thestatedtruth.com | August 13, 2010
Rosenberg Starts Off In Style: Â “If you don’t believe there’s going to be a double dip, it’s because the first recession never ended. If there is going to be a double dip, the odds are certainly higher than 50-50.”
thestatedtruth.com | August 12, 2010
The Oil Spill August 12, 2010 It has been over three months since the beginning of the oil spill in the Gulf of Mexico. Since then it has cost billions of dollars in terms of lost jobs, tourism, and the battering that local fishing industries have had to endure. At Cumberland Advisors, we have written […]
thestatedtruth.com | August 12, 2010
We’re looking at what will likely be a multi year process of cleansing. Debts will have to be paid down, leverage decreased and ultimatly spending will have to be cut too! That will make things even worse. Asset values will continue to fall. At some point in the future the system will complete its debt recycling and […]
thestatedtruth.com | August 12, 2010
Jim Sinclair’s Commentary This is simply not going away. There is no practical means by which it can be drained ever! It is growing in a way that is unsustainable by any measure. Rather than being contained we are on the threshold of another round of unprecedented paper money creation. The reason it is happening […]
thestatedtruth.com | August 11, 2010
 08-11-2010  The Mortgage Bankers Association released its weekly numbers and the Market Composite Index, a measure of mortgage loan application volume, was up 0.6% from a week before. Yet despite mortgage rates hitting all time record lows, this number was a reduction from the previous mortgage application change of +1.3%. As the press […]
thestatedtruth.com | August 11, 2010
By Paul Wiseman, USA TODAY  Just how much should Uncle Sam do to help Americans buy their own homes?For 70 years and for the last 15 in particular the answer has been: Whatever it takes. Now, policymakers are pausing to reconsider. In the next few months, they’ll weigh whether there can be too much […]
thestatedtruth.com | August 11, 2010
Millions of houses on the verge of foreclosure threaten to send homeownership to its lowest level in 50 years, according to new industry estimates.  Latest projections say the rate could plummet to about 62% as early as 2012 but certainly by the end of the decade. Homeownership rates haven’t been that low since they hit 61.9% in […]
thestatedtruth.com | August 10, 2010
A deflationary debt spiral is the killer of the American middle class.  Little equity is left because the debt level has stayed basically the same, while most or all their assets including retirement are falling in value.  In total, roughly $7 trillion in U.S. residential real estate values have been lost in the last few years according to the Case […]
thestatedtruth.com | August 10, 2010
The following chart demonstrates that consumers are retrenching, and “just saying no” to both residential and consumer loans. We also see that Small Businesses has contracted and, that credit demand is collapsing at every avenue of US society. QE, or cheaper money, has and always will be a “push” phenomenon, for which there is simply no […]
thestatedtruth.com | August 10, 2010
Drought, Fire and Grain in Russia August 10, 2010 By Lauren Goodrich Three interlocking crises are striking Russia simultaneously: the highest recorded temperatures Russia has seen in 130 years of recordkeeping; the most widespread drought in more than three decades; and massive wildfires that have stretched across seven regions, including Moscow. The crises threaten the […]
thestatedtruth.com | August 9, 2010
Gene Inger’s Daily Briefing . . . for Tuesday August 10, 2010:  Good evening;     ‘A recessionary relapse’ ……. .is the biggest unreported forecast story of the day. Not by us (though we unfortunately concur but see real risk sooner), but rather from none other than the San Francisco Federal Reserve. I read the key […]
thestatedtruth.com | August 9, 2010
John Williams of Shadowstats.com uses m-3 velocity of money (or turnover of money) as an important barometer, here is what he is saying now, Williams’ assessment of the economy was spot on in 2008…….. A greater systemic solvency crisis is closer then ever  . . . within the next six months to a year. What is happening […]
thestatedtruth.com | August 6, 2010
Pacific Investment Management Co.’s Bill Gross said the Federal Reserve is unlikely to raise interest rates for two to three years as it seeks to keep the economy from slipping back into recession. Treasury two-year note yields dropped below 0.50 percent for the first time today after the Labor Department said the economy lost more […]
thestatedtruth.com | August 5, 2010
These two companies Fannie Mae and Freddie Mac could very well lose money forever! At some point the government has to just say enough of this and either shut both of them down, or require higher down payments on home purchases to protect their assets. Simple as that!  By  Lorraine Woellert         Thursday August 05, 2010 Fannie Mae, […]
thestatedtruth.com | August 5, 2010
Jim Sinclair says….Nothing has been cured and the potential for a second and more shocking economic event is real and in the present time! Posted August 05, 2010    By Min Zeng NEW YORK (Dow Jones)–The total outstanding notional amount for all interest rate derivative transactions reported by the 14 major dealers including Goldman Sachs & […]
thestatedtruth.com | August 5, 2010
By Tami Luhby, Senior Writer Posted August 5, 2010 NEW YORK (CNNMoney.com) — The Senate overcame a key procedural hurdle Wednesday to send $26 billion more in federal aid to cash-strapped states. The measure, which passed by a 61-38 vote, contains $16.1 billion in additional Medicaid money and $10 billion to prevent layoffs of teachers […]
thestatedtruth.com | August 4, 2010
Well plugged…..Let’s hope so. ON THE GULF OF MEXICO — In a significant step toward stopping the worst offshore oil spill in U.S. history, BP said Wednesday mud that was forced down its blown-out well was holding back the flow of crude in the Gulf of Mexico and it was in a “static condition.” There is […]
thestatedtruth.com | August 4, 2010
General Motors Co. and Ford Motor Co. reported U.S. sales in July that trailed analysts’ estimates as consumers concerned about the economy limited large purchases. Toyota Motor Corp. and Nissan Motor Co. topped expectations. GM’s sales rose 1.5 percent, including an adjustment for the number of selling days in July. On that basis, the largest […]
thestatedtruth.com | August 4, 2010
Contracts for pending sales of previously owned U.S. homes fell to a record low in June as buyers sat on the sidelines, a survey from the National Association of Realtors showed on Tuesday. The June decline followed a 30 percent drop in May after a popular tax credit expired at the end of April. The […]
thestatedtruth.com | August 4, 2010
By Bloomberg News – Aug 4, 2010 China’s banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said. Banks were instructed to include worst-case scenarios […]
thestatedtruth.com | August 2, 2010
 Key Elements Of This Article Are: In the United States, the Fed’s latest Survey of Consumer Finances revealed that current or close retirees have roughly $50,000 of retirement savings, excluding the now questionable equity in their homes. Those born before in a macabre sense, the financial crisis couldn’t have been better timed, if it […]
thestatedtruth.com | August 2, 2010
SULTANS OF SWAP: Gold Swaps Signal the Roadmap Ahead BIS – The Super SIV Solution The news rocked the global gold market when an almost obscure line item in the back of a 216 page document released by an equally obscure organization was recently unearthed. Thrust into the unwanted glare of the spotlight, the little […]
thestatedtruth.com | August 1, 2010
Why this is the Titanic and the life boats have already been launched! The household debt/income ratio is (still) near record highs of 120% and one-quarter of the consumer universe has a sub-600 FICO score – which means they are ineligible for Fannie or Freddie mortgage financing. The banks have few opportunities to lend – households […]
thestatedtruth.com | August 1, 2010
Here are some of the comments from Alan Greenspan on NBC’s “Meet The Press”.  We should keep in mind that Alan Greenspan told congress a year or two back that his “model” was broken! Joshua Zumbrun        August 1, 2010 “We’re in a pause in a recovery, a modest recovery, but a pause in the modest recovery […]
thestatedtruth.com | July 31, 2010
The economy of the U.S. grew at a weaker than expected 2.4% in the second quarter, but the first quarter was revised back up to 3.7% on the strength of stronger-than-projected inventory rebuilding. But the recession years were revised downward rather significantly for this late in the cycle. We find now that the recession was […]
thestatedtruth.com | July 30, 2010
Posted Friday July 30,  2010 By: David A. Patten Former GOP House Speaker Newt Gingrich warned Thursday that President Obama and congressional Democrats appear to be on the verge of repeating the same mistakes that aggravated the Great Depression, adding that letting the Bush tax cuts expire would prove “very dangerous” for the nation’s economy. Speaking […]
thestatedtruth.com | July 30, 2010
Hint……this is not a pretty picture! Posted from zerohedge.com Exerts from a Goldman review are shown below. The chart below provides an integrated look at the GDP growth impact of fiscal policy at the federal, state, and local level.  These numbers are based on our current assumptions that (1) Congress will not extend emergency unemployment benefits beyond the […]
thestatedtruth.com | July 29, 2010
Exerts from:             Bill Gross    Investment Outlook    August 2010 Observers will point out, as shown in the following chart, that global population growth rates have been declining since 1970 with no apparent ill effects. True, until 2008, I suppose. The fact is that since the 1970s we have never really experienced a secular period during which […]
thestatedtruth.com | July 29, 2010
Broken Financial Generations – U.S. households only have a median of $2,000 saved in retirement accounts. The median net worth for those 25 to 34 is $3,700. Which generation will support the economy going forward? Social Security beneficiaries make up 19 percent of all Americans.     This is setting up a big problem.  The demographics of the […]
thestatedtruth.com | July 28, 2010
By Alex Kowalski – Jul 28, 2010 Pacific Investment Management Co.’s Bill Gross said deficit spending by governments that seek to maintain artificial levels of consumption “can be compared to flushing money down an economic toilet.†Without acceleration in population growth, developed countries finance more consumption to maintain economic growth, the world’s biggest bond-fund manager […]
thestatedtruth.com | July 27, 2010
This means each additional dollar of debt is now working its way into a negative muliplyer effect on our economy….not to long ago, it had just the opposite effect, the more debt, the more we would grow. Now at some point going forward, a hiccup in the trillions of dollars of derivatives will set off a domino effect of defaults, […]
thestatedtruth.com | July 27, 2010
U.S. local governments may cut almost 500,000 jobs through next year to cope with sliding property taxes, a decline in state and federal aid and added need for social services, according to a report released today. The report, a result of a survey by the National League of Cities, the U.S. Conference of Mayors and […]
thestatedtruth.com | July 24, 2010
THIS MAY BE THE ONLY THING GLOBAL ECONOMIES OF THE WORLD HAVE TO LOOK FORWARD TO.  IN THE END, EVERYONE WILL BE WORSE OFF.  GOLD ANYONE? Gloom, Boom and Doom publisher Marc Faber says the Fed will begin “massive†quantitative easing by October.  “The economy is not robust,†Faber told Bloomberg. “We have mixed signals, but […]
thestatedtruth.com | July 24, 2010
By John Mauldin July 24, 2010 Â The Elements of Deflation Just as every school child knows that water is formed by the two elements of hydrogen and oxygen in a very simple combination we all know as H2O, so deflation has its own elements of composition. Let’s look at some of them (in no […]
thestatedtruth.com | July 22, 2010
Gobbledygook?    We encounter it frequently.   Contracts written at a reading level most can’t understand. Only one in five adults reads above a 12th-grade level.   By Connie Prater Credit card agreements are written on average at a 12th grade reading level, making them not understandable to four out of five adults, according to a CreditCards.com […]
thestatedtruth.com | July 22, 2010
 By Lydia Saad   PRINCETON, NJ — Gallup’s 2010 Confidence in Institutions poll finds Congress ranking dead last out of the 16 institutions rated this year. Eleven percent of Americans say they have “a great deal” or “quite a lot” of confidence in Congress, down from 17% in 2009 and a percentage point lower than […]
thestatedtruth.com | July 22, 2010
  * Louisiana declares state of emergency  * U.S. officials evaluating whether to evacuate area  Thu Jul 22, 2010 By Kristen Hays and Anna Driver HOUSTON, July 22 (Reuters) – BP Plc (BP.L) (BP.N) oil spill workers in the Gulf of Mexico prepared for a possible evacuation on Thursday as a tropical storm threatened […]
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 […]
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