thestatedtruth.com | July 5, 2010
A Whale Awaits EPA and Jones Waiver  The world’s largest oil skimmer vessel arrived in the Gulf and has docked in Louisiana since June 30 awaiting U.S. official review and approval. According to the Associated Press (video below), the massive vessel?called “A Whale”– is 3 1/2 football fields long and 10-story high. It’s outfitted with […]
thestatedtruth.com | July 5, 2010
Baltic Dry Freight Index down nearly 3% today and for the 26th week in successuion! By Definition: The Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the Index tracks worldwide international shipping prices of various dry bulk cargoes.  The index provides “an assessment […]
thestatedtruth.com | July 5, 2010
The oil spill in the Gulf of Mexico has so far cost BP $3.12 billion. This, according to British Petroleum,  is the total amount to contain the spill and clean it up. But…..  does not include business claims.
thestatedtruth.com | July 5, 2010
California and Illinois, and more than 40 others states, are broke! By MICHAEL POWELL Posted July 5, 2010 CHICAGO — Even by the standards of this deficit-ridden state, Illinois’s comptroller, Daniel W. Hynes, faces an ugly balance sheet. Precisely how ugly becomes clear when he beckons you into his office to examine his daily briefing […]
thestatedtruth.com | July 5, 2010
The U.S. workforce shrank by 652,000 in June, one of the sharpest contractions ever. The rate of hourly earnings fell 0.1pc. Wages are flirting with deflation. So, can things get much worse? Yes! By Ambrose Evans-Pritchard Published: 9:33PM BST 04 Jul 2010 Ambrose Evans-Pritchard: Comment  “Home sales are down. Retail sales are down. Factory […]
thestatedtruth.com | July 4, 2010
President Obama looks like, well, you get the picture!  And you can stick a fork in BP, its done. ………..Here are some interesting comments from Cumberland.    The Sarasota fishmonger on Lemon St. now gets his shrimp from Sanibel. Louisiana is dead for years, he said. It will not come back in my lifetime.  $20 billion is too […]
thestatedtruth.com | July 3, 2010
Interesting thoughts……..Data maven, Greg Weldon ( www.weldononline.com) shows that the number of people planning vacations in 2010Â is down, dropping by over 35% in the last three years, and is now the second lowest number ever, only 2009 lower. Second lowest Ever. www.weldononline.com
thestatedtruth.com | July 2, 2010
By Tyler Durden on 07/02/2010Â Â Â Zero hedge The decoupling theorists are about to experience a second smack down in 3 years. After the biggest bubble of 2008 blew up spectacularly and made beggars out of the Greek CEOs of various dry bulk shippers, only to see their fortunes go back to unchanged again, it looks […]
thestatedtruth.com | July 2, 2010
Gold and gold stocks look absolutly terrible, so this makes a lot of sense! The Hulbert Financial Digest has been tracking this kind of thing for over 30 years.  Friday July 2, 2010 ANNANDALE, Va. (MarketWatch) — Gold’s huge drop on Thursday is not the beginning of a new major leg down for the […]
thestatedtruth.com | July 2, 2010
Thoughts For This Morning Yesterday’s action in gold was started by a hedge fund that was experiencing a withdrawal of funds, as did most in the last quarter. They attempted to take a profit and get money out of the market for redemptions by entering a sell for their gold in the cash and paper […]
thestatedtruth.com | July 2, 2010
It looks like the only ones in denial are the government officials, or is it that if they told us how bad things really are, everyone would freak? Pacific Investment Management Co.’s Bill Gross and David Rosenberg, chief economist at Gluskin Sheff & Associates Inc., said June’s employment report indicates sluggish job growth and a […]
thestatedtruth.com | July 1, 2010
Borrowing costs have tumbled in the past two months as concern that a debt crisis in Europe may spread boosted demand for the safety of bonds including mortgage-backed securities. The lower rates have failed to lift housing demand, which has tumbled since a tax credit for first- time and certain other buyers expired at the […]
thestatedtruth.com | July 1, 2010
Decline in sales of existing U.S. homes shows that the industry at the center of the financial crisis continues to  remain vulnerable in the absence of government support.  Sounds like everything needs government support to exist today! By Shobhana Chandra              July 1 (Bloomberg) — Manufacturing in the U.S. expanded in June at the slowest pace this […]
thestatedtruth.com | June 30, 2010
So, the big question is….can the U.S. cope with another banking emergency? By Sean O’Grady and James Moore Tuesday, 29 June 2010 Britain’s mountain of debt could leave the country powerless to launch another rescue bid in the wake of a fresh financial crisis, the world’s central bankers warned yesterday. Their “club” – the Bank […]
thestatedtruth.com | June 30, 2010
U.S. debt has gone from 40% of the economy in 2008 to 62% of the economy by the end of 2010. Yikes! Jun 30, 2010 The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget […]
thestatedtruth.com | June 30, 2010
By Dan Levy     Jun 30, 2010  Homes in the foreclosure process sold at an average 27 percent discount in the first quarter as almost a third of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc. A total of 232,959 homes sold in the period had received […]
thestatedtruth.com | June 29, 2010
By: Richard Benson, SFGroup Living realistically is not something anyone wants to do in an election year, and it may be especially difficult for the Baby Boomer generation to grasp, along with their children. Over the last two decades as wages swelled, and job prospects were unlimited, the Baby Boomers became accustomed to living well […]
thestatedtruth.com | June 28, 2010
This spells big big trouble for the world, it effects everyone every where……………..The ECRI leading indicator produced by the Economic Cycle Research Institute plummeted yet again last week to -6.9, pointing to contraction in the US by the end of the year. It is dropping faster that at any time in the post-War era.  Andrew […]
thestatedtruth.com | June 28, 2010
       Gene Inger’s Daily Briefing . . . for Tuesday June 29, 2010  At presstime:     We just learned that the USS Nassau (I have personally been on that ship just as a curiosity to note, with an officer friend of mine who flew a helicopter off LHA-4 at the time) Amphibious Assault Ship carrying 4000 Marines has […]
thestatedtruth.com | June 28, 2010
By Barry Ritholtz By using traditional metrics: Whether we are looking at U.S. housing stock as a percentage of GDP or Median income versus home prices or even ownership versus renting costs, prices remain elevated. Indeed, we see prices remain above historic means. Consider price relative to income. From 1977 to 2010, the median U.S. […]
thestatedtruth.com | June 27, 2010
34 states saw tax collections decline in the first quarter of 2010. State budget deficits projected well into 2010 – Plunging tax revenues reflect a weaker economy dragged down by pervasive unemployment and underemployment. $112 billion in state budget gaps for fiscal 2011. Posted: Sun, 27 Jun 2010 Big states with dismal budget short falls […]
thestatedtruth.com | June 27, 2010
A critical bill to extend unemployment benefits that was unable to pass congress last week will likely have lingering effects going forward. This will be a big hit to Americans spending as 1.3 million unemployed Americans will have lost their assistance by the end of this week. Beginning in July, there will be $2.4 billion less […]
thestatedtruth.com | June 27, 2010
The Pentagon has now confirmed that a fleet of 12 warships has passed the Suez Canal, and is now likely awaiting orders to support the escalation in the Persian Gulf.   We can’t be sure if the following is all true, so we would caution readers to view this news cautiously. We should point out that according to […]
thestatedtruth.com | June 26, 2010
This may be the first sign of good luck in a while for the massive oil problem in the Gulf of Mexico! By Dan Hart and Brian K. Sullivan          Jun 26, 2010 Tropical Storm Alex bore down on the coast of Belize and the Yucatan Peninsula today, and may spare BP Plc‘s efforts to contain […]
thestatedtruth.com | June 26, 2010
By Edward Robinson     June 25,2010 Californians don’t see much evidence that the worst economic contraction since the Great Depression is coming to an end. Unemployment was 12.4 percent in May, 2.7 percentage points higher than the national rate. Lawmakers gridlocked over how to close a $19 billion budget gap are weighing the termination of the […]
thestatedtruth.com | June 25, 2010
The New Song In Congress, Bye Bye Bonus For Wall Street And Banks!
thestatedtruth.com | June 24, 2010
Gene Inger……of the ingerletter.com Remember my comment about BP wanting to drill in 500 ft. not 5000 feet Gulf depth? Turns out that everyone (even the Pentagon and Secretary of Energy and the Pres. as well) signed-off on deep drilling. Their logic was self-sufficiency in-event war came with Iran and we needed nearly 8-10 months […]
thestatedtruth.com | June 24, 2010
 Sounds like the same thing Matt Simmons said a week ago!   Quotes – Former Shell CEO John Hoffmesiter  June 23, 2010… If you really want to stop a blowout the fastest way the most efficient way is you blow it in, you use explosives.  1:00 Hoffmesiter: Now the problem with that, that is […]
thestatedtruth.com | June 24, 2010
London, UK A new and less well known asymmetric threat has surfaced in the Gulf of Mexico oil gusher. Methane or CH4 gas is being released in vast quantities in the Gulf waters. Seismic data shows huge pools of methane gas at the location immediately below and around the damaged “Macondo” oil well. Methane is […]
thestatedtruth.com | June 24, 2010
In Summary…….There will not be inflation, particularly if quantitative easing, debt monetization and stimulus are being abandoned. It is Contraction with a capital “C†and nothing less. Negative growth is coming…..We are witnessing a sea-change of events unfolding that to my way of thinking spell a certainty of a global recession if not worse. Yes, […]
thestatedtruth.com | June 24, 2010
Methane in Gulf “astonishingly high”: U.S. scientist (Reuters) – As much as 1 million times the normal level of methane gas has been found in some regions near the Gulf of Mexico oil spill, enough to potentially deplete oxygen and create a dead zone, U.S. scientists said on Tuesday. Texas A&M University oceanography professor John […]
thestatedtruth.com | June 24, 2010
Vincent Fernando, CFA     Jun. 24, 2010 Deutsche Bank has a new and improved index of U.S. financial conditions, and this index just slumped back towards the lows of our recent crisis. Deutsche Bank’s Peter Hooper: Financial conditions appear to have worsened substantially in recent quarters based on our update of the broad index of US […]
thestatedtruth.com | June 23, 2010
Jun 23, 2010 Billionaire investor George Soros believes the euro is a flawed construct. According to Mr. Soros, the euro was an incomplete currency from the start as the EU’s 1992 Maastricht Treaty, which led to the creation of the euro currency, established a monetary union without a political union. In a speech for delivery […]
thestatedtruth.com | June 23, 2010
So now they tell us…….hasn’t this been ongoing for some time?  By CHRISTINE HAUSER Published: June 23, 2010 The Federal Reserve’s policy-making arm said on Wednesday that it had decided to keep short-term interest rates near zero for “an extended period†in light of continuing threats to economic growth, including “developments abroad.†The announcement […]
thestatedtruth.com | June 23, 2010
From Reuters: Interior Secretary Ken Salazar will offer testimony later on Wednesday on why the government will appeal that ruling and seek to renew the ban. The ban was imposed after a well operated by British oil company BP exploded on April 20 and began spewing crude into the sea. “We see clear evidence every […]
thestatedtruth.com | June 23, 2010
Fannie Mae To Deny New Mortgages To Deadbeats 06/23/2010  According to Dow Jones, bankrupt GSE Fannie Mae, announced “it won’t back new mortgage loans for seven years for homeowners who walk away from their mortgages although they were able to pay or did not seek a workout in good faith with their lender.” “”We’re […]
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