thestatedtruth.com | October 23, 2009
Commercial Real Estate Bust Looms By John W. Schoen Thurs., Oct . 22, 2009 That big whoosh you’re hearing is the air rushing out of a commercial real estate bubble. More than two years into the worst housing crisis in decades, commercial real estate is shaping up as the second half of what some are […]
thestatedtruth.com | October 20, 2009
Oct. 20, 2009, 12:25 p.m. EDT Hedge Manager Sprott Sees Trouble  US government is new “dead man walking” By Alistair Barr, MarketWatch NEW YORK (MarketWatch) – When so-called quantitative easing by central banks ends, the world economy may slip back into trouble, Canadian hedge fund manager Eric Sprott warned on Tuesday. Toronto-based Sprott called […]
thestatedtruth.com | October 20, 2009
thestatedtruth.com | October 16, 2009
Geithner Says U.S. Must Instill Confidence in Fiscal Management By Robert Schmidt Oct. 16 (Bloomberg) — Treasury Secretary Timothy Geithner said the U.S. must reduce its record budget deficit as soon as the economy returns to a sustainable growth rate without relying on government assistance. “Americans understand that we have to go back to living […]
thestatedtruth.com | October 16, 2009
Minnesota Pigs Tested for H1N1, May Be First in U.S.  By Whitney McFerron Oct. 16 (Bloomberg) — Three pigs from the Minnesota state fair have been “tentatively identified†as having swine flu in what may be the first U.S. cases of the H1N1 virus among domestic livestock. The pigs were tested at the fair […]
thestatedtruth.com | October 15, 2009
That Was Then, This Is Now – In his terrific “Big Picture†blog, Barry Ritholtz cited a neat 1999 comparison by Peter Boockvar. Here’s the citation…… With the DJIA approaching 10,000 again, let’s reminisce about 1999, the year it first passed that magic level on March 29th. Millennium by the Backstreet Boys was the best […]
thestatedtruth.com | October 15, 2009
States’ Tax Revenue Fell Record $63 Billion in Year By Michael Weiss Oct. 15 (Bloomberg) — States’ tax revenue fell a record $63 billion during the fiscal year ended June 30, the Nelson A. Rockefeller Institute of Government, an Albany based research organization, said in a report released today. The data, based on U.S. Census […]
thestatedtruth.com | October 14, 2009
by Bill Bonner London, England Two important items in the news today: First, Bloomberg reports that retails sales fell 2.1% in September – the biggest decrease this year. Know what that means? It means the “Age of Thrift” is here…and that consumers really are cutting back – just like we said they would. And it […]
thestatedtruth.com | October 14, 2009
“China National Offshore Oil Corp and Exxon Mobil are about to enter a bidding war over oil-rich water near Ghana. At stake is ‘Jubilee,’ a recently discovered offshore site that probably holds a couple billion barrels of oil. This isn’t China’s state-owned offshore oil company’s first foray into the global energy grab, but its one […]
thestatedtruth.com | October 13, 2009
October 13, 1792 White House Cornerstone Laid The cornerstone is laid for a presidential residence in the newly designated capital city of Washington. In 1800, President John Adams became the first president to reside in the executive mansion, which soon became known as the “White House” because its white-gray Virginia freestone contrasted strikingly with the […]
thestatedtruth.com | October 13, 2009
“What happened to global warming?” asks a headline at the BBC. Folks in the Rockies are shivering. “Western Montana breaks records,” says a report. Missoula reported a low of 8 degrees yesterday…14 degrees lower than the previous record for this early in the season. Nearby Idaho had heavy snow last week too. Same thing in […]
thestatedtruth.com | October 12, 2009
The fiscal condition of the United Sates has deteriorated dramatically during the last several years. On the basis of current obligations, US indebtedness totals “only” about $12 trillion. But when utilizing traditional GAAP accounting – the kind of accounting that every public company in the United States MUST use – US indebtedness soars to $74 […]
thestatedtruth.com | October 11, 2009
Thoughts from the Frontline Weekly Newsletter Killing the Goose by John Mauldin October 9, 2009 In this issue: Killing the Goose What Were We Thinking? Let’s Play Turn It Around Detroit, the Red Sox and the Yankees, and Traveling Too Much  Peggy Noonan, maybe the most gifted essayist of our time, wrote a few weeks […]
thestatedtruth.com | October 8, 2009
 How can they lose this much money?    Oh, they’re giving loans to the same home buyers that wiped out sub prime. The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said. It […]
thestatedtruth.com | October 6, 2009
Exxon Mobil Passes PetroChina as World’s Most Valuable Company By Joe Carroll Oct. 6 (Bloomberg) — Exxon Mobil Corp. overtook PetroChina Co. as the world’s most valuable company, ending a four-month reign by the Beijing-based oil producer after price controls in China failed to keep pace with rising crude costs. State-controlled PetroChina’s Shanghai-traded shares have […]
thestatedtruth.com | October 2, 2009
thestatedtruth.com | October 1, 2009
 Swiss Health Without Public Option  By NELSON D. SCHWARTZ October 1, 2009 ZURICH — Like every other country in Europe, Switzerland guarantees health care for all its citizens. But the system here does not remotely resemble the model of bureaucratic, socialized medicine often cited by opponents of universal coverage in the United States. Swiss […]
thestatedtruth.com | October 1, 2009
Bernanke Urges ‘Strong’ Consumer Protection in House Testimony By Scott Lanman and Craig Torres Oct. 1 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke told lawmakers that protecting consumers of financial services is “vitally important,†while omitting prior criticism of an Obama administration proposal to shift such powers from the Fed to a new agency. […]
thestatedtruth.com | September 24, 2009
Volcker Unleashes Volley By Larry Doyle|Sep 24, 2009, 1:00 PM I find it interesting, but not surprising, that former Fed Chair Paul Volcker’s testimony to Congress this morning has received little to no coverage by major media outlets. Why? With few exceptions, the financial media plays along with the financial industry which pays the bills […]
thestatedtruth.com | September 23, 2009
U.S.S. Independence (LCS-2) …….We’ve been hearing rumblings about these U.S. Navy triple-hulled ships, so here’s one that was launched recently….Build by General Dynamics, it’s called a “Littoral Combat Ship” (LCS), and it can move weapons around faster than any ship in the Navy. Littoral means close to shore, and that’s where these fleet-hulled ships will […]
thestatedtruth.com | September 21, 2009
China, Russia and the rest of the BRICs will bring the Super Sovereign Currency alternative to the G20 discussion. We have seen that developing over the last few weeks. We know that the main thrust of the G20 where the West is concerned is banking regulations and a unified commitment not to withdraw from anti-deflationary, […]
thestatedtruth.com | September 18, 2009
“Option” Mortgages To Explode  Thu Sep 17, 2009 By Lisa Lambert WASHINGTON (Reuters) – The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset. “Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller […]
thestatedtruth.com | September 18, 2009
So, the banks are told to re write first mortgages, and write off home equity loans and second trust deeds. It sounds like they are doing that, unless the servicier is also the provider of the second (the 4 largest servicers are BofA, JP Morgan, Wells Fargo and Citi)…..in which case they ask (demand) the homeowner to acept new terms on the home equity and second trust deeds or they won’t rewrite the first morgages. This then allows the servicing bank to show the home equity and seconds as performing loans and they then don’t have to show the write off on their books…. Thieve’in Banks…….Thats what we have here.
thestatedtruth.com | September 18, 2009
thestatedtruth.com | September 18, 2009
Total houehold wealth is up 3.9% April through June 2009, but  is still down by 19% from the high reached back in the third quarter of 2007. To put things into another perspective, just do tthe math on the next chart from 2007.  To do the math….hint, we are subtracting  the 19% loss that we’ve had since the third quarter 2007  from […]
thestatedtruth.com | September 17, 2009
thestatedtruth.com | September 16, 2009
The Bloomberg Professional Confidence Index Global Economy is comprised of responses about the outlook for the global economy, from users globally. A value above 50 indicates a positive sentiment about the global economy from all Bloomberg respondents
thestatedtruth.com | September 13, 2009
City, State, % of People Below the Poverty Level 1. Detroit , MI 32.5% 2. Buffalo , NY 29.9% 3. Cincinnati , OH 27.8% 4. Cleveland , OH 27.0% 5. Miami , FL 26.9% 5. St. Louis , MO 26.8% 7. El Paso , TX 26.4% 8. Milwaukee , WI 26.2% 9. Philadelphia , PA 25.1% […]
thestatedtruth.com | September 11, 2009
“What exactly is ‘poverty’ to the US government? The equivalent of a family of four living on an annual budget of $22,025 or less.
thestatedtruth.com | September 9, 2009
thestatedtruth.com | September 5, 2009
States, counties, and cities are having to make deep cuts, in both jobs and programs. Today’s Wall Street Journal talks about the cuts in state after state. States cannot print money like the US can, so at some point they have to either raise taxes or cut spending to balance their budgets. Raising taxes just […]
thestatedtruth.com | September 5, 2009
Interesting statistic. Want to know where wages are rising? Think federal government workers. The gap between civilian and government workers was less than $13,000 nine years ago, but now is almost $30,000. Inflation has been 24%, but government wages are up 55%. According to a recent release from Rasmussen Reports, a government job remains “the […]
thestatedtruth.com | September 3, 2009
More Pain Felt by ‘Prime’Borrowers By ROBIN SIDEL SEPTEMBER 4, 2009 The long recession and rising joblessness are taking an increasing toll on the nation’s most credit-worthy borrowers, who are now falling behind on their mortgage and credit-card payments at a faster pace than people with poor financial histories. The mortgage-delinquency rate among so-called subprime […]
thestatedtruth.com | September 3, 2009
Natural Gas Tumbles to Lowest Since March 2002 on Supply Gain By Reg Curren Sept. 3 (Bloomberg) — Natural gas futures extended a decline in New York, falling to the lowest level since March 2002, after a government report showed stockpiles expanded more than average to a record for this time of year. Supplies rose […]
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