thestatedtruth.com | June 24, 2010
Vincent Fernando, CFA     Jun. 24, 2010 Deutsche Bank has a new and improved index of U.S. financial conditions, and this index just slumped back towards the lows of our recent crisis. Deutsche Bank’s Peter Hooper: Financial conditions appear to have worsened substantially in recent quarters based on our update of the broad index of US […]
thestatedtruth.com | June 23, 2010
thestatedtruth.com | June 23, 2010
So now they tell us…….hasn’t this been ongoing for some time?  By CHRISTINE HAUSER Published: June 23, 2010 The Federal Reserve’s policy-making arm said on Wednesday that it had decided to keep short-term interest rates near zero for “an extended period†in light of continuing threats to economic growth, including “developments abroad.†The announcement […]
thestatedtruth.com | June 23, 2010
Fannie Mae To Deny New Mortgages To Deadbeats 06/23/2010  According to Dow Jones, bankrupt GSE Fannie Mae, announced “it won’t back new mortgage loans for seven years for homeowners who walk away from their mortgages although they were able to pay or did not seek a workout in good faith with their lender.” “”We’re […]
thestatedtruth.com | June 22, 2010
I guess we could say CalPERS (California Public Employees’ Retirement System) is just plain unlucky….either that or they’re plain stupid. Maybe a little of both. After dropping a quarter of the value (and that’s being generous, it may be greater) of its $200-billion portfolio during the recession of 2008 and 2009, the country’s largest public pension fund is […]
thestatedtruth.com | June 22, 2010
June 22, 2010  By Andrew Atkinson June 22 (Bloomberg) — British Chancellor of the Exchequer George Osborne increased the value-added tax rate to 20 percent from 17.5 percent in the first permanent change to the levy on sales of goods and services in almost two decades. “The years of debt and spending make this unavoidable,†[…]
thestatedtruth.com | June 21, 2010
The problems for commercial real estate are deep and significant and have the potential of stifling any sort of recovery. Rather than looking at commercial real estate (CRE) as a reason for more stimulus or bailouts the question should examine why so many CRE locations are defaulting. Can this be a sign that demand for […]
thestatedtruth.com | June 17, 2010
   The Dow Jones Industrial Average added five points yesterday to close at 10,409 – almost exactly where it closed eleven years ago. Amidst giddy fanfare and high fives, the Dow closed above 10,000 for the very first time on March 29, 1999. One month later, amidst even giddier fanfare and high fives, […]
thestatedtruth.com | June 16, 2010
By James Picerno       Jun 16, 2010 The markets told us that there were problems in May, and as the economic data rolls in there’s no reason to think otherwise. Today’s numbers on housing starts and new building permits certainly suggest that the economic recovery struggled last month. The question is whether the change is temporary, […]
thestatedtruth.com | June 15, 2010
Among those who have loans that aren’t backed by any federal agency, the re-default rate within 12 months is likely to be 65% to 75% under the Obama administration’s Home Affordable Modification Program, according to a report from Fitch Ratings.
thestatedtruth.com | June 14, 2010
 Woha……..This is heavy reading on the Gulf of Mexico oil blowout if TRUE! The disaster has a real potential cost of at least $1,000 billion ($1 trillion). According to the Washington report of Madsen, BP statements that one of the leaks has been contained, are pure public relations disinformation designed to avoid panic and demands […]
thestatedtruth.com | June 14, 2010
 By Lorraine Woellert and John Gittelsohn June 14 (Bloomberg) — The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in […]
thestatedtruth.com | June 11, 2010
The financial raid against the middle class – 9 of the 10 largest occupations in the U.S. have median wages between $8 per hour and $14per hour. The middle class is inheriting a new serfdom drowning in mountains of debt. The new two income trap. Posted: Fri, 11 Jun 2010 18:02:10 +0000 The war against […]
thestatedtruth.com | June 7, 2010
By Tyler Durden on 06/07/2010 Â April consumer credit came in slightly above expectations, at $2,423 billion in April, compared to $2,421.8 billion in March. The March number was interesting as it was revised notably lower from +$2 billion to -$5.4 billion, a revision the likes of which we can probably expect for April once […]
thestatedtruth.com | June 7, 2010
More of the same old thing……..U.S.’s $13 Trillion Debt Poised to Overtake GDP…President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a debt super cycle. Bill Gross manages the worlds largest bond fund and […]
thestatedtruth.com | June 6, 2010
By Simon Kennedy and Mark Deen June 7 (Bloomberg) — Global policy makers are starting to clash over their individual prescriptions for recovery as Europe demands lower budget deficits while the U.S. warns against pushing exports instead of domestic demand. At a meeting of Group of 20 finance chiefs in Busan, South Korea, June 4-5, […]
thestatedtruth.com | June 4, 2010
Forbes.com Street Talk With Bob Lenzner Focus hard on this shocking Wall Street reality: The top six bank holding companies earned an aggregate of $51 billion in pretax income in 2009. We’re talking about JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Citigroup and Wells Fargo. All of this pretax income can be attributed […]
thestatedtruth.com | June 4, 2010
By Jonathan Stempel NEW YORK, June 3 (Reuters)Â Â Â Â The pace of U.S. bankruptcy filings edged up in May to the second-highest daily level since 2005, reflecting the difficulty Americans have in working off excess debt even as the economy improves. There were 133,459 U.S. bankruptcy petitions filed in May, 10 percent more than a year […]
thestatedtruth.com | June 3, 2010
There’s more going on here. For a variety of reasons, lenders are most likely to foreclose on property they own but less likely to take action on behalf of the investors whose mortgages they’re servicing, and most loans are owned by investors. Foreclosing on a loan likely means that an investor will have to write […]
thestatedtruth.com | June 3, 2010
JOHN RUTLEDGE,   The Wall Street Journal…..Nero fiddled while Rome burned, but at least he didn’t strike the match. Members of Congress are doing Nero one better. In the middle of the second global financial crisis in two years, Congress is preparing to dramatically raise a key tax rate on long-term investment. This is sure to […]
thestatedtruth.com | May 31, 2010
thestatedtruth.com | May 31, 2010
The great American debt purge – Americans more stressed out about debt. Mortgage, credit card, student loan, and auto loan debt up to $13.5 trillion. Average debt per household at over $120,000. Sun, 30 May 2010 Every man, woman, and child would owe an average of $43,000 if we divided up mortgage, credit card, student, […]
thestatedtruth.com | May 30, 2010
thestatedtruth.com | May 30, 2010
Americas most famous Las Vegas club owner and desisgner speaks out about the direction of the United States and the wild uncontrolled spending and massive debt we are taking on. “We’re on our way to Greece, in the hands of a confused, foolish government,†Wynn says. Steve Wynn says Americans are afraid. He’s just angry. “Washington is […]
thestatedtruth.com | May 27, 2010
#1) In what universe is an economy with 39.68 million Americans on food stamps considered to be a healthy, recovering economy? In fact, the U.S. Department of Agriculture forecasts that enrollment in the food stamp program will exceed 43 million Americans in 2011. Is a rapidly increasing number of Americans on food stamps a good sign or […]
thestatedtruth.com | May 26, 2010
  by Bmoreland    05/26/2010 Every day we hear “housing has bottomed” or “experts predict housing will rebound in late 2010”. A review of the quarterly bank data reveals some somewhat contradictory numbers: The data is 1-4 Family First Liens. Nonperforming loans are defined as loans 90+ Days Past Due and loans on Nonaccrual (no longer recognizing interest income). We […]
thestatedtruth.com | May 25, 2010
Why buying a home today makes little financial sense. 3 reasons why taking on a mortgage in today’s market is deep in speculation. Are homes still over valued? Tax benefit not as big as you would expect.   Tue, 25 May 2010 It is hard for many to believe that home prices in many […]
thestatedtruth.com | May 22, 2010
This is interesting and very telling, the 4 largest banks in the U.S. are larger then all of the 8,095 other banks in the FDIC system!   Uh…..is that right, Yep, that’s right.  FDIC next government trillion dollar bailout? Since January of 2000 to October of 2007 we had 27 bank failures. From January 2008 to May […]
thestatedtruth.com | May 20, 2010
Ten percent of all banks are in trouble according to the FDIC, and I’m sure they aren’t telling us everything…………A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.’s list of “problem” institutions in the first quarter, as bad loans in the commercial real-estate market weighed on […]
thestatedtruth.com | May 20, 2010
By Rita Nazareth May 20 (Bloomberg) — The Standard & Poor’s 500 Index’s 12 percent decline from April’s high may worsen amid concern that Europe’s debt crisis will derail global growth, said Mohamed A. El-Erian, chief executive officer of Pacific Investment Management Co. “This is not a typical retracement,†El-Erian, 51, whose firm runs the […]
thestatedtruth.com | May 19, 2010
Here is the scoop, or should we say the poop!     In case you missed it, Arizona voters overwhelmingly approved Proposition 100 on Tuesday, which raises the state sales tax by one percentage point for three years. A whopping two-thirds majority voted for the move. Arizona’s budget crisis is one of the worst in the country, […]
thestatedtruth.com | May 19, 2010
 by Tyler Durden on 05/19/2010  From Goldman’s Jan Hatzius. Delinquencies and Foreclosures Rise Again Data just released by the Mortgage Bankers’ Assn show that more than one-tenth of all US mortgages are delinquent, a new record high. Homes in foreclosure edge up slightly as well. One caveat: the increases are driven by seasonal […]
thestatedtruth.com | May 19, 2010
Alan Zibel, AP Real Estate Writer,    Wednesday May 19, 2010 WASHINGTON (AP) — The mortgage crisis is dragging on the economic recovery as more homeowners fall behind on their payments. Analysts expect improvement soon, but the number of homeowners in default or at risk of foreclosure will have a lingering effect on the broader economy. […]
thestatedtruth.com | May 14, 2010
Fri May 14, 2010 3:01pm EDT  * Nevada has most filings per capita, Arizona filings soar  By Jonathan Stempel  NEW YORK, May 14 (Reuters) – U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing market squeezed consumers. There were […]
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 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 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 […]
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