thestatedtruth.com | November 23, 2010
Hey, they got to be kidding, don’t they? Mr. Mansour was apparently not Mr. Mansour!   “It’s not him, said a Western diplomat in Kabul intimately involved in the discussions. And we gave him a lot of money”….How do you spell Morons! Taliban Leader In Secret Talks Was An Impostor By DEXTER FILKINS and CARLOTTA GALL Published: November […]
thestatedtruth.com | November 22, 2010
The Problem:Â Out of 113 million households, 1/100 of 1% rake in $10 million or more annually. As consumers, the top 5% carry the same weight as the bottom 80%. The top 10% take in 50% of the income. (The sources are listed in Two Americas: The Gap Between the Top 5% and the Bottom […]
thestatedtruth.com | November 22, 2010
It doesn’t take a rocket scientist to see that new layoffs of state and federal workers are near at hand in this debt/economic cycle. What will be the reaction to this new found forced austerity? That’s the million dollar question! www.jsmineset.com
thestatedtruth.com | November 21, 2010
So,  there will probably be a new vote in congress for unemployment benefits before year end, seeking a simple majority to pass, unlike the recent legislative tactic brought by the Democrats requiring a super majority (2/3’s) vote…..which failed! As for the tax issue vote, it’s anyones guess. The Administration has said it wants all tax increases to […]
thestatedtruth.com | November 21, 2010
Reckless and Irresponsible are the only (2) words for this….. Iowa Gov. Chet Culver’s administration agreed Friday to offer pay increases for state employees that will cost taxpayers more than $200 million, despite Republican requests that the decisions be delayed until Terry Branstad becomes governor in January.A Branstad spokesman called the deal “reckless,” and House Republican […]
thestatedtruth.com | November 21, 2010
Ireland has an unprecedented budget deficit — equaling one-third of its economic output this year! This bailout is a no-brainer, but up until now Ireland has said they didn’t need any help…..Geez! Finance Minister Brian Lenihan said Ireland will apply for a bailout as it sets itself up to be the second euro member to seek a rescue […]
thestatedtruth.com | November 18, 2010
Home-mortgage rates surged to their highest level in three months, showing implications of the recent spike in Treasury yields and causing another headache for the Fed. The rate for a 30-year, fixed-rate mortgage averaged 4.39% last week, according to Freddie Mac, up from a record-low 4.17% the week before. Rates on 15-year fixed-rate mortgages were 3.76%, up […]
thestatedtruth.com | November 18, 2010
Let’s look behind the scenes here.   This vote required a supermajority in the House of Representatives because of a legislative tactic purposely used by the Democrats. So…It required approval from two-thirds of the House for passage and was (solely) used to portray Republicans as unsympathetic. Current benefits are now set to expire on Nov. 30 for an estimated 4 million Americans. Legislation that would […]
thestatedtruth.com | November 18, 2010
If this happens, there will be no winners. Interest rates would rise rapidly, real estate would see a new leg down (bigger then anyone thought possible) and stock and commodity markets across the globe would implode!  Robert Rubin: “U.S. In Terribly Dangerous Territory,” Bond Market May Be Headed For “Implosion”  Aaron Task Warning of the risk […]
thestatedtruth.com | November 17, 2010
ICI Data shows the 28’th consecutive week of domestic equity fund outflows and $86 billion in outflows for the year!Â
thestatedtruth.com | November 17, 2010
It all sounds good but not so fast……GM’s owners, including the U.S. Treasury, sold at least $15.8 billion of common shares at $33 each, making it the second-largest U.S. Initial Public Offering (IPO) on record according to data compiled by Bloomberg. GM received $49.5 billion in a taxpayer bailout just last year. The Treasury, which is taking a loss on […]
thestatedtruth.com | November 17, 2010
Looks like the VAT (Value Added Tax) or what is also known as the Consumption Tax is picking up steam. We suggest that time and understanding be entered into any equation of change. Let’s try to simplify the tax system going forward, not complicate things further. All of this spending got us nowhere.  The nation cannot […]
thestatedtruth.com | November 16, 2010
John Mauldin Reviews Gary Shilling’s Brand New Book,  The Age of Deleveraging: Investment Strategies For A Decade Of Slow Growth And Deflation. Some of his opinions are covered below. Roadblocks on the deleveraging highway may include a crisis in U.S. commercial real estate (Chart 5) that could exceed the earlier one in housing. Then there’s a possible […]
thestatedtruth.com | November 16, 2010
CNBC’s Diana Olick reports that the investigation into the biggest financial fraud in recent history is about to be closed. State AGs are nearing a settlement with banks, which will slap a few wrists, see banks put some money in a settlement fund, and will result in some principal reductions.  Then everything will be well again.  Oh, and banker […]
thestatedtruth.com | November 16, 2010
It looks like the day of reckoning is close at hand for state governments. Illinois faces a deficit for the fiscal year beginning July 1, 2011, that could reach $15 billion—more than half the state’s general-fund budget. California faces a deficit next year of $25.4 billion, twice the size of previous forecasts and California Gov. […]
thestatedtruth.com | November 15, 2010
Write your congressman about this! On second thought maybe not, they’re in on this whole ruse. Yes, it is a ruse! Since 2000, federal pay and benefits have increased 3% annually above inflation compared with 0.8% for private workers, according to the Bureau of Economic Analysis. Members of Congress earn $174,000, up from $141,300 in 2000. […]
thestatedtruth.com | November 15, 2010
The rate will tell the story. If the rate is reasonable then it is illogical. If it is illogical then QE (Quantitative Easing) has started to bail out states.           Jim Sinclair This two-part sale of so-called revenue anticipation notes (Rans) allows California to bridge the gap to its tax season in the spring…… Hopefully!  Notice […]
thestatedtruth.com | November 15, 2010
Europe Stumbles Blindly Towards Its 1931 Moment By Ambrose Evans-Pritchard Nov 15, 2010 Unless the ECB takes fast and dramatic action, it risks destroying the currency it is paid to manage, and allowing a political catastrophe to unfold in Europe. If mishandled, Ireland could all too easily become a sovereign version of Credit Anstalt – […]
thestatedtruth.com | November 14, 2010
thestatedtruth.com | November 14, 2010
thestatedtruth.com | November 13, 2010
John Mauldin says…….”If the Bush tax cuts are not extended, in my opinion it is almost a lock that we go into recession next year, unemployment goes to 12%, and underemployment gets even worse”. The only real way to pay for all these benefits will ultimately be a value-added tax, or VAT.    A VAT looks […]
thestatedtruth.com | November 13, 2010
This is peanuts compared to what the OTC derivative credit default swaps are going to cost. According to the National Conference of State Legislatures, U.S. cities saw their general fund revenue fall the most since at least 1986 in the budget year that ended June 30, according to the National League of Cities.   States now face […]
thestatedtruth.com | November 13, 2010
It’s the rainy season in California…..Schwarzenegger Declares Emergency, Calls Special Budget Session November 12, 2010 By Michael B. Marois Nov. 12 (Bloomberg) — California Governor Arnold Schwarzenegger, citing a $25.4 billion budget gap over the next 19 months, declared a fiscal emergency and called lawmakers to a special session next month to begin dealing with […]
thestatedtruth.com | November 12, 2010
This is called kicking the can down the road!   “You can tell from the FSB statements that there’s been a huge amount of controversy,†said Barbara Matthews,  managing director of BCM International Regulatory Analytics LLC in Washington. “Some of these issues have been on the international agenda for decades, and still there’s no end in sight […]
thestatedtruth.com | November 12, 2010
Three federally funded unemployment programs are set to end soon! The programs are the additional compensation pay program, the emergency pay program, and the extended benefits program. Unless lawmakers intervene with another emergency package, the federal benefits will begin to expire starting Nov. 30 through Dec. 11.
thestatedtruth.com | November 12, 2010
The trouble continues at the U.S. Postal Service. It lost a record $8.5 billion, and said almost two thirds of the deficit, or $5.5 billion, covered health-benefit costs for future retirees. Hey, here’s a novel idea (not)…. let’s raise the cost of postage stamps every year, that way the postal workers can keep their retirement benefits. The U.S. […]
thestatedtruth.com | November 10, 2010
ICI Data shows the 27th consecutive week  of domestic fund outflows, commencing with the May flash crash, and resulting in $85 billion in retail outflow YTD. www.zerohedge.com
thestatedtruth.com | November 10, 2010
This is unbelievable….beyond belief……..California’s deficit over the next year and half has gone vertical soaring to $25.4 billion. California faces a far-larger budget shortfall than state officials were projecting only weeks ago. The deficit over the next year and half has soared to $25.4 billion, the state’s chief budget analyst said on Wednesday. The startling figure […]
thestatedtruth.com | November 10, 2010
A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would trim Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction. November 10, 2010 Bloomberg Wiping out all tax breaks, including the home mortgage deduction, while lowering tax rates would save $100 billion a year according to Erskine Bowles, co-chairman […]
thestatedtruth.com | November 10, 2010
A major point in the long weather cycle occurs in 2011…….Demand is soaring and crop yields are shrinking. This alone will send agricultural prices higher. Now add aggressive currency devaluation into the mix and we can better understand the direction of capital flows. The phrase budget pain will soon redefine the grocery checkout experience. From the FT: (FT) — The spectre […]
thestatedtruth.com | November 9, 2010
These endless wars will bankrupt America eventully! Tuesday, November 09, 2010 By Edwin Mora (CNSNews.com) – U.S. Lt. Gen. William Caldwell, the commander of the NATO training mission in Afghanistan, indicated today that U.S. forces will still be fighting in Afghanistan in 2014, with current plans aiming to have “Afghan security forces in the lead” and U.S. […]
thestatedtruth.com | November 9, 2010
Deficits such as these are not limited to California. Illinois, Wisconsin, Texas, New York, New Jersey, and/or nearly ever State in the Union have drained their unemployment insurance funds and must start paying the federal government interest on the borrowed money in 2011. The markets already know that there’s no way the States will have […]
thestatedtruth.com | November 9, 2010
FOR IMMEDIATE RELEASEÂ November 9, 2010 The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final rule to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 343 provides temporary unlimited coverage for noninterest-bearing transaction accounts. This separate coverage will become effective on […]
thestatedtruth.com | November 9, 2010
There is a school of thought that says many markets are rigged….gasp. When we see results such as these for the big Banks and Wall Street firms, it only serves to fan those fires, and in the process create more doubt about the fairness in the “new normal” markets! Bank of America Corp. and J.P. Morgan Chase & Co.  the two […]
thestatedtruth.com | November 8, 2010
Huh?  Where has this guy been for the past two years?  According to The Wall Street Journal: ‘President Barack Obama warned in an interview on CBS’s 60 Minutes about the danger of a “new normal†taking hold of the economy – an environment in which businesses become accustomed to fewer employees and the U.S. […]
thestatedtruth.com | November 8, 2010
Germany:  U.S. debt and interest policy generally “doesn’t add up” and the U.S. model is in “deep crisisâ€. . Hmm, so what happens if this U.S. policy fails…….inquiring minds want to know?    German Finance Minister, Wolfgang Schuble, offered some withering criticism of the Fed’s move and U.S. economics. Here’s a bit from the […]
thestatedtruth.com | November 8, 2010
Oil Slickonomics-Part 13-Idle Iron November 8, 2010 In our recent comment entitled Oil Slickonomics Part 12 we discussed how the federal government is implementing a policy that functions as a de facto moratorium, even though the Obama administration has formally lifted the de jure oil drilling moratorium. We appreciate the readers who responded, and we […]
thestatedtruth.com | November 8, 2010
To get a visual idea of the complexity surrounding the new health-care requirements, you can peruse the following chart prepared by the Joint Economic Congressional Committee, which outlines the bureaucratic Frankenstein that is being created. I’m printing the chart in a size that is too small to read here, just to give you the idea. […]
thestatedtruth.com | November 7, 2010
Oil Slickonomics-Part 12-An Update November 4, 2010 We will start this note with two links. The first is to the October 2010 edition of the National Geographic. It is devoted to the Gulf oil spill, with a comprehensive report that includes excellent maps and photos. Those who lean green will find support in this assemblage of […]
thestatedtruth.com | November 6, 2010
Here are some shocking numbers…..Personal incomes are not going up. In fact, the income data is downright scary for the U.S.   The largest group of wage earners – a massive 24 million or 16% of the total wage group  – made between 1 red cent and $4,999.99. On average they earned $2,016.  The average wage for […]
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