thestatedtruth.com | October 26, 2009
 Subprime resets crushed the housing market in ’07 and ’08. Now a new wave of adjustable-rate mortgages is just around the corner. “These helped frame where we are in the mortgage crisis,â€Â “which has been the main shark in the water over the past couple of years. You should know where that shark is […]
thestatedtruth.com | October 25, 2009
Debts have value only to the extent that they are being paid, and a rapidly rising number of U.S. households aren’t doing so. Those defaults are leading to losses at banks, a wave of foreclosures, trouble for neighborhoods and strife for families. But they are also providing an immediate, albeit radical, form of debt relief. […]
thestatedtruth.com | October 23, 2009
Commercial Real Estate Bust Looms By John W. Schoen Thurs., Oct . 22, 2009 That big whoosh you’re hearing is the air rushing out of a commercial real estate bubble. More than two years into the worst housing crisis in decades, commercial real estate is shaping up as the second half of what some are […]
thestatedtruth.com | October 20, 2009
Oct. 20, 2009, 12:25 p.m. EDT Hedge Manager Sprott Sees Trouble  US government is new “dead man walking” By Alistair Barr, MarketWatch NEW YORK (MarketWatch) – When so-called quantitative easing by central banks ends, the world economy may slip back into trouble, Canadian hedge fund manager Eric Sprott warned on Tuesday. Toronto-based Sprott called […]
thestatedtruth.com | October 20, 2009
thestatedtruth.com | October 19, 2009
Oct. 19, 2009, 2:39 p.m. EDT NEW YORK (MarketWatch) — Greenlight Capital is betting on the possibility of a major currency collapse and a surge in interest rates, the hedge-fund firm’s manager David Einhorn said Monday, citing ballooning government deficits in some of the world’s most developed countries. Einhorn, who warned about Lehman Brothers’ frailty […]
thestatedtruth.com | October 18, 2009
Turner Lost CNN, Fonda, Fortune, Feels ‘Like a Dummy’ By Brett Pulley and Anita Sharpe Oct. 16 (Bloomberg) — Ted Turner, the cable television pioneer who became one of the richest Americans, recalls the pain of losing his job at Time Warner Inc., his wife, the actress Jane Fonda, and $7 billion of his fortune. […]
thestatedtruth.com | October 16, 2009
Geithner Says U.S. Must Instill Confidence in Fiscal Management By Robert Schmidt Oct. 16 (Bloomberg) — Treasury Secretary Timothy Geithner said the U.S. must reduce its record budget deficit as soon as the economy returns to a sustainable growth rate without relying on government assistance. “Americans understand that we have to go back to living […]
thestatedtruth.com | October 16, 2009
Minnesota Pigs Tested for H1N1, May Be First in U.S.  By Whitney McFerron Oct. 16 (Bloomberg) — Three pigs from the Minnesota state fair have been “tentatively identified†as having swine flu in what may be the first U.S. cases of the H1N1 virus among domestic livestock. The pigs were tested at the fair […]
thestatedtruth.com | October 15, 2009
“US foreclosures jumped to an all-time high of 937,840 in the third quarter,” writes Ian Mathias in today’s issue of The 5 Min. Forecast. “That’s a 23% rise from the same time last year, says a report from RealtyTrac today. One in every 136 households received a filing – also a record. Once again Nevada […]
thestatedtruth.com | October 15, 2009
That Was Then, This Is Now – In his terrific “Big Picture†blog, Barry Ritholtz cited a neat 1999 comparison by Peter Boockvar. Here’s the citation…… With the DJIA approaching 10,000 again, let’s reminisce about 1999, the year it first passed that magic level on March 29th. Millennium by the Backstreet Boys was the best […]
thestatedtruth.com | October 15, 2009
States’ Tax Revenue Fell Record $63 Billion in Year By Michael Weiss Oct. 15 (Bloomberg) — States’ tax revenue fell a record $63 billion during the fiscal year ended June 30, the Nelson A. Rockefeller Institute of Government, an Albany based research organization, said in a report released today. The data, based on U.S. Census […]
thestatedtruth.com | October 15, 2009
U.S. Foreclosure Filings Jump 23% to Record in Third Quarter By Dan Levy Oct. 15 (Bloomberg) — U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc. A total of 937,840 homes received a default or auction notice or were repossessed by […]
thestatedtruth.com | October 14, 2009
by Bill Bonner London, England Two important items in the news today: First, Bloomberg reports that retails sales fell 2.1% in September – the biggest decrease this year. Know what that means? It means the “Age of Thrift” is here…and that consumers really are cutting back – just like we said they would. And it […]
thestatedtruth.com | October 14, 2009
“China National Offshore Oil Corp and Exxon Mobil are about to enter a bidding war over oil-rich water near Ghana. At stake is ‘Jubilee,’ a recently discovered offshore site that probably holds a couple billion barrels of oil. This isn’t China’s state-owned offshore oil company’s first foray into the global energy grab, but its one […]
thestatedtruth.com | October 12, 2009
The fiscal condition of the United Sates has deteriorated dramatically during the last several years. On the basis of current obligations, US indebtedness totals “only” about $12 trillion. But when utilizing traditional GAAP accounting – the kind of accounting that every public company in the United States MUST use – US indebtedness soars to $74 […]
thestatedtruth.com | October 12, 2009
 Interesting huh? Consumer credit has fallen off a cliff. What does that mean exactly? It means Americans aren’t borrowing…and they aren’t buying either. From The Daily Reckoning
thestatedtruth.com | October 11, 2009
Thoughts from the Frontline Weekly Newsletter Killing the Goose by John Mauldin October 9, 2009 In this issue: Killing the Goose What Were We Thinking? Let’s Play Turn It Around Detroit, the Red Sox and the Yankees, and Traveling Too Much  Peggy Noonan, maybe the most gifted essayist of our time, wrote a few weeks […]
thestatedtruth.com | October 8, 2009
 How can they lose this much money?    Oh, they’re giving loans to the same home buyers that wiped out sub prime. The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said. It […]
thestatedtruth.com | October 6, 2009
Exxon Mobil Passes PetroChina as World’s Most Valuable Company By Joe Carroll Oct. 6 (Bloomberg) — Exxon Mobil Corp. overtook PetroChina Co. as the world’s most valuable company, ending a four-month reign by the Beijing-based oil producer after price controls in China failed to keep pace with rising crude costs. State-controlled PetroChina’s Shanghai-traded shares have […]
thestatedtruth.com | October 1, 2009
Bernanke Urges ‘Strong’ Consumer Protection in House Testimony By Scott Lanman and Craig Torres Oct. 1 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke told lawmakers that protecting consumers of financial services is “vitally important,†while omitting prior criticism of an Obama administration proposal to shift such powers from the Fed to a new agency. […]
thestatedtruth.com | September 24, 2009
Volcker Unleashes Volley By Larry Doyle|Sep 24, 2009, 1:00 PM I find it interesting, but not surprising, that former Fed Chair Paul Volcker’s testimony to Congress this morning has received little to no coverage by major media outlets. Why? With few exceptions, the financial media plays along with the financial industry which pays the bills […]
thestatedtruth.com | September 22, 2009
thestatedtruth.com | September 21, 2009
China, Russia and the rest of the BRICs will bring the Super Sovereign Currency alternative to the G20 discussion. We have seen that developing over the last few weeks. We know that the main thrust of the G20 where the West is concerned is banking regulations and a unified commitment not to withdraw from anti-deflationary, […]
thestatedtruth.com | September 18, 2009
“Option” Mortgages To Explode  Thu Sep 17, 2009 By Lisa Lambert WASHINGTON (Reuters) – The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset. “Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller […]
thestatedtruth.com | September 18, 2009
So, the banks are told to re write first mortgages, and write off home equity loans and second trust deeds. It sounds like they are doing that, unless the servicier is also the provider of the second (the 4 largest servicers are BofA, JP Morgan, Wells Fargo and Citi)…..in which case they ask (demand) the homeowner to acept new terms on the home equity and second trust deeds or they won’t rewrite the first morgages. This then allows the servicing bank to show the home equity and seconds as performing loans and they then don’t have to show the write off on their books…. Thieve’in Banks…….Thats what we have here.
thestatedtruth.com | September 18, 2009
thestatedtruth.com | September 18, 2009
Total houehold wealth is up 3.9% April through June 2009, but  is still down by 19% from the high reached back in the third quarter of 2007. To put things into another perspective, just do tthe math on the next chart from 2007.  To do the math….hint, we are subtracting  the 19% loss that we’ve had since the third quarter 2007  from […]
thestatedtruth.com | September 17, 2009
thestatedtruth.com | September 16, 2009
The Bloomberg Professional Confidence Index Global Economy is comprised of responses about the outlook for the global economy, from users globally. A value above 50 indicates a positive sentiment about the global economy from all Bloomberg respondents
thestatedtruth.com | September 16, 2009
thestatedtruth.com | September 13, 2009
City, State, % of People Below the Poverty Level 1. Detroit , MI 32.5% 2. Buffalo , NY 29.9% 3. Cincinnati , OH 27.8% 4. Cleveland , OH 27.0% 5. Miami , FL 26.9% 5. St. Louis , MO 26.8% 7. El Paso , TX 26.4% 8. Milwaukee , WI 26.2% 9. Philadelphia , PA 25.1% […]
thestatedtruth.com | September 13, 2009
thestatedtruth.com | September 11, 2009
“What exactly is ‘poverty’ to the US government? The equivalent of a family of four living on an annual budget of $22,025 or less.
thestatedtruth.com | September 10, 2009
Harvard Investments Lose 27.3% By Gillian Wee Sept. 10 (Bloomberg) — Harvard University, the wealthiest U.S. school, said its investments fell 27.3 percent in the past year, a $10.1 billion loss that was smaller than President Drew Faust’s forecast in December before markets started to recover. The endowment declined to $26 billion from $36.9 billion […]
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