thestatedtruth.com | September 13, 2009
City, State, % of People Below the Poverty Level 1. Detroit , MI 32.5% 2. Buffalo , NY 29.9% 3. Cincinnati , OH 27.8% 4. Cleveland , OH 27.0% 5. Miami , FL 26.9% 5. St. Louis , MO 26.8% 7. El Paso , TX 26.4% 8. Milwaukee , WI 26.2% 9. Philadelphia , PA 25.1% […]
thestatedtruth.com | September 13, 2009
thestatedtruth.com | September 11, 2009
“What exactly is ‘poverty’ to the US government? The equivalent of a family of four living on an annual budget of $22,025 or less.
thestatedtruth.com | September 9, 2009
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 […]
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 […]
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 […]
thestatedtruth.com | September 3, 2009
Natural Gas Tumbles to Lowest Since March 2002 on Supply Gain By Reg Curren Sept. 3 (Bloomberg) — Natural gas futures extended a decline in New York, falling to the lowest level since March 2002, after a government report showed stockpiles expanded more than average to a record for this time of year. Supplies rose […]
thestatedtruth.com | September 2, 2009
BP Makes ‘Giant’ Oil Discovery in Gulf of Mexico By Eduard Gismatullin Sept. 2 (Bloomberg) — BP Plc, Europe’s second-largest oil company, reported a “giant†discovery at the Tiber Prospect in the Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well. The well is located about […]
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 […]
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 […]
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 […]
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 […]
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 […]
thestatedtruth.com | August 30, 2009
thestatedtruth.com | August 30, 2009
Swine Flu Spreading at ‘Unbelievable’ Rate: WHO PARIS — Swine flu spreads four times faster than other viruses and 40 percent of the fatalities are young adults in good health, the world’s top health official warned in an interview appearing Saturday. “This virus travels at an unbelievable, almost unheard of speed,” World Health Organisation Director […]
thestatedtruth.com | August 29, 2009
thestatedtruth.com | August 29, 2009
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 […]
thestatedtruth.com | August 26, 2009
According to the US Department of Energy, liquid fuel demand in the developed nations peaked in August 2005 at 41.89 million barrels per day. Since then, it has plunged by 3.6 million barrels per day to 38.27 million barrels per day. However, you may want to note that despite these tough economic conditions, consumption has […]
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 […]
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,†[…]
thestatedtruth.com | August 20, 2009
thestatedtruth.com | August 20, 2009
Mortgage defaults rise to record 13% Â In the second quarter, the number of homeowners behind on payments or in foreclosure rose along with the jobless rate, with California among states leading the way. Â The mortgage meltdown continued to worsen in the second quarter as the number of homeowners who are either behind on […]
thestatedtruth.com | August 20, 2009
‘Cash for Clunkers’ Program to Close on Aug. 24, U.S. Says By Angela Greiling Keane Aug. 20 (Bloomberg) — The U.S. “cash for clunkers’’ vehicle trade-in program will close on Aug. 24, Transportation Secretary Ray LaHood said. LaHood commented in an e-mailed press release today.    More……. http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ2___hEnt6E
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 […]
thestatedtruth.com | August 19, 2009
thestatedtruth.com | August 19, 2009
Hyperinflation Won’t Be Like Germany’s By: Rick Ackerman  Rick’s Picks Wednesday, August 19, 2009 “Phenomenally accurate forecastsâ€Â  I thought I’d overdosed on the inflation vs. deflation debate, but that was before I started reading Adam Fergusson’s When Money Dies: The Nightmare of the Weimar Collapse. Fascinating stuff. Anyone who thinks it couldn’t happen here […]
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 […]
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 […]
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 […]
thestatedtruth.com | August 15, 2009
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. […]
thestatedtruth.com | August 14, 2009
U.S. Homeowners Cut Asking Prices $27.8 Billion, Led by Nevada By Dan Levy Aug. 14, 2009Â (Bloomberg) — U.S. homeowners cut their asking prices by $27.8 billion with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia Inc. said. Owners slashed prices by 15 percent in Nevada […]
thestatedtruth.com | August 13, 2009
thestatedtruth.com | August 13, 2009
The Rules: Which Vehicles Qualify….. Not all cars are eligible for the “cash for clunkers” program. Full information is available at www.cars.gov. Trade-ins must: * Be no older than 25 years, based on manufacture date. * Have had a combined fuel economy of 18 mpg or less when new. * Have been registered by the […]
thestatedtruth.com | July 31, 2009
NYSE Embraces A Ruinous Idea By: Rick Ackerman  Rick’s Picks Friday, July 31, 2009 “Phenomenally accurate forecastsâ€Â  Sadly, another venerable American institution has lost its way: the New York Stock Exchange. We read the other day that the Exchange is building a fast-trade hub in northern New Jersey that supposedly will help secure its […]
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