thestatedtruth.com | March 22, 2011
The United States is on a fiscal path towards insolvency and policymakers are at a “tipping point,” according to Dallas Federal Reserve Bank President Richard Fisher. “If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when,” Dallas Federal Reserve Bank President Richard Fisher said in […]
thestatedtruth.com | March 21, 2011
Sales of U.S. previously owned homes dropped more than forecast in February and the median price dropped to $156,100 from $164,600 one year ago. Â Sales of U.S. previously owned homes dropped more than forecast in February and the median purchase price declined to the lowest since the same month in 2002, indicating the housing market […]
thestatedtruth.com | March 19, 2011
Notice if you will, the house in the chart below is upside down…..how appropriate! One hundred years of the government’s attempts to mute the natural business cycle are slowly and painfully coming to an end. A period where the government proactively encouraged consumption until it became 70% of the economy, we produced very little, and […]
thestatedtruth.com | March 19, 2011
Defaults have lopped $822 billion off U.S. household debt since mid-2008! These loans were not payed off, but it looks that way with many of the statistics….. One of the puzzles of the recovery has been how U.S. households have managed to shed some $658 billion in mortgage, credit-card and other consumer debt over the past two and a […]
thestatedtruth.com | March 15, 2011
John Williams doesn’t speak blindly, he has been a frequent guest on CNBC, Bloomberg, Barrons etc, and he has multitudes of statistics to back up his “seemingly outlandish” but more than likely correct forecast……By the way, Williams time frame falls into the period leading up to 2014, similar to the Kress Economic Cycle that takes us down hard from […]
thestatedtruth.com | March 15, 2011
Some more thoughts on Japan….we are told, (hopefully correctly), that this is more of a repeat of a Three Mile Island situation where half the fuel rods melted, than Chernobyl where they all did. And…Small amounts of low radiation cesium and iodine have already been released, which should be measurable on American roof tops in about ten […]
thestatedtruth.com | March 10, 2011
Interesting….. Bank of America Says Nearly Half Its Mortgages Are ‘Bad’ Washington Business Journal Bank of America Corp. is segregating almost half its 13.9 million mortgages into a “bad†bank comprised of its riskiest and worst-performing “legacy†loans, Bloomberg News reported, citing Terry Laughlin, who is running the new unit. “We are creating a classic […]
thestatedtruth.com | March 10, 2011
Cumberland Advisors Day of Rage March 10, 2011 Modern technology. Read email of Saudi events on WiFi at 38,000 feet. This will be brief. The day of rage came early. All outcomes are speculative. Contagion has reached Saudi Arabia. Recent history shows Al-Qaida actively targeted Saudi Arabia several times. Until now, no success. Events in […]
thestatedtruth.com | March 8, 2011
Rick’s Picks “Phenomenally accurate forecasts†Senate minority leader Mitch McConnell said on Face the Nation yesterday that President Obama wasn’t serious about the budget. Lest anyone mistake this for partisan sniping, here’s an interesting factoid that drives the charge home: the $4 billion in spending cuts that Congress just approved to avoid a government shutdown […]
thestatedtruth.com | March 7, 2011
What’s the old saying….records are made to be broken. The bottom line is we have a bunch of government morons here! They still don’t know basic math. March 18’th is the deadline for current stop gap funding. Without a new spending agreement by then, the government will shut down (?). The federal government posted its largest […]
thestatedtruth.com | February 27, 2011
Ridiculous 7.5%-9.0% assumed rates of return are not “little white lies” — they are Everest-sized whoppers. They are far from reality and nearly impossible to ever realistically have happen over the medium term and even more impossible over the long term in mature economies. If the three big California Public Retirement Funds used a realistic 4.5%-5% rate of return instead of the make […]
thestatedtruth.com | February 26, 2011
Understanding Derivatives – Class Name and Description: Greedy Financial Morons 101, How To Destroy The Financial World…… Heidi is the proprietor of a BBQ Bar in Mt. Airy Maryland . She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem, […]
thestatedtruth.com | February 26, 2011
So…Inquiring minds want to know what other computer systems are using this same software and why it takes 8 years to figure this out. We think there’s more to this story! SANTA ANA, Calif. (KABC) — A $228 million mistake has landed two employees for Orange County’s pension system on paid leave. It’s all linked to a […]
thestatedtruth.com | February 24, 2011
From The Wall Street Journal………The Internal Revenue Service announced new rules intended to help struggling taxpayers cope with tax debts. Commissioner Doug Shulman called the steps an effort to “stand in taxpayers’ shoes” in order to minimize unnecessary burdens and said they wouldn’t compromise tax collections. The changes affecting individuals concern tax liens and so-called […]
thestatedtruth.com | February 24, 2011
Libya’s “secretive” sovereign fund (LIA) has assets of over $70 billion and has placed $32 billion with U.S. banks, reported Reuter,  based on Wikileaks provided information from a “confidential diplomatic cable.” According to the report: ” The cable, obtained by WikiLeaks and revealing the details of a January meeting between the head of the Libyan Investment Authority […]
thestatedtruth.com | February 24, 2011
Rock and Roll, and to think….the media says it’s all behind us and everything is getting better rapidly…..NOT! Troubled Banks Rise To Highest Level In 18 Years By Marcy Gordon Posted: 02/23/2011 WASHINGTON — The number of banks at risk of failing made up nearly 12 percent of all federally insured banks in the final […]
thestatedtruth.com | February 23, 2011
thestatedtruth.com | February 23, 2011
Federal Reserve Bank of Kansas City President Hoenig is one guy that knows! HOENIG:  U.S. HAS `DEEPLY’ UNDERMINED FREE-MARKET CAPITALISM HOENIG: WARNS OF ESCALATING SERIES OF CRISES WITH RISING COSTS HOENIG: LARGE FINANCIAL FIRMS CAN EXPECT BAILOUTS IN FUTURE HOENIG: BIG FINANCIAL FIRMS MUST NOT HOLD ECONOMY`HOSTAGE’ HOENIG: BIG FIRMS `HAVE SIGNIFICANT INCENTIVES’ TO INCREASE RISK HOENIG: TOO-BIG-TO-FAIL FIRMS POSE […]
thestatedtruth.com | February 16, 2011
Mortgage Refinance Demand Lowest Since Summer of 2009…..This should be a sign to the wise. 02-16-2011 Mortgage application volume slipped 9.5 percent on a seasonally adjusted basis during the week ending February 11, according to the latest weekly survey from the Mortgage Bankers Association. On an unadjusted basis, the home loan application index was off […]
thestatedtruth.com | February 15, 2011
This was a no brain’er, sooner or later you just knew the banks were going to want a larger down payment on the purchase of a house. How novel to think it might improve delinquencies….Inquiring minds say Duh. By S. MITRA KALITA   (From The Wall Street Journal) The down payments demanded by banks to buy homes have ballooned […]
thestatedtruth.com | February 11, 2011
This had better be good, being that the baby boomers will be sellers and the youngsters are broke! The Obama administration unveiled a proposal Friday for winding down mortgage giants Fannie Mae and Freddie Mac, spelling out three options for what could take their place and setting the stage for a debate over the nation’s […]
thestatedtruth.com | February 10, 2011
Real Estate mortgage rates heading the wrong way……. U.S. 30-year mortgage rates have jumped above 5% for the first time since last spring, in a rapid rise that could present a challenge to the still-troubled housing market. The average rate on 30-year fixed-rate mortgages climbed to 5.05% in the week ended Thursday, according to a […]
thestatedtruth.com | February 9, 2011
According to the Office of the Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activities for the Second Quarter 2010 (most recent), the notional value of derivatives held by U.S. commercial banks is around $223.4 TRILLION. Yep, that’s T as in Trillions! Five banks account for 95% of this. Can you guess […]
thestatedtruth.com | February 7, 2011
What Dallas Fed Fisher is saying in a nutshell is basically the national debt can’t get any bigger without destroying the Dollar and causing inflation. Dallas Fed’s Richard Fisher Bloomberg Headlines: FISHER SAYS HE’S NOT LIKELY TO SUPPORT FURTHER ACCOMMODATION FISHER SAYS HE WILL DISSENT ON ANY FURTHER QUANTITATIVE EASING
thestatedtruth.com | February 7, 2011
We’ll see how long this lasts, best guess is it’s a short lived event…..why do we say that? Well, just look around you, what do you see….states, counties and cities getting ready for large budget cuts and layoffs, and taxes will have to go up. We have not solved any of the problems that caused the 2008-2009 economic crisis, […]
thestatedtruth.com | February 4, 2011
Here are some snippets from Bill Gross’s February Investment Outlook Newsletter….  Devil’s Bargain Money has become the economic and political wedge for profound changes in American society. Perhaps the most deceptive policy tool to lessen debt loads is the “negative†or exceedingly low real interest rate that central banks impose on savers and debt […]
thestatedtruth.com | January 31, 2011
Whether you like him or not, most would probably agree after reading this that Donald Trump would show us how an Eagle with clipped wings (the U.S.) can fly again. This guy gets it. You want to see growth again in the U.S., then here is the man for the job! So Donald, tell us how you really feel […]
thestatedtruth.com | January 31, 2011
Nearly a trillion U.S. dollars are gone, heisted and nobody knows who done it or how! WikiLeaks might have exposed this mess. How long has this been going on? Quite a while according to The Times, which has relied on Wikileaks cables to support some of what is being reported. What a bunch of morons, with our public money […]
thestatedtruth.com | January 28, 2011
Jim Grant is well known and respected in interest rate market circles, but he has some harsh words here….he’s letting off some steam on Ben Bernanke. Pay attention everyone, Jim is one of the big ten….that is one of the smartest 10 guys around. Jim Grant appeared on Bloomberg TV, telling Margaret Brennan upfront that […]
thestatedtruth.com | January 28, 2011
Warren Buffett calls them weapons of mass destruction for a reason….they almost took down the world in 2007-2008….Folks, we have some slow learners here… This period is more degraded than that of Sodom and Gomorrah. Pompei was kindergarten compared to the sociopaths of Wall Street. The problem is that the present day demons own the place. […]
thestatedtruth.com | January 27, 2011
“As a scholar of the Great Depression, I honestly believe that September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” ….. Ben Bernanke. The common thought out there is that this can’t happen again….WRONG! The causes have not been remedied. All eyes should be on the economic road […]
thestatedtruth.com | January 27, 2011
Billionaire investor and philanthropist George Soros said Thursday in an interview with CNBC’s Maria Bartiromo that the deficits facing U.S. municipalities will be the “drama of the next year.†Soros also said that what ever recovery we have will be finished by mid year and that interest rates will start to rise later in the year.Â
thestatedtruth.com | January 25, 2011
Inquiring minds want to know how you can have growth with a spending freeze?  Right, you can’t! Obama will call for a five-year freeze on nonsecurity discretionary spending in his State of the Union address “as a down payment toward reducing the deficit,” a White House official said. The president will propose some new spending […]
thestatedtruth.com | January 23, 2011
It looks like the calm before another storm created by CRE loans in the next 3 years. We know vacancy rates remain high and we know values have not recovered. LTV ratios look to be very tight for many a bank CRE loan. As mentioned below, we crescendo in terms of CRE loan maturities between now and 2013. […]
thestatedtruth.com | January 23, 2011
We have followed Clif Droke for a number of years, and his record with the Kress Cycles is one step ahead of most others. The Kress cycles will take on the financial markets, and by extension the economy from 2012-2014. This will come as a shock for the most optimistic observers. The final “hard down†phase of the […]
thestatedtruth.com | January 23, 2011
Ireland is out to make things interesting, with a sledge hammer……and everyone thought Europe’s problems were going away! Hmm! The BBC has just reported that the Irish Green party has pulled out of the ruling coalition with Fianna Fail which is “expected to bring forward the general election from 11 March.” In other words suddenly […]
thestatedtruth.com | January 22, 2011
From John Mauldin’s “Thoughts From The Front Line” As this budget cutting works its way through the economy, and as inventories are no longer being built (they are already at adequate levels), the growth from the current stimulus (both QE2 and payroll and federal government expenditures) the economy will have to stand on its own […]
thestatedtruth.com | January 20, 2011
Hmm…They’re really getting serious about this. These pensions will never survive in the current form. Only a matter of time! Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers. […]
thestatedtruth.com | January 18, 2011
Dr Joe Duarte has a good feel for this…..With states cutting budgets across the board, where is the growth going to come from? In San Diego an interesting fight between the city and its unions is developing that could set the stage for how things work out in other places with similar problems. According to […]
thestatedtruth.com | January 10, 2011
If this is plan B, inquiring minds wonder what plan C would look like! In what may one day be heralded as the formal proposal that proverbially started it all, the Commonwealth of Virginia introduced House Resolution No. 557 to establish a joint subcommittee to “to study whether the Commonwealth should adopt a currency to […]
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