thestatedtruth.com | December 3, 2010
WikiLeaks…. EveryDNS says it dropped the website after it became the “target of multiple distributed denial of service attacks.”   WikiLeaks.org was forced to move its domain name to Switzerland after its U.S. service was withdrawn, may now be banned from French servers. It is “not acceptable†for servers in France to host the site, French Industry […]
thestatedtruth.com | December 2, 2010
Let’s dig a little deeper on this subject…..Here’s what Bloomberg had to say about this morning’s reported jump in pending home sales (signed sales agreements). Pending sales of U.S. existing houses unexpectedly jumped by a record 10 percent in October, indicating the industry at the center of the last recession is stabilizing as the job […]
thestatedtruth.com | December 2, 2010
A holder of a bond may “buy protection†to hedge its risk of default. In its simplest form, a credit default swap is a bilateral contract between the buyer and seller of protection. The CDS will refer to a “reference entity” or “reference obligor”, usually a corporation or government. The reference entity is not a […]
thestatedtruth.com | December 2, 2010
We’ll have to see how this plays out in the U.S. Senate over the next few days and weeks. But as everybody knows, time is running out for 2010. WASHINGTON…..The U.S. House of Representatives approved legislation to make permanent tax cuts only for households earning less than $250,000 in a symbolic vote aimed at the Democratics as the […]
thestatedtruth.com | December 2, 2010
This was a no brainer……from the ECB (European Central Bank) The ECB has abandoned its plans to wind down emergency support for banks and government debt markets.  The ECB will continue to offer unlimited liquidity to banks for as long as necessary, ECB President Jean-Claude Trichet said at a news conference in Frankfurt Thursday. It had […]
thestatedtruth.com | December 2, 2010
That’s why they call these types of high yield high risk bonds ,” Junk Bonds”……  High-yield, or junk, debt is rated below BBB- by S&P and an equivalent Baa3 by Moody’s Investors Service. So the governments of the world take interest rates down to current ultra low levels and leave them there for a prolonged period, forcing […]
thestatedtruth.com | December 2, 2010
The other shoe is dropping in real estate. The banks have a lot of inventory to sell, so this will take a while! Sales of existing homes, which make up more than 90 percent of the market, declined more than forecast in October amid the foreclosure moratoriums and the absence of the tax credit of as […]
thestatedtruth.com | December 1, 2010
No wonder the fed didn’t want this material released………Geez, they really did save the World financial system between October 27, 2008 and August 6, 2009! One may be forgiven to believe that via its FX liquidity swap lines the Fed only bailed out foreign Central Banks, which in turn took the money and funded their own […]
thestatedtruth.com | December 1, 2010
This excerpt from Art Cashin on the floor of The New York Stock Exchange Cyber Warfare – Maybe because of the apparent success of the Stuxnet virus on the Iranian nuclear efforts, there has been a lot of floor chatter about the new age of cyber warfare. The chatter got a lot more active with the […]
thestatedtruth.com | December 1, 2010
Under orders from Congress pursuant to the Dodd-Frank financial legislation, the Fed has finally released details of its emergency lending starting in 2007. Huffington Post is providing an excellent live-blogging round up as new discoveries are made from the Fed’s data release. Here are some of the more interesting insights: Mutual funds, hedge funds and […]
thestatedtruth.com | December 1, 2010
Yes, you are wondering how this is possible while the market is going up? The logical answer is the powers to be (government) have total control of things for now….but if something should happen to change that (and it will), run baby run! ICI reports for the week ending November 24, we had $2.6 billion in outflows from […]
thestatedtruth.com | December 1, 2010
David Kotok does a good job of explaining things about this complex problem in Europe. Cumberland Advisors European Contagion December 1, 2010 First an update. We are scheduled to guest-host CNBC Worldwide Exchange from the London Studio on Friday, December 10. US viewers may see it at 5 AM New York time. We may start […]
thestatedtruth.com | November 30, 2010
Democrats have left themselves in a tough spot on the Bush tax cuts. After delaying the issue until after the election and then being trounced in that election, they find themselves with little leverage. If they cannot come up with a plan that can win 60 votes in the Senate, which means at least two […]
thestatedtruth.com | November 30, 2010
Financial comparisons with 2009 will make almost anything look good, even state tax revenues which in the third quarter were up 2.6 percent compared with last year. Rockefeller Institute of Government “PIT†refers to personal income taxes. According to preliminary tax collection data compiled by the Nelson A. Rockefeller Institute of Government, 48 early reporting states collected […]
thestatedtruth.com | November 30, 2010
Buy back mortgage contracts are getting interesting. It looks like a cat fight just starting…… You don’t think the banksters want to own that crap they sold to Fannie and Freddie do you? They thought it was a free ride. But now it doesn’t look so free……The expected amount so far refused exceedes $120 billion. This […]
thestatedtruth.com | November 29, 2010
We are all going to be real frugal if this plan see’s the light of day! Currently, individual retirees with $34,000 in outside income and couples with $44,000 must pay taxes on 85 percent of their benefits. The Third Way plan would require individuals earning $50,000 a year and couples receiving $60,000 to pay taxes on […]
thestatedtruth.com | November 29, 2010
It looks like the republican tea party is having an effect of President Obama, but let’s not forget that this pay freeze comes at all time record high pay levels for government workers.  It looks like the can gets kicked down the road a while, then we’ll start to see pay CUTS! By PETER BAKER Published: November 29, […]
thestatedtruth.com | November 27, 2010
More than 90% of employees opt for a lump-sum payout from their pension plan when given the choice.  So the Pension Protection Act was signed in August of 2006 by President George W. Bush. But who does it protect. Well certainly not the employee! Interestingly, the current change has received so little notice that most people aren’t […]
thestatedtruth.com | November 25, 2010
Inquiring minds want to know….how do we ever close this gap! Corporate pensions in the Standard & Poor’s 500 Index with about $1 trillion in assets are now 77 percent funded this year, down from 82 percent at the end of 2009.  The $380 billion pension shortfall is the biggest since at least 1994, according to […]
thestatedtruth.com | November 25, 2010
A re-designed bankruptcy law was the end result of a huge successful lobbying effort by the banks back in 2005. Congress hadn’t envisioned a surge in bankruptcies when it re-designed the bankruptcy law to make it harder for consumers to walk away from their debts. Americans are expected to file for bankruptcy-court protection this year at a […]
thestatedtruth.com | November 25, 2010
From Bloomberg News By Zoltan Simon Nov 25, 2010 Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension. Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state […]
thestatedtruth.com | November 25, 2010
www.ingerletter.com This has been ignored in the press. So why is this a big deal? Well, because there are more dollars outstanding abroad then in the United States, and we’re really just beginning to see this kind of dollar mischief. But trust the world, there will be more. China, Russia Quit Dollar By Su Qiang and Li Xiaokun (China […]
thestatedtruth.com | November 25, 2010
Germany just said “No” Thought this was a shoe in but…… BERLIN—The European Commission floated a proposal Wednesday to double the size of Europe’s €440 billion bailout fund for indebted euro-zone countries, but the idea was quickly dismissed by Germany, according to people familiar with the situation. The apparent disagreement between Brussels and Berlin comes […]
thestatedtruth.com | November 24, 2010
It seems that the European bailout buck will stop with Portugal unless more money is added (it will be). When Europe created the EFSF it did not think it would need to serially bail out everyone.  But now the EFSF needs more money to cover a bailout of Spain, and then what about Italy? Inquiring minds want to know! […]
thestatedtruth.com | November 23, 2010
So, the talking heads are pressing up U.S.  growth prospects while the Fed gets more worried. Hmm…… From The Wall Street Journal Fed officials downgraded their assessment of the economy at a November meeting as they debated the benefits and costs of bond purchases, minutes showed. Fed officials downgraded their growth projection to between 3% […]
thestatedtruth.com | November 22, 2010
The Problem:Â Out of 113 million households, 1/100 of 1% rake in $10 million or more annually. As consumers, the top 5% carry the same weight as the bottom 80%. The top 10% take in 50% of the income. (The sources are listed in Two Americas: The Gap Between the Top 5% and the Bottom […]
thestatedtruth.com | November 22, 2010
It doesn’t take a rocket scientist to see that new layoffs of state and federal workers are near at hand in this debt/economic cycle. What will be the reaction to this new found forced austerity? That’s the million dollar question! www.jsmineset.com
thestatedtruth.com | November 21, 2010
So,  there will probably be a new vote in congress for unemployment benefits before year end, seeking a simple majority to pass, unlike the recent legislative tactic brought by the Democrats requiring a super majority (2/3’s) vote…..which failed! As for the tax issue vote, it’s anyones guess. The Administration has said it wants all tax increases to […]
thestatedtruth.com | November 21, 2010
Reckless and Irresponsible are the only (2) words for this….. Iowa Gov. Chet Culver’s administration agreed Friday to offer pay increases for state employees that will cost taxpayers more than $200 million, despite Republican requests that the decisions be delayed until Terry Branstad becomes governor in January.A Branstad spokesman called the deal “reckless,” and House Republican […]
thestatedtruth.com | November 21, 2010
Ireland has an unprecedented budget deficit — equaling one-third of its economic output this year! This bailout is a no-brainer, but up until now Ireland has said they didn’t need any help…..Geez! Finance Minister Brian Lenihan said Ireland will apply for a bailout as it sets itself up to be the second euro member to seek a rescue […]
thestatedtruth.com | November 18, 2010
Home-mortgage rates surged to their highest level in three months, showing implications of the recent spike in Treasury yields and causing another headache for the Fed. The rate for a 30-year, fixed-rate mortgage averaged 4.39% last week, according to Freddie Mac, up from a record-low 4.17% the week before. Rates on 15-year fixed-rate mortgages were 3.76%, up […]
thestatedtruth.com | November 18, 2010
Let’s look behind the scenes here.   This vote required a supermajority in the House of Representatives because of a legislative tactic purposely used by the Democrats. So…It required approval from two-thirds of the House for passage and was (solely) used to portray Republicans as unsympathetic. Current benefits are now set to expire on Nov. 30 for an estimated 4 million Americans. Legislation that would […]
thestatedtruth.com | November 18, 2010
If this happens, there will be no winners. Interest rates would rise rapidly, real estate would see a new leg down (bigger then anyone thought possible) and stock and commodity markets across the globe would implode!  Robert Rubin: “U.S. In Terribly Dangerous Territory,” Bond Market May Be Headed For “Implosion”  Aaron Task Warning of the risk […]
thestatedtruth.com | November 18, 2010
Prime means the top qualified and most credit worthy people, the highest rated and least likely to default. Foreclosures on prime fixed-rate mortgages in the U.S. jumped to a record in the third quarter as unemployment strained household budgets of the most credit worthy borrowers. Homeowners are falling behind on their mortgage payments as job cuts […]
thestatedtruth.com | November 17, 2010
It all sounds good but not so fast……GM’s owners, including the U.S. Treasury, sold at least $15.8 billion of common shares at $33 each, making it the second-largest U.S. Initial Public Offering (IPO) on record according to data compiled by Bloomberg. GM received $49.5 billion in a taxpayer bailout just last year. The Treasury, which is taking a loss on […]
thestatedtruth.com | November 17, 2010
Looks like the VAT (Value Added Tax) or what is also known as the Consumption Tax is picking up steam. We suggest that time and understanding be entered into any equation of change. Let’s try to simplify the tax system going forward, not complicate things further. All of this spending got us nowhere.  The nation cannot […]
thestatedtruth.com | November 16, 2010
John Mauldin Reviews Gary Shilling’s Brand New Book,  The Age of Deleveraging: Investment Strategies For A Decade Of Slow Growth And Deflation. Some of his opinions are covered below. Roadblocks on the deleveraging highway may include a crisis in U.S. commercial real estate (Chart 5) that could exceed the earlier one in housing. Then there’s a possible […]
thestatedtruth.com | November 16, 2010
CNBC’s Diana Olick reports that the investigation into the biggest financial fraud in recent history is about to be closed. State AGs are nearing a settlement with banks, which will slap a few wrists, see banks put some money in a settlement fund, and will result in some principal reductions.  Then everything will be well again.  Oh, and banker […]
thestatedtruth.com | November 16, 2010
It looks like the day of reckoning is close at hand for state governments. Illinois faces a deficit for the fiscal year beginning July 1, 2011, that could reach $15 billion—more than half the state’s general-fund budget. California faces a deficit next year of $25.4 billion, twice the size of previous forecasts and California Gov. […]
thestatedtruth.com | November 15, 2010
Write your congressman about this! On second thought maybe not, they’re in on this whole ruse. Yes, it is a ruse! Since 2000, federal pay and benefits have increased 3% annually above inflation compared with 0.8% for private workers, according to the Bureau of Economic Analysis. Members of Congress earn $174,000, up from $141,300 in 2000. […]
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