thestatedtruth.com | November 10, 2009
Much of the middle of the nation — from the Great Lakes to the Mississippi Delta — received at least twice the normal amount of rainfall in October. That, combined with unusually cool temperatures, slowed crop development and made fields too wet for farmers to navigate with harvesting equipment. By Sunday, farmers in the major […]
thestatedtruth.com | November 10, 2009
Gene Inger’s Daily Briefing . . . For Wednesday November 11, 2009: Good evening; Left-field surprises . . . have ways of impacting over-extended markets occasionally we have observed; irrespective of whether the market ‘deserves’ to decline (as surely this one does). As if to remind the world of the power of cyber-terror; guess what […]
thestatedtruth.com | November 10, 2009
Many of the Top 50 metro areas in the US are reporting “sharp increases in foreclosure activity. “Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had […]
thestatedtruth.com | November 9, 2009
Gene Inger’s Daily Briefing . . . for Tuesday November 10, 2009: Good evening; Bears are caving-in . . . increasingly, as they become convinced that so long as the ‘untouchable’ Fed engages in cover-up’s of the problems, and stimulates massively it is impossible to break the stock market for more than 3-6% corrections (which […]
thestatedtruth.com | November 8, 2009
Zuckerman: U.S. On Brink of Deflation Crisis  Friday, November 6, 2009 9:52 AM       By: Gene J. Koprowski   The U.S. is on the precipice of a deflation crisis, one which will devastate consumers and businesses alike, publisher Mort Zuckerman writes.“Inflation typically results from too much money chasing too few goods,†writes Zuckerman in U.S. News […]
thestatedtruth.com | November 8, 2009
Volcker: U.S. Must Consume Less  Friday, November 6, 2009 11:56 AM           By: Dan Weil  Former Federal Reserve Board Chairman Paul Volcker says the consumer accounts for too much of the economy, a point he says is understood by President Obama and one which implies political support for a weaker U.S. dollar.In a recent speech, […]
thestatedtruth.com | November 5, 2009
U.S. to Sell $81 Billion in Long-Term Debt Next Week (Update2) By Rebecca Christie Nov. 4 (Bloomberg) — The U.S. Treasury Department said it plans to sell a record $81 billion in its quarterly auctions of long-term debt next week and will replace the inflation- protected 20-year bond with a reintroduced 30-year security. The Treasury […]
thestatedtruth.com | November 5, 2009
US slaps duties on Beijing steel pipe imports By Sarah O’Connor in Washington Published: November 6 2009 The US hit China with another big trade action on Thursday as it slapped Âpreliminary anti-dumping duties on $2.6bn worth of Chinese pipe imports. The commerce department’s decision to impose duties of up to 99 per cent on […]
thestatedtruth.com | November 5, 2009
Fannie Seeks $15 Billion in U.S. Aid After Ninth Straight Loss By Dawn Kopecki Nov. 5 (Bloomberg) — Fannie Mae, operating under a federal conservatorship, said it will seek $15 billion in aid from the U.S. Treasury as its ninth straight quarterly loss once again drove the mortgage-finance company’s net worth below zero. A third-quarter […]
thestatedtruth.com | November 3, 2009
Berkshire Buys Burlington Northern Santa Fe Railway By Andrew Frye Nov. 3 (Bloomberg) — Warren Buffett’sBerkshire Hathaway Inc. agreed to buy railroad Burlington Northern Santa Fe Corp. in what he described as an “all-in wager on the economic future of the United States.†The purchase, the largest ever for Berkshire, will cost the company $26 billion, or […]
thestatedtruth.com | November 2, 2009
Gene Inger’s Daily Briefing . . . for Tuesday November 3, 2009: Â Â A waterfall decline . . . Â Possibly the prospect of a heavier decline looming (irrespective of this technical fight, as well as psychological holding action purportedly merely awaiting the Fed decisions on Wednesday, which is actually what this is not primarily […]
thestatedtruth.com | November 2, 2009
thestatedtruth.com | November 1, 2009
Fed Summons CEOs of 28 Top U.S. Banks to Meet With Supervisors By Craig Torres and Ian Katz Oct. 31 (Bloomberg) — The chief executive officers of 28 of the largest U.S. banks have been summoned to meet with supervisors at Federal Reserve banks to discuss new rules on compensation, said a person familiar with […]
thestatedtruth.com | November 1, 2009
China’s Recovery Strengthens, Adding Room for Stimulus Cuts By Bloomberg News Nov. 2 (Bloomberg) — Chinese manufacturing data for October showed the nation’s economic recovery is strengthening, giving policy makers more room to pare stimulus measures in coming months. The Purchasing Managers’ Index rose to a seasonally adjusted 55.2, the highest level in 18 months, […]
thestatedtruth.com | November 1, 2009
Geithner Urges Banks to Resume Lending, Help Recovery By Alison Fitzgerald Nov. 1 (Bloomberg) — U.S. Treasury Secretary Timothy Geithner said the country’s economic recovery and job creation hinge on banks taking more risk and restoring the flow of credit to businesses. “The big risk we face now is that banks are going to overcorrect […]
thestatedtruth.com | November 1, 2009
CIT Group Seeks Bankruptcy Protection After Bailout By Tiffany Kary, Dawn McCarty and Lester Pimentel Nov. 1 (Bloomberg) — CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy with financing from investor Carl Icahn after the credit crunch dried up its funding and a U.S. bailout failed. New York-based CIT listed $71 billion in […]
thestatedtruth.com | October 31, 2009
thestatedtruth.com | October 31, 2009
A Â bunch of crap……….Banks have generally been keeping a lid on commercial real-estate losses by extending these mortgages upon maturity. However, that practice, billed by many industry observers as “extending and pretending,” has come under criticism by some analysts and investors as it promises to put off the pains into the future. Â Â Banks Get […]
thestatedtruth.com | October 28, 2009
thestatedtruth.com | October 26, 2009
thestatedtruth.com | October 26, 2009
 Subprime resets crushed the housing market in ’07 and ’08. Now a new wave of adjustable-rate mortgages is just around the corner. “These helped frame where we are in the mortgage crisis,â€Â “which has been the main shark in the water over the past couple of years. You should know where that shark is […]
thestatedtruth.com | October 25, 2009
Debts have value only to the extent that they are being paid, and a rapidly rising number of U.S. households aren’t doing so. Those defaults are leading to losses at banks, a wave of foreclosures, trouble for neighborhoods and strife for families. But they are also providing an immediate, albeit radical, form of debt relief. […]
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 19, 2009
Oct. 19, 2009, 2:39 p.m. EDT NEW YORK (MarketWatch) — Greenlight Capital is betting on the possibility of a major currency collapse and a surge in interest rates, the hedge-fund firm’s manager David Einhorn said Monday, citing ballooning government deficits in some of the world’s most developed countries. Einhorn, who warned about Lehman Brothers’ frailty […]
thestatedtruth.com | October 18, 2009
Turner Lost CNN, Fonda, Fortune, Feels ‘Like a Dummy’ By Brett Pulley and Anita Sharpe Oct. 16 (Bloomberg) — Ted Turner, the cable television pioneer who became one of the richest Americans, recalls the pain of losing his job at Time Warner Inc., his wife, the actress Jane Fonda, and $7 billion of his fortune. […]
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
“US foreclosures jumped to an all-time high of 937,840 in the third quarter,” writes Ian Mathias in today’s issue of The 5 Min. Forecast. “That’s a 23% rise from the same time last year, says a report from RealtyTrac today. One in every 136 households received a filing – also a record. Once again Nevada […]
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 15, 2009
U.S. Foreclosure Filings Jump 23% to Record in Third Quarter By Dan Levy Oct. 15 (Bloomberg) — U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc. A total of 937,840 homes received a default or auction notice or were repossessed by […]
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 12, 2009
 Interesting huh? Consumer credit has fallen off a cliff. What does that mean exactly? It means Americans aren’t borrowing…and they aren’t buying either. From The Daily Reckoning
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