thestatedtruth.com | June 27, 2011
There she blows, it was just a matter of time…..are there now any doubts that Frank McCourt has a nose as long as Pinocchio’s. Worth as much as 1 Billion dollars……dream on, first of all Frank McCourt was the only bidder when he bought the Dodgers back in 2004 according to the commissioner…..and he paid $430 million […]
thestatedtruth.com | June 27, 2011
Greece is a goner….it sounds like a run on the Greek banks are just around the corner….the ECU needs to move on to bigger fish, like Spain. Today, as part of its Weekly Credit Outlook, Moody’s issued for the first time a very stark warning that should the rate of attrition in domestic deposits (and to […]
thestatedtruth.com | June 27, 2011
What George Soros really means is that they’re about to kick the can down the road again and save the big banks of the world, again….at least until bonus time! George Soros, Chairman of Soros Fund Management and famous for breaking the Bank of England in 1992, has warned that “we are on the verge of […]
thestatedtruth.com | June 24, 2011
From Eric Janszen of I-Tulip fame…..Eric thinks this is how things are shaping up. So, we can expect to see the years 2013-2014 look pretty darn negative! Then we’ll have to see. Can we escape the moderate but persistent output gap trap we are in today? Remember, we need at least three years of 4% plus GDP growth […]
thestatedtruth.com | June 23, 2011
This is a lead bowling ball going down hill….the first pin to be hit is New Jersey! And even more interesting, Democrats control both houses of the Legislature…. and union membership is among the highest in the country. Go figure! From The New York Times…… TRENTON — New Jersey lawmakers on Thursday approved a broad rollback […]
thestatedtruth.com | June 18, 2011
There is good news here, and not so good news……..in a nutshell, the economy is flat and not growing but not collapsing either. That sort of sums it up, the good and the bad! By Lee Adler Month to date Federal withholding taxes as of June 15 were down 5.5% from last year, negating the monthly […]
thestatedtruth.com | June 11, 2011
Fat chance of this debt ever getting cut in a timely manor other then by default! Debt is the reason that the world goes into another recession or controlled depression at some point! Just a matter of time. $26,172 isn’t some magic number, it’s the amount of debt the average U.S. household would need to cut to […]
thestatedtruth.com | June 6, 2011
So, what’s  in a AAA ranking? Triple AAA rankings are the highest mark given to companies considered to be the lowest risk investments. It means “Prime Maximum Safety” and they are assigned by S&P and Fitch. Rankings from other rating agencies use a slightly different labeling system, such as Aaa used by Moodys but it represents basically the same thing. In the early 1970s, about 60 […]
thestatedtruth.com | June 4, 2011
Here we go with a summary of earnings details per household as of May 2010 (it hasn’t changed much since). We repeat….we’re talking earnings details in this missive not wealth or net worth. 40% of US households make below $36,000 60% make below $57,000 80% make below $91,750 95% making below $165k 98% making less than $250,000 […]
thestatedtruth.com | June 3, 2011
Hmm….So whom might we ask, bought all this crap? How about the U.S. Federal Reserve…it’s as good a guess as any! And most people probably didn’t think (the) markets were rigged….shame on them! China has dropped 97 percent of its holdings in U.S. Treasury bills, decreasing its ownership of the short-term U.S. government securities from a peak of $210.4 billion in May 2009 to […]
thestatedtruth.com | June 1, 2011
Chris is one of the top real estate and banking minds for institutional money. Chris Whalen of Institutional Risk Analytics: “If we do not see a meaningful recovery in home prices by the end of the year, we may need to contemplate impairment charges on first liens owned by banks and wholesale write-downs of second […]
thestatedtruth.com | May 31, 2011
From the Wall Street Journal. These are ridiculous numbers, no society can operate for long with so such concentrated wealth, this will have to change…….The world’s millionaires represent 0.9% of the world’s population but control 39% of the world’s wealth, up from 37% in 2009. Those with $5 million or more represent 0.1% of the […]
thestatedtruth.com | May 30, 2011
Robert Reich is a well qualified guy……we agree with most everything he says, politics aside to stay objective of course! Reich: During the Great Prosperity the American middle class saved about 9 percent of their after-tax incomes each year. By 2008, Americans saved nothing, and the typical American owed 138 percent of their after-tax income. The fundamental […]
thestatedtruth.com | May 30, 2011
We’ve had some very smart people talk pointedly about this lately…..In an almost verbatim repeat of Carl Icahn’s words of caution which were noted recently, Templeton’s legendary chairman Mark Mobius said that “another financial crisis is inevitable because the causes of the previous one haven’t been resolved.” And we would venture, that’s official! The total value of […]
thestatedtruth.com | May 29, 2011
Dvid Kotak: Greece is about to blow up. Black butterfly fear plagues the Eurozone’s banking system. Can Greece take down all of Europe! Well, they’re going to try.   We like this part of the review below, Will Roger’s old adage applies: “If you find yourself in a hole, stop digging.â€Â Cumberland Advisors Les Papillons Noirs […]
thestatedtruth.com | May 26, 2011
Drastic cuts in expenditures would put the world, not just the U.S. in the mother of all depressions! The U.S. is in what we would call a “Pickle”, come to think of it so is Europe. Can’t win no matter what! So what happens then…hopefully we muddle along until the next financial crisis comes along, […]
thestatedtruth.com | May 26, 2011
Here are some of his key points….Policymakers have embraced initiatives designed to boost asset prices, divorcing them from economic fundamentals.  The impact on Main Street has fallen well short of expectations. Interest rates have been repressed. The dollar has also seriously weakened. The net effect has been a double edged sword. “Good†asset price inflation has […]
thestatedtruth.com | May 26, 2011
Does anyone really doubt that the markets (Bonds,Stocks and Real Estate) are not an artificial rig job! In the past that wasn’t the case.  But times have changed. We guess desperate times call for desperate measures. Hmm. So here it is again: a secret bailout program used to “rip” the peasantry by the entitled kleptocrats, which nobody thought would […]
thestatedtruth.com | May 25, 2011
From King World News……Michael Pento Of Europacific Capital…non-financial debt as a percentage of GDP is now 244%, it has never been higher! QE2 is done, if interest rates rise it’s game over.  “I just want to highlight some things that Jim Bullard said (President of the St. Louis Federal Reserve): You have to remember that he […]
thestatedtruth.com | May 25, 2011
We’ll give you one guess on who these “Dark Forces’ are…..yep, one guess. If you said it’s the too big to fail banks or financial institutions, indirectly (through political lobbyists) then you’re guess is in agreement with our guess, and you get a brownie button! Treasury Secretary Timothy F. Geithner said “dark forces†are waging a “war of […]
thestatedtruth.com | May 23, 2011
A giant predicament for Europe with NO possible good outcome! By Andrew Lilico It is when, not if. Financial markets merely aren’t sure whether it’ll be tomorrow, a month’s time, a year’s time, or two years’ time (it won’t be longer than that). Given that the ECB has played the “final card†it employed to […]
thestatedtruth.com | May 23, 2011
So, what does this report say about the U.S. middle class consumers? Yep….They’re broke without a credit card handy! Unbelievable. Only 24.9% of U.S. citizens could definitely come up with $2000 if they needed to in 30 days, according to a new paper from the (NBER) National Bureau of Economic Research (via WSJ.com).Another 25.1% said they […]
thestatedtruth.com | May 22, 2011
One has to respect Jim Grant’s views….we couldn’t have said it better ourselves! From AP: A graduate of Indiana University, Grant, 64, was a Navy gunner’s mate before starting his journalism career at the Baltimore Sun in 1972. He then joined the financial weekly Barron’s before starting Grant’s Interest Rate Observer in 1983. As stocks […]
thestatedtruth.com | May 21, 2011
Lakshman Achuthan, founder and managing director of the Economic Cycle Research Institute (ECRI), is calling for a slowdown in global economic growth by this summer. Based on our Long Leading Index of global industrial growth, we expect a downturn to start by summer. Beforehand, prominent shorter-leading indicators of industrial growth, like JoC-ECRI industrial commodity price […]
thestatedtruth.com | May 21, 2011
Our society is changing, so maybe we need to pay attention to this……..says Knox College psychologist Tim Kasser, author of “The High Price of Materialism.”  Recognize the real benefits of wealth — freedom and flexibility — and don’t let the pursuit of its illusory trappings interfere with your ability to reap those rewards. Debt is slavery: “The […]
thestatedtruth.com | May 16, 2011
Announcing a $2.2 billion first quarter loss for 2011, the U.S. Postal Service warned it would become insolvent unless Congress takes action……So, hey sunshine, how much do you need.  Answer: No end in site, how many billions can you give us?  So, we’ll go with this…why not package up the Post Office, Fannie Mae, Freddie […]
thestatedtruth.com | May 14, 2011
Haven’t  heard much from legendary investor Stanley Druckenmiller since last August when he decided to shut down his Duquesne Capital hedge fund (Druckenmiller rarely does interviews). Until now that is! He joins PIMCO on a crusade against the Fed and thinks that U.S. debt is soaring out of control…..the timing couldn’t be better! From the WSJ:“Mr. […]
thestatedtruth.com | May 14, 2011
Geithner said in a letter dated May 13,2011 to Sen. Michael Bennet, D-Colo…..“A default on Treasury debt could lead to concerns about the solvency of the investment and financial institutions that hold Treasury securities in their portfolios, which could cause a run on money market mutual funds and the broader financial system,†. The Fed is trying […]
thestatedtruth.com | May 12, 2011
Here is a picture that explains everything. For the U.S. to grow its way out of current problems, it will require monumental new debt creation….from which we are already buried! But by the looks of things, most governments are going to try anyway. To put things in perspective, in order for the 2010 decade to mirror, match, or in […]
thestatedtruth.com | May 12, 2011
Eric Sprott of Sprott Asset Management….. making headlines at SALT (Sky Bridge Alternatives  Conference) in Vegas: SPROTT SAYS GOLD IS NOW THE WORLD’S RESERVE CURRENCY SPROTT SAYS SILVER WAS `MANIPULATED’ DOWN IN PRICE SPROTT SAYS PEOPLE IN IRELAND, GREECE ALREADY FLEEING BANKS SPROTT SAYS SAVERS WILL FLEE BANKS TO PUT MONEY INTO GOLD
thestatedtruth.com | April 30, 2011
From The Wall Street Journal….Retirement annuities, may not be such a good idea after all, especially now. Read on! Turmoil in the stock market. Paltry interest rates at the bank. What are the newly retired to do? Many are taking a look at buying a fixed annuity instead. These products let you swap a lump […]
thestatedtruth.com | April 26, 2011
Rather important to say the least, because what happens here may spread like wild fire across the European continent……another fuse looking for a match! In London on Tuesday, UBS’s City office asked the decisions committee of the International Swaps & Derivatives Association to say whether the Irish government’s new Credit Institutions Act signals a “restructuring […]
thestatedtruth.com | April 25, 2011
Low interest rates are here forever….or it’s game over! Realistically speaking, we all know interest rates can’t stay low forever, so…..it’s just a matter of time. With ultra low interest rates, the U.S. interest expense is $440 billion this year or 3% of GDP. If government borrowing rates were to rise a mere 2%, interest expense […]
thestatedtruth.com | April 21, 2011
Jim Grant ranks in the top tear of analysts covering interest rates…..right at the top of the list with Bill Gross, the founder of PIMCO (the worlds largest bond manager). From his latest Grant’s Interest Rate Observer: “Almost 30% of the respondents to a poll conducted by UBS a few weeks back said they anticipate a […]
thestatedtruth.com | April 20, 2011
This just in from S&P, which does a follow up to its earlier U.S. outlook warning, and revises its GSE and FHLB outlook to negative. Let’s remember that this is happening in an economic (supposed) recovery. NEW YORK (Standard & Poor’s) April 20, 2011–Standard & Poor’s Ratings Services said today that it revised its outlooks on […]
thestatedtruth.com | April 19, 2011
This is the second highest net leverage ever seen on on the NYSE, Â and only a freckle away from a new record….Words to the wise, be prepared is not just a boy scout motto. The NYSE has released its monthly margin debt update for March. Not surprisingly, with EVERYONE chasing nothing but levered beta, margin […]
thestatedtruth.com | April 18, 2011
History shows it’s all forgotten by the next day……maybe this time will be different! A stark warning from S&P about the U.S. government’s fiscal problems stoked concern on Wall Street and in Washington on Monday, intensifying political divisions concerning the growing deficits. House of Representatives Republican leader Eric Cantor on Monday called the Standard & Poor’s downgrade […]
thestatedtruth.com | April 12, 2011
We’re not surprised! Commentary Magazine reports that the “Budget Deal”, won after so much theatrics, soap opera, and Razzie nominations, may in fact collapse shortly. “The big news today is that the $38.5 billion in budget cuts announced with such fanfare on Friday night mostly aren’t real. A good deal of it involves money from […]
thestatedtruth.com | April 8, 2011
It’s here and now folks, the widening gap between declining incomes and higher costs has been filled with borrowed money. Now that borrowing has reached its limit,  the consumer economy is devolving. Here is what it means. The cost structure of the entire U.S. economy has bloated to unsustainable levels. Here’s the basic mechanism: when money […]
thestatedtruth.com | March 30, 2011
Some sound advice….It’s going to be a long negative haul for housing and there is nothing on the horizon, such as an improving economy, lower unemployment, or climbing wages to stem the flow. There were simply too many homes built during the boom phases at affordability rates that didn’t make sense. Those who can afford to […]
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