Months Of FY’10
thestatedtruth.com | July 8, 2010
WASHINGTON -(Dow Jones)- The federal budget deficit for the first nine months of the 2010 fiscal year was just over $1 trillion, the Congressional Budget Office reported Wednesday. The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009. [...]
Consumer Credit In U.S. Fell Unexpectedly By $9.1 Billion In May, Fed Says
thestatedtruth.com | July 8, 2010
By Vincent Del Giudice Jul 8, 2010 Consumer borrowing in the U.S. dropped in May more than forecast, a sign Americans are less willing to take on debt without an improvement in the labor market. The $9.1 billion decrease followed a revised $14.9 billion slump in April that was initially estimated as a $1 billion [...]
New Find….Antibody That Kills 91% of HIV Strains, But Must Be Perfected First
thestatedtruth.com | July 8, 2010
July 08,2010 In a significant step toward an AIDS vaccine, U.S. government scientists have discovered three powerful antibodies, the strongest of which neutralizes 91% of HIV strains, more than any AIDS antibody yet discovered. Looking closely at the strongest antibody, they have detailed exactly what part of the virus it targets and how it attacks [...]
Baltic Dry Shipping Index Drops Another 4%, Longest Decline On Record Enters 31st Day
thestatedtruth.com | July 8, 2010
Records are made to be broke…. By Tyler Durden 07/08/2010 The Baltic Dry Shipping Index, which contrary to what some may claim, actually is one of the best leading indicators on global trade and thus the health of the economy, continues to plunge, and is now below 2000, hitting fresh 14 month lows, at 1940. [...]
IMF Warns Over US Housing, Unemployment, Consumer And Strong Dollar Risks
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 [...]