thestatedtruth.com | August 20, 2010
  Aug 20, 2010   PIMCO’s Bill Gross Has A Big Idea…..Actually JP Morgan might have started these thoughts.  Question: Is It Fair To Save The Irresponsible At The Expense Of The Prudent And Conservative?  Where is the bonus for being fiscally responsible?  Auh, there is none unless your in financial trouble! At Tuesday’s […]
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thestatedtruth.com | August 20, 2010
We’re sure that everyone has the best intentions to pay these hardship loans back, but……. A new study by Fidelity says record number of workers tapped their retirement funds and made hardship withdrawals from their accounts in the second quarter. According to the Fidelity study, “Among the 11 million workers whose 401(k) plans are run by Fidelity, […]
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thestatedtruth.com | August 18, 2010
By David Mildenberg and Jody Shenn Aug 18, 2010 Bank of America and JPMorgan Chase & Co. are among 11 lenders that could suffer $133.8 billion in combined losses as mortgage-bond investors and insurers demand refunds for soured loans, according to an analysis by Compass Point Research and Trading LLC. That’s the base estimate by analyst […]
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thestatedtruth.com | August 17, 2010
From Zerohedge.com    08/17/2010 The one must watch interview of the week (if not of the year) features Hayman Capital’s Kyle Bass. Bass, who correctly called the subprime implosion (and profited handsomely from it) as a iconoclast contrarian to conventional wisdom, tells David Faber that “given my outlook on the world, I don’t know how I […]
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thestatedtruth.com | August 17, 2010
American households pared their debts last quarter, closing credit card accounts and taking out fewer mortgages as unemployment persisted near a 26-year high, a survey by the Federal Reserve Bank of New York showed. Consumer indebtedness totaled $11.7 trillion at the end of June, a decline of 1.5 percent from the previous three months and […]
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thestatedtruth.com | August 17, 2010
Big changes coming to the housing market. One thing you can be assured of, this will end badly, it always does when the government gets heavily involved. “To suggest that there’s a large place for private financing in the future of housing finance is unrealistic,â€Â  “Government is part of our future. We need a government balance […]
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thestatedtruth.com | August 16, 2010
The ECRI index is an important leading indicator. It has now fallen for 10 straight weeks. There are three insurmountable problems in the US economy that are of a magnitude and gravity which can only be remedied by money printing: Federal and state deficits will soon escalate at an exponential rate. The US Federal debt […]
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thestatedtruth.com | August 16, 2010
Debt unwind means deflation! The U.S. is facing a “painful period†in the next five years as homeowners and governments unwind debt built up during the housing boom, Berkshire Hathaway Inc.’s David Sokol said today. “All of that just feeds into a slow-growth environment,â€â€œIt’s going to be a painful periodâ€Â “People have been shocked into […]
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thestatedtruth.com | August 15, 2010
Even after looking at the market’s rebound from the lows of 2009, nest eggs remain severely impaired. As of the first quarter of 2010, net household assets—homes, 401(k) plans, pension assets and other investments minus debts—stood at $54.6 trillion, down an average of 18% from the end of 2007.  We actually think the losses are higher but we’ll […]
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thestatedtruth.com | August 15, 2010
A major class struggle lies dead ahead!  The gap between the super-rich, the wealthy and “the rest of us” has widened, forming what is in essence two Americas. Economists Emmanuel Saez and Thomas Piketty have reported that the top 10% of earners took home about half of all income. According to Moody’s Analytics research, the top 5% […]
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thestatedtruth.com | August 15, 2010
The FHA is almost broke, is government supported and they back 30% of all loans outstanding….To make matters more interesting, in its 76-year history, the FHA has never required a credit score from borrowers. (No wonder they’re broke). At a 580 credit score and above, borrowers would be eligible for a 3.5% down payment (still ridiculous). It is well below scores […]
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thestatedtruth.com | August 14, 2010
This couldn’t be a worse investment for the average person, they call them Junk Bonds for a reason. Take a guess why! It will end in a very bad way. U.S. companies issued risky “junk” bonds at a record clip this week, taking advantage of keen investor (idiots) appetite for returns (fools gold) amid declining interest rates and […]
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thestatedtruth.com | August 12, 2010
The Oil Spill August 12, 2010 It has been over three months since the beginning of the oil spill in the Gulf of Mexico. Since then it has cost billions of dollars in terms of lost jobs, tourism, and the battering that local fishing industries have had to endure. At Cumberland Advisors, we have written […]
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thestatedtruth.com | August 11, 2010
By Paul Wiseman, USA TODAY  Just how much should Uncle Sam do to help Americans buy their own homes?For 70 years and for the last 15 in particular the answer has been: Whatever it takes. Now, policymakers are pausing to reconsider. In the next few months, they’ll weigh whether there can be too much […]
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thestatedtruth.com | August 10, 2010
A deflationary debt spiral is the killer of the American middle class.  Little equity is left because the debt level has stayed basically the same, while most or all their assets including retirement are falling in value.  In total, roughly $7 trillion in U.S. residential real estate values have been lost in the last few years according to the Case […]
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thestatedtruth.com | August 10, 2010
The following chart demonstrates that consumers are retrenching, and “just saying no” to both residential and consumer loans. We also see that Small Businesses has contracted and, that credit demand is collapsing at every avenue of US society. QE, or cheaper money, has and always will be a “push” phenomenon, for which there is simply no […]
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thestatedtruth.com | August 9, 2010
Gene Inger’s Daily Briefing . . . for Tuesday August 10, 2010:  Good evening;     ‘A recessionary relapse’ ……. .is the biggest unreported forecast story of the day. Not by us (though we unfortunately concur but see real risk sooner), but rather from none other than the San Francisco Federal Reserve. I read the key […]
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thestatedtruth.com | August 6, 2010
Pacific Investment Management Co.’s Bill Gross said the Federal Reserve is unlikely to raise interest rates for two to three years as it seeks to keep the economy from slipping back into recession. Treasury two-year note yields dropped below 0.50 percent for the first time today after the Labor Department said the economy lost more […]
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thestatedtruth.com | August 5, 2010
The 30 year Freddie Fixed Rate Mortgage has just printed under4.50%, at 4.49%: a  new all time record low. Japan has already watched this movie…….It doesn’t matter at what rate the mortgage is, but more importantly for now is the security of having 1) cash flow and 2) a job. Both seem to be in short supply […]
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thestatedtruth.com | August 5, 2010
These two companies Fannie Mae and Freddie Mac could very well lose money forever! At some point the government has to just say enough of this and either shut both of them down, or require higher down payments on home purchases to protect their assets. Simple as that!  By  Lorraine Woellert         Thursday August 05, 2010 Fannie Mae, […]
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thestatedtruth.com | August 5, 2010
Jim Sinclair says….Nothing has been cured and the potential for a second and more shocking economic event is real and in the present time! Posted August 05, 2010    By Min Zeng NEW YORK (Dow Jones)–The total outstanding notional amount for all interest rate derivative transactions reported by the 14 major dealers including Goldman Sachs & […]
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thestatedtruth.com | August 4, 2010
By Bloomberg News – Aug 4, 2010 China’s banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said. Banks were instructed to include worst-case scenarios […]
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thestatedtruth.com | August 2, 2010
 Key Elements Of This Article Are: In the United States, the Fed’s latest Survey of Consumer Finances revealed that current or close retirees have roughly $50,000 of retirement savings, excluding the now questionable equity in their homes. Those born before in a macabre sense, the financial crisis couldn’t have been better timed, if it […]
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thestatedtruth.com | August 1, 2010
Why this is the Titanic and the life boats have already been launched! The household debt/income ratio is (still) near record highs of 120% and one-quarter of the consumer universe has a sub-600 FICO score – which means they are ineligible for Fannie or Freddie mortgage financing. The banks have few opportunities to lend – households […]
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thestatedtruth.com | August 1, 2010
Here are some of the comments from Alan Greenspan on NBC’s “Meet The Press”.  We should keep in mind that Alan Greenspan told congress a year or two back that his “model” was broken! Joshua Zumbrun        August 1, 2010 “We’re in a pause in a recovery, a modest recovery, but a pause in the modest recovery […]
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thestatedtruth.com | July 31, 2010
The economy of the U.S. grew at a weaker than expected 2.4% in the second quarter, but the first quarter was revised back up to 3.7% on the strength of stronger-than-projected inventory rebuilding. But the recession years were revised downward rather significantly for this late in the cycle. We find now that the recession was […]
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thestatedtruth.com | July 30, 2010
Posted Friday July 30,  2010 By: David A. Patten Former GOP House Speaker Newt Gingrich warned Thursday that President Obama and congressional Democrats appear to be on the verge of repeating the same mistakes that aggravated the Great Depression, adding that letting the Bush tax cuts expire would prove “very dangerous” for the nation’s economy. Speaking […]
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thestatedtruth.com | July 30, 2010
Hint……this is not a pretty picture! Posted from zerohedge.com Exerts from a Goldman review are shown below. The chart below provides an integrated look at the GDP growth impact of fiscal policy at the federal, state, and local level.  These numbers are based on our current assumptions that (1) Congress will not extend emergency unemployment benefits beyond the […]
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thestatedtruth.com | July 29, 2010
Exerts from:             Bill Gross    Investment Outlook    August 2010 Observers will point out, as shown in the following chart, that global population growth rates have been declining since 1970 with no apparent ill effects. True, until 2008, I suppose. The fact is that since the 1970s we have never really experienced a secular period during which […]
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thestatedtruth.com | July 27, 2010
This is going to be the new normal……specifically the savings part! American consumers lost confidence in July, shaken by mounting concern over jobs and wages that threatens to constrain the economic recovery. The Conference Board’s sentiment index fell to 50.4, below the median forecast of economists surveyed by Bloomberg News and the lowest level in five months. […]
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thestatedtruth.com | July 20, 2010
Source: Institute for Policy Studies The above shows a solid plutocracy is already here. Wealth is the key issue. As many people are now finding out simply having a massive home with a jumbo mortgage and a leased foreign car is no sign of wealth. In fact, that can be taken from you quickly (and […]
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thestatedtruth.com | July 20, 2010
Write up from Byron Wein…………”The Smartest Man In Europe” Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Commentary courtesy of www.fmxconnect.com We recently came across an interesting piece from Blackstone on the European Stimulus and the road to recovery. Bryon Wein is a well known strategist. The most salient points are outlined below: No clear way out of the enormous debt burden […]
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thestatedtruth.com | July 19, 2010
July 19 (Bloomberg) — Billionaire investor George Soros said U.S. lawmakers should refrain from withdrawing stimulus measures because the economy hasn’t strengthened enough.“I think the timing is wrong with withdrawing the stimulus,†Soros said at the Hamptons Institute in East Hampton, New York on July 16. “Cutting employment benefits, cutting aid to states that are […]
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thestatedtruth.com | July 14, 2010
How do we know stocks are still overvalued? We know by looking at Professor Robert Shiller’s cyclically adjusted PE chart for the past 130 years. The cyclically adjusted PE is one of the only measures of valuation that has some long-term predictive validity, and this chart suggests that stock returns are going to continue to […]
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thestatedtruth.com | July 14, 2010
Speaking of credit, or the lack thereof, the U.S. has been stripped of its AAA credit rating. So have Britain, France and Germany… This morning, the Dagong Global Credit Rating Co., China’s first real attempt at a ratings agency, initiated coverage on the sovereign debt of 50 different countries. “Dagong’s sovereign credit ratings are based […]
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thestatedtruth.com | July 14, 2010
Jim Grant, editor of Grant’s Interest Rate Observer, appeared on Bloomberg TV to talk about the Fed’s three potential additions to the Board of Governors. Jul 14, 2010 Here are the key highlights from the interview, courtesy of Bloomberg Television: Grant’s thoughts on new Fed additions: “I think the first order of business will be […]
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