thestatedtruth.com | May 14, 2010
The Road to Default Follow the capital flows, people. As money flees from the European bond market, it runs to the safety of US debt, stocks, and gold. The race to the fiat bottom, however, ensures that it’s only a matter of time before the US devalues again and capital begins to flee the safe […]
thestatedtruth.com | May 14, 2010
These security firms are dirty skunk smelling sewer rats in 30 feet of nuclear waste…..they’re so bad that they glow in the dark. The latest in a string of Wall Street inquiries is focused on municipal bonds. The SEC has reportedly opened a preliminary investigation into possible conflicts of interest among firms that sold municipal […]
thestatedtruth.com | May 14, 2010
thestatedtruth.com | May 14, 2010
Illinois deep in debt, doesn’t pay bills Crisis pushes businesses, organizations to edge of bankruptcy  By CHRISTOPHER WILLS SPRINGFIELD, Ill. – For 35 years, frail senior citizens in southern Illinois could turn to the Shawnee Development Council for help cleaning the house, buying groceries or any of the chores that make the difference between […]
thestatedtruth.com | May 13, 2010
May 13, 2010   “We have breaking news on the oil spill in the Gulf.   Anderson Cooper, 10 PM, May 13, 2010, CNN  CNN breaking news tonight reports that the estimate of 5000 barrels a day spilling from the BP well in the Gulf of Mexico may be very low. A Purdue […]
thestatedtruth.com | May 13, 2010
Muslims who want to live under Islamic Sharia law were told on Wednesday to get out of Australia , as the government targeted radicals in a bid to head off potential terror attacks.I am tired of this nation worrying about whether we are offending some individual or their culture. Since the terrorist attacks on Bali , we […]
thestatedtruth.com | May 12, 2010
May 12th, 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â by Tim Manni Have you heard of any other government programs or tax credits for home buyers? While the federal homebuyer tax credit for both first-time and repeat buyers have expired, several states are offering their own incentives to promote and maintain homeownership. Â California Offers $10,000 to Homebuyers One example is […]
thestatedtruth.com | May 11, 2010
Source: U.S. Census The average person will have a hard time once retired. These stats are numbing to say the least. The average retirement accounts for many Americans is near $50,000, but half of Americans have $2,000 or less in their account. Many middle class Americans are simply not prepared for retirement. Even with Social Security, […]
thestatedtruth.com | May 11, 2010
(Reuters) – Nearly 40 million Americans received food stamps — the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update. Food stamps are the primary federal anti-hunger program, helping poor people buy food. Enrollment is highest during times of economic distress. The […]
thestatedtruth.com | May 11, 2010
When we read this from Art Cashin, it becomes painfully clear why the government can’t be trusted on its statistics which are self serving to say the least! Dissecting The Somewhat Suspect Payroll Data – As we suggested in yesterday’s Comments, Friday’s non-farm payroll numbers got swallowed up by the on-going worries about Greece. But, the […]
thestatedtruth.com | May 10, 2010
Gordon_Gekko   05/10/2010   Satellite photo of Iceland’s Eyjafjallajökull volcano May 7th, 2010 (via NASA Earth Observatory) I know right now everyone is focused on the drama playing out in Europe over Greece et. al., but there is another little sideshow being produced over there by Mother Nature which has the potential to take centerestage and […]
thestatedtruth.com | May 10, 2010
By Larry Doyle|May 10, 2010, 12:57 PM|Author’s Website  Is the American taxpayer ultimately bailing out the European Union? Far fetched? Don’t be so sure. While the focus of the European bailout is on the European Central Bank, the European Union, and the IMF, little attention is being given to swap lines which were reopened […]
thestatedtruth.com | May 10, 2010
Tyler Durden   05/10/2010  Morgan Stanley’s Stephen Roach spoke with Bloomberg’s Tom Keene earlier, pointing out the most troubling statistic about recent market activity, which has to do with both the frequency and amplitude of catastrophes: “The crises are coming with greater frequency. Over the last 25 years we have had an average of one […]
thestatedtruth.com | May 10, 2010
May 10, 2010 In “Oil Slickonomicsâ€, part 1, http://www.cumber.com/commentary.aspx?file=050210.asp , we set forth three scenarios for the BP disaster. They are “bad,†“worse,†and “ugliest.â€Â Events are now moving from bad to worse.   BP’s attempt to install a large funnel-type device is running into problems. They have shifted the device several hundred yards away […]
thestatedtruth.com | May 9, 2010
This is huge……..European policy makers unveiled an unprecedented loan package worth nearly $1 trillion and a program of securities purchases as they spearheaded a drive to stop a sovereign-debt crisis.  Inflation dead ahead………Gold and Silver looks to be the ultimate store of wealth. The world debt will be staggering!    By James G. Neuger and […]
thestatedtruth.com | May 8, 2010
thestatedtruth.com | May 8, 2010
thestatedtruth.com | May 8, 2010
Though not every homeowner who’s underwater on a mortgage need worry, many are finding that a foreclosure or other form of housing loss can lead to a big tax obligation. As the U.S. economy continues struggling with the fallout of the debt-induced housing crisis, millions of homeowners like Ms. McDaniel are discovering that their decision […]
thestatedtruth.com | May 7, 2010
Risks associated with the fiscal deficits. And by the way, we should note that 25 of 27 European countries are running deficits in excess of 3% of GDP. Ireland has a deficit of 14.3%. Portugal is at almost 10%. Greece is almost 14%. Here is a table from Variant Perception in London, from data from […]
thestatedtruth.com | May 7, 2010
The solution is the problem. “Main Street is in the hands of a Roulette Wheel.”  The name of the “Roulette Wheel” is Credit Default Swaps. It does not matter what the G-7 or the G-20 does. It does not matter what the IMF, ECB and Fed under a beard do. Mrs. Merkel’s foolish political […]
thestatedtruth.com | May 7, 2010
The Globe and Mail in Toronto put together a good visual (below) on how financially exposed the larger and stronger economies of Western Europe are to the region’s teetering nations. Think of all the turmoil caused by Greece – the external debt load of Spain and Ireland together is more than eight times greater.
thestatedtruth.com | May 6, 2010
If  True……….. According to ForexLive, a big error at a major trading firm caused today’s -1,000 point market crash, before staging a huge come back. ForexLive: “Major US bank had an order to sell $15 mln of S&P e-mini contracts.   Accidentally sold $15 bln…†Update: CNBC is now reporting that a trader entered a “b†for […]
thestatedtruth.com | May 5, 2010
Research Affiliates chairman, along with BlackRock’s Dennis Stattman, paint a gloomy picture of U.S. economy; prepare clients ‘to weather the storm’.  The U.S. economy could well be headed for another downturn and advisers should be helping clients find opportunities overseas and in alternative-asset classes, two well-known investment managers said Tuesday. Our basic problem as a […]
thestatedtruth.com | May 5, 2010
So what happens when you take away entitlements that the Greeks have had for years?……….We here in the United States should take notice, because our time is coming and it will forced upon us by those that own our debt, at the moment China sits high on that list.       By Maria Petrakis and Natalie Weeks […]
thestatedtruth.com | May 5, 2010
The government owned businesses are the only ones we’ve ever heard of that will never break even or make money, but still manage to stay around, even though they have a monopoly on things.  By Lorraine Woellert May 5 (Bloomberg) — Freddie Mac, the mortgage-finance company in government conservatorship, said it will need $10.6 billion […]
thestatedtruth.com | May 4, 2010
Interesting musings from the Inger Letter’s Gene Inger……………this is one bizarre report regarding international intrigue and the Gulf of Mexico oil disaster. The White House ordered a news blackout on the story!  There is a circulating story about what really happened in the Gulf of Mexico; which we would give no credence to at […]
thestatedtruth.com | May 3, 2010
As of today, over 7 million current mortgage holders are 30+ days late or in some stage of foreclosure. This is at peak levels. And part of the reason why after 27 months of this recession and trillions in bailouts to Wall Street and banks, not much has changed on the housing front. Wall Street […]
thestatedtruth.com | May 3, 2010
Commercial real estate pushes $7.4 billion in FDIC Losses in one day – Hard to hear the CRE collapse with investment banks finally being called out in the court of public opinion. $3 trillion CRE market will keep Fridays busy for the FDIC.  Posted: Mon, 03 May 2010 The $3 trillion commercial real estate […]
thestatedtruth.com | May 3, 2010
 By Brian K. Sullivan May 4 (Bloomberg) — The 2010 Atlantic hurricane season may rival some of the worst in history as meteorological conditions mirror 2005, the record-breaking year that spawned New Orleans- wrecking Katrina, forecasters say. The El Nino warming in the Pacific is fading and rain is keeping dust down in Africa, […]
thestatedtruth.com | May 2, 2010
thestatedtruth.com | May 2, 2010
Here are the comparisons of the Exxon Valdez tanker spill vs. the Deepwater Horizon well blowout…………..If the 25,000 barrel-a-day estimate is accurate (it may turn out to be conservative) and the leak lasts for 90 days, that would total 2.25 million barrels, or 94.5 million gallons vs. 11 million gallons for the Exxon Valdez tanker disaster. The […]
thestatedtruth.com | May 2, 2010
The information on this week’s bank closings is staggering. The FDIC announced seven closings as of April 30, 2010, at 9:00 pm EST. The seven banks’ combined assets amount to $25.83 billion. They had combined deposits of $19.61 billion. The FDIC is projecting losses of $7.33 billion in connection with the seven closings. That is […]
thestatedtruth.com | May 2, 2010
From John Mauldin’s Thoughts from the Frontline Weekly Newsletter Normally, you think of a Collateralized Debt Obligation (CDO) as a pool of mortgages. This pool is broken into anywhere from 6 to 15 tranches. The highest-rated tranches get their money back first, and the rating agencies made them AAA. While the lowest level would be […]
thestatedtruth.com | May 2, 2010
Oil Slickonomics May 2, 2010 “At its current leak rate of 5,000 barrels of oil per day, the spill could surpass the size of the 1969 Santa Barbara spill by next week. If the leak cannot be contained, it could exceed the size of the 1989 Exxon Valdez oil spill off Alaska by mid June.â€Â   Paul […]
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