thestatedtruth.com | December 29, 2009
The European Commission warns that public finances in half of the 16 euro-zone nations are at high risk of becoming unsustainable. Governments will spend the next year and beyond balancing the urgent need to fix public-sector debt and deficits — without imperiling what appears to be a feeble economic recovery. Even the staunchest optimists in […]
thestatedtruth.com | December 28, 2009
Mortgage Anxieties Mean Limbo for Fannie and Freddie ………..Fannie Mae and Freddie Mac, which buy home mortgages from banks and package them into bonds sold to investors, have been bailed out with $1.5 trillion in direct and indirect government aid.  The approaching withdrawal of Fed support in the form of the mortgage-bond purchases risks a […]
thestatedtruth.com | December 28, 2009
U S Fixed Income Has To Increase  Elevenfold… Or Else  by Tyler Durden on 12/25/2009 17:31 -0500 From www.zerohedge.com As everyone is engrossed by assorted groundless Christmas (and other ongoing bear market) rallies, and oblivious to the debt monsters hiding in both the closet and under the bed, Zero Hedge has decided it […]
thestatedtruth.com | December 27, 2009
If this happens, it will kill what ever bottoming action we’ve seen in real estate, crush commercial real estate and put the economy back in recession…….Yields on benchmark 10-year notes will climb about 40 percent to 5.5 percent, the biggest annual increase since 1999, according to David Greenlaw, chief fixed-income economist at Morgan Stanley in New […]
thestatedtruth.com | December 27, 2009
“(ABC) “        The Senate voted Thursday to raise the ceiling on the government debt to $12.4 trillion, a massive increase over the current limit and a political problem that President Barack Obama has promised to address next year. The Senate’s rare Christmas Eve vote, 60-39, follows House passage last week and raises the debt ceiling […]
thestatedtruth.com | December 27, 2009
thestatedtruth.com | December 27, 2009
thestatedtruth.com | December 27, 2009
Goldman Sachs and Others Investigated for Betting Against Securities They Created Sunday, December 27, 2009 Betting against their own securities has prompted numerous investigations of Goldman Sachs and other Wall Street institutions. Prior to the financial collapse, Goldman and others figured out a way to package risky securities, such as subprime mortgages, and sell them […]
thestatedtruth.com | December 24, 2009
 From The Daily Reckoning The yield curve – the difference in yield between a 2-year Treasury note and a 10-year Treasury note – sits at a record 285 basis points. Fork over your money to the gubmint for two years and you get a paltry 0.88%. But 10 years? You get 3.73%. Yes, that’s paltry […]
thestatedtruth.com | December 24, 2009
YRC Worldwide Inc  was the comination of Yellow Line Freight, Roadway and USF Corp. They’re now the largest trucking freightline…….Uh, here is what Yellow Corp said back in 2005 with the purchase of USF Corp……………….OVERLAND PARK, Kan. & CHICAGO, Ill. –This provides immediate and nationwide scale in next day and regional markets–Significant synergies and operational […]
thestatedtruth.com | December 23, 2009
That America’s precarious financial condition continues to dance on the sharp end of pin is a marvel of modern macroeconomics. Even after deconstructing the whys and wherefores of this marvel, it becomes no less marvelous. Essentially, America borrows and spends as much as it wishes by issuing as many Treasury bills, notes and bonds as […]
thestatedtruth.com | December 23, 2009
Exactly one month ago, The New York Times ran a front-page headline, “Wave of Debt Payments Facing US Government,” and punctuated the point of the accompanying story with the chart below: The following day, we tipped our hat to the Grey Lady and re-produced the chart for the benefit of all Daily Reckoning readers who […]
thestatedtruth.com | December 22, 2009
Something to watch closely…….From Art Cashin’s comments from the floor of the New York Stock Exchange……  Things are beginning to stir in the bond market. The deflationary shadow seems to be disappearing and rather rapidly. Early signs of inflationary concerns are beginning to appear. The action of the bond markets may be causing, or […]
thestatedtruth.com | December 22, 2009
On this day (+2) in 1931, America was spiraling into the depths of the Depression. Thousands of banks had closed and there was a national panic that more closings might be imminent. And, large corporations announced huge layoff programs, stunning many who thought they were safe. Those who had a job were grateful just to […]
thestatedtruth.com | December 22, 2009
The S&P 500 is up 65 percent from its 2009 closing low and looks to close out the full year with a gain of greater than 20 percent. But looking at the latest mutual fund inflows, the retail Regular Joe chose the safety of bonds. More than $260 billion flowed into taxable bond funds this […]
thestatedtruth.com | December 22, 2009
By Peter Whoriskey The Washington Post Mon., Dec . 21, 2009 The recession’s jobless toll is draining unemployment-compensation funds so fast that according to federal projections, 40 state programs will go broke within two years and need $90 billion in loans to keep issuing the benefit checks. The shortfalls are putting pressure on governments to […]
thestatedtruth.com | December 21, 2009
Trillions Of Troubles Ahead  Bert Dohmen Not too long ago, a billion dollars in a governmental budget was a lot of money. Then we got into hundreds of billions. People understood that this was a lot, just because of all the zeros. Now, unfortunately, the number has become small: the world “trillion,” as in […]
thestatedtruth.com | December 21, 2009
The Second Wave of Mortgage Defaults By Jim Nelson Baltimore, Maryland Our economy is about to relapse into the disease that sent us into the Great Depression: Part Deux. Subprime loans caused the initial illness. Option-ARMs will cause the relapse. In the first half of the past decade, subprime loans were king. They were cheap […]
thestatedtruth.com | December 19, 2009
THE DEBT BOMB by Puru Saxena Editor, Money Matters December 18, 2009 BIG PICTURE- “It’s a question of how do you achieve the deleveraging. Do you go through a long period of slow growth, high savings and many legal problems or do you accept higher inflation? It would ameliorate the debt bomb and help us […]
thestatedtruth.com | December 18, 2009
Comstock Partners, Inc.Why We Remain Bearish December 17, 2009 The stock market rally has now reached a point where it is forecasting a V-shaped recovery that is not likely to happen. The recent catalyst for all of this optimism is a bullish interpretation of current economic activity, some apparent stabilization in the housing market and […]
thestatedtruth.com | December 17, 2009
Chinese Central Banker Zhu Says Dollar Set to Weaken By Bloomberg News Dec. 17 (Bloomberg) — Chinese central banker Zhu Min said that the dollar is set to weaken further and it will become more difficult for nations to buy U.S. Treasuries. “When the U.S. has to fund its deficit through the combination of issuing […]
thestatedtruth.com | December 17, 2009
Pimco’s Gross Boosts Cash to Most Since Lehman Failed By Wes Goodman and Garfield Reynolds Dec. 18 (Bloomberg) — Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., cut holdings of government debt and boosted cash to the most since Lehman Brothers Holdings Inc. collapsed in September 2008. Gross increased […]
thestatedtruth.com | December 8, 2009
Obama’s 47% Approval Lowest On Record For This Point Bill Sammon     – December 08, 2009 President Obama’s job approval rating has fallen to 47 percent in the latest Gallup poll, the lowest ever recorded for any president at this point in his term. President Obama’s job approval rating has fallen to 47 percent in […]
thestatedtruth.com | December 7, 2009
From The Inger Letter       www.ingerletter.com Today’s latest report showed continued year-over-year declines for Consumer Credit; which is now an all-time one-year collapse which bears watching. I also believe that despite the protestations about credit not being available; consumer and business folks alike (at least those with basic smarts) aren’t inclined to borrow at this time, […]
thestatedtruth.com | December 7, 2009
Japan Releases Stimulus Package as Recovery Weakens By Keiko Ujikane and Toru Fujioka Dec. 8 (Bloomberg) — The Japanese government unveiled a 7.2 trillion yen ($81 billion) economic stimulus package amid signs the recovery and Prime Minister Yukio Hatoyama’s popularity are waning. Hatoyama’s first stimulus plan includes 3.5 trillion yen to help regions, 600 billion […]
thestatedtruth.com | December 7, 2009
Bernanke Sees ‘Formidable Headwinds’ for U.S. Economy By Craig Torres and Shobhana Chandra Dec. 7 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said the U.S. economy faces “formidable headwinds,†including a weak labor market and tight credit that are likely to produce a “moderate†pace of expansion. “The economy confronts some formidable headwinds that […]
thestatedtruth.com | December 6, 2009
Treasury Needs Plan B For Mortgages From The Yew York Times By GRETCHEN MORGENSON Published: December 5, 2009 AFTER months of playing pretend, the Treasury Department conceded last week that the Home Affordable Modification Program, its plan to aid troubled homeowners by changing the terms of their mortgages, was a dud. The 10-month-old program is […]
thestatedtruth.com | December 4, 2009
Include Me Out – It looks like more and more equity investors are adopting the linguistically mangled posture of Samuel Goldwyn. At least that’s what it looks like from the latest TrimTabs data. Here’s how Mark Hulbert portrayed it in his MarketWatch column this morning: And November turned out to be yet another in an […]
thestatedtruth.com | December 4, 2009
Geithner Slams Bonuses, Says All Big Banks Could Have Failed By Robert Schmidt  Dec. 4 (Bloomberg) — Treasury Secretary Timothy Geithner criticized the record bonuses expected to be paid by big banks this year and refuted claims by Goldman Sachs Group Inc. that it would have survived without government aid. Taking aim at what […]
thestatedtruth.com | December 2, 2009
 Comments from Cumberland Advisors, a major institutional investor (full report attached below)……………This is worth the time to read.The number of FDIC-insured bank units rated “F” rose from 2,256 at the end of June to 2,337 as of Q3 2009. Even with the heavily subsidized money center banks added back into the equation, the Stress […]
thestatedtruth.com | December 1, 2009
thestatedtruth.com | December 1, 2009
U.S. Personal Income Rose In October. Â But it was boosted by government benefits, says David Rosenberg. Take away the free money from the feds and income actually went down. Income has been going down for a long time in the US. English colleague Brian Durrant wonders why there is no revolution: “Consider a country. For […]
thestatedtruth.com | November 30, 2009
thestatedtruth.com | November 30, 2009
Is Britain On The Brink Of Financial  Armageddon? By James Palumbo A year ago, the world reacted with astonishment as Iceland technically went bust. It seemed inconceivable that a modern democratic nation could have such parlous finances that only an emergency $6billion bail-out from the International Monetary Fund enabled its economy to keep functioning. […]
thestatedtruth.com | November 23, 2009
thestatedtruth.com | November 22, 2009
Bills Yielding Zero Make 1938 Moment By Liz Capo McCormick and Daniel Kruger Nov. 23 (Bloomberg) — For the first time in seven decades, Treasury bills are paying no interest while stocks continue to appreciate — a divergence in U.S. financial markets that might be perilous if Federal Reserve Chairman Ben S. Bernanke didn’t know […]
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