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 […]
Category: Commentary, Economy, Finance, National News, Wall Street |
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Tags: bush tax cuts, tax mess
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 […]
Category: Commentary, Economy, National News, Wall Street |
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Tags: state tax revenues;state tax collections
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 […]
Category: Commentary, Economy, Finance, Real Estate, Wall Street, World News |
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Tags: Real Estate, real estate put backs
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 […]
Category: Commentary, Economy, Finance, National News, Pensions and Retirement, Wall Street |
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Tags: retirement, social security
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, […]
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Tags: federal workers pay freeze
thestatedtruth.com | November 27, 2010
The number of days since the average borrower in foreclosure last made a mortgage payment is now 492 days up from 382 days a year ago and a low of 244 days in August 2007.
Category: Charts and Graphs, Commentary, National News, Real Estate |
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Tags: bad mortgages, free rent, mortgages
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 […]
Category: Commentary, Economy, Finance, National News, Pensions and Retirement, Wall Street |
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Tags: fleecing pensions, pensions, retirement
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 […]
Category: Commentary, Economy, Interest Rates, Bonds, Pensions and Retirement, Wall Street |
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Tags: pensions, under funded pensions
thestatedtruth.com | November 25, 2010
The answer is NO!…..Over the counter (OTC) derivatives are larger now then in 2008. Logic says that a currency or interest rate surprise could do the derivative trick next time around. These markets are huge and could sink a battle ship because of the sheer size of the markets they’re involvd in. We may limp through 2011, and hopefully so, […]
Category: Commentary, National News, Wall Street |
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Tags: derivatives
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 […]
Category: Charts and Graphs, Commentary, Economy, Finance, National News, Wall Street |
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Tags: bankruptcy, consumer bankruptcies
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 […]
Category: Commentary, Economy, Finance, National News, Pensions and Retirement, Wall Street, World News |
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Tags: Hungary Pension Ultimatum
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 […]
Category: Commodities, Economy, Finance, National News, Wall Street, World News |
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Tags: China Russia quit dollar, dollar, U.S. dollar
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 […]
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Tags: EU bailout fund
thestatedtruth.com | November 24, 2010
The October median new home price of $194,000 was the lowest recorded by the Census Bureau since the market peak.
Category: Charts and Graphs, Commentary, National News, Real Estate |
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Tags: median home price chart, Real Estate
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! […]
Category: Charts and Graphs, Commentary, Economy, Finance, Gold and Silver, Interest Rates, Bonds, National News, Wall Street |
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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% […]
Category: Commentary, Economy, National News, Wall Street |
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Tags: fed rates, federal reserve
thestatedtruth.com | November 23, 2010
The Chinese haves vs. the have-nots and the Chinese rich vs. the poor ….will be at the forefront of China’s immediate problems. This is how revolutions start. Don’t think for a second that the Chinese leadership doesn’t know or worry about this fact! This from Art Cashin On the floor of The New York Stock Exchange……. Remember Wen – Chinese Premier Wen […]
Category: Commentary, Gold and Silver, National News, Wall Street |
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Tags: China's Inflation
thestatedtruth.com | November 23, 2010
Hey, they got to be kidding, don’t they? Mr. Mansour was apparently not Mr. Mansour!   “It’s not him, said a Western diplomat in Kabul intimately involved in the discussions. And we gave him a lot of money”….How do you spell Morons! Taliban Leader In Secret Talks Was An Impostor By DEXTER FILKINS and CARLOTTA GALL Published: November […]
Category: Commentary, National News, National Security |
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Tags: Afghan impostor
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 […]
Category: Charts and Graphs, Commentary, Economy, National News, Personal Net Worth, Wall Street |
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Tags: wealth pyramid
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
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Tags: Money Carpet baggers
thestatedtruth.com | November 22, 2010
“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation”.          –John Adams  (October 30, 1735 – July 4, 1826)
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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 […]
Category: Commentary, Economy, Finance, National News, Wall Street |
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Tags: new taxes, taxes vote
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 […]
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Tags: Iowa government pay raises
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 […]
Category: Commentary, Economy, Finance, National News, Real Estate, Wall Street |
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Tags: eu helps ireland, ireland bailout
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 […]
Category: Commentary, Economy, Finance, Interest Rates, Bonds, National News, Real Estate |
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Tags: mortgage rates rise
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 […]
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Tags: unemployment benefits vot
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 […]
Category: Commentary, Economy, Finance, Gold and Silver, Interest Rates, Bonds, National News, Wall Street |
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Tags: Robert Rubin's Bold Warning
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 […]
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thestatedtruth.com | November 17, 2010
ICI Data shows the 28’th consecutive week of domestic equity fund outflows and $86 billion in outflows for the year!Â
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Tags: equity fund flow data, mutual fund outflows
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 […]
Category: Commentary, Economy, Finance, National News, Wall Street |
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Tags: Gm IPO, the new General Motors
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 […]
Category: Commentary, Economy, Finance, National News, Wall Street |
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Tags: congress ideas, deficit reduction, new taxes, u.s. debt
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 […]
Category: Commentary, Economy, Finance, Interest Rates, Bonds, National News, News Letters, Real Estate, Wall Street |
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Tags: china economy growth, commercial real estate
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 […]
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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. […]
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Tags: state governments;state budget deficits
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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thestatedtruth.com | November 15, 2010
The rate will tell the story. If the rate is reasonable then it is illogical. If it is illogical then QE (Quantitative Easing) has started to bail out states.           Jim Sinclair This two-part sale of so-called revenue anticipation notes (Rans) allows California to bridge the gap to its tax season in the spring…… Hopefully!  Notice […]
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thestatedtruth.com | November 15, 2010
Europe Stumbles Blindly Towards Its 1931 Moment By Ambrose Evans-Pritchard Nov 15, 2010 Unless the ECB takes fast and dramatic action, it risks destroying the currency it is paid to manage, and allowing a political catastrophe to unfold in Europe. If mishandled, Ireland could all too easily become a sovereign version of Credit Anstalt – […]
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Tags: 1931 moment, ECB, euro
thestatedtruth.com | November 14, 2010
Category: Commentary, Commodities, Economy, Finance, Inspirational, National News, Pensions and Retirement, Personal Net Worth, Pictures, Real Estate, Technology, World News |
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Tags: The Resilient Household
thestatedtruth.com | November 13, 2010
John Mauldin says…….”If the Bush tax cuts are not extended, in my opinion it is almost a lock that we go into recession next year, unemployment goes to 12%, and underemployment gets even worse”. The only real way to pay for all these benefits will ultimately be a value-added tax, or VAT.    A VAT looks […]
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Tags: Comments from John Mauldin
