thestatedtruth.com | August 20, 2010
HAMP stands for Home Affordable Modification Plan…… The key here is that these borrowers are still up to their eyeballs in debt after the modification. From Treasury: HAMP Servicer Performance Report Through July 2010 According to HAMP, there are 255,934 “active trials”, down from 364,077 last month. There is still a large number of borrowers in limbo […]
thestatedtruth.com | August 20, 2010
Quoted from Art Cashin on the floor of The New York Stock Exchange Yesterday, there was a bit of floor buzz on a Bloomberg TV item. The story was that when the President headed off to vacation, he assigned two top defense aides to follow him. That raised some discussion about whether an Israeli move […]
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 […]
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, […]
thestatedtruth.com | August 19, 2010
Congressional Budget Office director Doug Elmendorf who said that in reality the budget deficit could come in much higher than the just disclosed estimates, and the recent economic data releases have been “more negative” than data factored into the projection. Which, in government talk, means that the real deficit will likely come at least 20-30% higher, […]
thestatedtruth.com | August 19, 2010
 U.S. commercia real estate mall prices fall almost 11% in second quarter.          Question……To whom would one sell commercial property to if forced in this environment?   The red ink is going to be massive. The plunge is on.  Let’s hope the powers to be never require this stuff to be marked to market by the small banks or pension funds […]
thestatedtruth.com | August 19, 2010
How does this come as an unexpected surprise……This isn’t rocket science folks, maybe the bigs in Washington need to get out a little more. By Bob Willis and Courtney Schlisserman Aug 19, 2010 Claims for U.S. jobless benefits jumped to the highest level since November and Philadelphia-area manufacturing shrank for the first time in a year, […]
thestatedtruth.com | August 19, 2010
A scary setup……Greece is just the beginning, not an end, we have started a spiral. The dominoes are now falling one by one. Life will get a lot harder for the entire world including here in the U.S (we haven’t even got to the austerity part here), we’re now entering the twilight zone. The solutions are […]
thestatedtruth.com | August 18, 2010
When pondering new stimulus and home ownership plans that are subsidized entirely on the backs of the population or future generations, consider this prescient quotable: “The American Republic will endure, until politicians realize they can bribe the people with their own money.” — Alexis de Tocqueville (1800’s French historican)– www.ingerletter.com
thestatedtruth.com | August 18, 2010
thestatedtruth.com | August 18, 2010
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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% […]
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 […]
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 […]
thestatedtruth.com | August 14, 2010
INTERESTING FACTS ABOUT THIS AUGUST This August has 5 Sundays, 5 Mondays, 5 Tuesdays It happens once in 823 years
thestatedtruth.com | August 14, 2010
The Gulf Oil Spill Disaster                                                     By John Mauldin                                                      August 13, 2010                         From Unmitigated Disaster to Merely Disaster First, let’s begin with the “good” news. The ecological destruction that was first feared is not going to be as bad as once thought, for a variety of reasons. It is not good, but it […]
thestatedtruth.com | August 13, 2010
thestatedtruth.com | August 13, 2010
Alabama is suing BP Plc and Transocean for damages sustained from the Gulf of Mexico oil spill, the state’s attorney general said on Friday. “We are making this claim because we believe that BP has inflicted catastrophic harm on the state,” attorney general Troy King told Reuters. “We are suing them for the amount it […]
thestatedtruth.com | August 13, 2010
Rosenberg Starts Off In Style: Â “If you don’t believe there’s going to be a double dip, it’s because the first recession never ended. If there is going to be a double dip, the odds are certainly higher than 50-50.”
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 […]
thestatedtruth.com | August 12, 2010
We’re looking at what will likely be a multi year process of cleansing. Debts will have to be paid down, leverage decreased and ultimatly spending will have to be cut too! That will make things even worse. Asset values will continue to fall. At some point in the future the system will complete its debt recycling and […]
thestatedtruth.com | August 12, 2010
14’th Sequential Week Of Equity Outflows We have now had over one quarter of non-stop redemptions by mutual funds, which means, by end-retail investors. The problem is that now everyone is starting to notice that the market is not supported by anything except momentum manipulation and primary dealer machinations. Per ICI, the week ended August […]
thestatedtruth.com | August 12, 2010
Jim Sinclair’s Commentary This is simply not going away. There is no practical means by which it can be drained ever! It is growing in a way that is unsustainable by any measure. Rather than being contained we are on the threshold of another round of unprecedented paper money creation. The reason it is happening […]
thestatedtruth.com | August 12, 2010
GM having a profit has much more to do with GM’s debt being reduced and restructured then about GM’s rising sales.   It’s much like a homeowners budget, to much debt, and there is nothing left for other things. Once the debt becomes more manageable, there will be more money left over at the end, even if the […]
thestatedtruth.com | August 11, 2010
 08-11-2010  The Mortgage Bankers Association released its weekly numbers and the Market Composite Index, a measure of mortgage loan application volume, was up 0.6% from a week before. Yet despite mortgage rates hitting all time record lows, this number was a reduction from the previous mortgage application change of +1.3%. As the press […]
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 […]
thestatedtruth.com | August 11, 2010
Millions of houses on the verge of foreclosure threaten to send homeownership to its lowest level in 50 years, according to new industry estimates.  Latest projections say the rate could plummet to about 62% as early as 2012 but certainly by the end of the decade. Homeownership rates haven’t been that low since they hit 61.9% in […]
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 […]
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 […]
thestatedtruth.com | August 10, 2010
Drought, Fire and Grain in Russia August 10, 2010 By Lauren Goodrich Three interlocking crises are striking Russia simultaneously: the highest recorded temperatures Russia has seen in 130 years of recordkeeping; the most widespread drought in more than three decades; and massive wildfires that have stretched across seven regions, including Moscow. The crises threaten the […]
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