thestatedtruth.com | November 6, 2010
MOUNT MERAPI, Indonesia…….A surge of searing gas raced down the sides of Mount Merapi at highway speeds Friday, setting houses and trees ablaze and blackening the bodies of those caught in its path. Merapi’s latest round of eruptions began on Oct. 26, followed by more than a dozen other powerful blasts and thousands of tremors, and […]
thestatedtruth.com | November 6, 2010
Mark Twain Said That History Doesn’t Repeat Itself, It Just Rhymes. The events we are experiencing today look a lot like the same experiences that we had in the 1930s. There are lessons to be taken away from the 1930s that are useful in evaluating both policy and markets today. The lesson that we learned […]
thestatedtruth.com | November 5, 2010
Labor force participation has now dropped to the lowest rate it has been since 1984, at 64.5%.
thestatedtruth.com | November 5, 2010
The WSJ Reports……. By population, Washington, D.C. had the largest share of residents receiving food stamps: More than a fifth, 21.1%, of its residents collected assistance in August. Washington was followed by Mississippi, where 20.1% of residents received food stamps, and Tennessee, where 20% tapped into the government nutrition program. Idaho posted the largest jump […]
thestatedtruth.com | November 5, 2010
Interestingly…..Credit-card debt declined for the 25th straight month, while non-revolving loans rose by the most since August 2007. Consumer borrowing in the U.S. unexpectedly increased in September by the most in two years, and saw a surge in non-revolving credit such as college loans and auto financing. Credit rose $2.1 billion and was more then estimated after […]
thestatedtruth.com | November 4, 2010
That flushing sound you hear is just more money down the toilet! Two weeks ago, the FHFA, using Moody’s assumptions and modelling, said that a worst case scenario for Fannie and Freddie could result in total costs to taxpayers of $363 billion, an incremental $220 billion to the $148 billion already spent to keep the […]
thestatedtruth.com | November 4, 2010
The so-called “rare earths” would not be rare earths…unless they were rare. “Basically, rare earths are exotic elements that are critical to the future of high tech, clean energy, Big Science and – oh by the way – national defense,” explains Byron King, editor of Outstanding Investments. “The list includes 17 elements like terbium, ytterbium, […]
thestatedtruth.com | November 3, 2010
Given the high market expectations, the US Federal Reserve had no choice but to announce a second tranche of quantitative easing, nicknamed QE2. But the measure is an inevitably blunt instrument for the difficult task of restoring growth and generating jobs. The benefits accruing to America come with burdens for other countries, and both could […]
thestatedtruth.com | November 3, 2010
One would think that we’re getting closer to an inflow week!! ICI Data for the week ended October 27th  registered a $2.9 billion outflow from domestic equity mutual funds, making 26 straight weeks, or half a year, of outflows. This brings the total to $84 billion. www.zerohedge.com
thestatedtruth.com | November 2, 2010
Iceland’s volcano gods may be about to make the holiday travel season very challenging. The newest action takes us to the heretofore unknown Grimsvotn. AP reports “torrents of water are pouring from a glacier that sits atop Iceland’s most active volcano, an indication that the mountain is growing hotter and may be about to erupt, scientists said […]
thestatedtruth.com | November 2, 2010
After years of dishing trash, folly and misfortune, The National Enquirer’s publisher has fallen on hard times.  American Media Inc., a privately held company said today that it plans to seek federal bankruptcy protection in the next two weeks. American Media’s publications include The National Enquirer, Star, Shape, Men’s Fitness and Fit Pregnancy.
thestatedtruth.com | November 1, 2010
The new normal is not pleasant, and nobody wants to see this!  The overall cost for the Indiana security is $1 million, paid for with federal funds designated for administration of the unemployment system. Indiana unemployment offices are starting to add armed security guards. The official explanation: “Armed security guards will be on hand at 36 […]
thestatedtruth.com | October 31, 2010
thestatedtruth.com | October 30, 2010
This article from the Wall Street Journal:   No matter how you slice it, the housing market faces almost nine years of foreclosure hangover. That means materially lower prices are likely from here with a chance we fall off a cliff when (not if) the next economic dislocation shows up.  October 30, 2010  By Mark Whitehouse 107: Is […]
thestatedtruth.com | October 29, 2010
thestatedtruth.com | October 28, 2010
By Jack Doyle October 28, 2010 Mohammed has become the most popular name for newborn boys in Britain. It shot up from third the previous year, overtaking Jack, which had topped the list for the past 14 years but was relegated to third spot. Olivia topped the list for little girls for the second year in […]
thestatedtruth.com | October 28, 2010
So….The real question is how did personal liability mortgages ever become so common in Europe? Why would anyone ever buy a house under such strenuous terms? Inquiring minds want to know! By SUZANNE DALEY Published: October 27, 2010 MADRID — Manolo Marbán, 59, is still living in his house in Toledo and going to work in […]
thestatedtruth.com | October 27, 2010
The BBC reports:Â Â “the minority government of Portugal has failed to gain opposition support for its proposed austerity budget. A failure to pass the budget could plunge the country back into the debt crisis it had seemingly escaped since the summer.” And this: “Prime Minister Jose Socrates threatened to quit if the budget fails, while the […]
thestatedtruth.com | October 27, 2010
ICI reported the 25th outflow in a row. Total YTD money redeemed is now $81 billion. From the market bottom in July, all the way to the current 2010 highs, the market has seen $51 billion in 16 sequential outflows. Yeh, so what!
thestatedtruth.com | October 26, 2010
Fresh data shows the number of California homes entering foreclosure jumped nearly 19% in the third quarter from the previous quarter.  It’s the first time the Golden State has logged an increase in the key measure since hitting a peak early last year. Californians were a median five months behind on their mortgages when their lenders […]
thestatedtruth.com | October 26, 2010
A powerful, 2,200-mile-wide wind storm plowed across the middle of the country Tuesday, spawning tornadoes and brutal wind gusts stretching from the front range of the Rocky Mountains to the eastern Great Lakes. “It’s a huge storm, and it’s dominating the wind pattern and the weather over a big chunk of North America,” said WGN-TV […]
thestatedtruth.com | October 26, 2010
As is often the case, there is a big difference between what the government statistics are reporting and what’s going on in the real world. According to the most recent inflation reading published by the Bureau of Labor Statistics (BLS), consumer prices grew at an annual rate of just 1.1% in August. The government has […]
thestatedtruth.com | October 26, 2010
By Jody Shenn Oct. 26 (Bloomberg) — Home lending in the U.S. will fall below $1 trillion next year to the lowest level since 1996, according to the Mortgage Bankers Association. Originations will decline to $996 billion in 2011, from a projected total of $1.4 trillion this year, the trade group said today in a […]
thestatedtruth.com | October 25, 2010
Before anyone gets jazzed about this, the numbers will be revised next month, and percentages don’t tell the real story! The NAR reported September existing home sales came at 4.53 million units, a 10% jump from the prior downward revised number of 4.12 million, compared to expectations of 4.3 million. Keeping this number in perspective, it […]
thestatedtruth.com | October 25, 2010
This from The Wall Street Journal….Are they kidding?…….Nope…….You want civil unrest and riots, like they have in France,  just try to take away or cut the mortgage interest tax deduction……..and watch housing fall further at the same time. Any Senator or Congressman can be voted out of office if this happens, but not until next election unfortunately. Hot Hot Potatoes. Sacrosanct […]
thestatedtruth.com | October 24, 2010
One of the sacred cows of our economy revolves around the mortgage interest tax deduction. Home buying is heavily subsidized in the United States. The Federal Reserve has injected trillions of dollars in purchasing mortgage backed securities and other questionable assets all for the purpose of keeping interest rates low. Yet this is one area […]
thestatedtruth.com | October 21, 2010
The regulator for Fannie is set to get litigious ….. OCTOBER 21, 2010 By NICK TIMIRAOS The federal regulator overseeing Fannie Mae and Freddie Mac hired a law firm specializing in litigation as the agency considers how to move forward with efforts to recoup billions of dollars on soured mortgage-backed securities purchased from banks and […]
thestatedtruth.com | October 21, 2010
Why California is About to Fall Into an Ocean of Unpayable Debt Perry Wong, Director of Regional Economics at the Milken Institute is co-author of a new report, Addressing California’s Pension Shortfalls: The Role of Demographics in Designing Solutions.  His conclusion: We’re talking about a perfect storm: more state services needed for an aging population, […]
thestatedtruth.com | October 21, 2010
The number of U.S. homes seized by banks topped 100,000 in September for the first time ever, according to RealtyTrac, a real-estate data company. The average loan in foreclosure is 484 days delinquent, according to LPS Applied Analytics. Some 23 states require foreclosures to go through the courts. Even if the outcome of most cases […]
thestatedtruth.com | October 21, 2010
These two giant white elephants funded more than 62 percent of new mortgages in the first half of this year, according to Inside Mortgage Finance, a trade publication in Bethesda, Maryland. It would seem that they some how managed to  loose money on every mortgage funded! Fannie Mae and Freddie Mac the mortgage-finance companies operating under […]
thestatedtruth.com | October 21, 2010
French unions to the government….you can’t do this to us or it will end an entire network of welfare benefits that make France an enviable place to work and live. Are they kidding?   No they’re not! PARIS (AP) – Protesters blockaded Marseille’s airport, Lady Gaga canceled concerts in Paris and rioting youths attacked police in Lyon […]
thestatedtruth.com | October 21, 2010
NEW YORK — NBA commissioner David Stern says there was no progress in collective bargaining talks over the summer, and the league has revealed it is seeking a reduction in player salary costs by about one-third. Stern says the league wants player costs to drop by about $750 million to $800 million. The NBA currently […]
thestatedtruth.com | October 20, 2010
ICI reports the latest fund flow data: flows into everything are up… except domestic stocks. The only silver lining: the outflow is declining, and we may see an inflow next week. The only marginal buyers continue to be the primary dealers (using POMO cash), pension funds, and algos. Weekly Flows: Cumulative Flows:
thestatedtruth.com | October 20, 2010
U.S. economic activity continued to rise only modestly in September and early October, according to a report released by the Fed. Hiring Remains Sluggish as many Fed districts reported little demand for new full-time workers. The picture painted by the beige book showed consumers spending just a bit more. Retailers told the Federal Reserve Bank of […]
thestatedtruth.com | October 19, 2010
Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said. The bondholders wrote a letter to Bank of America and Bank […]
thestatedtruth.com | October 19, 2010
10/19/2010 The banks have a $3 trillion footnote on their balance sheets known as CRE. They are lucky they’re not insolvent: the Moody’s REAL/Commercial Property Price Index index dropped by 3.3% in August, and is now 45.1% lower compared to the October 2007 peak. Moody’s Summary Points: The National — All Property Type Aggregate Index recorded a […]
thestatedtruth.com | October 19, 2010
   October 19, 2010 By George Friedman German Chancellor Angela Merkel declared at an Oct. 16 meeting of young members of her party, the Christian Democratic Union, that multiculturalism, or Multikulti, as the Germans put it, “has failed totally.†Horst Seehofer, minister-president of Bavaria and the chairman of a sister party to the Christian […]
thestatedtruth.com | October 19, 2010
This Is How To Fix Congress!    Congressional Reform Act of 2010  1. Term Limits.    12 years only, one of the possible options below..   A. Two Six-year Senate terms   B. Six Two-year House terms   C. One Six-year Senate term and three Two-Year House terms 2. No Tenure / No Pension. A […]
thestatedtruth.com | October 19, 2010
Card Sharp by AnnaMaria Andriotis Until recently, a credit score of 680 was meaningfull. It meant you paid most of your bills on time, got dinged a little when you went shopping for a refi, but in general you were solid enough to get a loan at the best rates. Not anymore. That 680 is firmly […]
thestatedtruth.com | October 18, 2010
It’s likely that most informed people will agree with the 3 points made below. Our Guess is that more class actions are coming, it’s just a matter of time! Class action lawsuit against the MERS system for mortgage holdings  A class action lawsuit by citizens vs MERS and numerous banks depicting fraud and unfair practices has […]
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