A Picture ( IN This Case 2) Is Worth A Thousand Words
thestatedtruth.com | September 9, 2009
The Chart Below Shows Just How Fast Income Taxes Are Falling…….Are The Economists Paying Attention
thestatedtruth.com | September 5, 2009
States, counties, and cities are having to make deep cuts, in both jobs and programs. Today’s Wall Street Journal talks about the cuts in state after state. States cannot print money like the US can, so at some point they have to either raise taxes or cut spending to balance their budgets. Raising taxes just […]
Hmm……Rising Wages-Federal Government Workers Lead The Way
thestatedtruth.com | September 5, 2009
Interesting statistic. Want to know where wages are rising? Think federal government workers. The gap between civilian and government workers was less than $13,000 nine years ago, but now is almost $30,000. Inflation has been 24%, but government wages are up 55%. According to a recent release from Rasmussen Reports, a government job remains “the […]
Pace Of Delinquencies For Prime Borrowers Exploding Higher……………
thestatedtruth.com | September 3, 2009
More Pain Felt by ‘Prime’Borrowers By ROBIN SIDEL SEPTEMBER 4, 2009 The long recession and rising joblessness are taking an increasing toll on the nation’s most credit-worthy borrowers, who are now falling behind on their mortgage and credit-card payments at a faster pace than people with poor financial histories. The mortgage-delinquency rate among so-called subprime […]
Sometimes A Picture Is Worth A Thousand Words…………
thestatedtruth.com | September 1, 2009
 Sheila Bair was very candid about commercial defaults being more of a driver of lots of bank failures this Fall. This is precisely the type of issue we’ve been concerned of. The references some are making about the ‘stress tests’ being feather tests of banks, is something we’ve argued all along; based on ridiculous […]
A Chinese Default On OTC Derivitives Would Send Markets Into A Spiro Downward…
thestatedtruth.com | September 1, 2009
China Warns Banks on OTC Hedge Defaults -Report BEIJING, Aug 29 (Reuters) – Chinese state-owned enterprises (SOEs) may unilaterally terminate derivative contracts with six foreign banks that provide over-the-counter commodity hedging services, a leading financial magazine said. China’s SOE regulator, the State-owned Assets Supervision and Administration Commission (SASAC), had told the financial institutions that SOEs […]
Bill Gross of PIMCO Says Housing New Normal Is Lower From Here…….
thestatedtruth.com | September 1, 2009
Housing Won’t Lead U.S. Out of Recession, Gross Says By Susanne Walker Sept. 1 (Bloomberg) — Housing won’t lead the U.S. out of its recession, Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., wrote in his September investment outlook. There has been a significant break in the traditional economic […]
Rick Ackerman: True Bottom Lies Far, Far Below……Ditto On That One
thestatedtruth.com | August 31, 2009
By: Rick Ackerman Rick’s Picks Monday, August 31, 2009 “Phenomenally accurate forecastsâ€Â  Because we never shared investors’ wild enthusiasm for Cerberus, its near-collapse in recent days hardly came as a shock. The once-huge private-equity firm specialized in distressed assets at a time when even the bluest of blue-chip companies – the name Lehman Brothers springs […]
Banks Still Hurting In A Big Way……..
thestatedtruth.com | August 31, 2009
“Friday’s edition of The Wall Street Journal picks up on the theme of the long road of pain ahead for bank shareholders in the US,†colleague Dan Amoss tells us. “In ‘Banks on Sick List Top 400,’ the WSJ details several ugly highlights from the latest FDIC Quarterly Banking Profile, published last Thursday. “Here are […]
We’ve Visited This Before, But It’s Very Important To Economic Growth………
thestatedtruth.com | August 29, 2009
Let’s Revisit The Debt-GDP Ratio………….
thestatedtruth.com | August 29, 2009
Fed Urges Secrecy on Banks in Bailout……….
thestatedtruth.com | August 27, 2009
Fed Urges Secrecy on Banks in Bailout   Thursday    Aug 27, 2009 12:27pm EDT * Fed urges judge not to enforce order pending appeal * Banks say disclosure could cause loss of confidence By Jonathan Stempel NEW YORK, Aug 27 (Reuters) – The U.S. Federal Reserve asked a federal judge not to enforce her […]
The U.S. Government’s Long-term Budget Outlook Worse Than Expected……..
thestatedtruth.com | August 21, 2009
White House Sees $9 Trillion in Deficits Over Decade By Brian Faler Aug. 21 (Bloomberg) — The U.S. government’s long-term budget outlook is darker than expected, with projected deficits over the next 10 years totaling $2 trillion more than had been forecast, according to an Obama administration official. A White House budget review set for […]
Meredith Whitney Predicts More Than 300 Bank Failures
thestatedtruth.com | August 21, 2009
Meredith Whitney Predicts More Than 300 Bank Failures By Lynn Thomasson and Margaret Brennan Aug. 21 (Bloomberg) — Meredith Whitney, the analyst who predicted that Citigroup Inc. would cut its dividend last year, said the number of U.S. bank failures will quadruple as lenders struggle with bad loans. “There will be over 300 bank closures,†[…]
The War Cry, Where Has All The Money Gone?
thestatedtruth.com | August 20, 2009
Pension Plans’ Private-Equity Cash Depleted as Profits Shrink By Jason Kelly and Jonathan Keehner Aug. 20 (Bloomberg) — U.S. pension funds contributed to the record $1.2 trillion that private-equity firms raised this decade. Three of the biggest investors, state pensions in California, Oregon and Washington, plunked down at least $53.8 billion. So far, they only […]
Warren Buffett On The Economy And Federal Debt……
thestatedtruth.com | August 19, 2009
Buffett Says Federal Debt Poses Risks to Economy By Shamim Adam Aug. 19 (Bloomberg) — The U.S. must address the massive amounts of “monetary medicine†that have been pumped into the financial system and now pose threats to the world’s largest economy and its currency, billionaire Warren Buffett said. The “gusher of federal money†has […]
Cumberland Advisors………………….
thestatedtruth.com | August 18, 2009
 Cumberland Advisors  614 Landis Avenue Vineland NJ 08360-8007 1-800-257-7013 http://www.cumber.com  September!!!! Also, Closing the Lehman Gap August 18, 2009  From the Wall Street Journal of August 11:  “For investors, the period between Labor Day and Halloween is proving an annual fright show. And no one knows why. It was, of course, in […]
CalPERS Admits California “Pension Costs Unsustainable”………..
thestatedtruth.com | August 18, 2009
CalPERS Admits California “Pension Costs Unsustainable” – So What To Do About It? In an unusual display of honesty CalPERS Actuary Says “Pension Costs Unsustainable” The CalPERS chief actuary says pension costs are “unsustainable,” and the giant public employee pension system plans to meet with stakeholders to discuss the issue. “I don’t want to sugarcoat […]
U.S. Banks Tightened Standards On All Types Of Loans In The Second Quarter………
thestatedtruth.com | August 17, 2009
Fed Says Banks Tightened Lending in Second Quarter By Craig Torres Aug. 17 (Bloomberg) — U.S. banks tightened standards on all types of loans in the second quarter and said they expect to maintain strict criteria on lending until at least the second half of 2010, a Federal Reserve report showed today. Most banks cited […]
Banks That You Can Stick A Fork Into……They’re Done
thestatedtruth.com | August 14, 2009
Toxic Loans Topping 5% May Push 150 Banks to Point of  No Return By Ari Levy Aug. 14 (Bloomberg) — More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival. […]
U.S. Assures China It Will Shrink Record Deficit
thestatedtruth.com | July 28, 2009
U.S. Assures a ‘Concerned’ China It Will Shrink Record Deficit By Rob Delaney and Rebecca Christie July 27 (Bloomberg) — The Obama administration’s economic leaders assured Chinese counterparts they will rein in a record budget deficit as China underscored its concern about preserving the value of its holdings of Treasuries. “China has a huge amount […]
Housing Contribution To GDP………
thestatedtruth.com | July 25, 2009
At one point, housing construction was over 5% of GDP. Now it is around 2.5%. The graph shows how much a shrinking home-construction industry has reduced GDP each quarter for the last two years.
Global GDP By Region……….
thestatedtruth.com | July 25, 2009
A few side observations on the above graph. China is roughly as big as the other three of the BRICs (Brazil, Russia, and India) combined. Russia and Brazil are in recessions. Also, note that it will be decades before China’s economy is as big as that of the US, even with growth of 5-6% a […]
State Tax Revenues Have Largest Decline Ever………
thestatedtruth.com | July 25, 2009
State Tax Revenues Across U.S. Experience Largest Decline on Record, New Rockefeller Institute Report Shows “Taxes collected by the 50 states dropped by 11.7 percent overall during the first quarter of 2009, compared to the same period a year earlier – the largest such decline in the 46 years for which quarterly data are available, […]
U.S. Rescue May Reach $23.7 Trillion…..
thestatedtruth.com | July 20, 2009
U.S. Rescue May Reach $23.7 Trillion, Barofsky Says By Dawn Kopecki and Catherine Dodge July 20 (Bloomberg) — U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program. The Treasury’s […]
The Real Danger…..Potential For Capital Shortfall
thestatedtruth.com | July 11, 2009
World Sovereign Debt Issuance…………
thestatedtruth.com | July 11, 2009
The Mysterious Case of the Seized Bearer Bonds Worth $134 Billion
thestatedtruth.com | June 17, 2009
The Mysterious Case of the Seized Bearer Bonds, Worth $134 Billion The US media has been generally silent about $134 billion in bearer bonds seized by Italian police at the Swiss border. On June 8, AsiaNews reported: Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese […]
California’s Day Of Reckoning………
thestatedtruth.com | June 2, 2009
Schwarzenegger says day of reckoning is here Sacramento Business Journal – by Kathy Robertson Staff writer The state wallet is empty. The bank closed. Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol. “California’s day of reckoning is here,†he said. With no action, the state […]
So…You Want To Live The American Dream…It’s All Yours!
thestatedtruth.com | June 1, 2009
                                       Chart Courteously Of www.AgoraFinancial.com
Big Changes Coming to California
thestatedtruth.com | May 20, 2009
So….you want to live in California!       Big Big changes coming to California………..Schwarzenegger Seeks $6 Billion Loan, …..Much bigger cuts coming to education……..Schwarzenegger, a 61-year-old Republican, said the state should sell $6 billion of revenue anticipation warrants, a type of cash-flow loan that can be repaid over two years. He also proposed cutting an equal amount in […]
Total American Debt
thestatedtruth.com | May 2, 2009
Sometimes a picture is worth a trillion words or a trillion dollars as the case may be……… -TheStatedTruth.com
When Warren Buffett Talks, People Listen
thestatedtruth.com | May 2, 2009
 Hmm………Anybody out there see a rebound in these numbers. The answer is no. Now at some point we will start to stabilize. We could be seeing the beginning of that now, and that’s what everyone needs to look at in my opinion, but it’s still to soon to make that assumption.  Warren Buffett said today at the Bershire AnnualShareholders Meeting that the recent […]
Economy in U.S. Shrank at 6.1% Rate in First Quarter
thestatedtruth.com | May 2, 2009
Well,  this rapid contraction won’t last for ever……………We should start to see low inventories help lead the economy to a tepid recovery in the second half of 2009 or early 2010. From Bloomberg……..The U.S. economy plunged again in the first quarter, capping its worst performance in five decades, reflecting a record slump in inventories and further […]
U.S. Threatens Bankruptcy for GM, Chrysler
thestatedtruth.com | April 4, 2009
This is a big deal………..and interestingly enough,  it looks like a new car purchase IRS tax deduction is being set up……..Plan Would Separate ‘Bad’ and ‘Good’ Assets of Two Companies; Historic Intervention Carries Big Political Risk for Obama………. President Obama, who announced the plans Monday with Treasury Secretary Geithner, said the U.S. would not let the auto industry “simply […]
Home Prices in 20 U.S. Cities Fell by a Record 19% in January
thestatedtruth.com | April 2, 2009
Things continue to fall apart…………Home Prices in 20 U.S. Cities Fell by a Record 19% in January ……… The S&P/Case-Shiller index‘s decrease was more than forecast and compares with an 18.6 percent decrease in December. The gauge has fallen every month since January 2007, and year- over-year records began in 2001.  Downward Path….All 20 cities in the index […]
Regional Banks Are the Future
thestatedtruth.com | March 31, 2009
Meredith Whitney has it figured out. She has been way ahead of everybody else on banking. She is now in the process of opening her own investment firm…………………..The big-bank model isn’t going to last much longer, banking industry analyst Meredith Whitney said at the Journal’s Future of Finance Initiative, and said a more sustainable approach would be bigger regional […]
Trillion Dollar Deficits Seen For Next 10 Years
thestatedtruth.com | March 31, 2009
I hope not……………sounds very inflationary to say the least!      President Barack Obama‘s budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month. The Congressional Budget Officefigures, obtained by The Associated Press Friday, predict Obama’s budget will produce $9.3 […]
U.S. Seizes Key Cogs for Credit Unions
thestatedtruth.com | March 31, 2009
It looks like the Credit Unions may be next to get into hot water…………………..funny thing is they all say everything is just fine, until it isn’t.       In the latest move by federal authorities to prop up the nation’s banking system, regulators late Friday seized control of the two largest wholesale credit unions in the U.S. […]
FBI Ramps up Probes of Financial Mortgage Fraud
thestatedtruth.com | March 31, 2009
Not surprising to say the least……………………………The number of probes by the Federal Bureau of Investigation into corporate fraud and mortgage fraud is growing by the month.FBI Deputy Director John Pistole told a House panel Friday that the bureau has more than 2,000 open investigations into mortgage fraud as well as 566 corporate-fraud investigations.Mr. Pistole said 43 of those corporate-fraud […]
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