New York State Tax Refunds Put On Hold, Gov. Paterson Freezes $500 Million, $1.5 Billion In School Aid Next To Be Halted
thestatedtruth.com | March 18, 2010
Mar 18, 2010 6:16 am US/Eastern NEW YORK (CBS) ― For hundreds of thousands of New Yorkers, the check won’t be in the mail — at least not on time. New York State has stopped paying tax refunds and won’t start again until next month. The tax refund delay is part of a bigger cash […]
Heads Up……2012 is the beginning of a three-year period in which more than $700 billion in risky, high-yield corporate debt begins to come due, an extraordinary surge that some analysts fear could overload the debt markets.
thestatedtruth.com | March 17, 2010
California Teachers Going Home By The Thousands…..
thestatedtruth.com | March 16, 2010
Pink Slips Sent To Thousands Of Calif. Teachers By ROBIN HINDERY, Associated Press Writer Monday, March 15, 2010 California’s budget crisis could cost nearly 22,000 teachers their jobs this year. State school districts had issued 21,905 pink slips to teachers and other school employees by Monday, the legal deadline for districts to send preliminary layoff […]
Moody’s Fears The Worst As AAA States (Countries) Implement Austerity Plans….
thestatedtruth.com | March 16, 2010
Moody’s fears social unrest as AAA states implement austerity plans The world’s five biggest AAA-rated states are all at risk of soaring debt costs and will have to implement austerity plans that threaten “social cohnesion”, according to a report on sovereign debt by Moody’s. By Ambrose Evans-Pritchard Published: 6:48PM GMT 15 Mar 2010 The US […]
The Set Up For Hyperinflation
thestatedtruth.com | March 16, 2010
When Money Supplies Go Wild! Â Â Â Â Â Â Â Â Â Â By James Turk The US money supply is much bigger than the official numbers indicate…$1.25 trillion bigger, to be exact. If you care about the value of the dollars in your pocket, this information should matter greatly to you. As the financial crisis has unfolded over the last two […]
Rick Rule: Systemic Shock Will Kill Sucker Rally
thestatedtruth.com | March 13, 2010
Source: TGRÂ Â 03/12/2010 Â Charismatic, articulate, contrary and persuasive, Rick Rule probably could draw an audience if he were talking about the weather. But combine his presence with character, knowledge, understanding, experience and a track record of success, particularly in the resource arena, and the crowd falls silent. People listen to what Rick has to say and, […]
Fannie and Freddie….We’re Talking $1.7 Trillion Dollars Of Total Debt, And They Need New Issuance Of $1.25 Trillion Dollars Of Mortgage Backed Securities
thestatedtruth.com | March 13, 2010
Cumberland Advisors What Is He Thinking? March 12, 2010 Bob Eisenbeis is Cumberland’s Chief Monetary Economist. Prior to joining Cumberland Advisors he was the Executive Vice President and Director of Research at the Federal Reserve Bank of Atlanta. Bob is presently a member of the U.S. Shadow Financial Regulatory Committee and the Financial Economist Roundtable. […]
Silverstein May Default on Debt for 575 Lexington Now Faces “Imminent Default†On Debt Tied To The Property
thestatedtruth.com | March 11, 2010
Silverstein May Default on Debt for 575 Lexington By Brian Louis and David M. Levitt March 10 (Bloomberg) — New York developer Larry Silverstein, who teamed with the California State Teachers Retirement System to buy a 35-story skyscraper in 2006, now faces “imminent default†on debt tied to the property, Fitch Ratings said today. Silverstein […]
Stratfor……China’s Challenge
thestatedtruth.com | March 9, 2010
China’s Challenge March 9, 2010 | 0958 GMT  By Jennifer Richmond and Rodger Baker China’s National People’s Congress (NPC) remains in session. As usual, the meeting has provided Beijing an opportunity to highlight the past year’s successes and lay out the problems that lie ahead. On the surface at least, China has shown remarkable […]
It’s Starting To Happin Every Day….Top Aide Says Toledo Likely To Face “Fiscal Emergency”
thestatedtruth.com | March 9, 2010
It is happening everywhere. There is no way out that supports political expedience other than “QE to infinity.” If the Fed doesn’t play ball they are history. The shot caller is political expediency.          Jim Sinclair Top Bell aide says Toledo likely to face ‘fiscal emergency’ Potential strategy to secure labor concessions disputed. By IGNAZIO […]
SULTANS OF SWAP…..Fearing The Gearing!
thestatedtruth.com | March 9, 2010
SULTANS OF SWAP:  Fearing the Gearing! Ever imagine getting your tie caught in a mechanical set of gears (sorry ladies – but I will spare you). The results are nasty! Now you know what the Sultans of Swap in the $695 Trillion global OTC derivatives market feel like. Every day the slow moving gears of […]
China To Nullify Financing Guarantees By Local Governments
thestatedtruth.com | March 7, 2010
Does that make them (you know the old saying)…. indian traders?  This doesn’t sound good, to say the least!   It will also likely effect aspects of world markets in commodities, real estate and stock markets because they’ve been a large part of world growth.    China plans to nullify all guarantees local governments have provided for loans taken by […]
Fannie, Freddie Ask Banks To Eat Soured Mortgages
thestatedtruth.com | March 5, 2010
Oh, the poor poor banks, they never thought it would come to this!  First they are asked, then they will be told to do these “push-backs”. Fannie, Freddie Ask Banks To Eat Soured Mortgages By Bradley Keoun March 5 (Bloomberg) — Fannie Mae and Freddie Mac may force lenders including Bank of America Corp., JPMorgan Chase […]
Housing Data “Unexpected Negative Surprise”….Hmm, To Whom We Might Ask
thestatedtruth.com | March 4, 2010
Not “unexpected surprise” except to the government maybe……………last week showed unexpected declines in purchases of new and existing homes.  Foreclosures pose another threat. Foreclosure filings rose 15 percent in January compared with a year earlier and exceeded 300,000 for the 11th straight month, RealtyTrac Inc. said Feb. 11.Toll Brothers Inc. Chief Executive Officer Robert […]
The Middle Class Financial Compact Being Washed Away – Income Dilution and the Saving Disparity- 57 Million Households Live On $52,000 Per Year Or Less.
thestatedtruth.com | March 3, 2010
The middle class is finding itself struggling to keep what was once seen as staples of a burgeoning working class in our country. Part of this battle has come from a system that has rewarded easy finance on the backs of the working class. Take for example residential real estate. For decades, this was probably […]
Jim Sinclair Says….New York State’s Reduction Of Their Revenue Estimate Is A Fairy Tale. It Is Going Much Lower Than This Figure Would Indicate.
thestatedtruth.com | March 3, 2010
NY State Cuts Revenue Estimate By $850 Million Posted March 3, 2010 NEW YORK (Reuters) – New York Governor David Paterson and the state legislature have agreed to reduce their revenue forecast by $850 million for the next 13 months, a state report said on Tuesday. The Democratic governor in February cut $750 million from […]
We As Well As The Entire Western World Are Falling Off A Cliff And The CDS Market Is Already Decimating State Debt!.
thestatedtruth.com | March 3, 2010
Indiana Puts 17th Notch In Revenue Shortfall Belt By Eric Bradner Posted March 2, 2010 at 11:45 p.m. INDIANAPOLIS — Indiana now has had 17 consecutive months of bad fiscal news. The latest revenue report on Tuesday showed the state took in $85.5 million less in taxes in February than was predicted less than three […]
Despite Low Rates, Homeowners Hesitate To Refinance…..From The Wall Street Journal
thestatedtruth.com | March 2, 2010
FHFA Extends Refinance Program By One Year
thestatedtruth.com | March 2, 2010
This program has been a total failure at a radical cost to us the tax payers. FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed. Fannie, Freddie and FHA are broke. FHA […]
Pimco’s El-Erian: We’re Half-way Through A ‘Multiyear Resetting Of The Global Economy’
thestatedtruth.com | March 2, 2010
 Pimco’s El-Erian: We’re half-way through a ‘multiyear resetting of the global economy’   By Drew Carter March 2, 2010  The world is in the middle of a multiyear resetting of the global economy, Mohamed El-Erian, PIMCO CEO and co-chief investment officer, said at a news conference in London today.He said it will take […]
Minyanville Gives Us A Course In Historic Market Crashes
thestatedtruth.com | March 1, 2010
A Crash Course in Historic Market Crashes  Ron Coby MAR 01, 2010 9:10 AM        Today’s market peak looks eerily similar to the ones in 1929, 1930, 1987, and 2007.       Talking head after talking head appear on the TV daily telling everyone […]
Freddie Mac Said Friday They Aren’t Going To Buy Any More Securitized Loans. Gee This Is Incredible; ‘Now’ They Finally Figure Out That They Have Simply Dug Their Holes Deeper!
thestatedtruth.com | February 27, 2010
Bad seats, hey buddy….or Freddie as the case may be! Â www.ingerletter.com
It’s All In The Multiplier….Kinda like Rabbits, But When They Don’t Multiply Like They Should, What Happens? The Rabbit Population Goes Down, Not Up. Same For The Feds Supply Of Money And Bank Deposits. They’re Not Being Loaned Out So They Can’t Multiply. Until This Changes, Leverage Will Be A Killer Of Wealth!
thestatedtruth.com | February 27, 2010
“By increasing the volume of their government securities and loans and by lowering Member Bank legal reserve requirements, the Reserve Banks can encourage an increase in the supply of money and bank deposits. They can encourage but, without taking drastic action, they cannot compel. For in the middle of a deep depression just when we […]
Former Federal Reserve Chairman Alan Greenspan And Janet Yellen Of The San Francisco Fed Sound The Alarm On The Economy
thestatedtruth.com | February 24, 2010
From the floor of the New York Stock Exchange, Art Cashin talks about early week comments from Ex Fed Chairman Alan Greenspan and SF Fed President Janet Yellen……….Not good, to say the least!    WASHINGTON — Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economic recovery was “extremely unbalanced,” driven largely by high earners […]
The Plunger….New Home Sales Unexpectedly Fall Setting A Record Low
thestatedtruth.com | February 24, 2010
WASHINGTON—U.S. new-home sales unexpectedly fell in January, setting a record low and erasing all gains made in the market during the past year as the economy recovers from recession. Demand for single-family homes fell 11.2% from the previous month to a seasonally adjusted annual rate of 309,000, the Commerce Department said Wednesday. Economists surveyed by […]
The New China And Its Problems That Lie Ahead
thestatedtruth.com | February 24, 2010
This may happen sooner rather then later based on how much real estate they’re building over there (many entire new towns and cities are being built on speculation and sitting empty.)  …..China’s economic growth will plunge to as low as 2 percent following the collapse of a debt- fueled bubble within 10 years, sparking a regional […]
Gramps Says Relax……I Got Your Backside Covered
thestatedtruth.com | February 23, 2010
Home Morgage Negative Equity……Where Does Your State Stand
thestatedtruth.com | February 23, 2010
Shiller Says Government Support Is Tied to Housing Recovery
thestatedtruth.com | February 23, 2010
Shiller is saying that the real estate market is artificial in nature.  Sounds like the “free market” is down the drain, everything is now supported by the U.S. government. So…..what happens when the government backs off on these gift programs? The fear and logical conclusion is down we go until we find a “free market” bottom based on […]
Consumer Confidence Takes A Dive
thestatedtruth.com | February 23, 2010
It’s Just A Matter Of Time Before We Can Say Goodbye to Historically Low Mortgage Interest Rates
thestatedtruth.com | February 22, 2010
Quantitative Easing and the Electronic Money Printing Machine – Saying Goodbye to Historically Low Mortgage Interest Rates. Federal Reserve 95 Percent Complete on Buying $1.25 Trillion in Mortgage Backed Securities. Posted   02-22-2010 People forget that quantitative easing is a form of creating something out of nothing. This extreme form of monetary policy is called upon […]
Europe: The Saga Continues…… How Derivative Magic Can Turn Into A Black Hole
thestatedtruth.com | February 22, 2010
 Dr Joe Duarte February 22, 2010  How Derivative Magic Can Turn Into A Black Hole  The Euro rallied for a period overnight, as rumors of a bailout package from Germany aimed at Greece surfaced. But a denial from the German Ministry of Finance knocked the European currency below Friday’s close. That’s the scenario with […]
Gene Inger Reviews The Bernanke Hike Of Feds Discount Rate
thestatedtruth.com | February 18, 2010
Gene Inger’s Daily Briefing . . . for Friday February 19, 2010:  Good evening;     On top of the market’s cyclical roof . . . sits tradition. Perhaps not Zero Mostel but a ‘Fiddler on the Roof’ nevertheless (and there is a slight resemblance with Bernanke I’d say; minus a couple hundred pounds). Tradition holds […]
Comtock Partners Says Economic Momentum May Have Already Peaked
thestatedtruth.com | February 18, 2010
Comstock Partners, Inc. Economic Momentum May Have Already PeakedFebruary 18, 2010 Don’t look now, but economic momentum, as sluggish as it was, may have already peaked. Fiscal support for the economy may be more of a restraint as the year goes by, and any attempt at additional stimulus will face major headwinds as public sentiment […]
Drowning In Debt…..What It Means For You!
thestatedtruth.com | February 17, 2010
Drowning in Debt: What the Nation’s Budget Woes Mean for You Economists Predict Cutbacks, Tax Increases That ‘Aren’t Even Imaginable’                                                  ~~~~~~~~~~~~~~~~~~ By DEVIN DWYER WASHINGTON, Feb. 17, 2010 American political and economic leaders have sounded the alarm for years about the red ink rising in reports on the federal government’s fiscal health. But now […]
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