thestatedtruth.com | December 4, 2010
From Art Cashin on the floor of The New York Stock Exchange………..Moscow and Europe may have its coldest winter in 500 years! Wheat and Rice in short supply and grain supplies indicating potential shortages next year…..Oh, and Oil heading back towards $100 a barrel! It’s going to be an expensive winter for heating on the U.S. East Coast, in Europe […]
thestatedtruth.com | December 4, 2010
We fully expect that the ‘can will get kicked down the road’ on this matter…… WASHINGTON…..An increase to the federal government’s borrowing limit is being considered in talks on extending the Bush-era tax cuts. But that issue would be politically very toxic. The current federal government debt limit stands at $14.3 trillion, a mark that may be reached […]
thestatedtruth.com | December 4, 2010
As expected the Senate votes No on tax deal…..around and around we go, where we stop nobody knows! Democrats are demanding a one-year renewal of jobless benefits for hundreds of thousands of Americans or no deal on tax cuts. The benefits begin to expire this week.  But….Obama’s top economic advisers are in talks with key lawmakers […]
thestatedtruth.com | December 3, 2010
The Government has recently appointed a new Golf Czar and major rule changes in the game of golf will become effective as of December 10, 2010.  This is a preview, as the complete rule book (expect 2,000 pages) is being rewritten as we speak.  Here are a few of the changes.: Golfers with handicaps: ~ below 10 […]
thestatedtruth.com | December 3, 2010
Thinking the Unthinkable By Bill Bonner  This week, like the last one, was dominated by euro babel. Speaking in their various tongues, all at once, Europeans were talking nonsense. Especially Jose-Ignacio Torreblanca. The senior fellow at the European Council of Foreign Relations begins: “in an ideal world,” he says it is “fair and rational” for […]
thestatedtruth.com | December 3, 2010
So inquiring minds want to know…. what happens when the ‘Spanish Flu’ strain hits the United States! Update from the AP:   Spain orders its air traffic controllers to resume work or military will take over control of airspace. That’s some serious flu going around. If you are reading this from an airplane, we can only hope […]
thestatedtruth.com | December 3, 2010
Some interesting thoughts out of China…………. From Corriente Advisors. The anomalies in China are some what familiar: Excess floor space exceeds 3.3 billion square meters and there are still 200 m being built this year…. The price to rent ratio is 39.4 times versus 22.8 times in America before the housing crises…. Banks are hiding their exposure […]
thestatedtruth.com | December 3, 2010
The Guardian, which earlier was conducting a live chat with Julian Assange from an undisclosed location, has generated such massive internet traffic that the entire Guardian website (which is the 16th top ranked site in Britain on a regular day getting tens of millions of hits) was knocked out. Looks to be back up now.  Full transcript from […]
thestatedtruth.com | December 3, 2010
WikiLeaks…. EveryDNS says it dropped the website after it became the “target of multiple distributed denial of service attacks.”   WikiLeaks.org was forced to move its domain name to Switzerland after its U.S. service was withdrawn, may now be banned from French servers. It is “not acceptable†for servers in France to host the site, French Industry […]
thestatedtruth.com | December 2, 2010
Let’s dig a little deeper on this subject…..Here’s what Bloomberg had to say about this morning’s reported jump in pending home sales (signed sales agreements). Pending sales of U.S. existing houses unexpectedly jumped by a record 10 percent in October, indicating the industry at the center of the last recession is stabilizing as the job […]
thestatedtruth.com | December 2, 2010
A holder of a bond may “buy protection†to hedge its risk of default. In its simplest form, a credit default swap is a bilateral contract between the buyer and seller of protection. The CDS will refer to a “reference entity” or “reference obligor”, usually a corporation or government. The reference entity is not a […]
thestatedtruth.com | December 2, 2010
We’ll have to see how this plays out in the U.S. Senate over the next few days and weeks. But as everybody knows, time is running out for 2010. WASHINGTON…..The U.S. House of Representatives approved legislation to make permanent tax cuts only for households earning less than $250,000 in a symbolic vote aimed at the Democratics as the […]
thestatedtruth.com | December 2, 2010
This was a no brainer……from the ECB (European Central Bank) The ECB has abandoned its plans to wind down emergency support for banks and government debt markets.  The ECB will continue to offer unlimited liquidity to banks for as long as necessary, ECB President Jean-Claude Trichet said at a news conference in Frankfurt Thursday. It had […]
thestatedtruth.com | December 2, 2010
Attacks on Nuclear Scientists in Tehran December 1, 2010 By Ben West On the morning of Nov. 29, two Iranian scientists involved in Iran’s nuclear development program were attacked. One was killed, and the other was injured. According to Iranian media, the deceased, Dr. Majid Shahriari, was heading the team responsible for developing the technology […]
thestatedtruth.com | December 2, 2010
That’s why they call these types of high yield high risk bonds ,” Junk Bonds”……  High-yield, or junk, debt is rated below BBB- by S&P and an equivalent Baa3 by Moody’s Investors Service. So the governments of the world take interest rates down to current ultra low levels and leave them there for a prolonged period, forcing […]
thestatedtruth.com | December 2, 2010
The other shoe is dropping in real estate. The banks have a lot of inventory to sell, so this will take a while! Sales of existing homes, which make up more than 90 percent of the market, declined more than forecast in October amid the foreclosure moratoriums and the absence of the tax credit of as […]
thestatedtruth.com | December 1, 2010
No wonder the fed didn’t want this material released………Geez, they really did save the World financial system between October 27, 2008 and August 6, 2009! One may be forgiven to believe that via its FX liquidity swap lines the Fed only bailed out foreign Central Banks, which in turn took the money and funded their own […]
thestatedtruth.com | December 1, 2010
This excerpt from Art Cashin on the floor of The New York Stock Exchange Cyber Warfare – Maybe because of the apparent success of the Stuxnet virus on the Iranian nuclear efforts, there has been a lot of floor chatter about the new age of cyber warfare. The chatter got a lot more active with the […]
thestatedtruth.com | December 1, 2010
In response to Wikileaks website closure……An interesting analysis out of TorrentFreaks contemplates a BitTorrent based DNS which would make shutting down sites virtually impossible. In a direct response to the domain seizures by U.S. authorities during the last few days, a group of established enthusiasts have started working on a DNS system that can’t be […]
thestatedtruth.com | December 1, 2010
We’re not a believer in journalism at the expense of government or state secrets…..especially when it puts innocent lives at risk. Wikileaks should rethink their model.  Wikileaks says it has switched its DNS to Sweden, from where it continues operating. Wikileaks tweeted the following response about Amazon’s action shutting down its website: “WikiLeaks servers at Amazon ousted. Free speech the […]
thestatedtruth.com | December 1, 2010
Under orders from Congress pursuant to the Dodd-Frank financial legislation, the Fed has finally released details of its emergency lending starting in 2007. Huffington Post is providing an excellent live-blogging round up as new discoveries are made from the Fed’s data release. Here are some of the more interesting insights: Mutual funds, hedge funds and […]
thestatedtruth.com | December 1, 2010
Yes, you are wondering how this is possible while the market is going up? The logical answer is the powers to be (government) have total control of things for now….but if something should happen to change that (and it will), run baby run! ICI reports for the week ending November 24, we had $2.6 billion in outflows from […]
thestatedtruth.com | December 1, 2010
This shouldn’t be surprising…….what did he (Julian Assange) think would happen? From Reuters: “Amazon.com ceases hosting services for WikiLeaks website – Senator Lieberman” and “DHS says Amazon has agreed to stop hosting WikiLeaks.” Game Over…..Julian Assange looks like a hot potato.
thestatedtruth.com | December 1, 2010
David Kotok does a good job of explaining things about this complex problem in Europe. Cumberland Advisors European Contagion December 1, 2010 First an update. We are scheduled to guest-host CNBC Worldwide Exchange from the London Studio on Friday, December 10. US viewers may see it at 5 AM New York time. We may start […]
thestatedtruth.com | November 30, 2010
Democrats have left themselves in a tough spot on the Bush tax cuts. After delaying the issue until after the election and then being trounced in that election, they find themselves with little leverage. If they cannot come up with a plan that can win 60 votes in the Senate, which means at least two […]
thestatedtruth.com | November 30, 2010
Financial comparisons with 2009 will make almost anything look good, even state tax revenues which in the third quarter were up 2.6 percent compared with last year. Rockefeller Institute of Government “PIT†refers to personal income taxes. According to preliminary tax collection data compiled by the Nelson A. Rockefeller Institute of Government, 48 early reporting states collected […]
thestatedtruth.com | November 29, 2010
We are all going to be real frugal if this plan see’s the light of day! Currently, individual retirees with $34,000 in outside income and couples with $44,000 must pay taxes on 85 percent of their benefits. The Third Way plan would require individuals earning $50,000 a year and couples receiving $60,000 to pay taxes on […]
thestatedtruth.com | November 29, 2010
It looks like the republican tea party is having an effect of President Obama, but let’s not forget that this pay freeze comes at all time record high pay levels for government workers.  It looks like the can gets kicked down the road a while, then we’ll start to see pay CUTS! By PETER BAKER Published: November 29, […]
thestatedtruth.com | November 27, 2010
The number of days since the average borrower in foreclosure last made a mortgage payment is now 492 days up from 382 days a year ago and a low of 244 days in August 2007.
thestatedtruth.com | November 27, 2010
More than 90% of employees opt for a lump-sum payout from their pension plan when given the choice.  So the Pension Protection Act was signed in August of 2006 by President George W. Bush. But who does it protect. Well certainly not the employee! Interestingly, the current change has received so little notice that most people aren’t […]
thestatedtruth.com | November 25, 2010
The answer is NO!…..Over the counter (OTC) derivatives are larger now then in 2008. Logic says that a currency or interest rate surprise could do the derivative trick next time around. These markets are huge and could sink a battle ship because of the sheer size of the markets they’re involvd in. We may limp through 2011, and hopefully so, […]
thestatedtruth.com | November 25, 2010
A re-designed bankruptcy law was the end result of a huge successful lobbying effort by the banks back in 2005. Congress hadn’t envisioned a surge in bankruptcies when it re-designed the bankruptcy law to make it harder for consumers to walk away from their debts. Americans are expected to file for bankruptcy-court protection this year at a […]
thestatedtruth.com | November 25, 2010
From Bloomberg News By Zoltan Simon Nov 25, 2010 Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension. Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state […]
thestatedtruth.com | November 25, 2010
www.ingerletter.com This has been ignored in the press. So why is this a big deal? Well, because there are more dollars outstanding abroad then in the United States, and we’re really just beginning to see this kind of dollar mischief. But trust the world, there will be more. China, Russia Quit Dollar By Su Qiang and Li Xiaokun (China […]
thestatedtruth.com | November 25, 2010
Germany just said “No” Thought this was a shoe in but…… BERLIN—The European Commission floated a proposal Wednesday to double the size of Europe’s €440 billion bailout fund for indebted euro-zone countries, but the idea was quickly dismissed by Germany, according to people familiar with the situation. The apparent disagreement between Brussels and Berlin comes […]
thestatedtruth.com | November 24, 2010
The October median new home price of $194,000 was the lowest recorded by the Census Bureau since the market peak.
thestatedtruth.com | November 24, 2010
It seems that the European bailout buck will stop with Portugal unless more money is added (it will be). When Europe created the EFSF it did not think it would need to serially bail out everyone.  But now the EFSF needs more money to cover a bailout of Spain, and then what about Italy? Inquiring minds want to know! […]
thestatedtruth.com | November 23, 2010
So, the talking heads are pressing up U.S.  growth prospects while the Fed gets more worried. Hmm…… From The Wall Street Journal Fed officials downgraded their assessment of the economy at a November meeting as they debated the benefits and costs of bond purchases, minutes showed. Fed officials downgraded their growth projection to between 3% […]
thestatedtruth.com | November 23, 2010
The Chinese haves vs. the have-nots and the Chinese rich vs. the poor ….will be at the forefront of China’s immediate problems. This is how revolutions start. Don’t think for a second that the Chinese leadership doesn’t know or worry about this fact! This from Art Cashin On the floor of The New York Stock Exchange……. Remember Wen – Chinese Premier Wen […]
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