thestatedtruth.com | July 20, 2010
Source: Institute for Policy Studies The above shows a solid plutocracy is already here. Wealth is the key issue. As many people are now finding out simply having a massive home with a jumbo mortgage and a leased foreign car is no sign of wealth. In fact, that can be taken from you quickly (and […]
thestatedtruth.com | July 20, 2010
For decades the idea was that you can spend more than you earn. This came all the way from the top so it shouldn’t be a surprise that many in the middle class took their signal from their leaders. What happened? Source: Lew Rockwell The personal savings rate went so low that it went from […]
thestatedtruth.com | July 16, 2010
U.S. consumer prices dipped slightly in June, but the core measure that strips volatile food and energy prices posted its largest gain since October 2009. The Labor Department said in a report Friday that the seasonally-adjusted consumer price index slid 0.1% last month, knocked down by a decline in energy prices. In May, consumer prices were down […]
thestatedtruth.com | July 15, 2010
Surveyed firms reported a decline in new orders this month compared with June. Employment showed a slight improvement this month. The survey’s broad indicators of future activity continue to suggest that the region’s manufacturing executives expect growth in business over the next six months, but optimism has waned notably in recent months.The survey’s broadest measure […]
thestatedtruth.com | July 14, 2010
How do we know stocks are still overvalued? We know by looking at Professor Robert Shiller’s cyclically adjusted PE chart for the past 130 years. The cyclically adjusted PE is one of the only measures of valuation that has some long-term predictive validity, and this chart suggests that stock returns are going to continue to […]
thestatedtruth.com | July 14, 2010
Speaking of credit, or the lack thereof, the U.S. has been stripped of its AAA credit rating. So have Britain, France and Germany… This morning, the Dagong Global Credit Rating Co., China’s first real attempt at a ratings agency, initiated coverage on the sovereign debt of 50 different countries. “Dagong’s sovereign credit ratings are based […]
thestatedtruth.com | July 8, 2010
 The problem is actually pretty simple. We have more debt than productive growth can support. Debt has been losing its marginal productivity for years now and it no longer increases GDP. Rather, we abruptly reached debt saturation and now growth in debt reduces GDP. We have such levels of mal-investment and excess balance sheet […]
thestatedtruth.com | July 6, 2010
thestatedtruth.com | July 3, 2010
Interesting thoughts……..Data maven, Greg Weldon ( www.weldononline.com) shows that the number of people planning vacations in 2010Â is down, dropping by over 35% in the last three years, and is now the second lowest number ever, only 2009 lower. Second lowest Ever. www.weldononline.com
thestatedtruth.com | July 2, 2010
By Tyler Durden on 07/02/2010Â Â Â Zero hedge The decoupling theorists are about to experience a second smack down in 3 years. After the biggest bubble of 2008 blew up spectacularly and made beggars out of the Greek CEOs of various dry bulk shippers, only to see their fortunes go back to unchanged again, it looks […]
thestatedtruth.com | July 1, 2010
Borrowing costs have tumbled in the past two months as concern that a debt crisis in Europe may spread boosted demand for the safety of bonds including mortgage-backed securities. The lower rates have failed to lift housing demand, which has tumbled since a tax credit for first- time and certain other buyers expired at the […]
thestatedtruth.com | June 23, 2010
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 2, 2010
July isn’t too shabby, but it has the misfortune of sitting between the only two months – June and September – that have produced losses, on average, since 1950. August has delivered a gain, but just barely. So when you add it all up, you can see that the stock market has not provided a […]
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 28, 2010
The personal consumption to income ratio remains above 85%. A society based on excessive consumption with little investment is not sustainable. When wealth created from previous productive endeavors is consumed or transferred, society is left with obligations that it cannot pay. Personal consumption to income ratio: Consumer spending was stagnant in April while incomes posted […]
thestatedtruth.com | May 23, 2010
thestatedtruth.com | May 19, 2010
05/19/2010 14:01 -0500 ICI has reported the most recent fund flow data, and it’s a doozy. In the week following the flash crash, domestic equity funds saw a whopping $8.6 billion in outflows. As a result, the YTD outflow is over $9 billion, so in essence after almost going back to breakeven before May 6, […]
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 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 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 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 2, 2010
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