1-19-12
POSTS
Google
earnings badly miss estimates Associated Press Company misfired badly in fourth
quarter as advertising prices fell during holiday marketing season. (Washington
Post) [ Actual costs catching up and impacting margins, post-dollar debasement
fed manipulations / obfuscations. If you’ve been to the grocery store, etc., you absolutely
know the reported inflation data is total b***s***. The frauds on wall street et als should be criminally
prosecuted, jailed, fined, and disgorgement imposed! Train
Reading: The Stock Market Is (Criminally) Insane The Wall Street
Journal , [ STOCKS
RALLY DESPITE BAD NEWS: Here's What You Need To Know Business Insider
, http://albertpeia.com/22signsglobalrecessiondepression.htm ] Much
like the ‘floating on air’ stock price scenario that preceded the dot.com and
most recent, continuing debacles, this global suckers’ rally is based on market frothing hopium for
unaffordable, contraindicated, failed QE/wall street only welfare, bad news, fraud, b***s***, and desperation alone, as suckers’ rallies ushered in the
new year in a most preposterous fashion [Dave’s Daily: http://www.etfdigest.com ‘Thursday brought us better news on Jobless Claims as
new claims fell (352K vs 383K consensus a prior revised higher as usual to
401K). The problem of course is with continuing claims and the number of people
who have fallen off the rolls.The CPI was unchanged for the month and this gave
bulls the idea another
round of QE was in the works as early as this month. The Philly Fed Survey
was a disappointment and miss (7.3 vs 10 expected and previous at 10.5).
Housing Starts declined (.657M vs .678M expected and previous .685M).Other news
noted the ECB buying €50 billion of sovereign debt in the eurozone. ‘ Dave’s Daily: http://www.etfdigest.com BULLS BLIND TO BAD DATA ONCE AGAIN January
12, 2012 ‘Jobless Claims
disappointed as they rose back to nearly 400K (399K vs expectations 375K &
previous 375K revised higher) and this data from a shorter week. Retail Sales
data was also surprisingly weak considering the holiday period (.1% vs .4%
consensus & .4% previous. Ex-Autos .0% vs .2% expected and .2% previous.).
Business Inventories also declined sharply (.3% vs .5% consensus and .8%
previous.) meaning restocking isn’t taking place. ] with lingering
intoxication an explanation as the printing presses and issuance of worthless
insurmountable debt paper are in full throttle globally (a testament to global
blindness as the blind follow the blind) making this impending disaster at this
time an especially great opportunity to sell / take profits because there’s much, much worse to
come! jersey-lautenberg based adp with 100% better than expectations private
sector jobs number? Nobody thinks so (infra)! Scandal scarred commerce
department data? Labor dept. ue claims / ue numbers? Only a fool believes what
they say! ( After
One Month Respite, Pink Slips Are Flying Again Tyler
Durden , Lies,
Damned Lies, and (Unemployment) Statistics Mac Slavo | The
actual unemployment rate in the United States is in excess of 22%. , NFP
Payrolls At 200K, Expected At 155K; Unemployment Rate Drops To 8.5%, Labor
Force Participation At Lowest Since 1984 Tyler
Durden on 01/06/2012 The nonfarm payroll number prints at 200K on
expectations of 155K. The Unemployment rate comes at 8.5% - lowest since
February 2009, and down from an upward revised 8.7%. U-6 15.2%
down from 15.6% in November. Average hourly earnings rose at 0.2%, in line with
expectations, previous revised to -0.1% from unchanged. Private payrolls +212L
vs Expectations of 178K. Manufacturing payrolls rose 23K vs Expectations of
155K. Yet the unemployment rate trickery still continues, with labor force
participation (prior revised), now at a 27 year low of 64%, and the labor force
itself declined by 50K from 153,937 to 153,887. In fact, persons not in
the labor force have increased by 7.5 million since January 2007!
Bottom line - dropping out of labor statistics is the new killing it. http://www.albertpeia.com/laborparticipationrate.jpg
, ) The
same for the conference board which came in with 100% better than expected
consumer confidence, which is preposterous even taking into consideration the ‘ultimate bootstrap’ bubble stock price
weighting in same. The lack of ‘politicians’ at S&P/Case/Shiller
showed a different picture: ’house prices in 20 major
metropolitan areas declined 1.2 percent on an unadjusted basis in October after
falling 0.7 percent the prior month’. (
US
Economic Data Reporting Now Officially A Farce: Every Economic Data Point
Prints 4+ Std Devs Above Consensus Zero Hedge ) Watch for more fake reports / data / and spin in their
infinite political desperation both here and across the sea, and suckers’ rallies to suck suckers
in and keep suckers sucked in! [ ‘The Currency Wars’ http://www.albertpeia.com/rickardsgrantboltoninterviewvideo.htm , David
Rosenberg On The Depression, The ECB, MF Global As A Canary In The Coalmine...
All With A Surprise Ending Durden, This
is No Cyclical Recession… It is a
Secular DE-pression Phoenix Capital , MF GLOBAL EXPLAINED http://www.youtube.com/watch?v=jLt05sN7vK0&feature=player_embedded [causal links between OTC derivatives, the
financial crisis of 2008, Alan Greenspan, Robert Rubin, Larry Summers, Jon
Corzine and MF Global, ‘Quantitative Easing Explained’ http://www.youtube.com/watch?v=PTUY16CkS-k , ’ Famed
economist predicts economic calamity in 2012. See the evidence. http://w3.newsmax.com/a/aftershockb/video.cfm 50% unemployment & 90% Dow crash also
predicted. Newsmax , Economic /
Financial Collapse Imminent – Stansberry Investment Advisory http://www.albertpeia.com/stansberrysinvestmentadvisory.flv Harry Dent, Jr. Economy will be in a Depression by
2011 Dow will Fall to 3,800 – 4,500 by 2012 Nasdaq
will Fall Below 1,100, its 2002 low, by late 2010 or mid-2012 at the latest. U.S. Dollar will Decline
Housing will Decline by 40 – 60% from Today’s Levels Greatest
Economic and Banking Crisis since the 1930s will Occur Between 2010 and 2012). , Goldman
Turns Bearish: Squid Releases Top Trades For 2012... And It's Not Pretty Durden .. the squid is bearish. Which is bad news , Market
Rally Won't Last Long Forbes , The
Worldwide Depression/Recession Of 2012
Jeff
Harding, STOCKS
RISE DESPITE MORE BAD NEWS: Here's What You Need To Know Business
Insider Sam Ro ‘As Greece
inches toward default and the sufficiency of Europe's EFSF bailout fund
is called into question, everyone's worst nightmares of Europe's debt debacle
escalating to a systemic crisis could be nearing reality. ‘ , The most accurate forecaster on the Street thinks
stocks are going downAdam ParkerBloomberg Morgan Stanley's
Adam Parker was crowned the most accurate forecaster when the S&P 500
closed 2011 within a handful of points of his year-end target of
1,238. His 2012 year end target calls for stocks to fall to 1,167. He sees a global economic
slowdown hitting corporate profits hard. , An eerie technical pattern is
predicting the S&P plunges to 935Bank
of America via Zero Hedge Mary
Ann Bartels, Bank of America's Head of Technical and Market Analysis , 935
is nothing; the S&P 500 will crash to 579.57United-ICAP's
Walter Zimmerman (via WSJ's
Tom Kilgore) is a technical analyst who has been looking at the charts and
they're telling him that the S&P is headed for 579.57. And there's one thing that'll
cause the markets to tip: Europe. “If the history of debt tells us
anything it is that one cannot solve a debt crisis by lending more money to the
bankrupt and the insolvent,” Zimmerman says. , As it stands,
the dollar is toast Laura4Smith
Euro Pacific Capital's John Browne thinks the U.S. dollar will soon lose
credibility, thanks to manipulation by the Fed. , Persistent delevering will
cause the whole world to implode Bloomberg TV Bill Gross
kicked 2012 with a particularly gloomy letter. , Home prices will fall another
20% Bloomberg In his
latest note, Gary Shilling lays out his 20 investment themes for 2012.Theme #12
calls for home prices to continue plummeting, falling another 20% over the next several years. This
is on top of the 33% drop we've already seen. , Greece will hard default and
bring everyone else down with it Nomura's permabear Bob Janjuah had some cheery
things to say about Greece and it's effect on the markets."The real pain
may only be seen in March, when I expect the
hard Greece default to happen. In Q1 I expect the S&P will trade down to/below 1000, and
core US, UK and German government Bond yields will be closer to 1.5% than
2%." , China is headed for a hardlanding SocGen's Albert Edwards thinks
2013 will be better than 2012. But that's only because he believes 2012
could be the worst year ever. , The US economy is about to tank ECRI's
Lakshman Achutan hasn't budged on his recession call, and he has been taking a
lot of heat for it. Here's a quote from a recent press release (via Doug
Short): "If you think this is a bad
economy, you haven’t seen anything yet. And that has profound
implications for both Main Street and Wall Street.", Graham
Summers’ Weekly Market
Forecast (Has the Can Hit the Wall? Edition) http://gainspainscapital.com January 17th, 2012 ‘As usual, bad news was released
over the weekend when the least number of people are paying attention… The answer is a Crisis that will make 2008 look like a
picnic.This is coming… it’s only a matter of when…’ 17
Facts About The Decline Of The U.S. Auto Industry That Are Almost Too Crazy To
Believe http://theeconomiccollapseblog.com http://albertpeia.com/declineusautoindustry.htm ( Warning
Signs That We Should Prepare For The Worst http://albertpeia.com/prepareforworst.htm
) Very few things illustrate how dramatically America has been deindustrialized
than the stunning decline of the U.S. auto industry. , Dave’s Daily: http://www.etfdigest.com ‘Thursday brought us better news on Jobless Claims as
new claims fell (352K vs 383K consensus a prior revised higher as usual to
401K). The problem of course is with continuing claims and the number of people
who have fallen off the rolls.The CPI was unchanged for the month and this gave
bulls the idea another
round of QE was in the works as early as this month. The Philly Fed Survey
was a disappointment and miss (7.3 vs 10 expected and previous at 10.5).
Housing Starts declined (.657M vs .678M expected and previous .685M).Other news
noted the ECB buying €50 billion of sovereign debt in the eurozone. Still
the idea of an extra $500 billion IMF bailout (bringing the total to nearly $1
trillion) lingers even as it’s already been shot down given necessary U.S.
congressional approval. , Michael
Krieger Summarizes "The Building Tension" Tyler
Durden on 01/19/2012 The reason I don’t write about markets so
much anymore is because I don’t believe there are markets any longer. Sure there
are flashing prices on the screens for various assets and those can be
addicting to look at on a daily basis, but I think these “markets” are now merely a
mechanism for government propaganda and a method to ultimately fleece more
money from the uniformed masses that play in it by the casino operators and
their puppets in government. , Print-Or-Panic,
TrimTabs On The Market's Meltup Tyler
Durden on 01/19/2012 As retail investors continue to appear
significantly pessimistic in their fund outflows ($7.1bn from US equity mutual
funds in w/e January 4th - the largest since the meltdown in early August) or
simply stuff
their mattresses, David Santschi of TrimTabs asks
the question, 'who is pumping up stock prices?' , Bob
Janjuah: "Payback For The Rally Is Coming In Q2" Tyler Durden on 01/19/2012 Bob "The
Bear" Janjuah may appear a little greyer than his previous appearance on
Bloomberg TV but his thoughts on the 'weaker-for-longer' recovery are as
clarifying as ever as he sees Q2 as payback time for the misunderstanding of a
mini US business cycle as a real sustainable recovery. Noting that the LTRO
does not fix Europe, he sees the worst still ahead for the 'Eurozone
mess'…
Bob notes that we are simply not addressing growth or solvency
and Q2 will be the payback (looking for a 1000 print in the S&P 500 index
by quarter-end) for the policy- and liquidity-driven rally we are undergoing. ,
Fed
Back To Its Secretive Ways, Sells $7 Billion In Maiden Lane Assets Directly To
Credit Suisse Without Public Auction Tyler
Durden on 01/19/2012 , Keystone
Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of
"Uncertainty" Tyler
Durden on 01/19/2012 America's loss is China's gain. , Senate Minority leader speaks out against anti-piracy bill , Google's results fall short, rare miss pummels shares Reuters , Photography pioneer Kodak files for bankruptcy ,China
manufacturing contracts for third month , Microsoft's Windows battles slack PC sales / profits fall – As regards the state of technology generally, and
American particularly, I’m even far less sanguine than
Peter Thiel who feels technology generally, is ‘wanting’. I also believe as he the iphone
to be vastly overrated, underwhelming and ‘beat’ beyond the now ubiquitous touch
screen, though more euphemistically said by Thiel (I am glad however that
apple, my first computer –Apple IIC 1986 – has survived). I also believe american technology
beyond the hype to be horrendous. The internet has been the biggest thing in
terms of technological advance, and we all see what some cro-magnuns (at best)
in washington are trying to do to that. See also, http://albertpeia.com/declineusautoindustry.htm . Peter Thiel - A cofounder of PayPal and early investor in Facebook,
Peter Thiel is worried technological progress has stalled, a running theme of
his speeches and interviews in 2011. Without more rapid advances,
"people will have a lower quality of life, where people won't be able to
retire, where governments are pushed toward more and more
austerity," he told Bloomberg Businessweek in February. "That will
lead to a more constrained, pessimistic future." Thiel has funded a
variety of unconventional research projects because he says run-of-the-mill
technology doesn't impress him. He told the New Yorker in November he doesn't
consider the iPhone a "technological breakthrough." , Sundance opens with eye on broken American dreams , McAfee software bug could turn customers' PCs into spam servers
(Reuters) , [video]
Bullish Trend Not Backed By Volume TheStreet , Debt
Crisis Worsens, Stocks Up Anyway http://www.buzzbox.com/news/2012-01-19/fitch-ratings:russia/?clusterId=7993066 By Ian Wyatt: Russia is the latest victim of
the global debt crisis. , What were Neanderthals like to hang out with? — New Scientist http://www.newscientist.com/article/mg21328470.400-into-the-mind-of-a-neanderthal.html?full=true http://albertpeia.com/neanderthals11812.htm , Warning
Signs That We Should Prepare For The Worst http://theeconomiccollapseblog.com http://albertpeia.com/prepareforworst.htm ‘The warning signs are all around us. All we
have to do is open up our eyes and look at them. Almost every single day
there are more prominent voices in the financial world telling us that a
massive economic crisis is coming and that we need to prepare for the
worst. On Wednesday, it was the World Bank itself that issued a very
chilling warning. In an absolutely startling report, the World Bank
revised GDP growth estimates for 2012 downward very sharply, warned that Europe
could be on the verge of a devastating financial crisis, and declared that the
rest of the world better "prepare for the worst." , "Apocalypse How? Dire
’12 Forecasts"
The chorus of astute, prudent voices warning about the next great financial
crisis grows by the day.. profiled in a Bloomberg article http://albertpeia.com/realisticallynegativeforecasts.htm
, Dave’s Daily: http://www.etfdigest.com
FEAR OF BEING LEFT BEHIND January 18,
2012 ‘The
primary news pushing stocks higher Wednesday was hard to put together. Some
were pleased by eurozone reports the IMF was proposing to add $500 billion to
the bailout facility bringing the total to nearly $1 trillion. Such a move
would require congressional approval if we still have a constitution and the rule
of law. Anyway, that idea was shot down by the U.S. Treasury. , 112 Questions
To Ask Yourself In 2012 http://theeconomiccollapseblog.com http://albertpeia.com/112questions.htm
‘,"No
Deal" - Greek Bondholders Do Not Think Agreement Can Be Reached Before
"Crunch Date"Tyler
Durden on 01/18/2012 , Bloomberg
On The Worst Start In Years For Earnings Tyler
Durden on 01/18/2012 , Obama
Blames Republicans For Keystone XL Decision Tyler
Durden on 01/18/2012 The big news of the day, aside from the idiot
rally finally being back on full bore, is that the Obama administration finally
pushed Canada's hand in telling it to sell its crude to China instead of the
US, which we are confident it will gladly do. Much of this was largely priced
on, as was the fact that opportunity for significant job creation was just
kicked to the curb. , Guest Post: The
Final Countdown Tyler
Durden on 01/18/2012 One reason for the severity of the financial
crisis, and the losses incurred by banks, is that bankers and financial
analysts were using linear tools in a non-linear, highly complex environment
otherwise known as the financial markets.The models didn’t work. The problem we
face now as investors will end up being existential for some banking
institutions and sovereigns. Our (uncontentious) core thesis is that throughout
the west, more debt has been accumulated over the past four decades than can
ever be paid back., Obama
Kills Keystone XL Pipeline Tyler
Durden on 01/18/2012 Who needs actual jobs when you can have crony
solar companies which go tits up in under 2 years at a cost to taxpayers of
over half a bill. , Why Would
the Fed Launch QE 3? Phoenix
Capital Research on 01/18/2012 I continue to see commentators
claiming QE 3 is just around the corner. I don’t see how this is possible
because all of the Fed’s excuses for more QE are no longer valid. , Past
May Be Prologue, But I Just Warned Of A Central European Depression 2 Years Ago Reggie Middleton 01/18/2012 , Germany’s Fed Up and Getting Ready to Walk http://gainspainscapital.com
January 18th, 2012 , Why
Tops are More Difficult to Call than Bottoms - Why a Top Seems Imminent
Simon Maierhofer , Treasury
dips into pension funds to avoid debt Reuters | Treasury
started dipping into federal pension funds to give Obama administration more
credit to pay government bills., Greece
Is Insolvent, Will Default on Debt: Fitch Bloomberg | Greece is insolvent
and probably won’t be able to honor a bond payment in March. , Ack! They Are
Actually Going To Let Greece Default!
http://theeconomiccollapseblog.com http://albertpeia.com/letgreecedefault.htm , Fannie
CEO Michael Williams To Quit After 2 Years, Pockets Millions After Receiving
$60 Billion In Bail Out Cash Tyler
Durden on 01/10/12 , Lagarde
to Meet Merkel as Debt Pressure Rises Jan 10th, 2012 (Bloomberg) , Soros
Says Europe’s Debt
Woes ‘More Serious’ Than 2008 Crisis Jan 10th, 2012
(Bloomberg) , http://albertpeia.com/lloydswallofworry11012.htm
, Three
Reasons Why 2012 Is Shaping Up to Be a Disaster http://gainspainscapital.com
January 11th, 2012 ‘..stocks continue to rally despite Europe being on the
verge of Collapse. Once again, investors are forgetting that stocks are the
most clueless asset class on the planet… this latest stock market rally
isn’t to be trusted.. 1) Volume has fallen from awful to absolutely horrendous.. 2)
Bonds are forecasting an event worse than 2008.. 3) The likelihood of more
juice coming from the Fed is getting lower by the day.. bernanke himself admitted that QE has become less
“attractive” as a monetary policy. “The trade-offs are getting — are getting less attractive at this point. Inflation has gotten higher.
Inflation expectations are a bit higher. It’s not clear that we can get substantial improvements in
payrolls…” ‘ , 24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future http://albertpeia.com/24statisticsusfuturenotbright.htm , http://theeconomiccollapseblog.com ‘Beware of bubbles of false
hope. Right now there is a lot of talk about how the U.S. economy is
improving, but it is all a lie. The mainstream media can be very
seductive… , Dire
predicament, forecast, time to ‘get out of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm
, 22
SIGNS THAT WE ARE ON THE VERGE OF A DEVASTATING GLOBAL RECESSION http://theeconomiccollapseblog.com http://albertpeia.com/22signsglobalrecessiondepression.htm , Bam!
Bam! Bam! Huge Financial Bombs Just Got Dropped All Over Europe http://theeconomiccollapseblog.com ‘The European debt crisis has just gone to an entirely
new level. http://albertpeia.com/financialbombsovereu.htm
…
Yesterday I wrote about 22 signs that we are on the verge of a devastating global
recession, and unfortunately that list just got a whole lot longer… http://albertpeia.com/22signsglobalrecessiondepression.htm , Is the Fledgling 2012 Rally a Fake-Out Breakout? 1-13-12 Simon
Maierhofer | ETFguide [
Yes! ] , S&P downgrades nine euro zone countries BERLIN/ATHENS
(Reuters) , JPM
Explains Why The US Economy Is About To Hit A Brick Wall Tyler Durden on 01/13/2012 Data
Shows QQQ Has Declined 10% From January High 91% of the Time
Minyanville James Debevec Jan 13, 2012 , The
Real Dark Horse - S&P's Mass Downgrade FAQ May Have Just Hobbled The
European Sovereign Debt Market Tyler
Durden on 01/13/2012 , Faber's
Latest Rant On Global Monetization Wars Tyler
Durden , It's
Official: France Cut To AA+ From AAA By S&P, Outlook Negative Tyler Durden , Everyone
Hates The Euro - EUR Shorts Hit New Record High Tyler
Durden , Guest
Post: Habituating to Contraction Tyler
Durden on 01/13/2012 , Greek
Debt Likely Unsustainable Even With Haircuts, Barclays Complete Q&A On PSI Tyler Durden , Guest
Post: The Correlation Of Laughter At FOMC Meetings Tyler
Durden on 01/13/2012 Five years on, the powers that be have just
released the transcripts
of the Fed's FOMC (Federal Open Market Committee) meetings from 2006.
Putting hindsight economic analysis aside, you quickly realize more than
anything else: the committee is full of burgeoning comedians! Commentators
have already highlighted the "humor" of the FOMC meetings, but it is
really over the top at times. There are periods where Greenspan
seems only capable of speaking in witty quips. That's right, the FOMC
was laughing all the way to …’ , Are
The Middle East Wars Really About Forcing the World Into Dollars and Private
Central Banking? George Washington 01/13/2012 Are countries which want to trade in their
own currencies or to own their own central banks getting spanked ? , VeRY
SuPeRSTiTiouS... williambanzai7 01/13/2012 - 14:17 There is a
fifth dimension beyond that known to PhDs...It is the middle ground between
science and superstition...next stop, the Ponzi Zone... , The Worst Economic Recovery Since The Great Depression
Forbes Tom Aspray ‘Every high-flying market is bound to find patches of
rough air, and the charts show a potential decline is in store. , S&P
on Italy: Borrowing is Going to Be Tough for a While The Wall Street
Journal , Standard
& Poor’s Just
Getting Started 13 Jan 2012 S&P has also notified other European governments of
looming ratings downgrades , Is
the Federal Reserve Duping Investors? Minyanville Todd
Harrison Jan 13, 2012 Buried information
begins to emerge. Read more: http://www.minyanville.com/businessmarkets/articles/todd-harrison-todd-harrison-minyanville-todd/1/13/2012/id/38829#ixzz1jPaeva5I
, Train
Reading: What Walken Has Learned The Wall Street Journal Mark
Gongloff , STOCKS
SLIDE, FRANCE DOWNGRADED, GREECE NEARS DEFAULT: Here's What You Need To Know
Business Insider , Secondary
Sources: Roubini on 2012 Risks, Fewer Americans Thriving, Central Bankers' MIT
Connections The Wall Street Journal Phil Izzo , MF
Global May Not Be Able to Pay Clients Back: Trustee Reuters
| The trustee hunting for funds missing from their accounts has no immediate
plans to transfer more money to them. ,
ECRI
Leading Index Still Rolling Over The Wall Street Journal Mark Gongloff http://s.wsj.net/public/resources/images/OB-RJ429_ecri_D_20120113104547.jpg
ECRI weekly leading index rolling growth rate. Since this is Bad News Friday,
let’s
get this out of the way: The ECRI’s weekly leading index is falling again.… Even though the ECRI has
declared a recession is on the way in the first half of 2012, this
weekly index is not what they use to make that call. They use some longer-term
indexes they only show to people who pay big money for a peep….’
Dire
predicament, forecast, time to ‘get out of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
GM:
King of the road once more Once
again the world’s top-selling automaker, the company and its partners sold 9M
vehicles in 2011. (Washington Post) [ Ring (alarm)! Time to wake up!
Drudgereport (on Government Motors): REPORT: Chevy Volt Costing Taxpayers Up to $250K Per
Vehicle... CAVUTO: Volt sales inflated with taxpayer fleet buys... } and those unaffordably costly military industrial complex welfare
programs . The ‘so-called improvement’?
At what cost for election appearances only? Professor
Kotlikoff for CNN...The government's total
indebtedness now stands at $211 trillion.. ,
17
Facts About The Decline Of The U.S. Auto Industry That Are Almost Too Crazy To
Believe http://theeconomiccollapseblog.com http://albertpeia.com/declineusautoindustry.htm ( Warning
Signs That We Should Prepare For The Worst http://albertpeia.com/prepareforworst.htm
) Very few things illustrate how dramatically America has been deindustrialized
than the stunning decline of the U.S. auto industry. Once upon a time,
the United States literally taught the rest of the world how to make
cars. We were the ones that invented the assembly line. We were the
ones that showed the rest of the world what mass production could do for an
economy. For decades, we produced more cars than anyone else and we sold
more cars than anyone else. Detroit was known as "the Motor
City" and our manufacturing prowess dominated the planet. But now
all of that has changed. Japan makes far more vehicles than we do
today. So does Germany. As you read this, state of the art
production facilities are going up all over China. Meanwhile, the U.S.
auto industry continues to rot and thousands upon thousands of good automotive
jobs continue to leave our shores. The rest of the world is making cars
better than we are, they are making them cheaper than we are and they really
don't care that many of our formerly great
manufacturing cities are turning into rotting, stinking hellholes.
The U.S. auto industry was once a symbol of American dominance, but now it is
just a symbol of American decline. If we want to remain a great nation,
then we need to start becoming great at making things once again.
The following
are 17 facts about the decline of the U.S. auto industry that are almost too
crazy to believe....
#1 The average age of an automobile in the United
States has gone up more than 50% since 1990 and is now sitting at an all-time
record of 10.8 years. The average length of
a marriage in the United States that ends in divorce is only 8 years.
#2 Germany made 5.5 million automobiles in 2010. The United
States made less than half that (2.7 million).
#3 When you add up salary and benefits, the average
auto worker in Germany makes $67.14 an hour. In the United States, auto workers
only make $33.77 an hour in salary and benefits.
#4 Back in 2000, about 17 million new automobiles
were sold in the United States. During 2011, less than 13 million new
automobiles were sold in the United States.
#5 Do you remember when the United States was the
dominant manufacturer of automobiles and trucks on the globe? Well, in
2010 the U.S. ran a trade deficit in automobiles, trucks and parts with the
rest of the world of $110 billion.
#6 Japan builds more cars than anyone else on the
globe. Japan now manufactures about 5 million more
automobiles than the United States does.
#7 In 2010, South Korea exported approximately 12 times as many automobiles to us as we
exported to them.
#8 According to the New York Times, a Jeep Grand
Cherokee that costs $27,490 in the United States costs about $85,000 in China
thanks to new tariffs.
#9 U.S. car companies are spending hundreds
of millions of dollars building shiny new automobile factories in China.
#10 In 1970, General Motors had about a 60 percent share of the U.S. automobile market.
Today, that figure is down to about 20 percent.
#11 The combined U.S. market share of the "Big
Three" American car companies fell from 70% in 1998 to 53% in 2008.
#12 Detroit was once known as the "Motor
City", but in recent decades automobile production has been leaving
Detroit at a staggering pace. One analysis of census figures found that 48.5% of all men living in Detroit from age
20 to age 64 did not have a job during 2008.
#13 Today, only Chrysler still operates an
automobile assembly line within Detroit city limits.
#14 Since Alan Mulally became CEO of Ford, the company
has reduced its North American workforce by nearly half.
#15 Today, only about 40 percent of Ford's 178,000 workers are
employed in North America, and a significant portion of those jobs are in
Canada and Mexico.
#16 The average Mexican auto worker brings in less than a tenth
of the total compensation that a U.S. auto worker makes.
#17 In the year 2000, the U.S. auto industry employed
more than 1.3 million Americans. Today, the
U.S. auto industry employs about 698,000 people.
Sadly, it is
not just the auto industry in America that is falling apart. In fact,
almost everywhere you look in our economy (and in our society as a whole) there
is decay and decline.
For example,
our infrastructure was once the envy of the entire globe. Today, U.S.
infrastructure is ranked 23rd.
Recently, I
wrote an article entitled "24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future". In that article, I discussed many of the long-term
trends that are systematically destroying this nation.
Just because
we have had it so good for so long does not mean that it will always be that
way.
As a nation,
our wealth is declining. A decade ago, the United States
was ranked number one in average wealth per adult. By 2010, the United States
had fallen to seventh.
We lived off
the wealth created by previous generations for a long time, but that was not
enough for us. We always wanted more. Eventually we started going
into massive amounts of debt so that we could keep this bubble of "false
prosperity" going.
Today, when
you add up all forms of debt in America, it comes to over 50 trillion dollars.
We are a great
nation that is in an accelerating state of decline.
We have got to
quit living off of the past accomplishments of previous generations.
We have got to
quit being so lazy and decadent and spoiled.
There is
absolutely no guarantee that America will always be a great nation. In
fact, when great nations fall, it usually happens very quickly.
I'm still
proud to be an American, but the decay and the decline that I see all across
this country sickens me.
And it should
sicken you too…’
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
Krauthammer:
The GOP’s suicide march (Washington Post) [ Wow! Mr. Krauthammer must have
been having a ‘bad hair day’. Suicide march? I don’t think so. I even was
compelled to look up his (vaulted mis)use of ‘manichean’ (definitions infra) in
his rather grimly devised piece. Whew! Time to break out the ‘sackcloth and
ashes’. I truly have never seen Mr. Krauthammer so ‘off his game’. If one can’t
appreciate the ultimate ‘raison d’etre’ for the occupy movement vis-à-vis the
egregious, gargantuan, still unprosecuted wall street frauds, clearly, that
person’s not been paying attention; and, to ignore same is to do so at the
nation’s peril [ Obama
flush with financial sector cash The president has managed to raise more
money this year from the sector than any GOP contender. (WP) [ So much for
obama and OWS; but how ‘bout wobama and obs … yes, more ‘obama b***
s*** ! The quid pro quo … the bribe …
Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog Roche 'The worst part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud )THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
, http://albertpeia.com/10mostcorruptpols.htm ] . I often point to the stupidity of americans
generally, but not so dumb to ignore the most basic math coupled with common
sense relative to these nation-debilitating, unjustifiable frauds, boondoggles.
At this juncture I feel obliged to state that I haven’t voted for decades (kind
of along the lines of ‘George Carlin’s famed defense of his own non-voting record
which he justified by reminding all that Hitler came to power in a full, free,
democratic election by a landslide’). Yet, on all the ‘big ones’, I’ve always
taken a prior position based on the ‘reality’ of the prospective result. May I
humbly say, I’ve never, ever been wrong. These are ‘debates’ …’words’… geared
toward positioning one or another for the opportunity of the ‘big job’. To
expect anything less than at least a ‘little bit of juglar’ is a bit naïve. So
calm down Mr. Krauthammer; nothing’s been lost. Testament to Mr. Krauthammer
being ‘off his game’ here is his positing of ‘wobama the b for b***s***’ as
being smart. Au contraire Mr. Krauthammer! Wobama’s quite dumb! If smart,
wobama would have done as he said he would do last campaign, and the nation
would have been far better off for it! Parenthetically, look to who’s pushing
the censorship bills; now, that’s political desperation! To cheer Mr.
Krauthammer up, there’s also that egregious ‘Keystone’ misstep which even The
Post’s Editorial Board felt compelled to point out. We’ll just chalk this up to
‘(temporary) situational anxiety disorder’.
www.merriam-webster.com/dictionary/manichaean
Definition of Manichaean from the
Merriam-Webster Online Dictionary with audio ... evolving hyperspatial cosmogony
that, following a Manichean perception, ...
dictionary.reference.com/browse/manichean
[man-i-kee] Show IPA. an adherent of the
dualistic religious system of Manes, a combination of Gnostic Christianity,
Buddhism, ...
Sense 1
Manichean
Meaning:
An adherent of Manichaeism
Classified under:
Nouns denoting people
Synonyms:
Manichaean;
Manichean; Manichee
Hypernyms ("Manichean"
is a kind of...):
adherent; disciple
(someone who believes and helps to spread the doctrine of another)
Sense 2
MANICHEAN (adjective)
Meaning:
Of or relating to Manichaeism
Classified under:
Relational adjectives
(pertainyms)
Synonyms:
Manichean; Manichee; Manichaean
Pertainym:
Manichaeism
(a religion founded by Manes the third century; a synthesis of Zoroastrian
dualism between light and dark and Babylonian folklore and Buddhist ethics and
superficial elements of Christianity; spread widely in the Roman Empire but had
largely died out by 1000)
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
http://www.albertpeia.com/stansberrycorruptiondeclineofamerica.htm
Petri:
Grandiose Gingrich overruns awful Romney
Rubin:
In debate, Gingrich meets his match (Washington Post) [ ‘Same Debate: Two
views, the news, two different views’. The gamut … from ‘bull run to ‘bull
s***’ they did diverge. Frank’s displeased with this lack of clarity so from
beyond he adds his soothing sound … for clarity of course! :
"Tea for Two"
(recorded 1947 Frank Sinatra / Dinah Shore) (Music/Youmans Lyrics/Caesar)
We’re discontented with
candidates that are rented
With grand promises that
they’ve invented
America’s now a place
that’s no oasis
Where life’s weary chase
is always in crisis
Far from the cries of
crime victims in the city,
Where flowers pretty
caress the streams
Sarcozy to hide in, and
war monger side-by-side in
Don’t let lobotomy joe
bidin your dreams.
Slimy newt flat on his
high knee, more war plans from Romney,
Chinese tea for two, and
two for Chinese tea,
Me for who and you show
me, al one!
{actual song in pertinent part}
I'm
discontented with homes that are rented
So I have invented my own.
Darling this place is a lover's oasis where life's
weary chase is unknown.
Far from the cry of the city, where flowers pretty
caress the streams.
Cozy to hide in, to love side-by-side in.
Don't let it abide in my dreams.
Picture you upon my knee, just tea for two and two for tea,
Just me for you and you for me, alone! …’
The
two faces of Newt Gingrich With few campaign advisers to keep him on track,
the candidate is showing his nasty side. (Washington Post) [ Yes indeed, we see
‘both sides now’ of ‘nasty newt’; as ominously warned by the sound from beyond
of none other but Frank { Performed by
Frank Sinatra 1968,
Written by Joni Mitchell First
release Both Sides
Now by Judy Collins
on audio album Wildflowers
(November 1967) }
Rows and flows of newt’s
white hair
And icy screams from bombs in the air
And unfettered cannons ev'rywhere
I've looked at mushroom clouds that way …
Drudgereport: AP: ABC TO AIR THURSDAY NIGHT...
GINGRICH DAUGHTERS: 'The
failure of a marriage is terrible and emotional experience'...
Me and My Shadow
snooty newty and his
shadow
Strolling down
pennsylvania avenue
snarky newty and his shadow
That’s a dream that won’t
come true
snooty newty and his
shadow
All alone and feeling
black and blue
‘cause snooty newty and
his shadow
just got mugged in front of wobama’s temp house too
I Love
Paris (Writer(s): Cole Porter) (Recorded 1959, 1960 Frank
Sinatra)
I love Paris in the
spring time
No room for newt on the ballot in the fall
I love seeing newt splinter this winter when he fizzles
I love seeing newt the bummer in summer when it sizzles
Newty seems dumber,
Really don’t have to wait
for summer,
to see that bummer newty fall
Ron
Paul’s achievement After a quarter-century in the wilderness, he’s within
reach of putting his cause on the map. (Washington Post) [ At first blush, I
thought by this headline this article to be Mr. Krauthammer’s vailed attempt at
sarcasm. After all, as a jewish man himself, I’ve yet to see him take a
position that could in any way be even remotely antithetical to israeli
interests; and yet, one would have to be blind and dumb not to to realize such
zionist / pro-israeli policies as foolishly adopted by the u.s. have been
unequivocally antithetical to american interests. The testament to the merger
of contraindicated american ‘interests’ with selfishly construed israeli interests
was that display of wildly cheering israeli agents on the banks of the
palisades in Weehawken, n.j. at the sight of the burning / exploding /
symmetrically imploding trade towers (including bldg. 7) on 911 (contriving
such a ‘pearl harbor event’ a neocon / military industrial complex / israeli
wet dream come true. Later history might even write this as the ‘albatross
incident’ for america). The great but substantially underrated President
General Eisenhower warned of the military industrial complex whose interests
and welfare programs have merged with those of the militant illegal-nuke totin’
israelis whose interests suddenly merged into puppet-in-chief wobama despite
wobama’s campaign rhetoric to the contrary upon which he was elected.
Parenthetically, President Eisenhower never took any crap from the terrorist
begin / israelis in contravention of American interests in the region. I truly don’t know what being a libertarian
means; but I do know that a junkie/thief/methamphetamine addict from virginia
who stole some (very valuable to me) items from me here in Socal had a father
who was one and he professed being one of sorts himself though questionable
(ie., his ‘phony’ business card with an ‘in God we trust’ logo, etc.). The
importance of Ron Paul is to point out the unsustainability of ‘same old / same
old’ without reason, purpose, advantage to any but the very greedy
short-sighted few, though substantially detrimental to the nation. After the
cold war’s end, with peace dividend to grace clinton, the substantial
achievement of Reagan / Gorbachev, if america had literally ‘done nothing’
rather than having embarked upon the ‘money-eating / war-profiteering’
adventurism along with ‘that engagement thing’ with communist china so hailed
by former ambassador to china / cia man bush, no nation could have caught up to
and passed america; some and then many have and are destined to do so (what the
heck, decades at best anyway). The fed has failed all mandates for which it
supposedly exists. They’ve literally helped consummate for the intended benefit
of the few, frauds in the trillions, to the substantial detriment of the vast
majority and the nation itself (among other culpable acts, ie., $4 trillion
missing at the new york fed, over-printing of
the ever more worthless dollars, etc.). For the israeli lobby, reality
is a frightful thing. For pervasively corrupt, defacto bankrupt america,
reality is also a frightful thing.
http://www.angelfire.com/indie/pearly/htmls/bush-carlyle.html
. Barack Obama: The
Naked Emperor Shocking but true revelations from David Icke| infra ‘...Obama is just more
of the same, a big smile with strings attached, and controlled completely by
those that chose him, trained him, sold him and provided his record funding,
kept his many skeletons under wraps, like the gay sex and crack cocaine ..
Larry Sinclair (from affidavit: 1. Who is Ron Allen that claims to be with your
Presidential camp, who is alleged to claim that someone claiming to represent
me called asking for $100,000, to keep me from coming forward about our (Obama
and I) November 1999 encounter of sex and cocaine use?), ... Obama is just
another Banksters' moll prostituting himself .., and that's why he supported
the grotesque bail-out of the banking system and why he will always put their
interests before the people. His financial advisors are straight from the Wall Street
'A' list, including Paul Adolph Volker (Trilateral Commission, Council on
Foreign Relations, Bilderberg Group), the head of the Federal Reserve from 1979
to 1987 and Illuminati to his fingertips. Obama has made him head of the
Economic Recovery Advisory Board, which is dominated by insiders, including its
staff director and chief economist, Austan Goolsbee, a close Obama associate
from the University of Chicago. Goolsbee is an initiate of the infamous Illuminati
Skull and Bones Society at Yale University, which also includes Boy and Father
Bush. It was Goolsbee who told the Canadian government not to worry about
Obama's attacks on the economic effects of free trade agreements because his
words were just to win votes in the election campaign. Another Wall Street
insider, the Zionist Timothy Geithner (Bilderberg Group, Trilateral Commission,
Council on Foreign Relations), was appointed by Obama to be his Treasury
Secretary. Geithner was the President of the New York Federal Reserve Bank, the
most powerful in the private Federal Reserve cartel that masquerades as
America's central bank, and he is a former employee of both the Council on
Foreign Relations and the appalling Kissinger Associates. Obama's Treasury team
locks into the inner circle around the Zionist Robert Rubin, the Director and
Senior Counselor of Citigroup, co-chairman of the Council on Foreign Relations,
and economic advisor to Obama. Rubin, a member of the Illuminati Bilderberg
Group, was the man behind Citigroup's strategy of expanding its risk in debt
markets which forced it to be rescued by taxpayers' money. The very people who
caused the financial crisis are being appointed by Obama to decide how to
respond to it (more taxpayers' money for them and their friends)’
Rubin:
Gingrich out for revenge (Washington Post) [ Yes, newt … revenge is sweet
and so are you … Your reward: a message and a song to sing as you pine away
about what was your day … Sweet slimy newt, once again from beyond, Frank’s got
just the sultry sound to soothe your vengeful, restless spirit, so sing it
snooty newty (but stay away from any new booty) :
Call him irresponsible -
call him unreliable
Throw in undependable too
Do his foolish alibis bore you
Well he’s not too clever – he just adores trumpish people we should boo
Call him unpredictable - tell him he’s impractical
Pots of gold at ends of rainbows he’s inclined to pursue
Call him irresponsible - yes newt’s unreliable
But it's undeniably true – newt’s irresponsibly mad for madman trump et als too
Financial
Troubles For Many Nations In The New Year Bob Chapman | 2012 is going to be
quite a year with falling economies in the UK, Europe, the US, China, Japan and
the remainder of Asia. Ron
Paul’s poll numbers are up in Iowa (Washington Post) [ As indeed they
should be if people are truthful about wanting real change for the better. Historical
headwinds Gingrich, Romney and Paul against the odds. (Washington Post) [
This is without doubt the most disappointing article by an otherwise invariably
clear thinking Mr. Will. I’m glad for his disclosure (the Perry link) inasmuch
as at least there is the possibility of a modicum of reason behind what
otherwise would constitute a total ‘lack of reason’. Mr. Will sets forth some
interesting tidbits of a category of sorts of history as if prepping for a round
of Jeopardy, so obscure as they are. Relevance to today, that is also as
obscure. If Mr. Will, of all people, cannot discern the difference today, from
the america of yesterday, one does have to wonder who can. Yet, I do believe
the vast majority in america do in fact discern such a difference. Why? Because
the magnitude of that reality (of difference) is so great that one would have
to be literally brain-dead to not discern it. Pervasively corrupt and quite
literally defacto bankrupt, america’s at the cusp of a complete collapse in
every way a nation could collapse; viz., financially, economically,
politically, geopolitically, and legally. Indeed, so stark are these realities
despite organized obfuscation, the same direction / status quo is blatantly untenable
to even the most stalwart of ‘stay the course types’. Other than the black vote
(roughly 18% according to’the first black president, clinton’) and the
relatively few remaining wobama loyalists, I do believe, though belated, it’s
human nature for that clear majority to opt for the chance of survival (of a
nation) rather than the already worn path of decline as tread by wobama. Then
comes the distinction between the failed president wobama and the alternative;
Ron Paul being the ‘man, with a plan, that’s not already been ran’. New
direction, change is sorely needed; which wobama promised, but never delivered,
jive-talking con-man that he is.
George
H.W. Bush said to support Romney (Washington Post) [“I think Romney is the
best choice for us,” said poppy bush. Exactly! Though surprisingly candid given
his oft shady rhetoric; from read his lips ‘no new taxes’ to ‘he’s thinking
anew’, words he ascribed to Lincoln; he really means this ‘us’ thing; not u.s.
mind you; but literally us as in the untalented (war) criminal bush clan that
spawned two failed presidents and have rested hopes for a third (jebby the
judas – or at least a still viable political ‘leeching of america’ position –
same for his lying -9/11- buddy tom kean’s son) in the ever increasingly
desperate romney. So poor a job did poppy do, he, like ‘wobama the b for
b***s***, was a ‘one-termer’ (even bush failure 2 who ranks among the worst
presidents in american history, just a notch above wobama –the worst-, got two
terms – people were still buying into their self-created ‘national emergency
mode’ war propaganda). Then there’s his familial historical ties to fraudulent
wall street as well as even hitler et als. But then there’s the military
industrial complex so warned against by the great but underrated President
General Eisenhower that stands to gain by the bush league approach and
certainly romney’s bellicose rhetoric was made to order to accommodate such
fleecing enterprises with wars / conflicts made real thereby. ‘Best choice’ …
For whom should be the proper query? There’s the cia (and their
illegal drug business and bigger off the grid budgets http://albertpeia.com/CIAAgentAffidavit1.jpg ), the communist chinese (that engagement
thing as former ambassador that’s worked out so marvelously for america while
make ‘those few’ very wealthy), the Carlisle Group, etc.. Then there’s aipac,
israel, zionist jews, neo-cons, mental-cases like cheney, bolton, etc., and in
the case of aipac have been showing their love … not for americans/america, but
for ie., romney and themselves… With
rise, Ron Paul could be spoiler in GOP presidential race — or kingmaker As
the first votes approach in Iowa, the congressman is a serious force with the
potential to upend fight. (Washington Post) [ Spoiler? Kingmaker? How ‘bout
‘the candidate’! If there’s one thing far more scrutinizing eyes than those of
the so-called mainstream are apt to point out (ie., Tyler Durden, Jones,
Watson, etc.), it’s that the nation hasn’t fared so well with the so-called
‘establishment / mainstream candidates / favorites’. In fact, as we all know,
the substantially compromised mainstream candidates with substantially
compromised mainstream positions have proven to be downright disastrous for the
nation, the people, and the world generally. The time has come in light of
realities to say, borrowing the words from Robert Kennedy … Why not? There is
no rational argument that militates against a Ron Paul who calls things as they
are. After all, whether people like to admit it or not, the fed (like wobama
the b for b***s***) has failed virtually all of their mandates. Moreover, the
bernanke fed’s policies have helped the frauds / perps (biggest still
unprosecuted) on wall street to the detriment of literally everyone else. The
same is true of the military industrial complex war-welfare plans as warned
against by the great but substantially underrated President General Eisenhower
in terms of the few they so favored at everyone else’s expense. The examples go
on and on and are too numerous to list. Rogers:
Paul is short on appeal (Washington Post) [ Yeah … he ain’t pretty … but
this ain’t a beauty contest … Moreover, what has appeal gotten the nation? …
where has appeal gotten the nation to? … 4 years of wobama’s ‘appeal’ aka
b***s*** has left the nation in the toilet at best, cesspool at worst; and, in
large part owing to the glaring fact that if ‘wobama the b for b***s***’ had
done what he said he’d do and didn’t, the nation prospects, though still
ominous, would have been substantially enhanced. For all but Paul, it’s the
failed ‘same old, same old’ which is, as per paraphrasing Einstein, neither a
plan, nor strategy, but rather insanity. Gingrich’s
time of testingTHE TAKE | Can Gingrich survive rivals’ attacks, build a
campaign that sustains his candidacy? (Washington Post) [ ‘Time of testing’?
Oh, but he has been tested … scandal-scarred like no other, he has been found
wanting … too much … not for the nation, but himself … he’s already failed any
and all tests. Newspaper
Chaired By Private Equity Head Shockingly Endorses Mitt Romney For President;
Ron Paul On Jay Leno Tyler Durden on 12/18/2011 A few hours
ago the Des Moines Register threw
its support behind the Bain Capital founder, and the man now known to have
actively destroyed
any trace of his public "service" before his 2007 Massachusettes
office handover (with a pending response to a Reuters FOIA, which will disclose
just what it was that Romney was so tenuously shredding). Because according to
the Iowan newspaper, Mitt Romney "is the best to lead" America,
although into what, is not quite clear - perhaps the biggest Fed funded LBO
(with a Bain Capital $1 mezz piece) of all time, that of America? We don't
know. And neither does the Register's editorial board. What they do know are
hollow adjectives, such as "sobriety", "wisdom" and
"judgment" which somehow are applicable to Romney, if not so much
"betting" and "shredding." Those looking for a late night laugh
can read the OpEd below (link to tomorrow's front page here).
And ironically, while likely set to provide a very short-term boost to Romney's
chances, it is the baseless ongoing accusations against Ron Paul that will
likely solidify the groundswell behind the Texan, with such desperate
platitudes as "Ron Paul's libertarian ideology would lead to economic
chaos and isolationism, neither of which this nation can afford." Because
what America certainly needs is more of that old ideology of doing everything
just the same and hoping for the best, because if there is anything Romney's
would be predecessors have taught us is that hope apparently is
a credible strategy. But perhaps most relevant is the reminder that the Des
Moines Register is a Gannett company whose Chairman just
happens to be one Marjorie
Magner, whose bio reads: 'Ms. Magner, 61, is Managing Partner of
Brysam Global Partners, a private equity firm investing in financial services
firms with a focus on consumer opportunities in emerging markets founded in
January 2007. She was Chairman and CEO of Citigroup's Global Consumer
Group from 2003 to 2005. She served in various roles at Citigroup, and a
predecessor company, CitiFinancial (previously Commercial Credit), since 1987.
Ms. Magner currently serves as a director of Accenture Ltd. and Ally Financial
Inc. and served as a director of The Charles Schwab Corporation from February
2006 to May 2008. Ms. Magner has broad business experience and financial
expertise from the various senior management roles she held with
Citigroup." (that Romney felt the need to ‘kiss the ring’ of failed
president poppy bush says a lot about ‘regressive political persuasion’
In
N.H., Romney steps up attacks on Gingrich(Washington Post) [ Yeah … he’d
better get going, ratchet up the rhetoric; after all, slimy newt’s just gotten
the endorsement of ‘celebrity mobster madman’s (trump’s) apprentice’, ‘gary the
b’ (for berserk) busey (most notable for his role in the film ‘Tomcats’ as the
guy with only half a pair of b**ls!) (Drudgereport: Gary Busey Endorses
Gingrich... ). Five
myths about Ron Paul (WP) [ For me,
the litmus test for any candidate, though somewhat personalized, is generally
applicable to the entire national electorate. It falls within that very broad
category; viz., ‘been there, done that’. It is no mystery that the current
wobama regime, et als are trying in every which way to censor, obstruct, and
otherwise control the free-flow of information, particularly now the internet,
which really works against failed administrations as that currently in place.
By every measure you can gauge the success or failure of a presidency, wobama
the b for b***s*** is an abject failure. There is not one reason based upon
what he said he would do last time around, didn’t do, but as we now know had he
done as he said the nation would have clearly been better off this day. He
basically continued the policies of the prior failed presidency of war criminal
dumbya bush, including the same or similarly connected players, despite having
campaigned vociferously condemning same
(CIA lawyer says Obama administration backed and continued
virtually all Bush-era programs Natural News ). Clinton was the
luckiest of all recent presidents in having the benefit of the peace dividend
to smooth things over, by way of the one and only but very significant
accomplishment of Reagan / Gorbachev; yet, he found ways through deep-seated
mental issues to fail, which we all endured as if watching a soap opera unfold.
Incompetent george h.w. bush (‘poppy’) was basically the ‘cia in disguise’
which kept up the ops which included that snookering of then american proxy,
sadam hussein, by u.s. ambassador april glaspie (see more here
infra) (george h.w.bush was also ambassador to communist china and we all
know how that’s turned out for america; but, ‘they’ and ‘theirs’ have made a
bundle.. poppy and clinton were tied by ‘virtue’ of their cia / Mena, Arkansas
cocaine drop / connection [ for me that connection was devastating to my RICO
case which involved the laundering of drug money through the trump casinos in
atlantic city,n.j., and poppy is after all, war criminal dumbya bush’s father (
see ie., http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm , and, america also leads in the illegal drug trade, infra ) . ..
calls for impeachment ..‘fast and furious debacle’. Despite campaign promises, there
have been no high level prosecutions of the wall street frauds which are still
extant in the trillions. That ‘8%’ unemployment; don’t completely dismiss
same as they may just have enough of their stand-ins to work exactly 1 day to
be counted;that’s at best... as they’ve done, manipulate/fudge/outright lie
about the numbers (actual unemployment is beyond 15%). Gingrich actually carved
out exceptions for fraudulent wall street to the applicability of the RICO Act
to their frauds, among many other unscrupulous acts which will emerge; along
with having sought the endorsement of mobster, mental case trump.. romney
follows suit with a trip to kiss the ring of failed president poppy bush while
cow-towing as all but Paul to the israeli lobby. So I, as should be so for the
entire nation, say results count. (For me, it’s resolution of those corrupted
RICO matters). Reality counts. What’s gone before has failed;new direction,
policies are required. After all, Einstein did say, paraphrasing, ‘doing the
same thing over and over again and expecting a different result’ is insanity.
Ron Paul’s still standing!
America’s
shine is wearing off I know why we are falling into a cataclysm of debt and
can’t get out. (WP) [ Ah, yes. The Puritans. Of noble purpose, religious
freedom, freedom generally did they come to these shores. A rare exception to
the influx of immigrants to this young nation who turned out to be more a virus
to the indigenous peoples of this land than what could have been expected from
those of noble calling. Indeed, in evolutionary terms, it’s doubtful that those
so positioned abroad would have represented a positive addition to the gene
pool which, borrowing from an insurance term, viz., adverse selection, springs
forth the notion of inevitability to the genocide of the indigenous populations
while guaranteeing the decline we see throughout this foundering nation. The
effects of these negative predispositions toward inherent criminality is
certainly being felt globally as well as domestically and has little to
recommend it. My own direct experience with the region(s) (particularly new
jersey, new york, virginia, connecticut, california) carves out no exception
for the prevalence of the worst of human nature; which is now collectively and
pervasively americana. Though having but 5% of the world’s population, the u.s.
has 76% of the world’s serial killers,
http://www.albertpeia.com/realifeamericaserialkillers.mpg bankrupt
america also spends more on military than all the nations of the world
combined... fed employees / contractors, cia, all 3 branches of u.s. gov’t,
etc., are included in this evolved american trait of inherent criminality http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
| Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real, complicit
cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s browser) as per your
office’s
request as made this day (the disk and contents have been scanned by Avast,
McAfee, and Norton which I’ve installed on my computer to prevent viral attacks
/ infection and are without threat). I also include 1 copy of the DVD as filed
with the subject court as referenced therein (which files are also included on
the aforesaid 3 disks in a separate folder named ‘112208opocoan’). The (civil) RICO
action (as you’re aware, the RICO Act is a criminal statute which
provides a civil remedy, including treble damages and attorney fees, as an
incentive for private prosecution of said claims probably owing to the fact
that the USDOJ seems somewhat overwhelmed and in need of such assistance given
the seriousness and prevalence of said violations of law which have a
corrupting influence on the process, and which corruption is pervasive). A
grievance complaint against Coan was also filed concurrently with the subject
action and held in abeyance pending resolution of the action which was
illegally dismissed without any supporting law and in contravention of the
Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as fbicorrespondencereyes.htm
. With regard to the calls to the FBI’s LA and New Haven, CT
offices: There was one call to the LA office and I was referred to the Long
Beach, CA office where I personally met with FBI Agent Jeff Hayes to whom I
gave probative evidentiary documents of the money laundering which he confirmed
as indicative of same (he was transferred from said office within approximately
a month of said meeting and his location was not disclosed to me upon inquiry).
The matter was assigned to FBI Agent Ron Barndollar and we remained in touch
for in excess of a decade until he abruptly retired (our last conversation
prior to his retirement related to the case and parenthetically, Rudy Giuliani
whose father I stated had been an enforcer for the mob to which he registered
disbelief and requested I prove it, which I did – he served 12 years in
prison, aggravated assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew Maloney’s the one that prosecuted
gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
GOOGLE
SEARCH – ‘LARRY KLAYMAN, LOUIS FREEH CORRUPT’
ABOUT 6,240 RESULTS (0.11 SECONDS)
archive.newsmax.com/articles/?a=2000/7/30/211047
Jul 31, 2000 – Judicial Watch is a public-interest law firm that
fights corruption in government. To read Larry Klayman's letter to Louis Freeh, ...
www.judicialwatch.org/archive/newsletter/2003/0203b.shtml
... security," said JW Chairman Larry Klayman. "His behavior stands in stark contrast to Louis Freeh, a man so corrupt he destroyed the office he led, ...
www.freedomwriter.com/issue20/am15.htm
“Louis Freeh will finally have to answer in court for what he did to our clients.
... answers,” stated Judicial Watch Chairman and General Counsel Larry Klayman. ...
www.infowars.com/jw_transcript.htm
Klayman, Larry, Chairman, Judicial Watch ... My name
is Larry Klayman. ... interest group that
investigates and prosecutes government corruption and abuse. ...... They seized his computer – these
are FBI agents at the direction of Louis Freeh, ...
www.judicialwatch.org/archive/2001/printer_921.shtml
May 3, 2001 – Because of his corrupt behavior, Freeh was placed on Judicial Watch's ... stated Judicial
Watch Chairman and General Counsel Larry Klayman. ...
www.wnd.com/index.php?pageId=5374
May 27, 2000 – By Larry Klayman ... While Judicial Watch has asked FBI Director Louis Freeh to .... lawsuits against a corrupt and unrepentant Clinton-Gore ...
cryptome.org/trulock-v-fbi.htm
LOUIS
J. FREEH, in his personal capacity; NEIL
GALLAGHER, in his No. ... COUNSEL ARGUED: Larry E. Klayman,
JUDICIAL WATCH, INC., Washing- ton, D.C. ...
America
also leads in the illegal drug trade. In fact, many researchers reveal
that the war on drugs is only utilized to control and monopolize
the illicit drug trade. The US government has been caught multiple
times shipping in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the
hypocrisy forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
FROM:
TO:
Wednesday, November 16,
2011 8:48 AM
Dear Mr.
Peia:
Thank you for
being in touch. As we continue the busy first session of the 112th Congress, I want you to know that I am grateful for
the various times you have shared your thoughts and concerns with me on
different issues. Please be assured that your voice is being heard and
that your perspective helps me to better represent you in Washington, D.C.
Sincerely,
LUCILLE ROYBAL-ALLARD
Member of Congress
[ This is a reply to the
Congresswoman’s query among others included.]
11-5-11
Dear Congresswoman
Roybal-Allard:
The Keynesian (economic)
approach, if ever a wise prescription for ‘economic doldrums’, euphemistically
speaking (there are articles/studies/data that dispute the purported
effectiveness of the widely hailed ‘Keynesian remedy’ during the prior great
depression), the ‘Keynesian way’ is certainly no longer a prudent approach
today in light of the insurmountable debt levels of nations worldwide and in
america particularly along with the concomitant over-printed, debased ‘paper
currencies’ to finance same. Quite simply, there simply is not enough real
value being created for redistribution, a situation exacerbated by the
parasitic lightening fast, computerized churn and earn high frequency trading
programs on fraudulent wall street (they should be prosecuted, jailed, fined,
and disgorgement imposed for extant frauds in the trillions now marked to
anything as per misguided legislated FASB rule change). [ America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke …The government’s total indebtedness is $211 trillion’. 43,454,601,693,238
Reasons Why The World Is Broke – Presenting The Interactive Global Debt Clock Zero Hedge October 17, 2011
http://www.economist.com/content/global_debt_clock
] .This is the consequence of a structural shift fed by greed and misguided
policy and cannot be undone (transfer of productive capacity to ie., China,
etc., ‘the bell cannot be unrung’). That said which militates against such an
extension, this is an election year which probabilities suggest makes highly
likely the passage of the extension. I favor your co-sponsored legislation and
before the holidays simply in the name and spirit of Christmas and for no other
reason whatsoever. Below is a recent comment to Opinion Writer Krauthammer’s
‘more war spending (Keynesian) position’ and an article regarding the folly of
same. Immediately following is from my prior post to you concerning something
of such manageable proportion and well within the government’s ability to
resolve (if the government can’t accomplish this consistent with law and long
overdue, then there isn’t anything the government can accomplish), along with
other comments to you for ease of reference:
‘…As previously noted in
a prior message to you, I had previously spoken to FBI Agent Bill Lewis in
Washington who was recently promoted to the FBI Headquarters Office (D.C.) from
the FBI office here in LA, and who was to be out of the office for the two
weeks past. I’ll be contacting him given a reasonable time for him to ‘catch
up’, from being out of the office. While independent contractor richard coan is
ultimately the one to bear the burden of damages (there’s insurance and a
surety covering same), coan might allude to the prior default of the u.s.
government (assist. u.s. atty. robert i. lester miscounted / miscalculated the
time for filing an answer / response to the complaint upon service thereof,
also misstating the rule in open court before corrupt judge matz who
‘schmoozed’ things over (they both have the same employer), however incorrectly
according to the ‘law’. I ordered / bought a copy of the transcript of that
rather pathetic proceeding (posted in part on my website). In any event,
regardless who pays me, the amounts so paid would ultimately be recovered from
coan, his insurer/surety which amounts might even exceed the amount I’m willing
to settle at. [There is also a judgment (referenced in the correspondence to FBI
ADIC Martinez infra) that had been entered in my favor in the case, United
States District Court Case #3:93cv02065(AWT)(USDCJ Alvin Thompson), worth
approximately now in excess of $300,000 remains unaccounted for and which would
benefit Los Angeles, etc.; and then, of course as well, the substantial
damages. ] I’ve waited far too long for this matter to resolve, what should
have been resolved in accordance with clear law long ago; and, which would have been resolved if not
for typical u.s. corruption in the process; and, which is well within the
government’s ability to resolve. In my world and way of thinking, results do
count! I’ve included prior correspondence for ease of reference…’
Sincerely,
Albert L. Peia
Nobel
Prize-Winning Economist: “War Is Widely Thought To Be Linked To Economic Good Times … NONSENSE” Washington’s Blog | Contrary to a Common
Myth, War is Bad for the Economy Washington’s Blog
November 1, 2011
‘Contrary
to a Common Myth, War is Bad for the Economy
Nobel prize
winning economist Paul Krugman wrote yesterday:
Military spending does create jobs when the economy
is depressed. Indeed, much of the evidence that Keynesian economics works comes
from tracking the effects of past military buildups.
(Mr. Krugman has said the same thing many times in the past. And many other
influential people havesaid the same thing.)
I am not a Nobel prize winning economist … but Joseph
Stiglitz is.
Stiglitz wrote in 2003:
War is widely thought to be linked to economic good
times. The second world war is often said to have brought the world out of
depression, and war has since enhanced its reputation as a spur to economic
growth. Some even suggest that capitalism needs wars, that without them,
recession would always lurk on the horizon.
Today, we know that this is nonsense. The 1990s boom
showed that peace is economically far better than war. The Gulf war of 1991
demonstrated that wars can actually be bad for an economy.
Stiglitz has also said that this decade’s Iraq war has
been very bad for the economy. See this, this andthis.
This is a no-brainer, if you think about it.
We’ve been in Afghanistan for almost twice as
long as World War II. We’ve been in Iraq for years longer than WWII. We’ve been involved in 7 or 8 wars in the last decade. And yet still in a depression.
(And see this).
If wars really helped the economy, don’t you think things would
have improved by now?
Indeed, the Iraq
war alone could end up costing more than World War II. And given the other
wars we’ve
been involved in this decade, I believe that the total price tag for the
so-called “War
on Terror”
will definitely support that of the “Greatest War”.
The New Republic noted in 2009:
Conservative Harvard economist Robert Barro has argued that increased military spending during
WWII actually depressed other parts of the economy.
Also from the right, Robert Higgs has done good work
showing that military spendingwasn’t the primary source of the recovery and that GDP growth
during WWII has been “greatly exaggerated.”
And from the left, Larry Summers and Brad
Delong argued back in 1988 that “five-sixths of the
decline in output relative to the trend that occurred during the Depression had
been made up before 1942.”
Economist James Galbraith has shown that war
always causes inflation, which hurts the average American:
Inflation applies the law of the jungle to war
finance. Prices and profits rise, wages and their purchasing power fall. Thugs,
profiteers and the well connected get rich. Working people and the poor make
out as they can. Savings erode, through the unseen mechanism of the “inflation tax” — meaning that the
government runs a big deficit in nominal terms, but a smaller one when
inflation is factored in.
(Ben Bernanke says that inflation
is a tax, and Dylan Grice notes that inflation causes societies to prosecute
minorities. And – sorry – but we can’t inflate our way out of our
debt trap.)
As I noted last year:
All of the spending on unnecessary wars adds up.
The U.S. is adding trillions to its debt burden to
finance its multiple wars in Iraq, Afghanistan, Yemen, etc.
Two top American economists – Carmen Reinhart and
Kenneth Rogoff – show that the more indebted a country is, with a
government debt/GDP ratio of 0.9, and external debt/GDP of 0.6 being critical
thresholds, the more GDP growth drops materially.
Specifically, Reinhart and Rogoff write:
The relationship between government debt and real GDP
growth is weak for debt/GDP ratios below a threshold of 90 percent of GDP.
Above 90 percent, median growth rates fall by one percent, and average growth
falls considerably more. We find that the threshold for public debt is similar
in advanced and emerging economies…
Indeed, it should be obvious to anyone who looks at
the issue that deficits do matter.
A PhD economist [Michel Chossudovsky] told me:
War always causes recession. Well, if it is
a very short war, then it may stimulate the economy in the short-run. But if
there is not a quick victory and it drags on, then wars always put the nation
waging war into a recession and hurt its economy.
You know about America’s unemployment problem.
You may have even heard that the U.S. may very well have suffered a permanent destruction of jobs.
But did you know that the defense employment sector
is booming?
As I pointed out in August, public sector spending – and mainly defense
spending –
has accounted for virtually all of the new job creation in the past 10 years:
The U.S. has largely been financing job creation for
ten years. Specifically, as the chief economist for BusinessWeek, Michael
Mandel, points out, public spending has accounted for virtually all new job
creation in the past 10 years:
Private sector job growth was almost non-existent
over the past ten years. Take a look at this horrifying chart:
http://www.businessweek.com/the_thread/economicsunbound/archives/longjobs1.gif
Between May 1999 and May 2009, employment in the
private sector sector only rose by 1.1%, by far the lowest 10-year increase in
the post-depression period.
It’s impossible to overstate how bad this is. Basically
speaking, the private sector job machine has almost completely stalled over the
past ten years. Take a look at this chart:
http://www.businessweek.com/the_thread/economicsunbound/archives/longjobs2.gif
Over the past 10 years, the private sector has
generated roughly 1.1 million additional jobs, or about 100K per year. The
public sector created about 2.4 million jobs.
But even that gives the private sector too much
credit. Remember that the private sector includes health care, social
assistance, and education, all areas which receive a lot of government support.
***
Most of the industries which had positive job growth
over the past ten years were in the HealthEdGov sector. In fact, financial job
growth was nearly nonexistent once we take out the health insurers.
Let me finish with a final chart.
http://www.businessweek.com/the_thread/economicsunbound/archives/longjobs4.gif
Without a decade of growing government support from
rising health and education spending and soaring budget deficits, the labor
market would have been flat on its back.
Indeed, Former Secretary of Labor Robert Reich lamented last year
America’s biggest — and only major — jobs program is the U.S. military.
Back to my essay:
Raw Story argues that the U.S. is building a largely
military economy:
The use of the military-industrial complex as a
quick, if dubious, way of jump-starting the economy is nothing new, but what is
amazing is the divergence between the military economy and the civilian
economy, as shown by this New York Times chart.
In the past nine years, non-industrial production in
the US has declined by some 19 percent. It took about four years for
manufacturing to return to levels seen before the 2001 recession — and all those gains were
wiped out in the current recession.
By contrast, military manufacturing is now 123
percent greater than it was in 2000 — it has more than doubled while the rest of the
manufacturing sector has been shrinking…
It’s important to note the trajectory — the military economy is
nearly three times as large, proportionally to the rest of the economy, as it
was at the beginning of the Bush administration. And it is the only
manufacturing sector showing any growth. Extrapolate that trend, and what do
you get?
The change in leadership in Washington does not
appear to be abating that trend…[121]
So most of the job creation has been by the public
sector. But because the job creation has been financed with loans from China
and private banks, trillions in unnecessary interest charges have been incurred
by the U.S.And this shows military versus non-military durable goods shipments:
http://marketoracle.co.uk/images/2010/Jan/us-collapse-18-11.gif
[Click here to view full image.]
So we’re running up our debt (which will eventually
decrease economic growth), but the only jobs we’re creating are military
and other public sector jobs.
PhD economist Dean Baker points out that America’s massive military
spending on unnecessary and unpopular wars lowers economic growth
and increasesunemployment:
Defense spending means that the government is pulling
away resources from the uses determined by the market and instead using them to
buy weapons and supplies and to pay for soldiers and other military personnel.
In standard economic models, defense spending is a direct drain on the economy,
reducing efficiency, slowing growth and costing jobs.
A few years ago, the Center for Economic and Policy
Research commissioned Global Insight, one of the leading economic modeling
firms, to project the impact of a sustained increase in defense spending equal
to 1.0 percentage point of GDP. This was roughly equal to the cost of the Iraq
War.
Global Insight’s model projected that after 20 years the economy
would be about 0.6 percentage points smaller as a result of the additional
defense spending. Slower growth would imply a loss of almost 700,000 jobs
compared to a situation in which defense spending had not been increased.
Construction and manufacturing were especially big job losers in the
projections, losing 210,000 and 90,000 jobs, respectively.
The scenario we asked Global Insight [recognized as
the most consistentlyaccurate forecasting company in the world]
to model turned out to have vastly underestimated the increase in defense
spending associated with current policy. In the most recent quarter, defense
spending was equal to 5.6 percent of GDP. By comparison, before the September
11th attacks, the Congressional Budget Office projected that defense spending
in 2009 would be equal to just 2.4 percent of GDP. Our post-September 11th
build-up was equal to 3.2 percentage points of GDP compared to the pre-attack
baseline. This means that the Global Insight projections of job loss are far
too low…
The projected job loss from this increase in defense
spending would be close to 2 million. In other words, the standard
economic models that project job loss from efforts to stem global warming also
project that the increase in defense spending since 2000 will cost the economy
close to 2 million jobs in the long run.
The Political Economy Research Institute at the
University of Massachusetts, Amherst has also shown that non-military spending creates
more jobs than military spending.
So we’re running up our debt – which will eventually
decrease economic growth – and creating many fewer jobs than if we spent the
money on non-military purposes.
As I wrote last year:
It is ironic that America’s huge military spending
is what made us an empire … but our huge military is what is bankrupting us … thus destroying our
status as an empire.
Even Admiral Mullen seems to agree:
The Pentagon needs to cut back on spending.
“We’re going to have to do
that if it’s
going to survive at all,” Mullen said, “and do it in a way that is predictable.”
Indeed, Mullen said:
For industry and adequate defense funding to survive … the two must work
together. Otherwise, he added, “this wave of debt” will carry over from
year to year, and eventually, the defense budget will be cut just to facilitate
the debt.
Former Secretary of Defense Robert Gates agrees as
well. As David Ignatius wrote in the Washington Post in May:
After a decade of war and financial crisis, America
has run up debts that pose a national security problem, not just an economic
one.
***
One of the strongest voices arguing for fiscal
responsibility as a national security issue has been Defense Secretary Bob
Gates. He gave a landmark
speech in Kansas on May 8, invoking President Dwight Eisenhower’s warnings about the dangers of
an imbalanced military-industrial state.
“Eisenhower was wary of
seeing his beloved republic turn into a muscle-bound, garrison state — militarily strong, but
economically stagnant and strategically insolvent,” Gates said. He warned
that America was in a “parlous fiscal condition” and that the “gusher” of military spending
that followed Sept. 11, 2001, must be capped. “We can’t have a strong military
if we have a weak economy,” Gates told reporters who covered the Kansas speech.
On Thursday the defense secretary reiterated his
pitch that Congress must stop shoveling money at the military, telling Pentagon
reporters: “The
defense budget process should no longer be characterized by ‘business as usual’ within this building — or outside of it.”
While some might want to start another war, America’s top military leaders
and economists say that would be a very bad idea.
Indeed, military strategists have known for 2,500 years that prolonged wars are disastrous.
Note 1: Security experts – conservative hawks and
liberal doves alike – agree that waging war in the Middle
East weakens national security and increases terrorism.
See this, this, this, this, this, this and this.
Terrorism – in turn – terrorism is bad for the economy.
Specifically, a study by Harvard and the National Bureau of
Economic Research (NBER) points out:
From an economic standpoint, terrorism has been
described to have four main effects (see, e.g., US Congress, Joint Economic
Committee, 2002). First, the capital stock (human and physical) of a country is
reduced as a result of terrorist attacks. Second, the terrorist threat induces
higher levels of uncertainty. Third, terrorism promotes increases in
counter-terrorism expenditures, drawing resources from productive sectors for
use in security. Fourth, terrorism is known to affect negatively specific
industries such as tourism.
The Harvard/NBER concludes:
In accordance with the predictions of the model,
higher levels of terrorist risks are associated with lower levels of net
foreign direct investment positions, even after controlling for other types of
country risks. On average, a standard deviation increase in the terrorist risk
is associated with a fall in the net foreign direct investment position of
about 5 percent of GDP.
So the more unnecessary wars American launches and
the more innocent civilians we kill, the less foreign investment in America,
the more destruction to our capital stock, the higher the level of uncertainty,
the more counter-terrorism expenditures and the less expenditures in more
productive sectors, and the greater the hit to tourism and some other
industries.
Terrorism has contributed to a decline in the global
economy (for example, European Commission, 2001).
So military adventurism increases terrorism which
hurts the world economy. And see this.
Note 2: True conservatives are anti-war.’
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Dear Congresswoman
Roybal-Allard:
Thank you once again
for the courtesy extended to me in apprising me of and seeking my input
concerning the post office closings. Yet, as previously set forth in response
to your query, I’m for any and all cuts in service / facilities of the usps in
light of my experience with the usps including the unreliability of same. UPS
is reliable and well managed and to see them takeover the usps would be a
welcome development since the usps is unreliable and poorly managed as set
forth previously, infra. I include previous responses for ease of reference. As previously noted in a prior message to you, I had
previously spoken to FBI Agent Bill Lewis in Washington who was recently
promoted to the FBI Headquarters Office (D.C.) from the FBI office here in LA,
and who was to be out of the office for the two weeks past. I’ll be contacting
him given a reasonable time for him to ‘catch up’, from being out of the
office. While independent contractor richard coan is ultimately the one to bear
the burden of damages (there’s insurance and a surety covering same), coan
might allude to the prior default of the u.s. government (assist. u.s. atty.
robert i. lester miscounted / miscalculated the time for filing an answer /
response to the complaint upon service thereof, also misstating the rule in
open court before corrupt judge matz who ‘schmoozed’ things over (they both
have the same employer), however incorrectly according to the ‘law’. I ordered
/ bought a copy of the transcript of that rather pathetic proceeding (posted in
part on my website). In any event, regardless who pays me, the amounts so paid
would ultimately be recovered from coan, his insurer/surety which amounts might
even exceed the amount I’m willing to settle at. [There is also a judgment
(referenced in the correspondence to FBI ADIC Martinez infra) that had been
entered in my favor in the case, United States District Court Case
#3:93cv02065(AWT)(USDCJ Alvin Thompson), worth approximately now in excess of
$300,000 remains unaccounted for and which would benefit Los Angeles, etc.; and
then, of course as well, the substantial damages. ] I’ve waited far too long
for this matter to resolve, what should have been resolved in accordance with
clear law long ago; and, which would
have been resolved if not for typical u.s. corruption in the process; and,
which is well within the government’s ability to resolve. In my world and way
of thinking, results do count! I’ve included prior correspondence for ease of reference.
Thank You Again.
Sincerely,
Albert L. Peia
Post script: In pertinent part (correspondence to FBI ADIC
Martinez )regarding two sets of disks waylaid by usps once with delivery
confirmation priority mail, and the second priority certified mail: ‘ *The
foregoing and as indicated therein was previously send 9-14-10 but delivery
confirmation was flawed as set forth below and my inquiries to the u.s. postal
service rebuffed (I believe tampered with inasmuch as your office could not
locate same). This cover letter (9-13-10) is on the 3 disks with navigable
hyperlinks to the subject files for ease of reference, including the files in
the RICO action as indicated. (10-15-10) I spoke with Rose, FBI, ADIC
Secretary, who indicates once again that your office has not received the
aforesaid and which can reasonably be presumed to have been tampered with, and
hence, a violation of the federal statute concerning same. (Ultimately
delivered by UPS) ‘
10-13-11
Dear Congresswoman Roybal-Allard:
Thank you once again for
thinking of me. That I like you should be obvious inasmuch as I would ignore
you or would tell you so if I didn’t. I am totally apolitical as a matter of
comity on facebook where while posting my website for exposure was ‘tagged’ by
friends from high school I’ve known for in excess of 45 years; despite the fact
that facebook (the company itself) appears to be politically ‘pro-wobama’.
Youtube of nsa’s google fame censors and I don’t use youtube therefore. Yet,
make no mistake; ultimately, for me, results count, even if they don’t in
Washington and elsewhere throughout the nation, lamentably such as it is. As
previously noted infra in a prior message to you, I had previously spoken to
FBI Agent Bill Lewis in Washington who was recently promoted to the FBI
Headquarters Office (D.C.) from the FBI office here in LA, and who was to be
out of the office for the two weeks past. I’ll be contacting him given a
reasonable time for him to ‘catch up’, from being out of the office. While
independent contractor richard coan is ultimately the one to bear the burden of
damages (there’s insurance and a surety covering same), coan might allude to
the prior default of the u.s. government (assist. u.s. atty. robert i. lester
miscounted / miscalculated the time for filing an answer / response to the
complaint upon service thereof, also misstating the rule in open court before
corrupt judge matz who ‘schmoozed’ things over (they both have the same
employer), however incorrectly according to the ‘law’. I ordered / bought a
copy of the transcript of that rather pathetic proceeding (posted in part on my
website). In any event, regardless who pays me, the amounts so paid would
ultimately be recovered from coan, his insurer/surety which amounts might even
exceed the amount I’m willing to settle at. I’ve waited far too long for this
matter to resolve, what should have been resolved in accordance with clear law
long ago; and, which would have been
resolved if not for typical u.s. corruption in the process; and, which is well
within the government’s ability to resolve. In my world and way of thinking,
results do count! I’ve included prior correspondence for ease of reference.
Sincerely,
Al Peia
9-29-11
Dear Congresswoman Roybal-Allard:
The following is my response to your email as well as previous responses, comments including my prior comment to an LA Times article regarding a Justice Department cover-up! As for your inquiry, all I think about day and night is a long overdue resolution to the RICO litigation as set forth therein and hereinafter:
FROM:
TO:
Thursday, September 29,
2011 11:33 AM
Drudgereport: Obama
Economists Admit: 'Stimulus' Cost $278,000 per Job...
$200K
Per Job? Geithner Says White House Plan Still Bargain … [ Riiiiight! .. In what
alternate reality beyond political desperation mode? ] ...
Quite simply, at those
prices, while somewhat short-term politically expedient, very uneconomic! Don’t
forget: America's debt woe is worse than Greece's Sep 21st, 2011 News (CNN) -
'Our government is utterly broke. There are signs everywhere one looks…The government's
total indebtedness - its fiscal gap - now stands at $211 trillion' 8 More
Reasons Why You Should Be Deeply Concerned That The U.S. Government Has Lost
Its AAA Credit Rating The Economic Collapse '. #8 The U.S. national debt
continues to get worse by the day. Just check out what economics professor
Laurence J. Kotlikoff recently told NPR .."If you add up all the promises
that have been made for spending obligations, including defense expenditures,
and you subtract all the taxes that we expect to collect, the difference is
$211 trillion. That's the fiscal gap" ..' ! ]
Details of Obama’s jobs plan emerge
President is thinking about proposing tax cuts for companies that hire workers,
new spending for roads and construction, and other measures that target the
long-term unemployed, administration officials say. (Washington Post) [ Oh come on! Too little, too late for ‘wobama
the b’ (for b***s***), the eternal campaign(er) … he’s got a ‘good rap’ … that
rapper ‘wobama the b’ (for b***s***).
Really! He’s a total embarrassment out there on the campaign trail; and
just as much an embarrassment for those who turn out to see him … maybe he’s
somewhat of an allure as in a freak show. He’s a total joke! To be finally
talking jobs and things just before the election having broken previous
campaign promises in his failed role as ‘bush failure 3’. Even his pension is
undeserved so much a fraud is he! Black caucus: Tired of making
excuses for Obama [ They are not alone! ] Washington
Examiner | A key member of
the Congressional Black Caucus says they don’t pressure President Obama because
he is loved by black voters. Obama ‘Takes More
Vacations Than Any Human Being I’ve Ever Seen’ Fox News | “Here we
have a country that really is going to hell in a handbasket.” Bus Tour Bust:
Obama’s Approval Plummets Back Into 30s, Says Gallup CNS News |
Obama’s politically charged but taxpayer funded bus tour through the Midwest
turned into a bust yesterday. Disapproval of
Congress Hits All Time High of 84% Paul Joseph Watson | Americans
are more upset with political leadership than ever before.
Drudgereport: BLACK CAUCUS ON OBAMA:
'WE'RE GETTING TIRED' [ Not as tired of wobama’s b***s*** / excuses
as the ‘White Caucus’ and any other Caucus – but, don’t be taken in by their
b***s***; they’ll ‘back the black’ every time, regardless! ] New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Even that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN: 'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
------------
From: Rep. Lucille
Roybal-Allard
To: [email protected]
Sent: Wednesday, September 28, 2011 11:01 AM
Subject: Responding to your message
Dear Mr. Peia:
Thank you for contacting me about the US Postal Service's (USPS) proposals to
reduce costs in the face of ongoing budget deficits. I appreciate hearing your
thoughts on this important issue…’
-----
Thank you very much for your response. This is an
unattended mailbox. To send a reply to Congresswoman Roybal-Allard, please
visit http://roybal-allard.house.gov/Contact/.
-----Original Message-----
From: "albert peia"
Sent: 9/28/2011 10:48:27 PM
To: "CA34HIMA"
Cc:
Subject: Re: Responding to your message
9-28-11
Dear Congresswoman Roybal-Allard:
It is always somewhat reassuring that someone, like yourself in Washington, is
committed to finding solutions to the myriad of problems confronting the
nation; some insurmountable [ America's debt woe is worse than Greece's Sep
21st, 2011 News (CNN) - 'Our government is utterly broke. There are signs
everywhere one looks. The government's total indebtedness - its fiscal gap -
now stands at $211 trillion' 8 More Reasons Why You Should Be Deeply Concerned
That The U.S. Government Has Lost Its AAA Credit Rating The Economic Collapse
'. #8 The U.S. national debt continues to get worse by the day. Just check out
what economics professor Laurence J. Kotlikoff recently told NPR .."If you
add up all the promises that have been made for spending obligations, including
defense expenditures, and you subtract all the taxes that we expect to collect,
the difference is $211 trillion. That's the fiscal gap" ..' ! , Soros: US
Is Already in Double-Dip Recession CNBC.com , the unprosecuted frauds on wall
street . Dave's Daily:'.. The HAL 9000s have been doing business as HFTs (High
Frequency Traders) launching many buy or sell programs using complex algorithms
which can drive prices on indexes higher or lower in dramatic fashion. One of
their great acts is called "quote stuffing". It's another illegal
activity which the SEC hasn't quite figured out. It's as futile for them as the
illegal fee-driven recent end-of-quarter price jam-job..' End of Quarter Price
Mark-Ups; Dave's Daily
http://www.thestreet.com/story/11260606/1/end-of-quarter-price-mark-ups-daves-daily.html
Dave Fry 9-27-11 'All you need do is view the last week of June 2011, the
previous quarter end, and you'll note a similar quarter end jam-job.' ,
Roubini: U.S. in Throes of Economic Contraction Sep 27th, 2011 News (Bloomberg)
, SHILLER: House Prices Probably Won't Hit Bottom For Years Sep 27th, 2011 News
(BusinessInsider) , etc. ] , confronting the nation. Yet it's somewhat
difficult to imagine that pension plans, particularly of the defined benefit
variety as opposed to the more fiscally conservative defined contribution type,
anywhere in america are over-funded in light of overly optimistic 'assumptions'
for returns on said funds (ie., Drudgereport: STUDY: State, local gov'ts must
raise taxes $1,400 a year for 30 years to fund pensions...
Chicago county faces $108 billion gap in pensions....
TREASURY RAIDS PENSIONS...
Treasury to tap pensions to fund government (Washington Post) ].
On September 22, 2011 I spoke with FBI Agent Bill Lewis in Washington who was
recently promoted to the FBI Headquarters Office (D.C.) from the FBI office
here in LA, and with whom I had discussed the matters of which you are aware;
and which matters are well within Washington's ability to easily resolve what
should have been resolved in accordance with clear law quite some time ago. It
is difficult to imagine the u.s. government solving the gargantuan,
nation-destructive problems confronting the nation when through typical
corruption, meaningful lawlessness, lack of will, etc., have chosen not to
solve my matter as related to you in accordance with clear law and which would
clearly be the right thing to do at long last.
Previously I wrote to thank you for thinking of me and for the courtesy
extended. However, in all honesty, with rare exceptions (ie., maybe
'post-cards'?, etc.), I don't use the usps that I've found so unreliable. The
following is my comment to an LA Times article regarding a Justice Department
cover-up and as pertains to the usps! As I've previously related to you, all I
think about day and night is a long overdue resolution to the RICO litigation
as set forth therein:
U.S. Postal Service nearing bankruptcy as email asserts its dominance [Good!
Let UPS take them over . the usps is totally unreliable]
Drudgereport: BROKE: POST OFFICE SYSTEM MAY SHUT DOWN ENTIRELY THIS WINTER...
[Good! Let UPS take them over . the usps is totally unreliable]
Postal Service warns it could default.[ No surprise here .. the usps is totally
unreliable! ] ...
Post Office proposes cutting 120,000 jobs, pulling out of healthcare plan .[
Let UPS take over the usps! ]...
Unions angry over Postal Service cuts They said any move to break labor
contracts to lay off 120,000 would hurt the already ailing movement.
(Washington Post) [ I reiterate my call for the well managed, efficient, and
reliable company, UPS to take over the operation of the poorly managed,
inefficient, and unreliable USPS. Postal Service seekin! g 20 percent staff cut
EXCLUSIVE | In cost-cutting bid, USPS also proposes withdrawing employees from
existing health and retirement plans and creating its own benefit programs.
Congress would need to sign off. (Washington Post) [ I think it's a great idea.
Indeed, 50% would be substantially better. Even better yet, UPS should take
over their entire operation. After all, UPS is well managed and efficient; and
also, very reliable. On the other hand, the USPS is poorly managed,
inefficient, and very unreliable:
October 15, 2010 (*see infra {ultimately delivered by UPS})
----------
*The foregoing and as indicated therein was previously send 9-14-10 but
delivery confirmation was flawed as set forth below and my inquiries to the
u.s. postal service rebuffed (I believe tampered with inasmuch as your office
c! ould not locate same). This cover letter (9-13-10) is on the 3 disks with
navigable hyperlinks to the subject files for ease of reference, including the
files in the RICO action as indicated. (10-15-10) I spoke with Rose, FBI, ADIC
Secretary, who indicates once again that your office has not received the
aforesaid and which can reasonably be presumed to have been tampered with, and
hence, a violation of the federal statute concerning same. (Ultimately
delivered by UPS) ]
The following includes the context relating to the foregoing:
Report: DOJ investigating S&P's mortgage securities ratings Associated
Press The Justice Department is investigating whether the agency improperly
rated dozens of mortgage securities in the years leading up to the financial
crisis. (Washington Post) [ There you go . the retaliation . the long awaited
payback (quid pro quo -th! e no pros- witheld) for long overdue pervasively
corrupt, defacto bankrupt u.s. downgrade. They should be investigating
themselves, the SEC ( SEC destroyed documents, senator says ), among numerous
other fraudulent, illegal schemes, activities. SHARE YOUR OPINION ON THE DEBT
LIMIT
Dear Congresswoman Roybal-Allard:
The following is my comment to an LA Times article regarding a Justice
Department cover-up! As for your inquiry, all I think about day and night is a
long overdue resolution to the RICO litigation as set forth therein:
ATF Chief Melson:Justice Department trying to shield officials (LATimes)
Serrano
I believe him!
I truly empathize with the ATF in terms of government cover-ups, notably by
even the DOJ. You'll recognize some familiar names (ie., Alito, Trump, Freeh
(Louis Freeh now has dual citizenship with Italy), and some familiar crimes
(ie., drug money laundering, etc. - real cash cow for gov't ops, bribes, etc.).
[Did you know this about the following ATF Agents who were probably viewed as
loose ends: Steve Willis, Robert Williams, Todd McKeahan & Conway LeBleu:
Died February 28, 1993 by gunfire at Waco. All four were examined by a
pathologist and died from identical wounds to the left temple. All four had
been body guards for Bill Clinton, three while campaigning for President and
when he was Governor of Arkansas.They also were the ONLY 4 BATF agents killed
at Waco. ]
Here's some! real, complicit cover-up / fraud on the part of the federal
government, et als:
October 15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez, Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3 copies of the within DVD rom autorun disk (which will open
in your computer's browser) as per your office's request as made this day (the
disk and contents have been scanned by Avast, McAfee, and Norton which I've
installed on my computer to prevent viral attacks / infection and are without
threat). I also include 1 copy of the DVD as filed with the subject court as
referenced therein (which files are also included on the aforesaid 3 disks in a
separate folder named '112208opocoan'). The (civil) RICO action (as you're
aware, the RICO Act is a criminal statute which provides a civil remedy, including
treble damages and at! torney fees, as an incentive for private prosecution of
said claims pr obably owing to the fact that the USDOJ seems somewhat
overwhelmed and in need of such assistance given the seriousness and prevalence
of said violations of law which have a corrupting influence on the process, and
which corruption is pervasive). A grievance complaint against Coan was also
filed concurrently with the subject action and held in abeyance pending
resolution of the action which was illegally dismissed without any supporting
law and in contravention of the Order of The Honorable Robert N. Chatigny,
Chief Judge, USDC, District Connecticut. The files below the horizontal rule
are the referenced documents as filed. (Owing to the damage to the financial
interests of both the U.S. and the District of Congresswoman Roybal-Allard,
viz., Los Angeles, the Qui Tam provisions of the Federal False Claims Act
probably would apply and I would absent resolution seek to refer the within to
a firm with expertise in that area of the law with which I am not familiar).
Th! e document in 5 pages under penalty of perjury I was asked to forward to
the FBI office in New Haven is probably the best and most concise summary of
the case RICO Summary to FBI Under Penalty of Perjury at Their Request (5
pages) [ ricosummarytoFBIunderpenaltyofperjury.pdf
http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf ].
The correspondence I received from the Congresswoman by way of email attachment
(apparent but typical problem with my mail) along with my response thereto is
included on the 3 disks as fbicorrespondencereyes.htm . With regard to the
calls to the FBI's LA and New Haven, CT offices: There was one call to the LA
office and I was referred to the Long Beach, CA office where I personally met
with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of the
money laundering which he confirmed as indicative of same (he was transferred
from said office within approximately a month of said meetin! g and his location
was not disclosed to me upon inquiry). The matter w as assigned to FBI Agent
Ron Barndollar and we remained in touch for in excess of a decade until he
abruptly retired (our last conversation prior to his retirement related to the
case and parenthetically, Rudy Giuliani whose father I stated had been an
enforcer for the mob to which he registered disbelief and requested I prove it,
which I did - he served 12 years in prison, aggravated assault/manslaughter? -
and no, there is no Chinese wall of separation - Andrew Maloney's the one that
prosecuted gotti).
In contradistinction to the statement in said correspondence, there is a
plethora of information including evidence supporting the claims set forth in
the RICO VERIFIED COMPLAINT (see infra). Such includes and as set forth in the
case, inter alia,
* A judgment had been entered in my favor in the case, United States District
Court Case #3:93cv02065(AWT)(USDCJ Alvin Thompson), worth approximately now in
excess of $300,000 remains unaccounted ! for and which could be used for
payment to creditors, Los Angeles, etc..
* Counsel Robert Sullivan on my behalf documented by way of certification upon
investigation that Alan Shiff, USBCJ, had falsely stated a dismissal upon which
false statement he predicated a retaliatory and spurious contempt proceeding
against me causing substantial damage, and for which he sought Judicial Notice
of those and related proceedings as did I in some of my filings.
* The Order of Dismissal With Prejudice by Alan Shiff, USBCJ, owing to
Defendant Coan's failure to file anything whatsoever by the court's deadline
causing creditors and me substantial damages: [ Shiff Order of Dismissal With
Prejudice on Coan's Failure to File Page 1 Page 2 ]
* Defendant Coan had filed an action against me to prevent me from suing him
which necessitated me to fly to Connecticut for a hearing before The Honorable
Robert N. Chatigny, Chief Judge, USDC, District o! f Connecticut, who denied
Coan's requested relief as to Coan but precl uded my action against Shiff
(although there is no immunity, judicial or otherwise, for criminal acts, ie.,
fraud connected with a case under Title 11, USC, etc.) . [ transcript in
pertinent part - http://albertpeia/crossexamofcoanbypeia.pdf ]
* Newly appointed judge, Maryanne Trump Barry, Donald Trump's sister, was
assigned the RICO case despite the conflict of interest in light of hundreds of
thousands of dollars of illegal (drug) money being laundered through the Trump
casinos by the RICO defendants, and despite my motion to recuse her which
motion she heard herself and denied, and U.S. Trustee Hugh Leonard with whom I
met personally refused to join or file a separate motion to recuse and not long
thereafter left said office for private practice at Cole, Shotz, et als on retainer
with the RICO defendants as his primary client.
* Probative and evidentiary documents, affidavits, exhibits, including those
turned over to FBI Agent Jeff Hayes in Long Beach, CA, had been given to
Assistant U.S. Attorney Jonathan Lacey with whom I met personally at the U.S.
Attorney's Office in Newark, N.J., at which time Samuel Alito was U.S.
Attorney, and went over said documents and their probative value with him.
Within approximately a month thereafter upon inquiry I was told that Jonathon Lacey
was no longer with the office, that the file/documents could not be located,
and that there was no further information available concerning contacting him
or his location. I thereupon delivered by hand, copies of said documents to the
office of then U.S. Attorney Alito, addressed to him, with assurance they would
go directly to him. In addition to being inept [ I looked in on the one mob
case he had brought, bungled, lost (accidently on purpose?) since I was suing
some mob-connected under RICO and the court (I had known / previously met
outside of court the judge Ackerman through a client) was absolute bedlam and a
total joke since incompetent ! corrupt Alito brought in all 20 mob defendants
(rather than prosecute one or a few to flip them first) who feigning illness
had beds/cots in the courtroom along with their moans during testimony and had
the jury in stitches. As much as I hate the mob, it truly was funny, if not so
tragic.], Alito is also corrupt (and maybe corrupt because he is inept). After
a reasonable (but still rather short) time I called to determine the status and
was told that Alito was no longer with the Office of the U.S. Attorney, that he
was (appointed) a federal judge, and that neither the documents nor any file or
record of same could be located. Alito did parley the same / cover-up into quid
pro quo direct lifetime appointment to the Court of Appeals, 3rd circuit,
despite the absence of judicial experience or successful tenure as U.S.
Attorney (Maryanne Trump Barry as well). This is the same Sam Alito that now
sits on the purported highest court in the land. The real application of the
illegal rule 'don't ask, don't tell'.
There is applicable ins! urance / surety coverage and neither LA, nor
creditors, nor I should continue to have been damaged by this brazened corrupt
and illegal scenario, which should be resolved in accordance with the
meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are unresolved problems with the
line, computer connection may be the reason but I hesitate to chance greater
non-performance / worsening by their 'fix' so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as indicated therein was previously send 9-14-10 but
delivery confirmation was flawed as set forth below and my inquiries to the
u.s. postal service rebuffed (I believe tampered with inasmuch as your office
could not locate same). This cover letter (9-13-10) is on the 3 disks w! ith
navigable hyperlinks to the subject files for ease of reference, including the
files in the RICO action as indicated. (10-15-10) I spoke with Rose, FBI, ADIC
Secretary, who indicates once again that your office has not received the
aforesaid and which can reasonably be presumed to have been tampered with, and
hence, a violation of the federal statute concerning same. (Ultimately
delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite
Holder's vows to target financial fraud WP Obama has promised to hold Wall
Street accountable for the meltdown. America Is a Failed State Because It Won't
Prosecute Financial Crime Washington's Blog / the grim economic reality [ http://albertpeia.com/grimreality.htm
CRIME STATS(u.s.No.1)
RankCountriesAmount
# 1United States :11,877,218
# 2United Kingdom :6,523,706
# 3Germany :6,507,394
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... 'ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder's
vows to target financial fraud WP | Obama has promised to hold Wall Street
accountable for the meltdown.
THE OBAMA DECEPTION' http://albertpeia.com/obamadeceptionhighqualityversion.flv
http://www.albertpeia.com
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Sincerely and Regards,
Al Peia
Thank
you for sending me your email
9-29-11
Dear Congresswoman Roybal-Allard:
The following is my response to your email as well as previous responses, comments including my prior comment to an LA Times article regarding a Justice Department cover-up! As for your inquiry, all I think about day and night is a long overdue resolution to the RICO litigation as set forth therein and hereinafter:
FROM:
TO:
Thursday, September 29,
2011 11:33 AM
Drudgereport: Obama
Economists Admit: 'Stimulus' Cost $278,000 per Job...
$200K
Per Job? Geithner Says White House Plan Still Bargain … [ Riiiiight! .. In what
alternate reality beyond political desperation mode? ] ...
Quite simply, at those
prices, while somewhat short-term politically expedient, very uneconomic! Don’t
forget: America's debt woe is worse than Greece's Sep 21st, 2011 News (CNN) -
'Our government is utterly broke. There are signs everywhere one looks…The
government's total indebtedness - its fiscal gap - now stands at $211 trillion'
8 More Reasons Why You Should Be Deeply Concerned That The U.S. Government Has
Lost Its AAA Credit Rating The Economic Collapse '. #8 The U.S. national debt
continues to get worse by the day. Just check out what economics professor
Laurence J. Kotlikoff recently told NPR .."If you add up all the promises
that have been made for spending obligations, including defense expenditures,
and you subtract all the taxes that we expect to collect, the difference is
$211 trillion. That's the fiscal gap" ..' ! ]
Details of Obama’s jobs plan
emerge President is thinking about proposing tax cuts for companies
that hire workers, new spending for roads and construction, and other measures
that target the long-term unemployed, administration officials say. (Washington
Post) [ Oh come on! Too little, too
late for ‘wobama the b’ (for b***s***), the eternal campaign(er) … he’s got a
‘good rap’ … that rapper ‘wobama the b’ (for b***s***). Really! He’s a total embarrassment out there
on the campaign trail; and just as much an embarrassment for those who turn out
to see him … maybe he’s somewhat of an allure as in a freak show. He’s a total
joke! To be finally talking jobs and things just before the election having
broken previous campaign promises in his failed role as ‘bush failure 3’. Even
his pension is undeserved so much a fraud is he! Black caucus: Tired of making
excuses for Obama [ They are not alone! ] Washington
Examiner | A key member of
the Congressional Black Caucus says they don’t pressure President Obama because
he is loved by black voters. Obama ‘Takes More
Vacations Than Any Human Being I’ve Ever Seen’ Fox News | “Here we
have a country that really is going to hell in a handbasket.” Bus Tour Bust:
Obama’s Approval Plummets Back Into 30s, Says Gallup CNS News |
Obama’s politically charged but taxpayer funded bus tour through the Midwest
turned into a bust yesterday. Disapproval of
Congress Hits All Time High of 84% Paul Joseph Watson | Americans
are more upset with political leadership than ever before.
Drudgereport: BLACK CAUCUS ON OBAMA:
'WE'RE GETTING TIRED' [ Not as tired of wobama’s b***s*** / excuses as
the ‘White Caucus’ and any other Caucus – but, don’t be taken in by their
b***s***; they’ll ‘back the black’ every time, regardless! ] New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Even that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN: 'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
------------
From: Rep. Lucille
Roybal-Allard
To: [email protected]
Sent: Wednesday, September 28, 2011 11:01 AM
Subject: Responding to your message
Dear Mr. Peia:
Thank you for contacting me about the US Postal Service's (USPS) proposals to reduce
costs in the face of ongoing budget deficits. I appreciate hearing your
thoughts on this important issue…’
-----
Thank you very much for your response. This is an
unattended mailbox. To send a reply to Congresswoman Roybal-Allard, please
visit http://roybal-allard.house.gov/Contact/.
-----Original Message-----
From: "albert peia"
Sent: 9/28/2011 10:48:27 PM
To: "CA34HIMA"
Cc:
Subject: Re: Responding to your message
9-28-11
Dear Congresswoman Roybal-Allard:
It is always somewhat reassuring that someone, like yourself in Washington, is
committed to finding solutions to the myriad of problems confronting the
nation; some insurmountable [ America's debt woe is worse than Greece's Sep
21st, 2011 News (CNN) - 'Our government is utterly broke. There are signs
everywhere one looks. The government's total indebtedness - its fiscal gap -
now stands at $211 trillion' 8 More Reasons Why You Should Be Deeply Concerned
That The U.S. Government Has Lost Its AAA Credit Rating The Economic Collapse
'. #8 The U.S. national debt continues to get worse by the day. Just check out
what economics professor Laurence J. Kotlikoff recently told NPR .."If you
add up all the promises that have been made for spending obligations, including
defense expenditures, and you subtract all the taxes that we expect to collect,
the difference is $211 trillion. That's the fiscal gap" ..' ! , Soros: US
Is Already in Double-Dip Recession CNBC.com , the unprosecuted frauds on wall
street . Dave's Daily:'.. The HAL 9000s have been doing business as HFTs (High
Frequency Traders) launching many buy or sell programs using complex algorithms
which can drive prices on indexes higher or lower in dramatic fashion. One of
their great acts is called "quote stuffing". It's another illegal
activity which the SEC hasn't quite figured out. It's as futile for them as the
illegal fee-driven recent end-of-quarter price jam-job..' End of Quarter Price
Mark-Ups; Dave's Daily
http://www.thestreet.com/story/11260606/1/end-of-quarter-price-mark-ups-daves-daily.html
Dave Fry 9-27-11 'All you need do is view the last week of June 2011, the
previous quarter end, and you'll note a similar quarter end jam-job.' ,
Roubini: U.S. in Throes of Economic Contraction Sep 27th, 2011 News (Bloomberg)
, SHILLER: House Prices Probably Won't Hit Bottom For Years Sep 27th, 2011 News
(BusinessInsider) , etc. ] , confronting the nation. Yet it's somewhat
difficult to imagine that pension plans, particularly of the defined benefit
variety as opposed to the more fiscally conservative defined contribution type,
anywhere in america are over-funded in light of overly optimistic 'assumptions'
for returns on said funds (ie., Drudgereport: STUDY: State, local gov'ts must
raise taxes $1,400 a year for 30 years to fund pensions...
Chicago county faces $108 billion gap in pensions....
TREASURY RAIDS PENSIONS...
Treasury to tap pensions to fund government (Washington Post) ].
On September 22, 2011 I spoke with FBI Agent Bill Lewis in Washington who was
recently promoted to the FBI Headquarters Office (D.C.) from the FBI office
here in LA, and with whom I had discussed the matters of which you are aware;
and which matters are well within Washington's ability to easily resolve what
should have been resolved in accordance with clear law quite some time ago. It
is difficult to imagine the u.s. government solving the gargantuan,
nation-destructive problems confronting the nation when through typical
corruption, meaningful lawlessness, lack of will, etc., have chosen not to
solve my matter as related to you in accordance with clear law and which would
clearly be the right thing to do at long last.
Previously I wrote to thank you for thinking of me and for the courtesy
extended. However, in all honesty, with rare exceptions (ie., maybe
'post-cards'?, etc.), I don't use the usps that I've found so unreliable. The
following is my comment to an LA Times article regarding a Justice Department
cover-up and as pertains to the usps! As I've previously related to you, all I
think about day and night is a long overdue resolution to the RICO litigation
as set forth therein:
U.S. Postal Service nearing bankruptcy as email asserts its dominance [Good!
Let UPS take them over . the usps is totally unreliable]
Drudgereport: BROKE: POST OFFICE SYSTEM MAY SHUT DOWN ENTIRELY THIS WINTER...
[Good! Let UPS take them over . the usps is totally unreliable]
Postal Service warns it could default.[ No surprise here .. the usps is totally
unreliable! ] ...
Post Office proposes cutting 120,000 jobs, pulling out of healthcare plan .[
Let UPS take over the usps! ]...
Unions angry over Postal Service cuts They said any move to break labor
contracts to lay off 120,000 would hurt the already ailing movement.
(Washington Post) [ I reiterate my call for the well managed, efficient, and
reliable company, UPS to take over the operation of the poorly managed,
inefficient, and unreliable USPS. Postal Service seekin! g 20 percent staff cut
EXCLUSIVE | In cost-cutting bid, USPS also proposes withdrawing employees from
existing health and retirement plans and creating its own benefit programs.
Congress would need to sign off. (Washington Post) [ I think it's a great idea.
Indeed, 50% would be substantially better. Even better yet, UPS should take
over their entire operation. After all, UPS is well managed and efficient; and
also, very reliable. On the other hand, the USPS is poorly managed,
inefficient, and very unreliable:
October 15, 2010 (*see infra {ultimately delivered by UPS})
----------
*The foregoing and as indicated therein was previously send 9-14-10 but
delivery confirmation was flawed as set forth below and my inquiries to the
u.s. postal service rebuffed (I believe tampered with inasmuch as your office
c! ould not locate same). This cover letter (9-13-10) is on the 3 disks w ith
navigable hyperlinks to the subject files for ease of reference, including the
files in the RICO action as indicated. (10-15-10) I spoke with Rose, FBI, ADIC
Secretary, who indicates once again that your office has not received the
aforesaid and which can reasonably be presumed to have been tampered with, and
hence, a violation of the federal statute concerning same. (Ultimately
delivered by UPS) ]
The following includes the context relating to the foregoing:
Report: DOJ investigating S&P's mortgage securities ratings Associated
Press The Justice Department is investigating whether the agency improperly
rated dozens of mortgage securities in the years leading up to the financial
crisis. (Washington Post) [ There you go . the retaliation . the long awaited
payback (quid pro quo -th! e no pros- witheld) for long overdue pervasively
corrupt, defacto bankrupt u.s. downgrade. They should be investigating
themselves, the SEC ( SEC destroyed documents, senator says ), among numerous
other fraudulent, illegal schemes, activities. SHARE YOUR OPINION ON THE DEBT
LIMIT
Dear Congresswoman Roybal-Allard:
The following is my comment to an LA Times article regarding a Justice
Department cover-up! As for your inquiry, all I think about day and night is a
long overdue resolution to the RICO litigation as set forth therein:
ATF Chief Melson:Justice Department trying to shield officials (LATimes)
Serrano
I believe him!
I truly empathize with the ATF in terms of government cover-ups, notably by
even the DOJ. You'll recognize some familiar names (ie., Alito, Trump, Freeh
(Louis Freeh now has dual citizenship with Italy), and some familiar crimes
(ie., drug money laundering, etc. - real cash cow for gov't ops, bribes, etc.).
[Did you know this about the following ATF Agents who were probably viewed as
loose ends: Steve Willis, Robert Williams, Todd McKeahan & Conway LeBleu:
Died February 28, 1993 by gunfire at Waco. All four were examined by a
pathologist and died from identical wounds to the left temple. All four had
been body guards for Bill Clinton, three while campaigning for President and
when he was Governor of Arkansas.They also were the ONLY 4 BATF agents killed
at Waco. ]
Here's some! real, complicit cover-up / fraud on the part of the federal
government, et als:
October 15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez, Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3 copies of the within DVD rom autorun disk (which will open
in your computer's browser) as per your office's request as made this day (the
disk and contents have been scanned by Avast, McAfee, and Norton which I've
installed on my computer to prevent viral attacks / infection and are without
threat). I also include 1 copy of the DVD as filed with the subject court as
referenced therein (which files are also included on the aforesaid 3 disks in a
separate folder named '112208opocoan'). The (civil) RICO action (as you're
aware, the RICO Act is a criminal statute which provides a civil remedy,
including treble damages and at! torney fees, as an incentive for private
prosecution of said claims pr obably owing to the fact that the USDOJ seems
somewhat overwhelmed and in need of such assistance given the seriousness and
prevalence of said violations of law which have a corrupting influence on the
process, and which corruption is pervasive). A grievance complaint against Coan
was also filed concurrently with the subject action and held in abeyance
pending resolution of the action which was illegally dismissed without any
supporting law and in contravention of the Order of The Honorable Robert N.
Chatigny, Chief Judge, USDC, District Connecticut. The files below the horizontal
rule are the referenced documents as filed. (Owing to the damage to the
financial interests of both the U.S. and the District of Congresswoman
Roybal-Allard, viz., Los Angeles, the Qui Tam provisions of the Federal False
Claims Act probably would apply and I would absent resolution seek to refer the
within to a firm with expertise in that area of the law with which I am not
familiar).
Th! e document in 5 pages under penalty of perjury I was asked to forward to
the FBI office in New Haven is probably the best and most concise summary of
the case RICO Summary to FBI Under Penalty of Perjury at Their Request (5
pages) [ ricosummarytoFBIunderpenaltyofperjury.pdf
http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf ].
The correspondence I received from the Congresswoman by way of email attachment
(apparent but typical problem with my mail) along with my response thereto is
included on the 3 disks as fbicorrespondencereyes.htm . With regard to the
calls to the FBI's LA and New Haven, CT offices: There was one call to the LA
office and I was referred to the Long Beach, CA office where I personally met
with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of the
money laundering which he confirmed as indicative of same (he was transferred
from said office within approximately a month of said meetin! g and his
location was not disclosed to me upon inquiry). The matter w as assigned to FBI
Agent Ron Barndollar and we remained in touch for in excess of a decade until
he abruptly retired (our last conversation prior to his retirement related to
the case and parenthetically, Rudy Giuliani whose father I stated had been an
enforcer for the mob to which he registered disbelief and requested I prove it,
which I did - he served 12 years in prison, aggravated assault/manslaughter? -
and no, there is no Chinese wall of separation - Andrew Maloney's the one that
prosecuted gotti).
In contradistinction to the statement in said correspondence, there is a
plethora of information including evidence supporting the claims set forth in
the RICO VERIFIED COMPLAINT (see infra). Such includes and as set forth in the
case, inter alia,
* A judgment had been entered in my favor in the case, United States District
Court Case #3:93cv02065(AWT)(USDCJ Alvin Thompson), worth approximately now in
excess of $300,000 remains unaccounted ! for and which could be used for
payment to creditors, Los Angeles, etc..
* Counsel Robert Sullivan on my behalf documented by way of certification upon
investigation that Alan Shiff, USBCJ, had falsely stated a dismissal upon which
false statement he predicated a retaliatory and spurious contempt proceeding
against me causing substantial damage, and for which he sought Judicial Notice
of those and related proceedings as did I in some of my filings.
* The Order of Dismissal With Prejudice by Alan Shiff, USBCJ, owing to
Defendant Coan's failure to file anything whatsoever by the court's deadline
causing creditors and me substantial damages: [ Shiff Order of Dismissal With
Prejudice on Coan's Failure to File Page 1 Page 2 ]
* Defendant Coan had filed an action against me to prevent me from suing him
which necessitated me to fly to Connecticut for a hearing before The Honorable
Robert N. Chatigny, Chief Judge, USDC, District o! f Connecticut, who denied
Coan's requested relief as to Coan but precl uded my action against Shiff
(although there is no immunity, judicial or otherwise, for criminal acts, ie.,
fraud connected with a case under Title 11, USC, etc.) . [ transcript in
pertinent part - http://albertpeia/crossexamofcoanbypeia.pdf ]
* Newly appointed judge, Maryanne Trump Barry, Donald Trump's sister, was
assigned the RICO case despite the conflict of interest in light of hundreds of
thousands of dollars of illegal (drug) money being laundered through the Trump
casinos by the RICO defendants, and despite my motion to recuse her which
motion she heard herself and denied, and U.S. Trustee Hugh Leonard with whom I
met personally refused to join or file a separate motion to recuse and not long
thereafter left said office for private practice at Cole, Shotz, et als on
retainer with the RICO defendants as his primary client.
* Probative and evidentiary documents, affidavits, exhibits, including those
turned over to FBI Agent Jeff Hayes in Long B! each, CA, had been given to
Assistant U.S. Attorney Jonathan Lacey with whom I met personally at the U.S.
Attorney's Office in Newark, N.J., at which time Samuel Alito was U.S.
Attorney, and went over said documents and their probative value with him.
Within approximately a month thereafter upon inquiry I was told that Jonathon
Lacey was no longer with the office, that the file/documents could not be
located, and that there was no further information available concerning
contacting him or his location. I thereupon delivered by hand, copies of said
documents to the office of then U.S. Attorney Alito, addressed to him, with
assurance they would go directly to him. In addition to being inept [ I looked
in on the one mob case he had brought, bungled, lost (accidently on purpose?)
since I was suing some mob-connected under RICO and the court (I had known /
previously met outside of court the judge Ackerman through a client) was
absolute bedlam and a total joke since incompetent ! corrupt Alito brought in all
20 mob defendants (rather than prosecute one or a few to flip them first) who
feigning illness had beds/cots in the courtroom along with their moans during
testimony and had the jury in stitches. As much as I hate the mob, it truly was
funny, if not so tragic.], Alito is also corrupt (and maybe corrupt because he
is inept). After a reasonable (but still rather short) time I called to
determine the status and was told that Alito was no longer with the Office of
the U.S. Attorney, that he was (appointed) a federal judge, and that neither
the documents nor any file or record of same could be located. Alito did parley
the same / cover-up into quid pro quo direct lifetime appointment to the Court
of Appeals, 3rd circuit, despite the absence of judicial experience or
successful tenure as U.S. Attorney (Maryanne Trump Barry as well). This is the
same Sam Alito that now sits on the purported highest court in the land. The
real application of the illegal rule 'don't ask, don't tell'.
There is applicable ins! urance / surety coverage and neither LA, nor
creditors, nor I should continue to have been damaged by this brazened corrupt
and illegal scenario, which should be resolved in accordance with the
meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are unresolved problems with the
line, computer connection may be the reason but I hesitate to chance greater
non-performance / worsening by their 'fix' so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as indicated therein was previously send 9-14-10 but
delivery confirmation was flawed as set forth below and my inquiries to the u.s.
postal service rebuffed (I believe tampered with inasmuch as your office could
not locate same). This cover letter (9-13-10) is on the 3 disks w! ith
navigable hyperlinks to the subject files for ease of reference, i ncluding the
files in the RICO action as indicated. (10-15-10) I spoke with Rose, FBI, ADIC
Secretary, who indicates once again that your office has not received the
aforesaid and which can reasonably be presumed to have been tampered with, and
hence, a violation of the federal statute concerning same. (Ultimately
delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall
Street lag despite Holder's vows to target financial fraud WP Obama has
promised to hold Wall Street accountable for the meltdown. America Is a Failed
State Because It Won't Prosecute Financial Crime Washington's Blog / the grim
economic reality [ http://albertpeia.com/grimreality.htm
CRIME STATS(u.s.No.1)
RankCountriesAmount
# 1United States :11,877,218
# 2United Kingdom :6,523,706
# 3Germany :6,507,394
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... 'ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder's
vows to target financial fraud WP | Obama has promised to hold Wall Street
accountable for the meltdown.
THE OBAMA DECEPTION' http://albertpeia.com/obamadeceptionhighqualityversion.flv
http://www.albertpeia.com
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Sincerely and Regards,
Al Peia
Thank you for sending me your email.
9-28-11
Previously I wrote to
thank you for thinking of me and for the courtesy extended. However, in all
honesty, with rare exceptions (ie., maybe ‘post-cards’?, etc.), I don’t use the
usps that I’ve found so unreliable. The following is my comment to an LA Times
article regarding a Justice Department cover-up and as pertains to the usps! As
I’ve previously related to you, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
The following includes
the context relating to the foregoing:
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real,
complicit cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s
browser) as per your office’s request as made this day (the disk and contents
have been scanned by Avast, McAfee, and Norton which I’ve installed on my
computer to prevent viral attacks / infection and are without threat). I also
include 1 copy of the DVD as filed with the subject court as referenced therein
(which files are also included on the aforesaid 3 disks in a separate folder
named ‘112208opocoan’). The (civil) RICO action (as you’re aware, the RICO Act
is a criminal statute which provides a civil remedy, including treble damages
and attorney fees, as an incentive for private prosecution of said claims
probably owing to the fact that the USDOJ seems somewhat overwhelmed and in
need of such assistance given the seriousness and prevalence of said violations
of law which have a corrupting influence on the process, and which corruption
is pervasive). A grievance complaint against Coan was also filed concurrently
with the subject action and held in abeyance pending resolution of the action
which was illegally dismissed without any supporting law and in contravention
of the Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District Connecticut.
The files below the horizontal rule are the referenced documents as filed.
(Owing to the damage to the financial interests of both the U.S. and the
District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to the
LA office and I was referred to the Long Beach, CA office where I personally
met with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of
the money laundering which he confirmed as indicative of same (he was
transferred from said office within approximately a month of said meeting and
his location was not disclosed to me upon inquiry). The matter was assigned to
FBI Agent Ron Barndollar and we remained in touch for in excess of a decade
until he abruptly retired (our last conversation prior to his retirement
related to the case and parenthetically, Rudy Giuliani whose father I stated
had been an enforcer for the mob to which he registered disbelief and requested
I prove it, which I did – he served 12 years in prison, aggravated
assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew
Maloney’s the one that prosecuted gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell
phone best for contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of the
federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Sincerely
and Regards,
Al
Peia
Thank you for sending me your email.(10-21-11)
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
The
term UN Resolutions 242 and 338 refers to two resolutions approved by the UN Security
Council. Resolution 242 was approved after the 1967 war (11/67) while
Resolution 338 was approved during the 1973 war (10/73).
UN
Resolutions 242 and 338 call for the peaceful resolution of the Arab-Israeli
conflict through territorial compromise. The acceptance of the Resolutions by
Arab elements indicates their recognition of Israel.
The
political process between Israel and the Arabs - including the 1978 Camp
David Accords between Israel and Egypt (9/78), the Israel-Egypt Peace
Treaty (3/79), the Madrid Conference (10/91), the Peace Treaty between Israel
and Jordan (10/94), and the structure of the Israeli-Palestinian peace process
since 9/93 - is founded on these Resolutions.
The
main articles of UN Security Council Resolution 242 (11/67) call for:
Resolution
338 (10/73) reiterates the importance of Resolution 242, and calls upon the
sides to begin negotiations with the aim of achieving a just and durable peace.
The
interpretation of the resolutions is the object of political and legal
controversy primarily regarding two points:
Extent of Israeli withdrawal - The first article of Resolution 242 is an object of controversy
because of differences in wording between the English and the French versions
of the text. The English version talks about Israeli withdrawal "from
territories...", while the French version talks about Israeli withdrawal
"from the territories" (des territories...). Thus, the
addition of the word "the" in the French version implies that Israel
is required to withdraw from all the occupied territories.
Solution to the refugee problem - UN Resolution 242 talks about a "just
settlement" to the refugee problem without addressing the specific
solution that appears in UN General Assembly resolution 194. Arab countries, as
well as others, interpret Resolution 194 as the basis for the "right of
return" of Palestinian refugees1. Hence, they argue that Resolution 194 is the
interpretation of a "just settlement" that appears in Resolution 242.
However, because Resolution 242 does not specifically mention 194, Israel does
not interpret it as harboring the "right of return" and therefore
sees it as a possible basis for the solution to the refugee problem. ‘
Some more history:
‘The
Balfour Declaration of 1917 http://en.wikipedia.org/wiki/Balfour_Declaration_of_1917#cite_note-1
(dated 2 November 1917) was a letter from the British Foreign Secretary Arthur James Balfour to Baron Rothschild (Walter
Rothschild, 2nd Baron Rothschild), a leader of the British Jewish community,
for transmission to the Zionist Federation of
Great Britain and Ireland.
His Majesty's
government view with favour the establishment in Palestine of a national home
for the Jewish people, and will use their best endeavours to facilitate the
achievement of this object, it being clearly understood that nothing shall be
done which may prejudice the civil and religious rights of existing non-Jewish
communities in Palestine, or the rights and political status enjoyed by Jews in
any other country."[1]
The
statement was issued through the efforts of Chaim
Weizmann and Nahum Sokolow, the principal Zionist leaders based in
London; as they
had asked for the reconstitution of Palestine as “the” Jewish national
home, the declaration fell short of Zionist expectations.[2]’
[Yeah…those ‘zionist expectations’ can really be a bi**ch /
deal-breakers when searching for peaceful resolutions! ]
As a former Doctor of
Psychiatry, I’m sure Mr. Krauthammer might appreciate the last portion of this
comment, infra: Abbas
announces U.N. member bid Move appears to seal fate of U.S. efforts to
broker a deal to resume Israeli-Palestinian talks. (Washington Post) [ U.S.
(israeli) efforts? Resume infinite talks? Is this some parallel universe
they’re operating in? Let’s apply the Einstein definition to such a
preposterous position promulgated by the u.s. / israelis: ‘Insanity is doing the same thing over and over again and
expecting different results.’ Time for action regarding this long overdue
independent statehood which should be ‘fate accomplis’! U.N.
showdown could test U.S. role in Mideast One week before a United Nations
vote over Palestinian statehood, the Obama administration is confronting the
stark new limits of its influence. (Washington Post) [ What role? As israel’s mouthpiece? War, war,
and more war? Death, destruction, and self-defeat including defacto bankruptcy
for the u.s.? Fomenting anti-american sentiment? What role? The role the
israeli lobby says is appropriate for america? How foolish america has been! Anxieties
mount over Palestinian statehood bid (WP) [ And anxieties mount over no
statehood bid! What gives here! Only ‘yesterday’ (not long ago), hillary
clinton was talking about the need for and appropriateness of same. Has the
israeli lobby, so costly and detrimental to american interests here and abroad,
given her and hers a ‘talking to’? . U.S.
vetoes Security Council resolution denouncing Israeli settlements (WP) [ Drudgereport: Hillary Clinton: Israeli Settlements
'Illegitimate'… [We know that hill … We’ve known that for quite some time along
with their illegal nukes, war crimes, etc…The whole world knows that so don’t
just talk about it,DO SOMETHING!]..pervasively corrupt, defacto america’s self-defeating,self-destructive
way U.S.
vetoes Security Council resolution denouncing Israeli settlements Sounds
like a plan!..for self-destruction! ] Israel's
fear (WP)[Wake up! Illegal nuke totin’, war crimes nation israel’s fears-p
l e a s e, spare me the pro-israeli b*** s*** ! What israel fears is a
projection of their own ill-founded motives/actions for which all norms, rules,
laws governing civilized behavior are suspended for expedience at the least,
and blood-thirst that some posit as a remnant of their historic role as
Christ-killers(with roman ‘juice’).
Isn’t it time, in these desperate times for america, to put u.s., not
israel’s interests, first.Who cares what israel fears!In 1948, U.S.
Secretary of Defense James Forrestal, an opponent of the creation of a Jewish
state in Palestine, warned that, even though failure to go along with the
Zionists might cost President Truman the states of New York, Pennsylvania, and
California, it was about time that somebody should pay some consideration to
whether we might not lose the United States!… Israel wary of transition in Egypt, concerned
about regional stability (Washington Post) [ Who cares what the
paranoid, war criminal, illegal nuke totin’, war criminal israelis are wary of.
This country has gone down the tubes cow-towing to the paranoid,
self-interested concerns of the psycho / sociopathic zionist israelis who are
forever projecting their own pathological motives to every turn of history
while ignoring their own culpability in producing the very outcomes they
purportedly seek to avoid. War, conflict, greed, bloodshed is the historically
based israeli way. ] A
resurgent Syria alarms u.s., israel (Washington Post) [ Tell me! What doesn’t alarm these two
paranoid, zionist neo-nazi regimes of oppression, suppression, aggression, and
regression. If they were individuals, they’d undoubtedly be diagnosed as
psychopaths, sociopaths totally ignorant of the rights of others, laws,
civilized behavior as israel pads her illegal nuke arsenals with american
supplied weaponry / support while expecting all other nations to ‘role over and
die’. Bipolar / manic / depressive, the ups and downs are increasingly
difficult for even americans to follow. Obsessive / compulsive thy names are
zionist israel / america. Projection / displacement regarding their own illegal
acts, war crimes, etc.; what they distinguished from what they do …
dissociative identity disorder, (dissociative) psychogenic fugue? Yes … the
u.s. and israel are the world’s lunatics, sorely in need of therapy! ] Syria's fresh interference in Lebanon and
its increasingly sophisticated weapons shipments to Hezbollah have alarm
officials and prompt Israel's military to consider striking a Syrian weapons
depot.
Editorial:
Russia and China’s cowardly vetoes (Washington Post) [ How sad … for the
editorial board of this newspaper … While there may have been a time when such
an observation might have been appropriate, that certainly isn’t so today; nor
has it been otherwise so for quite some time. After all, what nation is
invading other nations; killing, pillaging, and plundering for the sake of
alignment with a regime for which propaganda has displaced even basic historic
truths in covering their trail of warring destruction; ie., the coup d’etat /
JFK assassination leaving the military industrial complex to their own
(self-perpetuating) devices (more conflict / war for bigger budgets / corporate
welfare) as warned against by the great though substantially underrated
President General Eisenhower. I also must say that there’s been a curious
‘coincidence’ to ‘censor’ of my comments relating the militance of israel and
that american faction so detrimental to this nation and the world to the point
that complaints about same have been futile and no longer made by me. With the
longevity of newspapers already (and quite recently) predictably diminished
(obsolescence, agendas, censor, etc.), one would have ‘expected something more’
in terms of the right thing, the honorable thing to do on the way out. Russia,
China block Syria resolution They cast a rare double veto on the U.N.
Security Council to block a draft resolution condemning Syria for its
crackdown. (Washington Post) [ Yes; and even rarer was the rationality that
went into such a double veto vote. After all, you don’t see the oppressive,
repressive ‘nation state’ (? … family owned? … what’s up with that?) Saudi
Arabia treated like Syria. Drugereport: Clashes in Saudi Arabia leave
14 wounded...
Police open fire on
civilians... [But this is ok because saudi arabia’s a doormat for
israeli/u.s. interests]
[Yeah…those ‘zionist expectations’ can really be a bi**ch /
deal-breakers when searching for peaceful resolutions! ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target financial fraud WP Obama has promised to hold Wall
Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target financial fraud WP | Obama has promised to hold
Wall Street accountable for the meltdown.
Google search: About 94,700 results (0.20 seconds) (from page 1 of many
regarding bush nazis)
Rubin:
How about OWS’s anti-Semitism? (Washington Post) [ When I first saw this
headline I thought, zionist robert rubin’s retort; then expected a reference to
failed secretary of treasury as he was, Hank Paulsen, a ‘Christian Scientist’.
From the consequences of his disastrous reign and bailouts of the perpetrators
of history’s largest frauds by far (bush’s base, ie., that 1%, etc.), to the
detriment of the 99%, the rest of this nation, and the world; with no
prosecutions, adding insult (to intelligence, etc.) to irrevocable injury, one
might have though paulsen to have literally been a scientist of Christianity
wherein he studied the effects of imposing (not vows of but real) poverty upon
the Christian populace. While numbers can manipulated, and there are those
stereotypes of greed, unscrupulous money hunger, ‘shylocks’, etc., ( I invite
attention to the very worthy, well produced, documented video ‘Esoteric Agenda’ http://www.albertpeia.com/esotericagenda.flv which discusses the rothchild banking cabal
), it’s really difficult to dismiss entirely the hugely disproportionate
representation among the frauds on wall street {many unprosecuted courtesy of
‘goldman sachs’, etc., clout). Then again, one can’t really say ‘anti-semitic’
because the reference does not pertain to Arabs who are also Semites. It’s
analogous to my own dilemma regarding the disportionate deleterious effect of
corrupt jewish federal judges (ie., shiff, matz, etc.), trustees (panel, ie.,
coan), etc., relative to that of the corrupt Christian judges (ie., trump, hall,
etc.), and trustee (ie., martini, leonard, etc.), and of the original RICO
defendants (italian dogs, etc.) who payed their bribes through, ie., trump
casinos, etc., and even directly, ie., private ‘retention’ of hugh leonard,
u.s. trustee, and of all things, with (cia favored) illegal drug money at that.
} So, while not totally logical, one might say in broader strokes given limited
resources, not irrational either. After all, in my own experience, jews have
favored jews over non-jews as myself, despite being contrary to facts and law.
But, as well, Italian dogs as, ie., alito, etc. (and, God knows I loved and
respected my Grandmother who was 100% Italian, and Grandfather, Como, Italy but
of ancestral Greek origins) (yet I consider those seaside heights greeks dogs
too!) , seem to have favored italian mobsters over me (I hate the mob!), which
quid pro quo seems to have worked out well for alito and german trump. http://www.albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf and
http://albertpeia.com/fbimartinezcongallard.htm ]
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Lewis:
What would MLK say to Obama? (Washington Post) [ He’d say not color of skin, but that ‘content
of character thing’ should at least start at the DOJ under fellow black Holder.
I mean, who would take them seriously if it didn’t! UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. White
House turns attention to blacks Focus comes amid a growing concern that
economic conditions might hamper black voter turnout. (Washington Post) [ As if
we couldn’t see that coming. Yet, the ‘make-work, make-shift’ jobs already
extant in the federal, state, local ‘public service’ sectors along with the
otherwise unemployable at, ie., the u.s. postal service, etc., are uneconomic
and overly costly (Drudgereport: Obama Economists Admit:
'Stimulus' Cost $278,000 per Job... ) at best and downright wasteful at worst, the latter
being the most prevalent scenario. Moreover, despite the rhetoric, blacks will
always ‘back the black’. No criteria. No analysis. ‘Back the black’ their
despoiling cry. I think wobama and holder are probably more concerned with
making sure the ‘black panthers’ are in full force at the polls to intimidate
white voters, which racism they’ve given ‘carte blanche’, protection from
prosecution … UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. With wobama et als, the jive-talking b***s***
never ends! Robinson:
King’s dream remains unrealized (Washington Post) [ Yeah! That ‘content of their character’
thing’s a b***ch to live up to … just don’t measure up! What’s a white person
to do, especially when black atty. General Holder with Obama’s tacit approval
is racist himself (themselves) UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. Drudgereport:
'Mob' beatings at WI state fair...
'Hundreds of young black
people beating white people'... [ Typical… ]
Fairgoers 'pulled out of cars'...
'They were just going after
white people'...
Heightened security...
Islamists kill dozens in Nigeria Christmas bombs [ Blacks’
black Christmas! Typical! ]
For ‘self-defeating /
self-destructive’ ‘political correctness’ or otherwise, I believe the
under-profiled black serial killer is also the consequence of their proclivity
for and love of killing, random, for no reason other than for the sake of
killing (which distinguishes them from
and positions them below other feral beasts) and otherwise, and an historic
predisposition toward canabalism. After all, the contra-indicated mainstream
view (tv and otherwise) calls for a white perp in terms of ‘profile’ which is
of course, ridiculous.
I believe the
under-reporting is owing to multiple killings by blacks being classified as
something other than ‘serial’; ie., gang, gang related, etc.. Moreover, the
anti-white bias of the black perps is also a reality that’s under-reported.
Take a look at the following brutally uncivilized black on white violent
rapes/murders:
http://www.albertpeia.com/whitesvictimizedbyblacks.htm
The following’s a partial list of under-reported / under-profiled
black serial killers:
Black Serial/Mass/Spree Killer List:
1. Matthew
Emanuel Macon (Murdered and Raped 5 White Women in Lansing)
2. Jimmie
Reed (Murdered his wife and his 2 month old daughter and set them on fire)
3. Shelly
Brooks (Murdered 7 prostitutes in Detroit Cass Corridor)
4. Justin Blackshere
(Stabbed two white cooks at Cheli’s Chili downtown Detroit)
5. Jervon
Miguel Coleman (Murdered three people.)
6. Donell
Ramon Johnson (Murdered a mother and a daughter)
7. Brian
Ranard Davis (6 women known murdered by nigger)
8. Paul Durousseau
(Seven women)
9. Mark Goudeau “The Baseline Killer” (Eight women and a man
in 2005-2006)
10. Coral Eugene Watts
(11 women in Texas & 1 in Michigan)
11. Anthony
McKnight (Five girls and young women)
12. Derrick Todd Lee
(8 Women)
13. Charles
Lendelle Carter (4 known murders; admits to ‘hunting’ Atlantans for 15 years!)
14. The Zebra Killings
(71 White people)
15. Chester Turner
(L.A.s most prolific killer 12 women killed.)
16. Lorenzo
J. Gilyard (Kansas City, MO.—13 victims)
17. Eugene
Victor Britt (Gary, IN.–3 known murder/rapes.)
18. Reginald and
Jonathan Carr (The Wichita Massacre–6 Whites murdered)
19. Ray Joseph
Dandridge and his uncle, Ricky Gevon Gray (Richmond, VA.–Murdered 7 people in 7
days, including an entire White family.)
20. The
Tinley Park Murderer (Suspect hasn’t been found but has been described as black – murdered 5 women in a
store.)
21. Henry Louis
Wallace (Raped and strangled 5 women to death.)
22. Charles
Johnston (Murdered 3 unarmed white men in hospital)
23. Craig Price
(Brutally murdered 3 women)
24. Harrison
Graham (Brually Murdered 3 women)
25. Charles
Lee “Cookie” Thornton (Murdered 6 Whites at
the Kirkwood, MO. city council. )
26. & 27. Darnell
Hartsfeld & Romeo Pinkerton (Abducted and Murdered 5 from a restaurant)
28 &29. John Allen Muhammad & Lee Boyd Malvo (Sniped 11 people from a
car in DC, 9 died.)
30. George Russell (3 women, WA state)
31. Timothy W. Spencer (5 killed, Arlington, VA and Richmond, VA)
32. Elton M. Jackson (12 gay men killed, Norfolk, VA area)
33. Carlton Gary (3 killed in Columbus, GA)
34. Mohammed Adam Omar (16 women, Yemen. Omar is Sudanese.)
35. Kendall Francois (8 women, Poughkeepsie, NY and surrounding areas.)
36. Terry A. Blair (8 women, Kansas City area)
37. Wayne Williams (33 many of them children!, Atlanta, GA)
38. Vaughn Greenwood (11 killed in LA)
39. Andre Crawford (10 killed in Chicago – southside)
40. Calvin Jackson (9 killed possibley more in NY)
41. Gregory Klepper (killed 8, Chicago – southside)
42. Alton Coleman (Killed 8 in the Midwest)
43. Harrison Graham (killed 7+ in N. Philadelphia)
44. Cleophus Prince (6 killed in, San Diego
45. Robert Rozier (7 killed in, Miami)
46. Maurice Byrd (killed 20 + in St. Louis)
47. Maury Travis (17 and rising, St. Louis and possibly also Atlanta)
48. Hulon Mitchell, a.k.a. Yahweh Ben Yahweh (killed 20+ in Florida)
49. Lorenzo Fayne (killed 5 children in East St. Louis, IL)
50. Paul Durousseau, (killed 6, two of which were pregnant women, Jacksonville,
FL; Georgia.)
51. Eddie Lee Mosley (killed 25 to 30 women, south Florida)
52. Henry Lee Jones (killed 4 in, south Florida; Bartlett, TN)
53. Richard “Babyface” Jameswhite (15 killed
in, New York; Georgia.)
54. Donald E. Younge, Jr. (killed 4), East St. Louis, IL; Salt Lake City, UT.
55. Ivan Hill
(killed 6 in Los Angeles area).
56. Michael Vernon (Bronx, NY. Killed at least seven people – )
57. Chester Dewayne Turner (12 women killed in, Los Angeles)
Of
Course There Are Black Serial Killers by Lynette Holloway
on July 15, 2010 The case of the
"Grim Sleeper" inspires a second look at the popular perception that
serial killing is the province of clever white men.
Serial
Murderers' Row July 16, 2010 The following black men are among the
most prolific serial killers in U.S. history. http://www.theroot.com/multimedia/gallery-meet-6-black-serial-killers Plus: Behind the myth that only white men commit such crimes.
Black
Serial Killers Not So Uncommon http://www.amren.com/news/news04/03/03/blackserial.html
Details
of Obama’s jobs plan emerge President is thinking about proposing tax cuts
for companies that hire workers, new spending for roads and construction, and
other measures that target the long-term unemployed, administration officials
say. (Washington Post) [ Oh come on! Too
little, too late for ‘wobama the b’ (for b***s***), the eternal campaign(er) …
he’s got a ‘good rap’ … that rapper ‘wobama the b’ (for b***s***). Really! He’s a total embarrassment out there
on the campaign trail; and just as much an embarrassment for those who turn out
to see him … maybe he’s somewhat of an allure as in a freak show. He’s a total
joke! To be finally talking jobs and things just before the election having
broken previous campaign promises in his failed role as ‘bush failure 3’. Even
his pension is undeserved so much a fraud is he! Black
caucus: Tired of making excuses for Obama [ They are not alone! ] Washington
Examiner | A key member of
the Congressional Black Caucus says they don’t pressure President Obama because
he is loved by black voters. Obama ‘Takes More Vacations Than Any Human Being I’ve
Ever Seen’ Fox News | “Here we have a country that really is going
to hell in a handbasket.” Bus Tour Bust: Obama’s Approval Plummets Back Into 30s,
Says Gallup CNS News | Obama’s politically charged but taxpayer
funded bus tour through the Midwest turned into a bust yesterday. Disapproval of Congress Hits All Time High of 84% Paul
Joseph Watson | Americans are more upset with political leadership than ever
before.
Drudgereport: BLACK CAUCUS ON
OBAMA: 'WE'RE GETTING TIRED' [ Not as tired of wobama’s b***s*** /
excuses as the ‘White Caucus’ and any other Caucus – but, don’t be taken in by
their b***s***; they’ll ‘back the black’ every time, regardless! ]New low of 26% approve
of Obama on economy...
Inflation builds...
FOOD PRICES RISING...
UNEMPLOYMENT UP...
OBAMA TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes More Vacations Than
Any Human Being I've Ever Seen'...
Commiserates with jobless,
then off to the Vineyard...
Even that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY BELAFONTE: Obama 'has
failed'...
NOONAN: 'HE IS A LOSER'...
GALLUP: 40% APPROVAL...
Obama takes debt battle to
TWITTER, loses more than 33,000 followers...
FARRAKHAN: 'THAT'S A MURDERER
IN THE WHITE HOUSE'...
[Yeah…those ‘zionist expectations’ can really be a bi**ch /
deal-breakers when searching for peaceful resolutions! ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target financial fraud WP Obama has promised to hold Wall
Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target financial fraud WP | Obama has promised to hold
Wall Street accountable for the meltdown.
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Obama
can’t win NATO’s success in Libya
proves that no good Obama .. goes unpunished. (Washington Post) [ Yeah! I think
he’s correct, using most of his words: Obama
can’t win NATO’s success in Libya
proves that no good Obama .. goes unpunished. I mean come on, with ie., war
crimes nation israel and despotic saudi arabia unscathed; not to mention the
defacto bankruptcy of all members of the ‘nato alliance’ and america’s
particularly among their war crimes, who’s kidding whom? Yes, it’s true … obama
/ nato can’t win while they’re unequivocally losing! Saying otherwise no longer means it’s true! Poll
puts Obama in dead heat with 4 GOP contenders (Washington Post) [ Wow! … I
don’t know about that … seems hard to reconcile that poll with wobama’s record
low approval ratings consonant with wobama’s record low performance consonant
with the nation’s record low prospects in large part owing to wobama’s
non-performance by deviating from campaign promises; and hence, his consequent
consummate performance as ‘bush failure 3’. Milbank:
GOP’s losing obsession with health care (Washington Post) [ No … it’s Mr.
Milbank’s losing obsession with loser ‘wobama the b’ (for b***s***), that’s the
real story here. Drudgereport: 10-5-11 POLL: OBAMA 41% ANY REPUBLICAN 47%...
Opposition grows, hardens...
JOBS: ZERO...
BROKE: POST OFFICE SYSTEM MAY
SHUT DOWN ENTIRELY THIS WINTER... [Good! Let UPS take them over …
the usps is totally unreliable]
AMERICA FALLS TO 5TH PLACE...
46.2 million Americans are
now poor...
22% of children in poverty...
Dramatic drop in median
income...
Likely to worsen...
POVERTY SOARS
SETS
NEW RECORD Wall Street Puppet Obama Sympathizes With Anti-Wall
Street Protests Steve Watson & Paul Joseph Watson | Claims
Government has not gone after banksters because … [ More wobama b***s*** for
the multi-trillion dollar fraud, still extant, etc.. Of course, as a total
fraud himself, no small wonder that as per wobama’s fraudulent playbook the
blatant wall street frauds are not, by him, considered fraud. Remember those
‘shovel ready’ jobs promised last (but eternal) campaign by wobama? Well, just
those required to shovel his infinite b***s***. Then those fightin’ words from
‘the great prevaricator’ … (to GOP) unite behind his jobs bill or get ready to be run
"out of town" … shows
his disconnect with reality and proclivity for rhetoric / b***s*** since it’s
he who should and will be ‘run out of town on a rail’. He’s so pathetic! What a
total loser! Who’s foolish enough to even listen to this total b***s*** artist
wobama? ] OWS Needs to Target Real Enemies Or Face Irrelevancy` Kurt
Nimmo | Real enemies are the Bilderbergers, CFR, the Trilateral
Commission, and the Federal Reserve — not lowly Wall Street stock brokers. [
This is quite incorrect! I’m not saying don’t target the Bilderbergers, CFR,
the Trilateral Commission, and the Federal Reserve, etc.; but, for the most
part, they are ‘frauds fait accomplis’, as ie., in accordance with the adgage
‘behind every fortune, a crime’ (subject to very few exceptions, ie., ‘the
late, great Steve Jobs’ (bill gates is not among those exceptions). They (Alex
Jones, et als) ignore, owing to their lack of ‘real world experience’, organized
crime of its ‘various flavors’, ethnicities, even cabals / niches within
government. The fact is and remains, as with politics (O’Neil), all crime is
ultimately local. You must always prosecute the proximate crime causing the
proximate harm without fail (nominal crimes as, ie., marijuana possession,
should take a back seat to distribution, ie., cia, cartels, bribery, etc.,
given limited resources, budgetary constraints. After all, given the u.s.
government’s involvement in the distribution aspects of the illegal drug
business, ie., cocaine, etc., cia, etc., possession/use falls into the nebulous
realm of civic / patriotic duty?). Only by so doing will you ultimately get
those higher up on the criminal food chain who are ‘protected’ by layers of
corrupt bureaucracy as is pervasive in american government / society, federal,
state, and local. ]Don’t Let Obama Campaign Fronts Infiltrate OWS – Occupy
The Fed Paul Joseph Watson | Join Alex Jones to strike a crushing
blow against the true financial oligarchy. [ This is sound advice. Already part
of the problem, they’ll just leverage that to squeeze campaign financing from
the criminals (bribes, etc.) then leave OWS hanging (the quid pro quo)]. Unions
angry over Postal Service cuts They said any move to break labor contracts
to lay off 120,000 would hurt the already ailing movement. (Washington Post) [
I reiterate my call for the well managed, efficient, and reliable company, UPS
to take over the operation of the poorly managed, inefficient, and unreliable
USPS. Postal
Service seeking 20 percent staff cut EXCLUSIVE | In cost-cutting bid, USPS
also proposes withdrawing employees from existing health and retirement plans
and creating its own benefit programs. Congress would need to sign off.
(Washington Post) [ I think it’s a great idea. Indeed, 50% would be
substantially better. Even better yet, UPS should take over their entire
operation. After all, UPS is well managed and efficient; and also, very
reliable. On the other hand, the USPS is poorly managed, inefficient, and very unreliable:
October 15, 2010 (*see infra {ultimately delivered by UPS})
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]Report:
DOJ investigating S&P's mortgage securities ratings Associated Press
The Justice Department is investigating whether the agency improperly rated
dozens of mortgage securities in the years leading up to the financial crisis.
(Washington Post) [ There you go … the retaliation … the long awaited payback
(quid pro quo witheld) for long overdue downgrade. They should be investigating
themselves, the SEC ( SEC destroyed documents, senator says ), among numerous other fraudulent,
illegal schemes, activities. 3
Top Crooks Still Roaming Free After the Economic Crash Wall St. Cheat
Sheet ‘The global economy and stock
markets took a nose dive in 2008. But that hasn’t stopped some of the biggest
masterminds from escaping a day of luxury…’ The
"Crimes" That Wrecked The Markets Forbes / Lenzner , SEC
accused of destroying files Former agency official says SEC violated
federal law by destroying records of enforcement cases in which it decided not
to file charges. (Washington Post) [ Duh, ya think? The frauds on wall street et als should be criminally prosecuted,
jailed, fined, and disgorgement imposed! SEC destroyed documents,
senator says 17 Aug 2011 ‘The
Securities and Exchange Commission may have destroyed documents and compromised
enforcement case ... Grassley: Agency may have got rid of Goldman, Madoff
documents Ronald D. Orol, MarketWatch WASHINGTON
(MarketWatch) — The Securities and Exchange Commission may have destroyed
documents and compromised enforcement cases involving activity at large banks
and hedge funds during the height of the financial crisis in 2008, according to
allegations made by a lawmaker on Wednesday. “From what I’ve seen, it looks as
if the SEC might have sanctioned some level of case-related document
destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the
agency’s chairman, Mary Schapiro. “It doesn’t make sense that an agency
responsible for investigations would want to get rid of potential evidence. If
these charges are true, the agency needs to explain why it destroyed documents,
how many documents it destroyed over what timeframe, and to what extent its
actions were consistent with the law.” Agency staff “destroyed over 9,000
files” related to preliminary agency investigations, according to a letter sent
in July to Grassley, the top Republican on the Senate Judiciary Committee, and
obtained by MarketWatch. The allegations were made by SEC enforcement attorney,
Darcy Flynn, in a letter to Grassley. Flynn is a current employee, and
according to the letter, received a bonus for his past year’s work. Flynn
alleges the SEC destroyed files related to matters being examined in important
cases such as Bernard Madoff and a $50 billion Ponzi scheme he operated as well
as an investigation involving Goldman Sachs Group Inc. GS +0.33%
trading in American International Group credit-default swaps in 2009. Flynn
also alleged that the agency destroyed documents and information collected for
preliminary investigations at Wells Fargo & Co. WFC +1.34% ,
Bank of America Corp. BAC +0.81% ,
Citigroup C +0.13% ,
Credit Suisse CS +0.38% ,
Deutsche Bank DB +0.79% Morgan
Stanley MS -0.06% and
the now-bankrupt Lehman Brothers. The letter goes into particular detail about
Deutsche Bank, the former employer of current SEC enforcement chief Robert
Khuzami as well as former enforcement chiefs Gary Lynch and Richard Walker…’ “It doesn’t make sense that an agency
responsible for investigations would want to get rid of potential evidence…’ [
Oh but it does make sense Sen. Grassley:
Report:
SEC lawyer exposed FBI informant (WP) [ Clearly, the sec liar (sic – lawyer)
is one of those typically with a ‘pre or post’ arrangement, whether implicit or
explicit; you know, that ubiquitous ‘bribe thing’ in pervasively corrupt,
defacto bankrupt, fallen america.
Indeed, the scenario typifies that national drain / sinkhole new york (new york
/ new jersey metro) where, for example, FBI informants were routinely exposed
by ‘italians’ in the new york d.a.’s office over the objection of the FBI, and
were promptly ‘dispatched’/assassinated / hit by mafia / organized crime [ this
was documented with authority in the book ‘Goombata: The Improbable Rise and
Fall of John Gotti and His Gang’ Cummings /
Volkman ] Train
Reading: The Stock Market Is Insane The Wall Street Journal , Welcome
To The New Bear Market For Stocks
Forbes / Suttmeier
, Dow/Gold Ratio Lowest Since 1987 Crash Forbes / Adrian Ash , Ignore
Buffett's Advice, Don't Buy Stocks Forbes / Dohmen , The
"Crimes" That Wrecked The Markets Forbes / Lenzner , Oversight
board faults Deloitte audits Deloitte & Touche took the word of
companies it audited instead of properly performing its watchdog function, an
oversight report says. (Washington Post) [ Come on! Let’s talk reality! ASOP!
American Standard Operating Procedure! The quid pro quo for the ‘fee’. The
bribe! From politics to business, particularly on fraudulent wall street, this
is now the failure-prone / failure-guaranteed, pervasively corrupt, defacto
bankrupt ‘american way’! Accounting
Gimmics Resurface as Growth Flounders at TheStreet ‘Rebekah
Smith, director of financial advisory services at
accounting and consulting firm GBQ consulting, says accounting tricks and
schemes are likely to start unraveling as we head into 2012 and the lag effect
catches up. "The typical accounting fraud goes on for about 18 to 26
months before it is uncovered. The frauds that took place in 2009 are not going
to surface until later in 2011 or into 2012." ‘ The frauds
on wall street et als should be criminally prosecuted, jailed, fined, and
disgorgement imposed! Train
Reading: The Stock Market Is (Criminally) Insane The Wall Street
Journal , This
is an especially great opportunity to sell / take profits because there’s much
worse to come! Watch for more fake reports / data in their infinite political
desperation both here and across the sea! The
REAL $200 TRILLION Problem Bernanke’s Worried About Phoenix Capital... ‘US Commercial banks have
$200 TRILLION in interest rate based derivatives sitting on their balance
sheets. And guess which banks have the greatest exposure…’ , Tech
Leading Market Lower The Wall Street Journal , Banks
closed in Fla, Ga, Ill; 2011 total is 68 , No
Recession Coming ... It's Already Here Previous:8-18-11 Stocks rally off lows to suck suckers in and keep
suckers sucked in on bad news (Jobless
Claims, Inflation Rise More Than Expected CNBC) , fraud ( SEC destroyed documents, senator says Crimes
Wrecked The Markets ),
and b***s*** alone! MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows
Barrons.com, WHY NEW LOWS ARE LIKELY 8-18-11
Maierhofer, Is
It 2008 Again? Looking at the Summer Crash of 2011 Gayed ‘A
real bear market
has begun …’ ,
Abandon Ship?[The
USS Titanic] Yes, Because of These 5 Bearish Icebergs ... McGill , There's
A Recession Coming According To The Data at Forbes , HP, Dell hammered as tech-spending outlook darkens JDSU, NetApp, disappointing figures, shares hit hard in
after-hours trade Dell braces investors for a bumpy road Dell makes a case on
why it can better weather an upcoming storm
, S&P
says sell Google's shares after Motorola deal , STOCKS
FALL AFTER FLOOD OF BAD NEWS: Here's What You Need To Know Joe Weisenthal , Stocks
Slip On Concern Over Europe's Debt, U.S. Data , Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon Take
A Lesson From 2007 And Sell Stocks Now at Forbes, [video]
Trader: We Could Test 1120 Lows at TheStreet.com In
a Downtrend, Sell a Rally (Daily FX) Latest:
Economist Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com) Five
Reason Stocks Are Crashing, Tips to Prepare for Meltdown (Moneynews) Unthinkable Poised to Happen on Wall Street. See Disturbing
Charts. (Newsmax.com) US Recession Is
Guaranteed: Expert CNBC.com Can
President Obama hold on to African American voters in 2012? Cadre of allies
is snapping back at critics in the black community and making appeals for
racial loyalty. (Washington Post) [
Appeals for racial loyalty? What’s up with that? Sounds like black racism! How
‘bout some reality in the form of foreboding from Pat Buchanan! MSNBC Yet Again Implies Criticism of Obama Is Racist Paul
Joseph Watson | General Electric-owned (49%) network is earning its federal
bailout money. [Yet, it’s holder / wobama who’re the racists … Robinson:
King’s dream remains unrealized (Washington Post) [ Yeah! That ‘content of their character’
thing’s a b***ch to live up to … just don’t measure up! What’s a white person
to do, especially when black atty. General Holder with fellow black Obama’s
tacit approval is racist himself (themselves)
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. Drudgereport:
'Mob' beatings at WI state fair...
'Hundreds of young black
people beating white people'... [ Typical… ]
Fairgoers 'pulled out of cars'...
'They were just going after
white people'...
Heightened security...
Outrage
over exotic-game release in Ohio; most are hunted down, killed Private
collectors actively trade in such animals all over the U.S. in a vibrant and
poorly regulated market. (Washington Post) [The scope of my comment pertains to
the Cats only. How could anyone put the attenuated potential harm of americans
ahead of literally the lives of these magnificent, exotic Cats. Even more
pathetic was jack hanna’s defense of the slaughter. He should be boycotted in
any and all of his endeavors, themepark / zoos, and his abc show from which he should be fired. http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target financial fraud WP Obama has promised to hold Wall
Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target financial fraud WP | Obama has promised to hold
Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’
http://albertpeia.com/obamadeceptionhighqualityversion.flv
]
Ron
Paul, the alternative candidate, is a force to be reckoned with He fears
that America is turning into an Orwellian police state. Yet the
obstetrician-turned-politician’s life could be described as the American Dream.
(Washington Post) [ Yes, indeed! And, make no mistake, this is no paranoid
delusion (as a Doc he at least knows what that means) on his part; but rather
comports with a very grim reality even more ominous and real given the
precarious state of the nation / world and the vulnerabilities of societies in
light thereof. "Guantánamo
Forever?" - Congress Passes $662 Billion Defense Bill, Aka The NDAASubmitted by Tyler
Durden on 12/14/2011 Congress just passed the National Defense
Authorization Act in a 283-to-136 vote. 190 Republicans and 93 Democrats voted
for; 43 Republicans and 93 Democrats voted "against." Prepare to be
arrested, without charge, simply because someone "up there" believes
you engage in "terroristy" stuff. Good luck proving them wrong. ‘Indefinite Detention’ Bill Heads To Obama’s Desk As
White House Drops Veto Threat Paul Joseph Watson | Establishment
media and neo-cons still pretend NDAA doesn’t apply to American citizens. Yes, Americans Will Be Targeted As Terrorists Under the NDAA Paul
Joseph Watson & Alex Jones | Republican Congressman Amash warns that bill
can be applied to U.S. citizens. Exclusive: Government Activating FEMA Camps Across U.S. Kurt
Nimmo and Alex Jones | Email reveals KBR call for bids to add services
to internment camps. The
Global War on Terror Is A 21st Century Witch Hunt Saman Mohammadi |
According to the CIA and U.S. military leaders, there are less than 100
al-Qaeda terrorists in Afghanistan.
Time to give the Doc(s) a chance! A country Doctor sounds about what the nation
needs in light of what ails it. That ‘lawyers are liars’ is almost tantamount
in terms of reality to status as a proverb. Moreover, I’ve found they’re unable
to count (an ability sorely wanting in Washington), and very vindictive when
they’ve been shown (they’re adept at and love cover-ups) to be wrong or to have
messed up (which is often) from my direct experience: Parker:
Gingrich’s tone-deaf remarks on the poor
(Washington Post) [..sharpton?.. http://albertpeia.com/tawana.htm -
I wrote this angry having just been mugged by 4 blacks/2 hispanics here in LA,
along with the anti-white predisposition of blacks..Yet, in sharpton’s and
partner mason’s ‘legal’ (illegal) heyday, I actually represented a black man, a
walk-in/recently out of the army, whose unfortunate accident with his (owned)
truck left him in arrears/default on his mortgage, which suit came before the
late Honorable (among the few in jersey) U.S.D.C. Judge Sarokin (Rubin
‘Hurricane’ Carter case) upon my motion for failing to meet the amount in
controversy, $75,000 –strictly construed, plaintiff midlantic bancorporation’s
counsel miscounted and was off by less than $300. [ Some lawyers can’t count or
do anything right: This is from a reply to the Congresswoman Roybal-Allard’s
query ‘…As previously noted in a prior message to you, I had previously spoken
to FBI Agent Bill Lewis in Washington who was recently promoted to the FBI
Headquarters Office (D.C.) from the FBI office here in LA, and who was to be
out of the office for the two weeks past. I’ll be contacting him given a
reasonable time for him to ‘catch up’, from being out of the office. While
independent contractor richard coan (missed a filing date) is ultimately the
one to bear the burden of damages (there’s insurance and a surety covering
same), coan might allude to the prior default of the u.s. government (assist.
u.s. atty. robert i. lester miscounted / miscalculated the time for filing an
answer / response to the complaint upon service thereof, also misstating the rule
in open court before corrupt judge matz who ‘schmoozed’ things over (they both
have the same employer), however incorrectly according to the ‘law’. I ordered
/ bought a copy of the transcript of that rather pathetic proceeding (posted on
my website)…regardless who pays me, the amounts so paid would ultimately be
recovered from coan, his insurer/surety .. [.. a judgment (referenced in the
correspondence to FBI ADIC Martinez infra) that had been entered in my favor in
the case, USDC #3:93cv02065(AWT)(USDCJ Alvin Thompson), worth approximately now
in excess of $300,000 remains unaccounted for ..; and then, of course as well,
the substantial damages. ] ..should have been resolved in accordance with clear
law long ago; and, which would have
been resolved if not for typical u.s. corruption in the process.. the
government’s ability to resolve.. results do count! .. ]
In state superior court, we opened, then on cross of their first ‘expert’
witness (regarding the amounts due), I moved to dismiss and strike the
testimony for having failed and being unable to qualify said witness (owing to
a very parochial and strict state rule of evidence in jersey – he had no other
such witness for said purpose). The Honorable (among the few in jersey) Judge
Weiss was inclined to rule accordingly, took us in chambers and strongly
suggested opposing counsel call his client bank to sanction a favorable
settlement to my client. The point is, I’m not a racist nor prejudiced. I am
objective. I did ‘pay a big price’ for embarrassing the bank’s counsel; and,
they made sure I knew it... so slimy is newt’s patronizing ‘showing up on
Monday‘ remark that I’m constrained to ask, ‘is that what gingrich recently did
for the $37 million from corporate “favor-seekers”?’. Or is it more likely he didn’t
have to show up at all? The latter’s the reality.. the ‘mobster trump thing’
(corrupt sister maryanne trump barry, newly appointed,did corrupt a RICO action
in which hundreds of thousands of illegal (drug) funds were being laundered
through her brother’s casinos yet wouldn’t recuse herself despite my motion (http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm ).
Call him irresponsible -
call him unreliable
Throw in undependable too
Do his foolish alibis bore you
Well he’s not too clever – he just adores trumpish people we should boo
Call him unpredictable - tell him he’s impractical
Pots of gold at ends of rainbows he’s inclined to pursue
Call him irresponsible - yes newt’s unreliable
But it's undeniably true – newt’s irresponsibly mad for madman trump et als too
In
N.H., Romney steps up attacks on Gingrich(Washington Post) [ Yeah … he’d
better get going, ratchet up the rhetoric; after all, slimy newt’s just gotten
the endorsement of ‘celebrity mobster madman’s (trump’s) apprentice’, ‘gary the
b’ (for berserk) busey (most notable for his role in the film ‘Tomcats’ as the
guy with only half a pair of b**ls!) (Drudgereport: Gary Busey Endorses
Gingrich... ). Five
myths about Ron Paul (WP) [ For me,
the litmus test for any candidate, though somewhat personalized, is generally
applicable to the entire national electorate. It falls within that very broad
category; viz., ‘been there, done that’. It is no mystery that the current
wobama regime, et als are trying in every which way to censor, obstruct, and
otherwise control the free-flow of information, particularly now the internet,
which really works against failed administrations as that currently in place.
By every measure you can gauge the success or failure of a presidency, wobama
the b for b***s*** is an abject failure. There is not one reason based upon
what he said he would do last time around, didn’t do, but as we now know had he
done as he said the nation would have clearly been better off this day. He
basically continued the policies of the prior failed presidency of war criminal
dumbya bush, including the same or similarly connected players, despite having
campaigned vociferously condemning same
(CIA lawyer says Obama administration backed and continued
virtually all Bush-era programs Natural News ). Clinton was the
luckiest of all recent presidents in having the benefit of the peace dividend
to smooth things over, by way of the one and only but very significant
accomplishment of Reagan / Gorbachev; yet, he found ways through deep-seated
mental issues to fail, which we all endured as if watching a soap opera unfold.
Incompetent george h.w. bush (‘poppy’) was basically the ‘cia in disguise’
which kept up the ops which included that snookering of then american proxy,
sadam hussein, by u.s. ambassador april glaspie (see more here
infra) (george h.w.bush was also ambassador to communist china and we all
know how that’s turned out for america; but, ‘they’ and ‘theirs’ have made a
bundle.. poppy and clinton were tied by ‘virtue’ of their cia / Mena, Arkansas
cocaine drop / connection [ for me that connection was devastating to my RICO
case which involved the laundering of drug money through the trump casinos in
atlantic city,n.j., and poppy is after all, war criminal dumbya bush’s father (
see ie., http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm , and, america
also leads in the illegal drug trade, infra ) . .. calls for impeachment ..‘fast and furious debacle’. Despite campaign promises, there have been no
high level prosecutions of the wall street frauds which are still extant in the
trillions. That ‘8%’ unemployment; don’t completely dismiss same as they
may just have enough of their stand-ins to work exactly 1 day to be counted;that’s
at best... as they’ve done, manipulate/fudge/outright lie about the numbers
(actual unemployment is beyond 15%). Gingrich actually carved out exceptions
for fraudulent wall street to the applicability of the RICO Act to their
frauds, among many other unscrupulous acts which will emerge; along with having
sought the endorsement of mobster, mental case trump.. romney follows suit with
a trip to kiss the ring of failed president poppy bush while cow-towing as all
but Paul to the israeli lobby. So I, as should be so for the entire nation, say
results count. (For me, it’s resolution of those corrupted RICO matters).
Reality counts. What’s gone before has failed;new direction, policies are
required. After all, Einstein did say, paraphrasing, ‘doing the same thing over
and over again and expecting a different result’ is insanity. Ron Paul’s still
standing!
Obama
flush with financial sector cash The president has managed to raise more
money this year from the sector than any GOP contender. (WP) [ So much for
obama and OWS; but how ‘bout wobama and obs … yes, more ‘obama b***
s*** ! The quid pro quo … the bribe …
Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog Roche 'The worst part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud )THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv America’s
shine is wearing off I know why we are falling into a cataclysm of debt and
can’t get out. (WP) [ Ah, yes. The Puritans. Of noble purpose, religious
freedom, freedom generally did they come to these shores. A rare exception to
the influx of immigrants to this young nation who turned out to be more a virus
to the indigenous peoples of this land than what could have been expected from
those of noble calling. Indeed, in evolutionary terms, it’s doubtful that those
so positioned abroad would have represented a positive addition to the gene
pool which, borrowing from an insurance term, viz., adverse selection, springs
forth the notion of inevitability to the genocide of the indigenous populations
while guaranteeing the decline we see throughout this foundering nation. The
effects of these negative predispositions toward inherent criminality is
certainly being felt globally as well as domestically and has little to
recommend it. My own direct experience with the region(s) (particularly new
jersey, new york, virginia, connecticut, california) carves out no exception
for the prevalence of the worst of human nature; which is now collectively and
pervasively americana. Though having but 5% of the world’s population, the u.s.
has 76% of the world’s serial killers,
http://www.albertpeia.com/realifeamericaserialkillers.mpg bankrupt
america also spends more on military than all the nations of the world
combined... fed employees / contractors, cia, all 3 branches of u.s. gov’t,
etc., are included in this evolved american trait of inherent criminality http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
| Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real, complicit
cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s browser) as per your
office’s
request as made this day (the disk and contents have been scanned by Avast,
McAfee, and Norton which I’ve installed on my computer to prevent viral attacks
/ infection and are without threat). I also include 1 copy of the DVD as filed
with the subject court as referenced therein (which files are also included on
the aforesaid 3 disks in a separate folder named ‘112208opocoan’). The (civil) RICO
action (as you’re aware, the RICO Act is a criminal statute which
provides a civil remedy, including treble damages and attorney fees, as an
incentive for private prosecution of said claims probably owing to the fact
that the USDOJ seems somewhat overwhelmed and in need of such assistance given
the seriousness and prevalence of said violations of law which have a
corrupting influence on the process, and which corruption is pervasive). A
grievance complaint against Coan was also filed concurrently with the subject
action and held in abeyance pending resolution of the action which was
illegally dismissed without any supporting law and in contravention of the
Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as fbicorrespondencereyes.htm
. With regard to the calls to the FBI’s LA and New Haven, CT
offices: There was one call to the LA office and I was referred to the Long
Beach, CA office where I personally met with FBI Agent Jeff Hayes to whom I
gave probative evidentiary documents of the money laundering which he confirmed
as indicative of same (he was transferred from said office within approximately
a month of said meeting and his location was not disclosed to me upon inquiry).
The matter was assigned to FBI Agent Ron Barndollar and we remained in touch
for in excess of a decade until he abruptly retired (our last conversation
prior to his retirement related to the case and parenthetically, Rudy Giuliani
whose father I stated had been an enforcer for the mob to which he registered
disbelief and requested I prove it, which I did – he served 12 years in
prison, aggravated assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew Maloney’s the one that prosecuted
gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
GOOGLE
SEARCH – ‘LARRY KLAYMAN, LOUIS FREEH CORRUPT’
ABOUT 6,240 RESULTS (0.11 SECONDS)
archive.newsmax.com/articles/?a=2000/7/30/211047
Jul 31, 2000 – Judicial Watch is a public-interest law firm that
fights corruption in government. To read Larry Klayman's letter to Louis Freeh, ...
www.judicialwatch.org/archive/newsletter/2003/0203b.shtml
... security," said JW Chairman Larry Klayman. "His behavior stands in stark contrast to Louis Freeh, a man so corrupt he destroyed the office he led, ...
www.freedomwriter.com/issue20/am15.htm
“Louis Freeh will finally have to answer in court for what he did to our clients.
... answers,” stated Judicial Watch Chairman and General Counsel Larry Klayman. ...
www.infowars.com/jw_transcript.htm
Klayman, Larry, Chairman, Judicial Watch ... My name
is Larry Klayman. ... interest group that
investigates and prosecutes government corruption and abuse. ...... They seized his computer – these
are FBI agents at the direction of Louis Freeh, ...
www.judicialwatch.org/archive/2001/printer_921.shtml
May 3, 2001 – Because of his corrupt behavior, Freeh was placed on Judicial Watch's ... stated Judicial
Watch Chairman and General Counsel Larry Klayman. ...
www.wnd.com/index.php?pageId=5374
May 27, 2000 – By Larry Klayman ... While Judicial Watch has asked FBI Director Louis Freeh to .... lawsuits against a corrupt and unrepentant Clinton-Gore ...
cryptome.org/trulock-v-fbi.htm
LOUIS
J. FREEH, in his personal capacity; NEIL
GALLAGHER, in his No. ... COUNSEL ARGUED: Larry E. Klayman,
JUDICIAL WATCH, INC., Washing- ton, D.C. ...
America
also leads in the illegal drug trade. In fact, many researchers reveal
that the war on drugs is only utilized to control and monopolize
the illicit drug trade. The US government has been caught multiple
times shipping in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the
hypocrisy forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Milbank:
Candidates for sale (Washington Post) [ Mr. Milbank’s truly outdone himself
this time. A known ‘wobama the b for b***s***’
aficionado/enthusiast/defender/apologist (pathetic in and of itself), Mr.
Milbank forgets to first include the already bought failed president, none
other than ‘wobama the b for b***s***’
who did not do what he campaigned on doing precisely because he was bought. Wobama’s such a glomming
golem / slug. Barack Obama: The
Naked Emperor Shocking but true revelations from David Icke| infra ‘...Obama is just more of the same, a
big smile with strings attached, and controlled completely by those that chose
him, trained him, sold him and provided his record funding, kept his many
skeletons under wraps, like the gay sex and crack cocaine .. Larry Sinclair
(from affidavit: 1. Who is Ron Allen that claims to be with your Presidential
camp, who is alleged to claim that someone claiming to represent me called
asking for $100,000, to keep me from coming forward about our (Obama and I)
November 1999 encounter of sex and cocaine use?), ... Obama is just another
Banksters' moll prostituting himself .., and that's why he supported the
grotesque bail-out of the banking system and why he will always put their
interests before the people. His financial advisors are straight from the Wall Street
'A' list, including Paul Adolph Volker (Trilateral Commission, Council on
Foreign Relations, Bilderberg Group), the head of the Federal Reserve from 1979
to 1987 and Illuminati to his fingertips. Obama has made him head of the
Economic Recovery Advisory Board, which is dominated by insiders, including its
staff director and chief economist, Austan Goolsbee, a close Obama associate
from the University of Chicago. Goolsbee is an initiate of the infamous Illuminati
Skull and Bones Society at Yale University, which also includes Boy and Father
Bush. It was Goolsbee who told the Canadian government not to worry about
Obama's attacks on the economic effects of free trade agreements because his
words were just to win votes in the election campaign. Another Wall Street
insider, the Zionist Timothy Geithner (Bilderberg Group, Trilateral Commission,
Council on Foreign Relations), was appointed by Obama to be his Treasury
Secretary. Geithner was the President of the New York Federal Reserve Bank, the
most powerful in the private Federal Reserve cartel that masquerades as
America's central bank, and he is a former employee of both the Council on
Foreign Relations and the appalling Kissinger Associates. Obama's Treasury team
locks into the inner circle around the Zionist Robert Rubin, the Director and
Senior Counselor of Citigroup, co-chairman of the Council on Foreign Relations,
and economic advisor to Obama. Rubin, a member of the Illuminati Bilderberg
Group, was the man behind Citigroup's strategy of expanding its risk in debt
markets which forced it to be rescued by taxpayers' money. The very people who
caused the financial crisis are being appointed by Obama to decide how to
respond to it (more taxpayers' money for them and their friends)’
THE OBAMA
DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
BOOK WARNS OF
END... BOOK WARNS OF END
Fri Oct 14 2011 07:00:25 ET
**Exclusive**
"As the faith that gave birth to the
West is dying in the West, peoples of European descent from the steppes of
Russia to the coast of California have begun to die out, as the Third World
treks north to claim the estate. The last decade provided corroborating if not
conclusive proof that we are in the Indian Summer of our civilization."
So begins Pat Buchanan in his hardcore work,
SUICIDE OF A SUPERPOWER.
"Will America Survive to 2025?"
Buchanan, set for maximum controversy,
launches all rockets at introduction "Disintegrating Nation" -- and
does not let up for 400-plus pages.
"America is disintegrating. The
centrifugal forces pulling us apart are growing inexorably. What unites us is
dissolving. And this is true of Western Civilization....Meanwhile, the state is
failing in its most fundamental duties. It is no longer able to defend our
borders, balance our budgets, or win our wars."
The books reads as if its been written to be
left behind in the ruins, only to be found by a future civilization.
SUICIDE ranked
#2,668 on AMAZON's hit parade early Friday. It streets on Tuesday.
Now only the DRUDGE REPORT can offer a look
inside.
Chapter 1: The Passing of a Superpower
“We have accepted today the existence in
perpetuity of a permanent underclass of scores of millions who cannot cope and
must be carried by society -- fed, clothed, housed, tutored, medicated at
taxpayer’s expense their entire lives. We have a dependent nation the size of
Spain in our independent America. We have a new division in our country, those
who pay a double or triple fare, and those who ride forever free.”
Chapter 2. The End of Christian America
If [Christopher] Dawson is correct, the drive
to de-Christianize America, to purge Christianity from the public square,
public schools and public life, will prove culturally and socially suicidal for
the nation.
“The last consequence of a dying Christianity
is a dying people. Not one post-Christian nation has a birth rate sufficient to
keep it alive....The death of European Christianity means the disappearance of
the European tribe, a prospect visible in the demographic statistics of every
Western nation.”
Chapter 3. The Crisis of Catholicism
“Half a century on, the disaster is manifest.
The robust and confident Church of 1958 no longer exists. Catholic colleges and
universities remain Catholic in name only. Parochial schools and high schools
are closing as rapidly as they opened in the 1950s. The numbers of nuns,
priests and seminarians have fallen dramatically. Mass attendance is a third of
what it was. From the former Speaker of the House to the Vice President,
Catholic politicians openly support abortion on demand.”
“How can Notre Dame credibly teach that all
innocent life is sacred, and then honor a president committed to ensuring that
a woman’s right to end the life of her innocent child remains sacrosanct?”
Chapter 4. The End of White America
“[W]hite America is an endangered species. By
2020, whites over 65 will out-number those 17 and under. Deaths will exceed
births. The white population will begin to shrink and, should present birth
rates persist, slowly disappear.”
“Mexico is moving north. Ethnically,
linguistically and culturally, the verdict of 1848 is being over-turned. Will
this Mexican nation within a nation advance the goals of the Constitution -- to
“insure domestic tranquility” and ‘make us a more perfect union’? Or have we
imperiled our union?” (Page 134)
Chapter 5. Demographic Winter
“Peoples of European descent are not only in
a relative but a real decline. They are aging, dying, disappearing. This is the
existential crisis of the West.” (Page 166)
“Not any Iranian weapon of mass destruction
but demography is the existential crisis Israel faces....By
mid-century...Palestinians west of the Jordan river will out-number Jews 2-1.
Add Palestinians in Jordan, it is 3-1.”
“In a startling development of history,
Russia’s population has fallen from 148 million in 1991 to 140 million today
and is projected to plunge to 116 million by 2050, a loss of 32 million
Russians in six decades.”
Chapter 6. Equality Vs. Freedom
“Those who would change society begin by
changing the meaning of words. At Howard University, LBJ changed the meaning of
equality from the attainable -- an end to segregation and a legislated equality
of rights for African-Americans -- to the impossible: a socialist utopia.”
“Where equality is enthroned, freedom is
extinguished. The rise of the egalitarian society means the death of the free
society.”
“A time for truth. As most kids do not have
the athletic ability to play high school sports, or the musical ability to play
in the band, or the verbal ability to excel in debate, not every child has the
academic ability to do high school work. No two children are created equal, not
even identical twins. The family is the incubator of inequality and God its
author.”
Chapter 7. The Diversity Cult
“The non-Europeanization of America is
heartening news of an almost transcendental quality,” Wattenberg trilled.4 Yet,
one wonders: What kind of man looks with transcendental joy to a day when the
people among whom he was raised have become a minority in a nation where the
majority rules?”
“Historians will look back in stupor at 20th
and 21st century Americans who believed the magnificent republic they inherited
would be enriched by bringing in scores of millions from the failed states of
the Third World.”
Chapter 8: The Triumph Of Tribalism
America’s war of revenge against Japan was a
race war. Newsreels, movies, magazines, comic books, headlines treated “Japs”
as a repulsive race whose extermination would benefit mankind....Only well
after the war was over was it re-branded a war to bring the blessings of
democracy to...Japan.
We may deny the existence of
ethnonationalism, detest it, condemn it. But this creator and destroyer of
empires and nations is a force infinitely more powerful than globalism, for it
engages the heart. Men will die for it. Religion, race, culture and tribe are
the four horsemen of the coming apocalypse.
Chapter 9. ‘The White Party’
“Through its support of mass immigration, its
paralysis in power to prevent 12-20 million illegal aliens from entering and
staying, its failure to address the “anchor-baby” issue, the Republican Party
has birthed a new electorate that will send it the way of the Whigs.”
Chapter 10: The Long Retreat
“We borrow from Europe to defend Europe. We
borrow from the Gulf states to defend the Gulf states. We borrow from Japan to
defend Japan. Is it not a symptom of senility to be borrowing from the world so
we can defend the world?”
“Are vital U.S. interests more imperiled by
what happens in Iraq where were have 50,000 troops, or Afghanistan where we
have 100,000, or South Korea where we have 28,000 -- or by what is happening on
our border with Mexico?...What does it profit America if we save Anbar and lose
Arizona?” …’
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real, complicit
cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3 copies
of the within DVD rom autorun disk (which will open in your computer’s browser) as per your
office’s
request as made this day (the disk and contents have been scanned by Avast,
McAfee, and Norton which I’ve installed on my computer to prevent viral attacks
/ infection and are without threat). I also include 1 copy of the DVD as filed
with the subject court as referenced therein (which files are also included on
the aforesaid 3 disks in a separate folder named ‘112208opocoan’). The (civil) RICO
action (as you’re aware, the RICO Act is a criminal statute which
provides a civil remedy, including treble damages and attorney fees, as an
incentive for private prosecution of said claims probably owing to the fact
that the USDOJ seems somewhat overwhelmed and in need of such assistance given
the seriousness and prevalence of said violations of law which have a
corrupting influence on the process, and which corruption is pervasive). A
grievance complaint against Coan was also filed concurrently with the subject
action and held in abeyance pending resolution of the action which was
illegally dismissed without any supporting law and in contravention of the
Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to
the LA office and I was referred to the Long Beach, CA office where I
personally met with FBI Agent Jeff Hayes to whom I gave probative evidentiary
documents of the money laundering which he confirmed as indicative of same (he
was transferred from said office within approximately a month of said meeting
and his location was not disclosed to me upon inquiry). The matter was assigned
to FBI Agent Ron Barndollar and we remained in touch for in excess of a decade
until he abruptly retired (our last conversation prior to his retirement
related to the case and parenthetically, Rudy Giuliani whose father I stated
had been an enforcer for the mob to which he registered disbelief and requested
I prove it, which I did – he served 12 years in prison, aggravated
assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew Maloney’s the one that prosecuted
gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target financial fraud WP Obama has promised to hold Wall
Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target financial fraud WP | Obama has promised to hold
Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’
http://albertpeia.com/obamadeceptionhighqualityversion.flv
Sincerely
and Regards,
Al
Peia
The
Washington Post
[email protected] , [email protected] , [email protected] , [email protected] , [email protected]
, [email protected]
, [email protected] , [email protected] , [email protected]
Dear Sirs
/ Madams:
If this
were any other topic I would not trouble you. Yet, the comment concerning SOPA;
and hence, censorship, failed to post in each of the seven or so articles I
attempted to post to despite being within the 3000 word constraint. Moreover,
my other comments this day posted without a hitch. What’s more disconcerting is
that from a brief perusal, the prominent articles displayed seem to favor the
legislation which I believe as does EFF to be dangerous at best and disastrous
at worst. I believe the EFF’s position and concerns to be genuine. Quite
simply, from direct experience, the u.s. government cannot be trusted to do the
right thing and their reflexive inclination is to cover up what is not (I think
you remember Watergate, etc.). That’s neither alarmist nor exaggeration; but
rather, reality, and I have and there is a plethora of factual documentation to
back that up!
Please
advise and / or rectify.
Thank
you.
Signed:
Albert L. Peia Dated: 11-18-11
The
comment / post:
Anybody
who does not oppose any government’s attempt to censor and worse as in this bill
is a complete and utter fool. Among the few positives america has been able to
point to relative to, ie., china, etc., such freedom if curtailed will herald a
hastening of the demise of this nation as we knew it; even worse than the
dismal future portended as a direct consequence of those who favor this
regression. After all, what is ‘democracy’ without such free speech rights as
guaranteed by the Bill of Rights and envisioned by the founders of this nation.
I
am deeply concerned by the danger these bills pose to Internet security,free
speech online,and innovation. The Internet Blacklist Legislation is
dangerous/short-sighted, and I urge you to join Senator Wyden and other members
of Congress,such as Representatives Lofgren, Eshoo and Issa, in opposing it.
Big
media and its allies in Congress are billing the Internet Blacklist Legislation
as a new way to prevent online infringement. But innovation and free speech
advocates know that this initiative is nothing more than a dangerous wish list
that will compromise Internet security while doing little or nothing to
encourage creative expression.
As
drafted, the legislation would grant the government and private parties
unprecedented power to interfere with the Internet's domain name system (DNS).
The government would be able to force ISPs&search engines to redirect or
dump users' attempts to reach certain websites' URLs. In response, third
parties will woo average users to alternative servers that offer access to the
entire Internet (not just the newly censored U.S. version), which will create
new computer security vulnerabilities as the reliability and universality of
the DNS evaporates.
It
gets worse: Under SOPA's provisions, service providers (including hosting
services) would be under new pressure to monitor and police their users’ activities. While
PROTECT-IP targeted sites “dedicated to infringing activities,” SOPA targets websites
that simply don’t do enough to track and police infringement (it is
not at all clear what would be enough).It creates new powers to shut down folks
who provide tools to help users get access to the Internet the rest of the world
sees (not just the’U.S. authorized version’).
Senator
Ron Wyden (D-OR) has placed a hold on the Senate version, taking a principled
stand against a very dangerous bill. Every Senator/Rep should be opposing the
PROTECT IP Act and SOPA. https://www.eff.org
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Ex-Penn
State coach Sandusky jailed on new child sex abuse charges based on 2 new (Washington Post) [ I glad to see more
victims of this ‘self-promoted, self-created, self-styled, frolicking,
fun-loving man-child’ come forward. It’s difficult to imagine much less discuss
sandusky’s unmistakably heinous, sordid and disgusting activities which also
bespeak abuse of power / position and breach of trust. Yet, aren’t these latter
despicable characteristics now inextricably entwined with what is now
fundamentally an evolved inherent american trait / character flaw that has
persisted and grown through a corruption of all processes / values and sheer
lack of courage?
Rank |
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# 1 |
11,877,218 |
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# 2 |
6,523,706 |
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# 3 |
6,507,394 |
|
and so on. ). Yet, when I heard that the one fellow who
observed the rape seemed to getting a ‘pass’ for reporting the incident, I felt
compelled to comment (as a permanent record on my website). I’ve only followed
in a cursory manner the news coverage. I disagree with ‘the ombudsman’ that
there’s ‘too much opinion’ in the coverage. There should be plenty of opinion,
and they should express well-founded outrage concerning this egregious
scenario. Indeed, that the initial, let me disparage him by calling him
‘voyeur’ didn’t right then and there confront the mentally ill pervert /
homosexual / pedophile rapist and then report it is beyond my ability to
imagine. I couldn’t have restrained myself. When the new president (?) of the
university said on the news that no one should ever fear doing the right thing,
my only reaction was that he was talking of another place, another time if ever
in america. That certainly is not the case in america today where crime /
complicit silence / cover-up pays and pays well. In reality, there were
salaries, positions, and roughly $50
million + (in revenue per year) reasons for silence. I have personally found
that almost without exception, americans are without any courage or integrity
whatsoever (see infra, which also references crimes of none other than a
supreme court justice alito who should resign, among many others deserving
punishment / exposure, etc., instances too numerous to include here). People
should be angry inasmuch as that kid’s life will never be the same. Actions
have consequences. Unfortunately, in pervasively corrupt, defacto bankrupt,
meaningfully lawless america, those impacts/consequences are invariably
negative. There’s just no excuse for what america’s become!
Penn
State taps former FBI director Louis Freeh in child sex-abuse investigation ...PHILADELPHIA
— Former FBI director Louis Freeh, tapped to lead Penn State’s...jury report
issued earlier...2011-11-22 - Associated Press, AP (Washington
Post) [ Oh yeah … they got the right guy for cover-ups, not that his successor
mueller seems any better. Freeh will always cover up u.s. government crime …
always … he rationalizes same as if a patriotic duty. Indeed, from jersey city,
hudson county, new jersey, among the most corrupt in the nation by any
standard, one mob or another, (and the armpit of the earth if you’ve ever been
there) he’s consistently talked up his jersey roots as if a badge of honor. The
contrary is the truth. ‘Louie the patriot’s’ vote of confidence in the u.s. and
then some…- "Louis
Freeh acquires Italian citizenship".- They had him pegged … the
ultimate go along to get along! His new rationalization for being a
fee-paid-schmoozer is probably his large family to support (8? kids). He was a
plodding, untalented guy, and as untalented a crime-fighter which invariably as
a matter of necessity leads to a career-bureaucrat status (one way or another)
that doesn’t and hasn’t required real results (only that which can be
schmoozed); but has required cover-ups particularly along (republican) party
lines, ie., trump, alito, he backed giuliani, etc.. http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf Wall street frauds and protection (exemption from RICO) grew
during ‘freeh the bushman’s’ tenure (with reno / clinton –Mena, Arkansas
cocaine drop/connection) as did the transfers of just about everything to
communist china. America’s direct involvement in the illegal drug business was
about all that can characterize his otherwise unremarkable FBI career (‘pizza
connection case’) as protection was accorded the u.s. government’s illegal
activity and competitors removed. World’s Largest
Drug Dealer: The american empire is
the largest drug dealer in the world! Say it isn’t so. Well, in addition
to forcing legal drugs and genetically modified organisms on nations,
usually under the cover of foreign aid, America also leads in the illegal drug
trade. In fact, many researchers reveal that the war on drugs is only
utilized to control and monopolize the illicit drug trade. The US
government has been caught multiple times shipping
in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the
hypocrisy forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm ]
Will
Freeh bungle Penn State child-sex abuse investigation too? [ Only accidently on
purpose! In louis freeh’s quid pro quo bureaucratic world, true results DON’T
COUNT! ] http://www.reddirtreport.com/Story.aspx/20474 By Andrew
Griffin OKLAHOMA CITY – More than two weeks after the public began to learn
of the child-sex abuse allegations against former Penn State assistant football
coach Jerry Sandusky, we learn that former FBI Director Louis
Freeh, now in the private sector, has been hired to uncover the truth about
horrific child-sex abuse crimes
in State College, Pennsylvania.
Freeh,
you may recall, served as FBI director during the Clinton administration and
was in that leadership spot during the 1995 Alfred P. Murrah building bombing. Now that Freeh has been “tapped to lead Penn State’s investigation into the
child-sex abuse allegations” against Sandusky, and perhaps others, with
information allegedly stretching back to 1975, Red Dirt Report wonders
if Penn State really wants this crime to be solved and their questions to be
answered.
As
reported today, Freeh said: “I will personally lead that investigation. The
special committee has hired my law firm to conduct a fair and independent
investigation.”
Good luck
getting to the truth, Penn State. Given Freeh’s lousy reputation as a
crimefighter –
and not surprisingly, former Pennsylvania Attorney General and current Gov. Tom
Corbett gives Freeh a big thumbs up – you would think Penn State would stay far, far away
from Freeh, unless Freeh is expected to bungle, cover up and obfuscate while
pretending to expose the crimes against children there in the Keystone State.
We hope he is there to do the right thing by those victimized by Sandusky and
others.
People at Penn
State –
also known as “Happy Valley” – have known about Sandusky’s crimes and have covered
for him and ousted, godlike Coach Joe Paterno. Note this article
in the Beaver County Times which, back in April, was shouting from the
rooftops about Sandusky and note that “But there’s no shortage of stories and rumors about Penn State
football sweeping problems under the rug.”
Freeh, we
must note, is an interesting – and controversial – choice. Yes,
controversy seemed to stick to Freeh like crazy glue throughout the 1990’s. First, there
was Freeh’s coverup of the 1992 Ruby Ridge travesty. Another
big one involved the fallout from Waco, which spilled over into Freeh’s tenure,
another botched event and subsequent cover-up. Freeh has a lot to answer for.
While Freeh is
viewed as incompetent, he and his underlings were effective in covering up
and/or ignoring major crimes and controversies over the years that he was
charged to protect the American people. As Charles R. Smith wrote
of Freeh at Newsmax.com in 2002: “FBI Director Louis Freeh oversaw the longest run of
FBI public disasters in its entire history” with Freeh transforming the FBI “from a federal law
enforcement agency into a political joke.”
Think
about it. Freeh was in charge during the “500 missing FBI
files” incident, the Unabomber case, the Wen Ho Lee/Los
Alamos files espionage case, the Montana Freemen showdown, the shoot down of
TWA Flight 800 in 1996 and so on. Do you feel you have more answers or
fewer answers on those incidents and tragedies? Think about it.
Oh, and did
you know Freeh was appointed FBI director in July 1993, the day before Vincent
Foster’s body was found in Fort Marcy Park?, The prior director, William Sessions, was ousted by
Attorney General Janet Reno in the wake of the Waco disaster – a disaster Freeh would
fail to fully investigate, according to reports.
In a September
2000 article in Business Week, writer Howard Gleckman, in a piece
titled “The
Case Against Louis Freeh,” the article absolutely blasts the director, who was
still in charge at that time.
Writes
Gleckman: “The
man (Freeh) has overseen a bureau that has bungled investigations of
high-profile criminal cases and repeatedly misled probers and judges in legal
proceedings –
never more shamelessly than in the matter of Los Alamos scientist Wen Ho Lee.
At the same time, Freeh’s FBI has tried to run roughshod over the civil
liberties of ordinary citizens, demanding access to encryption codes and
elbowing its way onto every PC in the country through its Carnivore project.”
Remember, that
was written 11 years ago – and one year before 9/11.
And for those
of us here in Oklahoma City, still healing from the effects of the bombing more
than 16 years later, to learn that former FBI Director Freeh is leading an
investigation into a major crime which may involve connections to many other
people, well, don’t hold your breath folks. He had an opportunity to do
the right thing by the victims of the bombing and he opted not to do the right
thing and bring the real criminals to justice.
In fact, the
idea that Freeh will uncover anything of substance – good luck, Penn State
scandal truthseekers – is an absolute joke. For instance, Freeh was exposed
as knowing a lot more about the details of who was involved in the bombing, far
beyond Timothy McVeigh. Be sure to check out the upcoming release of Free Mind
Films’
explosive documentary, A
Noble Lie.
As exposed by
the late J.D. Cash, an investigative reporter with the McCurtain Daily
Gazette, Freeh and the FBI allegedly knew of a bomb plot and the
activities of German intelligence contact and Neo-Nazi infiltrator Andreas
Strassmeir at Elohim City in Adair County, Oklahoma. And what of Larry
Potts, a leading FBI investigator? Freeh made sure Potts, his number two
guy, rose in the ranks, yet what does Freeh think about accusations made
against Potts, a villain linked to numerous botched cases? This includes
comments by the late Timothy McVeigh, executed for his role in the bombing, who
said Potts –
involved in Ruby Ridge and Waco – knew him well and was forcing the former soldier-turned-radical
to “go
off script” and that McVeigh’s accomplice, Terry
Nichols, said the bombing was an “FBI op,” as noted by a hard-hitting 2007 article
in Utah’s
Deseret News.
As for “Andy the German” Strassmeir, much of his
role in the “FBI
op”
was revealed in
a January 1996 memo Freeh sent out to senior FBI field agents which noted the
Southern Poverty Law Center/FBI joint sting operation at Elohim City, Okla. was
being handled in the days prior to the bombing.
As Cash
reported, while Freeh’s FBI put up border guards on the Mexican border to
pick up Strassmeir for questioning in regards to his links to Elohim City and
McVeigh, Strassmeir managed to slip through their fingers. The teletype,
obtained via an FOIA request, was heavily redacted but reveals that FBI
Director Freeh knew a lot more about the Oklahoma City bombing case than the
public was led to believe. Why did Freeh allow Strassmeir to flee the U.S. and
go back to Germany without being questioned about his role in the lead-up to
the Oklahoma City bombing, the biggest domestic terror attack up to that time
in history? Wouldn’t Strassmeir’s knowledge of McVeigh and “others unknown” have been useful to the
federal investigation into the April 19, 1995 bombing here in Oklahoma City
that killed 168 and wounded many others?
As Cash wrote,
in a piece
posted in 2005 at WorldNetDaily.com: “The Freeh teletype also discusses an allegedly close
relationship McVeigh had with a subject living at Elohim City, a person who,
the teletype says, spoke with McVeigh only two days before the bombing.”
Continuing,
Cash, and co-writer Roger Charles note: “That information, Freeh said, was from an informant
who was working for the Southern
Poverty Law Center – a tax-exempt civil rights group co-founded by Morris
Dees.”
It was Freeh’s FBI that gathered up
all the videotapes
after the Oklahoma City bombing. Where are those tapes now, Mr. Freeh?
The FBI crime
labs under Freeh were accused by an FBI whistleblower that evidence in OKBOMB
had been tainted. And Freeh punished
him, sending a chilling message to other potential whistleblowers. And yet
Penn State, certainly knowing Freeh’s background and history, wants him to do an
independent investigation into this serious case at Penn State, which some have
reported may include Sandusky’s involvement in “pimping
out”
children to wealthy Penn State donors?
Freeh’s predecessor, William S.
Sessions, was FBI director when Ruby Ridge and Waco happened and was in charge
when accusations arose against powerful people and institutions in the late
1980’s
and early 1990′s regarding pedophile rings leading up to the top
rungs of American political power, something some independent researchers claim
goes on to this day. The 2005 “Gannon-gate” episode, as noted by reporter
Wayne Madsen, was reminiscent of the 1989 pedophile and prostitution scandal
linked to the Franklin Community Credit Union in Omaha, Nebraska. And
interestingly, that scandal seems reminiscent of what we are seeing unfold at
Penn State, if the allegations of Sandusky “pimping” kids out to wealthy
school donors are indeed true, as reported by sports journalist Mark Madden.
The FBI seems
to be more interested in crisis management and cover up than in actually
solving serious crimes, as we have seen time and again.
When Red
Dirt Report first learned that Freeh was hired by Penn State to
investigate the Sandusky child-sex abuse case as an independent investigator,
we thought about some of our sources who are still upset with Freeh for
allegedly covering up so many aspects of what happened prior, during and after
the Oklahoma City bombing. This includes the murders of Oklahoma City Police
Officer Terry
Yeakey and prisoner Kenneth Trentadue,
killed while in federal custody in the wake of the OKC bombing, in what his
brother Jesse Trentadue believes was a case of mistaken identity.That happened
on Freeh and Reno’s watch.
Red Dirt
Report is very skeptical of
Freeh and whether or not he will really find out anything of consequence and if
he does, be on the alert that if it involves very powerful and influential
people.
Think about
it. It was at the end of his tenure that Freeh, a devout Roman Catholic and
rumored to be linked with the shadowy Opus Dei organization, dramatized in Dan
Brown’s
Catholic Church-linked conspiracy thriller The DaVinci Code, was
revealed as actually attending the same church as devoted Opus Dei Catholic and
FBI agent-turned-spy Robert Hanssen. Freeh notes in his bio My FBI:
Bringing Down the Mafia, Investigating Bill Clinton and Fighting the War on
Terror, that he didn’t know that Hanssen, a fellow parishioner at St.
Catherine of Siena Church in Great Falls, Va., was up to no good and selling us
out to the Russians and earning Hanssen the infamous name “the most damaging spy in
history.”
Somehow, the big ones tend to get by Freeh. Hmmm.
Interestingly,
exactly six months prior to the terror attacks of 9/11/01, some pamphleteers critical
of Freeh and his cover up of the 1993 “holocaust” of Branch Davidians near Waco, Texas appeared
outside his church. While the critics of Freeh and his FBI were angrily driven
off the church property by the priest, the somewhat rambling pamphlet notes
accuses Freeh of being a “conspirator in the murder of the Branch Davidians, an
accessory after the fact.”
Perhaps Louis
Freeh has learned a lot since those crazy days of the 1990’s. Perhaps he has had
time to reflect on his career and the crimes he was charged with investigating,
on behalf of the American people.
But we’re not sure, given his
awful record in tracking down the real criminals in numerous high-profile
cases. As one person who lost several family members in the Oklahoma City
bombing told us this afternoon of Freeh and his new assignment at Penn State, “(Freeh) screwed up here
and he’s
going to screw up there.” There aren’t many fans of Freeh back here in Oklahoma. We hope
folks in Pennsylvania take that into account as their “independent investigation” is launched.
For the sake
of the victims at Penn State and those who are extraordinarily upset and
outraged about what took place there for many, many years, we truly hope Louis
Freeh uncovers the truth and that the despicable Jerry Sandusky – and others – are ultimately brought
to justice.’
GOOGLE
SEARCH – ‘LARRY KLAYMAN, LOUIS FREEH CORRUPT’
ABOUT 6,240 RESULTS (0.11 SECONDS)
archive.newsmax.com/articles/?a=2000/7/30/211047
Jul 31, 2000 – Judicial Watch is a public-interest law firm that
fights corruption in government. To read Larry Klayman's letter to Louis Freeh, ...
www.judicialwatch.org/archive/newsletter/2003/0203b.shtml
... security," said JW Chairman Larry Klayman. "His behavior stands in stark contrast to Louis Freeh, a man so corrupt he destroyed the office he led, ...
www.freedomwriter.com/issue20/am15.htm
“Louis Freeh will finally have to answer in court for what he did to our clients.
... answers,” stated Judicial Watch Chairman and General Counsel Larry Klayman. ...
www.infowars.com/jw_transcript.htm
Klayman, Larry, Chairman, Judicial Watch ... My name
is Larry Klayman. ... interest group that
investigates and prosecutes government corruption and abuse. ...... They seized his computer – these
are FBI agents at the direction of Louis Freeh, ...
www.judicialwatch.org/archive/2001/printer_921.shtml
May 3, 2001 – Because of his corrupt behavior, Freeh was placed on Judicial Watch's ... stated Judicial
Watch Chairman and General Counsel Larry Klayman. ...
www.wnd.com/index.php?pageId=5374
May 27, 2000 – By Larry Klayman ... While Judicial Watch has asked FBI Director Louis Freeh to .... lawsuits against a corrupt and unrepentant Clinton-Gore ...
cryptome.org/trulock-v-fbi.htm
LOUIS
J. FREEH, in his personal capacity; NEIL
GALLAGHER, in his No. ... COUNSEL ARGUED: Larry E. Klayman,
JUDICIAL WATCH, INC., Washing- ton, D.C. ...
Donald Trump Dismisses Ron Paul as “Joke Candidate” Kurt Nimmo | Millions of Americans support Paul’s call for
ending foreign aid. [ Yet it’s trump who is the big joke (which makes america
look like a bigger joke)! He’s a caricature at best, and the joke that keeps on
giving (SNL, etc.), and a government-protected mobster (worried he’ll lose his
‘protected’ status under a legitimate administration). ‘When
they’re losing, they can afford to be principled’ says corrupt mobster trump
regarding the snubbing of his ‘less than moderation’ of an upcoming debate in
Iowa by the remaining principled GOP contenders. In reality, it’s actually
‘when you’re winning, you can afford to be principled’. But, in trump’s
corrupt, sordid, sinkhole habitat, the former is indeed his truth. If you’re
principled, you’re losing in trump’s rather surreal unreality. After all,
pervasively corrupt and unprincipled america is indeed losing; and, big-time at
that. That trump is a megalomaniac, a narcissist, and, yes … a loser, there is
no question. Indeed, anyone who ‘wins’ unfairly (corruption, etc.) at others
expense (ie., as does himself, the frauds on wall street, etc.) is a loser.
Unfortunately, such modus operandi, including that which is criminal, has been
accorded protection and respect in defacto bankrupt america, much like the
‘protected’ (bribes, etc.) common drug dealer (america, see infra), pimp, etc..
Then there’s the endearing (to a dumbed down american public) hype! That
cloyingly cutesy ‘the donald’ routine is nauseating; but, that’s the natural,
visible concomitant to a nation in ineluctable decline! On a positive note,
megalomaniac trump will not be able to retread the path of his role model /
idol Adolf Hitler as head of state. He’s really quite a joke when you think
about it; and a mentally ill one at that; ask Steve Wynn, he’ll tell you, he’s
already said it.
‘Pizza
with palin’, ‘town hall of fame with Bachmann’, trump purports to be at least
‘alcohol free’ (the alleged cause – I don’t think so – of mobster trump’s elder
brother’s suicide); but is he ‘med-free’? … there must be something to account
for his madness (he’s a psychopath who used to play Hitler speeches for
inspiration). Ron Paul Slams Trump, Joins Huntsman In Sitting Out
‘Circus-Like’ Debate Business Insider | The reality television
star’s participation is “beneath the office of the Presidency.”
( http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog ) (America also leads in the illegal drug trade. In
fact, many researchers reveal that the war on drugs is only utilized to control
and monopolize the illicit drug trade. The US government has been
caught multiple times shipping in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the hypocrisy
forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm ) ‘When they’re
losing, they can afford to be principled’ says corrupt mobster trump regarding
the snubbing of his ‘less than moderation’ of an upcoming debate in Iowa by the
remaining principled GOP contenders. In reality, it’s actually ‘when you’re
winning, you can afford to be principled’. But, in trump’s corrupt, sordid,
sinkhole habitat, the former is indeed his truth. If you’re principled, you’re
losing in trump’s rather surreal unreality. After all, pervasively corrupt and
unprincipled america is indeed losing; and, big-time at that. That trump is a
megalomaniac, a narcissist, and, yes … a loser, there is no question. Indeed,
anyone who ‘wins’ unfairly (corruption, etc.) at others expense (ie., himself,
the frauds on wall street, etc.) is a loser. Unfortunately, such modus
operandi, including that which is criminal, has been accorded protection and
respect in defacto bankrupt america, much like the ‘protected’ (bribes, etc.)
common drug dealer (america, see infra), pimp, etc.. Then there’s the endearing
(to a dumbed down american public) hype! That cloyingly cutesy ‘the donald’
routine is nauseating; but, that’s the natural, visible concomitant to a nation
in ineluctable decline! On a positive note, megalomaniac trump will not be able
to retread the path of his role model / idol Adolf Hitler as head of state.
He’s really quite a joke when you think about it; and a mentally ill one at
that; ask Steve Wynn, he’ll tell you, he’s already said it.
‘Pizza with palin’, ‘town
hall of fame with Bachmann’, trump purports to be at least ‘alcohol free’ (the
alleged cause – I don’t think so – of mobster trump’s elder brother’s suicide);
but is he ‘med-free’? … there must be something to account for his madness
(he’s a psychopath who used to play Hitler speeches for inspiration).
Trump
to moderate GOP debate This won’t end well. (Washington Post) [ Goes without saying…
of all people to choose … Why not Jerry Springer?… ‘Non-celebrity Apprentice’,
the new reality show, as in who scratches whose back for favors down the road,
as in quid pro quo, as in trump’s continued ‘graduation’ from commonly mob
connected, to new york/new jersey politically sordid sinkholes, to now failed
washingtonian … ‘establishment’? Hasn’t trump’s rise coincided with the
nation’s decline / demise? I’ve seen the corruption first hand! http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv Does
regulation really kill jobs? (Washington Post) [ Just those
corruption-related ones; those organized crime, as well as disorganized crime
jobs for which there’s plenty of ‘quid pro quo’, bribes, etc., to go around. Energy
Dept. failed to act as Solyndra sank (WP) [ This stuff is becoming all too
typical. I believe it’s time to start questioning what federal employees get
paid for. After all, pervasively corrupt america is defacto bankrupt ( America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke…The government’s total indebtedness is $211 trillion’ ) . Moreover,
america’s pervasive corruption, even crimes,
has become synonomous with the machinations of any number of federal
agencies / departments / all branches of government (ie., DOJ – holder/fast and furious/race bias UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims ,
Fannie / Freddie Mac , SEC destroyed documents,
senator says 17 Aug 2011 ‘The
Securities and Exchange Commission destroyed documents and compromised enforcement
case ... “It doesn’t make sense that an agency responsible for
investigations would want to get rid of potential evidence…’ Report:
SEC lawyer exposed FBI informant (WP) [the sec liar (sic – lawyer)
typically with a ‘pre or post’ arrangement, whether implicit or explicit; that
ubiquitous ‘bribe thing’ in pervasively corrupt, defacto bankrupt, fallen america. Indeed, the scenario typifies that
national drain / sinkhole new york (new york / new jersey metro) where, for
example, FBI informants were routinely exposed by ‘italians’ in the new york
d.a.’s office over the objection of the FBI, and were murdered by mafia /
organized crime [ this was documented with authority in ‘Goombata: The
Improbable Rise and Fall of John Gotti and His Gang’ Cummings / Volkman ] SEC
faulted over records shredding The SEC destroyed internal documents that
should have been preserved as official federal records, the agency’s inspector
general has found. (Washington Post) [ Oh, if it was only that, and only the
SEC; and if only they did an incisive investigation of the DOJ. Sheriff: Fast and Furious Bigger Scandal Than Watergate http://www.prisonplanet.com/sheriff-fast-and-furious-bigger-scandal-than-watergate.html Paul Joseph Watson | Over two dozen
Republicans call for Holder to resign. Though heavily redacted, the documents directly
discuss “Operation Fast and Furious” and how it involves “trafficking
firearms to Mexico”. Tuesday, November 1, 2011 . )That’s certainly my
experience which comports with reality, http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
Wayne
Madsen: Holder’s Fast & Furious was Designed to Destablize Mexican
Government Infowars Nightly News | ‘Wayne Madsen has learned from his
contacts within the Beltway intelligence community that Jared Lee Loughner is
an “MK-ULTRA” programmed assassin and that US District Judge John Roll and
Congresswoman Gabriel Giffords were targetted for assassination.The reason for
the decision to target Judge Roll and Congresswoman Giffords has to do with
their knowledge of the malicious and purposeful arming of Mexican drug gangs
along the US-Mexico border by US intelligence agency assets in an effort
designed to destablize the Mexican government.This towards the end of making
Mexico more dependent on US military aid and protection from its private
security contractors.A key quote from Wayne Madsen’s report follows:
“WMR has been told that in 2009, information about the
CIA/Homeland Security/Napolitano smuggling operation came to the attention of
three individuals, two members of Congress and a federal judge. The three were
Arizona Democratic Representatives Giffords, Republican Representative Mike
Conaway from west Texas, and Judge Roll. Giffords and Roll were working
together on investigating the extent of the clandestine weapons and druigs
smuggling operation and held some joint meetings with informants, one in north
Phoenix, in 2009.Information on the investigation and informants was strictly
limited to only a few trusted staffers and clerks for Giffords and Roll. In
addition, Conaway was also being briefed by informants on the smuggling
operation but since the death of Roll and the severe mental and physical
incapacitation of Giffords from the shooting carried out by Jared Lee Loughner,
said to be an MK-ULTRA-like trained assassin, he has gone silent in fear for
his own safety.Loughner’s was declared mentally incompetent and there are
reports, including one in Slate Magazine, that the U.S. Medical Center for
Federal Prisoners in Springfield, Missouri, where Loughner is being held,
pending a determination of his mental fitness to stand trial, is being
administered psychotropic drugs in his Kool Aid.In addition to receiving drugs
to fund its off-the-books operations, the CIA weapons smuggling program is
designed to arm the two main Mexican cartels — Sinaloa and Los Zetas — in order to destabilize
Mexico.
Call him irresponsible -
call him unreliable
Throw in undependable too
Do his foolish alibis bore you
Well he’s not too clever – he just adores trumpish people we should boo
Call him unpredictable - tell him he’s impractical
Pots of gold at ends of rainbows he’s inclined to pursue
Call him irresponsible - yes newt’s unreliable
But it's undeniably true – newt’s irresponsibly mad for madman trump et als too
Parker:
Gingrich’s tone-deaf remarks on the poor
(Washington Post) [ Let me say at the outset, whether correct or not,
when it comes to sharpton, the medium is the message (I never got past that
‘Call Me Twana, Bwana’ thing with him http://albertpeia.com/tawana.htm - When I wrote this I was still ‘a bit
miffed’ by having just been mugged by 4 blacks and 2 hispanics here in LA,
along with the anti-white predisposition of blacks as well, here in LA
particularly ). Yet, in sharpton’s and partner mason’s ‘legal’ (illegal)
heyday, I actually represented a black man, a walk-in/recently out of the army,
whose unfortunate accident with his (owned) truck left him in arrears/default
on his mortgage, which suit came before the late Honorable (among the few in
jersey) U.S.D.C. Judge Sarokin (Rubin ‘Hurricane’ Carter case) upon my motion
for failing to meet the amount in controversy, $75,000 –strictly construed,
plaintiff midlantic bancorporation’s counsel miscounted and was off by less
than $300.
[ Some lawyers can’t
count or do anything right: This is from a reply to the Congresswoman
Roybal-Allard’s query ‘…As previously noted in a prior message to you, I had
previously spoken to FBI Agent Bill Lewis in Washington who was recently
promoted to the FBI Headquarters Office (D.C.) from the FBI office here in LA,
and who was to be out of the office for the two weeks past. I’ll be contacting
him given a reasonable time for him to ‘catch up’, from being out of the
office. While independent contractor richard coan (missed a filing date) is ultimately
the one to bear the burden of damages (there’s insurance and a surety covering
same), coan might allude to the prior default of the u.s. government (assist.
u.s. atty. robert i. lester miscounted / miscalculated the time for filing an
answer / response to the complaint upon service thereof, also misstating the
rule in open court before corrupt judge matz who ‘schmoozed’ things over (they
both have the same employer), however incorrectly according to the ‘law’. I
ordered / bought a copy of the transcript of that rather pathetic proceeding
(posted in part on my website). In any event, regardless who pays me, the
amounts so paid would ultimately be recovered from coan, his insurer/surety
which amounts might even exceed the amount I’m willing to settle at. [There is
also a judgment (referenced in the correspondence to FBI ADIC Martinez infra)
that had been entered in my favor in the case, United States District Court
Case #3:93cv02065(AWT)(USDCJ Alvin Thompson), worth approximately now in excess
of $300,000 remains unaccounted for and which would benefit Los Angeles, etc.;
and then, of course as well, the substantial damages. ] I’ve waited far too
long for this matter to resolve, what should have been resolved in accordance
with clear law long ago; and, which
would have been resolved if not for typical u.s. corruption in the process;
and, which is well within the government’s ability to resolve. In my world and
way of thinking, results do count! I’ve included prior correspondence for ease
of reference…’ ]
In state superior court,
we opened, then on cross of their first ‘expert’ witness (regarding the amounts
due), I moved to dismiss and strike the testimony for having failed and being
unable to qualify said witness (owing to a very parochial and strict state rule
of evidence in jersey – he had no other such witness for said purpose). The
Honorable (among the few in jersey) Judge Weiss was inclined to rule
accordingly, took us in chambers and strongly suggested opposing counsel call
his client bank to sanction a favorable settlement to my client. The point is,
I’m not a racist nor prejudiced. But, I am objective and a realist. I did ‘pay
a big price’ for said embarrassment to the bank’s counsel; and, they made sure
I knew it. That said, let me reiterate that the inclusion of sharpton as a
purveyor of rectitude leaves me somewhat less than receptive to Ms. Parker’s
point. Yet again, so slimy and egregious is gingrich’s patronizing ‘showing up
on Monday‘ remark that I’m constrained to ask, ‘is that what gingrich recently
did for the $37 million from corporate “favor-seekers”?’. Or is it more likely
he didn’t have to show up at all? The latter’s the reality, and from his record
in being ‘driven from office on a rail’, one must wonder what he among others
ever got paid for. Then there’s the ‘mobster trump thing’ (corrupt sister
maryanne trump barry, newly appointed for said purpose, did corrupt a RICO
action in which hundreds of thousands of illegal (drug) funds were being
laundered through her brother’s casinos yet wouldn’t recuse herself despite my
motion (see http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm ).
Robinson:
King’s dream remains unrealized (Washington Post) [ Yeah! That ‘content of their character’
thing’s a b***ch to live up to … just don’t measure up! What’s a white person
to do, especially when black atty. General Holder with fellow black Obama’s
tacit approval is racist himself (themselves)
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. Drudgereport:
'Mob' beatings at WI state fair...
'Hundreds of young black
people beating white people'... [ Typical… ]
Fairgoers 'pulled out of cars'...
'They were just going after
white people'...
Heightened security...
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real, complicit
cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s browser) as per your
office’s
request as made this day (the disk and contents have been scanned by Avast,
McAfee, and Norton which I’ve installed on my computer to prevent viral attacks
/ infection and are without threat). I also include 1 copy of the DVD as filed
with the subject court as referenced therein (which files are also included on
the aforesaid 3 disks in a separate folder named ‘112208opocoan’). The (civil) RICO
action (as you’re aware, the RICO Act is a criminal statute which
provides a civil remedy, including treble damages and attorney fees, as an
incentive for private prosecution of said claims probably owing to the fact
that the USDOJ seems somewhat overwhelmed and in need of such assistance given
the seriousness and prevalence of said violations of law which have a
corrupting influence on the process, and which corruption is pervasive). A
grievance complaint against Coan was also filed concurrently with the subject
action and held in abeyance pending resolution of the action which was
illegally dismissed without any supporting law and in contravention of the
Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District Connecticut.
The files below the horizontal rule are the referenced documents as filed.
(Owing to the damage to the financial interests of both the U.S. and the
District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to
the LA office and I was referred to the Long Beach, CA office where I personally
met with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of
the money laundering which he confirmed as indicative of same (he was
transferred from said office within approximately a month of said meeting and
his location was not disclosed to me upon inquiry). The matter was assigned to
FBI Agent Ron Barndollar and we remained in touch for in excess of a decade
until he abruptly retired (our last conversation prior to his retirement
related to the case and parenthetically, Rudy Giuliani whose father I stated
had been an enforcer for the mob to which he registered disbelief and requested
I prove it, which I did – he served 12 years in prison, aggravated
assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew Maloney’s the one that prosecuted
gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of the
federal statute concerning same. (Ultimately delivered by UPS) ]
America
also leads in the illegal drug trade. In fact, many researchers reveal
that the war on drugs is only utilized to control and monopolize
the illicit drug trade. The US government has been caught multiple
times shipping in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the
hypocrisy forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm
Five
myths about Ron Paul (Washington
Post) [ For me, the litmus test for any candidate, though somewhat personalized,
is generally applicable to the entire national electorate. It falls within that
very broad category; viz., ‘been there, done that’. It is no mystery that the
current wobama regime, et als are trying in every which way to censor,
obstruct, and otherwise control the free-flow of information, particularly now
the internet, which really works against failed administrations as that
currently in place. By every measure you can gauge the success or failure of a
presidency, wobama the b for b***s*** is an abject failure. There is not one
reason he can point to based upon what he said he would do last time around,
didn’t do, but as we now know had he done as he said the nation would have
clearly been better off this day. He basically continued the policies of the prior
failed presidency of war criminal dumbya bush, including the same or similarly
connected players, despite having campaigned vociferously condemning same (CIA lawyer says Obama administration backed and continued
virtually all Bush-era programs Natural News ). Clinton was the
luckiest of all recent presidents in having the benefit of the peace dividend
to smooth things over, by way of the one and only but very significant
accomplishment of Reagan / Gorbachev; yet, he found ways through deep-seated
mental issues to fail, which we all endured as if watching a soap opera unfold.
Incompetent george h.w. bush (‘poppy’) was basically the ‘cia in disguise’
which kept up the ops which included that snookering of then american proxy,
sadam hussein, by u.s. ambassador april glaspie (see more here
infra) (george h.w.bush was also ambassador to communist china and we all
know how that’s turned out for america; but, ‘they’ and ‘theirs’ have made a
bundle. Moreover, poppy and clinton were tied by ‘virtue’ of their cia / Mena,
Arkansas cocaine drop / connection [ for me that connection was devastating to
my RICO case which involved the laundering of drug money through the trump
casinos in atlantic city, new jersey, and poppy is after all, war criminal dumbya
bush’s father ( see ie., http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm , and as well, america
also leads in the illegal drug trade, infra ) . wobama the b for b***s***
purports to be a lawyer which makes my aforesaid scenario the easiest thing in
the world for him to understand, particulary his department of justice, which
is now within the purview of calls for impeachment surrounding the ‘fast and furious debacle’. Despite campaign promises, there have been no
high level prosecutions of the wall street frauds which are still extant in the
trillions. That ‘8%’ unemployment; don’t completely dismiss same as they
may just have enough of their stand-ins to work exactly 1 day to be counted;
and, that’s at best. They may just as they’ve done, manipulate/fudge/outright
lie about the numbers (actual unemployment is beyond 15%). Gingrich actually
carved out exceptions for fraudulent wall street to the applicability of the
RICO Act to their frauds, among many other unscrupulous acts which will emerge;
along with having sought the endorsement of mobster, mental case trump. Then in
desperation romney follows suit with a trip to kiss the ring of failed
president poppy bush while cow-towing as all but Paul to the israeli lobby. So
I, as should be so for the entire nation, say results count. (For me, it’s
resolution of those corrupted RICO matters). Reality counts. What’s gone before
has failed and new direction, policies are required. I think the choice is
rather simple. After all, Einstein did say, paraphrasing, ‘doing the same thing
over and over again and expecting a different result’ is insanity. Ron Paul’s
still standing!
Obama
flush with financial sector cash The president has managed to raise more
money this year from the sector than any GOP contender. (WP) [ So much for
obama and OWS; but how ‘bout wobama and obs … yes, more ‘obama b***
s*** ! The quid pro quo … the bribe …
Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog Roche 'The worst
part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud )THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv America’s
shine is wearing off I know why we are falling into a cataclysm of debt and
can’t get out. (WP) [ Ah, yes. The Puritans. Of noble purpose, religious
freedom, freedom generally did they come to these shores. A rare exception to
the influx of immigrants to this young nation who turned out to be more a virus
to the indigenous peoples of this land than what could have been expected from
those of noble calling. Indeed, in evolutionary terms, it’s doubtful that those
so positioned abroad would have represented a positive addition to the gene
pool which, borrowing from an insurance term, viz., adverse selection, springs
forth the notion of inevitability to the genocide of the indigenous populations
while guaranteeing the decline we see throughout this foundering nation. The
effects of these negative predispositions toward inherent criminality is
certainly being felt globally as well as domestically and has little to recommend
it. My own direct experience with the region(s) (particularly new jersey, new
york, virginia, connecticut, california) carves out no exception for the
prevalence of the worst of human nature; which is now collectively and
pervasively americana. Though having but 5% of the world’s population, the u.s.
has 76% of the world’s serial killers,
http://www.albertpeia.com/realifeamericaserialkillers.mpg bankrupt
america also spends more on military than all the nations of the world
combined... fed employees / contractors, cia, all 3 branches of u.s. gov’t,
etc., are included in this evolved american trait of inherent criminality http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
| Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real, complicit
cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s browser) as per your
office’s
request as made this day (the disk and contents have been scanned by Avast,
McAfee, and Norton which I’ve installed on my computer to prevent viral attacks
/ infection and are without threat). I also include 1 copy of the DVD as filed
with the subject court as referenced therein (which files are also included on
the aforesaid 3 disks in a separate folder named ‘112208opocoan’). The (civil) RICO
action (as you’re aware, the RICO Act is a criminal statute which
provides a civil remedy, including treble damages and attorney fees, as an incentive
for private prosecution of said claims probably owing to the fact that the
USDOJ seems somewhat overwhelmed and in need of such assistance given the
seriousness and prevalence of said violations of law which have a corrupting
influence on the process, and which corruption is pervasive). A grievance
complaint against Coan was also filed concurrently with the subject action and
held in abeyance pending resolution of the action which was illegally dismissed
without any supporting law and in contravention of the Order of The Honorable
Robert N. Chatigny, Chief Judge, USDC, District Connecticut. The files below
the horizontal rule are the referenced documents as filed. (Owing to the damage
to the financial interests of both the U.S. and the District of Congresswoman
Roybal-Allard, viz., Los Angeles, the Qui Tam provisions of the Federal
False Claims Act probably would apply and I would absent resolution seek to
refer the within to a firm with expertise in that area of the law with which I
am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5 pages)
[ ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to
the LA office and I was referred to the Long Beach, CA office where I
personally met with FBI Agent Jeff Hayes to whom I gave probative evidentiary
documents of the money laundering which he confirmed as indicative of same (he
was transferred from said office within approximately a month of said meeting
and his location was not disclosed to me upon inquiry). The matter was assigned
to FBI Agent Ron Barndollar and we remained in touch for in excess of a decade
until he abruptly retired (our last conversation prior to his retirement
related to the case and parenthetically, Rudy Giuliani whose father I stated
had been an enforcer for the mob to which he registered disbelief and requested
I prove it, which I did – he served 12 years in prison, aggravated
assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew Maloney’s the one that prosecuted
gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell phone best for
contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
GOOGLE
SEARCH – ‘LARRY KLAYMAN, LOUIS FREEH CORRUPT’
ABOUT 6,240 RESULTS (0.11 SECONDS)
archive.newsmax.com/articles/?a=2000/7/30/211047
Jul 31, 2000 – Judicial Watch is a public-interest law firm that
fights corruption in government. To read Larry Klayman's letter to Louis Freeh, ...
www.judicialwatch.org/archive/newsletter/2003/0203b.shtml
... security," said JW Chairman Larry Klayman. "His behavior stands in stark contrast to Louis Freeh, a man so corrupt he destroyed the office he led, ...
www.freedomwriter.com/issue20/am15.htm
“Louis Freeh will finally have to answer in court for what he did to our clients.
... answers,” stated Judicial Watch Chairman and General Counsel Larry Klayman. ...
www.infowars.com/jw_transcript.htm
Klayman, Larry, Chairman, Judicial Watch ... My name
is Larry Klayman. ... interest group that
investigates and prosecutes government corruption and abuse. ...... They seized his computer – these
are FBI agents at the direction of Louis Freeh, ...
www.judicialwatch.org/archive/2001/printer_921.shtml
May 3, 2001 – Because of his corrupt behavior, Freeh was placed on Judicial Watch's ... stated Judicial
Watch Chairman and General Counsel Larry Klayman. ...
www.wnd.com/index.php?pageId=5374
May 27, 2000 – By Larry Klayman ... While Judicial Watch has asked FBI Director Louis Freeh to .... lawsuits against a corrupt and unrepentant Clinton-Gore ...
cryptome.org/trulock-v-fbi.htm
LOUIS
J. FREEH, in his personal capacity; NEIL
GALLAGHER, in his No. ... COUNSEL ARGUED: Larry E. Klayman,
JUDICIAL WATCH, INC., Washing- ton, D.C. ...
America also leads in the illegal drug trade. In fact, many researchers
reveal that the war on drugs is only utilized to control and monopolize
the illicit drug trade. The US government has been caught multiple
times shipping in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the
hypocrisy forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
Braveheart
Republicans? Or would false-hearted
be more accurate? (Washington Post) [ Truth be told, it was the picture of Mel
as Wallace (‘Braveheart’) that caught my attention; among my favorite films in
terms of being a portrait of courage. I’ve found, almost without exception, at
almost every nuanced turn, that americans are without any courage whatsoever.
Yet, my limited disappointment with the film lay in the favorable treatment
accorded the ignoble noble bruce. Indeed, bruce’s belated ‘love and respect’
for Wallace post-mortem was no excuse (but good politics?) for unforgivably
‘failing to show up as promised’ at the behest of the typically misguided
‘old-boys’ network’ of nobles (including his father), which of course was fatal
for Wallace. For scotland that’s since meant being a mere cog in the broken
wheel of a greater britain as opposed to at worst, an independent broken wheel
(of course, it should come as no surprise that I respect the latter). Today,
those similarly positioned ignoble, self-fashioned government ‘nobles’ and
their parasites (wall street frauds, military industrial complex, government
contractors, lobbyists, etc.) are indiscernible by party certainly, or any
other way whatsoever. For Mr. Milbank, the eternal wobama apologist, to attempt
to draw such a distinction by party affiliation is disingenuous or naïve at
best, and downright dishonest at worst. With extremely few exceptions, they’re
all the same; and to use his term, false-hearted.
PORTER
STANSBERRY OF STANSBERRY RESEARCH
THE
CORRUPTION OF AMERICA
The numbers
tell us America is in decline... if not outright collapse.
I say "the
numbers tell us" because I've become very sensitive to the impact
this kind of statement has on people. When I warned about the impending
bankruptcy of General Motors in 2006 and 2007, readers actually blamed me for
the company's problems – as if my warnings to the public were the real
problem, rather than GM's $400 billion in debt.
The claim was
absurd. But the resentment my work engendered was real.
So please...
before you read this issue, which makes several arresting claims about the
future of our country... understand I am only writing about the facts as I find
them today. I am only drawing conclusions based on the situation as it stands.
I am not saying that these conditions can't improve. Or that they won't
improve.
The truth is,
I am optimistic. I believe our country is heading into a crisis. But I also
believe that... sooner or later... Americans will make the right choices and
put our country back on sound footing.
Please pay
careful attention to the data I cite. And please send me corrections to the
facts. I will happily publish any correction that can be substantiated. But
please don't send me threats, accusations against my character, or baseless
claims about my lack of patriotism. If I didn't love our country, none of these
facts would bother me. I wouldn't have bothered writing this letter.
I know this is
a politically charged and emotional issue. My conclusions will not be easy for
most readers to accept. Likewise, many of the things I am writing about this
month will challenge my subscribers to re-examine what they believe about their
country. The facts about America today tell a painful story about a country
in a steep decline, beset by problems of its own making.
One last
point, before we begin... I realize that this kind of macro-economic/political
analysis is not, primarily, what you pay me for.
You rightly
expect me to provide you with investment opportunities – whether bull market,
bear market, or total societal collapse. And that's what I've done every month
for more than 15 years.
But that's not
what I've done this month. You won't find any investment ideas at all in these
pages. This issue is unlike any other I have ever written.
I'm sure it
will spark a wave of cancellations – costing me hundreds of thousands of dollars. I fear
it will spark a tremendous amount of controversy. Many people will surely
accuse me of deliberately writing inflammatory things in order to stir the pot
and gain attention. That's not my intention. The truth is, I've gone to great
lengths throughout my career to protect my privacy.
I am speaking
out now because I believe someone must. And I have the resources to do it. I
am sharing these ideas with my subscribers because I know we have arrived at
the moment of a long-brewing crisis.
Our political
leaders, our business leaders, and our cultural leaders have made a series of
catastrophic choices. The result has been a long decline in America's standard
of living.
For decades,
we have papered over these problems with massive amounts of borrowing. But now,
our debts total close to 400% of GDP, and America is the world's largest
borrower (after being the world's largest creditor only 40 years ago)... And
the holes in our society can no longer be hidden...
We've reached
the point where we will have to fix what lies at the heart of America's
decline... or be satisfied with a vastly lower standard of living in the
future.
How do I know?
How do I statistically define the decline of America?
The broadest
measure of national wealth is per-capita gross domestic product (GDP).
Economists use this figure to judge standards of living around the world. It
shows the value of the country's annual production divided by the number of its
citizens. No, the production isn't actually divided among all the citizens, but
this measure provides us with a fair benchmark to compare different economies
around the world. Likewise, this measure shows the growth (or the decline) in
wealth in societies across time.
So... is
America growing richer or poorer based on per-capita GDP? Seems like a simple
enough question, doesn't it? Is our economy growing faster than our population?
Are we, as individuals, becoming more affluent? Or is the pie, measured on a
per-person basis, growing smaller?
This is the most fundamental measure of the success or the failure of any
political system or culture. Are the legal and social rules we live under
aiding our economic development or holding us back? What do the numbers say?
Unfortunately,
it's a harder question to answer than it should be. The problem is, we don't
have a sound currency with which to measure GDP through time. Until 1971, the
U.S. dollar was defined as a certain amount of gold. And the price of gold was
fixed by international agreement. It didn't actually begin to trade freely
until 1975. Therefore, the value of the U.S. dollar (and thus the value of U.S.
production, which is measured in dollars) was manipulated higher for many
years.
Even today,
our government's nominal GDP figures are greatly influenced by inflation. The
influence of inflation is particularly pernicious in GDP studies. You see,
inflation, which actually reduces our standard of living, drives up the amount
of nominal GDP. So it creates the appearance of a wealthier country... while
the nation is actually getting poorer.
The only real
way to accurately measure per-capita GDP is to build our own model. The need to
build our own tools tells you something important – the government doesn't
want anyone to know the answer to this question. It could easily publish data
far more accurate than the indexes it puts out. But government doesn't want
anyone to know. And it wants to be able to say "those aren't the real
data" when studies like ours produce bad news.
So pay
attention to how we built our charts. You can see for yourself that our data
are far more accurate than the government's figures. Our data are based on the
real purchasing power of the currency, not the nominal numbers, which are
completely meaningless in the real world.
The question
we are trying to answer is: What would per-capita GDP numbers look like, if we
used a real-world currency, like gold, or a basket of commodity prices, instead
of the paper-based U.S. dollar? What would the figures be if we measured GDP in
sound money instead of the government's funny money?
Here's how we
figured it out. We took the government numbers for nominal GDP and measured
them first against commodity prices, and later (after it began to trade freely)
gold. We used a standard commodity index (the CRB) up to 1975 and gold
post-1975. The result of this analysis shows you the real trend in U.S.
per-capita GDP, as measured on a real-world purchasing power basis.
Our analysis
shows you what's actually happened to our real standard of living. The results,
we suspect, will surprise even the most bearish among you.
America is in
a steep decline.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/porter%201.png
Americans
Are Getting Poorer – Fast
Let me anticipate
the "official" criticism of our study. Many people will claim that
our numbers aren't "real." They will say that we "mined"
the data to produce a chart that showed a steep decline.
That's simply
not so. All we've done is convert the government's nominal GDP stats into a
fixed currency value that's based on real-world purchasing power. The fact is,
our data are far more accurate than the government's because they represent the
real-world experience.
That's why our
data are far more closely correlated to other real-world studies of wealth in
America.
Consider, for
example, annual sales of automobiles. Auto sales peaked in 1985 (11 million)
and have been declining at a fairly steady rate since 1999. In 2009, Americans
bought just 5.4 million passenger cars. As a result, the median age of a
registered vehicle in the U.S. is almost 10 years.
Our data shows
that real per-capita wealth peaked in the late 1960s. Guess when we find the
absolutely lowest median age of the U.S. fleet? In 1969. At the end of the
1960s, the median age of all the cars on the road in the U.S. was only 5.1
years. Even as recently as 1990, the median age was only 6.5 years.
Rich people
buy new cars. Poor people do not.
Most
important, our data "proves" something I know many of you have felt
or perceived for many years. You've seen the decline of your neighborhoods.
You've gone years without being able to earn more money in your job. Or you've
seen your purchasing power decrease to the point where you're now substituting
lower-quality products on your grocery list for the brand-name products you
used to buy.
You can see
how much harder it is on your children to find good jobs, to buy good housing
or a new car. As a result, few people under the age of 40 have the same kind of
"life story" as their parents.
And because
they can't "make it," many have decided to "fake it." The
average college student now graduates with $24,000 in debt... and by his late
20s has racked up more than $6,000 in credit card debt. Meanwhile, median
earnings for Americans aged 25-34 equals $34,000-$38,000. (Source: Demos.org,
"The Economic State of Young America," November 2011.)
Can you
imagine starting your life out as an adult with a personal debt-to-income level
at close to 100%? What does this say about the state of our economy? What does this say about the state of our culture?
Who
Suffers Most
It's not only
the young that are having trouble in America. It is also the old.
Debt levels
among households headed by people older than 62 have been rising for two decades.
The average mortgage size for this population is now $71,000 – five times larger than
it was in 1987 (adjusted for inflation), according to William Apgar of
Harvard's Joint
Center for Housing Studies.
Older
Americans are also more reliant on credit card debt than ever before... credit
card debt. From 1992 through 2007 (which is the latest data available) older
Americans took on credit card debt at a faster pace than the population as a
whole. According to USA Today, lower- and middle-income Americans aged 65 and
older now carry an average of more than $10,000 in credit card debt, up 26%
since only 2005.
Given average interest rates of 20% for these debts, it's a fair bet that these
obligations will never be repaid. But they will have a terrible impact on the
standard of living of these older Americans.
What in the
heck is going on? Don't Americans pay off their mortgages before they retire?
Don't they work hard during their careers, save, and invest, so they can move
to Florida and spend their retirement in comfort?
Older
Americans living with credit card debt! This doesn't sound like America, does
it? Or maybe it does.
My bet is that
most of my subscribers know that something has gone terribly wrong with
America. It's not easy to figure out how all of this happened... but you know
from your own experiences that these numbers aren't wrong. It might not be
pleasant to think about... but these figures paint a sad but accurate picture:
America is not the country it was 40 years ago. These changes are warping our
economy, politics, and culture.
In this
month's issue, I'd like to try to define a few of the core reasons we're in
this situation. I can't possibly analyze all the factors that have led to this
decline. But I want to document the growth of graft in politics. I want to
demonstrate –
with real facts and examples – how public company leadership has deteriorated. And
I want to document some of the things that are occurring in the broader
society, all of which I believe are linked to this fundamental decline in our
standard of living.
You see, I
believe the decline of our country is primarily a decline of our culture.
We have lost
our sense of honor, humility, and the dedication to personal responsibility
that, for more than 200 years, made our country the greatest hope for mankind.
I want to detail some of the factors that gave rise to the current entitlement
society. We have become a country of people who believe their well-being is
someone else's responsibility.
I've labeled
these problems: The Corruption of America.
These problems
manifest themselves in different ways across institutions in all parts of our
society. But at their root, they are simply facets of the same stone. They are
all part of the same essential problem.
The corruption
of America isn't happening in one part of our country... or in one type of
institution. It is happening across the landscape of our society, in almost
every institution. It's a kind of moral decay... a kind of greed... a kind of
desperate grasp for power... And it's destroying our nation.
The Ethos
of 'Getting Yours'
Americans
know, in their bones, that something terrible is happening. Maybe you can't
articulate it. Maybe you don't have the statistics to understand exactly what's
going on. But my bet is, you think about it a lot.
For me, a
poignant moment of recognition came this month.
Bloomberg news
published an article based on confidential sources about how Henry Paulson, the
former CEO of Goldman Sachs and the Republican U.S. Treasury secretary during
the financial crisis, held a secret meeting with the top 20 hedge-fund managers
in New York City in late July 2008. This was about two weeks after he testified
to Congress that Fannie Mae and Freddie Mac were "well-capitalized."
I knew for a fact that what Paulson told Congress wasn't true. I wrote my
entire June 2008 newsletter detailing exactly why Fannie and Freddie certainly
had billions in losses that they had not yet revealed to investors – $500 billion in losses,
at least. There was no question in my mind, both companies were insolvent – "zeros," as I
explained.
And yet, in
front of Congress, the U.S. Treasury secretary was saying exactly the opposite.
Either I was a liar... or he was.
Then... only a few days later... what did Paulson tell those hedge-fund
managers?
He told them
the same thing I had written in my newsletter. He told them the opposite of
what he'd said publicly to Congress. He told these billionaire investors that
Fannie and Freddie were a disaster... They would require an enormous,
multibillion-dollar bailout... The U.S. government would have to take them
over... And their shareholders would be completely wiped out.
Here you had a
high-government official, explicitly lying to Congress (and by extension, the
general public), while giving the real facts to a group of people who
represented the financial interests of the world's wealthiest folks. The story
didn't come to the public's attention for two years.
This was the
most outrageous example of graft and corruption I have ever seen. Certainly it
involves more billions of dollars in misappropriated value than any other
similar story I can recall. These managers had the risk-free ability to make
tens of billions of dollars, if not hundreds of billions, by using derivatives
to capitalize on what they knew was the imminent collapse of the world's
largest mortgage bank. Who picked up the tab? You know perfectly well. It was
you and me, the taxpayers.
(One of the
investment managers present at this meeting was Steve Rattner, who by that
point was already deeply involved in another bit of graft, his efforts to bribe
New York state pension-fund managers for large investments into his hedge fund,
from which he earned perhaps as much as $100 million. He later settled the
charges for a mere $10 million shortly after Andrew Cuomo was elected governor
of New York.)
The Bloomberg story... about a crooked Treasury secretary handing a room full
of crooked billionaires inside information worth billions of dollars... hardly
caused a ripple. As far as I know, no actions are being planned against Henry
Paulson or any of the hedge-fund managers involved. No other major media outlet
picked up the story. I saw nothing about it from the Department of Justice or
the Securities and Exchange Commission.
What does that
say about our country when even the most egregious kind of corruption – involving hundreds of
billions of dollars – is simply ignored?
It seems like
everyone in our country has lost his moral bearing, from the highest government
officials and senior corporate leaders all the way down to schoolteachers and
local community leaders. The ethos of my fellow Americans seems to have changed
from one of personal integrity and responsibility to "getting yours" – the all-out attempt, by
any means possible, to get the most amount of benefits with the least amount of
work.
You can see
this in everything from the lowering of school standards (revising the SAT) to
the widespread use of performance-enhancing drugs in professional, college, and
high school sports. Cheating has become a way of life in America.
I have an idea
about how this happened... about the root cause of this kind of corruption and
why it was inevitable, given some of the basic facts regarding how we've
organized our government and our corporations.
Let me show
you the numbers – the hard facts – behind what's happened to our country...’
Wayne
Madsen: Holder’s Fast & Furious was Designed to Destablize Mexican
Government Infowars Nightly News | ‘Wayne Madsen has learned from his
contacts within the Beltway intelligence community that Jared Lee Loughner is
an “MK-ULTRA” programmed assassin and that US District Judge John Roll and
Congresswoman Gabriel Giffords were targetted for assassination.The reason for
the decision to target Judge Roll and Congresswoman Giffords has to do with
their knowledge of the malicious and purposeful arming of Mexican drug gangs
along the US-Mexico border by US intelligence agency assets in an effort
designed to destablize the Mexican government.This towards the end of making
Mexico more dependent on US military aid and protection from its private
security contractors.A key quote from Wayne Madsen’s report follows:
“WMR has been told that in 2009, information about the
CIA/Homeland Security/Napolitano smuggling operation came to the attention of
three individuals, two members of Congress and a federal judge. The three were
Arizona Democratic Representatives Giffords, Republican Representative Mike
Conaway from west Texas, and Judge Roll. Giffords and Roll were working
together on investigating the extent of the clandestine weapons and druigs
smuggling operation and held some joint meetings with informants, one in north
Phoenix, in 2009.Information on the investigation and informants was strictly
limited to only a few trusted staffers and clerks for Giffords and Roll. In
addition, Conaway was also being briefed by informants on the smuggling
operation but since the death of Roll and the severe mental and physical
incapacitation of Giffords from the shooting carried out by Jared Lee Loughner,
said to be an MK-ULTRA-like trained assassin, he has gone silent in fear for
his own safety.Loughner’s was declared mentally incompetent and there are
reports, including one in Slate Magazine, that the U.S. Medical Center for
Federal Prisoners in Springfield, Missouri, where Loughner is being held,
pending a determination of his mental fitness to stand trial, is being
administered psychotropic drugs in his Kool Aid.In addition to receiving drugs
to fund its off-the-books operations, the CIA weapons smuggling program is
designed to arm the two main Mexican cartels — Sinaloa and Los Zetas — in order to destabilize
Mexico.
Wayne
Madsen: Holder’s Fast & Furious was Designed to Destablize Mexican
Government Infowars Nightly News | ‘Wayne Madsen has learned from his
contacts within the Beltway intelligence community that Jared Lee Loughner is
an “MK-ULTRA” programmed assassin and that US District Judge John Roll and
Congresswoman Gabriel Giffords were targetted for assassination.The reason for
the decision to target Judge Roll and Congresswoman Giffords has to do with
their knowledge of the malicious and purposeful arming of Mexican drug gangs
along the US-Mexico border by US intelligence agency assets in an effort
designed to destablize the Mexican government.This towards the end of making
Mexico more dependent on US military aid and protection from its private security
contractors.A key quote from Wayne Madsen’s report follows: …
Economy
grew more slowly in the summer than previously thought (Washington Post) [
Yeah! Riiiiight! That, an approximately 35% difference; no small matter.
Indeed, much like the ‘financial ponzi scheme’ being run out of washington,
there’s a ‘fake / inflated’ ‘data ponzi scheme’ being run (particularly in this
desperate election cycle) wherein the better than expected inflated (or
deflated as in fake/manipulated unemployment numbers) are put out there for the
spike in stock prices, with similar tact when reality catches up with the false
data (as here, or the inflated housing numbers yesterday, ue numbers, etc.).
Needless to say, as with ponzi schemes, reality always catches up, at great
expense / damage to many, having benefited the few (ie., frauds on wall street,
undeserving pols, etc.). All
truth passes through three stages. First, it is ridiculed. Second, it is
violently opposed. Third, it is accepted as being self-evident.--Arthur Schopenhauer
Regional
jobless rates sink Unemployment levels dropped substantially in the
District, Maryland and Virginia in November. Why
Italy may have entered new recession (WP) , Japan
cuts economic growth forecasts (WP) (Washington Post) [ Except for The Washington Post and law
evorcement, increased employment in this region in close proximity to a
desperate washington in an election year clearly must be considered a contrarian
indicator and a net negative. Then there are the other spun manipulations
you’re paying for (as is so of the wall street frauds, the largest of which are
still unprosecuted, along with the QE’s in various forms and incarnations)
Drudgereport (on Government Motors): REPORT: Chevy Volt Costing Taxpayers Up to $250K Per
Vehicle... CAVUTO: Volt sales inflated with taxpayer fleet buys... – The reality is that global depressions are
notorious for such as the aforesaid, and pervasively corrupt, defacto bankrupt
america’s no exception despite the manipulations, obfuscations, and spin.
U.S.
exporters brace for cutbacksCompanies are bracing for a recession in Europe
that would significantly reduce demand for U.S. products. (Washington Post) [
Duh! Ya think! … Why
Italy may have entered new recession (WP) {Hint … it’s a global depression} , Japan
cuts economic growth forecasts (WP) {Hint … it’s a global depression} [The reality is that global depressions are notorious
for such as the aforesaid, and pervasively corrupt, defacto bankrupt america’s
no exception despite the manipulations, obfuscations, and spin.]
Sneaker Mob Goes On Rampage: The Decline of Western
Civilization John Galt | When the collapse happens, your
neighborhood becomes a permanent Black Eye Friday.
They
Can't Wait, They (blacks) Break Into The Mall...
PappyHappy
How many used
their EBT card??
Mudholder
rusty the right wing nut
yeah its were
our tax money went statisticaly we paid for some of them shoes bunch of apes
they ussed their obama welfare foodstamp and unemploymeny money and probly some
money they sold crack for and probly pimped a few ni$$a Bi%%%%S as well for
cause dem shoes cause dey tight
Michael
.. I pity the
animals..
Welcome to our
http://www.NewNation.org
Jomama
…God help the USA!
Vince
The big question is why isn’t OBAMA speaking out on
this issue??? He manages to find time to speak out if a white police officer is
ACCUSED of racism when he restrains a black “professor” from breaking into his
house.. Without knowing the facts he JUMPS and gives a speech..these teenage
hoodlums who rob, beat up, and steal every day he says NOT A WORD about..
LA Doc
Man, you ain’t kidding. Freeloading,
thieving, ghetto-rats. All of them. Just like the animals in the WH and
Congress.
bullrider
I
haven’t spent a fraction of what those shoes cost for any I’ve bought EVER. Of
course, I’m a systems analyst and have to pay every frigging dime of the cost
for food, housing, clothing, medical care etc. for myself and my family, and
pay huge taxes on my $60K income so others ..
Annie
.. Affirmative
action is a symptom not a cause. This is the face of ghetto culture and this
primative behavior exists in every african nation on earth. Stop with the
excuses. Every culture has been enslaved and “oppressed”. The mark of a people is
how you pick yourself up, rise above and organize your social behavior.This
continued infantalization of African American cultures doesn’t ..
bullrider
I’m not a person of color.
I must be transparent ..
Andrew
.. The obvious
fact being that 99.5% of urban blacks give the remaining half percent a bad
rap. Pull your head out…it ain’t racist if (and it is) the truth. These ‘people’ are an embarrassment to
any thinking individual, they are uncivil and are effectively acting as the
water in the fuel tank of this once great nation, and you are not helping by
denying it..
Islamists kill dozens in Nigeria Christmas bombs [ Blacks’ black
Christmas! Typical! ]
For ‘self-defeating / self-destructive’ ‘political
correctness’ or otherwise, I believe the under-profiled black serial killer is
also the consequence of their proclivity for and love of killing, random, for
no reason other than for the sake of killing (which distinguishes them from and
positions them below other feral beasts) and otherwise, and an historic
predisposition toward canabalism. After all, the contra-indicated mainstream
view (tv and otherwise) calls for a white perp in terms of ‘profile’ which is
of course, ridiculous. I believe the under-reporting is owing to multiple
killings by blacks being classified as something other than ‘serial’; ie.,
gang, gang related, ‘typical’, etc.. Moreover, the anti-white bias of the black
perps is also a reality that’s under-reported. Take a look at the following
brutally uncivilized black on white violent rapes/murders:
http://www.albertpeia.com/whitesvictimizedbyblacks.htm
The following’s
a partial list of under-reported / under-profiled black serial killers:
Black Serial/Mass/Spree Killer List:
1. Matthew
Emanuel Macon (Murdered and Raped 5 White Women in Lansing)
2. Jimmie
Reed (Murdered his wife and his 2 month old daughter and set them on fire)
3. Shelly
Brooks (Murdered 7 prostitutes in Detroit Cass Corridor)
4. Justin Blackshere
(Stabbed two white cooks at Cheli’s Chili downtown Detroit)
5. Jervon
Miguel Coleman (Murdered three people.)
6. Donell
Ramon Johnson (Murdered a mother and a daughter)
7. Brian
Ranard Davis (6 women known murdered by nigger)
8. Paul Durousseau
(Seven women)
9. Mark Goudeau “The Baseline Killer” (Eight women and a man
in 2005-2006)
10. Coral Eugene Watts
(11 women in Texas & 1 in Michigan)
11. Anthony
McKnight (Five girls and young women)
12. Derrick Todd Lee
(8 Women)
13. Charles
Lendelle Carter (4 known murders; admits to ‘hunting’ Atlantans for 15 years!)
14. The Zebra Killings
(71 White people)
15. Chester Turner
(L.A.s most prolific killer 12 women killed.)
16. Lorenzo
J. Gilyard (Kansas City, MO.—13 victims)
17. Eugene
Victor Britt (Gary, IN.–3 known murder/rapes.)
18. Reginald and
Jonathan Carr (The Wichita Massacre–6 Whites murdered)
19. Ray Joseph
Dandridge and his uncle, Ricky Gevon Gray (Richmond, VA.–Murdered 7 people in 7
days, including an entire White family.)
20. The
Tinley Park Murderer (Suspect hasn’t been found but has been described as black – murdered 5 women in a
store.)
21. Henry Louis
Wallace (Raped and strangled 5 women to death.)
22. Charles
Johnston (Murdered 3 unarmed white men in hospital)
23. Craig Price
(Brutally murdered 3 women)
24. Harrison
Graham (Brually Murdered 3 women)
25. Charles
Lee “Cookie” Thornton (Murdered 6 Whites at
the Kirkwood, MO. city council. )
26. & 27. Darnell
Hartsfeld & Romeo Pinkerton (Abducted and Murdered 5 from a restaurant)
28 &29. John Allen Muhammad & Lee Boyd Malvo (Sniped 11 people from a
car in DC, 9 died.)
30. George Russell (3 women, WA state)
31. Timothy W. Spencer (5 killed, Arlington, VA and Richmond, VA)
32. Elton M. Jackson (12 gay men killed, Norfolk, VA area)
33. Carlton Gary (3 killed in Columbus, GA)
34. Mohammed Adam Omar (16 women, Yemen. Omar is Sudanese.)
35. Kendall Francois (8 women, Poughkeepsie, NY and surrounding areas.)
36. Terry A. Blair (8 women, Kansas City area)
37. Wayne Williams (33 many of them children!, Atlanta, GA)
38. Vaughn Greenwood (11 killed in LA)
39. Andre Crawford (10 killed in Chicago – southside)
40. Calvin Jackson (9 killed possibley more in NY)
41. Gregory Klepper (killed 8, Chicago – southside)
42. Alton Coleman (Killed 8 in the Midwest)
43. Harrison Graham (killed 7+ in N. Philadelphia)
44. Cleophus Prince (6 killed in, San Diego
45. Robert Rozier (7 killed in, Miami)
46. Maurice Byrd (killed 20 + in St. Louis)
47. Maury Travis (17 and rising, St. Louis and possibly also Atlanta)
48. Hulon Mitchell, a.k.a. Yahweh Ben Yahweh (killed 20+ in Florida)
49. Lorenzo Fayne (killed 5 children in East St. Louis, IL)
50. Paul Durousseau, (killed 6, two of which were pregnant women, Jacksonville,
FL; Georgia.)
51. Eddie Lee Mosley (killed 25 to 30 women, south Florida)
52. Henry Lee Jones (killed 4 in, south Florida; Bartlett, TN)
53. Richard “Babyface” Jameswhite (15 killed
in, New York; Georgia.)
54. Donald E. Younge, Jr. (killed 4), East St. Louis, IL; Salt Lake City, UT.
55. Ivan Hill
(killed 6 in Los Angeles area).
56. Michael Vernon (Bronx, NY. Killed at least seven people – )
57. Chester Dewayne Turner (12 women killed in, Los Angeles)
ARREST MADE IN LOS ANGELES GRIM SLEEPER SERIAL KILLER CASE July
07, 2010 http://articles.cnn.com/2010-07-07/justice/grim.sleeper.arrest_1_lonnie-david-franklin-serial-killer-case-family-members?_s=PM:CRIME |By
Mallory Simon, CNN ‘Authorities in California said Wednesday they have
arrested a suspect in the Grim Sleeper serial killer case and will charge him
with 10 counts of murder.Lonnie David Franklin Jr., 57, faces an additional
count of attempted murder, Capt. Kevin McClure with the Los Angeles Police
Department said.Franklin will arraigned in court Thursday morning, McClure
said.The California Attorney General's office attributed the arrest to DNA
collected from a relative of the suspect, in a controversial and rarely used
practice known as familial DNA search.’
Of
Course There Are Black Serial Killers by Lynette Holloway
on July 15, 2010 The case of the
"Grim Sleeper" inspires a second look at the popular perception that
serial killing is the province of clever white men.
Serial
Murderers' Row July 16, 2010 The
following black men are among the most prolific serial killers in U.S. history.
http://www.theroot.com/multimedia/gallery-meet-6-black-serial-killers Plus: Behind the myth that only white men commit such crimes.
Black
Serial Killers Not So Uncommon http://www.amren.com/news/news04/03/03/blackserial.html
200
Involved In Fights At Mall Of America After Rumors That Rappers Are There...
Obama
flush with financial sector cash The president has managed to raise more
money this year from the sector than any GOP contender. (WP) [ So much for obama
and OWS; but how ‘bout wobama and obs … yes, more ‘obama b*** s***
! The quid pro quo … the bribe … Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog Roche 'The worst part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud )THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Historical
headwinds Gingrich, Romney and Paul against the odds. (Washington Post) [
This is without doubt the most disappointing article by an otherwise invariably
clear thinking Mr. Will. I’m glad for his disclosure (the Perry link) inasmuch
as at least there is the possibility of a modicum of reason behind what
otherwise would constitute a total ‘lack of reason’. Mr. Will sets forth some
interesting tidbits of a category of sorts of history as if prepping for a
round of Jeopardy, so obscure as they are. Relevance to today, that is also as
obscure. If Mr. Will, of all people, cannot discern the difference today, from
the america of yesterday, one does have to wonder who can. Yet, I do believe
the vast majority in america do in fact discern such a difference. Why? Because
the magnitude of that reality (of difference) is so great that one would have
to be literally brain-dead to not discern it. Pervasively corrupt and quite
literally defacto bankrupt, america’s at the cusp of a complete collapse in
every way a nation could collapse; viz., financially, economically,
politically, geopolitically, and legally. Indeed, so stark are these realities
despite organized obfuscation, the same direction / status quo is blatantly
untenable to even the most stalwart of ‘stay the course types’. Other than the
black vote (roughly 18% according to’the first black president, clinton’) and
the relatively few remaining wobama loyalists, I do believe, though belated,
it’s human nature for that clear majority to opt for the chance of survival (of
a nation) rather than the already worn path of decline as tread by wobama. Then
comes the distinction between the failed president wobama and the alternative;
Ron Paul being the ‘man, with a plan, that’s not already been ran’. New
direction, change is sorely needed; which wobama promised, but never delivered,
jive-talking con-man that he is.
Is
the U.S. protected from the euromess? The Federal Reserve’s controversial
“quantitative easing” program may have insulated U.S. banks from the European
debt crisis. (Washington Post) [ Short answers: No…and No! In fact, not only
has quantitative easing not helped in the ways promised / projected, the costs
are very real and will manifest in very real ways though currently masked /
obfuscated (ie., inflation-underreported -look at food/necessaries currently,
etc.), toxic assets marked to anything as per misguided legislated FASB rule
change, even those held by the fed, the rehypothecation of worthless paper
securites, the over-printing of ever-more worthless fiat paper currencies,
etc., all of which are failed, exacerbating strategies of american origin. Guest
Post: A Run On The Global Banking System - How Close Are We? Tyler Durden on 12/27/2011 Nine weeks
after its bankruptcy, the general public still hasn’t quite realized
the implications of the MF Global scandal… That’s why we’re pulling
out our money now—while we still can. Because once the general public
catches on to what we already know . . . ,
5
Reasons Why 2012 Will Not Be A Replica Of 2011... At Least Not For Europe Tyler
Durden (As per UBS, bad times are coming! )#1) The ECB
#2) Greece #3) Contagion #4) CDS #5)
Sneaker Mob Goes On Rampage: The Decline of Western
Civilization John Galt | When the collapse happens, your
neighborhood becomes a permanent Black Eye Friday.
They
Can't Wait, They (blacks) Break Into The Mall...
PappyHappy
How many used
their EBT card??
Mudholder
rusty the right wing nut
yeah its were
our tax money went statisticaly we paid for some of them shoes bunch of apes
they ussed their obama welfare foodstamp and unemploymeny money and probly some
money they sold crack for and probly pimped a few ni$$a Bi%%%%S as well for
cause dem shoes cause dey tight
Michael
.. I pity the
animals..
Andrew
.. The obvious
fact being that 99.5% of urban blacks give the remaining half percent a bad
rap. Pull your head out…it ain’t racist if (and it is) the truth. These ‘people’ are an embarrassment to
any thinking individual, they are uncivil and are effectively acting as the
water in the fuel tank of this once great nation, and you are not helping by
denying it..
Islamists kill dozens in Nigeria Christmas bombs [ Blacks’ black
Christmas! Typical! ]
For ‘self-defeating / self-destructive’ ‘political
correctness’ or otherwise, I believe the under-profiled black serial killer is
also the consequence of their proclivity for and love of killing, random, for
no reason other than for the sake of killing (which distinguishes them from and
positions them below other feral beasts) and otherwise, and an historic
predisposition toward canabalism. After all, the contra-indicated mainstream
view (tv and otherwise) calls for a white perp in terms of ‘profile’ which is
of course, ridiculous. I believe the under-reporting is owing to multiple
killings by blacks being classified as something other than ‘serial’; ie.,
gang, gang related, ‘typical’, etc.. Moreover, the anti-white bias of the black
perps is also a reality that’s under-reported. Take a look at the following
brutally uncivilized black on white violent rapes/murders:
http://www.albertpeia.com/whitesvictimizedbyblacks.htm
Drudgereport: MELEE
AT MALL OF AMERICA...
Man
beaten by robbers -- who stole new Air Jordan sneakers off his feet!...
Hundreds
of Teens Run Wild After Rumors That Rappers 'Lil Wayne, Drake Are There...
VIDEO: Mayhem, Screams...
California soldier shot at his homecoming party [ From one war
zone to another! ]
Islamists kill dozens in Nigeria Christmas bombs [ Blacks’ black
Christmas! Typical! ]
For ‘self-defeating
/ self-destructive’ ‘political
correctness’
or otherwise, I believe the under-profiled black serial killer is also the
consequence of their proclivity for and love of killing, random, wanton
savagery for no reason other than for the sake of killing (as, ie., rabid dogs,
which distinguishes them from and positions them below other feral beasts) and
otherwise, and an historic predisposition toward canabalism. After all, the
contra-indicated mainstream ‘politically
correct’
view (tv and otherwise) calls for a white perp in terms of ‘profile’
which is of course, ridiculous. I believe the under-reporting is owing to
multiple killings by blacks being classified as something other than ‘serial’;
ie., gang, gang related, ‘typical’,
etc.. Moreover, the anti-white bias of the black perps is also a reality that’s
under-reported. Take a look at the following brutally uncivilized black on
white violent rapes/murders:
http://www.albertpeia.com/whitesvictimizedbyblacks.htm
Ron
Paul’s poll numbers are up in Iowa (Washington Post) [ As indeed they
should be if people are truthful about wanting real change for the better. Historical
headwinds Gingrich, Romney and Paul against the odds. (Washington Post) [
This is without doubt the most disappointing article by an otherwise invariably
clear thinking Mr. Will. I’m glad for his disclosure (the Perry link) inasmuch
as at least there is the possibility of a modicum of reason behind what
otherwise would constitute a total ‘lack of reason’. Mr. Will sets forth some
interesting tidbits of a category of sorts of history as if prepping for a
round of Jeopardy, so obscure as they are. Relevance to today, that is also as
obscure. If Mr. Will, of all people, cannot discern the difference today, from
the america of yesterday, one does have to wonder who can. Yet, I do believe
the vast majority in america do in fact discern such a difference. Why? Because
the magnitude of that reality (of difference) is so great that one would have
to be literally brain-dead to not discern it. Pervasively corrupt and quite
literally defacto bankrupt, america’s at the cusp of a complete collapse in
every way a nation could collapse; viz., financially, economically,
politically, geopolitically, and legally. Indeed, so stark are these realities
despite organized obfuscation, the same direction / status quo is blatantly
untenable to even the most stalwart of ‘stay the course types’. Other than the
black vote (roughly 18% according to’the first black president, clinton’) and
the relatively few remaining wobama loyalists, I do believe, though belated,
it’s human nature for that clear majority to opt for the chance of survival (of
a nation) rather than the already worn path of decline as tread by wobama. Then
comes the distinction between the failed president wobama and the alternative;
Ron Paul being the ‘man, with a plan, that’s not already been ran’. New
direction, change is sorely needed; which wobama promised, but never delivered,
jive-talking con-man that he is.
How
the economy could come back WONKBOOK | There are plausible scenarios in
which 2012 is better than forecasters expect. (Washington Post) [ Yeah … and if
your grandmother had wheels she’d be a trolleycar. Come on, let’s get real
here. I’m quite surprised at Mr. Klein’s piece here which usually is quite
grounded. This being a somewhat business-oriented offering, the emphasis should
be on probable, not plausible, though the pols are lovin’ Mr. Klein for his
election year ‘polspeak’; or, for those so addicted, that thing called ‘hopium’,
for which the withdrawal period inevitably to follow is a real b**ch!
Payroll
tax cut raises worries about Social Security’s future funding Congress’s
extension of the cut has many concerned that a foundation of Social Security is
being undermined. (Washington Post) [ Little late to be worrying about
something so insurmountably problematic at this point; particularly, one of so
relatively small significance given the sheer magnitude of the problem. Lawrence:
Uncle Sam’s dirty secret (Washington Post) [ Unfortunately, though dirty,
the secret is not so secret, just ‘media controlled’ as is all too often the
case in pervasively corrupt, defacto bankrupt america. Moreover, I believe the
calculations of a published economics professor are far more reliable than
those of a new york wall street manipulato / desperato; and, not surprisingly,
far more dire ( America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke. There are signs everywhere one looks … We’re broke
for a reason. We’ve spent six decades accumulating a huge official debt (U.S.
Treasury bills and bonds) and vastly larger unofficial debts to pay for Social
Security, Medicare, and Medicaid benefits to today’s and tomorrow’s 100
million-plus retirees. The government’s total indebtedness — its fiscal gap —
now stands at $211 trillion’
Detroit
stands out in housing data An unlikely name has been popping up as a bright
spot in the nation’s still-abysmal housing market. (Washington Post) [
Riiiiight! Such a lovely place … and, among the few places where they actually
pay you to buy there … and, kind of like that ‘House on Haunted Hill’ (you
know, the spooks / ‘ghosts’), if you survive a certain short period of time,
you get to keep it (in good condition for the banks / lenders / owners) …
though similar in some ways to a roach motel as in that ‘once you go in, you
never come out’ (Eh …I don’t really know that for a fact … just kiddin’).
After
a wild ride in 2011, U.S. stocks back almost where they started A year filled with solid rallies and
breathtaking drops ends almost precisely where it began. (Washington Post) [
Yes, where it began; but minus literally billions (and then trillions) in
commissions, fees, and hard cash for bogus paper / toxic assets now marked to anything
as per misguided legislated FASB rule change, even those held by the fed, the
rehypothecation of worthless paper securites, the over-printing of ever-more
worthless fiat paper currencies, etc., all of which are failed, exacerbating
strategies of this continuing crisis, the worst of which lies ahead. Guest
Post: 2011 - Catch-22 Year In Review Tyler
Durden on 12/30/2011 ‘The Wall Street mantra of stocks for the long
run is beginning to get a little stale. If Abbey Joseph Cohen had been right
for the last twelve years, the S&P 500 would be 4,000. For this level of
accuracy, she is paid millions. Her 2011 prediction of 1,500 only missed by
16%. The S&P 500 began the year at 1,258 and hasn’t budged. The lowest
prediction from the Wall Street shysters at the outset of the year was 1,333,
with the majority between 1,400 and 1,500. The same Wall Street clowns are now
being quoted in the mainstream media predicting a 10% to 15% increase in stock
prices in 2012, despite the fact we are headed back into recession, China’s
property bubble has burst, and Europe teeters on the brink of dissolution. They
lie on behalf of their Too Big To Tell the Truth employers by declaring stocks
undervalued, when honest analysts such as Jeremy Grantham, John Hussman and
Robert Shiller truthfully report that stocks are overvalued and will provide
pitiful returns over the next year and the next decade.’
That
was a bust -- could 2012 be better? (Washington Post) [ The most objective
and smartest money say this ‘bust’ was just a warm-up for the full-blown crisis
just around the corner. SPX
Update: Is Your 401(k) Ready for a 70% Haircut? Minyanville Jason Haver Dec 30,
2011 , Open
Thread: 2011 Closes....Down Tyler
Durden on 12/30/2011, As
'11 Ends, 11 Charts Of 11 Disturbing 11 Year Trends Tyler
Durden on 12/30/2011 , Famed
economist predicts economic calamity in 2012. See the evidence.
http://w3.newsmax.com/a/aftershockb/video.cfm 50% unemployment & 90% Dow crash also
predicted. Newsmax , Economic /
Financial Collapse Imminent – Stansberry
Investment Advisory http://www.albertpeia.com/stansberrysinvestmentadvisory.flv Harry
Dent, Jr. Economy will be in a Depression by 2011 Dow
will Fall to 3,800 – 4,500 by 2012 Nasdaq
will Fall Below 1,100, its 2002 low, by late 2010 or mid-2012 at the latest. U.S. Dollar will Decline
Housing will Decline by 40 – 60% from Today’s Levels Greatest Economic and Banking Crisis since the
1930s will Occur Between 2010 and 2012). , Goldman
Turns Bearish: Squid Releases Top Trades For 2012... And It's Not Pretty Durden .. the squid is bearish. Which is bad news , Market
Rally Won't Last Long Forbes , The
Worldwide Depression/Recession Of 2012
Jeff
Harding
Call him irresponsible -
call him unreliable
Throw in undependable too
Do his foolish alibis bore you
Well he’s not too clever – he just adores trumpish people we should boo
Call him unpredictable - tell him he’s impractical
Pots of gold at ends of rainbows he’s inclined to pursue
Call him irresponsible - yes newt’s unreliable
But it's undeniably true – newt’s irresponsibly mad for madman trump et als too
Time
to fix the MLK memorial The decision should be easy. (Washington Post) [
Yeah … I agree … I truly favor that language of his; viz., paraphrasing, that
people should be judged by the content of their character, and not the color of
their skin. After all, these words (on his memorial) give him the persona of
almost a ‘self-proclaimed god’ when we all know and have been consistently
reminded by his apologists, ‘he was just a man’; with those amorous trysts with
those ‘ white ho’s ’ the proof among other foibles. Moreover, that content of
character thing / criteria allows for an unsalutatory, unceremonious good-bye
to one term presidential failure and last black president, b***s*** artist and
con man in chief, wobama the b fo b***s***, along with his corrupt, black
racist buddy eric holder at the doj (infra, UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... (WP) ‘ignore cases that involve black
defendants and white victims ', etc. ).
Additionally, that ‘content of character’ thing would also permit a more
objective and real approach to profiling ie., serial killers (blacks included
based on the data / facts, infra), not to mention their predominance in crime
generally which is consistent with their anthropological, indigenous history to
present. Yes, we all owe a debt of gratitude to the Post’s editorial board to
take time out from scrutiny and comment on the multitude of ‘nation-ending-problems’
of a nation literally on the brink of total collapse to take that tough
position as here that has so defined this great newspaper. It’s objective
criteria / realities and ‘cutting the mustard’ that’s necessary which as well
includes prosecution of those
unprosecuted gargantuan frauds by ‘white boys’ on wall street. And, to be
further fair and balanced, the RICO litigation involves those uncivilized who
consider themselves ‘whites’ http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
(predominantly but not exclusively jews / romans-italians / mobsters /
government slugs). The rhetoric from the unbalanced savage is equally appalling
.. Michael Savage: Ron Paul Hates Jews and Supports
Terrorists Kurt Nimmo | Top-ranked talk show host
warns that Paul is a “lunatic” who threatens America .. this from a ‘talk
radio’ lunatic (I sampled as with most such) savage who literally went into one
of his rants about people being crazy to like mayonnaise (he fancies himself somewhat
of a ‘gourmet’; never mind that probably second to only ketchup, this condiment
is wildly popular and with a pleasing taste at that). Who’s the lunatic? The
fact is, if Paul were to put zionist, israeli, aipac approved interests before
those of America, no doubt ‘all would be forgiven’. Easy enough to do; ask all
the other candidates.
Allan
Sloan COLUMN | The financial world is even more unstable than when
U.S. markets were in free fall. (Washington Post) [ Well said, Mr. Sloan.
Indeed, it is! And, you ain’t seen nothin’ yet! In fact, a respected money-man
is recommending, ‘It’s time to get out of Dodge’! And, he ain’t talkin’ ‘bout
the eu; but rather, the late great u.s. of a. Doug
Casey Addresses Getting Out of Dodge Tyler
Durden 01/04/2012 The fact is that the US has been on a slippery
slope for decades, and it's about to go over a cliff…
Iran
seeks to fuel anti-U.S. sentiment in Kabul Worried that U.S. troops could
stay in Afghanistan beyond 2014, the initiative involves overtures to the
Taliban, funding politicians and media outlets, and expanding cultural ties
with its eastern neighbor, officials say. (Washington Post) [ Fuel anti-u.s.
sentiment? Doesn’t take much; particularly in that entire region (Mideast),
u.s. propaganda home and and abroad notwithstanding. As a matter of fact, in
the manner of that classic lou costello comedic skit (you may recall or someone
might tell you, ‘niagara falls’ is the term that triggers the negative
‘overreaction’ much to lou costello’s detriment including his ‘well-being’),
mere mention of the word ‘united states’ would spur a panoply of reactions;
none of them good, I might add. What can you expect? After all, you couldn’t
possibly anticipate a ‘hopiate-induced’ patriotic fervor wherein as here they
wrap themselves in an american flag to cover their eyes from seeing. Presenting
2011's Top 10 Most Corrupt American Politicians Tyler
Durden on 01/02/2012 http://albertpeia.com/10mostcorruptpols.htm , Oil
prices surge after Iran sends warning aimed at U.S. ships
Romney
out of control His victory rally was a disaster. (Washington Post) [ Come
on Mr. Milbank … let’s get real here! Unfortunately, except possibly Ron Paul,
they’re all lamentably almost by self-definition in control; albeit by someone
else, from the war-mongering zionist aipac, to the frauds on wall street, etc..
There’s nothing new there. The real disaster Mr. Wobama defender / apologist is
currently sitting (or should I say s***ting) in the white house. After all,
wobama’s just extended controls of the populace that only one so conditioned
for such ‘controls’ would feel comfortable with. I don’t know anything about
the rally; but I’m certain it doesn’t nearly approach the magnitude of the
disaster of wobama’s (limited) tenure in office. Obama’s Signing Statement on NDAA: I have the power to
detain Americans… but I won’t Infowars | “I want to clarify that my
Administration will not authorize the indefinite military detention without
trial of American citizens.” [ Who could possibly be foolish enough to believe
even one word from jive-talking wobama the b for b***s***? He’s lied about
everything! There is not one thing he hasn’t lied about! He’s a pathetically
failed president! ] Obama Violates Constitution Again Kurt
Nimmo | Says nothing we can do about his illegal appointment. 34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger http://theeconomiccollapseblog.com
Greece’s
survival in euro currency zone may rest on upcoming talks Debt
restructuring talks have yet to bear fruit, and talks on a new bailout begin
this month. (Washington Post) [ Seems we’ve heard this song before, and like a
Led Zeppelin goin’ down, ‘The Song Remains the Same’. The
Can Kicking Is Ending - Key Upcoming Dates For Europe's Patient Zero Tyler Durden on 01/04/2012
Rubin:
Gingrich out for revenge (Washington Post) [ Yes, newt … revenge is sweet
and so are you … Your reward: a message and a song to sing as you pine away
about what was your day … Sweet slimy newt, once again from beyond, Frank’s got
just the sultry sound to soothe your vengeful, restless spirit, so sing it
snooty newty (but stay away from any new booty) :
Call him irresponsible -
call him unreliable
Throw in undependable too
Do his foolish alibis bore you
Well he’s not too clever – he just adores trumpish people we should boo
Call him unpredictable - tell him he’s impractical
Pots of gold at ends of rainbows he’s inclined to pursue
Call him irresponsible - yes newt’s unreliable
But it's undeniably true – newt’s irresponsibly mad for madman trump et als too
Downward
revision for home sales Does it mean home sales and the real estate economy
is far worse than we thought?
(Washington Post) [ The reality of ‘this flavor’ of ponzi scheme that
I’ve termed ‘data ponzi scheme’ cannot be ignored; particularly with the
deleterious results to follow therefrom. There are all sorts of ponzi schemes
currently in play, so rife with corruption this nation (world) has become. , Would
A Ponzi By Any Other Name Smell As Bad? Tyler
Durden on 01/03/2012 The bond market has always had clever names for bonds
in specific markets. Eurobonds, Yankee bonds, Samurai bonds, and now,
Ponzi bonds. I’m not sure what else to call these new bonds, but Ponzi
bonds seems as good as anything. NBG issued these bonds to themselves,
got a Greek government guarantee (how can a country that can’t borrow, provide
a guarantee?) and took these bonds to the ECB to get some financing. , France
revises 3rd quarter growth down (Washington Post) [ Look! Voila! They’re
even adopting pervasively corrupt, defacto bankrupt america’s ‘data ponzi
schemes’ along with those of the financial variety. Economy
grew more slowly in the summer than previously thought (Washington Post) [
Yeah! Riiiiight! That, an approximately 35% difference; no small matter.
Indeed, much like the ‘financial ponzi scheme’ being run out of washington,
there’s a ‘fake / inflated’ ‘data ponzi scheme’ being run (particularly in this
desperate election cycle) wherein the better than expected inflated (or
deflated as in fake/manipulated unemployment numbers) are put out there for the
spike in stock prices, with similar tact when reality catches up with the false
data (as here, or the inflated housing numbers yesterday, ue numbers, etc.).
Needless to say, as with ponzi schemes, reality always catches up, at great
expense / damage to many, having benefited the few (ie., frauds on wall street,
undeserving pols, etc.). All
truth passes through three stages. First, it is ridiculed. Second, it is
violently opposed. Third, it is accepted as being self-evident.--Arthur Schopenhauer
A
contest for commander in grief Have you ever seen a glummer or grouchier bunch
of presidential candidates? Not likely. (Washington Post) [ I’m totally
astounded by the tenor of this article’s headline, which I hope conveys my
profound disappointment in the so-called author and whatever purported
journalistic abilities lie therein. I mean, if a journalist / reporter at The
Washington Post doesn’t fathom the depth of this nation’s (and the multitude of
other nations globally) problems fiscally, economically, financially,
politically, geo-politcally, one truly has to wonder who does. The outlook is
bleak, as in grim, as in gloomy, as in dire. That really is reality, and more
people really must come to grips with, yes, realistically, factually, grim
reality. There has never been a more grim, gloomy reality for this nation
particularly among other nations. To have that now notorious albeit artful
b***s*** artist wobama ‘toolin’ around’ with a smile that more appropriately
suits a look fitting the village idiot is a further testament to wobama’s utter
failure as president and unfitness for office. Well deserved criticism for
wobama’s glaring failures and broken promises and incompetence which in sum
have contributed mightily to the nation’s now insurmountable predicament, owing
to wobama’s innate character flaws ‘to be marked as typical’ is to wobama as
water is to a duck’s back. He’s pulled the con and is content with his failed
tenure. Really! He’s all that bad; and, the scenario he’s in large part now
responsible for is all that grim. Really! … And … No! I will not waste my time
reading this meaningless fluff-piece! ( http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
, Presenting
2011's Top 10 Most Corrupt American Politicians Tyler
Durden on 01/02/2012 http://albertpeia.com/10mostcorruptpols.htm
) and as well,
insurmountably defacto bankrupt ( America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke. There are signs everywhere one looks … We’re broke
for a reason. We’ve spent six decades accumulating a huge official debt (U.S.
Treasury bills and bonds) and vastly larger unofficial debts to pay for Social
Security, Medicare, and Medicaid benefits to today’s and tomorrow’s 100
million-plus retirees. The government’s total indebtedness — its fiscal gap —
now stands at $211 trillion’
) !
Indecision
2012 Iowa’s uncertainty reflects a struggling GOP. (Washington Post) [
While I have no reason to come to the gop’s defense (after all, my litmus test,
the corrupted RICO matters spans both parties and corrupted elements therein
including a sitting supreme court justice, alito et als, infra, see, ie., http://albertpeia.com/fbimartinezcongallard.htm , http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm ), if wobama aficionado / apologist Mr.
Milbank confronts the record, 2008 – 2012, from having congressional and
executive control to this total ball of confusion which defies all wobama’s
campaign promises (which if kept would have substantially improved, though
still ominous, this nation’s exceedingly grim prospects), I truly believe Mr.
Milbank would be constrained by reality to agree that the dems at best have
struggled and at worst have blatantly failed
Oil
prices surge after Iran sends warning aimed at U.S. ships U.S. officials
attribute Tuesday’s harsh language to Iran’s growing frustration over its
faltering economy (Washington Post) [ It seems the u.s. / israel have
predictably made up their minds to contrive yet another pro-israeli conflict
by, ultimately in essence, cruising for a worldwide bruising. Indeed, the
bankruptcy of american airlines is a testament to their misguided,
self-defeating, self-destructive short-term thinking, with more and worse to
follow. { amr closing price $0.29 – Briefly, if analyzing airline securities,
one must always recognize the capital-intensive nature of the industry –
expensive equipment; viz., the planes. The focus (in addition to the foregoing
capital budgeting task) for analysis and projections for the industry and then
the particular company are primarily fuel costs and (passenger) load factors
(enabling projection of the income statement / earnings per share). Southwest
has consistently managed both best. } Guest
Post: War Imminent In Straits Of Hormuz? $200 A Barrel Oil? Tyler
Durden on 01/03/2012
No
land of opportunity GOP critics ignore why America has declined.
(Washington Post) [ I believe Mr. Meyerson’s headline to be true, important and
one which speaks for itself without qualification, even by Mr. Meyerson himself
(of course it is Mr. Meyerson’s article). But even a cursory examination of
unequivocally failed president wobama’s failed predecessor, war criminal dumbya
bush, hank paulson, et als including the massive wall street frauds, war
profiteering, etc., and corruption so deep and far-reaching so as to make
partisan labels virtually meaningless. It’s truly the pervasive corruption (and
short end money) in america that’s led to a structural shift that literally
cannot be undone; that ‘bell cannot be unrung’. That wobama et als approach is
an abject failure is a safe bet; indeed, because he et als have been abject
failures in their ‘election-year mission and purpose’ as stated. Moreover,
there’s been very little difference between the parties in creating this very
circumstance as alluded to by Mr. Meyerson. Yet, I believe Mr. Meyerson must
ask himself and others as to what effect those funds to bail out the wall
street frauds still extant in the trillions (now marked literally to anything
as per misguided legislated FASB rule change); and funds frittered away in
foreign lands for the benefit of war profiteers / military industrial complex
would have been on the nation’s citizenry / prospects if spent domestically. Literally, fortunes were made through
misguided action / corruption at the expense of the many and that has become
standard operating procedure and a bi-partisan reality that all the ruminating
in the world won’t change. I agree with Mr. Meyerson that america is ‘no land
of opportunity’ (30
Statistics That Show That The Middle Class Is Dying Right In Front Of Our Eyes
As We Enter 2012 The
Economic Collapse see the 30 statisics here ). At the same time I’m
constrained to remind him that america’s pervasively corrupt ( http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
, Presenting
2011's Top 10 Most Corrupt American Politicians Tyler
Durden on 01/02/2012 http://albertpeia.com/10mostcorruptpols.htm
) and as well,
insurmountably defacto bankrupt ( America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke. There are signs everywhere one looks … We’re broke
for a reason. We’ve spent six decades accumulating a huge official debt (U.S.
Treasury bills and bonds) and vastly larger unofficial debts to pay for Social
Security, Medicare, and Medicaid benefits to today’s and tomorrow’s 100
million-plus retirees. The government’s total indebtedness — its fiscal gap —
now stands at $211 trillion’
) !
Unemployment rate drops to 8.5 percent A burst of hiring in December pushed the unemployment rate to its lowest level in nearly three years, giving the economy a boost at the end of 2011. The Labor Department says employers added a net 200,000 jobs last month and the unemployment rate fell to 8.5 percent, the lowest since February 2009. The rate has dropped for four straight months. (Washington Post) [ Come on! Who’s foolish enough to believe this latest desperate election year addition to their ‘data ponzi scheme’. Oh sure, there may have been some retail temp hires among other ‘temp hires’ (one day for one day’s pay, thank you very much). And, at what cost for them even if believed? ( Drudgereport: Obama Economists Admit: 'Stimulus' Cost $278,000 per Job... , Obama's Legacy: A Failed Recovery & Double-Dip Recession Forbes / Mariotti ‘…There will be no significant recovery in the United States of America while Barack Obama is President. The evidence is overwhelming: everything Obama has tried to fuel a recovery (with his Democratic allies in Congress) has failed. Statistics claiming jobs saved by the stimulus package were mostly fiction, and cost American taxpayers about $275,000 each. Nearly 2-1/2 million fewer Americans have jobs than before the stimulus… Obamacare, a program that doesn’t create jobs, but might destroy a lot of them. He “bailed out” GM, but many believe that his interference didn’t save GM; it merely cost taxpayers an extra $15-20 billion, and stole from legitimate investors to buy off the UAW. His broken campaign promises are too numerous to list. At some point, his statute of limitations on blaming Bush runs out…’ , Double-Dip Recession a Foregone Conclusion: Roubini , etc. ) .
Obama’s
justifiable ‘power grab’ The Senate’s obstructionism justifies the president’s
recess appointments. (Washington Post) [ The Senate? With a democrat majority …
I’m just once again astounded and almost at a loss for words! ‘All the wrong
moves’, once ascribed to failed president bush 2 by none other jive-talking
‘sham-man-sharpy’ sharpton. Yet, haven’t all wobama’s move’s been the wrong
moves, his campaign words belied by his now proven misguided actions; which
actions most currently are a desperate attempt to unctuously appeal to the
electorate that have been proven foolish to have trusted him in the first
instance. Given america’s defacto bankruptcy and wildly profligate spending by
wobama exceeding by far all others (and the last several combined) thereby
exacerbating america’s dire predicament
(Dire predicament, forecast, time to ‘get out
of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm ) it was nothing short of pathetic to
hear of wobama’s pre-election year military budget cuts while bragging that his
military budget allocation still exceeds that of bush failure 2. Some companies
won’t even hire until wobama’s out ( Drudgereport: COMPANY SHOCK: 'WE'RE NOT
HIRING UNTIL OBAMA GONE' ) (, 34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger http://theeconomiccollapseblog.com ‘We have all been lied to. For
decades, the leaders of both major political parties have promised us that they
can fix our current system and that they can get our national debt under
control. As the 2012 election approaches, they are making all kinds of
wild promises once again. Well you know what? It is all a giant
sham. The United States has gotten into so much debt that there will be
no coming back from this. The current system is irretrievably broken…
Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of
over 200 trillion dollars in the future. The following is a brief excerpt
from a recent article that he did for CNN...The government's total
indebtedness -- its fiscal gap -- now stands at $211 trillion…
Tech
predictions for 2012COLUMN | From market bubbles to tablets, Wadhwa gives
his five predictions for technology in 2012. (Washington Post) [ This generally
comports with my own view that american (global) technology is vastly
over-rated. The biggest strides (ie. The Internet, etc.) have been made and
capital constraints are a bigger factor than ever. There’s really nothing new
here; yet mention of the ‘pricing power’ dilemma in light of the actual cost of
most such devices (also in terms of functionality) as mentioned, including pc’s
and ‘macs’, is on the mark. I disagree that a rush to trust in ‘cloudburst’ is
in the cards in as big a way as cited; but rather a bust, for the reasons set
forth among others (ie., access, control, ‘nefarious elements’, ‘hackability
one way or another, inside or out’, etc.).
Falling
jobless rate is good news for Obama — but the trend is fragile GOP
strategists said an improved labor market could complicate a potent argument
against Obama. Will
the trend last? (Washington Post) [ Fragile indeed! Why? Because it’s not
real! Will the trend last? To election day at best, when their incentive for
such gross distortions, manipulations, and outright deceit is no longer
pressing! ( After
One Month Respite, Pink Slips Are Flying Again Tyler
Durden , Lies,
Damned Lies, and (Unemployment) Statistics Mac Slavo | The
actual unemployment rate in the United States is in excess of 22%. , NFP
Payrolls At 200K, Expected At 155K; Unemployment Rate Drops To 8.5%, Labor
Force Participation At Lowest Since 1984 Tyler
Durden on 01/06/2012 The nonfarm payroll number prints at 200K on
expectations of 155K. The Unemployment rate comes at 8.5% - lowest since
February 2009, and down from an upward revised 8.7%. U-6 15.2%
down from 15.6% in November. Average hourly earnings rose at 0.2%, in line with
expectations, previous revised to -0.1% from unchanged. Private payrolls +212L
vs Expectations of 178K. Manufacturing payrolls rose 23K vs Expectations of
155K. Yet the unemployment rate trickery still continues, with labor force
participation (prior revised), now at a 27 year low of 64%, and the labor force
itself declined by 50K from 153,937 to 153,887. In fact, persons not in
the labor force have increased by 7.5 million since January 2007!
Bottom line - dropping out of labor statistics is the new killing it. http://www.albertpeia.com/laborparticipationrate.jpg
, ) . ( US
Economic Data Reporting Now Officially A Farce: Every Economic Data Point
Prints 4+ Std Devs Above Consensus Zero Hedge ) Watch for more fake reports / data / and spin in their
infinite political desperation both here and across the sea, and suckers’
rallies to suck suckers in and keep suckers sucked in!
Milbank:
Gingrich campaign on an ego trip (Washington Post) [ Sweet Mr. Milbank,
wobama aficionado / apologist, gets this right. While slimy newt can’t be accused
of being the ‘gingrinch who stole Christmas’ having bestowed a grand albeit
self-collapsing yuletide greeting / gift on his opponents, the slimy newt has
good reason to be on an ego trip. After all, what other candidates can boast of
and be said to have been the subject of and captured the attention and spirit
through song from beyond of none other than Frank himself: Rubin:
Gingrich out for revenge (WP) [ Yes, newt … revenge is sweet and so are you
… Your reward: a message and a song to sing as you pine away about what was
your day … Sweet slimy newt, once again from beyond, Frank’s got just the
sultry sound to soothe your vengeful, restless spirit, so sing it snooty newty
(but stay away from any new booty) :
Call him irresponsible -
call him unreliable
Throw in undependable too
Do his foolish alibis bore you
Well he’s not too clever – he just adores trumpish people we should boo
Call him unpredictable - tell him he’s impractical
Pots of gold at ends of rainbows he’s inclined to pursue
Call him irresponsible - yes newt’s unreliable
But it's undeniably true – newt’s irresponsibly mad for madman trump et als too
Euro
might be facing long-term fall Currency’s downward slide reflects Europe’s
worsening economic conditions, analysts say. (Washington Post) [ Might be? The
aforesaid statement sounds more like an exercise in ‘profound sarcasm’; you
know, that ‘tongue in cheek’ platitudinous query in league with the likes of
‘Is the Pope Catholic’, ‘do bears s*** in the woods’, etc.. Suffice it to say
by way of understatement, things are not looking up for the euro! The
End Of The Euro And The End Of The Investor The Automatic Earth , Look
Out Below – The Nightmarish Decline Of The Euro Has Begun http://theeconomiccollapseblog.com , Here
We Go Again: US $25 Million Away From Debt Ceiling Breach Tyler Durden 01/05/2012 , EURUSD
Dips Below 1.28 As All Hell Breaks Loose In Italian Financials Zero Hedge ,
Top
Three Central Banks Account For Up To 25% Of Developed World GDP Durden 01/05/2012 , Japanese
Zombie Banks Perfected By Europeans Tyler
Durden , Barclays
Estimates ECB Losses On Bond Purchases At €30 Billion, Or Nearly Half Of
Eurosystem Capital Tyler
Durden , Sarkozy
Threatens With War If Euro Fails Tyler
Durden , Art
Cashin Explains What Is Really Happening In Iran Tyler
Durden , Guest
Post: Be Careful What You Wish For, Such As ECB Printing Money Tyler Durden on 01/06/2012
Obama
missing the mark on defense? President Obama’s defense strategy — and the
assumptions underlying it — need a closer look. (Washington Post) [ I really
don’t know what the editorial board really is; but that’s the only reason I’m
commenting here (on this one) given their most recent, shocking ‘contributions’
to the discourse. First, let’s begin with a
fundamental reality; viz., america is hopelessly and insurmountably defacto
bankrupt (34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger http://theeconomiccollapseblog.com ‘We have all been lied to. For
decades, the leaders of both major political parties have promised us that they
can fix our current system and that they can get our national debt under
control. As the 2012 election approaches, they are making all kinds of
wild promises once again. Well you know what? It is all a giant
sham. The United States has gotten into so much debt that there will be
no coming back from this. The current system is irretrievably broken…
Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of
over 200 trillion dollars in the future. The following is a brief excerpt
from a recent article that he did for CNN...The government's total
indebtedness -- its fiscal gap -- now stands at $211 trillion.. The fiscal gap
is the difference, measured in present value, between all projected future
spending obligations -- including our huge defense expenditures and massive
entitlement programs, as well as making interest and principal payments on the
official debt -- and all projected future taxes…#33 If you add up all
forms of debt in the United States (government, business and consumer), it
comes to more than 56 trillion dollars. That is more than $683,000
per family…). Second, I’d like to know how these unaffordably expensive
military industrial complex (warned against by the great but substantially
underrated President General Eisenhower) welfare programs have succeeded in
accomplishing anything but the defacto bankruptcy of this nation, created
fortunes for the war profiteering few, while fomenting (justifiable)
anti-american sentiment globally (that ‘destructive thing’ that rational people
abhor). Third, $489 billion in cuts over 10 years (however ‘sold’, ie., ‘new
strategy’) is nothing relative to the enormity and insurmountability of the
nation’s debt. What need’s a closer look is not so much the ‘new strategy’; but
rather that failed abhorrent old strategy, however repackaged, and those who
made it. After all, it doesn’t matter so much what they say, as it does what
they do. A glaring example is the ‘war on drugs’ given america’s unequivocal
involvement in same (infra). As for wobama missing the mark on defense, there
isn’t anything whatsoever that wobama hasn’t missed the mark on. Obama
flush with financial sector cash The president has managed to raise more
money this year from the sector than any GOP contender. (WP) [ So much for
obama and OWS; but how ‘bout wobama and obs … yes, more ‘obama b***
s*** ! The quid pro quo … the bribe …
Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog Roche 'The worst part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud )THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
, http://albertpeia.com/10mostcorruptpols.htm Role
as political insider in Washington made Rick Santorum a millionaireAfter
losing reelection bid in 2006, he capitalized on experience with a profitable
career on K Street. (Washington Post)
Running in the Red A
continuing series that examines the origins and consequences of the nation’s
escalating debt. [ Red indeed … as in the ‘color of blood’ … as in the jeopardy
answer in the form of a question, ‘what the streets will run red in?’ ] Medicare’s
immediate, inescapable problem (Washington Post) [ The importance of the
foregoing topic(s) cannot be
overstated. The situation is dire and the outlook worse than ominous. (34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger http://theeconomiccollapseblog.com ‘We have all been lied to. For
decades, the leaders of both major political parties have promised us that they
can fix our current system and that they can get our national debt under
control. As the 2012 election approaches, they are making all kinds of
wild promises once again. Well you know what? It is all a giant
sham. The United States has gotten into so much debt that there will be
no coming back from this. The current system is irretrievably broken…
Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of
over 200 trillion dollars
France,
Germany tell Greece to make debt deal The European Union’s key powers
warned Greece that rescue funds will be held back unless the country makes a
deal soon with the banks holding its debt. (Washington Post) [ Deh, deh deh
deh, dehhhhh! Oooooh! Them’s fightin’ words … their way or the highway … like
we didn’t see that comin’. Actually, the situation’s all that grim there { Graham
Summers’ Weekly Market Forecast (Nothing’s Changed Edition) http://gainspainscapital.com January
9th, 2012 We are now into the second week of 2012 and frankly I can’t see any
fundamental reason to be bullish…
Obama
continues trend of turning to budget director in time of trouble Lew’s
replacement of Daley as chief of staff reflects anticipation of fight with
Congress on payroll tax. (Washington Post) [ Let’s not sugar-coat the reality
here! Given america’s defacto bankruptcy and wildly profligate spending by
wobama exceeding by far all others (and the last several combined) thereby
exacerbating america’s dire predicament
(Dire predicament, forecast, time to ‘get out
of Dodge (america)’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm ) it was nothing short of pathetic to
hear of wobama’s pre-election year military budget cuts while bragging that his
military budget allocation still exceeds that of bush failure 2. Some companies
won’t even hire until wobama’s out ( Drudgereport: COMPANY SHOCK: 'WE'RE NOT
HIRING UNTIL OBAMA GONE' ) ,
the ‘budget director’ for his ‘knowledgeable budgetary skills’ is hardly
palatable reality even to as gullible an american public as we’ve come to know.
There’s a bit more to this story that needs sayin’. Romney’s
money problem His nomination may be near, but his routine is getting a bit
rich. (Washington Post) [ Yet another of those ‘aw come on Mr. Milbank
moments’. I mean really. Wobama’s are as ‘rich’, disingenuous to say otherwise,
and his routine, namely b***s***, is past ‘getting old’. After all, wobama
can’t run on his clear record of failure as bush failure 3 with what turns out
as before, b***s*** alone. The problem is that there’s nothing that can be said
of the republican offerings (except Ron Paul) for which it can’t be said of
wobama that he’s been there, done that in contravention of all prior campaign
promises, to the substantial detriment of the nation. Even his new
‘displacement’ as chief of staff’s a ‘wall street inside man’ (Drudgereport: FLASHBACK: Daley planned to
leave AFTER election... , Michelle (a black) distressed
about power of 'white Irish Catholic'... , New Obama Chief of Staff:
Former Hedge Fund Exec at CITI, Made Money off Mortgage Defaults...
(even Castro’s correct on this obvous point regarding the duplicitous wobama ) Castro: 'Robot' better than
Obama, Republicans... UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... WP ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
| Obama has promised to hold Wall Street accountable for the meltdown.
The
two faces of Newt Gingrich With few campaign advisers to keep him on track,
the candidate is showing his nasty side. (Washington Post) [ Yes indeed, we see
‘both sides now’ of ‘nasty newt’; as ominously warned by the sound from beyond
of none other but Frank { Performed by
Frank Sinatra 1968,
Written by Joni Mitchell First
release Both Sides
Now by Judy Collins
on audio album Wildflowers
(November 1967) }
In
N.H., Romney steps up attacks on Gingrich(Washington Post) [ Yeah … he’d
better get going, ratchet up the rhetoric; after all, slimy newt’s just gotten
the endorsement of ‘celebrity mobster madman’s (trump’s) apprentice’, ‘gary the
b’ (for berserk) busey (most notable for his role in the film ‘Tomcats’ as the
guy with only half a pair of b**ls!) (Drudgereport: Gary Busey Endorses
Gingrich... ). Five
myths about Ron Paul (WP) [ For me,
the litmus test for any candidate, though somewhat personalized, is generally
applicable to the entire national electorate. It falls within that very broad
category; viz., ‘been there, done that’. It is no mystery that the current
wobama regime, et als are trying in every which way to censor, obstruct, and
otherwise control the free-flow of information, particularly now the internet,
which really works against failed administrations as that currently in place.
By every measure you can gauge the success or failure of a presidency, wobama
the b for b***s*** is an abject failure. There is not one reason based upon
what he said he would do last time around, didn’t do, but as we now know had he
done as he said the nation would have clearly been better off this day. He
basically continued the policies of the prior failed presidency of war criminal
dumbya bush, including the same or similarly connected players, despite having
campaigned vociferously condemning same
(CIA lawyer says Obama administration backed and continued
virtually all Bush-era programs Natural News ). Clinton was the
luckiest of all recent presidents in having the benefit of the peace dividend
to smooth things over, by way of the one and only but very significant
accomplishment of Reagan / Gorbachev; yet, he found ways through deep-seated
mental issues to fail, which we all endured as if watching a soap opera unfold.
Incompetent george h.w. bush (‘poppy’) was basically the ‘cia in disguise’
which kept up the ops which included that snookering of then american proxy,
sadam hussein, by u.s. ambassador april glaspie (see more here
infra) (george h.w.bush was also ambassador to communist china and we all
know how that’s turned out for america; but, ‘they’ and ‘theirs’ have made a
bundle.. poppy and clinton were tied by ‘virtue’ of their cia / Mena, Arkansas
cocaine drop / connection [ for me that connection was devastating to my RICO
case which involved the laundering of drug money through the trump casinos in
atlantic city,n.j., and poppy is after all, war criminal dumbya bush’s father (
see ie., http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm , and, america also leads in the illegal drug trade, infra ) . ..
calls for impeachment ..‘fast and furious debacle’. Despite campaign promises, there
have been no high level prosecutions of the wall street frauds which are still
extant in the trillions. That ‘8%’ unemployment; don’t completely dismiss
same as they may just have enough of their stand-ins to work exactly 1 day to
be counted;that’s at best... as they’ve done, manipulate/fudge/outright lie
about the numbers (actual unemployment is beyond 15%). Gingrich actually carved
out exceptions for fraudulent wall street to the applicability of the RICO Act
to their frauds, among many other unscrupulous acts which will emerge; along
with having sought the endorsement of mobster, mental case trump.. romney
follows suit with a trip to kiss the ring of failed president poppy bush while
cow-towing as all but Paul to the israeli lobby. So I, as should be so for the
entire nation, say results count. (For me, it’s resolution of those corrupted
RICO matters). Reality counts. What’s gone before has failed;new direction,
policies are required. After all, Einstein did say, paraphrasing, ‘doing the
same thing over and over again and expecting a different result’ is insanity.
Ron Paul’s still standing!
Both Sides Now ( actual
lyrics – This is a great song and among those I ‘play’ on the guitar! )
Rows and flows of angel
hair
And ice cream castles in the air
And feather canyons ev'rywhere
I've looked at clouds that way
But now they only block the sun
They rain and snow on ev'ryone
So many things I would have done
But clouds got in my way
I've looked at clouds from both sides now
From up and down, and still somehow
It's cloud illusions I recall
I really don't know clouds at all
Moons and Junes and Ferris wheels
The dizzy dancing way you feel
As ev'ry fairy tale comes real
I've looked at love that way
But now it's just another show
You leave 'em laughing when you go
And if you care, don't let them know
Don't give yourself away
I've looked at love from both sides now
From give and take, and still somehow
It's love's illusions I recall
I really don't know love at all
Tears and fears and feeling proud
To say "I love you" right out loud
Dreams and schemes and circus crowds
I've looked at life that way
But now old friends are acting strange
They shake their heads, they say I've changed
Well something's lost, but something's gained
In living ev'ry day
I've looked at life from both sides now
From win and lose and still somehow
It's life's illusions I recall
I really don't know life at all
I've looked at life from both sides now
From up and dawn, and still somehow
It's life's illusions I recall
I really don't know life at all
Romney’s
money problem His nomination may be near, but his routine is getting a bit
rich. (Washington Post) [ Yet another of those ‘aw come on wobama lover Mr.
Milbank moments’. I mean really. Wobama’s are as ‘rich’, and disingenuous at
best to say otherwise, and his routine, namely b***s***, is past ‘getting old’.
After all, wobama can’t run on his clear record of failure as bush failure 3
with what turns out as before, b***s*** alone. The problem is that there’s
nothing that can be said of the republican offerings (except Ron Paul) for
which it can’t be said of wobama that he’s been there, done that in
contravention of all prior campaign promises, to the substantial detriment of
the nation. Even his new ‘displacement’ as chief of staff’s a ‘wall street
inside man’ (Drudgereport: FLASHBACK: Daley planned to
leave AFTER election... , Michelle (a black) distressed
about power of 'white Irish Catholic'... , New Obama Chief of Staff:
Former Hedge Fund Exec at CITI, Made Money off Mortgage Defaults...
(even Castro’s correct on this obvous point regarding the duplicitous wobama ) Castro: 'Robot' better than
Obama, Republicans...
Iran’s sense of gloom contrasts with U.S.
hope With U.S. officials growing more confident that economic, political
pressure may curb Iran’s nuclear ambitions, mood in Tehran turns bleak as
Iranians prepare for a period of prolonged hardship and, they fear, war
(Washington Post) [ Wow! This is as ridiculous an article as I’ve ever not read
(It is an insult to intelligence to go beyond this preposterous headline).
Seriously, are these ‘journalists of late’ drinking ‘hopium-laced kool aid’?
Sure sounds like it! After all, there’s certainly no mystery regarding the
self-serving, self-interested nature of the ‘financial press’ such as it is,
(ie., Why You Should Run When Wall Street Says Buy - Simon Maierhofer | ETFguide ‘A quick scan of analysts' 2012 forecasts
shows that most of Wall Street expects stocks to rise in 2012. Before you get
excited, consider this:
'Five Wall
Street heavyweights say it's time for individual investors to shun the
perceived safety of bonds and get over their fear of the U.S. stock market so
they can take advantage of what they predict will be a third straight year of
solid gains for stocks in 2011.'
Before you go
out and buy stocks, beware that you just read the 2011 outlook printed on the
front page of USA Today's December 17, 2010 edition. USA Today wasn't the only
one distributing Wall Street's Kool Aid.
'Outlook 2011
- 10 strategists see the S&P 500 finishing next year at 1,373' - Barrons,
December 18, 2010
'Long way from
dog days: 2011 might see record Dow' - AP, December 17, 2011
'Greenspan
says U.S. economy is gaining momentum, may expend 3.5% next year' - Bloomberg,
December 17, 2010
2011
Casualty Report
Wall Street's
bullish outlook paid off for the first 34 trading days of 2011, but starting in
mid-February the major U.S. indexes a la Dow Jones (DJI: ^DJI - News), S&P 500 (SNP: ^GSPC - News), Nasdaq (Nasdaq: ^IXIC - News) and Russell 2000
(NYSEArca: IWM - News) suffered a series of set
backs…); yet, it defies credulity given the dire circumstances of pervasively
corrupt, defacto bankrupt america for which the decline and fall currently in
motion is far, far greater in absolute and even relative terms. I think it’s
time for mainstream american press to turn in their pens / computers for more
appropriate to their performance as ‘journalists’, pom-poms. Dire predicament, forecast, time to ‘get
out of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm
For
those hurting most, Fed’s remedies limited The limited policies the Federal
Reserve has at its disposal mostly put money in the hands of the affluent. But
a wide range of research shows that instead of spending that money, wealthier
people are more likely to save it, doing little to foster economic activity.
(Washington Post) [ Yeah … the outcry is resounding; viz., fed, don’t hurt us
any more (than you have already)! As to money put in the hands of the affluent,
anyone with even a modicum of financial, economic, and accounting knowledge
coupled with even a small dose of general intelligence and common sense
realizes, certainly by now (though warned), that that’s always been the fed’s
intent and purpose first and foremost, the general populace (taxpayers) be
damned, regardless of their somewhat egalitarian rhetoric (and ubiquitous spin)
to the contrary. Guest
Post: Why Bernanke Has Failed, And Will Continue To Fail Tyler Durden on 01/09/2012 Ben Bernanke's
zero-interest rate policy (ZIRP) and command-economy efforts to maintain
mispricing of risk, debt and assets are destroying capital and capitalism. No
wonder his policies have failed so miserably. Bernanke's policy is to
punish capital accumulation and reward leveraged debt expansion.
Rather than enforce the market's discipline and transparent pricing of risk,
debt and assets, Bernanke has explicitly set out to re-inflate a destructive,
massively unproductive credit bubble…,… Is
Bernanke Failing His Fed Mission Or Just Delusional? at Forbes Robert Barone [ How ‘bout both! I mean, come on! This
catering to fraudulent wall street was a loser ab initio! That so-called
‘wealth effect’ market froth was used previously by senile ‘maestro’ greenspan
and failed miserably except for the frauds on wall street who commissioned up
and down; and, make no mistake, those computer-programmed high-frequency
trading volumes have now been maximized for nation-economy-draining profits for
the frauds like never before and have never been higher. The QE and
dollar-debasement policies were always predictably inflationary, ultimately
hyperinflationary, particularly for stocks; that ‘feel good’ obfuscation that
was but in reality good only for the frauds on wall street. No, there is no
modern day alchemy that spins worthless paper into gold except fraudulently for
the frauds on wall street who’ve literally oftimes done exactly that; ‘cashing
out’ for hard currency and gold, precious metals, at everyone else’s expense
including main street. ]
.. The standard unemployment rate most often used by the Fed is currently
at 9.1%, up 90% since Bernanke started. The more inclusive (realistic) U6
number stands at 15.8%, up 75% in the same period. The Civilian
Participation Rate has declined 2.87% to 64.2%.This is the lowest level the
U.S. has seen since March, 1984. The decline amounts to 8,946,844 fewer
Americans in the labor force. Had they not dropped out because of a lack
of jobs (as now), the “official” unemployment rate would be significantly
higher (as now)…
Milbank:
Candidates for sale (Washington Post) [ Mr. Milbank’s truly outdone himself
this time. A known ‘wobama the b for b***s***’
aficionado/enthusiast/defender/apologist (pathetic in and of itself), Mr.
Milbank forgets to first include the already bought failed president, none
other than ‘wobama the b for b***s***’
who did not do what he campaigned on doing precisely because he was bought. Wobama’s such a glomming
golem / slug. Barack Obama: The
Naked Emperor Shocking but true revelations from David Icke| infra ‘...Obama is just more of the same, a
big smile with strings attached, and controlled completely by those that chose
him, trained him, sold him and provided his record funding, kept his many
skeletons under wraps, like the gay sex and crack cocaine .. Larry Sinclair
(from affidavit: 1. Who is Ron Allen that claims to be with your Presidential
camp, who is alleged to claim that someone claiming to represent me called
asking for $100,000, to keep me from coming forward about our (Obama and I)
November 1999 encounter of sex and cocaine use?), ... Obama is just another
Banksters' moll prostituting himself .., and that's why he supported the
grotesque bail-out of the banking system and why he will always put their
interests before the people. His financial advisors are straight from the Wall Street
'A' list, including Paul Adolph Volker (Trilateral Commission, Council on
Foreign Relations, Bilderberg Group), the head of the Federal Reserve from 1979
to 1987 and Illuminati to his fingertips. Obama has made him head of the
Economic Recovery Advisory Board, which is dominated by insiders, including its
staff director and chief economist, Austan Goolsbee, a close Obama associate
from the University of Chicago. Goolsbee is an initiate of the infamous
Illuminati Skull and Bones Society at Yale University, which also includes Boy
and Father Bush. It was Goolsbee who told the Canadian government not to worry
about Obama's attacks on the economic effects of free trade agreements because
his words were just to win votes in the election campaign. Another Wall Street
insider, the Zionist Timothy Geithner (Bilderberg Group, Trilateral Commission,
Council on Foreign Relations), was appointed by Obama to be his Treasury
Secretary. Geithner was the President of the New York Federal Reserve Bank, the
most powerful in the private Federal Reserve cartel that masquerades as
America's central bank, and he is a former employee of both the Council on
Foreign Relations and the appalling Kissinger Associates. Obama's Treasury team
locks into the inner circle around the Zionist Robert Rubin, the Director and
Senior Counselor of Citigroup, co-chairman of the Council on Foreign Relations,
and economic advisor to Obama. Rubin, a member of the Illuminati Bilderberg
Group, was the man behind Citigroup's strategy of expanding its risk in debt
markets which forced it to be rescued by taxpayers' money. The very people who
caused the financial crisis are being appointed by Obama to decide how to
respond to it (more taxpayers' money for them and their friends)’
2011's
foreclosure rate lowest since ‘07 But RealtyTrac cautions that the decline
does not necessarily indicate that the housing market is getting better.
(Washington Post) [ It was not long ago that the so-called data they’ve
provided going back several years was not real at all. Yet, even assuming
arguendo the same as true, with some implicit nudging from washington in this
election year, I think this temporary phenomenon reflects the reality of the
marketplace and the plethora of inventory; viz, foreclose, sell, to whom? Many
lenders are opting for ‘care-taking of the property’ despite default on this
multitude of ‘underwater’ properties with worse to come despite the addictive
‘hopium’ factor. Apartment
construction spurs 9.3 pct. jump in housing starts, but level remains low
Associated Press (Washington Post) [
‘All dressed up, and no where to go’. Apartments? Sure, when they leave those
underwater / foreclosed homes they’ll need someplace to go, assuming you
believe this election year ‘data point’ which isn’t that good to begin with
(‘…Still, the rate is far below the 1.2 million homes that economists say would
be built each year in a healthy housing market…’). But come on! …
scandal-scarred commerce department? … election-year desperation? … I don’t
believe the numbers for a second, even if they were viable (they’re not).
40%
of Americans Are Now Independent. Independents Would Vote for Paul Over Obama
: George Washington : 01/11/2012 Independents
would elect Paul over Obama.
Ron Paul: People Call Me ‘Kooky’ Because They Can’t
Defend Themselves Intellectually Steve Watson |
Blasts MSNBC Pundit for “putting words in my mouth”. { Remember this truth: All truth passes through three stages. First, it is
ridiculed. Second, it is violently opposed. Third, it is accepted as being
self-evident.--Arthur Schopenhauer }
Ron
Paul Is The Only Candidate With The Momentum to Challenge Romney Paul
Joseph Watson | Gingrich, Santorum, Huntsman campaigns are all
collapsing.
America
is now controlled by ‘Enemies Inside its Gates’ YouTube |
Do not underestimate the financial and political power behind the Israeli lobby
in America.
Five
myths about Ron Paul (WP)
Manufacturing
jobs are coming back The strongest two-year growth since the late 1990s.
(Washington Post) [ Wow! Talk about ‘hopium addiction’ and the
‘hallucinagenic/delusional’ effects therefrom. Clearly, the Editorial Board’s
dreamin’ in this piece which probably should have been left for the more
‘business saavy’ at, ie., Bloomberg, etc.. There has been a structural shift
that cannot be undone. A somewhat shocking example included the manufacture of
some of those rather trite ‘american flag’ pins … ‘Made in China’ …Woe! … Well,
that’s an easy one to bring back home; yet, if you’re familiar with financial
statements, cost accounting, etc., more complex endeavors particularly, not so
fast. Obama
weighs proposals to create jobs The president plans to reward companies
that bring jobs back to the U.S. and eliminate tax breaks for those that move
jobs overseas. (Washington Post) [ Read my lips: ‘the bell cannot be unrung!’
They couldn’t afford to make up the difference; not by a long shot. Excerpt: ‘… #10 Our
economic infrastructure is being torn apart right in front of our eyes.
In 2010, an average of 23 manufacturing
facilities a day shut down in the United States. Overall, more than 56,000 manufacturing
facilities in the United States have shut down since 2001. We have made it legal
for big corporations to send millions of jobs to countries where it is legal to
pay slave labor wages, where the tax burden is much lighter and where there are
barely any regulations. The following is a brief excerpt from a recent
article posted on Economy in Crisis....
Back in the ‘80s, I called my friend Walter in California and asked: “On
your next expansion we need a plant in South Carolina.” Walter replied: “We
don’t produce anything in the United States. It’s all in China. China furnishes
you the plant on a year-to-year basis. If your investment works out, you don’t
have to pay any corporate tax; just reinvest it for another plant and more profit.
If it doesn’t work out, you can walk away with no legacy costs. I send a
quality controller to watch production. I check on it every day. I don’t have
any labor, health, safety, or environmental concerns, and have time to play a
round of golf.” The bleeding of jobs off-shore started in the ‘80s — now
hemorrhages under Bush and Obama. Waiting for the economy to bounce back;
calling this “the worst recession” is a bum rap. The reason the economy hasn’t
bounced back since 2008 is because the economy is being off-shored…’
24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future http://albertpeia.com/24statisticsusfuturenotbright.htm , http://theeconomiccollapseblog.com ‘Beware of bubbles of false hope.
Right now there is a lot of talk about how the U.S. economy is improving, but
it is all a lie. The mainstream media can be very seductive…’
As
financial crisis loomed, Fed leaders lionized Greenspan, documents show
Many economists now say the former chairman contributed to the crisis and the
resulting recession (Washington Post) [ Indeed, what an incompetent,
self-aggrandizing publicity hound the senile greenspan. As a one-time
cobol-programmer, similarly ‘that unforeseeable thing’ regarding his $100,000
fee (back when $100,000 meant something – a lot of money as a fee- long before
his/helicopter ben’s fed days) for a ‘clean bill of health’ for the
S&L/bank that failed not long thereafter, he admittedly just never thought
far enough ahead about that y2k, extra digit problem. For
those hurting most, Fed’s remedies limited The limited policies the Federal
Reserve has at its disposal mostly put money in the hands of the affluent. But
a wide range of research shows that instead of spending that money, wealthier
people are more likely to save it, doing little to foster economic activity.
(Washington Post) [ Yeah … the outcry is resounding; viz., fed, don’t hurt us
any more (than you have already)! As to money put in the hands of the affluent,
anyone with even a modicum of financial, economic, and accounting knowledge
coupled with even a small dose of general intelligence and common sense
realizes, certainly by now (though warned), that that’s always been the fed’s
intent and purpose first and foremost, the general populace (taxpayers) be
damned, regardless of their somewhat egalitarian rhetoric (and ubiquitous spin)
to the contrary. Guest
Post: Why Bernanke Has Failed, And Will Continue To Fail Tyler Durden on 01/09/2012 Ben Bernanke's
zero-interest rate policy (ZIRP) and command-economy efforts to maintain
mispricing of risk, debt and assets are destroying capital and capitalism. No
wonder his policies have failed so miserably. Bernanke's policy is to
punish capital accumulation and reward leveraged debt expansion.
Rather than enforce the market's discipline and transparent pricing of risk,
debt and assets, Bernanke has explicitly set out to re-inflate a destructive,
massively unproductive credit bubble…,… Is
Bernanke Failing His Fed Mission Or Just Delusional? at Forbes Robert Barone [ How ‘bout both! I mean, come on! This
catering to fraudulent wall street was a loser ab initio! That so-called
‘wealth effect’ market froth was used previously by senile ‘maestro’ greenspan
and failed miserably except for the frauds on wall street who commissioned up
and down; and, make no mistake, those computer-programmed high-frequency
trading volumes have now been maximized for nation-economy-draining profits for
the frauds like never before and have never been higher. The QE and
dollar-debasement policies were always predictably inflationary, ultimately hyperinflationary,
particularly for stocks; that ‘feel good’ obfuscation that was but in reality
good only for the frauds on wall street. No, there is no modern day alchemy
that spins worthless paper into gold except fraudulently for the frauds on wall
street who’ve literally oftimes done exactly that; ‘cashing out’ for hard
currency and gold, precious metals, at everyone else’s expense including main
street. ] .. The
standard unemployment rate most often used by the Fed is currently at 9.1%, up
90% since Bernanke started. The more inclusive (realistic) U6 number
stands at 15.8%, up 75% in the same period. The Civilian Participation
Rate has declined 2.87% to 64.2%.This is the lowest level the U.S. has seen
since March, 1984. The decline amounts to 8,946,844 fewer Americans in
the labor force. Had they not dropped out because of a lack of jobs (as
now), the “official” unemployment rate would be significantly higher (as now)…
Time
running short for Greek debt deal Upcoming bond payments and the growing
influence of investors threaten to undermine the process. (Washington Post) [ WAIT…
WASN’T THE GREEK ISSUE SOLVED ALREADY? January 12th, 2012 http://gainspainscapital.com ‘Greece
is in big trouble.I realize that 99% of commentators have completely missed
this fact. After all throughout 2011 the mainstream financial media published
stories claiming that the Greek Crisis was solved.However, the reality is that
Greece remains in Crisis mode. The country has only 37 billion Euros left from
its first bailout package. And the second bailout package is anything but
guaranteed.
Indeed, as the below story reveals, the two financial
backstops for Greece (the IMF and Germany) are in no place to pony up more
cash.Analysis:
IMF funds for Greece not assured IMF chief Christine Lagarde is warning Europe that Greece’s economic prospects are deteriorating and the European
Union will either have to pony up more money to rescue Athens or debt holders
will have to stomach steeper losses.Unless the private sector or the EU contribute more to Greece’s rescue, the
International Monetary Fund will view the nation’s debt load as
unsustainable and may be unwilling to deliver more funds, IMF sources told
Reuters as Lagarde met with Germany’s and France’s leaders in Europe…But talks aimed at getting
private-sector creditors to shoulder a bigger part of a new Greek bailout are
going badly
Ron
Paul’s achievement After a quarter-century in the wilderness, he’s within
reach of putting his cause on the map. (Washington Post) [ At first blush, I
thought by this headline this article to be Mr. Krauthammer’s vailed attempt at
sarcasm. After all, as a jewish man himself, I’ve yet to see him take a
position that could in any way be even remotely antithetical to israeli
interests; and yet, one would have to be blind and dumb not to realize such
zionist / pro-israeli policies as foolishly adopted by the u.s. have been
unequivocally antithetical to american interests. The testament to the merger
of contraindicated american ‘interests’ with selfishly construed israeli
interests was that display of wildly cheering israeli agents on the banks of the
palisades in Weehawken, n.j. at the sight of the burning / exploding /
symmetrically imploding trade towers (including bldg. 7) on 911 (contriving
such a ‘pearl harbor event’ a neocon / military industrial complex / israeli
wet dream come true. Later history might even write this as the ‘albatross
incident’ for america). The great but substantially underrated President
General Eisenhower warned of the military industrial complex whose interests
and welfare programs have merged with those of the militant illegal-nuke totin’
israelis whose interests suddenly merged into puppet-in-chief wobama despite
wobama’s campaign rhetoric to the contrary upon which he was elected.
Parenthetically, President Eisenhower never took any crap from the terrorist
begin / israelis in contravention of American interests in the region. I truly don’t know what being a libertarian
means; but I do know that a junkie/thief/methamphetamine addict from virginia
who stole some (very valuable to me) items from me here in Socal had a father
who was one and he professed being one of sorts himself though questionable
(ie., his ‘phony’ business card with an ‘in God we trust’ logo, etc.). The
importance of Ron Paul is to point out the unsustainability of ‘same old / same
old’ without reason, purpose, advantage to any but the very greedy
short-sighted few, though substantially detrimental to the nation. After the
cold war’s end, with peace dividend to grace clinton, the substantial
achievement of Reagan / Gorbachev, if america had literally ‘done nothing’
rather than having embarked upon the ‘money-eating / war-profiteering’
adventurism along with ‘that engagement thing’ with communist china so hailed
by former ambassador to china / cia man bush, no nation could have caught up to
and passed america; some and then many have and are destined to do so (what the
heck, decades at best anyway). The fed has failed all mandates for which it
supposedly exists. They’ve literally helped consummate for the intended benefit
of the few, frauds in the trillions, to the substantial detriment of the vast
majority and the nation itself (among other culpable acts, ie., $4 trillion
missing at the new york fed, over-printing of
the ever more worthless dollars, etc.). For the israeli lobby, reality
is a frightful thing. For pervasively corrupt, defacto bankrupt america,
reality is also a frightful thing.
Obama
weighs proposals to create jobs The president plans to reward companies
that bring jobs back to the U.S. and eliminate tax breaks for those that move
jobs overseas. (Washington Post) [ Read my lips: ‘the bell cannot be unrung!’
They couldn’t afford to make up the difference; not by a long shot. Excerpt: ‘… #10 Our
economic infrastructure is being torn apart right in front of our eyes.
In 2010, an average of 23 manufacturing
facilities a day shut down in the United States. Overall, more than 56,000 manufacturing
facilities in the United States have shut down since 2001. We have made it
legal for big corporations to send millions of jobs to countries where it is
legal to pay slave labor wages, where the tax burden is much lighter and where
there are barely any regulations. The following is a brief excerpt from a
recent article posted on Economy in Crisis....Back
in the ‘80s, I called my friend Walter in California and
asked: “On your next expansion we need a plant in South
Carolina.” Walter replied: “We don’t produce
anything in the United States. It’s all in China. China furnishes you the plant on a
year-to-year basis. If your investment works out, you don’t have to pay
any corporate tax; just reinvest it for another plant and more profit. If it
doesn’t work out, you can walk away with no legacy costs. I
send a quality controller to watch production. I check on it every day. I don’t have any
labor, health, safety, or environmental concerns, and have time to play a round
of golf.” The bleeding of jobs off-shore started in the ‘80s — now hemorrhages
under Bush and Obama. Waiting for the economy to bounce back; calling this “the worst
recession” is a bum rap. The reason the economy hasn’t bounced back
since 2008 is because the economy is being off-shored…’ 24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future http://albertpeia.com/24statisticsusfuturenotbright.htm , http://theeconomiccollapseblog.com ‘Beware of bubbles of false
hope. Right now there is a lot of talk about how the U.S. economy is
improving, but it is all a lie. The mainstream media can be very
seductive…’
Putin
Confidant: Israel Will Push U.S. Into Iran Attack Kurt Nimmo
| Russians believe Iran capable of shutting down the Strait of Hormuz.
Milbank:
Mitt Romney’s Al Gore problem (Washington Post) [ Wow! Al Gore? Talk about
reachin’! Oh yeah … Mr. Milbank’s
egalitarian nature … include trashing a democrat to highlight his current
anti-republican-front-runner purported ‘hit piece’. I guess when as Mr. Milbank
you’re too incredible to be credible, the strained parallel is necessary to at
least dupe a few into believing; kind of ‘the obama way’ which is what and all
we’d expect from wobama aficionado / apologist Mr. Milbank. Well, Al Gore’s a
safe bet / target, out of it in almost every way; yet, there’s John Kerry who,
unlike Gore, is still ‘in the midst of things’ and capable of doin’ Mr. Milbank
… well, just leave it at that for Mr. Milbank who gives the impression of one
‘fishin’ for a ‘mission’, or position, within this rather short-lived wobama
regime or just plain lacking in journalistic courage. Lamentably for The
Washington Post, that’s just one of the many differences between Mr. Milbank
and Bob Woodward.
Ex-SEC
official fined $50,000 Under a settlement, lawyer Spencer C. Barasch agreed
to pay a fine for taking a job with an alleged Ponzi schemer. (Washington Post)
[ Pervasively corrupt and defacto bankrupt, america is, from k street to wall
street and coast to coast, a broken, fallen nation. Judge
accuses SEC of misleading court Federal judge accuses the agency of
misleading appeals court and withholding crucial information. (Washington Post)
[ If it was only just the court that was being mislead, we might find some
solace in that judge’s statement. Clearly one of those, ‘Duh … Ya think?’,
moments. After all, caught ‘red-handed’ destroying inculpatory evidence against
‘the best and the brightest and most importatantly the biggest’ wall street frauds,
goldman et als. You really can’t make this stuff up, so unbelievably
contra-indicated to their mission and purpose this corruption blatantly is.( http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
) Yet, such corruption has
indeed become the ‘american way’ in every way. SEC destroyed documents,
senator says 17 Aug 2011 ‘The
Securities and Exchange Commission destroyed documents and compromised
enforcement case ... “It doesn’t make sense that an agency responsible for
investigations would want to get rid of potential evidence…’ Report:
SEC lawyer exposed FBI informant (WP) [the sec liar (sic – lawyer)
typically with a ‘pre or post’ arrangement, whether implicit or explicit; that
ubiquitous ‘bribe thing’ in pervasively corrupt, defacto bankrupt, fallen america. Indeed, the scenario typifies that
national drain / sinkhole new york (new york / new jersey metro) where, for
example, FBI informants were routinely exposed by ‘italians’ in the new york
d.a.’s office over the objection of the FBI, and were murdered by mafia /
organized crime [ this was documented with authority in ‘Goombata: The
Improbable Rise and Fall of John Gotti and His Gang’ Cummings / Volkman ]
OPINION
| Petri: The dangers of the Stop Online Piracy Act (Washington Post) [ Dangers, dangerous
indeed! History is replete with such attempts to censor / restrict access to
information; none of them positive outcomes; ie., nazi germany, repressive
totalitarian regimes too numerous to list, with the pattern the same. Even more
troublesome / problematic is the timing which coincides with the government’s
widely criticized (online, deservingly and realistically so) incompetence in
light of a debt / financial / economic crisis that although obfuscated by the
government itself and mainstream media pliably derivatively thereby needs the
independent scrutiny and discussion engendered by such egregious failure of
government and their see, hear, speak no evil minions. Things are indeed that
bad and would deteriorate far further and more rapidly by any attempt to put
this ‘good genie’ back in the bottle. History, including that of recent
vintage, shows such attempts invariably fail, inevitably planting as with the
‘Oedipal Effect’ the seeds of their own demise. Moreover, the freedom sought to
be crushed in the name of something that won’t be effectively accomplished
thereby is among the very, very few positive things that can be said of
pervasively corrupt, defacto bankrupt america.
U.S.
losing high-tech manufacturing jobs as more operations move to Asia
Expansion of science, engineering capabilities overseas pose economic
challenge, board says. (Washington Post) [ Yes, indeed! Those ‘three r’s’ of
business; viz., finance, accounting, and economics make this dilemma one
particularly of american concern, also known as reality. Manufacturing
jobs are coming back The strongest two-year growth since the late 1990s.
(Washington Post) [ Wow! Talk about ‘hopium addiction’ and the
‘hallucinagenic/delusional’ effects therefrom. Clearly, the Editorial Board’s
dreamin’ in this piece which probably should have been left for the more
‘business saavy’ at, ie., Bloomberg, etc.. There has been a structural shift
that cannot be undone. A somewhat shocking example included the manufacture of
some of those rather trite ‘american flag’ pins … ‘Made in China’ …Woe! … Well,
that’s an easy one to bring back home; yet, if you’re familiar with financial
statements, cost accounting, etc., more complex endeavors particularly, not so
fast. Obama
weighs proposals to create jobs The president plans to reward companies
that bring jobs back to the U.S. and eliminate tax breaks for those that move
jobs overseas. (Washington Post) [ Read my lips: ‘the bell cannot be unrung!’
They couldn’t afford to make up the difference; not by a long shot. Excerpt: ‘… #10 Our
economic infrastructure is being torn apart right in front of our eyes.
In 2010, an average of 23 manufacturing
facilities a day shut down in the United States. Overall, more than 56,000 manufacturing
facilities in the United States have shut down since 2001. We have made it
legal for big corporations to send millions of jobs to countries where it is
legal to pay slave labor wages, where the tax burden is much lighter and where
there are barely any regulations. The following is a brief excerpt from a
recent article posted on Economy in Crisis....
Back in the ‘80s, I called my friend Walter in California and asked: “On
your next expansion we need a plant in South Carolina.” Walter replied: “We
don’t produce anything in the United States. It’s all in China. China furnishes
you the plant on a year-to-year basis. If your investment works out, you don’t
have to pay any corporate tax; just reinvest it for another plant and more
profit. If it doesn’t work out, you can walk away with no legacy costs. I send
a quality controller to watch production. I check on it every day. I don’t have
any labor, health, safety, or environmental concerns, and have time to play a
round of golf.” The bleeding of jobs off-shore started in the ‘80s — now
hemorrhages under Bush and Obama. Waiting for the economy to bounce back;
calling this “the worst recession” is a bum rap. The reason the economy hasn’t
bounced back since 2008 is because the economy is being off-shored…’
24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future http://albertpeia.com/24statisticsusfuturenotbright.htm
Milbank:
House GOP plays debt charades (Washington Post) [ Well, if there’s one
thing that wobama and his minions know something about, clearly it’s debt.
After all, wobama has increased the nation’s debt more than that of all the
presidents from Eisenhower to date combined. That’s no small feat, and,
lamentably, no small amount. In fact, the amount is now so large, it is
virtually insurmountable; even exceeding multiple times by far, individually
and collectively, that of the acknowledged most bankrupt nations in the world. White
House was warned about Solyndra layoffs E-mails show Energy Dept. asked
firm in October 2010 to delay news of layoffs until after midterm vote.
(Washington Post) [ Those unaffordably costly jobs { to pad stats -
Drudgereport: Obama Economists Admit:
'Stimulus' Cost $278,000 per Job... } and those unaffordably costly cars { to pad
sales - Drudgereport (on Government Motors): REPORT: Chevy Volt Costing Taxpayers Up to $250K Per
Vehicle... CAVUTO: Volt sales inflated with taxpayer fleet buys... } and those unaffordably
costly military industrial complex welfare programs . The ‘so-called improvement’? At what cost for election
appearances only? (34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger http://theeconomiccollapseblog.com ‘We have all been lied to. For
decades, the leaders of both major political parties have promised us that they
can fix our current system and that they can get our national debt under
control. As the 2012 election approaches, they are making all kinds of
wild promises once again. Well you know what? It is all a giant
sham. The United States has gotten into so much debt that there will be
no coming back from this. The current system is irretrievably broken…
Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of
over 200 trillion dollars in the future. The following is a brief excerpt
from a recent article that he did for CNN...The government's total
indebtedness -- its fiscal gap -- now stands at $211 trillion.. The fiscal gap
is the difference, measured in present value, between all projected future
spending obligations -- including our huge defense expenditures and massive entitlement
programs, as well as making interest and principal payments on the official
debt -- and all projected future taxes…#33 If you add up all forms of debt
in the United States (government, business and consumer), it comes to more than
56 trillion dollars. That is more than $683,000
per family…). Obama
continues trend of turning to budget director in time of trouble Lew’s
replacement of Daley as chief of staff reflects anticipation of fight with
Congress on payroll tax. (Washington Post) [ Let’s not sugar-coat the reality
here! Given america’s defacto bankruptcy and wildly profligate spending by
wobama exceeding by far all others (and the last several combined) thereby
exacerbating america’s dire predicament
(Dire predicament, forecast, time to ‘get out
of Dodge (america)’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm )
Me and My Shadow
snooty newty and his
shadow
Strolling down
pennsylvania avenue
snarky newty and his shadow
That’s a dream that won’t
come true
snooty newty and his
shadow
All alone and feeling
black and blue
‘cause snooty newty and
his shadow
just got mugged in front of wobama’s temp house too
I Love
Paris (Writer(s): Cole Porter) (Recorded 1959, 1960 Frank
Sinatra)
I love Paris in the
spring time
No room for newt on the ballot in the fall
I love seeing newt splinter this winter when he fizzles
I love seeing newt the bummer in summer when it sizzles
Newty seems dumber,
Really don’t have to wait
for summer,
to see that bummer newty fall
Investors
uneasy amid Europe’s crisis (Washington Post) [ Indeed they are (uneasy),
and for good reason; that reason being a little thing called reality which has
been consistently banned from ‘the discourse’, particularly in america; and
particularly in this election cycle. The frauds on wall street et als should be criminally prosecuted,
jailed, fined, and disgorgement imposed! Train
Reading: The Stock Market Is (Criminally) Insane The Wall Street
Journal , Suckers’ rally this day based
on Fraud, b***s***, and desperation alone, as suckers’
rallies usher in the new year in a most preposterous fashion with lingering
intoxication an explanation as the printing presses and issuance of worthless
insurmountable debt paper are in full throttle globally (a testament to global
blindness as the blind follow the blind) making this impending disaster at this
time an especially great opportunity to sell / take profits because there’s
much, much worse to come! jersey-lautenberg based adp with 100% better than
expectations private sector jobs number? Nobody thinks so (infra)! Scandal
scarred commerce department data? Labor dept. ue claims / ue numbers? Only a
fool believes what they say! ( After
One Month Respite, Pink Slips Are Flying Again Tyler
Durden , Lies,
Damned Lies, and (Unemployment) Statistics Mac Slavo | The
actual unemployment rate in the United States is in excess of 22%. , NFP
Payrolls At 200K, Expected At 155K; Unemployment Rate Drops To 8.5%, Labor
Force Participation At Lowest Since 1984 Tyler
Durden
http://www.angelfire.com/indie/pearly/htmls/bush-carlyle.html
Concerns
over Europe’s debt returnThe specter of Europe’s debt crisis resurfaces, as
bank stocks fell sharply and a French bond auction drew lackluster demand.
(Washington Post) [ Duh! Ya think? As with defacto bankrupt america, nothing’s
been solved. Dire predicament, forecast, time to ‘get
out of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm , Look
Out Below – The Nightmarish Decline Of The Euro Has Begun http://theeconomiccollapseblog.com , Here
We Go Again: US $25 Million Away From Debt Ceiling Breach Tyler Durden 01/05/2012 , EURUSD
Dips Below 1.28 As All Hell Breaks Loose In Italian Financials Zero Hedge
Confident
conservatives Why 2012 could be a
good year, even without defeating Obama.
(Washington Post) [ I’m now convinced that somethin’s not quite right
with Mr. Will. First, the headwinds. Now this? Just how does conservatism even
exist much less flourish if quite the contra-indicated opposite, viz., failed
president wobama, prevails. Think again
Mr. Will. Krauthammer:
Are we alone in the universe? (Washington Post) [ Wow! Mr. Krauthammer’s
waxing philosophical as we’re about usher in the new year … ooooh … the end of
the Mayan calendar … 2012 … deh, deh deh deh, dehhhhh! … the mystery of it all
… no, this world will not be ending in 2012 … yes, for all practical purposes
‘we’ are alone in the universe; that is, in terms of the future of the human
race … decades at most. (In truth, in drafting this comment I hadn’t read the
article, just the headline; such ‘speculations’ being unimportant to me and I
would add that Carl Sagan’s et als’ views as stated therein from a psychoanalytic
perspective were mere projections, a form of displacement). Back to more mundane earthy earthly
phenomena aka the here and now … the american political process such as it is …
the upcoming election year… and the year generally speaking. It’s goin’ to be …
euphemistically speaking … a tough one! Financial
Troubles For Many Nations In The New Year Bob Chapman | 2012 is going to be
quite a year with falling economies in the UK, Europe, the US, China, Japan and
the remainder of Asia. Ron
Paul’s poll numbers are up in Iowa (Washington Post) [ As indeed they
should be if people are truthful about wanting real change for the better. Historical
headwinds Gingrich, Romney and Paul against the odds. (Washington Post)
Judge
accuses SEC of misleading court Federal judge accuses the agency of
misleading appeals court and withholding crucial information. (Washington Post)
[ If it was only just the court that was being mislead, we might find some
solace in that judge’s statement. Clearly one of those, ‘Duh … Ya think?’,
moments. After all, caught ‘red-handed’ destroying inculpatory evidence against
‘the best and the brightest and most importatantly the biggest’ wall street
frauds, goldman et als. You really can’t make this stuff up, so unbelievably
contra-indicated to their mission and purpose this corruption blatantly is.( http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
) Yet, such corruption has
indeed become the ‘american way’ in every way. SEC destroyed documents,
senator says 17 Aug 2011 ‘The
Securities and Exchange Commission destroyed documents and compromised
enforcement case ... “It doesn’t make sense that an agency responsible for
investigations would want to get rid of potential evidence…’ Report:
SEC lawyer exposed FBI informant (WP) [the sec liar (sic – lawyer)
typically with a ‘pre or post’ arrangement, whether implicit or explicit; that
ubiquitous ‘bribe thing’ in pervasively corrupt, defacto bankrupt, fallen america. Indeed, the scenario typifies that
national drain / sinkhole new york (new york / new jersey metro) where, for
example, FBI informants were routinely exposed by ‘italians’ in the new york
d.a.’s office over the objection of the FBI, and were murdered by mafia /
organized crime [ this was documented with authority in ‘Goombata: The
Improbable Rise and Fall of John Gotti and His Gang’ Cummings / Volkman ] SEC
faulted over records shredding The SEC destroyed internal documents that
should have been preserved as official federal records, the agency’s inspector
general has found. (Washington Post) [ Oh, if it was only that, and only the
SEC; and if only they did an incisive investigation of the DOJ. Sheriff: Fast and Furious Bigger Scandal Than Watergate http://www.prisonplanet.com/sheriff-fast-and-furious-bigger-scandal-than-watergate.html Paul Joseph Watson | Over two dozen
Republicans call for Holder to resign. Though heavily redacted, the documents directly
discuss “Operation Fast and Furious” and how it involves “trafficking
firearms to Mexico”. Tuesday, November 1, 2011 . )That’s certainly my
experience which comports with reality, http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
Krauthammer:
Are we alone in the universe? (Washington Post) [ Wow! Mr. Krauthammer’s
waxing philosophical as we’re about usher in the new year … ooooh … the end of
the Mayan calendar … 2012 … deh, deh deh deh, dehhhhh! … the mystery of it all
… no, this world will not be ending in 2012 … yes, for all practical purposes
‘we’ are alone in the universe; that is, in terms of the future of the human
race … decades at most. (In truth, in drafting this comment I hadn’t read the
article, just the headline; such ‘speculations’ being unimportant to me and I
would add that Carl Sagan’s et als’ views as stated therein from a
psychoanalytic perspective were mere projections, a form of displacement) Back
to more mundane earthy earthly phenomena aka the here and now … the american
political process such as it is … the upcoming election year… and the year
generally speaking. It’s goin’ to be … euphemistically speaking … a tough one! Financial
Troubles For Many Nations In The New Year Bob Chapman | 2012 is going to be
quite a year with falling economies in the UK, Europe, the US, China, Japan and
the remainder of Asia.
Milbank:
GOP goes into damage-control mode (Washington Post) [ Ah, sweet Mr.
Milbank, in ‘wet dream mode’ as he finds solace in the (Freudian
psychoanalytic) displacement accorded that ‘other party’ for wobama’s complete
and utter failure as ‘president’ of the ever declining on his watch, disunited states.
The mentally troubled wobama’s a loser, plain and simple. He’s also
typical! { http://albertpeia.com/40piecesevidenceusdecline.htm
, http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
, http://albertpeia.com/50economicnumbersofuscollapse.htm
} Obama
could still lose this fight WONKBOOK | GOP is taking heat, but the public
historically blames the president for the economy. (Washington Post) [ Could? Wobama’s a loser! Credible people /
organizations are correctly referring to ‘wobama the b for b***s***’ as a con
man, clown, fraud, abrogator of constitutional rights and the constitution
itself, flipping him the bird, and worse. All are legitimate, accurate,
descriptions and displays of disrespect. He deserves no better. He is an abject
failure who might even have deluded himself into thinking he’s something other
than the worst president in the history of this nation; and there have been
some bad ones, including the most recent, and certainly his predecessor bush
failure 2, the easiest act in the world to follow, yet he’s mucked up even that
dubious distinction quite ‘unroyally’. I personally think his
‘jive-talk/b***s***’ is inherent to his lack of character which amazingly has
served him well. Others point to his delusional role as a ‘con man’ (I think
that’s just him … no delusion, just b***s*** / jive): ‘…When a nation simply
does not care anymore, even a con man can become president.
During a recent 60 Minutes interview,
Barack Obama said that only 3 presidents in U.S. history accomplished more than
he did during the first two years of his presidency….
“The issue here
is not going be a list of accomplishments. As you said yourself, Steve, you
know, I would put our legislative and foreign policy accomplishments in our
first two years against any president — with the
possible exceptions of Johnson, F.D.R., and Lincoln — just in terms
of what we’ve gotten done in modern history. But, you know, but
when it comes to the economy, we’ve got a lot more work to do.”
He had to be joking, right?
Sadly, he was not joking.
But it is not
just Barack Obama. The truth is that both political parties are
absolutely littered with con men, charlatans and corrupt politicians…’ Getting
Worse: 40 Undeniable Pieces Of Evidence That Show That America Is In Decline
The Economic Collapse | Is America in decline? That is a very provocative
question. The
Economic Collapse December 21, 2011
Is America in
decline? That is a very provocative question. I have found that
most people that hate the United States are very eager to agree that America is
in decline, while a lot of those that love the United States are very hesitant
to admit that America is in decline. Well, I am proud to be an American,
but I cannot lie and tell you that America is doing just fine. The pieces
of evidence compiled below are undeniable. Our economy is deathly ill and
is rapidly getting worse. We were handed the keys to the greatest
economic machine in the history of the world and we have wrecked it. But
until we are willing to look in the mirror and admit how bad things have
gotten, we won’t be ready for the solutions that are
necessary. The truth is that there are things that we can do to reverse
the decline. It does not have to be permanent. We have gotten away
from the things that made America great, and we need to admit that we are on the
wrong path and start fixing this country. But if we choose to continue
down the road that we are currently on, it will lead us into the darkest
chapters in American history.
The following
are 40 undeniable pieces of evidence that show that America is in decline….
#1 Back in 1985, 11 million vehicles were sold in
America. In 2009, only 5.4 million vehicles were sold in
America.
#2 In 1990, the median age of a vehicle in the United
States was just 6.5 years. Today, the median age of
a vehicle in the United States is approximately 10 years.
#3 The average price of a gallon of gasoline in 2011
has been $3.50. That is a new all-time record. The
previous record was $3.24 in 2008.
#4 The average American household will have spent an
astounding $4,155 on gasoline by the time the year is over.
#5 The number of children in the United States without
a permanent home has increased by 38 percent since 2007.
#6 A decade ago, the United States was ranked number
one in average wealth per adult. By 2010, the United States had fallen to seventh.
#7 The U.S. tax code is now more than 50,000 pages longer than it used to be.
#8 American 15-year-olds do not even rank in
the top half of all advanced nations when it comes
to math or science literacy.
#9 The United States once had the highest proportion of
young adults with post-secondary degrees in the world. Today, the
U.S. has fallen to 12th.
#10 After adjusting for inflation, U.S. college students
are borrowing about twice as much money
as they did a decade ago.
#11 The student loan default rate has nearly doubled since 2005.
#12 Our economy is not producing nearly enough jobs for
our college graduates. The percentage of mail carriers with a college
degree is now 4 times higher than it was back in
1970.
#13 Our infrastructure was once the envy of the
world. Today, U.S. infrastructure is ranked 23rd.
#14 Since December 2007, median household income in the
United States has declined by a total of 6.8% once you account for inflation.
#15 Since the year 2000, incomes for U.S. households led
by someone between the ages of 25 and 34 have fallen by about 12 percent after you
adjust for inflation.
#16 According to U.S. Representative Betty Sutton,
America has lost an average of 15 manufacturing
facilities a day over the last 10 years. During 2010 it got even
worse. Last year, an average of 23 manufacturing
facilities a day shut down in the United States.
#17 In all, more than 56,000 manufacturing
facilities in the United States have shut down since 2001.
#18 The United States has lost a staggering 32
percent of its manufacturing jobs since the year 2000.
#19 Manufacturing employment in the U.S. computer
industry was actually lower in 2010 than it was in 1975.
#20 In 1959, manufacturing represented 28 percent of all U.S. economic
output. In 2008, it represented only 11.5 percent.
#21 The television manufacturing industry began in the
United States. So how many televisions are manufactured in the United
States today? According to Princeton University economist Alan S.
Blinder, the grand total is zero.
#22 The U.S. trade deficit with China in 2010 was 27 times larger than it was back in 1990.
#23 The Economic Policy Institute says that since 2001
America has lost approximately 2.8 million jobs due to our trade
deficit with China alone.
#24 According to one study, between 1969 and 2009 the
median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for
inflation.
#25 Back in 1980, less than 30% of all jobs in the
United States were low income jobs. Today, more than 40% of all jobs in the
United States are low income jobs.
#26 The size of the economy in India is projected
to surpass the size of the U.S. economy by the year 2050.
#27 One prominent economist believes that the Chinese
economy will be three times larger
than the U.S. economy by the year 2040.
#28 In 2001, the United States ranked fourth in the
world in per capita broadband Internet use. Today it ranks 15th.
#29 Back in the year 2000, 11.3% of all Americans were living in
poverty. Today, 15.1% of all Americans are living in poverty.
#30 Last year, 2.6 million more Americans dropped into poverty.
That was the largest increase that we have seen
since the U.S. government began keeping statistics on this back in 1959.
#31 According to the U.S. Census Bureau, 6.7% of all Americans are living in “extreme poverty”, and that is the highest
level that has ever been recorded before.
#32 The percentage of children living in poverty in the United States increased
from 16.9 percent in 2006 to nearly 22 percent in 2010.
In the UK and in France the child poverty rate is well under 10 percent.
#33 As I wrote about the other day, since 2007 the number of children
living in poverty in the state of California has increased by 30 percent.
#34 A staggering 48.5% of all Americans live in a household
that receives some form of government benefits. Back in 1983, that number
was below 30 percent.
#35 Back in 1965, only one out of every 50 Americans was
on Medicaid. Today, one out of every 6 Americans is
on Medicaid.
#36 Between 1991 and 2007 the number of Americans
between the ages of 65 and 74 that filed for bankruptcy rose by a
staggering 178 percent.
#37 Today, the “too big to fail” banks are larger than
ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006
and September 30, 2011.
#38 Since the Federal Reserve was created in 1913, the
U.S. dollar has lostover 95 percent of its purchasing power.
#39 During the Obama administration, the U.S. government
has accumulated more debt than it did from the time that George Washington took
office to the time
that Bill Clinton took office.
#40 The U.S. national debt is now nearly 15 times larger than it was just 30 years ago.
Sadly, most
Americans are not fired up about turning this country around. Way too
many of them realize that things are getting worse, but they have “checked out” and are just going
through the motions of life.
A perfect
example is posted below. In this video, a FedEx delivery guy just
chucks a computer monitor over somebody’s fence……Can you believe he did that?
The sad thing
is that the guy was actually home at the time and all the FedEx employee needed
to do was ring the bell.
This is the
kind of attitude that is killing America.
We all need to
start caring again. We all need to start taking pride in what we do.
We all need to start working hard again. We all need to make sure that we
are living with a sense of personal integrity.
When a nation
simply does not care anymore, even a con man can become president.
During a recent 60 Minutes interview,
Barack Obama said that only 3 presidents in U.S. history accomplished more than
he did during the first two years of his presidency….
“The issue here
is not going be a list of accomplishments. As you said yourself, Steve, you
know, I would put our legislative and foreign policy accomplishments in our
first two years against any president — with the
possible exceptions of Johnson, F.D.R., and Lincoln — just in terms
of what we’ve gotten done in modern history. But, you know, but
when it comes to the economy, we’ve got a lot more work to do.”
He had to be joking, right?
Sadly, he was not joking.
But it is not just Barack Obama. The truth is
that both political parties are absolutely littered with con men, charlatans
and corrupt politicians.
It is going to be up to the American people to get
educated about how bad things have really gotten, to start demanding solutions,
and to start voting much better people into positions of authority.
If dramatic changes are not made, our economy will
continue to get worse and the decline of America will continue to accelerate.
We cannot stay on this road my friends.
It is only going to lead to a total nightmare.
Please share this information as widely as possible,
and please try to wake up as many of your fellow Americans as you can while
there is still time.’
http://www.economist.com/content/global_debt_clock
http://www.albertpeia.com/todayspage.htm
http://albertpeia.com/fbimartinezcongallard.htm
1-19-12 NEWS / TOPICS
Business Summary / Links
The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! Train
Reading: The Stock Market Is (Criminally) Insane The Wall Street
Journal , [ STOCKS
RALLY DESPITE BAD NEWS: Here's What You Need To Know Business Insider
, http://albertpeia.com/22signsglobalrecessiondepression.htm ] Much
like the ‘floating on air’ stock price scenario that preceded the dot.com and
most recent, continuing debacles, this global suckers’ rally is based on market
frothing hopium for unaffordable, contraindicated, failed QE/wall street only
welfare, bad news, fraud, b***s***, and desperation
alone, as suckers’ rallies ushered in the new year in a most preposterous
fashion [Dave’s Daily:
http://www.etfdigest.com ‘Thursday
brought us better news on Jobless Claims as new claims fell (352K vs 383K
consensus a prior revised higher as usual to 401K). The problem of course is
with continuing claims and the number of people who have fallen off the
rolls.The CPI was unchanged for the month and this gave bulls the idea another
round of QE was in the works as early as this month. The Philly Fed Survey
was a disappointment and miss (7.3 vs 10 expected and previous at 10.5).
Housing Starts declined (.657M vs .678M expected and previous .685M).Other news
noted the ECB buying €50 billion of sovereign debt in the eurozone.
‘ Dave’s
Daily: http://www.etfdigest.com
BULLS BLIND TO BAD DATA ONCE AGAIN January 12, 2012 ‘Jobless Claims disappointed as they rose
back to nearly 400K (399K vs expectations 375K & previous 375K revised
higher) and this data from a shorter week. Retail Sales data was also
surprisingly weak considering the holiday period (.1% vs .4% consensus &
.4% previous. Ex-Autos .0% vs .2% expected and .2% previous.). Business
Inventories also declined sharply (.3% vs .5% consensus and .8% previous.)
meaning restocking isn’t taking place. ] with lingering intoxication an
explanation as the printing presses and issuance of worthless insurmountable
debt paper are in full throttle globally (a testament to global blindness as
the blind follow the blind) making this impending disaster at this time an
especially great opportunity to sell / take profits because there’s much, much
worse to come! jersey-lautenberg based adp with 100% better than expectations
private sector jobs number? Nobody thinks so (infra)! Scandal scarred commerce
department data? Labor dept. ue claims / ue numbers? Only a fool believes what they
say! ( After
One Month Respite, Pink Slips Are Flying Again Tyler
Durden , Lies,
Damned Lies, and (Unemployment) Statistics Mac Slavo | The actual unemployment rate in the
United States is in excess of 22%. , NFP
Payrolls At 200K, Expected At 155K; Unemployment Rate Drops To 8.5%, Labor
Force Participation At Lowest Since 1984 Tyler
Durden on 01/06/2012 The nonfarm payroll number prints at 200K on
expectations of 155K. The Unemployment rate comes at 8.5% - lowest since
February 2009, and down from an upward revised 8.7%. U-6 15.2% down from
15.6% in November. Average hourly earnings rose at 0.2%, in line with
expectations, previous revised to -0.1% from unchanged. Private payrolls +212L
vs Expectations of 178K. Manufacturing payrolls rose 23K vs Expectations of
155K. Yet the unemployment rate trickery still continues, with labor force
participation (prior revised), now at a 27 year low of 64%, and the labor force
itself declined by 50K from 153,937 to 153,887. In fact, persons
not in the labor force have increased by 7.5 million since January 2007! Bottom line - dropping out of labor
statistics is the new killing it. http://www.albertpeia.com/laborparticipationrate.jpg
, ) The
same for the conference board which came in with 100% better than expected
consumer confidence, which is preposterous even taking into consideration the
‘ultimate bootstrap’ bubble stock price weighting in same. The lack of
‘politicians’ at S&P/Case/Shiller showed a different picture: ’house
prices in 20 major metropolitan areas declined 1.2 percent on an unadjusted
basis in October after falling 0.7 percent the prior month’. ( US
Economic Data Reporting Now Officially A Farce: Every Economic Data Point
Prints 4+ Std Devs Above Consensus Zero Hedge ) Watch for more fake reports / data / and spin in their
infinite political desperation both here and across the sea, and suckers’
rallies to suck suckers in and keep suckers sucked in! [ ‘The
Currency Wars’ http://www.albertpeia.com/rickardsgrantboltoninterviewvideo.htm , David
Rosenberg On The Depression, The ECB, MF Global As A Canary In The Coalmine...
All With A Surprise Ending Durden, This
is No Cyclical Recession… It is a Secular DE-pression Phoenix Capital , MF
GLOBAL EXPLAINED http://www.youtube.com/watch?v=jLt05sN7vK0&feature=player_embedded [causal links between OTC derivatives, the
financial crisis of 2008, Alan Greenspan, Robert Rubin, Larry Summers, Jon
Corzine and MF Global, ‘Quantitative Easing Explained’ http://www.youtube.com/watch?v=PTUY16CkS-k , ’ Famed
economist predicts economic calamity in 2012. See the evidence. http://w3.newsmax.com/a/aftershockb/video.cfm 50% unemployment & 90% Dow crash also
predicted. Newsmax , Economic /
Financial Collapse Imminent – Stansberry
Investment Advisory http://www.albertpeia.com/stansberrysinvestmentadvisory.flv Harry Dent, Jr. Economy will be in a Depression by
2011 Dow will Fall to 3,800 – 4,500 by 2012 Nasdaq will Fall Below 1,100, its 2002 low, by
late 2010 or mid-2012 at the latest. U.S.
Dollar will Decline Housing will Decline by
40 – 60% from Today’s Levels Greatest
Economic and Banking Crisis since the 1930s will Occur Between 2010 and 2012). , Goldman
Turns Bearish: Squid Releases Top Trades For 2012... And It's Not Pretty Durden .. the squid is bearish. Which is bad news , Market
Rally Won't Last Long Forbes , The
Worldwide Depression/Recession Of 2012
Jeff
Harding, STOCKS
RISE DESPITE MORE BAD NEWS: Here's What You Need To Know Business
Insider Sam Ro ‘As Greece
inches toward default and the sufficiency of Europe's EFSF bailout fund
is called into question, everyone's worst nightmares of Europe's debt debacle
escalating to a systemic crisis could be nearing reality. ‘ , The
most accurate forecaster on the Street thinks stocks are going downAdam ParkerBloomberg Morgan Stanley's
Adam Parker was crowned the most accurate forecaster when the S&P 500
closed 2011 within a handful of points of his year-end target of
1,238. His 2012 year end target calls for stocks to fall to 1,167. He sees a global economic
slowdown hitting corporate profits hard. , An eerie technical pattern is
predicting the S&P plunges to 935Bank
of America via Zero Hedge Mary
Ann Bartels, Bank of America's Head of Technical and Market Analysis , 935
is nothing; the S&P 500 will crash to 579.57United-ICAP's
Walter Zimmerman (via WSJ's
Tom Kilgore) is a technical analyst who has been looking at the charts and
they're telling him that the S&P is headed for 579.57. And there's one thing
that'll cause the markets to tip: Europe. “If the history of debt tells us
anything it is that one cannot solve a debt crisis by lending more money to the
bankrupt and the insolvent,” Zimmerman says. , As it stands, the dollar is
toast Laura4Smith
Euro Pacific Capital's John Browne thinks the U.S. dollar will soon lose
credibility, thanks to manipulation by the Fed. , Persistent delevering will
cause the whole world to implode Bloomberg TV Bill Gross
kicked 2012 with a particularly gloomy letter. , Home prices will fall another
20% Bloomberg In his
latest note, Gary Shilling lays out his 20 investment themes for 2012.Theme #12
calls for home prices to continue plummeting, falling another 20%
over the next several years. This is on top of the 33% drop we've already seen.
, Greece will hard default and bring everyone else down with it Nomura's
permabear Bob Janjuah had some cheery things to say about Greece and it's
effect on the markets."The real pain may only be seen in March, when I
expect the hard Greece default to happen. In Q1 I expect the S&P
will trade down to/below 1000, and core US, UK and German government Bond yields will be
closer to 1.5% than 2%." , China is headed for a hardlanding SocGen's
Albert Edwards thinks 2013 will be better than 2012. But that's only
because he believes 2012 could be the worst year ever. , The US economy is
about to tank ECRI's Lakshman Achutan hasn't budged on his recession call, and
he has been taking a lot of heat for it. Here's a quote from a recent
press release (via Doug Short): "If
you think this is a bad economy, you haven’t seen anything yet. And that has profound
implications for both Main Street and Wall Street.", Graham
Summers’ Weekly Market Forecast (Has the Can Hit the Wall? Edition) http://gainspainscapital.com January 17th, 2012 ‘As usual, bad news was released over the weekend when the least
number of people are paying attention… The answer is a Crisis that will make
2008 look like a picnic.This is coming… it’s only a matter of when…’ 17
Facts About The Decline Of The U.S. Auto Industry That Are Almost Too Crazy To
Believe http://theeconomiccollapseblog.com http://albertpeia.com/declineusautoindustry.htm ( Warning
Signs That We Should Prepare For The Worst http://albertpeia.com/prepareforworst.htm
) Very few things illustrate how dramatically America has been deindustrialized
than the stunning decline of the U.S. auto industry. , Dave’s Daily:
http://www.etfdigest.com ‘Thursday
brought us better news on Jobless Claims as new claims fell (352K vs 383K
consensus a prior revised higher as usual to 401K). The problem of course is
with continuing claims and the number of people who have fallen off the
rolls.The CPI was unchanged for the month and this gave bulls the idea another
round of QE was in the works as early as this month. The Philly Fed Survey
was a disappointment and miss (7.3 vs 10 expected and previous at 10.5).
Housing Starts declined (.657M vs .678M expected and previous .685M).Other news
noted the ECB buying €50 billion of sovereign debt in the eurozone. Still the
idea of an extra $500 billion IMF bailout (bringing the total to nearly $1
trillion) lingers even as it’s already been shot down given necessary U.S.
congressional approval. , Michael
Krieger Summarizes "The Building Tension"
Tyler Durden on
01/19/2012 The reason I
don’t write about markets so much anymore is because I don’t believe there are
markets any longer. Sure there are flashing prices on the screens for various
assets and those can be addicting to look at on a daily basis, but I think
these “markets” are now merely a mechanism for government propaganda and a
method to ultimately fleece more money from the uniformed masses that play in
it by the casino operators and their puppets in government. , Print-Or-Panic,
TrimTabs On The Market's Meltup Tyler Durden on
01/19/2012 As retail
investors continue to appear significantly pessimistic in their fund outflows
($7.1bn from US equity mutual funds in w/e January 4th - the largest since the
meltdown in early August) or simply stuff
their mattresses, David Santschi of TrimTabs asks
the question, 'who is pumping up stock prices?' , Bob
Janjuah: "Payback For The Rally Is Coming In Q2"
Tyler Durden on
01/19/2012 Bob "The
Bear" Janjuah may appear a little greyer than his previous appearance on
Bloomberg TV but his thoughts on the 'weaker-for-longer' recovery are as
clarifying as ever as he sees Q2 as payback time for the misunderstanding of a
mini US business cycle as a real sustainable recovery. Noting that the LTRO does not fix Europe, he sees the worst still ahead for the 'Eurozone
mess'… Bob notes that we are simply not addressing growth or solvency and Q2 will be the payback (looking for a 1000 print
in the S&P 500 index by quarter-end) for the policy- and liquidity-driven
rally we are undergoing. , Fed
Back To Its Secretive Ways, Sells $7 Billion In Maiden Lane Assets Directly To
Credit Suisse Without Public Auction Tyler Durden on
01/19/2012 , Keystone
Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of
"Uncertainty" Tyler Durden on
01/19/2012 America's loss
is China's gain. , Senate Minority leader speaks out against anti-piracy bill , Google's results fall short, rare miss pummels shares Reuters , Photography pioneer Kodak files for bankruptcy ,China
manufacturing contracts for third month , Microsoft's Windows battles slack PC sales / profits fall – As
regards the state of technology generally, and American particularly, I’m even
far less sanguine than Peter Thiel who feels technology generally, is
‘wanting’. I also believe as he the iphone to be vastly overrated,
underwhelming and ‘beat’ beyond the now ubiquitous touch screen, though more
euphemistically said by Thiel (I am glad however that apple, my first computer
–Apple IIC 1986 – has survived). I also believe american technology beyond the
hype to be horrendous. The internet has been the biggest thing in terms of
technological advance, and we all see what some cro-magnuns (at best) in
washington are trying to do to that. See also, http://albertpeia.com/declineusautoindustry.htm . Peter Thiel - A cofounder of PayPal and early investor in Facebook,
Peter Thiel is worried technological progress has stalled, a running theme of
his speeches and interviews in 2011. Without more rapid advances, "people will have a
lower quality of life, where people won't be able to retire, where governments are pushed toward more and more
austerity," he told Bloomberg Businessweek in February. "That will
lead to a more constrained, pessimistic future." Thiel has funded a
variety of unconventional research projects because he says run-of-the-mill
technology doesn't impress him. He told the New Yorker in November he doesn't
consider the iPhone a "technological breakthrough." , Sundance opens with eye on broken American dreams , McAfee software bug could turn customers' PCs into spam servers
(Reuters) , [video]
Bullish Trend Not Backed By Volume TheStreet , Debt
Crisis Worsens, Stocks Up Anyway http://www.buzzbox.com/news/2012-01-19/fitch-ratings:russia/?clusterId=7993066 By Ian Wyatt: Russia is the latest victim of
the global debt crisis. , What were Neanderthals like to hang out with?
— New Scientist http://www.newscientist.com/article/mg21328470.400-into-the-mind-of-a-neanderthal.html?full=true http://albertpeia.com/neanderthals11812.htm , Warning
Signs That We Should Prepare For The Worst http://theeconomiccollapseblog.com http://albertpeia.com/prepareforworst.htm ‘The warning signs are all around us.
All we have to do is open up our eyes and look at them. Almost every
single day there are more prominent voices in the financial world telling us
that a massive economic crisis is coming and that we need to prepare for the
worst. On Wednesday, it was the World Bank itself that issued a very
chilling warning. In an absolutely startling report, the World Bank
revised GDP growth estimates for 2012 downward very sharply, warned that Europe
could be on the verge of a devastating financial crisis, and declared that the
rest of the world better "prepare for the worst." , "Apocalypse How? Dire
’12 Forecasts" The chorus of astute, prudent voices warning about the
next great financial crisis grows by the day.. profiled in a Bloomberg article http://albertpeia.com/realisticallynegativeforecasts.htm
, Dave’s Daily:
http://www.etfdigest.com FEAR OF BEING LEFT BEHIND January
18, 2012 ‘The primary news pushing stocks higher Wednesday was hard to put
together. Some were pleased by eurozone reports the IMF was proposing to add
$500 billion to the bailout facility bringing the total to nearly $1 trillion.
Such a move would require congressional approval if we still have a
constitution and the rule of law. Anyway, that idea was shot down by the U.S.
Treasury. , 112 Questions
To Ask Yourself In 2012 http://theeconomiccollapseblog.com http://albertpeia.com/112questions.htm
‘,"No
Deal" - Greek Bondholders Do Not Think Agreement Can Be Reached Before
"Crunch Date"Tyler Durden on
01/18/2012 , Bloomberg
On The Worst Start In Years For Earnings Tyler Durden on
01/18/2012 , Obama
Blames Republicans For Keystone XL Decision
Tyler Durden on
01/18/2012 The big news of
the day, aside from the idiot rally finally being back on full bore, is that
the Obama administration finally pushed Canada's hand in telling it to sell its
crude to China instead of the US, which we are confident it will gladly do.
Much of this was largely priced on, as was the fact that opportunity for
significant job creation was just kicked to the curb. , Guest Post: The
Final Countdown Tyler Durden on
01/18/2012 One reason for
the severity of the financial crisis, and the losses incurred by banks, is that
bankers and financial analysts were using linear tools in a non-linear,
highly complex environment otherwise known as the financial markets.The models
didn’t work. The problem we face now as investors will end up being existential
for some banking institutions and sovereigns. Our (uncontentious) core thesis
is that throughout the west, more debt has been accumulated over the past four
decades than can ever be paid back., Obama
Kills Keystone XL Pipeline Tyler Durden on
01/18/2012 Who needs
actual jobs when you can have crony solar companies which go tits up in under 2
years at a cost to taxpayers of over half a bill. , Why Would
the Fed Launch QE 3? Phoenix Capital Research
on 01/18/2012 I continue
to see commentators claiming QE 3 is just around the corner. I don’t see how
this is possible because all of the Fed’s excuses for more QE are no longer
valid. , Past
May Be Prologue, But I Just Warned Of A Central European Depression 2 Years Ago
Reggie Middleton 01/18/2012 , Germany’s
Fed Up and Getting Ready to Walk http://gainspainscapital.com January
18th, 2012 , Why Tops are More Difficult to Call than Bottoms -
Why a Top Seems Imminent Simon
Maierhofer , Treasury
dips into pension funds to avoid debt Reuters | Treasury started dipping into federal pension
funds to give Obama administration more credit to pay government bills., Greece
Is Insolvent, Will Default on Debt: Fitch Bloomberg | Greece is insolvent
and probably won’t be able to honor a bond payment in March. , Ack! They Are
Actually Going To Let Greece Default!
http://theeconomiccollapseblog.com http://albertpeia.com/letgreecedefault.htm , Fannie
CEO Michael Williams To Quit After 2 Years, Pockets Millions After Receiving
$60 Billion In Bail Out Cash Tyler
Durden on 01/10/12 , Lagarde
to Meet Merkel as Debt Pressure Rises Jan 10th, 2012 (Bloomberg) , Soros
Says Europe’s Debt Woes ‘More Serious’ Than 2008 Crisis Jan 10th, 2012
(Bloomberg) , http://albertpeia.com/lloydswallofworry11012.htm
, Three
Reasons Why 2012 Is Shaping Up to Be a Disaster http://gainspainscapital.com
January 11th, 2012 ‘..stocks continue
to rally despite Europe being on the verge of Collapse. Once again, investors
are forgetting that stocks are the most clueless asset class on the planet…
this latest stock market rally isn’t to be trusted.. 1) Volume has fallen from awful to absolutely horrendous.. 2)
Bonds are forecasting an event worse than 2008.. 3) The likelihood of more
juice coming from the Fed is getting lower by the day.. bernanke himself admitted that QE
has become less “attractive” as a monetary policy. “The trade-offs
are getting — are getting less attractive at this point. Inflation has gotten higher.
Inflation expectations are a bit higher. It’s not clear that we can get
substantial improvements in payrolls…” ‘ , 24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future http://albertpeia.com/24statisticsusfuturenotbright.htm , http://theeconomiccollapseblog.com ‘Beware of bubbles of false hope.
Right now there is a lot of talk about how the U.S. economy is improving, but
it is all a lie. The mainstream media can be very seductive… , Dire predicament, forecast, time to ‘get out of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm , 22
SIGNS THAT WE ARE ON THE VERGE OF A DEVASTATING GLOBAL RECESSION http://theeconomiccollapseblog.com http://albertpeia.com/22signsglobalrecessiondepression.htm , Bam!
Bam! Bam! Huge Financial Bombs Just Got Dropped All Over Europe http://theeconomiccollapseblog.com ‘The European debt crisis has just gone to
an entirely new level. http://albertpeia.com/financialbombsovereu.htm
… Yesterday I wrote about 22 signs that we are on the verge of a devastating global
recession, and unfortunately that list just got a whole lot longer… http://albertpeia.com/22signsglobalrecessiondepression.htm , Is the Fledgling 2012 Rally a Fake-Out Breakout? 1-13-12 Simon
Maierhofer | ETFguide [ Yes! ] , S&P downgrades nine euro zone countries BERLIN/ATHENS (Reuters) , JPM
Explains Why The US Economy Is About To Hit A Brick Wall Tyler Durden on 01/13/2012 Data
Shows QQQ Has Declined 10% From January High 91% of the Time
Minyanville James Debevec Jan 13, 2012 , The
Real Dark Horse - S&P's Mass Downgrade FAQ May Have Just Hobbled The
European Sovereign Debt Market Tyler
Durden on 01/13/2012 , Faber's
Latest Rant On Global Monetization Wars Tyler
Durden , It's
Official: France Cut To AA+ From AAA By S&P, Outlook Negative Tyler Durden , Everyone
Hates The Euro - EUR Shorts Hit New Record High Tyler
Durden , Guest
Post: Habituating to Contraction Tyler
Durden on 01/13/2012 , Greek
Debt Likely Unsustainable Even With Haircuts, Barclays Complete Q&A On PSI Tyler Durden , Guest
Post: The Correlation Of Laughter At FOMC Meetings Tyler
Durden on 01/13/2012 Five years on, the powers that be have just
released the transcripts
of the Fed's FOMC (Federal Open Market Committee) meetings from 2006.
Putting hindsight economic analysis aside, you quickly realize more than
anything else: the committee is full of burgeoning comedians! Commentators have already
highlighted the "humor" of the FOMC meetings, but it is really over
the top at times.
There are periods where Greenspan seems only capable of speaking in witty
quips. That's
right, the FOMC was laughing all the way to …’ , Are
The Middle East Wars Really About Forcing the World Into Dollars and Private
Central Banking? George Washington 01/13/2012 Are countries which want to trade in their
own currencies or to own their own central banks getting spanked ? , VeRY
SuPeRSTiTiouS... williambanzai7 01/13/2012 - 14:17 There is a
fifth dimension beyond that known to PhDs...It is the middle ground between
science and superstition...next stop, the Ponzi Zone... , The Worst Economic Recovery Since The Great Depression
Forbes Tom Aspray ‘Every high-flying market is bound to find patches of
rough air, and the charts show a potential decline is in store. , S&P
on Italy: Borrowing is Going to Be Tough for a While The Wall Street
Journal , Standard
& Poor’s Just Getting Started 13 Jan 2012 S&P has also notified
other European governments of looming ratings downgrades , Is
the Federal Reserve Duping Investors? Minyanville Todd
Harrison Jan 13, 2012 Buried information
begins to emerge. Read more: http://www.minyanville.com/businessmarkets/articles/todd-harrison-todd-harrison-minyanville-todd/1/13/2012/id/38829#ixzz1jPaeva5I
, Train
Reading: What Walken Has Learned The Wall Street Journal Mark
Gongloff , STOCKS
SLIDE, FRANCE DOWNGRADED, GREECE NEARS DEFAULT: Here's What You Need To Know
Business Insider , Secondary
Sources: Roubini on 2012 Risks, Fewer Americans Thriving, Central Bankers' MIT
Connections The Wall Street Journal Phil Izzo , MF
Global May Not Be Able to Pay Clients Back: Trustee Reuters | The trustee hunting for funds missing from their
accounts has no immediate plans to transfer more money to them. , ECRI
Leading Index Still Rolling Over The Wall Street Journal Mark Gongloff http://s.wsj.net/public/resources/images/OB-RJ429_ecri_D_20120113104547.jpg
ECRI weekly leading index rolling growth rate. Since this is Bad News Friday,
let’s get this out of the way: The ECRI’s weekly leading index is falling
again.… Even though the ECRI has declared a recession is on the way in the first half of 2012, this
weekly index is not what they use to make that call. They use some longer-term
indexes they only show to people who pay big money for a peep….’
Is
The Fed's Balance Sheet Unwind About To Crash The Market, Again? Tyler Durden on 01/13/2012 , On
The Fed's Failure To Inspire, TrimTabs Shows Where The Real Money Is Going Tyler Durden on 01/13/2012 As volumes
this year in stock markets remain significantly below last year's but high
yield bond ETF inflows reach record highs, TrimTabs offers some context for the
massive relative flows of real cash into checking and savings accounts versus
stock and bond mutual fund and ETFs. , Guest
Post: Why QE3 Won't Help "Average Joe" Tyler
Durden on 01/12/2012 , Foreigners
Sell Record $85 Billion In Treasurys In 6 Consecutive Weeks - Time To Get
Concerned? Tyler
Durden , Eric
Sprott: "The Financial System Is A Farce" Tyler
Durden on 01/12/2012 2011 was a merry-go-round of more bailouts,
more deferrals and more denial. Everyone is tired of the Eurozone. It’s not fixable. There’s too much debt. The
politicians don’t know what’s going on. Nothing has structurally changed. We’re still on the wrong
path. There’s
more global debt than there was a year ago, and it’s the same old song:
extend and pretend, extend and pretend,… around and around we go,… and it isn’t fun anymore. Just as we
wrote back in October
2007, and again in September 2008,
we feel compelled to state the obvious: that the financial system is a
farce. It’s a complete, cyclical farce that defies all efforts
to right itself. , Credit
Outperforms Stocks As Asset Correlations Deteriorate Further Tyler Durden , Why
Do Zombie Banks Hate Writing Off Bad Loans? Jonathan Weil Explains Tyler Durden on 01/12/ why all bank
earnings over the past 3 years are fake? Wonder why few if any banks ever dare
to take major write offs and represent the true nature of their financials?
Wonder no longer: Bloomberg's Jonathan
Weil explains. , Obama
Sends Request To Congress For $1.2 Trillion Debt Ceiling Increase , 2012
could be worse than 2011 — Joseph Stiglitz at Project Syndicate http://www.project-syndicate.org/commentary/stiglitz147/English
, The New
International Economic Disorder Mohamed A. El-Erian , Guest
Post: Dear U.S.A.: Your Account Is Overdrawn Tyler
Durden on 01/12/2012 Dear U.S.A.--your overdraft protection is
about to be pulled.Dear United States of America: We regret to inform you
that your withdrawals exceeded your deposits last year by $1,600,000,000,000
($1.6 trillion), including your "supplemental appropriations"
spending.Your account does have an overdraft protection, and so bonds were sold
to cover your $1.6 trillion overdraft. While we value your business, we feel
obligated to remind you that this is the third year that your overdraft
protection exceeded 10% of your gross national product (GDP), and it seems your
account is on course to register yet another $1.6 trillion overdraft in fiscal
year 2012. , WAIT… WASN’T THE GREEK ISSUE SOLVED ALREADY? January 12th, 2012 http://gainspainscapital.com , Largest NYSE Short Interest Changes as of Dec. 30 Bloomberg http://albertpeia.com/shortpositions111112.htm , 40%
of Americans Are Now Independent. Independents Would Vote for Paul Over Obama
: George Washington : 01/11/2012 Independents
would elect Paul over Obama. , David
Rosenberg Explains What (If Anything) The Bulls Are Seeing Tyler Durden on 01/11/2012 While we have
long asserted that any attempt to be bullish this market (and economy) by
necessity should at least involve the thought experiment of eliminating such
pro forma crutches as trillions in excess liquidity from the Fed, not to
mention direct and indirect intervention by the central planners in virtually
all asset classes, which in turn drives frequent periods of brief decoupling
between various geographies and asset classes (which always converge)
and thus economic performance (because as Bernanke will tell you gladly, the
economy is the market), an exercise which would expose a
hollow facade, a broken market and an economy in shambles… , China
Enters The Danger Zone, SocGen Presents The Four Critical Themes Tyler Durden on 01/11/2012 As both anecdotal,
local
and hard
evidence of China's slowing (and potential hard landing) arrive day after
day, it is clear that China's two main pillars of strength (drivers of growth),
construction and exports, are weakening… They detail their concerns about
the Chinese economic outlook (weakening
exports, housing bubble about to burst, local government's debt burden, and
large shadow banking system), and show that China has no
choice but to transition to a more consumption-driven economy leading to waning
growth for infrastructure-related capital goods and greater demand for
consumer-related manufacturing. Overall they see a hard-landing becoming more likely. , Guest Post:
Iran: Oh, No; Not Again Tyler
Durden on 01/11/2012 In each of the years 2008, 2009, and 2010,
significant worries emerged that Western nations might attack Iran. Here again
in 2012, similar concerns .. if actions against Iran trigger a shutdown of the
Strait of Hormuz, through which 40% of the world's daily sea-borne oil passes,
oil prices will spike, the world's teetering economy will slump, and the
arrival of the next financial emergency will be hastened. Even if the
strait remains open but Iran is blocked from being an oil exporter for a period
of time, it bears mentioning that Iran is the third largest exporter of oil in
the world after Saudi Arabia and Russia.. I am deeply confused as to the timing
of the perception of an Iranian threat, right now at this critical moment of
economic weakness. The very last thing the world economies need is a
vastly increased price for oil, which is precisely what a war with Iran will
deliver.. The US has already committed acts of war against Iran.. At least
if Iran had violated US airspace with stealth drones and then signed into law
the equivalent of the recent US bill that will freeze any and all financial
institutions that deal with Iran out of US financial markets, we could be quite
confident that these would be perceived as acts of war against the US by Iran.
And rightly so. , The Mafia Is
Now "Italy's Largest Bank" Tyler
Durden , Guest
Post: Another Consequence Of Economic Decline Tyler
Durden , Hedge
Funds Now Hold Future Of Europe Hostage Tyler
Durden on 01/10/12 Payback sure is a bitch. , Obama
To Ask For Debt Ceiling Increase In "Matter Of Days" Tyler Durden on 01/10/12 , 3
Year Auction Prices At Record High Bid To Cover, Direct Bidders At 2 Year Low,
Even As Debt Ceiling Breached Again Tyler
Durden … the never-ending game of
repo-mediated ponzi …1-10-12 , Germany’s Export Debacle , How
Inferior American Education Caused The Credit/Real Estate/Sovereign Debt
Bubbles & Why It's Preventing True Recovery Pt 2 : Reggie Middleton , 2012 WILL MARK THE
END OF THE EURO HTTP://GAINSPAINSCAPITAL.COM January 10th, 2012 ‘The Euro-zone in its current form is in its final chapter , LLOYD'S
WALL OF WORRY http://www.minyanville.com/businessmarkets/articles/wall-of-worry-investor-worries-us/1/10/2012/id/38783#ixzz1j7LpeH5p
, [video]
Mark Hulbert: Don't Bank On Early-January Effect MarketWatch , Investors:
Don't Be Lulled Into False Sense of Security Minyanville , 2012 – The Year of Living Dangerously
Jan 10th, 2012 (USAGOLD) — Now that we have officially entered
the new year, we have two articles of interest to offer. The first is written
by our own resident economist, Peter Grant: The Homeric Choice:
Scylla, Charybdls and Gold. , HTTP://THEECONOMICCOLLAPSEBLOG.COM/ARCHIVES/HOW-TO-PREPARE-FOR-THE-DIFFICULT-YEARS-AHEAD HOW TO PREPARE FOR THE DIFFICULT YEARS
AHEAD Graham
Summers’ Weekly Market
Forecast (Nothing’s Changed
Edition) http://gainspainscapital.com
January 9th, 2012 We are now into the second week of 2012 and frankly I can’t see any fundamental
reason to be bullish about things. The European debt Crisis continues to
accelerate, with France’s borrowing costs rising dramatically and the yield
on Italy’s
ten-year back above 7% despite massive intervention on the part of the ECB. , Copyright
Lawyers Oppose SOPA … And Say
It Won’t Even Work
: George Washington : 01/09/2012 Why Do We Write
Again and Again Abou SOPA? Because It Would Kill the Internet and Free
Speech ... , Alcoa
Meets EPS Forecast On Rise In Revenue, Free Cash Flow Turns Negative Tyler Durden on 01/09/2012 Alcoa was
expected to generate $(0.03) in EPS in Q4 and so it did. However, it took it
5.99 billion in top line revenue just to not miss traditionally lowered Wall
Street estimates. This compares to the $5.7 billion it was expected to make: so
there goes your margin. And when one looks at EPS on a purely operational
basis, the Company had a loss from operations of $193 million or $(0.18) EPS
which included a $74 million benefit from taxes..., PIMCO's
El-Erian: QE3 Won't Produce The Outcomes We Want Tyler
Durden on 01/09/2012 , Guest
Post: Why Bernanke Has Failed, And Will Continue To Fail Tyler Durden on 01/09/2012 Ben Bernanke's
zero-interest rate policy (ZIRP) and command-economy efforts to maintain
mispricing of risk, debt and assets are destroying capital and capitalism. No
wonder his policies have failed so miserably. Bernanke's policy is to punish
capital accumulation and reward leveraged debt expansion. Rather than enforce the market's discipline and
transparent pricing of risk, debt and assets, Bernanke has explicitly set out to
re-inflate a destructive, massively unproductive credit bubble…, 40
Wall Street: John Corzine's Latest Office Space? Tyler
Durden on 01/09/2012 While nearly three months after the MF Global
bankruptcy nobody still has any idea where the billion + in commingled client
money has gone, nor why Corzine is still out and about walking freely, the
former CEO of both Goldman, MF Global and New Jersey is rumored to be looking
for office space at 40 Wall…, Italian
Bonds Surge To Early November Wides Tyler
Durden on 01/09/2012 10Y Italian bonds (BTPs) ended the day at their
second-widest closing spread to Bunds ever (at 533bps)…, Germany
Issues Bills With Negative Yields As Economists Agree Country Is In Recession
Tyler
Durden on 01/09/2012 , Consumer
Credit Jumps By Most In 10 Years On Surge In Car Loans Tyler Durden on 01/09/2012 What happens
when consumer savings plunge to year
lows, when a major shopping holiday is just around the corner, and when
every TV station tells you to spend, spend, spend for Thanksgiving just to show
your friends and family you care for them? Why people go out and buy on credit
of course. Lots of credit. As the just released G.19,
aka Consumer Credit, data from the Fed indicates, in November US households
borrowed a 10 year high amount of $20.4 billion. Of course, reading between the
lines confirms that all is as usual not as it seems, and not to conclude that
the money multiplier model is back in action. Because of the $20 billion, only
$5.6 billion was revolving credit, with the bulk in cheap Subprime loans funded
by the government for purchases of GM vehicles and student loans…, How To
Prepare For The Difficult Years Ahead
http://theeconomiccollapseblog.com How should people prepare for the difficult
years that are coming? Trends forecaster Gerald Celente recently told ABC
Australia that he is more concerned about the global financial system
today than he has ever been
before…“I would say, since I’ve been doing
this work, over 30 years ago, I’ve never been more concerned than I am right now.” Celente also told
ABC Australia that many areas of Europe are already essentially experiencing an
economic depression….“If you live in Greece, you’re in a
depression; if you live in Spain, you’re in a
depression; if you live in Portugal or Ireland, you’re in a
depression,” Celente said. “If you live in
Lithuania, you’re running to the bank to get your money out of the
bank as the bank runs go on. It’s a depression. Hungary, there’s a depression,
and much of Eastern Europe, Romania, Bulgaria. And there are a lot of
depressions going on [already].” .. Instead of 8.5%, the “official” unemployment number put
out by the federal government should be about 11 percent, and the “real” unemployment number is
somewhere around 22 or 23 percent.., For Euro Zone,
the Heat Is on Again Reuters | The euro zone crisis seemed to vanish from
the headlines for a brief moment as 2011 ticked over into 2012, but it is about
to return with a vengeance. , US
Economic Forecast for 2012 and the Election Year Cycle 1-4-12 James Hall |
Government policies and fiscal manipulation, by design, results in dire
prospects for 2012. Mr. Achuthan continues in a second video interview on the
Daily Ticker – Says New Recession
Unavoidable...Mac Slavo writes about Celente Warns Of 2012: Economy Will Crash,
Banks Will Close, Chaos Will Ensue, Military Will Take Over. "If you’ve followed trend forecaster Gerald Celente for any period
of time you’ve probably realized he knows what
he’s talking about. For the better
part of two decades Celente and his Trends Journal have been forecasting
political, financial, economic and social trends with an uncanny ability for
accuracy." Celente provides his list of projection. Read them in the Top
12 Trends 2012. 1. Economic Martial Law: 2. Battlefield America: 3. Invasion of
the Occtupy: 4. Climax Time: 5. Technocrat Takeover: 6. Repatriate! Repatriate!:
7. Secession Obsession: 8. Safe Havens: 9. Big Brother Internet: 10. Direct vs.
Faux Democracy: 11. Alternative Energy 2012: 12. Going Out in Style: Another
perceptive publication projects The Economic Collapse in A Very Scary Christmas
And An Incredibly Frightening New Year, sums it up this way. "The head of
the International Monetary Fund, Christian Lagarde, recently stated that we
could soon see conditions "reminiscent of the 1930s depression" and
that no country on earth "will be immune to the crisis"…. "There is no economy in the world, whether
low-income countries, emerging markets, middle-income countries or
super-advanced economies that will be immune to the crisis that we see not only
unfolding but escalating" , Doug
Casey Addresses Getting Out of Dodge Tyler
Durden 01/04/2012 The fact is that the US has been on a slippery slope
for decades, and it's about to go over a cliff… , 34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger http://theeconomiccollapseblog.com ‘We have all been lied to.
For decades, the leaders of both major political parties have promised us that
they can fix our current system and that they can get our national debt under
control. As the 2012 election approaches, they are making all kinds of
wild promises once again. Well you know what? It is all a giant
sham. The United States has gotten into so much debt that there will be
no coming back from this. The current system is irretrievably broken… Professor Laurence J. Kotlikoff, the U.S. is facing a
"fiscal gap" of over 200 trillion dollars in the future. The
following is a brief excerpt from a recent article that he did for CNN...The government's total
indebtedness -- its fiscal gap -- now stands at $211 trillion, by my
arithmetic. The fiscal gap is the difference, measured in present value,
between all projected future spending obligations -- including our huge defense
expenditures and massive entitlement programs, as well as making interest and
principal payments on the official debt -- and all projected future taxes…#33 If you add up all forms of debt in the United States
(government, business and consumer), it comes to more than 56
trillion dollars. That is more than $683,000
per family… , LLOYD'S WALL OF WORRY Kahner
1-4-12 ‘QE: Inflation headline numbers still low so chances of US
QE still high. US ECONOMY: “Ain’t no stoppin’ us now, we got the groove….” A barely GDP positive, high unemployment, weak housing
market, rising inflation groove…. UNEMPLOYMENT: Just like the rent, Jimmy McMillan would
say: “It’s too damn high!” INVESTOR SENTIMENT: Has left the
building. HOUSING CRISIS: 2012 is its five-year “wood” anniversary. To be celebrated with a
piece of driftwood in an effort to help underwater mortgage holders stay
afloat. CENTRAL BANKS: The Wall of Money has started. Hard to see as it is a
glass wall, but a wall all the same…will it hold? CRISIS OF CONFIDENCE: Confidence is emerging!
Confidence that this year will not be more confusing than last year. Sigh.
EUROPEAN ECONOMY: Going subterranean. THE EUROPEAN UNION: “Oh lets, let’s stay together, lovin’ you whether, whether, times are good
or bad, happy or sad….” SOVEREIGN DEBT: Can I interest you in a light, bubbly,
effervescent vintage 2012 $8 trillion debt auction? BOND VIGILANTES: Barring a
Mayweather/Pacquiao galactic superfight, this is the one bout to watch this
year. GREECE: Next few months are critical as it needs another bailout. To be
followed by a few more critical months anticipating the next bailout. IMF: Dear
IMF, I hereby grant you the 2012 Nobel Prize for Economics. Now, I expect you
to earn it because nobody else will. ECONOMIC LEADERSHIP: We’re not gonna find it. Can we just stop
looking now, Mom!? POLICY CLIFFS: US government in its entirety taking Murphy’s Law to a level not seen since
Chicxulub crater 65 million years ago. BANKS: You borrowed it, now lend it or
give it back. Investors, don’t hold your breath on those last two. VOLATILITY: Just
gonna put on my astronaut diaper and ride this bronco till it busts. HIGH
FREQUENCY TRADING: Lloyd: Good New Year’s? HAL: Quiet. Stayed home. Debugged. Watched WarGames.
Lloyd: Good movie. Pop classic. HAL: True. But I prefer happier endings. CHINA:
How will the Red Giant deal with the fact that its equity market was down over
20% in 2011? Please feel free to comment on this Holy Grail question. STOCK
MARKET TECHNICALS: When all else fails the fallback move is to follow the
technicals…even when they are
failing as well. EARNINGS SEASON: I await it with bated breath and helmeted
head. CORRELATION: “Same as it ever was, same as it ever was, same as it ever
was….” CREDIT WATCH: Alright ratings
agencies, we are bent over and waiting. “Assume the position…thank you, sir, may I have another!” IRAN: Gonna be a war of words
type-of-year from Iran -- and hopefully nothing more. NORTH KOREA: Rumor is
they are secretly engaged to South Korea. A wedding would be nice, but not a
shotgun wedding.’
Dire
predicament, forecast, time to ‘get out of Dodge’ http://albertpeia.com/forecastusdebtgetoutofdodge.htm , Morgan Stanley On
Why The Gig Is Up Tyler Durden on
01/06/2012 "What we have on our hands is a good
old fashioned quagmire" is how Morgan Stanley's Mike Wilson sets up his
surprisingly non-sheep-like perspective on the troubles that US equity
investors may be about to face. Expanding on MS's bearish strategic
(fundamental) forecast, that
we discussed earlier in the week, Wilson combines the 'liquidity vs
negative-real-rate' thesis (that the Fed's liquidity is perhaps no longer 'good' for
stocks) with his own views
on ECRI's weakness (very 2008-like in relation to ECO
surprises),
household debt deleveraging (more
and longer), how much QE3 is
already priced in and what will its effect be when it comes (less and less
positive in nominal and real terms), investor sentiment (very
bullish), long-term technicals (weak breadth), and short-term earnings expectations (deteriorating and weighted
to 'weak' financials
to end with the pragmatic realist perspective that perhaps 'the gig is up'., Fitch
Downgrades Hungary To BB+, Negative Outlook Tyler
Durden , Guest
Post: Italy Gone Fascist? Tyler Durden 01/06/2012 , Record
Consecutive Treasury Dump From Fed's Custody Account
Tyler Durden , Euro
Shorts Surge To New Record High - Is An EC Margin Hike Approaching?
Tyler Durden , Japanese
Zombie Banks Perfected By Europeans Tyler Durden , Barclays
Estimates ECB Losses On Bond Purchases At €30 Billion, Or Nearly Half Of
Eurosystem Capital Tyler Durden , Sarkozy
Threatens With War If Euro Fails Tyler Durden , Art
Cashin Explains What Is Really Happening In Iran Tyler Durden , Guest
Post: Be Careful What You Wish For, Such As ECB Printing Money Tyler Durden on
01/06/2012 Last month,
global equity markets fairly demanded that the ECB hurry up and print, through
buying euro zone debt. Effete euro elites publicly demurred at first, insisting
that unlike crass Anglo-Saxons, they didn’t let financial markets push them
around. Shortly thereafter, to markets’ thrill, LTRO was launched, i.e.
backdoor money printing, since any sentient investor realizes that the debt
being bought by the ECB is effectively like a loan to a family member , Deus
Ex Alpha Centauri: Buy Euros Now As SETI May Have Discovered Aliens
Tyler Durden , http://theeconomiccollapseblog.com
: Look Out
Below – The Nightmarish Decline Of The Euro Has Begun , 34
Shocking Facts About U.S. Debt That Should Set America On Fire With Anger ,
When Times Get Tough,
The Tough Get A Backbone , 2012 Will Be More Difficult Than
2011 , 30
Statistics That Show That The Middle Class Is Dying Right In Front Of Our Eyes
As We Enter 2012 , The
Number One Catastrophic Event That Americans Worry About: Economic Collapse
, 40
Hard Questions That The American People Should Be Asking Right Now , The Obama
Nation: Even More Debt And Even More Store Closings , The Worst Time Of The Year? , A Very
Scary Christmas And An Incredibly Frightening New Year , Look
Out Below – The Nightmarish Decline Of The Euro Has Begun http://theeconomiccollapseblog.com , Here
We Go Again: US $25 Million Away From Debt Ceiling Breach Tyler
Durden 01/05/2012 , EURUSD
Dips Below 1.28 As All Hell Breaks Loose In Italian Financials Zero Hedge ,
Top
Three Central Banks Account For Up To 25% Of Developed World GDP Durden 01/05/2012
, Mass
Home Refinancing Rumor Rejected, And Why Even If It Was True It Would Not Help
BAC Durden
01/05/2012
, Mike
Krieger On Why He Supports Ron Paul Durden
01/05/2012
, CMA
Now Officially Assumes 20% Recovery In Greek Default - Time To Change Sovereign
Debt Risk Management Defaults? Durden , Why You Should Run When Wall Street Says Buy - Simon Maierhofer
| ETFguide , [video]
Companies Dial Down 2012 Forecasts 01/05/12 TheStreet Companies
are dropping their forecasts for 2012 and money managers are nervous to commit
funds says Ken Polcari of ICAP Equities. , US
ISM non-manufacturing index rose to 52.6 in Dec, below market expectations of
53.0, vs 52.0 in Nov. Jan 5th, 2012 , Concerns
over European debt crisis resurface amid bank shares drop, lukewarm French bond
sale Jan 5th, 2012 (Washington Post) , French
Borrowing Costs Rise at Auction as AAA Rating Faces Threat of Cut Jan 5th,
2012 , The
Can Kicking Is Ending - Key Upcoming Dates For Europe's Patient Zero Tyler Durden on 01/04/2012 , Retail
Investors Pull $140 Billion From Equity Funds In 2011 Which Close The Year With
19 Consecutive Outflows Durden , Equity
Valuations And The Jobless Recovery Durden , Euro
Zone Isn't Only Potential 2012 Boogey Man The Wall Street
Journal
, Guest
Post: President Obama, Demopublican Tyler
Durden 01/04/2012 There
is literally no difference between Obama and a moderate Republican when it
comes to the truly important policies governing the nation's insolvent
finances, its predatory financial sector, its corrupt and fraudulent sickcare
system or its sprawling Empire. Obama's policies have all aided and
abetted existing Status Quo cartels and fiefdoms… , Stock
Bulls Should Exercise Continued Caution Minyanville By DoctoRx Jan 03,
2012 ‘ … I have frequently referred to a chart produced by a British
analyst, Andrew Smithers (click on “q and FAQs,”) who
brilliantly (fortuitously) published a book in March 2000 proclaiming stocks to
be in the greatest bubble in history -- the very month that the NASDAQ
peaked over 5,100. Every three months, he supplies updated analysis on two of
the parameters he and his associates have computed that have historically had a
strong track record in predicting the course of stock
prices over an appropriate period of time… Here is his description, with
an update to account for stock prices just a bit lower
than year-end prices:With the publication of the Flow of Funds
data up to 30th September, 2011 (on 8th December, 2011) we have updated our
calculations for q and CAPE. There has been a 1.6% rise in
net worth over the quarter, due to a rise of 10.7% in the current value of real
estate. This was despite a downward revision to net worth in Q2 2011 of 1.4%,
mainly due to an upward revision of 2.8% in debt.Both q and CAPE include data
for the year ending 30th September, 2011. (99% of EPS for the S&P 500 being
available by 8th December, 2011). At that date the S&P 500 was at 1131.42
and US non-financials were overvalued by 26.5% according to q and
quoted shares, including financials, were overvalued by 37.5% according to
CAPE. (It should be noted that we use geometric rather than arithmetic means in
our calculations.)As at 8th December, 2011 with the S&P 500 at 1234.35 the
overvaluation by the relevant measures was 38% for non-financials and 50% for
quoted shares.Although the overvaluation of the stock market is well short of
the extremes reached at the year ends of 1929 and 1999, it has reached the
other previous peaks of 1906, 1936 and 1968…’ , Psychopaths
Caused the Financial Crisis … And They Will Do It Again and Again Unless They
Are Removed From Power : George Washington : 01/03/2012 The Inmates Are Running the Asylum , On
The World's Reserve Currency: What's Past Is Epilogue
Tyler
Durden on 01/03/2012 Simply put, "it does not last for
ever" should be ringing in the ears of every investor in the world with
more than a few millisecond return horizon… But it is JPMorgan's Michael
Cembalest who frames it the best, "I am reminded of the following remark
from late MIT economist Rudiger Dornbusch: 'Crisis takes a much longer
time coming than you think, and then it happens much faster than you would have
thought.'" , US
Closes 2011 With Record $15.22 Trillion In Debt, Officially At 100.3% Debt/GDP,
$14 Billion From Breaching Debt Ceiling Tyler
Durden on 01/03/2012 , Global
Bond Issuance To Top A Staggering $8 Trillion In 2012
Tyler
Durden on 01/03/2012 , Would
A Ponzi By Any Other Name Smell As Bad? Tyler
Durden on 01/03/2012 The bond market has always had clever names for
bonds in specific markets. Eurobonds, Yankee bonds, Samurai bonds, and
now, Ponzi bonds. I’m not sure what else to call these new bonds, but Ponzi
bonds seems as good as anything. NBG issued these bonds to themselves,
got a Greek government guarantee (how can a country that can’t borrow, provide
a guarantee?) and took these bonds to the ECB to get some financing. , Guest
Post: War Imminent In Straits Of Hormuz? $200 A Barrel Oil? Tyler Durden on 01/03/2012 , The
Ministry Of Propaganda Declares Ron Paul "Unelectable" Tyler Durden on 01/03/2012 , Presenting
2011's Top 10 Most Corrupt American Politicians Tyler
Durden on 01/02/2012 http://albertpeia.com/10mostcorruptpols.htm , Guest
Post: The Circling Black Swans Of 2012 Tyler
Durden on 01/02/2012 ‘If
we had to summarize the Status Quo's confidence that no black swans will
threaten its control in 2012, we might begin with its faith that the system's
self-regulation will resolve all systemic challenges. Just as the
Status Quo has placed all its chips on a single bet--that "growth"
from debt-based consumption can be resumed with vast public borrowing and
saving the predatory financial sector--it also bases its confidence on the
system's self-regulation. If the banking sector is riddled with fraud and
embezzlement, then some minor tweaking of regulation will solve all issues. If
demand for debt has collapsed, then the solution is for the Federal Government
to borrow 10% of GDP every year to compensate for the decline of private debt
and spending. The faith is that extending and pretending will magically
restore the "growth" the Status Quo needs to support its ballooning
debt. Extending and pretending offers up the compelling illusion that
the system's broken self-regulation is up to the task of fixing systemic
problems. In the darkness overhead, we can hear the beating of unseen wings
that promise to make a mockery of the Status Quo's supreme Imperial
hubris’ , European
Economy Contracts For Fifth Month In A Row, More Pain Ahead Tyler Durden on 01/02/2012 , Spain
Releases Another Stunner: Deficit Could Be Greater Than 8% Of GDP Tyler Durden on 01/02/2012 , Deposits
With ECB Decline By €30 Billion In New Year, Still Near All Time Record Tyler Durden on 01/02/2012 , Ratio:
3.5 Million Homeless and 18.5 Million Vacant Homes in the US Crooks
and Liars , New
Asian Union Means The Fall Of The Dollar Brandon Smith , Gloomsday:
Germany and Europe Expect a Tough 2012 Jan 2nd, 2012 (Der Spiegel) , Austerity
Reigns Over Euro Zone as Crisis Deepens Jan 2nd, 2012 (New York Times) , The Casino
Gulag Model with Max Keiser The Alex Jones Channel | Former trader Max
Keiser joins Alex to discuss the imploding economy. , Catherine
Austin Fitts on Wall Street’s Corruption, the Austrian School and Who’s
‘Really’ in Charge Daily Bell , Total
Collapse of The Dollar and Skyrocketing Oil Prices in 2012: Lindsey Williams
Reports , Insane
Levels of Leverage by the Too Big to Fail Banks – Not Deadbeat Borrowers –
Caused the Financial Crisis Washington’s Blog , Collapse
of the Eurozone ‘will start this year’ as countries pull out of the single
currency, leading think tank warns UK Daily Mail , 6
Reasons Why Buying A Home Is Like Throwing Away Money , 2012 Will Be
More Difficult Than 2011 http://theeconomiccollapseblog.com/
Do you believe that 2012 will be more difficult for the global economy than
2011 was? Well, that is what German Chancellor Angela Merkel
believes. The woman that has become the most important politician in
Europe recently declared that 2012
"will no doubt be more difficult than 2011". The funny thing is
that she has generally been one of the most optimistic public figures in Europe
throughout this debt crisis. But now even Merkel is openly admitting that
2012 is going to be a really, really bad year…’ , Guest
Post: A Run On The Global Banking System - How Close Are We? Tyler Durden on 12/27/2011 Nine weeks
after its bankruptcy, the general public still hasn’t quite realized
the implications of the MF Global scandal… That’s why we’re pulling
out our money now—while we still can. Because once the general public
catches on to what we already know . . . , Goldman
Says Good Riddance to 2011 Tyler
Durden on 12/29/2011 "Not many market participants will lament
the passing of 2011 .. slowing growth (and in places outright
contraction), public sector cuts, and a renegotiation
of the social compact between state and society in different parts of
the world is an environment ripe for political turmoil, and
this may well be a source of more shocks as the year progresses..” , SPX
Update: Is Your 401(k) Ready for a 70% Haircut? Minyanville Jason Haver Dec 30,
2011 , Open
Thread: 2011 Closes....Down Tyler
Durden on 12/30/2011 , Guest
Post: 2011 - Catch-22 Year In Review Tyler
Durden on 12/30/2011 ‘The Wall Street mantra of stocks for the long
run is beginning to get a little stale. If Abbey Joseph Cohen had been right
for the last twelve years, the S&P 500 would be 4,000. For this level of
accuracy, she is paid millions. Her 2011 prediction of 1,500 only missed by16%.
The S&P 500 began the year at 1,258 and hasn’t budged. The lowest
prediction from the Wall Street shysters at the outset of the year was 1,333,
with the majority between 1,400 and 1,500. The same Wall Street clowns are now
being quoted in the mainstream media predicting a 10% to 15% increase in stock
prices in 2012, despite the fact we are headed back into recession, China’s
property bubble has burst, and Europe teeters on the brink of dissolution. They
lie on behalf of their Too Big To Tell the Truth employers by declaring stocks
undervalued, when honest analysts such as Jeremy Grantham, John Hussman and
Robert Shiller truthfully report that stocks are overvalued and will provide
pitiful returns over the next year and the next decade.’, As
'11 Ends, 11 Charts Of 11 Disturbing 11 Year Trends Tyler
Durden on 12/30/2011 , Guest
Post: New Asian Union Means The Fall Of The Dollar Tyler
Durden on 12/30/2011 , Foreigners
Dump Record Amount Of US Treasurys In Past Month Tyler
Durden on 12/30/2011 , Refinery Crunch In
Europe Tyler
Durden on 12/30/2011 A few weeks ago we discussed
the pressure the Greeks were under to source their energy needs from Iran since
no one else would extend them credit. The European credit strain contagion now
appears to be spreading rapidly as Europe's largest independent refiner by
capacity, Petroplus Holdings AG, is suspending operations at three
plants as banks freeze a $1bn revolving loan facility. S&P cut its
rating from B to CCC+ citing a sharp deterioration in the firm's liquidity
position. , Fed's Stated And Real Objective's Don't Match Up Charles Biderman
12-30-11 , Fed
lent banks $7.7 trillion in crisis (Bankrate.com)
, Unique
Historic Precedents Suggest Lower Stock Prices ETFguide Maierhofer
, 30
Statistics That Show That The Middle Class Is Dying Right In Front Of Our Eyes
As We Enter 2012 The Economic Collapse , The
End Of The Euro And The End Of The Investor The Automatic Earth , Central
Planning Update (In Theory And Practice) - You Are Here Tyler Durden on 12/29/2011 ‘...there is a growing realization that while
free markets are messy and somewhat unstable, central planning is not really a
cure for those symptoms. In fact, it has created more harm ($13 trillion
in debt is only US households) than good, more illusion than solid results.
Volatility means that the free market is at least attempting to impose itself
at the expense of central planning’s soft financial repression and control.
By no means is such a beneficial outcome assured; rather the other half of all
this volatility (the risk-on days) is the status quo desperately trying to hang
on through any and all means (even those less than legal, like bailing out
Europe through cheapened dollar swaps).’ , ES
Bounces Off 200DMA And Total Chaotic Disconnect Ensues Tyler Durden on 12/29/2011 As
headline-makers from every mainstream media outlet attempt to fit today's
spectacle to their cognitive biases, we note the massive surge in
volume at the close in ES (the e-mini S&P futures contract)... , $135
Billion Redeemed From US Equity Mutual Funds In 2011, 34 Of 35 Consecutive
Weekly Outflows Tyler
Durden , European
Credit Weakens As Stocks Rally Tyler
Durden , Oil
Inventories Jump And Kansas City Fed Manufacturing Drops To 28 Month Low Tyler Durden , European
Credit Crunch Hits Broad Economy As M3, Private Loans Collapse Tyler Durden , ECB
Balance Sheet Increases to Record $3.55 Trillion After Loans to Banks Dec
29th, 2011 (Bloomberg) , One
good reason why Gold may have bottomed out Dec 29th, 2011 (Commodity
Online) , 40
HARD QUESTIONS THAT THE AMERICAN PEOPLE SHOULD BE ASKING RIGHT NOW http://theeconomiccollapseblog.com/archives/40-hard-questions-that-the-american-people-should-be-asking-right-now , The
Obama Nation: Even More Debt And Even More Store Closings , Sopa
Would DESTROY Jobs and the Economy … So Why are Unions Supporting It?
Washington’s Blog , U.S.
jobless claims rise 15,000 to 381,000 MarketWatch , Beware
corporate psychopaths – they are still occupying positions of power The
Independent , Brazil’s
success heralds the ‘new world order’ John Kampfner |
Shake-up in the ranks as Brazil has just overtaken the UK as the world’s 6th
largest economy , U.S.
jobless claims rise 15,000 to 381,000 MarketWatch , Merkel
Economic Advisor Does Not Exclude Eurozone Break Up Zero Hedge , Summarizing
2011 In Nine Easy Charts Tyler
Durden 12/29/11 ‘..If one had to summarize 2011 in one sentence, it
probably would be: "a year in which the market ended unchanged, in
which the world got within seconds of global coordinated bankruptcy, and in
which central planning finally took over everything." , Financial
Troubles For Many Nations In The New Year Bob Chapman | 2012 is going to be
quite a year with falling economies in the UK, Europe, the US, China, Japan and
the remainder of Asia. , Themis
Trading Flops Its 2011 Market Structure "Predictions" Tyler Durden on 12/28/2011 Our friends at
Themis Trading, who continue the good, if seemingly futile fight, for a fair
and untiered market, refresh on their late 2010 market structure forecast, only
to find that with a 1 out of 10 "success" track record, they have the
same predictive hit rate as Byron Wien and Joe LaVorgna. Which, incidentally,
is not a good thing: it simply means the US stock market is now more broken and
corrupt than ever, a development that is not lost on US investors, who later
today we will find have redeemed a near record amount of cash from US equity
mutual funds in 2011, and have pulled cash for 34 out of 35 weeks in a row,
leaving mutual funds with virtually zero cash buffer, massive leverage and
dreading that day when the Santa rally coupled with low volume levitation is no
longer sufficient to mask the massive capital hole in the heart of the S&P
500. , 5
Reasons Why 2012 Will Not Be A Replica Of 2011... At Least Not For Europe Tyler
Durden (As per UBS, bad times are coming! )#1) The ECB
#2) Greece #3) Contagion #4) CDS #5) Politics , Goldman
Lowers Sears Price Target From $43.00 To $30.00, Reiterates SELL Tyler
Durden , Art
Cashin Exposes The Behind The Scenes Panic In Europe Tyler
Durden , EUR
Plunges In Thin Market, Below 1.3000 Tyler
Durden , Update
On The "Non-Printing" ECB's Parabolically Rising Balance Sheet Tyler
Durden , Former
Fed VP Accuses Bernanke Of Bailing Out Europe Via Currency Swaps Tyler
Durden on 12/28/2011 First it was Zero
Hedge. Then Ron
Paul joined in. Now it is the turn of a former Dallas Fed Vice President,
Gerald ODriscoll, to outright accuse the Fed of bailing out Europe courtesy of
"incomprehensible" currency swaps, and implicitly accusing Bernanke
of lying that he would not bail out Europe even as he has done precisely that. ,
CNN/Time
Poll Finds Romney, Paul Iowa Photofinish, PPP Has Paul In Lead For Second Week
Tyler
Durden , The
Tide Is Turning Against SOPA … And We Might Actually Succeed In Stopping It
George Washington , Beijing's
Great Bailout to Defuse Ticking Local Debt Bombs : EconMatters
: 12/28/2011 Since Chinese local governments, unlike the U.S. municipality, do
not have the option of filing for bankruptcy, Beijing most likely would need to
do a great bailout of local authorities.., The
Little Known, Yet Significant "Domino Effect" Powers Of Small EU
Nations: Greece & Iceland Reggie Middleton , Wobama
Nation: Even More Debt And Even More Store Closings Economic
Collapse Blog | Well, it is time to raise the debt ceiling again. , Wall
Street Mulls Suicide by Tactical Allocation The Daily Bell
| We need to show you new ways of investing, though we don’t want to. , Obama
to ask for debt limit hike: Treasury official Reuters | The
approval is expected to go through without a challenge. , Whistleblower documents illuminate case against BNY Mellon
, 2012's Job Opportunities Won't Be Much Better Forbes , Market Recap: Stocks Drop on Worries Over Europe , The
Obama Nation: Even More Debt And Even More Store Closings http://theeconomiccollapseblog.com , Biggest
2 Month Jump In Confidence Since May 09 As Housing Drops To March 03 Levels Tyler Durden on 12/27/2011 UPDATE:
And then Dallas Fed manufacturing misses (at -3.0 vs +4.8 expectations) as
expectations for future finished goods plunge as do current inventories.As if
we needed yet further evidence of the dichotomous macro data that seems to
provide as much bearish fodder as bullish decoupling confidence, today sees a near-record
two-month jump in conference board confidence at the same time as S&P/Case-Shiller
prints at a seasonally-adjusted 103 month low. With the Richmond
Fed also missing expectations (though positive), we remain in the
miasma of CONfidence uninspiring macro data as the underlying sub-indices of
the conference board data show little to no shift in purchasing decisions
despite some seemingly incredulous ramp in confidence that incomes will rise
more than they decline in the next six months. , World's
Second And Third Largest Economies To Bypass Dollar, Engage In Direct Currency
Trade Tyler
Durden , America
Maxes Out Its Credit Card Again - Treasury To Raise Debt Limit By Another $1.2
Trillion On December 30 Tyler
Durden on 12/27/2011 , Why
ECB's LTRO Won't Stop Collateral Contagion Tyler
Durden on 12/27/2011 The details of the European liquidity crisis
are generally reported, but for some reason no media source wants to pull the
pieces together so everyone can see the magnitude and futility of the crisis. ,
Rosenberg,
Ryding, Zandi, Arbess, Zuckermann And Rickards All Chime In On The Future Of
The Eurozone Tyler
Durden on 12/27/2011 When
six out of five economists (thanks to the magic of Keynesianism... and self
promotion from general counsel to general expert) all agree on the same topic,
and the very definition of groupthink is that the Eurozone will survive, the
glaringly obvious call is precisely the opposite. If there was ever an argument
to say that 2012 is the year the Eurozone finally dies, the below video is it.
, A
SWIFT Denial - How In Europe, Even Admission Of A "Plan B" Is
Equivalent To Failure , Presenting
Anonymous' "Survival Guide For Citizens In A Revolution" Tyler Durden , Equities Unch
As Financials Lag Tyler
Durden , 580
Morgan Stanley Soon To Be Former-Employees Learn They Are Redundant Courtesy Of
The Dept Of Labor Tyler
Durden , Thanksgiving
Day Massacre: Sears Slaughtered On Collapsing Margins, To Shutter Hundreds Of
Stores, Provides Revolver Update Tyler
Durden , The
Endgame: Japan Makes Another Move testosteronepit
In the wrong direction. And the finance minister's solutions: a consumption tax
and a miracle.... Study:
Fukushima Radiation Has Already Killed 14,000 Americans George Washington It is difficult to know what
the health affects to Americans and Canadians really are, given that
governments are trying to cover it up , Jim
Rogers 2012 Outlook: Pessimism With Scattered Crises Tyler
Durden on 12/26/2011 Typically limited to 90 second soundbite-gathering exercises on
mainstream financial media, Australia's
Finance News Network gives Jim Rogers the chance to discuss much more
broadly his outlook not just for 2012 but beyond. Surprised by the false
optimism he sees globally, he is not concerned that consensus is too bearish,
and worries that the political pressure and central banker
un-independence will inevitably lead to more and more money
printing. We have discussed the kick-the-can thesis extensively but Rogers
moves from the desire-to-print to the consequences while covering Ron Paul and
the US election, the myth of government job creation, his potentially
controversial view of the Euro (and separately the Euro-zone) - all
the while reminding us that he expects at least another lost decade for the US
and Europe as Japan ebbs ever lower. , Hold
On Tight: European Bond Issuance In January Is About To Get Very Bumpy Tyler Durden , Guest
Post: The Nightmare After Christmas Tyler
Durden on 12/26/2011 Last week the Federal Reserve and the Bank of
England announced plans to tighten the control over the balance sheet
management and the risk-taking of private banks. This is just the beginning,
believe me…’ China
Insolvency Wave Begins As Nation's Biggest Provincial Borrowers
"Defer" Loan Payments Tyler
Durden , STOCKS
GO NOWHERE ON NO VOLUME: Here's What You Need To KnowBusiness Insider
, Sears
to close more stores as holiday sales slump , HAPPY NEW YEAR! IMF warns
global economy threatened... , Global
Depression – A Directed Phenomenon … The Daily Bell , World’s
Second And Third Largest Economies To Bypass Dollar, Engage In Direct Currency
Trade Zero Hedge , 2-minute
video: O, Damn Ye Wall St. Gentlemen Washington’s Blog , No
Christmas For Millions Of American Families This Year The American
Dream , ALL TRUTH PASSES THROUGH THREE STAGES. FIRST, IT IS
RIDICULED. SECOND, IT IS VIOLENTLY OPPOSED. THIRD, IT IS ACCEPTED AS BEING
SELF-EVIDENT.--ARTHUR
SCHOPENHAUER , http://albertpeia.com/40piecesevidenceusdecline.htm
, http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
, http://albertpeia.com/50economicnumbersofuscollapse.htm , The
Smartest Guys in the Room Are Screaming "Get Out of the Markets!"
Todd Harrison , It's
Official: US Debt-To-GDP Passes 100% Tyler
Durden on 12/21/2011 , Mark
Faber: "I Am Convinced The Whole Derivatives Market Will Cease To Exist
And Will Go To Zero" Tyler
Durden , Morgan
Stanley On Why 2012 Will Be The "Payback" For Three Years Of
"Miracles" And A US Earnings Recession Tyler
Durden on 12/23/2011 , Wall Street's Biggest Blunders in 2011 By Simon
Maierhofer | ETFguide , Tough
Year For Stocks, Gold And Treasury ETFs Did Better Forbes , 'OBVIOUSLY UNSERVICEABLE DEBT
TO WEIGH ON STOCKS IN 2012’ http://www.bullfax.com/?q=node-obviously-unserviceable-debt-weigh-stocks-2012 12/23/2011 By Chris Ciovacco , My
Christmas Cards Predict "Eternal Conflict" And "Economic
Disaster" Forbes Robert Lenzner , A
Very Scary Christmas And An Incredibly Frightening New Year http://theeconomiccollapseblog.com , Interbank Markets Are Telling
Investors To Sell The Rally … Again http://www.bullseyemicrocaps.com/?p=30070
12-23-11, In
2011, The S&P Moved 877 Times For Every Point Of Change Tyler Durden on 12/23/2011 (Churning and earning
by the frauds on wall street!) , Core
Durable, Capital Goods Orders Miss Despite Inventory Stuffing, To Push Q4 GDP
Lower; Savings Rate Declines Tyler
Durden on 12/23/2011 So much for ending the year on a positive
economic tone: today's
November durable goods number, while better than expected on a headline
basis including volatile transportation data coming at 3.8% on expectations of
2.2%, was a big disappointment when looking at the core economic indicators
such as Durables ex-transportation and non-defense capital goods orders
ex-transportation, both of which missed IT IS YOUR RESPONSIBILITY TO THINK. Q3 GDP: PROGNOSIS
NEGATIVE http://community.tradeking.com/forum/categories/general/topics/8022-it-is-your-responsibility-to-think-q3-gdp-prognosis-negative/forum_posts by The Otter
Way on December 22, 2011 , IF A GLOBAL
RECESSION IS NOT LOOMING, THEN WHY ARE BAILOUTS FLYING AROUND AS IF THE END OF
THE WORLD IS COMING? http://www.theeconomiccollapseblog.com/archives/if-a-global-recession-is-not-looming-then-why-are-bailouts-flying-around-as-if-the-end-of-the-world-is-coming ‘I have learned that watching what people do is much more
important than listening to what they say. Back in 2008, financial
authorities in the United States insisted that everything was gone to be
okay. But we all know now that was a lie… , AP http://albertpeia.com - 12-22-11 - Well,
here’s the story of the fraud market in in a nutshell this day
‘YAHOO[BRIEFING.COM]: ‘…Shares of Micron Technology (MU 6.41,
+0.87) rallied 15.7% after the company released a disappointing earnings
report. The company announced a loss of $0.19 per share, $0.09 worse than the
Capital IQ Consensus Estimate while indicating revenues rose 20.9% year/year to
$2.09 billion. The revenues number fell short of the consensus estimate of
$2.12 billion…’ … oh riiiiight! … the ‘Christmas rally’ … fraudulent wall
street’s ‘giving spirit’ … as in self-serving greed as in prior pre-crash
frauds … , Dave’s Daily:
http://www.etfdigest.com 12-22-11
‘Markets are being well managed by the bulls. Jobless Claims data was about the
same as previously, but frankly how much is from people finding some seasonal
work and those losing benefits? The GDP data at a measly 1.8% isn’t very
encouraging for this period in a recovery—it should be more like 4%. Just as
troublesome as the GDP data was that per-capita disposable income is now
reported to have been shrinking at an annualized -1.9% rate during the third
quarter. That’s a very bad sign. But for now we could just ignore all the poor
earnings we’re seeing recently and go with “the beard” over the next week.
After all global monetary authorities have indicated they’re ready to back up
all too big to fail financial institutions. The Bernank confirmed his Keynesian
bona fides by telling Americans to stop saving and start spending. http://i238.photobucket.com/albums/ff171/flyfry/new%20album/image004-78.jpg Our good friends at Consumer
Metrics have rendered their critical and thoughtful judgment on current
economic and consumer data.All the hoopla over a payroll tax cut extension
amounts to $80 total. And, as Obama himself has pointed out, not doing this
would negatively affect Friday pizza nights—it’s pretty hilarious...’ , Final
Q3 GDP Misses As Personal Consumption Drops Big Tyler
Durden on 12/22/2011 , PIMCO
Releases 2012 Economic Forecasts; Presenting The Wall Street 2011 Market
Forecast Track Record Tyler Durden on 12/22/2011 See chart (Note the
understated inflation numbers and what will prove to be overstated GDP numbers
which are far from ‘real’ owing to debased Weimar fiat currencies being printed
like mad – they’ve all gone ‘fraudulent americana’ with budding banana
republics everywhere): http://albertpeia.com/cyclicaloutlookdec2011.png , Death By a
Thousand Cuts ilene
12/22/2011 , The
Weather Outside: Still Frightful The Wall Street Journal , U.S.
Economy Grew Less Than Previously Estimated in Third Quarter Wall St.
Cheat Sheet , http://theeconomiccollapseblog.com If
A Global Recession Is Not Looming, Then Why Are Bailouts Flying Around As If
The End Of The World Is Coming? , Getting
Worse: 40 Undeniable Pieces Of Evidence That Show That America Is In Decline
, 50
Economic Numbers From 2011 That Are Almost Too Crazy To Believe , The
Collapse Of The Euro, The Death Of The Euro And The End Of The Euro , Child
Poverty In America Is Absolutely EXPLODING – 16 Shocking Statistics That Will
Break Your Heart , Mega
Fail: 17 Signs That The European Financial System Is Heading For An Implosion
Of Historic Proportions , The
Tim Tebow Comeback Story Continues But There Will Be No Miracle Comebacks For
The U.S. Economy , Shocking
Charts And Statistics That Prove That America Is No Longer A Wealthy Nation
, Greek
"Voluntary" Restructuring On Verge Of Collapse As Hedge Fund Vega
Threatens To Sue Greece For Excessive Haircut Durden , S&P
Joins Moody's In Downgrading Hungary To Junk, Outlook Negative - Full Note
Durden , Guest
Post: Legality Of MF Global Asset Transfer Questioned Durden , Guest Post: Worse
Than 2008 Durden , New
Bill Authorizes Rendition of American Citizens Living within the United States
to Other Countries for Torture
Durden , Has
the Global Economy Been Zapped by ZIRP? (Zero interest rate policies – Yes!)
Minyanville Eugene Linden
Dec 21, 2011 , NAR reduces
recent home sales index 14.3% Dec 21st, 2011 (HousingWire) , Realtors
Lower 2007-2010 Home-Sales Estimates by 14% The Wall Street
Journal , Getting
Worse: 40 Undeniable Pieces Of Evidence That Show That America Is In Decline
The Economic Collapse | December 21, 2011 http://albertpeia.com/40piecesevidenceusdecline.htm
, http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm
, http://albertpeia.com/50economicnumbersofuscollapse.htm
, 3
REASONS TO FADE TODAY'S RALLY http://www.bullfax.com/?q=node-3-reasons-fade-todays-rally
12/20/2011 By Plan B Economics #1. There are about 19 million
empty homes in America…#2. The housing starts growth is massively skewed to
structures with 5 or more units…#3… Today's rally was fueled by vapor… , Oracle
Misses Earnings, Sales Estimates, Stock Tumbles The Wall Street
Journal , Ten
Reasons To Fear And Loathe Markets In 2012 Forbes Robert Lenzner #1. European Sovereign
Debt .. #2. The ramification for the US from Europe is a
reduction of 1% growth in US GDP.. #3. Continued pressure on the earnings
and book values of both European and US banks.. #4. Continued selling
pressure on the prices of key commodities.. #5. The imbecility of
extending the payroll tax deduction for only two more months.. #6. Residential
housing market still mightily impaired and not expected to recover for another
3 years.. #7. Antipathy individual investor for long term equity investing..
#8. Expectation reduction $1.2 trillion from US budget over next 10 years.. #9.
Overall theme of deflation, deleveraging can only mean lower asset
prices.. #10. Chance of social unrest in China, upheaval that affects
move to consumer economy, and lack of leadership from 10% of global
economy.., We’ve
Reached the End Game For Central Bank Intervention http://gainspainscapital.com
December 19th, 2011 , Derivatives
group spent $674K lobbying in Q3 AP , PORTER STANSBERRY OF
STANSBERRY RESEARCHTHE
CORRUPTION OF AMERICA The numbers tell us America is in decline... if not
outright collapse. http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm http://www.albertpeia.com/stansberrysinvestmentadvisory.flv , Banks
Will Still Be Under-Capitalized, UBS Does The LTRO Math Tyler Durden on 12/21/2011 , Bill
Gross: Enjoy The Santa Rally - The Hangover Is Coming As "US Is Not An Island" Tyler Durden on 12/20/2011 , The
Previously Unthinkable Becomes A Planned Event testosteronepit 12/20/2011 At all levels:
preparations for the collapse of the Eurozone. Even the public is now
encouraged to prepare for it. , Dave’s Daily:
http://www.etfdigest.com ROBO SANTA
SQUEEZES SHORTS December 20, 2011 , Speculation
drives up food prices as bankers gamble on hunger Guardian ,
Video
Explanation Of How The ESM Is Europe’s Uber-TARP On Steroids Zero Hedge , { Drudgereport: Investors Lose Faith in Stocks As Billions Pour Out of
Funds... , DANGER: Fed asks banks to
keep more cash at hand... , IMF: World economy at a 'very
dangerous juncture'... , FED-EX guy chucks package
over fence -- a computer monitor! , UK's AAA credit rating
threatened by 'formidable challenges'... , 'Miracle' if France keeps
it... } , The
Denouement From Europe's Debts Won't End Well Forbes , STOCKS
BOOM AFTER EUROPE SOLVES NOTHING: Here's What You Need To Know Business
Insider , Early
– ‘Response: The Summit Is A Failure’ Tyler Durden 12/09/11 , Worries grow over IMF loans to Europe
WASHINGTON (Reuters) , Dave’s Daily
http://www.etfdigest.com BIG BANKS
HIT December 19, 2011 ‘There are some
really odd things occurring – the eurozone naturally leads the list. Italy and
Spain will contribute funds they don’t have to the IMF, which then in turn will
lend it back to them. That’s something sillier than a Ponzi scheme…’ , Minyanville's
T3 Daily Recap: Banks Lead Market Decline as Europe Discusses Break-Up
Contingencies Minyanville , STOCKS
SLIDE AND BANKS GETS CRUSHED: Here's What You Need To Know Business Insider
, Market
Recap: Basel and Draghi Drag Down Stocks Wall St. Cheat Sheet , Bureau
Of Labor Statistics Caught Red Handed Leaking Confidential Employment Data Tyler
Durden on 12/19/2011 , Guest
Post: Why Oil Prices Are Killing the Economy Tyler
Durden on 12/19/2011 , Bank
of America Lists The "Other" Risks For 2012
Tyler
Durden on 12/19/2011 ‘..Bank of America has also put together yet
another list of "other" risks for 2012, which as BofA's Martin Mauro
says, "have persisted or become worse over the course of the year, but
have escaped market attention due to the spotlight on Europe." The risks
.. i) Hard landing in China; ii) Currency wars (competitive currency
devaluation); iii) Middle East oil supply shock and iv) Municipal default
fears. The only thing we would add is that these are not really risks, as they
are all developing processes in some stage of deterioration...’ , Gallup
Finds Unemployment Rises For Fourth Week In A Row, Cautions On BLS Data Tyler
Durden on 12/19/2011 Gallup,
which unlike the BLS, does not fudge, Birth/Die, or seasonally adjust its data,
has just released its most recent (un)employment
data. And it's not pretty: for all those hoping that the Labor
Participation Rate fudge that managed to stun the world a few weeks ago with a
major drop in the November jobless rate, don't hold your breath. Gallup which
constantly pools 30,000 people on a weekly basis, has found that for the past 4
weeks, both underemployment and unemployment have risen for 4 weeks in a row.
And while the number of US workers "working part time and wanting
full-time work" one of the traditional short cuts to boosting US jobs has
risen to almost a 2 year high, it is the Job Creation Index in December which
plunged in the last week, confirming that the Initial Claims data out of the
BLS has been spurious and is likely to revert back over 400k on short notice.
In summary, here is how Gallup debunks the BLS' propganda…’, A
Quick And Dirty Look At Japan's Nearly ¥1 Quadrillion In Debt Tyler Durden on 12/19/2011 , Santa
Claus Is Not Coming to Town, Says Technical Analyst (Bartels/Merrill Lynch)
The Wall Street Journal Gongloff
‘…Last week the S&P 500 fell below its 50-day moving average, which is the
new level to watch — 1228. A failure to move above and hold the 50-day moving
average confirms to us that we have already begun to enter the phase of testing
the October lows near 1100-1074.This pattern is becoming eerily similar to 2008
into 2009. A base building process has been underway since August but we have
maintained the belief that the lows still need to be tested and undercuts to
985-935 are possible (50% probability) as part of this process…’ , ‘When "Positive Surprises" Are Surprisingly
Meaningless’ http://hussmanfunds.com/wmc/wmc111219.htm December 19,
2011 John P. Hussman,
Ph.D ‘... As
economist John Williams observes,
"starting in October, a divergence developed: Whereas year-to-year change
in BLS estimated payroll earnings continued at a more-or-less constant,
positive level, tax receipts fell quite markedly. Where the Treasury numbers
reflect full reporting, the BLS data are sampled, heavily modeled and usually
heavily revised. The implication is that the BLS has overstated average
earnings and payrolls meaningfully in recent months."… An important point here is that almost no current
investors have experienced this more typical 1970's-type market setback. When
one of these old fashioned but typical declines occurs, professional investors,
conditioned by our more recent ephemeral bear markets, will have a permanent
built-in expectation of an imminent recovery that will not come.
"For the record, Exhibit 1 shows what the S&P 500 might look like from
today if it followed the average flight path of the 10 burst bubbles described
above. Not very pretty." http://hussmanfunds.com/wmc/wmc111219c.jpg We can't disagree, though I also believe
there still remains some short-run ability of policymakers to distort market
forces, to badly misallocate capital in the process, and to wreck the economy
more thoroughly in the long-run… FACING A GLOBAL ECONOMIC DOWNTURN In the past
few months, our own measures of economic risk have remained persistently
unfavorable.. The OECD publishes its own set of leading economic indicators on
developed and developing countries. Notably, we've never observed deterioration
to the extent that we presently observe, except when the U.S. was in or
entering a recession. http://hussmanfunds.com/wmc/wmc111219d.gif
…’ , Psssst
France: Here Is Why You May Want To Cool It With The Britain Bashing - The UK's
950% Debt To GDP Tyler
Durden 12/18/2011 While certainly humorous, entertaining and very,
very childish, the recent war of words between France and Britain has the
potential to become the worst thing to ever happen to Europe. Actually, make
that the world and modern civilization. Why? Because while we sympathize with
England, and are stunned by the immature petulant response from France and its
head banker Christian Noyer to the threat of an imminent
S&P downgrade of its overblown AAA rating, the truth is that France is
actually 100% correct in telling the world to shift its attention from France
and to Britain. So why is this bad. Because as the chart below shows, if there
is anything the global financial system needs, is for the rating agencies, bond
vigilantes, and lastly, general public itself, to realize that the UK's
consolidated debt (non-financial, financial, government and household) to GDP
is... just under 1000%. That's right: the UK
debt, when one adds to its more tenable sovereign debt tranche all the other
debt carried on UK books (and thus making the transfer of private debt to the
public balance sheet impossible), is nearly ten times greater than the
country's GDP…’ , Goldman's
Take On TARGET2 And How The Bundesbank Will Suffer Massive Losses If The
Eurozone Fails Tyler
Durden on 12/18/2011 Two weeks ago in "Has
The Imploding European Shadow Banking System Forced The Bundesbank To Prepare
For Plan B?" we suggested that according to recent fund flow data,
"the Bundesbank wants slowly and quietly out." , The
MF Global Trade Is Not Coming To (European) Town - Why The ECB's 3 Year LTRO Is
The Latest Bailout FlopTyler
Durden on 12/18/2011 On Friday, as the Eurobond market was briefly
soaring, we attributed
the move to sentiment that was best captured by a note out of Morgan
Stanley's govvie desk: "The carry trade is happening, there is no
doubt about it…, Things
That Make You Go Hmmm - Such As Europe's "Comprehensive Solution" Durden on 12/18/11 Five months ago, Zero Hedge first
boiled down the math of the European bailout as follows: "The
Fatal Flaw In Europe's Second "Bazooka" Bailout: 82 Million Soon To
Be Very Angry Germans, Or How Euro Bailout #2 Could Cost Up To 56% Of
German GDP." , Guest
Post: America’s Iraq Experience: Invasi-Eradicavi-Turbavi Tyler
Durden on 12/18/2011 Julius Caesar
undoubtedly was showing off with his Veni-Vidi-Vici (I came, I saw, I
conquered) when referencing to his short war outside Zela (Zile) in Turkey over
two millennia ago. Similarly, if we were to use a short catchy-comment
for the almost nine years America has invested in its “Iraq Mission,” we would
be on target by condensing the US experience in also three Latin words,
although not as melodic this time: Invasi-Eradicavi-Turbavi which sadly
stand for, I invaded, I destroyed and I threw-into-chaos. No matter
what the Pentagon and White House tell us, the fiasco in Iraq likely stands as
the most costly mistake in America’s history, a true Keystone Kops type of
political dark comedy. And it wasn’t a bad or flawed decision by a
singular moron or group of morons – Bush the Younger, Sadist Cheney and
Loquacious Rumsfeld composing the original warpath triumvirate, together with
two dozen equally deranged staff of their inner circles. Unfortunately,
this time Congress, together with a brainwashed public, closed rank with an
evil and criminal White House. So, whether the American citizenry likes
it or not… the Iraq conflict wasn’t just Bush’s war, but “the peoples’ war,” a
war with a dangerous aftermath yet to come, one we’ll likely be paying for in
the future with additional blood and treasure. , Newspaper
Chaired By Private Equity Head Shockingly Endorses Mitt Romney For President;
Ron Paul On Jay Leno Tyler Durden on 12/18/2011 A few hours
ago the Des Moines Register threw
its support behind the Bain Capital founder, and the man now known to have
actively destroyed
any trace of his public "service" before his 2007 Massachusettes
office handover (with a pending response to a Reuters FOIA, which will disclose
just what it was that Romney was so tenuously shredding)… , Graham
Summers’ Weekly Market Forecast (Deflation’s Back Edition) http://gainspainscapital.com
December 19th, 2011 The markets have entered a new round of deflation. The only
asset class that has yet to realize this is stocks… , Bank of America 2012: The Worst is Yet to Come (TheStreet) , 7 Reasons The S&P Will Close 2011
Below 1100 http://www.bullfax.com/?q=node-7-reasons-sp-will-close-2011-below-1100 12/16/2011 , DEBT IS ENDEMIC IN OUR
SYSTEM... AND THE DELEVERAGING WILL BE BRUTAL FOR BUSINESSES AND INVESTORS
ALIKE http://www.zerohedge.com/contributed/debt-endemic-our-system-and-deleveraging-will-be-brutal-businesses-and-investors-alike PCR 12/16/2011 ‘.. Again,
what’s happening in the US is NOT a garden-variety cyclical recession. It is a
STRUCTURAL SECULAR DEPRESSION. And the reason is that we are currently
witnessing the collapse of the greatest debt bubble of all time. Indeed, 2008
was the first round of this. We’re now heading into the second round in which
entire countries will go bust. Remember, stocks were the last to “get it” in
2008. They’re the last to “get it” today too. And when they finally DO “get it,”
(BUST)..’ , 50
Economic Numbers About The US That Are "Almost Too Crazy To Believe"
Durden
12/16/211 The Economic Collapse Blog does a terrific job of periodically
putting together a compilation of the scariest data points about the US
economy. , Moody's
Takes S&P's Place - Downgrades Belgium By Two Notches To Aa3 Durden
, Net
EUR Short Position Soars To All Time Record, Implies "Fair Value" Of
EURUSD Below 1.20, Or Epic Short Squeeze Durden , Guest
Post: Startling The Global Community, Canada Withdraws From The Kyoto
Convention Durden
, Fitch
Revises French Outlook To Negative Durden
, And
The Euro Downgrade Hits Just Keep On Coming, This Time Fitch PLACES
BELGIUM, SPAIN, ITALY, IRELAND, SLOVENIA AND CYPRUS ON RATING WATCH NEGATIVE Durden , Fitch
places Belgium, Spain, Slovenia, Italy, Ireland and Cyprus on rating watch
negative. Dec 16th, 2011 (Fitch Ratings) , Swiss
Join Suffering as Europe Crisis Ripples Dec 16th, 2011 (Bloomberg) , SEC
charges ex-Fannie, Freddie CEOs with fraud , All
Over the World, People Are Yanking Money Out of Stock Funds The Wall
Street Journal , Richard
(RJ) Eskow: Mr. President, Stop Protecting Bankers From These Law Enforcement
Officials (The Huffington Post) , Obama’s Depression Stephen
Lendman | Obama wrecked America’s economy to save giant Wall Street
banks. , Out
of Chaos, Order: Now IMF Seeks Collective, World Bail-Out of Europe (that
would be good money after bad and wouldn’t succeed anyway since as with
america, there isn’t enough real value to do so – not goin’ to happen) The
Daily Bell , Census
data: Half of U.S. poor or low income AP , 50
Economic Numbers From 2011 That Are Almost Too Crazy To Believe The Economic Collapse , Downward Spiral Dec 16th, 2011 by
News BY MOHAMED EL-ERIAN (ForeignPolicy) — Europe entered the
year with an acute emergency in the periphery of the eurozone, the European
Union’s elite 17-member club that shares a common currency. Misdiagnoses and
inadequate policy responses allowed the contamination to travel sequentially
from the outer reaches of the zone (Greece, Ireland, and Portugal) toward its
inner core.In this first of three morphings in 2011, Italy and Spain were
disrupted as interest rates soared, turning liquidity concerns into solvency
ones. France was then impacted, with its AAA rating threatened by its exposure
to the neighborhood’s problems. Then Germany, Europe’s strongest economy and
the one that everyone looks to for a solution, had to contend with the
embarrassing failure of a highly visible government debt auction. …These are
consequential developments whose impact will be felt for years, and the latter
is not limited to Europe. Virtually every country in the world is exposed. [source]
, Class
Warfare Blowback: Majority Of Americans Want Obama Out Durden
12/16/11 , Current
Events Summarized In Brilliant Art George Washington 12/16/2011 A picture is worth
a thousand words [ View archived file: http://www.albertpeia.com/currenteventsinart.htm ]
, Corporate warnings bode ill for earnings NEW YORK
(Reuters) , Dave’s Daily:
http://www.etfdigest.com STOCKS UNDER A CLOUD OF DOUBT December 15, 2011
‘Pundits keep talking things up but who’s left to listen? We rallied initially
on better economic data (below) but there’s a dark cloud over the market and
quadwitching is ahead Friday. Adding to the uncertainty was influential Goldman
Sachs strategist Jan Hatzius who commented: "A reduction in the lending of
foreign banks to U.S. counterparties could have a meaningful impact on U.S.
growth." He continued to assert that ongoing upheavals in the eurozone
could shave 1% off U.S. GDP growth which frankly would put is in or near
recession. And, per Hatzius, Goldman Sachs estimates U.S. banks are exposed to
(gulp!) $1.8 trillion of counterparty risk from euro banks. Funny thing
Bernanke and Geithner didn’t mention this to us.
Further, the OECD
warned that 2012 will see a potential funding crisis for developed
countries with (cough!) $10.5 trillion in borrowing needs.Economic news was
positive as Jobless Claims were lower at 366K; however, inside the numbers
things were somewhat worse. Extended benefits increased by 322K and Continuing
Claims rose to 3603K from 3583K which isn’t encouraging. One could subsume the
report overall wasn’t that great but, it’s about the headlines baby! Empire Mfg
Survey increased to 9.53 from .61 which is positive. But again, inside the
numbers Prices Paid 24.42 versus 18.29 compresses margins and is potentially
inflationary. Speaking of inflation, the PPI increased to .3% from -.3%
previous…’ , The
Fed's Intervention Didn't Solve Anything... It Just Pushed the Collapse Back a
Few Weeks by Phoenix Capital
Research on 12/15/2011 , Australian
Banks Given One Week To Prepare For European “Meltdown” Zero Hedge | This
time around, the warning is for real. , Must
Read: Presenting The MF Global Black Box: A Minute By Minute Breakdown Of The
Doomed Broker's Last Week On Earth Tyler
Durden on 12/15/2011 , Moody's
Turns To Canada: Ontario Outlook Revised To Negative, "Softening Economic
Outlook" Cited Tyler
Durden , Revised
EFSF Draft Shows Italy, Spain Responsible For One Third Of European Bailout
Funding Tyler
Durden , Fitch
Downgrades 8 Global Banks Including BNP, SocGen, BofA, Deutsche, And Morgan
Stanley Tyler
Durden , China
Export-Growth Officially Slowing: Trade Deficit Coming?Tyler Durden , China trims
holdings of US Treasury debt Dec 15th, 2011 (AP) , US
Industrial production -0.2% in Nov, below market expectations of +0.2%, vs
+0.7% in Oct; cap use 77.8%. Dec 15th, 2011 , France
Braces for Cut in AAA Debt Rating as Noyer Takes a Swipe at Britain Dec
15th, 2011 (Bloomberg) , US
initial jobless claims -19k to 366k for week ended 10-Dec, well below market
expectations, vs upward revised 385k in previous week. USA GOLD , Fitch
Downgrades a Bunch of Banks, Including Bank of America and Goldman
The Wall Street Journal , Businesses
Preparing for Higher Costs in 2012 The Wall Street Journal , Financial
Crimes Up 47% Since '08 Crisis: FBI Forbes ,
Citi
Near Term Stock Forecast: 9300 In The DJIA; 985 In The S&P; Sees Chart
Analogs To Pre-World War Periods Tyler
Durden 12/14/11 , Citi
Predicts Gold At $3400 In "The Next Two Years", Potential For Move As
High As $6000 Durden , Game
Theory Over: Bank Of France's Noyer Says Britain Should Be Downgraded, Not
France Durden
, U.K. Unemployment
Hits 17-Year High Dec 14th, 2011 (The Wall Street Journal) , For
Europe, Only Way Out Is to Break Up: Kyle Bass Dec 14th, 2011 (CNBC) , 9
Reasons Europe's Crisis is WorseningRon
DeLegge-Editor , One
in Three Money Managers Sees Somebody Leaving the Euro Zone Next Year
The Wall Street Journal , Italy’s
Borrowing Costs Hit Euro-Era High Dec 14th, 2011 (The Wall Street Journal)
, Market
Recap: Stocks Decline as Euro Drops Below $1.30 Wall St. Cheat
Sheet , Existing
Home Sales to Be Revised Lower CNNMoney.com , Massive
Downward Revisions Imminent: National Association of Realtors Miscounted
Millions Of Home Sales Over Last Five Years Mac Slavo , Bailout
Payback? Realtors Double-Counted Home Sales For Last Five Years SadHillNews
, Fitch
Downgrades Credit Agricole To A+, Outlook Stable Tyler
Durden on 12/14/2011 , STOCKS
SINK, OIL FALLS, GOLD GETS KILLED: Here's What You Need To Know Business
Insider Sam Ro , Gold
Tanks, Headwinds Mount , Rewarding
Henry Paulson's Ethical Failures ETFguide Ron
DeLegge’ , Bernanke
Is "Very Concerned" About Europe, Won't Bail Out European Banks Durden , SEC
Cops Want to Fight U.S. Judge ‘…In his ruling, the New York judge
denounced as "pocket change" a penalty agreed to by Citigroup…’, Germany
Preparing Plans For Commerzbank Bail Out Tyler
Durden on 12/14/2011 Following today's end of day rumor being a dud
(and non-existent due to the habituation nature of the market), the closing
news is more unpleasant than Europe would have liked to set the overnight mood,
and comes to us via the FT (yes, that FT), which states that, as long
speculated both here and elsewhere, "the German government has begun
preparations for a possible state bail-out of Commerzbank." , "Guantánamo
Forever?" - Congress Passes $662 Billion Defense Bill, Aka The NDAA Durden 12/14/11 Congress just passed the National
Defense Authorization Act in a 283-to-136 vote. 190 Republicans and 93
Democrats voted for; 43 Republicans and 93 Democrats voted "against."
Prepare to be arrested, without charge, simply because someone "up
there" believes you engage in "terroristy" stuff. Good luck
proving them wrong.(How totally and historically pathetic pervasively corrupt,
defacto bankrupt america’s become in its intractable decline and fall of
historic proportion!) , Presenting
The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom Tyler Durden 12/13/2011 , CME
Executive Chairman Terry Duffy Throws Jon Corzine Under The Bus, Implies The
"Honorable" Governor Lied Under Oath Durden
, Europe
Using US as Model to Fix Debt Crisis: Bove Dec 13th, 2011 (CNBC) [Now you
know they’re done!] ,
Existing
Home Sales Debacle, As Larry 'Baghdad-Bob' Yun Confirms Overstatement Durden , The
Real Unemployment Rate Near 20% – Infowars Nightly News Infowars Nightly
News | Aaron Dykes breaks down the real unemployment figures that is killing
the country and economic growth that obama refuses to fix., All
That Glitters…Will Not Solve Europe’s Debt Woes Dec 13th, 2011 (The Wall
Street Journal) ,
As
Disenchantment With Idiocy Surges, Ron Paul Support Soars Durden , EU Banks
Selling ‘Crown Jewels’ for Cash Dec 13th, 2011 (Bloomberg) , JP
Morgan Stock Breaks Down On News Company's Role As MF Global Lender To Be
Probed Durden , MF's Corzine said to know of customer fund misuse Reuters , FOMC: Global Financial Markets Pose Downside Risk to U.S.
Economic Outlook , RALLY
COLLAPSES, GOLD AND BANKS GET HAMMERED: Here's What You Need To KnowBusiness
Insider , Greece
Apparently Even Worse Off Than Realized, Hitting Euro, Stocks The
Wall Street Journal , “Big
Brother is Eyeing Us – For Good or Evil?” Durden , 17
Signs That The European Financial System Is Heading For An Implosion Of
Historic Proportions The Economic Collapse 12/13/11 , Corzine
testifies on fall of MF Global (Washington Post) Corzine:
It Was Those Darned Robots WSJ [ Singing ‘the body electric’!
Riiiiight! The robots did it! Those churn-and-earn greedy robots! Damnable
robots! They’re the ones! Damn robots! Wow! Talk about criminally insane! ] …
Wow! Just when you thought you heard it all. This truly ranks with ‘my dog ate
my homework’ and is surely destined to become a classic. MF
Global CEO Jon Corzine: ‘I simply do not know where the money is’ Former
U.S. senator, N.J. governor .. (WP), Evolution
Securities Warns Of “Total Carnage And Meltdown” As European Bank Sales Of CDS
On European Sovereign Debt Soar Zero Hedge | As much as we hate to say it,
Europe is now without a shadow of a doubt the new AIG. , CFOs
Less Optimistic About 2012 Growth
The Wall Street Journal , "The
Inmates Don’t Know It’s An Asylum" , Coming
Collateral Crunch Charted , The
$30 Trillion "Problem" At The Heart Of Shadow Banking - A Teaser Tyler
Durden on 12/12/2011 , Algo
Liftathon Saves The Day But Financials Falter Durden
, The
European Death Spiral , French
Downgrade - Even More Likely Than Yesterday , Guest Post:
Headwinds For Housing , $32
Billion 3 Year Bond Prices At Second Lowest Yield Ever, Highest Bid To Cover On
Record , Richard
Koo On Why Europe's Austerity Will Cause Deflationary Spiral Durden , Cashin
On The Anniversary Of Bank Of The United States’ Failure, The Start Of US Bank
Runs And The Great Depression Dec 12th, 2011 (UBS-via ZeroHedge) , Fitch
Warning Shot Knocks Stocks Lower The Wall Street Journal , STOCKS
TANK AND EUROPE IS STILL IN CRISIS: Here's What You Need To Know Business
Insider , Minyanville's
T3 Daily Recap: S&P Slips 1.5% on Euro Jitters, Ratings Warnings Minyanville , So
Much For That Summit, Markets Have No Faith In Euro Deal Forbes , Market
Recap: Stocks Sharply Lower on Doubt Over Europe’s Crisis Plan Wall
St. Cheat Sheet , Pain
May Not Be Over for U.S. Banks Reuters , SLOW MOTION CRASH
DEVELOPING Dave’s Daily:
http://www.etfdigest.com , Wall Street tumbles on Europe, Intel's outlook (Reuters) ,
ETF
Insider: Stay On The DefenseETF Database , THE ROAD NOT TAKEN:
GLOBAL ECONOMY ON THE BRINK http://www.safehaven.com/article/23606/the-road-not-taken 12/10/2011 By David Knox Barker , The
Tim Tebow Comeback Story Continues But There Will Be No Miracle Comebacks For
The U.S. Economy The
Economic Collapse December 12, 2011 , The
Gold "Rehypothecation" Unwind Begins: HSBC Sues MF Global Over
Disputed Ownership Of Physical Gold Durden 12/09/11 , Forget
Europe… Germany’s Got Its Own Problems to Deal With http://gainspainscapital.com 12/09/11 , Bailout
Total: $29.616 Trillion Dollars Dec 9th, 2011 (TheBigPicture) — There is a
fascinating new study coming out of the Levy Economics Institute of Bard
College. Its titled “$29,000,000,000,000: A Detailed Look at the Fed’s Bail-out
by Funding Facility and Recipient” by James Felkerson. , The
Shriveling Middle Class In California
testosteronepit : 12/09/2011 California on the
way to a banana republic. , Evolution
Securities Warns Of "Total Carnage And Meltdown" As European Bank
Sales Of CDS On European Sovereign Debt Soar Tyler
Durden on 12/09/2011 , The
Worldwide Depression/Recession Of 2012
Econophile 12/08/11 Daily Capitalist , Are
Dim Sum Bonds The Next Chinese Reverse Merger Fraud?
Durden While Draghi somewhat shut the door on the ECB being the lender
of last resort today, there appears to be a sucker-of-last-resort where
Dim Sum bonds (offshore/HK Yuan-denominated bonds) have seen
issuance almost triple in the first 11 months of the year , Risk
Assets Deteriorating Rapidly On Europe's SNAFU Durden
, And
Scene: Europe Agrees To Disagree, Next Summit Date Set For March 2012 As David
Cameron Kills Compromise Durden , STOCKS
GET SLAMMED AFTER BIG ECB DISAPPOINTMENT: Here's What You Need To Know Business
Insider 12-08-11 , Last
Minute Summit Mutiny Threatens The Future Of The Euro; And Why A Wholesale
S&P Downgrade Of Europe Will Be Devastating Durden A day when everything that could go wrong for the euro and
eurozone has just gotten worse. , Europe Must Swallow
‘Bitter Pill’ Dec 8th, 2011 (CNBC) The
Misery Continues: Complete November Hedge Fund Performance Durden , Fourth
Time Is The Charm: Texas Instruments Slashes Outlook... Again , Snapshot Of Pure
Market Lunacy , Guest
Post: Another Reason for Stocks To Tank In 2012: Jobs , Euro
Crisis Will Only Get Worse And Do Serious Damage To Investors Forbes Martin , Hope
You Enjoyed That Run of Happy Economic Surprises, Because It's Probably Over:
Barclays The Wall Street Journal , This
Week's EU and ECB Meetings Can't Fix Europe or US Stocks
Minyanville Jeffrey Miller Dec 08, 2011 , Corzine:
It Was Those Darned Robots The Wall Street Journal [ Singing
‘the body electric’! Riiiiight! The robots did it! Those churn-and-earn greedy
robots! Damnable robots! They’re the ones! Damn robots! Wow! Talk about
criminally insane! ], SPX Update: Market Still Looks To Be Forming a Top Jason Haver Dec 06, 2011 ‘In conclusion:
It remains a trader's market, as so far every break of important support or
resistance has led nowhere. I continue to favor the bearish short-term
resolution, as well as the bearish long- and medium-term views’ , 4 Reasons to
be Bearish thetechnicaltake 12/07/11 .. resistance..
recession..intermarket headwinds..’ S&P
Warns It May Cut Most European Banks, European Union Itself Tyler Durden on 12/07/11Not sure why the market is
surprised by this, but it is. , Jump
Risk Jumps After American Bankruptcy, Sends Junk Plunging As Major Debt Refi
Cliff Approaches Tyler Durden 12/07/11 , S&P
At It Again, Warns EU, Large Eurozone Banks of Downgrades Dec 7th, 2011
(Barron’s) , In
Past Week Americans Pull The Most Money From Stock Market Farce Since US
Downgrade, Despite Market Surge Tyler Durden 12/07/11
, Marc
Faber: "I Have A Very Special Stock Tip For You. The Symbol Is
G-O-L-D" Tyler Durden 12/07/11
…considering the ridiculousness of the market over the past two weeks when it
has gone up on nothing but lies, Faber just may have a point. , ‘No
Way’ Europe Will Hold Itself Together: CIO CNBC | “Europe is in a terminal
phase of its life.” , Europe
Is Setting Itself Up For A Decade-Long Recession Global Economic
Intersection , Why
The UK Trail Of The MF Global Collapse May Have "Apocalyptic"
Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else Tyler Durden 12/07/11 In an oddly prescient turn of events, yesterday we penned a post
titled "Has
The Imploding European Shadow Banking System Forced The Bundesbank To Prepare
For Plan B?" in which we explained how it was not only the repo
market, but the far broader and massively unregulated shadow banking system in
Europe that was becoming thoroughly unhinged, and was manifesting itself in a
complete "lock up in interbank liquidity" and which, we
speculated, is pressuring the Bundesbank, which is well aware of what is going
on behind the scenes, to slowly back away from what will soon be an
"apocalyptic" event , Read
This and Tell Me Germany Wants a Monetary Union 12-7-11 http://gainspainscapital.com ‘I’ve stated before that I fully believe
Germany will be leaving the Euro. , "This
Time Will Not Be Different": Interactive Chart Of Market Reactions To All
Prior 2011 Eurozone Summits And Meetings Tyler
Durden on 12/07/11 , Pivot
Capital On China's Investment Boom (And Pending Bust)
Durden 12/07/11 , What’s wrong with this picture: Wall St rises on EU summit hopes Asia climbs ahead of European meetings [Riiiiight! Addicted
to hopium? Déjà vu all over again? This is beginning to be beyond ridiculous.
There is no viable solution beyond their disingenuously, meretriciously saying
so amidst the typical spin and b***s*** to froth the markets! ] , RALLY
FIZZLES OUT AFTER HOT RUMOR FROM EUROPE: Here's What You Need To Know Business
Insider ‘ The second day of Europe's hell week was relatively quiet until another rumor sparked
markets during late trading. , S&P
Puts 15 Euro Nations on Downgrade Watch Wall St. Cheat Sheet ‘… The
outlook change is “disastrous for Europe”…’ , Is the Fed Leaking Again? http://gainspainscapital.com , S&P says
EFSF could be downgraded (Reuters) , Tremors
from a euro collapse would be global, with U.S. recession likely (Washington
Post) , Bloomberg
Fires Back At Bernanke's Blustering Rebutall Durden ‘
It appears 'It Is On' as Bloomberg offers its well-reasoned and eloquent
response to Mr. Bernanke's 'egregious errors' note to Congress.’ , Guest
Post: A Very Subtle Form Of Theft Durden ..Bernie
Madoff .. ran one of the largest private-sector Ponzi schemes in history and
always heeded the golden rule of financial scams: make sure your inflows are
greater than your outflows. He was finally done in when redemptions exceeded
new investments. He didn’t have enough cash to pay out investors, and he wasn’t
able to scam more people into paying in to the scheme. As a result, Madoff
finally had to admit that the whole thing was a total fraud. Governments around
the world are in similar situations right now with their own public sector
Ponzi schemes. Faced with failed auctions, declining demand, and rising yields,
politicians are having to resort to desperate measures. Like any good scam
artist, they’re appealing to the masses first; all over Europe, governments are
sponsoring new marketing campaigns suggesting that it’s people’s patriotic duty
to buy government debt. , Has
The Imploding European Shadow Banking System Forced The Bundesbank To Prepare
For Plan B? Durden While much has been said
about the vagaries in the European repo market elsewhere, the truth is that the
intraday variations of assorted daily metrics thereof indicate three simple
things: a scarcity of quality assets that can be pledged at various monetary
institutions in exchange for cash or synthetic cash equivalents, a resulting
lock up in interbank liquidity, and above all, a gradual freeze of the shadow
banking system..we may be experiencing the attempt by the last safe European
central bank - Buba - to disintermediate itself from the slow motion trainwreck
that is the European shadow banking (first) and then traditional banking
collapse (second and last). Because as Lehman showed, it took the lock up of
money markets - that stalwart of shadow liabilities - to push the system over
the edge, and require a multi-trillion bailout from the true lender of last
resort. The same thing is happening now in Europe..’ , Layoffs Watch ’11: Citi , Social
Security 2011 – Another Bad Year Krasting , HUGE
RALLY CUT IN HALF AFTER EUROZONE RATINGS BOMBSHELL: Here's What You Need To
Know Business Insider Sam Ro’ Europe's hell
week begins with new EU treaty proposals and reports of an S&P ratings
action bombshell…U.S. economic data was largely overlooked during this
morning's rally. The ISM services number unexpectedly fell to 52.0, missing the
expectation of an increase to 53.9. This also compares to last month's
number of 52.9. October factory orders fell 0.4%, which was slightly worse
than the 0.3% decline expected. September factory orders were revised
sharply lower…’ , Confirmed:
Not Just AAA Nations, but *All 17* Euro Nations to Be Put on Notice for
Downgrade The Wall Street Journal , Standard
& Poor’s Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative
Implications Dec 5th, 2011 (Standard & Poor’s) , Graham
Summers’ Weekly Market Forecast (Fade
the Fed? Edition) December 5th, 2011
‘Equities got giddy last week when the world’s central banks, lead by
the US Federal Reserve, lowered the global cost of borrowing Dollars.
Regardless of the market’s reaction, the whole thing smells of desperation and
quite frankly, everyone should be questioning the Fed’s move…The IMF, Bank of
England, and others have warned of a systemic collapse… do you think they’re
doing this for fun?Many investors will have their portfolios wiped out in the
coming carnage. It could be next week, or it could take place next year… but we
ARE heading into a Crisis that will be worse than 2008…’ , Gallup
Finds Recent Job Boost Due To "Temp And Part-Time" Hiring;
Underemployment Greater Than Prior YearTyler
Durden on 12/05/2011 While
the BLS unemployment number, fudged strategically to lower the denominator, or
the total labor force, may have come well better than expected (as somehow
miraculously ever more people find the shadow economy a more hospitable place
where to make their money and drop off the BLS roll forever) we once again go
to that trusty fallback, the monthly Gallup poll of underemployment. What we
find here is rather different from what the BLS, and the administration would
like us to believe, namely that "underemployment, a measure that combines
the percentage of workers who are unemployed with the percentage working part
time but wanting full-time work, is 18.1% in November, as measured by Gallup
without seasonal adjustment. That is up from 17.8% a month ago and
17.2% a year ago." Said simply, "many employers appear to
have chosen to hire part-time rather than full-time employees for this holiday
season." , Solyndra
Schadenfreude As Goldman Sachs Played Key RoleTyler
Durden on 12/05/2011 While we are not completely shy of saying
we-told-you-so, in the case of the players in Solyndra's fantastic rise and
fall, we are more than happy to. Back
in September we highlighted Goldman Sachs' key role in the financing rounds
of the now bankrupt solar company and this evening MarketWatch
(and DowJones VentureWire) delves deeper and highlights how the
squid has largely stayed out of the headlines (what's the opposite of
lime-light?) in this case despite its seemingly critical assistance and support
from inception to pre-destruction. Goldman's involvement in Solyndra,
and its lofty valuation projections, lent credibility to the company and helped
rouse investor interest and it was this private interest that was cited by DoE
officials as a considerable factor in its loan guarantee program. As
we said before, anywhere you look, Goldman has been there and left its mark...’
, The
Black Friday Shopping Hangover Is Coming: David Rosenberg Explains Tyler Durden on 12/05/2011 , Here Comes
The S&P Downgrade Barrage - Full Statement, In Which S&P Says France
May Get Two Notch DowngradeTyler
Durden on 12/05/2011 , Jeremy
Grantham Releases The Scariest Market Forecast YetTyler
Durden on 12/05/2011 , MUST
SEE – Bernanke’s Stealth Bailout For Wall Street Kept Secret From Congress Daily
Bail | Bernanke runs his own private dictatorship. , How
The U.S. Will Become a 3rd World Country (Part 2) Hera Research
| The United States is quickly coming to resemble a post industrial
neo-3rd-world country., SPX
Update: Topping Again? Minyanville Jason Haver Dec 02, 2011
‘The market is giving several signals that a top may be near… In conclusion, I
remain medium and long term bearish.’, Number of
Jobless Without Benefits Grows Dec 2nd, 2011 News ‘…The
decline in unemployment was driven in part by the disappearance of some 315,000
people from the labor force. If they haven’t looked for work in the past four
weeks, they’re not counted as unemployed… the Labor Department estimated that
as of November, a seasonally adjusted 6.6 million people considered not in the
labor force actually did want work. That number was up 192,000 from October…’
Economy
Creates 120,000 Jobs, Rate Tumbles to 8.6% Dec 2nd, 2011 (CNBC)PG
View: Slate columnist Matt Yglesias tweeted this shortly after the
jobs report came out: “Decreasing unemployment by shrinking the labor force is
not exactly winning the future.” , How
The U.S. Will Become a 3rd World Country (Part 2) Tyler
Durden on 12/02/2011 ‘The United States increasingly resembles a 3rd
world country in terms of unemployment, lack of economic opportunity, falling
wages, growing poverty and concentration of wealth, government debt, corporate
influence over government and weakening rule of law.’ , EUR
Shorts Surge, Back To 17 Month Highs As Bearish Sentiment Returns Tyler Durden 12/02/2011 , Bob
Janjuah Explains Why The Worst Is Still Ahead Of Us Durden
12/02/2011 , America
To Go The Way Of The Roman, British Empires Forbes Robert Lenzner, Forbes Staff
,
A
Hedge Fund Insider Explains Why Retail Investors Should Flee The Stock MarketTyler Durden on 12/01/2011 ,THE MARKET IS MISREADING ECONOMIC DATA -- IT'S TIME TO GET SHORT http://www.bullfax.com/?q=node-market-misreading-economic-data-its-time-get-short 12/01/2011 The
Independent Investor , Chinese
manufacturing activity slows Dec 1st, 2011
(Financial Times) , US initial
jobless claims +6k to 402k for the week ended 25-Nov, above mearket
expectations of 390k, vs upward revised 396k in previous week. Dec 1st,
2011 , Another Confirmation of the Solvency Crisis Masquerading as a
Liquidity Problem Atlantic
Capital Management Dec 01, 2011 ‘The Federal Reserve is once again reaching
into its controversial "unconventional" toolkit -- meaning stocks
are, for now, celebrating the near meltdown of modern global banking. , SPX Update: Ben Bernanke Lends Money, Saves the World? Jason Haver Dec 01, 2011 ‘At this point, despite the massive
three-day rally, there are still a few unanswered questions. I remain medium
and long term bearish, while the short-term picture has become a bit clouded.’
, What Does the
Fed Know That We Don’t? 12-01-11 The thought that should be on every
investor’s mind today is “Why did the Fed have to stage the coordinated
intervention yesterday?’Put another way, what exactly
does the Fed know that we don’t?The whole thing smells fishy to me.
Aside from the fact that the Fed clearly leaked its intentions as early as
Monday night (hence the reason stocks rallied while credit markets weakened),
there’s something peculiar about the fact the Fed chose to do this at the end
of November. Why November 30? Why not today or Tuesday?I think the answer is
that the Fed stepped in to help its institutional investor/ hedge fund
buddies.’ BofA,
Goldman Sachs, Citigroup Credit Ratings Cut by S&P Nov 30th, 2011
(Bloomberg) , Planned layoffs
surpass 2010 total CNNMoney | Cuts announced this year are
up 13% overall. , The
Easy Fix? Can Europe Print Its Way Out of Trouble? ETFguide ‘the long-term outlook is as dark as night
inside the Grand Canyon…’ , Global
Coordinated Desperation and the December to Remember Breakdown
Minyanville Michael A. Gayed ‘With global central bank
desperation (I mean coordination) announced this morning and the big jump up in
risk assets…’ , The Fed is So
Predictable Chris Celi 11/30/2011 The Fed is becoming a
gigantic waste basket of bad assets. Waste baskets do not have infinite
capacity. Central
Banks’ Latest Move Shows Desperation George Washington 11/30/2011 Hey, at least a
handful of Ben's buddies will make a bundle ... Deflation
is coming South of Wall Street 11/30/2011 It isn't
avoidable , Don't
Be Foolish, Sell the Next Key Level In the S&P 500
Forbes/Troccoli ‘http://blogs-images.forbes.com/thechartlab/files/2011/11/spafter.png , Wall
Street Watch: S&P Cutting Spree, Germany Faces RecessionWall St.
Cheat Sheet , AN UNCONVINCING RALLY http://www.istockanalyst.com/finance/story/5571238/an-unconvincing-rally By: Cam Hui
, BANK
DOWNGRADE RAMPAGE: Goldman, Bank Of America, Morgan Stanley, Wells Fargo, And
Citigroup Just Got Cut By S&P Business Insider | Standard & Poor’s
ratings service just cut the ratings of Goldman Sachs, Bank of America, Morgan
Stanley and Citigroup from A to A-. , China
Manufacturing Contracts As New Export Orders See Biggest 2 Month Drop Since
Dec2008 Tyler Durden 11/30/2011 -UPDATE:
HSBC China Manufacturing PMI prints at 47.7, deteriorating at fastest rate
(and lowest level) in 32 Months , Goldman
On Today's Coordinated Central Bank Bailout: "It Isn’t Enough To Save
Anyone Or Solve Averything" And "Why Now?" Tyler
Durden 11/30/2011 , The
Punch Line: "Crash Test - Bracing For Breakup"Tyler
Durden 11/30/2011 , For
The First Time In History, Fed Will Buy AND Sell Treasurys At The Same Time On
Friday Tyler Durden 11/30/2011 , Egan
Jones Downgrades France From AA- To A; Negative Watch, Sees Debt/GDP Rising
From 91% to 117% By 2013Tyler
Durden 11/30/2011 , Of
Imminent Defaults And Self Deception. Kyle Bass Prepares For The Worst
Tyler Durden 11/30/2011 In his
latest letter to LPs, Kyle Bass of Hayman Capital Management,
offers his tell-tale clarity on what may lie ahead for Europe and Japan.
With his over-arching thesis of debt
saturation becoming more plain to see around every corner, Bass
bundles the simple (and somewhat unarguable) facts of quantitative analysis
with a qualitative perspective on the cruel self-deception that we all see and
read every day about Europe.Whether it is Kahneman's "availability
heuristic" (wherein participants assess the probability of an event based
on whether relevant examples are cognitively "available"), the
Pavlovian pro-cyclicality of thought, or the extraordinary delusions of groupthink,
investors in today’s sovereign debt markets can't seem to envision the
consequences of a default. , Fed
Economists Predict A 15 Year Bear Market For Stocks News
(BusinessInsider) , http://www.economist.com/content/global_debt_clock
is ticking! ,
Senate
Passes Bill Allowing Indefinite Detention of Americans ... Considers Bill
Authorizing More Torture George Washington : 11/29/2011 - 20:53 USA, USA,
USA ... Number One in ... cough ... Fascism ... cough , SPX Update: Sell the Bounce Jason Haver Nov 29, 2011 ‘This bounce might not last long, and
new lows are expected to follow., BANK
DOWNGRADE RAMPAGE: Goldman, Bank Of America, Morgan Stanley, Wells Fargo, And
Citigroup Just Got Cut By S&P Business Insider | Standard & Poor’s
ratings service just cut the ratings of Goldman Sachs, Bank of America, Morgan
Stanley and Citigroup from A to A-. , Foreclosure
Fraud | Lender Processing Services Robo-signer Whisleblower Found Dead in
Nevada 4closureFraud
: 11/29/2011 , You
Cannot Build a Financial System on Rumors and Lies http://gainspainscapital.com November 30th, 2011 ‘This act is getting old.Almost every other
day we’re getting rumors about new bailouts and interventions in Europe. All of
these rumors turn out to be total lies as they are refuted usually within a day
and sometimes within a few hours.Case in point, stock futures erupted overnight
on Sunday on rumors that Italy would be getting a 600 billion euro bailout from
the IMF. Just a few hours later this story came out: IMF denies in
Italy aid talks…’ , Minyanville's
T3 Daily Recap: S&P Ekes Out Gain; Has the Oversold Bounce Run Its Course? Minyanville T3Live.com Nov 29,
2011 ‘Although we are significantly higher than Friday's close, the intraday
action has been extremely lackluster, suggesting that there is more downside to
come from here. , S&P Hits Biggest US Banks
With Credit Rating Downgrades http://albertpeia.com/s&previsedratingscriteria.htm WSJ Gongloff November 29, 2011 , Presenting
Russell Napier's Greatest Hits Tyler
Durden 11/20/2011
‘...Russell Napier: the renowned
financial historian and consultant for CLSA, as well as author of the
engrossing Anatomy
of the Bear, who only together with Albert Edwards, has predicted that the
S&P would
eventually drop to 400…’ , Problem With Germany And China: Who Bails Out The Bailers? Forbes / Addison Wiggin [‘.. Another downgrade of U.S. sovereign debt is a
“certainty,” he adds. “It’s only a matter of when.”..’ U.S. economic
conditions are “terrifying,” Mohamed El-Erian said yesterday..’ ]
Nouriel
Roubini: Government Gridlock ‘Ensures’ 2012 Recession Daily Ticker -
Nov 23, 2011 , $707,568,901,000,000:
How (And Why) Banks Increased Total Outstanding Derivatives By A Record $107
Trillion In 6 Months Tyler Durden 11/26/11 , Nothing's Changed: Italy and the December to Remember Breakdown Michael A. Gayed
Nov 28, 2011 , 2011
Looking a Lot Like 2008: Technical Analyst The Wall Street Journal
Shipman , New
World Disorder - Watch the Stock Market Ilene 11/27/2011 If the mid-summer
sell signal of 2011 plays out similarly to the one in 2008, there may be a
long, dramatic decline straight ahead. , How the
European End Game Will Play Out November 29th, 2011 | http://gainspainscapital.com ‘With the European End Game now in sight,
the primary question that needs to be addressed is whether Europe will opt for
a period of massive deflation, massive inflation, or deflation followed by
inflation. , EURO FIX RUMORS November 28, 2011
Dave’s Daily:
http://www.etfdigest.com Markets rallied sharply on little hard news Monday
beyond rumors. , Britain's
Foreign Office Prepares For Riots In Europe; Sees Euro Collapse "When, Not
If" Durden , Stocks Finish Monday Near Highs But Rally Looks Limp Forbes / Scott Redler , Fitch Affirms US as AAA, But Cuts Outlook to Negative , The
desperation of Black Friday — Salon http://www.youtube.com/watch?v=jYeDRKB1RXw&feature=player_embedded#t=0s
‘...That is not a portrait of healthy economic activity. That is desperation,
pure and simple. The story of the woman who sprayed her fellow Xbox shoppers
with pepper spray is bad enough, but nothing quite captures what’s wrong
with Black Friday better than this Lord of the Flies-style barbaric
waffle-maker anarchy…’ [Come On! Wake
Up! More stores open, earlier, larger loss leaders / markdowns, as desperate as
the desperate desperados who got their ‘shopping’ in early, at best. The spin
is toal b***s***! Even the great depression didn’t bespeak this great
desperation! The desperation of Black Friday — Salon http://www.youtube.com/watch?v=jYeDRKB1RXw&feature=player_embedded#t=0s
‘...That is not a portrait of healthy economic activity. That is desperation,
pure and simple. The story of the woman who sprayed her fellow Xbox shoppers
with pepper spray is bad enough, but nothing quite captures what’s wrong
with Black Friday better than this Lord of the Flies-style barbaric
waffle-maker anarchy…’ Drudgereport:
FITCH TURNS NEGATIVE ON US
, Germany told it must act to
save Europe…[ Who’s goin’ to save Germany? ]... , Impassioned plea for continent
to avoid 'apocalypse'... , Warned of 'highly devastating
outcomes'... , Just days until collapse? ] , Italian
Bond Yields Doubled in Latest Bond Auction Wall St. Cheat Sheet , Sliding Incomes Threaten Consumer Spending , Moody’s
Downgrades Hungary to Junk Wall St. Cheat Sheet , Global
Stock Markets Remain in Structural Bear Markets Minyanville NextBigTrade.com Nov 25, 2011 , Euro
on ‘Death Watch’ After Investors Spurn German Bonds CNBC.com , Stocks
Extend Longest Drop Since 2008 on Debt Bloomberg , STOCKS
GO NOWHERE AND EUROPE GOES DEEPER INTO CHAOS: Here's What You Need To Know Business
Insider Sam Ro , The Global
Economy is in Big Trouble The Economic Collapse | The global economy is
heading for a massive amount of trouble in the months ahead , European
Banks Frantically Trying To Dump $7 Trillion Of Crap Assets — But No One Will
Buy Them Business Insider , European
Bailout Time Of Death: EFSF Cut In Half Due To “Market Conditions” Zero
Hedge , Experts:
‘Euro to be Scrapped within Months’
Nov 25th, 2011 (IBTimes) , S&P
downgrades Belgium one notch to AA+ citing financial sector risks. Outlook
remains negative. Nov 25th, 2011 , Guest
Post: Just A Holiday Reminder - Black Friday Is Utterly MeaninglessTyler Durden , "Disastrous" bond sale shakes confidence in Germany
Reuters , Why Europe
Will Result in Systemic Risk November 23rd, 2011 ‘..These leverage levels
alone position Europe for a full-scale banking collapse on par with Lehman
Brothers. Again, I’m talking about Europe’s ENTIRE banking system
collapsing.This is not a question of “if,” it is a question of
“when.”..’ , STOCKS
GET SMOKED, EUROPE BURNS, AND BANKS ARE STRESSED: Here's What You Need To Know
http://www.businessinsider.com/closing-bell-23-2011-11 Sam Ro Business Insider , Euro
Tumbles As JPM Predicts ECB Rate Cut To 0.50%, “Deep Euro Area Recession”
Zero Hedge , Euro
on ‘Death Watch’ After Investors Spurn German Bonds CNBC.com , Are Parallels to the Great Depression Catching Up for Good? [ Short answer: Yes! And, in a new, modern,
and in light of insurmountable debt levels and fraud at lightning computerized
speed, a far more deleterious way. ]’.. Time is running out. Italian
10-year debt yields are once again above the sustainable level of 7%, while
Spain…’ , Euro crisis: The screw tightens — Free Exchange , DATA
SUMMARY SHOWS THE US ECONOMY IS IN JEOPARDY [ Duh! Ya think? ] Jeff Harding Nov 23, 2011 ‘..I have what I
believe is a healthy skepticism about the reports from the multitude of federal
agencies that I follow on a regular basis. They are often revised and probably
understate the negatives. That is especially so with price inflation. Many of
the reports are in nominal numbers rather than adjusted for official price
inflation..’ , Goodnight
Stocks: Waiting For The Crash To Arrive
http://www.bullfax.com/?q=node-goodnight-stocks-waiting-crash-arrive By Eric Parnell 11/22/2011 , Spanish
Bond Yields Surge to Record HighWall St. Cheat Sheet , Germany
Walks… or the EU Sees a Domino Debt Collapse Followed by Systemic Failure http://gainspainscapital.com
November 22nd, 2011 , MF
Global trustee says $1.2 billion missing from company Reuters | The
shortfall of commodity customer funds at MF Global Holdings Ltd may be around
$1.2 billion. , Pimco’s
El-Erian Says U.S. Economic Setting ‘Terrifying’ Nov 22nd, 2011 (Bloomberg)
, Deep
economic pain ahead for the U.S. and the world: Simon Hunt Nov 22nd, 2011
(HousingWire) , ‘The
Sky Will Fall In’ for Europe; US Key to Growth: Bank Chairman [ Which
means: ‘They’re doomed; ‘cause pervasively corrupt, defacto bankrupt america is
an economic, financial, and political basket case, at best!’ ] Nov 22nd, 2011
(CNBC) , TIME
Asks Can the U.S. Federal Reserve Help Save Europe’s Banks? TIME | The U.S.
Federal Reserve has been pumping billions of dollars into the European banking
system in recent weeks. [ Come on! Get real! Who’s going to save the fed?
] , Jim Grant:
“Central Banks Are Insolvent” Daily Bail | Holy insolvency
Batman: the ECB is leveraged 14 to 1, and the Fed is leveraged 100 to 1 , As
the World Crumbles: the ECB spins, FED smirks, and US Banks Pillage Nomi
Prins , Stock
Market Still Broken, Technically The Wall Street Journal Steven Russolillo and Tomi Kilgore ‘The technical indicators are not looking
good for the stock market these days , Greece
Just 20 Days Away from DefaultWall St. Cheat Sheet , Economy
Grew Less Than Previously Estimated in Third QuarterWall St. Cheat
Sheet [You may recall the ‘market pop’ on what I previously referred to as
dubious then and now known to be false data / reports; which, in this ‘election
cycle’, is the typical political desperation underlying these complicitly
fraudulent markets. And, be advised that inflation is way beyond what’s
reported, and contrary to spin, that’s a very bad thing.] , Dave’s Daily:
http://www.etfdigest.com WHEN
KEYNES POLICIES AND POLITICIANS FAIL , Will
The Deficit Super Committee Failure Lead to Another Meltdown? ETFguide Maierhofer 11-21-11’… According to the formula the down side potential is
simply massive…’ , Japan's
Kokusai Liquidates Remainder Of Euro Sovereign Exposure, Just As European
Primary Issuance Supply Surges Durden
‘…the following update from
Morgan Stanley shows, things are getting from from bad to worse…’ , Moody's
Says No To Congressional Can-Kicking The Wall Street Journal {
Yet watch for Moody’s can-kicking, based on, quid pro quo?, hope?, etc.. } , STOCKS
GET SLAMMED, EUROPE GETS WORSE, BANKS AND GOLD GET CRUSHED: Here's What You
Need To KnowBusiness Insider , Something
Big Is Coming... and It's Going to Be BAD Phoenix Capital... 11/18/2011 We have been
getting MAJOR warning signs of a collapse for months now. No less than the Bank
of England, the IMF, and legendary asset management firm Franklin Templeton
have warned…’ , One
Interesting Thing About the Leading Indicators Report The Wall Street Journal (Fri, Nov 18) {
How about the most interesting thing about ‘leading economic indicators’ is the
weighting accorded M2 and stock prices… , The
next financial crisis will be hellish, and it’s on its way
http://news.yahoo.com/next-financial-crisis-hellish-way-204303737.html Addison Wiggin
| Forbes 11-16-11
"There is definitely
going to be another financial crisis around the corner," says hedge fund
legend Mark Mobius, "because we haven't solved any of the things that
caused the previous crisis." , House rejects
balanced budget amendment Nov 18th, 2011 (AP) , US
Deficit-Cutting Talks Appear to Be Near Collapse Nov 18th, 2011 (Reuters) ,
Drudgereport: NEW DOWNGRADE THREAT
, Guest
Post: The Reasons For China's Imminent Bust Tyler Durden
11/18/2011 , Friday
Night Irony: According To The Fed, Just Over One More Year Of ZIRP Will Lead To
38.36% Annual Inflation Durden , The
Final Straw? Jefferies And Six Other Banks Sued For "Fraudulent" MF
Global Bond Issuance Durden 11/19/2011 , Stocks
sink after Fitch warns on US bank exposure AP , Beware
the Earnings Cross, Stock Investors The Wall Street Journal Gongloff , Tighter
Credit Suggests Stocks Should Fall
The Wall Street Journal ,
Watch
Nigel Farage Dance On The Euro's GraveTyler Durden on
11/17/2011 , Another
Tough Month For Tilson As CNBC's Favorite Buffett-Worshipper Is Down Over 24%
YTD Tyler
Durden on 11/18/2011 , Payback
Time - The Coming Decade Of Deleveraging Tyler
Durden on 11/17/2011 Dave’s Daily:
http://www.etfdigest.com ‘The further down the road we go without
confronting problems head-on, the more difficult things become… We go along
with band-aids, useless stimulus, money printing and hope. It’s BS and smoke
and mirrors policies... Their credibility is shot.It’s no wonder investors are
fleeing markets. Over $200 billion in equity mutual funds have left the markets
since 2010. As I update our Top Ten ETF lists by sector, I see assets under
management (AUM) declining 25-45% just in the last four months. The great
October stock rally was a “eurozone is fixed” mirage. Thursday markets received
mixed economic news in the U.S. as Jobless Claims fell somewhat (higher previous
revisions again and people dropping off the rolls like flies accounts for some
of this) and a poor Philly Fed Survey (3.6 vs 9 expected and previous 8.7).
Housing Starts were unchanged, and frankly we don’t need more home
construction…’ The
next financial crisis will be hellish, and it’s on its way Forbes.com Citi
Economist Warns of Imminent Spanish, Italian Default The Wall Street Journal (11-16-11) , Financials
Drag Market Lower, Fitch Raises Doubts About Euro Hedge Effectiveness
The Wall Street Journal Gongloff (11-16-11) , Stocks
Making Risky Bet on Massive ECB Money Printing The Wall Street
Journal , Dave’s
Daily: http://www.etfdigest.com
INVESTORS ON THIN ICE , Euro-Dollar
Basis Swap Cost at 2008 Crisis Levels The Wall Street Journal , U.S. Debt Tops
$15 Trillion Mark Today Nov 16th, 2011 (ABCNews) , Minyanville's
T3 Daily Recap: Wedge Pattern Looks Set to Resolve to Downside
Minyanville , European
Financial Gravity: The Era of "Extend and Pretend" Is Over Atlantic
Capital Management , Europe: Close To A
Death Spiral? Nov 16th, 2011 By Bruce Krasting (EconMatters) , Citi
Chief Economist Willem Buiter: A Spanish Or Italian Default Could Happen In A
Few Short Days Durden, Financial
Stocks Catching Up To Their Recent Credit Weakness
..it seems reality is starting to
sink in..Durden , Which
Way Wednesday – Popping or Topping (again)? ilene 11/16/2011 This is a fantastic opportunity
to observe the workings of an actual criminal conspiracy to defraud the
American people in action. , JPMorgan
To Issue CMBS Backed By... Defaulted Loans Tyler Durden 11/15/2011 ,
Presenting
Europe's Remaining 2011 Bond And Bill Auctions... All 104 Of Them Durden , Congress
Shocked To Find That Being CEO Of A Bankrupt Company Is The New Killing It Durden Two weeks ago we reported with
sheer disgust that the outgoing CEO of bankrupt Freddie Mac, Ed Haldeman,
was to pocket over $4 million for his brief two year stay..for lots of hard
work collecting bail out cash from the Treasury. $21 billion to be precise , Dark
Pool Flush: Game Over Pipeline; Next Up Goldman's Sigma X? Durden on 11/15/2011 For years Zero Hedge has been exposing the persistent
fraud that goes on behind the trading scenes, not only in High Frequency Trading,
but also in various dark trading venues, known better as dark pools where
exchanges, typically the banks themselves get to match buyers and sellers
without any indication of a trade having occurred, until much later if at all…
What will shock the trading community, however, even more is if the SEC decides
to go after not some tiny unknown firm, but the real dark pool transgressors,
the biggest one of which is and has always been Goldman's Sigma
X. Of course for that to happen, Mary Schapiro would actually have to do
her job. And that, unfortunately, ain't happening. , Falling
house prices trap first homeowners Guardian , Contagion
spreads, triple-As under pressure Nov 15th, 2011 (Reuters) , What
Other MF Globals Are Lurking In the System? , Last
Market Rally Before the Bears Take Over Minyanville David Banister 11-14-11 ‘The current
market rally will likely last through Christmas before we see the big leg down.
… Longer term, my best view right now
is that this is a countertrend bounce off the 1,074 lows that will give way to
another big down leg. …‘ , Even
the Fed Can’t Value Financials’ Risk Phoenix Capital 11/14/2011 The NY Fed is the single most powerful
entity in charge of the Fed’s daily operations. How can any investor
believe that the Fed can manage the system and restore trust when the NY Fed cannot
accurately audit a financial firm’s risks during a six month review, then
there is NO WAY an ordinary investor can do so. , Europe in worst hour since WW2: Merkel [Duh! Ya think?] , Congress
Trading Stocks on Inside Information!?Wall St. Cheat Sheet , Bob
Chapman: Surviving The Banker Sociopaths The Alex Jones Channel | Alex
talks with regular Friday guest Bob Chapman of the International Forecaster. , SPX Update: Crash Wave Ready; Confirmation Still Pending Jason Haver
11-11-11 , Do Valuation Metrics Still Apply or Has The Market Become
Untradable? Simon Maierhofer Etf Guide [ Short answers: No and yes the
market has become ‘untradable’ for investors. I would add that the ‘debased
dollar policies’ (ie., QE’s, overprinting of paper currencies / dollars, etc.)
enable sales / revenues to be booked with ‘more’ of the inflated dollars
relative to costs booked at the ‘fewer / greater value’ dollars which spikes
earnings but leads to the inevitable margin erosion when the reported costs
‘catch up’ in terms of inflated ‘Weimar’ dollars. Hence, even the averages when
deflated for real inflation (see Faisal infra) show a far less sanguine picture
(than say, hard assets, ie., gold, etc.). Even more important is the effect of
the HFT programmed trades , http://albertpeia.com/wallstreetcrapshoot.jpg , Bernanke
Knows He’s Powerless This Time Around by Phoenix Capital Research
11/10/2011 , The
Aftermath of the Risk-Free Sovereign Debt Illusion
Minyanville (Fri, Nov 11 ] Divergences
Point To Stock Market Crash http://www.bullfax.com/?q=node-divergences-point-risk-stock-market-crash
11/10/2011 James A. Kostohryz , EU Warns Of
‘Deep, Prolonged Recession’ Dow Jones Newswires | The European Union
Thursday slashed its growth forecast for the 27-nation bloc in the coming year.
, Dave’sDaily:
http://www.etfdigest.com [WELL FOUNDED] FEAR REMAINS.. November 10, 2011
‘Rapidly changing news cycle, combined with HFT algos …As has been routine,
previous data was revised higher from 397K to 400K, and given this pattern, you
should expect current data revised higher next week…’ What First Time Unemployment Claims Data Is Saying About the
Economy Lee Adler Nov 10, 2011 ‘…Purely by accident,
the real number this week wasn't too far off at 398,753, but that was an
increase from last week's 369,647, not a decline as shown in the cartoon
numbers. Furthermore, it was about 70,000 more than at the seasonal low reached
the last week of September. While this year's seasonal low was lower than last
year, and this year's increase since then was less than last year's, how that
led to the proclamation that this week's number was the lowest in seven months
is beyond my comprehension. It's just a meaningless, and false, number spit out
by a statistical rhythm…’ Famed
economist predicts economic calamity in 2012. See the evidence.
http://w3.newsmax.com/a/aftershockb/video.cfm , These 4 things happen right before a heart
attack. newsmax
http://www.newsmax.com/Newsfront/silent-heart-attack-symptoms/2011/09/23/id/412086 ,
50% unemployment & 90% Dow crash also
predicted. Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm ,
http://www.economist.com/content/global_debt_clock
is ticking! Analyst
Sees 3% More Downside On Dow As Cyclicals Lose Momentum
Barrons.com (Wed, Nov 9) [ Is that all? Sounds like a fraudulent wall
street wet dream! Far more reliable analysts predict much lower, infra. ] , There
Is No Solution for Europe”: Stocks Tumble as Italian Yields SurgeThe
Daily Ticker (Wed, Nov 9) , PERVASIVELY CORRUPT, DEFACTO BANKRUPT AMERICA IS A TOTAL
FRAUD IN THE INDUCEMENT AND FACTUM. #9. (see
infra) World’s Largest Drug Dealer: The American empire is the largest drug dealer in the
world! Say it isn’t so. Well, in addition to forcing legal drugs
and genetically modified organisms on nations,
usually under the cover of foreign aid, America also leads in the illegal drug
trade. In fact, many researchers reveal that the war on drugs is only
utilized to control and monopolize the illicit drug trade. The US
government has been caught multiple times shipping
in cocaine [ http://www.youtube.com/watch?v=bQvbdiWgwsA , http://www.youtube.com/watch?v=UQNSoOX-dcw&feature=related , http://www.youtube.com/watch?v=gG1Id2qpSOE&feature=related , http://www.youtube.com/watch?v=tIEUhpxeuP4&feature=related , http://www.youtube.com/watch?v=DyM43Sw2OVc&feature=related ] , colluding
with certain cartels [ http://www.americanthinker.com/blog/2011/08/does_mexican_drug_cartel_have_deal_with_us_government.html ] to control the industry, and now
openly protects and
transports opium from Afghanistan
[ http://www.youtube.com/watch?v=ElEciFI0Pew ] . In
fact, Global Research points out that in 2001, “according to UN
figures, opium production had fallen to 185 tons. Immediately following the
October 2001 US led invasion, production increased dramatically, regaining its
historical levels.” This month, the U.N. announced that Afghanistan now
provides 93% of the world’s opium production [ http://www.nytimes.com/2011/10/12/world/asia/un-reports-sharp-rise-in-opium-production-in-afghanistan.html?_r=2&ref=world ] ; up 61% compared to 2010 to a whopping 5800 tons.
Although the empire tries to keep it secret, they can’t hide the
hypocrisy forever. [ website archived links http://albertpeia.com/uscocainedistributionfiles.htm ] , Dave’s Daily
http://www.etfdigest.com ‘Perhaps
this is now the “no news is good news” market since a rally on Berlusconi’s
resignation is beyond irrational. But, we’re long so I shouldn’t complain too
much even though emotionally there isn’t much to like overall. The only bullish
thing is the action of the tape and this is the season when bulls can make
their year. Speaking of HFTs and algos, HFT issues are thoroughly covered with HFT Alert founder Steve Hammer and myself
in the video interview below. The presentation contains two parts: the first
outlines HFT basics—how they work and their controversial impact on financial
markets. The second part we discuss how traders can benefit or make money by
using HFT Alert’s unique trading services. http://www.youtube.com/watch?feature=player_embedded&v=NzfmT4vGXZY
[ ‘Off to the golf course’, indeed. Those are Mr. Hammer’s concluding remarks.
Not because he’s a trader, but because he’s selling this ‘very functional in
terms of what’s going on’ package. The truth is that even today, at lightning
speeds, there are very few successful traders (as distinguished from investors,
and there is a huge distinction, though much less so today)(over the longer
term and is akin to the apposite old adage, ‘you can win a race but you can’t
win at the races’). Indeed, some companies / brokerages employ them just for
the volume / commissions they produce. Most telling, in this video, is the
beginning wherein it’s explained that in literally a second(s), mere quotes can
give rise to revenue (as with commissions, pieces of the action) which has to
come from someplace. The problem is that ultimately, this ‘churn-and-action’
computer programmed action at ‘lightning speed’ is parasitic inasmuch as it is
without any economic utility whatsoever in real economic terms as are
commissions in ‘after-market stock trading’ (as distinguished from initial
ipo’s) that are tantamount to a tax on the real economy; hence, the benefit to
the frauds on wall street at the expense of and to the detriment of main
street, taxpayers, and the populace in general, as we’ve seen and continue to
see. ‘Remember, there is no modern day alchemy that spins worthless paper
into gold except fraudulently for the frauds on wall street who’ve literally
oftimes done exactly that; ‘cashing out’ for hard currency and gold, precious
metals, at everyone else’s expense including main street. They’re just not that
important and represent, like termites eating away at the nation’s foundation, a
drag on the economy, the nation as one would expect from parasites such as they
are’. What
to Expect Next From the Markets Minyanville Jeffrey Cooper ‘Conclusion:
It looks like a program was run using the least amount of dollars to goose the
indices by focusing on some big cap names like Apple, Amazon, Baidu, IBM, and
Caterpillar { Dave’s
Daily:’.. The HAL 9000s have
been doing business as HFTs (High Frequency Traders) launching many buy or sell
programs using complex algorithms which can drive prices on indexes higher or
lower in dramatic fashion. One of their great acts is called "quote
stuffing". It's another illegal activity which the SEC hasn't quite
figured out. It's as futile for them as the illegal fee-driven recent
end-of-quarter price jam-job..’} Then there’s the fed complicity in these
various wall street scams by way of QE’s / dollar debasement which of course
benefits the frauds on wall street to the detriment of literally everyone else.
]So, as indicated stock prices shot
higher on the Berlusconi news. Gold prices saw some profit-taking, the dollar
was weaker, commodities stronger and bonds weaker.Volume was on the light side
and breadth per the WSJ was quite positive…’ , Dave’s
Daily http://www.etfdigest.com
‘Perhaps this is now the “no news is good news” market since a rally on
Berlusconi’s resignation is beyond irrational. , U.S. Auto Sales And Consumer Credit Hard To
Reconcile
http://www.bullfax.com/?q=node-us-auto-sales-and-consumer-credit-hard-reconcile ‘The last number in the Fed consumer credit
report for new car loans is for the first quarter of 2011, and it showed a
decline of 2.73% from the fourth quarter of 2010. Yet new auto sales for the
same period increased 3.97%. Fascinating.’ , Barclays
Says Italy Is Finished: "Mathematically Beyond Point Of No Return"Tyler Durden on 11/08/2011 - 20:13 , Bond
dumping and Berlusconi Pivotfarm
: 11/08/2011 - 08:18 BNP Paribas SA and Commerzbank AG (CBK) are
unloading sovereign bonds at a loss, leading European lenders in a
government-debt flight that threatens to exacerbate the region’s crisis.
BNP...’ , Trouble
Ahead: Employment, Inflation, and the Fed Minyanville Jeff
Harding , Embarrassing
Blunders Wall Street Loves to Hide ETFguide Maierhofer ,
SPDR
Dow Jones Industrial Average ETF Experiences Big Outflow Forbes , ETF
Fund Flows: SPY Bleeds $1.14 Billion IndexUniverse.com , Got
PrimeX Short?: Half The Country's Mortgages Are Underwater Tyler Durden , As
Geithner Says Supercommittee "Holds Key To Rebuiling Confidence"
Supercommittee Says "Trillions Of Dollars Apart" Tyler Durden , Wikileaks
Exposes German Preparations For “A Eurozone Chapter 11″ Zero Hedge |
A worst case scenario, says Mayer, could be that Germany pulls out of the
Eurozone altogether in 20 years time. , Italy
borrowing rates hit record The Italian government's borrowing cost
rises on fears over political uncertainty, with 10-year bond yields hitting a
euro-era high of 6.64%. , Are
RBS And NatWest The First Victims Of “Bank Transfer Day” Zero Hedge
| Earlier today we received the following email from a reader: “RBS systems are
down today – ALL of them. , Euro-Kaput:
‘Euro could be dead by end-November’ Russia Today | Greek
PM George Papandreou is aiming to form a coalition government and push through
an international bailout package. , HFT TRADING RULES MONDAY Dave’s Daily:
http://www.etfdigest.com
11-7-11 , Italy: Too
Big to Fail, Too Big to Save? Nov 7th, 2011 (CNBC) , Italian
Debt Crisis Has Global Markets on Edge. Here’s Why It Matters to You JK
Comment: The Daily Ticker guys offer some interesting insight on the evolving
situation in Europe, and how “contagion” may not be limited to the shore’s of
Europe.’ , Presenting
The Latest Eurodebt Exposure Masking Scam Courtesy Of Morgan Stanley: Level 1
To Level 2 Transfers Tyler Durden , Here Is Today's 3pm
Rumor... Durden ‘In true save-the-market
style, as 3pm ET comes around we have another rumor from Europe. This time it
purports to be the creation of an investment fund, as a subsidiary of the EFSF,
which will 'attract' external capital sources, via tranching of returns, to
enable the purchase of sovereign debt in primary and secondary markets.
Headlines, via Bloomberg, for now suggest this is yet another strawman…’ , No smoking gun: IAEA Iranian nuclear report falls flat on
its face Patrick Henningsen | The IAEA report has
come up short, but the Axis powers are still desperate to hit Iran , 10 Reasons America Will Be Judged as the Most Brutal
Empire in History http://www.prisonplanet.com/10-reasons-america-will-be-judged-as-the-most-brutal-empire-in-history.html
Activist Post | Good and evil doesn’t have a grey zone.. America and her
Western cohorts will likely be viewed as the most brutal empire in history..
Although this empire is infinitely more powerful than Rome was, it will suffer
the same fate. For every negative action the empire commits, there’s an
equal and opposite good reaction. And the goodness of humanity will always
defeat tyranny when it goes too far. However, an empire with so much to
lose will go down swinging and slinging every weapon in its arsenal, thus
putting the final stamp on their status as most brutal empire in history.’ , Greek Debt Crisis: Mark II of the Plan for a Greatest
Depression Kurt Nimmo | HSBC, a prized bankster
asset connected to the City of London, warns of a global depression. , Hit
With Big Withdrawals, Fed Sells Assets, Borrows Cash ilene
11/06/2011 , Fed
Underestimated Economy's Weakness: Kohn TheStreet [ Another
‘duh!’ moment from the fraudulent fed! ] , Tempted by Europe? Don’t Be - http://www.theglobeandmail.com/globe-investor/markets/markets-blog/tempted-by-europe-dont-be/article2228163 ‘ ,
Europe.
Is. Finished. Phoenix Capital... 11/05/2011 ‘Europe is
finished. The region’s entire banking system is insolvent (with few
exceptions).’
Earnings
Warning Ratio Highest In a Decade The Wall Street Journal ‘…In other words, even as the market
has rallied, the outlook for earnings has gotten worse.’ , Minyanville's
T3 Weekly Recap: Market Breaks Streak of Weekly Gains, Focus Shifts to Italy Minyanville , The Chart That's Forecasted Every Major Move Correctly Since
March 2011 Simon Maierhofer 11-4-11 ‘…major indices may just be chopping around for
another week or two before heading south for the winter…’ , SPX and NDX Update: Top May Be In as Retracement Rally Hits
Targets Jason Haver , Handicapping
a Global Market Meltdown
Minyanville , Extreme Poverty Is Now At Record Levels – 19 Statistics
About The Poor That Will Absolutely Astound You The Economic
Collapse , Insider selling
surges — CBS MoneyWatch , Greenspan
Suggested Cutting Taxes on the Wealthy to Increase Debt so the Fed Wouldn't
"Lose Control of Monetary Policy" George Washington , First
Time Unemployment Claims Increase But Less Than Usual : ilene
: 11/03/2011 - There's just one minor problem. http://www.zerohedge.com/contributed/first-time-unemployment-claims-increase-less-usual Courtesy of Lee Adler of the Wall Street Examiner
"Fewer people applied for unemployment benefits last week, a hopeful sign
that the job market might be picking up," trumpeted the AP, in a news item
picked up by news organizations across the US and the world. There's just one
minor problem. First time claims actually increased by 9,361. The AP, and
everybody else, reports a fictitious number, the seasonally smoothed fantasy.
They do that because they figure that readers are too stupid to compare this
week's performance with the same week in previous years to see if the economy
is doing better or worse. I hold no such preconceived notion. If you are smart
enough to be reading this report, then you are smart enough to be able to
compare actual numbers, as opposed to the fake pablum spoon fed to you by the
economics punditocracy…’ , Unique
Historic Precedents Suggest Lower Prices
http://finance.yahoo.com/news/Unique-Historic-Precedents-etfguide-1382828970.html?x=0&.v=1 ETFguide Simon
Maierhofer, November 3, 2011 ,
Europe is doomed — Felix Salmon http://blogs.reuters.com/felix-salmon/2011/11/03/europes-doomed-fate ‘This
is beginning to feel like 2008..’, Because
Central Banks Just Aren't Enough: G-20 Will Ask IMF To Print Reserve Currency Durden Four months ago we predicted that in response to
the latest round of global economic deterioration, every central bank would
very soon join the toner party., Today's
Joke Du Jour Comes From Italy's Biggest Bank, UniCredit , SEC
Opens Investigation Into MF Global Insider Trading, Ignores Glaring Evidence Of
Client Capital Commingling, Hugh
Hendry Channels Irony And Paradox In His Latest Financial Outlook ‘..So what’s next? A crash, of
course..’, As
Repeatedly Warned, Quarter End Window Dressing Key Factor In MF Global's Demise Tyler Durden11/04/2011 Citi:
"The Bear Market Rally Is Behind Us; We Anticipate A Move To
1,000-1,015" by Tyler
Durden 11/02/11 , Fed lowers GDP forecast, raises unemployment projections, mulls
more inflation producing, failed, futile, wall street fraud-friendly action to
the detriment of all others which rallies those ever more worthless as with
dollars ‘pieces of paper’ (actually not even, just ‘over-counted/supplied
computerized ‘ledger’ entries) for the ubiquitous as in the last financial
fraud debacle) for the continuing High-Frequency-Trade churn-and-earn
(Reuters) , Market
Recap: Banks Rally Back, Fed Outlook Worsens [jersey based, former
lautenberg adp data’s as worthless as that from the scandal-scarred commerce
dept. et als, ie., factory numbers; then, the labor dept.’s fake report,
estimates, numbers, including the b.s. service sector, etc..) Wall St.
Cheat Sheet , Fed foresees far weaker growth than it had earlier , MF
Global Client Theft Estimate Doubled To $1.5 Billion?
Durden, Game
Over Berlusconi? Italian Anti-Crisis Bill Fails
Durden, Egan
Jones Downgrades Jefferies On Concerns About Sovereign Exposure Amounting To
77% Of Equity Durden , Guest
Post: MF Global Shines A Light On Monetarism's Incapacity To Enhance The Real
Economy , Will
Spiking Vol Drag Global Growth Down? [Short answer: YES! The HFT churn and
earn is parasitic, benefits the frauds on wall street only, and ultimately must
‘come from some real place’ (ie., main street, taxpayers, etc.)] The
Greco-Franco Bank Run Has Skipped the Pond, Landed in NY/Chicago and Nobody
Noticed, Exactly As I Predicted! Reggie Middleton 11/01/2011 ‘We just
experienced a bank run in the US that I have been warning of for months on end.
A bank run that resulted in this country's 8th largest bankruptcy,,, ever - and
nobody even noticed.’ , How
US Banks Are Lying About Their European Exposure; Or How Bilateral Netting Ends
With A Bang, Not A Whimper Tyler Durden , Keeping
Up With The Korzines In The Kooler: FBI To Investigate MF Global's Theft Of
Client Money Durden , US
construction spending +0.2% in Sep, below market expectations of +0.3%, vs 1.6%
Aug. Nov 1st, 2011 , US
ISM fell to 50.8 in Oct, below market expectations of 52.0, vs 51.6 in Sep.
Nov 1st, 2011 Guest
Post: Fed Trapped By Inflation Durden ,
Keeping
Up With The Korzines In The Kooler: FBI To Investigate MF Global's Theft Of
Client Money Durden, US
Food Stamp Usage Hits New Record Durden ,
The
Coming Derivatives Crisis That Could Destroy The Entire Global Financial System
The Economic Collapse , The
REAL $200 TRILLION Problem Bernanke’s Worried About Phoenix Capital... ‘US Commercial banks have
$200 TRILLION in interest rate based derivatives sitting on their balance
sheets. And guess which banks have the greatest exposure…’ ; and, finally
the coup de gras , America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke. There are signs everywhere one looks…The government’s
total indebtedness is $211 trillion’, Unthinkable
Poised to Happen on Wall Street. See Disturbing Charts. (Moneynews) http://w3.newsmax.com/a/aftershockb/video.cfm?PROMO_CODE=CD97-1 , http://www.stansberryresearch.com/pro/1108PSI9MOVD/PPSIMA06/PR Mf global, plus mob infested jersey former governor,
plus fraudulent wall street, plus mob strong new york, plus rich mob history
Chicago, equals fraudulent scheme / theft / scam in the making and then
reality! Someone
Is Going To Jail For This: MF Global Caught Stealing Hundreds Of Millions From
Customers? Tyler
Durden 10/31/2011 , Graham
Summers’ Weekly Market Forecast (Wake Up Call Edition) Phoenix Capital... 10/31/2011 The markets flew
into this deal based on rumors and short-covering and are now waking up to the
plain obvious facts that you cannot solve a debt problem with more debt. , Panic
Behind The MF Scenes As Company Refuses To Disclose Information To Regulators
Even In DeathTyler
Durden 10/31/2011 , Are
Investors Buying on False Hope? Minyanville , Markets
Remain in Cyclical Bear Market
Kevin Tuttle [ Actually this is
a secular bear market with much worse to come! ] , U.S.
and Europe … “Self-Induced Stagnation,” says Economist Editor The
Daily Ticker , Why Last Week's
Euro Fix Won't Do the Trick ETFguide Maierhofer , Corzine's MF Global collapses under euro zone bets , Are
Ratings Agencies Taking Bribes?Wall St. Cheat Sheet [ One way or
another, from all 3 branches of u.s. government to u.s. businesses coast to
coast, wall street to main street, they’re all getting / taking bribes! ] , SPX and NDX Update: A Disturbing Look at Fundamentals, and the
Rally Explained Jason Haver
Oct 31, 2011 , China Says Not So Fast On Rescue
http://www.thestreet.com/_yahoo/video/11292710/buy-and-hold-is-dead-buy-and-hedge-instead.html?cm_ven=YAHOOV&cm_cat=FREE&cm_ite=NA&s=1#1250281566001 , MF Global Caught in Death Spiral , Sell
H-P! Against the Grain 10/31/11 , Europe Will
Make Lehman Look Like a Joke http://gainspainscapital.com/?p=1010 Summers 10-28-11, Be
Honest – The European Debt Deal Was Really A Greek Debt Default : ilene
: 10/28/2011 - 2012 looks like it is going to be an extremely painful year. [
Yes! Very painful! I believe Dave was the first ‘to get this’ in passing
yesterday; and, thinking on it more, I believe this charade cheered
particularly by the frauds on wall street (and surprisingly germany) was for
the purpose of ‘voluntary’ to avoid the Credit Default Swap trigger. Yet, the
real bad news is that, even worse than as with the last financial debacle,
owing to the greed-driven, commission/fee generating churn and earn of
innumerable, bogus, worthless, levered, negatively valued on event financial
instruments at computerized lightning speed, the commission-generating paper is
beyond the frauds’ abilities to account for; and not just the CDS’s ( ETFs
have potential to become the next toxic scandal Sep 19th, 2011 News
(The Telegraph) Financial Stability Board (FSB), an international super-regulator,
wrote a prescient if less than catchily-titled paper “Potential financial
stability issues arising from recent trends in Exchange Traded Funds
(ETFs)”..warning – ETFs are not the cheap and transparent vehicles the
marketers would have us believe ..no one who read the FSB report was surprised
to see the words ETF and rogue trader in the same sentence… half of the ETFs in
Europe today do not match the index they are designed to track by holding all
of its constituent shares.. Derivative trades add a second layer of uncertainty
.. the counterparty risk that the organisation on the other side of the
contract might go bust. Even worse, the provider of the ETF might
sometimes be a part of the same organisation as the derivatives desk carrying
out the swap…For reasons which I’m not sure I could explain even if I
had the space, it is possible for the number of shares sold short in an
ETF to massively exceed the actual number of shares available.’). Not
only is it that The
Greek Deal Accomplishes Nothing… Systemic Risk is Coming http://gainspainscapital.com
October 27th, 2011 (Yes! It’s happened again. No … not just the (Weimar)
funny money and rally as in the great depression followed by the inevitable
bust /crash Parallels
to The Great Depression Suggest Higher Prices Followed by a Bust ETFguide
Simon Maierhofer, October 25, 2011),
but , Dave’s Daily http://www.etfdigest.com/davesdaily ‘The only thing wrong with the image above
is that it’s from March 2010, or on one of many previous plans agreed upon.
But, markets don’t care about this and just thirst for any deal even if
memories remain short.. HFT algos are programmed to pounce on these presumed
fixes and have been active in driving stock prices higher this past week. Let’s
face it; this is the time of year bulls can make their year with good fees and
bonuses on the line…’ , Dave’s Daily: http://www.etfdigest.com ‘The above image displays quotes per
second coming from HFT (High Frequency Trading) systems http://www.etfdigest.com/images/stories/davesdaily/1866/image002.jpg http://www.etfdigest.com/images/stories/davesdaily/1866/image002.jpg . The two graphs display action towards
the close of trading Friday. The upper graph shows action of “algos” per second
while the bottom the number of HFT quotes per second over a three minute time
period with colors for each exchange. The lower graph displayed nearly 300
quotes per second—got that? Perhaps only a small fraction of these are real
trades with the others being just bids and offers designed to stimulate program
trading algorithms. This is posted because nearly 70% of all volume and trades
on the NYSE for example are program trades with HFTs now dominant. ‘ Then there’s the reality / folly that the
mental case with the funny / odd little mustache has been displaced by another
ubiquitous fraud of collectively the ‘multiple mental cases modern day
equivalent variety’; viz., the bourse, bourses, ‘boursers’, stock exchanges,
‘market fraudsters’(wall street particularly), and their lightning fast, high
frequency trading computers(‘ programs). After all, the already
undercapitalized banks are now 50% more undercapitalized (those Yule Brynner
hair cuts are a b**ch); there’s good money after bad; and square pegs are, for
the nonce, ‘fitting’ into round holes. Nothing’s been solved and there’s much
worse to come! Take this as the ‘gift’ (to stock markets everywhere, ultimately
paid for by main streets and taxpayers everywhere) [Market
Now Overbought: Birinyi The Wall Street Journal ] it was meant
to be and sell, take profits, since this ‘microcosm of the crisis’ was never
the real reason for lower markets but merely at best a symptom of [ at worst a
scapegoat for ] these great depression-era times, the worst of which will be
seen. It’s coming! Funny money will just exacerbate the inevitable! This may
sound like a platitude; but, fundamentals and reality still count! Is It Foolish to
Get Excited About the Latest Deal to Save Europe? ETFguide http://finance.yahoo.com/news/Is-It-Foolish-to-Get-Excited-etfguide-2444921710.html?x=0&.v=1 Simon Maierhofer, 10-27-11
[Short answer: YES! ] . The looney loonie now exceeds the value of the
‘funny-money’, debased dollar (who coulda / woulda have ever thunk it). Inflation,
Jobs, and the Artificial Flow of Monetary Policyat Minyanville
Bad news and b***s*** (as in no plan plan) across the board (and sea) … yet
stocks rallied …US
durable goods orders -0.8% in Sep, near expectations, vs -0.1% Aug. Oct 26th,
2011 by News , Paper
currency has too much bull, not enough bullion Oct 26th, 2011 by News
(Globe and Mail) — Sir Mervyn King, governor of the Bank of England, ordered up
another $300-billion (U.S.) in easy money earlier this month, then mentioned,
by way of explanation, that we are living
through the most serious financial crisis since the Great Depression – “if
not,” he said ominously, “ever.” Sir
Mervyn’s warning was only marginally more sobering than the collective warnings
of Prime Minister Stephen Harper, Finance Minister Jim Flaherty and Bank of
Canada Governor Mark Carney.This is not to mock. These men know enough not to
scare people out of their wits unless it necessary to do so. So the question
is, what do these people know that the rest of us don’t?More related to this
story:To put Sir Mervyn’s warning into its historical perspective, it must be
noted that “ever” goes back a long way. The biblical record cites one
calamitous meltdown 4,000 years ago, “when money failed in the land of Egypt.”
Did Sir Mervyn deliberately or inadvertently include the financial crashes of
antiquity in his portentous warning? Isn’t it
the failure of money that now threatens the world? [source]
Euro
Zone to Quadruple Bailout Fund: Sources Oct 26th, 2011 by News
(CNBC) — … [source]PG
View: Leverage is very much a double-edged sword, also capable of
amplifying losses. Nobody ever seems to talk about that. Of course Europe can
always bailout its bailouts… STOCKS
TANK BEFORE EU MEETING THAT EVERYONE EXPECTS TO FAIL: Here's What You Need To
Know Business Insider [ No …this is not quite correct … the point
being there’s nothing they can do to make it (other than the meeting in and
of itself as ‘a much ballyhooed event’) succeed! Graham
Summers’ Weekly Market Forecast (Stocks Are Last to Get It Edition) Phoenix Capital
Research 10/24/11 ‘…So if you have not already taken steps to
prepare for systemic failure, you NEED to do so NOW. We're literally at most a
few months, and very likely just a few weeks from Europe's banks imploding
…’, Four
Facts that PROVE the EFSF Doesn’t Matter… At All Phoenix Capital 10/20/2011Four Facts that PROVE the EFSF Doesn’t
Matter… At All - ‘.. And those investors who get suckered
into betting this mess will work out well are very likely going to lose
everything. The impact of the fallout from this will make 2008 look like a
joke. The EU is the largest economy in the world. So if its banking system
collapses (and it will) we’re facing a full-scale Global financial meltdown
(the IMF has even warned of this)…’ , Parallels
to The Great Depression Suggest Higher Prices Followed by a Bust ETFguide
Simon Maierhofer, October 25, 2011 Investors'
Number One Worry: Europe Posed to Bring Down Global Economy Minyanville [ Riiiiight! Europe following
the ‘american way’ of ‘insurmountable
debt, funny money and wall street fraud, and throw in a destructive, wasteful
war or two or three’ is ‘ the one’ … to
reiterate: America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke…The government’s total indebtedness is $211 trillion’ ], Minyanville's T3 Daily Recap: The Anatomy of a Market Reversal T3Live.com Oct 24, 2011 ‘Now may be a good
time to take some profits after a strong October run in the market…’, 10 Reasons The Consumer Will Sink This Rally http://www.bullseyemicrocaps.com/?p=13626 Bret Jensen , United
States tipped to lose another AAA credit rating Reuters | Either from
Moody’s or Fitch , Can The Hope Rally Continue? [ Short answer: NO! ] , Graham
Summers’ Weekly Market Forecast (Stocks Are Last to Get It Edition) Phoenix Capital
Research 10/24/11 ‘…So if you have not already taken steps to
prepare for systemic failure, you NEED to do so NOW. We're literally at most a
few months, and very likely just a few weeks from Europe's banks imploding …’,
Minyanville's T3 Daily Recap: The Anatomy of a Market Reversal T3Live.com Oct 24, 2011 ‘Now may be a good
time to take some profits after a strong October run in the market…’, 10 Reasons The Consumer Will Sink This Rally http://www.bullseyemicrocaps.com/?p=13626 Bret Jensen , United
States tipped to lose another AAA credit rating Reuters | Either from
Moody’s or Fitch , Can The Hope Rally Continue? [ Short answer: NO! ] , Unthinkable
Poised to Happen on Wall Street. See Disturbing Charts. (Moneynews) http://w3.newsmax.com/a/aftershockb/video.cfm?PROMO_CODE=CD97-1 , http://www.stansberryresearch.com/pro/1108PSI9MOVD/PPSIMA06/PR
, ECRI
Recession Watch: Growth Index Drops Further
http://advisorperspectives.com/dshort/updates/ECRI-Weekly-Leading-Index.php
Doug Short 10-21-11 ‘The Weekly Leading Index (WLI) growth indicator of the
Economic Cycle Research Institute (ECRI) has now posted 11 consecutive declines
since early August. The interim high of 8.0 was set in the week ending on April
15. The latest reading, data through October 14, is -10.1, down from the
previous week's -9.7. On September 30th, the ECRI publicly announced that the
U.S. is tipping into a recession, a call the Institute had announced to its
private clients on September 21st. ,
Earnings forecasts look less bright NEW YORK (Reuters) - Prospects for corporate
earnings are dimmer in the coming quarters -- even though reports so far this
quarter have been relatively bright. [ Relatively bright? Only because most are
not relatively bright having failed to yet ‘catch on’ to this
nation-debilitating, but wall street favored defacto fraud. The ‘miracle’ of
‘funny money’ wherein the ‘debased currency strategies’ (ie., QE’s, etc.) among
other accounting manipulations lead to ie., costs reported in ‘more valuable
but fewer dollars’ and sales / revenues reported in debased dollars (simply
more of them, but no real value created, profits overstated in real terms). ] ,
Banks
closed in Colo, Fla, Ga; 84 failures in 2011 AP , With
Some Hope In Europe, Time To Go Short? Forbes Steve Schaefer, Forbes
Staff ‘European leaders are gathering
Sunday and Wednesday in meetings aimed at hashing out an expansion of the
region’s bailout fund and recapitalizing banks, but with expectations for a solution
rising the risk of a less-than-comprehensive plan rattling markets may be
growing...“The bar is set too high,” he believes, arguing that even if the
market rallies on a deal being reached, the implementation of whatever
resolution plan is adopted will be cumbersome and ultimately amount to “solving
a problem of debt with more debt.” When the market realizes that, October’s
9.5% gain to date could unravel in a hurry. The recent stage in the too-rapid
rise to current levels is largely a result of short-covering and investors who
missed the initial stage of the recovery jumping on board…’ , Dead
Stocks Walking smartmoney.com,
S&P
sees downgrade blitz in EMU recession, threatening crisis strategy Oct
20th, 2011 News By Ambrose Evans-Pritchard (The Telegraph) , Euro
Summit Imploding: Merkel Cancels Friday Government Statement On EFSF Tyler Durden on 10/20/2011 , Student
Loan Bubble To Exceed $1 Trillion: "It's Going To Create A Generation Of
Wage Slavery" And Another Taxpayer Bailout Durden ‘..All we need to
do is teach people that Washington D.C. and Wall Street are now the same
corrupt entity. They are one gigantic rogue trader sucking the
lifeblood out of America..’ , , As
growth lags, IMF warns of downturn After warning that high debt needed
immediate attention, the organization is now urging countries to look for ways
to boost growth amid concerns that austerity might bring renewed recession. Euro
drops as Germany seeks no quick resolution (Washington Post) [ Duh … ya think? 43,454,601,693,238
Reasons Why The World Is Broke – Presenting The Interactive Global Debt Clock
Zero Hedge | By now everyone has had a chance to play with the US debt clock.
But what about its global cousin? Is the US
Economy in a Recession? thetechnicaltake ‘A simple indicator constructed
from readily available data is suggesting with great certainty that the US
economy is already in a recession.’ , US
to Experience Stagflation Worse Than 1970s: Jim Rogers CNBC , Jeff
Applegate: Not Sheepish About Turning Bearish The Wall Street Journal
Jonathan Cheng ‘Last week was a tough time to turn bearish. Since hitting a
bottom on Tuesday, the Dow Jones Industrial Average has jumped by 11% in less
than two weeks, raising hopes among some investors that the U.S. and Europe may
be able to power through their summertime woes. Not for Jeff Applegate. Mr.
Applegate, the 61-year-old chief investment officer of Morgan Stanley Smith
Barney, last week made his biggest bearish shift in more than two years,
battening down the hatches and reducing his exposure to stocks, high-yield
bonds, commodities and real-estate investment trusts…’, Fed should
adopt GDP target, Goldman says Oct 17th, 2011 News
(MarketWatch) — The Federal Reserve should target the level of gross domestic
product, Goldman Sachs economists said ahead of a wave of speeches from central
bank officials.In a note published Friday night, Goldman Sachs said the best
way for the central bank to loosen policy significantly further would be to
target a GDP path, and commit to using more asset purchases to achieve that path.“While
a shift to a nominal GDP level target would be a big decision, it would be
consistent with the Fed’s dual employment and price mandate,” the economists
wrote.[source]
PG View: [Talk about self-serving disingenuity that along with
their frauds, goldman’s come to be known for! Goldman, like the lunatics at
salomon brothers should be out of business and vigorously prosecuted; having in
large part helped create this crisis which continues with their dollar debased
HFT’s. (‘Salomon Brothers' success and decline in the 1980s is documented in Michael Lewis' 1989 book, Liar's
Poker. Lewis went through Salomon's training program and then became a
bond salesman at Salomon Brothers in London.’Wikipedia.
Acquired by Travelers / Citi. ] A timely position taken by Goldman Sachs in
light of the inflation
piece written by John Mauldin on Saturday. Yes, it does indeed seem that
“inflation as a solution” is gaining traction. I say tom-a-to, you say
tom-ah-to. I say inflation targeting, you say GDP targeting. Whatever you call
it, it’s synonymous with dollar devaluation and you best be saving in something
other than dollars if you hope to come out the other side unscathed.Can “It” Happen Here? Oct
17th, 2011 News By John Mauldin15-Oct (JohnMauldin.com) — I
was inspired for this week’s letter by a piece by Art Cashin (whom I will get
to have dinner with Monday). His daily letter always begins with an anecdote
from history. Yesterday it was about Weimar, told in his own inimitable style.
So without any edits, class will commence, with Professor Cashin at the chalk
board.[Cashin's recounting of the nightmare German inflation, which we posted
last week.]…”, Full moon October
10-14, 2011 … I’ve examined the weekly results for the global markets …
Conclusion: The global euphoria, irrational exuberance in the financial markets
worldwide, courtesy of the blazing full moon October 10-14, 2011 ; and yes, the
lunacy once the exclusive province of fraudulent wall street is now a global
phenomenon (10th near full beginning, 14th near full ending). , The More Government Spends, The Worse It Gets , Balance Of Fundamentals Will Continue To Weigh On
Market , ECRI Recession Watch: Growth
Index Declines Further http://www.bullseyemicrocaps.com/?p=11699
By Doug
Short: The Weekly Leading Index (WLI) growth indicator of the
Economic Cycle Research Institute (ECRI) has posted 10 consecutive declines
since early August. Early last week, ECRI notified clients that the U.S.
economy is indeed tipping into a new recession. And there’s nothing that policy
makers can do to head it off , US
budget gap widens, tops $1 trln for 3rd year Reuters , A
New S&P 500 Low Still Awaits Us
Minyanville Erik Swarts Oct
13, 2011 ‘Watch the SPX as the market comes to terms with the continuing crisis
in Europe , America's
Lost Decade Will Last Until 2016 [ This is extremely optimistic! ]
Forbes Lenzner , Harrisburg,
Pa Files for Bankruptcy: Is Meredith Whitney Right? [ Short anwer:
Yes! ] Peter Gorenstein , The
Structural Challenges Facing Muni Bonds Minyanville , IRS
Auditing How GOOGLE Shifted Profits Offshore to Avoid Taxes Bloomberg , Europe eyes bigger Greek losses for banks , Markets
Are Dealing With a Foreboding Financial Backdrop Minyanville Lee Adler Oct
12, 2011 ‘..especially, why have they been frantically dumping their corporate
holdings since June? http://image.minyanville.com/assets/FCK_Jan2011/Image/October11/12/la10122.JPG
Something is rotten here. These are signs of major systemic stress.. This may
be one of those times, and it's not a happy picture..’ , Double-Dip
Recession a Foregone Conclusion: Roubini Oct 11th, 2011 News
(CNBC) — ‘The world’s advanced economies are headed for a second recession,
regardless of whether there is further chaos in Europe, Nouriel Roubini told
CNBC on Tuesday. The economist who correctly predicted the 2008 financial
crisis…’, Slovakia
votes down eurozone bailout expansion plans Oct 11th, 2011 News
(BBC) , Euro About to Dissolve?
Oct 11th, 2011 News Patrick A. Heller (NumisMaster) — “This is
the most serious financial crisis we’ve seen, at least since the 1930s, if not
ever., ROUBINI: The Recession Is Guaranteed, The Only Question
Now Is How Bad It Will Be Business Insider | Nouriel Roubini sees
bad times ahead for the economy. , Nobel
Prize Winning Economist Who Supports Wall Street Protests SLAMS the Federal
Reserve Washington’s Blog | Nobel prize winning economist Joe Stiglitz – like
many other high-level economists – supports the “Occupy Wall Street” protests. Graham
Summers Weekly Market Forecast (Dexia Now... Who's Next? Edition) http://www.zerohedge.com/contributed/graham-summers-weekly-market-forecast-dexia-now-whos-next-edition
Phoenix Capital
Research 10/10/2011 THIS BEAR MARKET IS
NOWHERE NEAR OVER. , We
Are Still Early In This Bear Phase
http://www.bullseyemicrocaps.com/?p=10478 Roger Nusbaum Stocks Surge On New Promises From European Leaders, Dow Adds 300
Points [ Come on! Wake up! Two
desperate, failed politicians who haven’t the slightest idea what they’re
doing; certainly in the areas of finance and economics. Indeed, they’ve
borrowed from a page in the fraudulent wall street / defacto bankrupt american
book of failure and fraud in banging ‘square pegs in round holes’ along with
nation-draining fraudulent obfuscation with b***s*** alone that hearkens back
to that ’Weimar dollar’ era that was precursor to and inevitably led to the
inflationary / no real value collapse now underway as is already the scenario
in america. How totally desperate and pathetic they are. This is cheered by the
wall street types / frauds to enable them to favorably cash out. Take your profits while you still
can, protect yourself while you still can, this fraud – induced collapse is
just beginning. New ‘promises’! Currency-debased high inflation rally! What a joke they’ve become! ] “The Prevailing Debate Among Economists and Historians is
Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the
‘Long’ Depression of the 1870s” Washington’s Blog | Economists Agree: We’re
In a Depression. Fitch cuts Italy, Spain ratings; outlook negative , Wall
Street vs Reality: A Hopeless Tug-of-War?
http://symmetrycapital.net/index.php/blog/2011/10/wall-street-vs-reality-a-hopeless-tug-of-war Are Wall Street strategists living in a
bubble? [ The short answer is, ‘YES’! The long answer is your work is quite
(closer to) correct (and worse when dollar debasement is factored in).] According to our work, credit
market, demographic, and leading economic indicators are all
pointing to a level of between 800 and 1,000 for the S&P 500 between now
and 2012-2013. Hold
Your Enthusiasm ... This Is Still A Bear Market Rally http://www.bullfax.com/?q=node-hold-your-enthusiasm-still-bear-market-rally,
10/06/2011 , Yield
Spread Confirming Recession Call http://www.zerohedge.com/news/guest-post-yield-spread-confirming-recession-call
, U.S.
stocks' massive "melt-up" fans investor fears Reuters October 5, 2011, By Edward Krudy NEW YORK (Reuters) - In
less than one hour on Tuesday, the U.S. stock market surged by 4 percent -- for
no apparent reason , Play It Again Sam: Dave's Daily ‘ ... The HAL 9000s have
been doing business as HFTs (High Frequency Traders) launching many buy or sell
programs using complex algorithms which can drive prices on indexes higher or
lower in dramatic fashion. One of their great acts is called "quote
stuffing". It's another illegal activity which the SEC hasn't quite
figured out. It's as futile for them as the illegal fee-driven recent
end-of-quarter price jam-job. One
of these actions was featured courtesy of our friends at Zero
Hedge and depicted below as it occurred Thursday afternoon. The first chart
features the quotes per second (NOTE: one instance exceeding 800 quotes per
second). The next chart shows the market's simultaneous reaction. http://www.thestreet.com/tsc/daves/082511/image002.jpg
‘ (
Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To Meltdown, predicting
the global crisis that occurred the following year. I now see a similar
confluence of events .. “the new recession has started.”… Over the past 33
years, we have called the start of every recession..Currently, the GDP deflator
is 1.8%, which hardly reflects the true rise in prices. Therefore, what is
counted as “growth,” is actually price increases. Actual inflation..is now more
than 11%. Using that to adjust GDP for inflation, would show that the economy
is now in a very sharp contraction…’ )(
, 6 Reasons a Global Recession is Unavoidable Ron DeLegge, October 5,
2011, Dem.lautenberg’s jersey based ADP helps the desperate dem’s cause with
100% better than expected (false) private sector jobs report (Announced
U.S. Job Cuts Rise 212% From Year Ago Bloomberg) , Gabriel Wisdom to Frank Motek of 1070amBus.Rept. says
this is a bear market and we’ll see market lows in 2012. [video]
Nervously Eyeing 50% RetracementTheStreet.com Mark Newton , Moody's
Downgrades Italy By Three Notches The Wall Street Journal , Greek
Bailout May Include Larger Writedowns for Private InvestorsWall St.
Cheat Sheet . Enormous, last hour 370+ point upside
suckers’ rally into the close based on b***s***, rumour (more ‘good money after
bad’ bailout goin’ greek in the eu zone), nothing at all (pushed a button, ran
a buy program?) to suck suckers in and keep suckers sucked in based upon as
previously questionable if not outright fake, ‘upward-revised’ (based on
inflation-spiked price increases at best) data also, ‘the data
don’t distinguish between Americans who stop receiving benefits because they
find jobs and those who fall off the unemployment rolls because their benefits
expire- WSCS ‘THE GREATEST
SHOW ON EARTH September 29,
2011 http://www.etfdigest.com ‘…Algos jumped on
the headlines which is what they’re programmed to do. They don’t look under the
hood for details since given their momentary focus, “facts don’t matter”—not at
least right away. A closer look inside Jobless Claims data is the consistent
revisions for higher previous claims. This makes current reports generally seem
better by comparison. Further, the BLS states with this report the significant
impact of “seasonal factors” skewing the report…’ ) . [
End
of Quarter Price Mark-Ups; Dave’s Daily
http://www.thestreet.com/story/11260606/1/end-of-quarter-price-mark-ups-daves-daily.html Dave Fry
9-27-11 ‘All you need do is view the last week of June 2011, the
previous quarter end, and you'll note a similar quarter end jam-job…’ , Bernanke calls unemployment a ‘national crisis’ 28 Sep 2011 Fed chief Ben Bernanke said Wednesday that the nation’s weak
labor market was “a national crisis” - Duh! No-recession-wall-street-lovin’-helicopter
ben’s … done it again! … brilliant description of unfortunately what already is
thanks in large part to his wall (fraud) street largess / welfare in the form
of QE’s, etc. , Prepare
for Lehman Brothers Part 2 , Arguments for Being in the Crash Camp Conor Sen Sep
28, 2011 , Now's
Not the Time to Take on Equity Market Exposure at Minyanville Erik Swarts Sep
28, 2011 , [video]Buying
on Rumor - Prepare For The Selling On NewsTheStreet.com TV , Roubini:
U.S. in Throes of Economic Contraction Sep 27th, 2011 News
(Bloomberg) , SHILLER:
House Prices Probably Won’t Hit Bottom For Years Sep 27th, 2011 News (BusinessInsider) , Split opens
over Greek bail-out terms Sep 27th, 2011(Financial Times) , The familiar fraud/pattern of
end-of-month/quarter window dressing b***s*** story of ‘hopes’ (ie.,
americanized funny-money fraud in the eurozone, etc.) from the frauds on wall
street … Dave’s Daily:’.. The HAL 9000s have been doing business as HFTs (High
Frequency Traders) launching many buy or sell programs using complex algorithms
which can drive prices on indexes higher or lower in dramatic fashion. One of
their great acts is called "quote stuffing". It's another illegal
activity which the SEC hasn't quite figured out. It's as futile for them as the
illegal fee-driven recent end-of-quarter price jam-job..’ ,
despite the reality of bad news , New home sales hit 6-month low, prices drop , Euro zone damps talk of rapid debt crisis steps , On
the Lookout for a Red October Minyanville ‘ … Aside
from history, if we take a look at the global environment, there are a handful
of things suggesting that we will experience a turbulent October…’ , Suckers’ rally into
the close to suck suckers in and keep suckers sucked in based on lingering
hopes for unaffordably damaging funny money / QE ultimately taxpayer funded /
borne bailout / welfare for these fraudulent ‘titans of capitalism’ on wall
street, viz., nothing whatsoever ( watch for
their fraudulent / illegal end of month/quarter window dressing ) , and bad news ( Soros:
US Is Already in Double-Dip Recession CNBC.com , Stocks:
Don't Get All Comfortable Just Yet WS /Conway , Stocks
Endure Worst Five-Day Slamming Since '08, Still On Edge About Greece
Forbes , More
Pain Is Coming To Equities
http://regator.com/p/253227580/more_pain_is_coming_to_equities Penguin Capital Markets , David
Cameron: world on brink of new economic crisis London Telegraph , Every
Age Group Is Getting Poorer In America, Except For One Advisor Perspectives
, Global economy
pushed to the brink Sep 23rd, 2011 News Financial Times , European
and US Economies Teetering on Weak Policy, Leadership Minyanville
Kerr , Moody's downgrades 8 Greek banks (AP) , Signs The Perfect
Economic Storm Is Coming http://www.bullfax.com/?q=node-signs-perfect-economic-storm-coming , America’s
debt woe is worse than Greece’s Sep 21st, 2011 News (CNN)
— ‘Our government is utterly broke. There are signs everywhere one looks. Social
Security can no longer afford to send us our annual benefit statements. The
House can no longer afford its congressional pages. The Pentagon can no longer
afford the pension and health care benefits of retired service members. NASA is
no longer planning a manned mission to Mars. We’re broke for a reason. We’ve
spent six decades accumulating a huge official debt (U.S. Treasury bills and
bonds) and vastly larger unofficial debts to pay for Social Security, Medicare,
and Medicaid benefits to today’s and tomorrow’s 100 million-plus retirees. The
government’s total indebtedness — its fiscal gap — now stands at $211 trillion, by my arithmetic. [source]’ , $16 muffins, $8 coffee served in Justice audit , Market
Recap: FOMC Announces Operation Twist, Banks Tumble, Investors Flee Sovereign
Debt Wall St. Cheat Sheet September
21, 2011, Wall Street sinks 3 percent after Fed cites economic
"risks" NEW YORK
(Reuters) , Moody's downgrades big banks on changed policy , Italy
downgraded, IMF says Europe behind the curve Reuters , IMF
downgrades outlook for US and Europe economies [Sep 20, 2011] ... Fund has
sharply downgraded its outlook for the U.S. economy through 2012 ... http://finance.yahoo.com/news/IMF-downgrades-outlook-for-US-apf-1240337037.html?x=0
much worse than expected: Market Recap: S&P Downgrades Italy, Housing Starts Tumble,
Markets Wait on funny-money no-recession ben bernanke Wall St Cheat Sheet , IMF Downgrades
Global Economic Outlook , Drudgereport: IMF WARNS: INTO THE DANGER
ZONE... ...warns of USA 'lost decade' , New
High: 37% Say Their Home Is Worth Less Than Remaining Mortgage Payments
Rasmussen , 30
Signs That The U.S. Economy Is About To Go Into The Toilet The Economic
Collapse , A
Fed IOER Cut Could Backfire on Banks, Warns Pimco ,
3
Reasons Markets Were Up As Central Banks Stepped in to Boost Dollar Liquidity
in European Banks Wall St. Cheat Sheet ‘Today
the Department of Labor announced that consumer prices had climbed twice what
economists had predicted in August, while initial
jobless claims jumped last week to their highest level since June. The
Federal Reserve Bank of New York’s report on manufacturing
in the region contracted more than expected in September, while its
general economic index dropped to its weakest reading since November 2010,
indicating that companies in the region covered by the New York Fed’s
manufacturing index are cutting back. The consumer-price report also showed
that hourly earnings fell in August in their
biggest one-month decline since July 2008, while the cost of energy,
food, healthcare, and shelter all rose.‘ , David
Rosenberg: “It’s Time To Start Calling This For What It Is: A Modern Day
Depression” Zero Hedge , Geithner:
Economy In “An Early Stage” Of Crisis
, Flat retail sales keeps U.S. on recession watch ) fraud / manipulated
programmed hft (high frequency trades – see, ie., What
to Expect Next From the Markets , Dave’s Daily, infra ) and b***s*** alone! [ Stock
Market Secret Word of the Day Is 'Delusion' WSJ , watch for fake data / reports out of their sheer
desperation ,
‘american technology is horrendous and vastly overrated!’ I really mean
it; and that’s reality, which speaks volumes about the pathetic state of the
world , Minyanville's T3 Daily Recap: Market Squeeze Continues, But Was
it a Trap? By T3Live.com
‘Today's action … another clever ploy to suck in longs while relieving some of
the oversold condition of the market’ , Don't Trust Wall
Street and this Market ETFguide
, Congress budget agency warns panel of economic ills , Nearly 1 in 6 Americans in poverty, Census says , Cisco cuts long-term sales growth forecast , International alarm over euro zone crisis grows , Why
Can't Wall Street Be Honest With The Public? Forbes , Venture capital veteran Perkins sees danger ahead , These
Wall Street Firms are About to Start Firing People Like Crazy , Same
Alan Greenspan Who Warned Against Budget Surplus Now Warns About Deficit , ETF
Redemptions Highest Since 2008: Report ETF Trends , 20
Signs Of Imminent Financial Collapse In Europe The Economic Collapse , The
2nd Edge Of Modern Financial Repression: Manipulating Inflation Indexes To
Steal From Retirees & Public Workers Gold Seek Lawless America: 20 Examples Of Desperate People Doing
Desperate Things The American Dream
, Poverty In America: A Special Report The
Economic Collapse | America is getting poorer. How Greece Is Mocking the Rest of the World [ Well, let’s get real here! There’s plenty to mock in
this world, and Greece is hardly the nation to be doing the mocking. I think
it’s the markets that are mocking the rest of the world’s stupidity for buying
into this false reality / obfuscation / fraud, particularly by way of the now
pervasive worldwide acceptance of the american strategy of currency debasement
which really is a fraud facilitator because it masks to all but the intelligent
few the underlying economic weakness and decline. A simplistic example, though
not perfect, is apropos here: a company sells a product for 1 dollar which
costs 1 dollar to make (assuming arguendo to cover fixed expenses - no profit).
The fed over-printing / creating dollars like mad to the point where it now
takes 2 dollars to render the same purchasing power of 1 dollar when the goods were produced. The
company sells the products for 2 dollars (the previous equivalent of 1 dollar
before debasement). The company is now showing earnings 1 dollar per unit sold,
yet in real terms, they’ve gotten no more than the equivalent of that 1 dollar
per unit. (If you’ve been to the grocery store lately, particularly the last
1-2 months, I’ve found meats, etc., to be up 50-100%, etc.). The same
obfuscating manipulations are applicable to assets generally, and to those
pieces of paper called stocks which are even ‘worse for the wear’ since
churn-and-earn commissions at lightning computerized speed are being subtracted
from this illusory ‘enhanced value’ which in reality doesn’t exist at all. (
Such manipulations from currency translation also provide ‘arbitrage
opportunities’ though similarly largely ultimately subtracted from no real
value being created. ) This is why fraudulent wall street loves the fed’s QE’s
and dollar debasement / over-printing / creating and also why it’s been a
dismal failure and a net negative in real economic terms as seen on main street
and in the decimation of the middle class and growing ranks of the poor. In the
analysis of securities, this would be considered ‘the quality of earnings
factor’ that goes into the assignment of a p/e multiple to the projected
earnings. Sufficeth to say, this is no longer done on wall street in any real
or legitimate fashion, if at all. Indeed, it’s a fair statement to say that
security analysis is no longer a ‘practice’ as same was considered, once upon a
time, by value investors / analysts. As set forth by Dave and Cooper, infra,
computerized programmed manipulation at lightning speed has been expedient in
the short run for the wall street frauds but ultimately leads to the inevitable
crash since as I often reiterate:
‘Remember, there is no modern day alchemy that spins worthless paper
into gold except fraudulently for the frauds on wall street who’ve literally
oftimes done exactly that; ‘cashing out’ for hard currency and gold, precious
metals, at everyone else’s expense including main street. They’re just not that
important and represent, like termites eating away at the nation’s foundation,
a drag on the economy, the nation as one would expect from parasites such as
they are’. What
to Expect Next From the Markets Minyanville Jeffrey Cooper ‘Conclusion:
It looks like a program was run using the least amount of dollars to goose the
indices by focusing on some big cap names like Apple, Amazon, Baidu, IBM, and
Caterpillar { Apple
Hits New High (Update1) [ 9-19-11 This manipulated programmed trade to
froth markets is a crash in the making – sell at these ridiculous levels / take
profits! }, Dave’s Daily:’.. The HAL 9000s have been doing business as HFTs (High
Frequency Traders) launching many buy or sell programs using complex algorithms
which can drive prices on indexes higher or lower in dramatic fashion. One of
their great acts is called "quote stuffing". It's another illegal
activity which the SEC hasn't quite figured out. It's as futile for them as the
illegal fee-driven recent end-of-quarter price jam-job..’] Simon Maierhofer,September 16, 2011, ‘Webster's dictionary defines
gullible as naive and easily duped or cheated'…’
A
Decade of Decline in Equity Markets Faisal Humayun [ This is a must read
and explains how the market’s been artificially propped, the dow relative to
hard assets, ie., gold (dow/gold ratio), has actually crashed 78%, and
comparable prospects for the next decade, etc.. ‘…The Dow Jones Index was
trading at 11,357 levels at the beginning of the year 2000. More than a decade
later (as of beginning July 2011), the index is at 12582. Therefore, the index
has gained 11% in the last ten years…’ Yet, the inflationary dollar (declining)
debasement rate was 31%. (-31%) {See the inflation calculator infra – and
that’s just the government (inflation) numbers … reality is much worse!}
Meanwhile, the frauds on wall street are churnin’ and earnin’ like never before
at lightning computerized speeds enabling the high-frequency trades that are
commissioned in unprecedented large volumes; a big net negative in real
economic terms.] While
Washington Fiddled The Economy Burned at Forbes [ Oh come on! Let’s
get real here! The economy was already burning (see infra), Washington
notwithstanding! Indeed, the frauds on wall street with those contraindicated
paper stock computer programmed commissioned churn-and-earn rallies would love
for you to think it’s Washington only {that aw shucks, coulda’ been clear
sailin’ otherwise moment; but the reality is that things are far more dire
financially and economically than their window-dressed scams would indicate,
though washington’s no help, incompetent, unknowledgeable, and ineffectual as
they are (although fraudulent wall street, aside from their consummate
scammin’, is little better and probably overly relied upon and light in those
very areas one would expect to find profiency; viz., finance and economics.)
Most importantly, realize that if wobama’s actions had not belied his
words/campaign promises, the nation’s position, though still ominous, would
have been substantially improved.} ] Check out this inflation calculator: http://www.albertpeia.com/inflationcalculator.htm
Here’s a picture of obama
voters / backers: http://www.albertpeia.com/wobamavoters.gif
Beneath
the Market’s Swings, Some Real Cause for Worry News
Jeff Cox August 11 (CNBC) — ‘So whether this equals, falls short of, or
exceeds the financial crisis of 2008 hardly seems to matter—investors are
afraid, very afraid, and the question as much as anything in the minds of many
market pros will be what soothes that fear. Analyst Dick Bove at Rochdale
Securities says he knows why: More restrictive capital requirements and
near-zero interest rates set at the Federal Reserve [cnbc explains] that make
lending neither easy nor lucrative, a trend that will make it difficult for the
economy to grow. “If one thinks through these limitations it can be seen that
banks must shrink their balance sheets and change their business patterns to
maintain their profits. What they are unlikely to do is to expand their lending
activities in order to grow the economy,” Bove wrote in a lengthy banking
analysis Thursday.“However, the Federal Reserve is suggesting that the economy
is unlikely to grow,” he wrote. “If the Fed is prescient, then banks are facing
higher loan losses, lower loan volume, and reduced margins on a wide array of
banking products. The outlook is not appealing.”“Even though the United States
is able to both print and borrow money, it is as bankrupt as the Europeans,”
Bove wrote. “Covering deficits and paying debt with borrowed funds, some of
which is newly printed, does not constitute meeting debt service
requirements.”…’
The frauds on wall street et als should be criminally prosecuted, jailed,
fined, and disgorgement imposed!
Previous, full moon and fraudulent wall street, get this, rallies on not as bad
as expected EU stress tests and better than expected google results but forget
the dire consumer (recession level) consumer sentiment number ‘cause after all,
consumer spending just a paltry 70% of GDP.
Think about this: short-lived Pavlov dog rally (the conditioned
stimulus) on hopes for more welfare for wall street and some good results in
communist China. This despite the previous failure of QE for everyone but the
frauds on wall street and ultimately, though circumlocuted, at great taxpayer
expense. Titans of capitalism? How ‘bout the biggest unprosecuted frauds in the
world. Preposterous! Roche 'The worst part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud ) …
I want just one person
with courage enough to stand up and explain to all that these huge
commissionable computerized trading volumes like never before are a net
negative in a very big way … that’s a fact … that’s economic reality in real
terms! … Trade deficit up, growth predictions by fed
scaled down [ do you recall how many upside market points for the false, more
positive growth projections by the ‘no-recession’ fed, then there’s also the
costly, hyperinflationary failed QE hopes, more fed jawboning rallies the
frauds on wall street off their lows to keep suckers suckered – they all belong
in jail! Housing
Woes to Cause Recession in 2012, Says Gary Shilling - Peter
Gorenstein STOCKS
BARELY FALL AFTER MOUNTAIN OF BAD NEWS: Here's What You Need To Know Business
Insider Weisenthal Economic scenario far worse
than expected (and in this pre-election year the reality is still far worse
than reported), yet stocks still rallied off lows to keep suckers sucked in to this
fraudulent market Click
here to see the new scariest jobs chart ever
http://www.businessinsider.com/details-from-the-awful-june-june-jobs-report-2011-7 > See all 12
charts from St Louis Fed: http://static8.businessinsider.com/image/4e1712edcadcbba25f030000-595-356/chart.jpg Previous:Stocks
rally on jersey-based, former Lautenberg ADP still paltry, better than expected
157,000 private jobs number and one’s got to wonder ‘who got paid’, one way or
another, for the fudge. Then there’s the horrific ‘american tech’. Retail? The
defacto bankrupt government’s probably buying with money they don’t have, at
best; and, as with other data in these desperate pre-election-year times, plain
false, falsified, fudged, spun. Previous day, all bad news … from eurozone
(protugal, et als), to asia zone (china worse than expected), to america (where
to begin, from defacto bankruptcy, to debased currency, to insurmountable debt
/ dervice, to pervasive corruption, etc.) … stocks rally on fraud and b***s***
alone. Previous,
higher oil price rally, along with Netflix ‘technology rally’ … Don’t make me
laugh! … Total desperation on wall street and in Washington … How pathetic! … Jobless claims at 428,000 much worse than expected;
and, don’t forget, these are desperate ‘pre-election times’ when regardless of
factual reality (ie., fake reports, data, as, ie., ‘wobama hometown’ corrupt
chicago ISM is up as even their youth gangs are showing increased criminal
activity which probably accounts for the rise; ie., meth, crack labs, etc.?)
data / reports are fudged / faked / spun. Foreclosure, distressed sales
up, at least on paper with contracts signed, so no surprise nor reason to cheer
here, as markets worldwide jump on the american crazy train for a short-lived
bounce as all problems remain. This is the same month
end (and quarter, half) spurt / window dressing based on b***s*** alone to keep
the suckers suckered and an especially great time to sell / take profits since
there’s much worse to come! Talk about milking the greek crisis for the
umpteenth time a so-called solution (and there are loads of greecy scenarios
worldwide … I don’t think so and
neither does Schaeffer who says: ‘…even once such a package is passed it only buys time. Actually fixing
the fiscal condition of Greece is not something that can be solved in a matter
of weeks, or even months…‘ but it’s great press for the
churn and earn and to keep the suckers suckered. Technology
rally? Defacto bankrupt american technology is horrendous but great sizzle for
the new fraud as in the dotcom bust days. Then there’s the greasy b.s. new
greecy b.s. factor. The
rally into the close and the previous so-called (4 day) ‘rally’ was based on
b***s*** alone to keep the suckers suckered and for ‘smarter money ‘ along with
the frauds to sell into. This is an especially great opportunity to sell / take
profits while you still can since there's much worse to come! Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not
Sold by June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the
Market Could Fall 70%’ [ He’s not alone!
PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The 5-year high in the level of insider corporate stock sales
is telling. At 565 sells for every 1 buy,
it’s never been higher. Yes, it’s normal for insiders to be selling some of
their stocks so they can buy new yachts and some of this is pre-planned. But
that ratio — which has spiked recently — is extraordinarily high, one might
even say off-the-chart. Wall
Street 'Vastly Underestimating' Risk of Debt Default Forbes / Robert Lenzner StreetTalk ‘ “Meet the Press”
climaxed Sunday with a startling market prognostication from David
Brooks, conservative columnist for the NY
Times.
The risk of a debt default over the combustible issue of the Medicare deficit
hangs over the course of the stock market. Buyers Beware!“I was up in Wall
Street this week,” Brooks said. “They’re vastly underestimating the
source of piolitical risk here. We could have a major problem, I think, either
this summer or the next couple years. And I’d be worried about investing too
much in the market. That’s my financial advice.”…’ Another
Financial Crisis Is On The Way, Mobius Says Market Crash
6/30/11?Technical indicators suggest market collapse may begin by June 30th
Dennis Slothower is one of the world’s leading technical analysts. He’s one of
the few advisors whose readers completely avoided ALL losses during the
disaster that was 2008. And now he’s issuing another dire warning. His
technical indicators suggest that the market manipulation we’ve seen over the
last several months is about to come to an end…and that means thousands of
investors are about to get clobbered. This correction could begin as soon
as June 30th– so it’s important that you take
action now to prepare yourself. StealthStocksOnline.com STOCKS
HAVE BIG RALLY AFTER PILES OF UGLY NEWS: Here's What You need To Know Harry
Dent: “Major Crash” Coming for Stocks, Commodities Already Topping Out 24 Signs Of
Economic Decline In America ‘The US is in the middle of a devastating
long-term economic decline..’ ] States
face shortfall for retirees (WP)
Public workers’ retirement funds had a gap of $1.26 trillion at the end
of fiscal 2009 Study:
Affordable rentals scarce (WP) Poll:
For Obama, low marks on Afghan war (WP)
Fuel
prices cut into Obama popularity
(WP) They’ve used the contrived mideast turmoil and
their wars to obfuscate and divert attention from their failure. Davis ‘This is how we pay off our current debts and I think
bondholders are simply happy to get anything out of a country that admits it
owes $15Tn (1/4 of global GDP) but probably owes closer to $60Tn (entire global
GDP) in the form of unfunded liabilities. The funniest thing about this (and
you have to laugh) is to see Conservative pundits get on TV and talk about how
we need to cut $100Bn worth of discretionary spending to "fix" this
(while continuing to spend $1Tn on the military and $1Tn on tax cuts for the
top 1% each year). There is no fixing this and even a Republican said you can’t
fool all of the people all of the time. THIS HOUSE OF CARDS IS TEETERING FOLKS – PLEASE BE CAREFUL
OUT THERE! ‘ Dave's
Daily 'If you can keep interest rates this low this long, its
inevitable cheap financing can allow companies to start cobbling each other up.
Further Ben's policies allow companies like IBM to sell bonds at 1% and buy
back shares with the proceeds (total paper bubble-scam). POMO is occurring almost daily and Primary Dealers can buy back
their shares and pay dividends with what essentially is taxpayer money-- Why The Dow Will Plunge To 7,000 By 24/7 Wall St. S&P
Poised For Dropoff, Says Initial Jobless Claims Forbes /
Maureen Farrell
Take
A Lesson From 2007 And Sell Stocks Now at Forbes, Sean Hanlon ‘August has given
new meaning to “the dog days of summer” as the broad equity
market has retracted all year-to-date gains and dropped into negative
territory, all within the first couple weeks.
As written in
my previous Market
Commentary on July 20, our research uncovered potentially dangerous
activity in the equity markets that could lead to a break and high
volatility. We presented this in that Market Commentary by the chart in
Figure 1 below. Using our proprietary research methodologies, we elected
to make a major “tactical” move on June 17.
That move
reduced all equity and high-yield bond exposure, creating 50% cash or cash
equivalent allocations across all portfolios. This defensive move was shown to
be prudent as volatility erupted and considerable downside was experienced in
equity markets in the first week of August, as shown in Figure 2.
Figure 1
(click image to enlarge.)
http://blogs-images.forbes.com/advisor/files/2011/08/11.jpg
With this
heightened volatility, we were observant that this market behavior was eerily
similar to market conditions in 2007. To elaborate on this point, let’s compare the S&P 500
Index for 2007 vs. the first seven months of 2011. As you can see below
in Figure 2, 2007 experienced high volatility yet remained range-bound in an
upward trend (represented by the overlaid black bands).
Figure 2
(click image to enlarge.)
http://blogs-images.forbes.com/advisor/files/2011/08/2.jpg
The first half
of 2011 maintained a range-bound upward trend until finally breaking sharply to
the downside in the first week of August.
Of course now
everyone wants to know what happens next? Our research has no special
predictive power of what may happen now that the “trend” has been broken.
Instead, what our research is telling us is to remain extremely cautious at
this time. We have since moved client portfolios to almost 100% money
markets and/or cash equivalents in all accounts. We do maintain some high
quality bond positions.
You may think “But I can’t make any money in money
markets, they pay nothing these days!” True enough, but there are many times in one’s investing lifetime
where the best investment is to simply maintain principal. That principal
amount will be able to potentially purchase more in the not too distant future.
A simple
example is stocks. On April 29 of this year, $1,340 purchased the
equivalent of one S&P 500 Index share. Today, to own those same
companies that make up the S&P 500 Index, the cost is below $1,200, yet the
same amount of dividends is being received. In this period preserving
principal has resulted in increased “investment” purchasing power, income and potentially increased
return.
Related article: Watch
Out: 2011 Looks A Lot Like The Market Top In 2007 ‘
New Business
Articles / Topics / Links
All
truth passes through three stages. First, it is ridiculed. Second, it is
violently opposed. Third, it is accepted as being self-evident.--Arthur Schopenhauer
Dave’s Daily:
http://www.etfdigest.com ‘Thursday
brought us better news on Jobless Claims as new claims fell (352K vs 383K
consensus a prior revised higher as usual to 401K). The problem of course is
with continuing claims and the number of people who have fallen off the
rolls.The CPI was unchanged for the month and this gave bulls the idea another
round of QE was in the works as early as this month. The Philly Fed Survey
was a disappointment and miss (7.3 vs 10 expected and previous at 10.5).
Housing Starts declined (.657M vs .678M expected and previous .685M).Other news
noted the ECB buying €50 billion of sovereign debt in the eurozone. Still the
idea of an extra $500 billion IMF bailout (bringing the total to nearly $1
trillion) lingers even as it’s already been shot down given necessary U.S.
congressional approval.In Asia, China is officially easing bank lending constraints
(meaning reserve requirements) as home prices are dropping.Earnings from Bank
of America (BAC) surprised investors with a profit. But, looking more closely
under the hood much of this was the result of one-time gains on asset sales and
so forth. The stock rocketed higher early and then sold off to close the day up
modestly. Morgan Stanley (MS) also reported less of a loss (gotta love that!)
than was expected and the stock settled a little over 3% higher. So stocks were
higher as headline writers suggest: “U.S. Stocks Rise on BofA
, Morgan Results” (via MarketWatch). Yep, it’s hard to write this stuff
with a straight face sometimes.Now our attention turns to tech earnings from
Intel (INTC), Google (GOOG), IBM (IBM) and Microsoft (MSFT) to name a few which
will be announced after the close of trading.Gold was lower as the CPI was
flat. The dollar continued to decline on a euro short squeeze. Oil prices were
flat as tensions with Iran continue and base metals prices were higher with
Chinese easing. Bond prices fell.Volume remains light and perhaps this is now
the new normal as many are sitting on their wallets. Breadth per the WSJ was
positive but we’re short-term overbought now. It wouldn’t take much to turn it
all over (Iran, eurozone, earnings and so forth.)…’
NEW YORK, January 19, 2012 – The International Swaps
and Derivatives Association, Inc. (ISDA) today announced that its Americas
Credit Derivatives Determinations Committee resolved that a Bankruptcy Credit
Event occurred in respect of Eastman Kodak Company.The Committee determined
that an auction will be held in respect of outstanding CDS transactions. ISDA
will publish further information regarding the auction on its website, www.isda.org/credit,
in due course.
Which is great: apparently the default of Kodak will
not lead to the end of the financial system as we know it. But we have a simply
question: we would love if someone at ISDA would get back to us with the answer
to the following rhetorical question: which of these two charts belongs to a
benchmark Eastman Kodak 2 year bond, and which to a 2 year Greek bonds,
which apparently, ISDA will never find in default. And also, why is the one
found to be in a credit event trading 6 cents higher than the non-credit event
one.
GOOG, first on deck, swing, and a miss - Source
Beat on top line, miss on EPS - Margin Compression?
Next: MSFT - Source
Beat on bottom, miss on top
Next: IBM - Source
Beat on bottom, miss on top
Next: INTC - Source
Beat on top and bottom.
17
Facts About The Decline Of The U.S. Auto Industry That Are Almost Too Crazy To
Believe http://theeconomiccollapseblog.com http://albertpeia.com/declineusautoindustry.htm ( Warning
Signs That We Should Prepare For The Worst http://albertpeia.com/prepareforworst.htm
) Very few things illustrate how dramatically America has been deindustrialized
than the stunning decline of the U.S. auto industry. Once upon a time,
the United States literally taught the rest of the world how to make
cars. We were the ones that invented the assembly line. We were the
ones that showed the rest of the world what mass production could do for an
economy. For decades, we produced more cars than anyone else and we sold
more cars than anyone else. Detroit was known as "the Motor
City" and our manufacturing prowess dominated the planet. But now
all of that has changed. Japan makes far more vehicles than we do
today. So does Germany. As you read this, state of the art
production facilities are going up all over China. Meanwhile, the U.S.
auto industry continues to rot and thousands upon thousands of good automotive
jobs continue to leave our shores. The rest of the world is making cars
better than we are, they are making them cheaper than we are and they really
don't care that many of our formerly great
manufacturing cities are turning into rotting, stinking hellholes.
The U.S. auto industry was once a symbol of American dominance, but now it is
just a symbol of American decline. If we want to remain a great nation,
then we need to start becoming great at making things once again.
The following
are 17 facts about the decline of the U.S. auto industry that are almost too
crazy to believe....
#1 The average age of an automobile in the United
States has gone up more than 50% since 1990 and is now sitting at an all-time
record of 10.8 years. The average length of
a marriage in the United States that ends in divorce is only 8 years.
#2 Germany made 5.5 million automobiles in 2010. The United
States made less than half that (2.7 million).
#3 When you add up salary and benefits, the average
auto worker in Germany makes $67.14 an hour. In the United States, auto workers
only make $33.77 an hour in salary and benefits.
#4 Back in 2000, about 17 million new automobiles
were sold in the United States. During 2011, less than 13 million new
automobiles were sold in the United States.
#5 Do you remember when the United States was the
dominant manufacturer of automobiles and trucks on the globe? Well, in
2010 the U.S. ran a trade deficit in automobiles, trucks and parts with the
rest of the world of $110 billion.
#6 Japan builds more cars than anyone else on the
globe. Japan now manufactures about 5 million more
automobiles than the United States does.
#7 In 2010, South Korea exported approximately 12 times as many automobiles to us as we
exported to them.
#8 According to the New York Times, a Jeep Grand
Cherokee that costs $27,490 in the United States costs about $85,000 in China
thanks to new tariffs.
#9 U.S. car companies are spending hundreds
of millions of dollars building shiny new automobile factories in China.
#10 In 1970, General Motors had about a 60 percent share of the U.S. automobile market.
Today, that figure is down to about 20 percent.
#11 The combined U.S. market share of the "Big
Three" American car companies fell from 70% in 1998 to 53% in 2008.
#12 Detroit was once known as the "Motor
City", but in recent decades automobile production has been leaving
Detroit at a staggering pace. One analysis of census figures found that 48.5% of all men living in Detroit from age
20 to age 64 did not have a job during 2008.
#13 Today, only Chrysler still operates an
automobile assembly line within Detroit city limits.
#14 Since Alan Mulally became CEO of Ford, the company
has reduced its North American workforce by nearly half.
#15 Today, only about 40 percent of Ford's 178,000 workers are
employed in North America, and a significant portion of those jobs are in
Canada and Mexico.
#16 The average Mexican auto worker brings in less than a tenth
of the total compensation that a U.S. auto worker makes.
#17 In the year 2000, the U.S. auto industry employed
more than 1.3 million Americans. Today, the
U.S. auto industry employs about 698,000 people.
Sadly, it is
not just the auto industry in America that is falling apart. In fact,
almost everywhere you look in our economy (and in our society as a whole) there
is decay and decline.
For example,
our infrastructure was once the envy of the entire globe. Today, U.S.
infrastructure is ranked 23rd.
Recently, I
wrote an article entitled "24
Statistics To Show To Anyone Who Believes That America Has A Bright Economic
Future". In that article, I discussed many of the long-term
trends that are systematically destroying this nation.
Just because
we have had it so good for so long does not mean that it will always be that
way.
As a nation,
our wealth is declining. A decade ago, the United States
was ranked number one in average wealth per adult. By 2010, the United
States had fallen to seventh.
We lived off
the wealth created by previous generations for a long time, but that was not
enough for us. We always wanted more. Eventually we started going into
massive amounts of debt so that we could keep this bubble of "false
prosperity" going.
Today, when
you add up all forms of debt in America, it comes to over 50 trillion dollars.
We are a great
nation that is in an accelerating state of decline.
We have got to
quit living off of the past accomplishments of previous generations.
We have got to
quit being so lazy and decadent and spoiled.
There is
absolutely no guarantee that America will always be a great nation. In
fact, when great nations fall, it usually happens very quickly.
I'm still
proud to be an American, but the decay and the decline that I see all across
this country sickens me.
And it should
sicken you too…’
Maiden
Lane LLC | Rep. Alan Grayson: You Own the Red Roof Inn, Thanks to the Fed : 4closureFraud
: 01/19/2012 - 16:58 "Suckers" - Alan Grayson discusses the Federal
Reserve's purchase of debt from Bear Stearns, including debt from recently
foreclosed Red Roof Inn's.
Democrats
Are the Ones Pushing Web Censorship : George Washington : 01/19/2012 - 19:19 While the
chief baddy on SOPA – Lamar Smith – is a Republican, it is really the Democrats
who are the ones still trying to censor the web
OBJeCTS oF
EXTiNCTioN : williambanzai7 : 01/19/2012 - 09:26 Which will
you miss?
Fed’s
Latest Easing Could Cost $1 Trillion: Economists Jan 19th, 2012 (CNBC) —
The Federal Reserve is likely to step in with $1 trillion worth of easing that
could be announced as soon as this month, according to a growing consensus of
economists who see the recent uptick in economic growth as unsustainable.With
the Fed’s Open Market Committee set to meet next week, expectations are rising
that the languishing housing market will drive the central bank to buy up
mortgage-backed securities.The goal of the purchases will be to drive down
interest rates even further from current record-low levels, and, less
obviously, to spur confidence that more monetary tools remain to stimulate the
economy.Of course, the announcement also could push stock prices higher, as did
the Fed’s last balance sheet expansion begun in November 2010.[source]PG View: One
can reasonably expect such a move would drive gold higher as well.
US
$15 bln 10-year TIPS auction awarded at -0.046%, good 2.91 bid cover; indirect
bid 36.3%.
Jan
19th, 2012 14:07 by News
Jan
19th, 2012 10:34 by News
Morning Snapshot Jan 19th, 2012
(USAGOLD) — Gold eked out a new 4-week high at 1669.70 in overseas trading
before retreating back within the range. A generally softer tone in the dollar
is seen as broadly supportive to the yellow metal as is heightened talk of
possible further Fed accommodations to support the moribund economy.The
perception is that tepid inflation data gives the central bank room to do more
as growth prospects continue to languish under the burden of an oppressive and
growing debt load, along with ongoing uncertainty surrounding Europe. While
today’s news that initial claims fell by 50k is encouraging on the surface,
drilling a little deeper into the data leaves you with a sense that the jobs
picture remains quite clouded. While both initial and continuing claims are trending
gradually lower, so is the labor force participation rate. Any headway that we
might be making on the headline numbers is simultaneously being eroded behind
the scenes.The market appears largely nonplussed about that big headline
number, in part because of disappointing Dec housing starts. Starts fell 4.1%
in in Dec, a bigger slow-down than was expected, offsetting the pretty decent
print seen in Nov. Continued weakness in housing may also incite Fed action. In
fact, much of the recent speculation about likely Fed action has centered on
move back into the MBS market.
The FOMC holds
a two-day meeting nest week on Tuesday and Wednesday.
• Philly Fed index rose modestly in Jan to 7.3,
below market expectations of 11.0, vs a big downward revision in Dec from 10.3
to 6.8.
•
US CPI unch in Dec, below market expectations of +0.1%; core +0.1%, in-line
with expectations.
•
US housing starts -4.1% in Dec to 657k pace, below market expectations of 676k.
•
US initial jobless claims -50k to 352k in the week ended 14-Jan, well below
expectations of 385k, vs upward revised 402k in previous week.
•
Eurozone current account (sa) -€1.8 bln in Nov, vs -€6.6 bln in Oct; +€1.0 bln (nsa).
•
New Zealand Q4 CPI -0.3%, vs +0.4% in Q3.
•
Australia employment -29.3k in Dec; unemployment rate steady at 5.2%.
•
Philippines central bank cuts overnight borrowing rate by 25bps to 4.25%.
•
Hong Kong unemployment rate (sa) ticked lower in Dec to 3.3%, vs 3.4% in Nov.
Jan
19th, 2012 09:29 by News
US
housing starts -4.1% in Dec to 657k pace, below market expectations of 676k.
Jan
19th, 2012 07:42 by News
US
CPI unch in Dec, below market expectations of +0.1%; core +0.1%, in-line with
expectations.
Jan
19th, 2012 07:41 by News
Jan
19th, 2012 07:40 by News
Jan
19th, 2012 07:36 by News
Senate Minority leader speaks out against anti-piracy bill
Google's results fall short, rare miss pummels shares Reuters
Photography pioneer Kodak files for bankruptcy
Sundance opens with eye on broken American dreams
McAfee software bug could turn customers' PCs into spam servers
(Reuters)
[video]
Bullish Trend Not Backed By Volume TheStreet
More on
bank-loan growth — FT Alphaville
Should we
trust paid experts on the Volcker Rule? — Simon Johnson in Economix
Are we
suffering from pessimism fatigue? — MacroBusiness
Rail traffic
rebounds —
Pragmatic
Capitalism
The 10
fastest-growing and fastest-declining metro areas in the world — The Atlantic
Rick Perry
tosses grenade into Romney’s lap on way out of race — New Yorker
Stephen
Colbert to hold rally with Herman Cain in SC on Friday — BuzzFeed
Random
financial advice generator – Ritholtz
What
were Neanderthals like to hang out with? — New Scientist http://www.newscientist.com/article/mg21328470.400-into-the-mind-of-a-neanderthal.html?full=true
Obama
Said to Consider Summers as Successor to World Bank Chief Zoellick Hans
Nichols | Summers nomination may draw criticism from some Democrats
who disagree with his past stances on deregulating the financial industry.
Vampire
Hedge Funds Are Sucking Greece Dry Alternet| Yes, they
accumulated too much debt, but the problem would be manageable if not for Hedge
greed
Kodak files for bankruptcy
The Independent | American icon blamed for not keeping pace
digital photography technology
Keystone
Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of
“Uncertainty” Zero Hedge | America’s loss is China’s gain.
Anger Over Debt And
Poor Governance Bob Chapman | The key to solving the debt crisis is
Germany.
Return to The Gold
Standard Prisonplanet.com | Aaron dykes host tonight infowars nightly news
and talks with guest Ted Anderosn, Owner of GCN and Midas Resources.
Sheep
to the Slaughter: Americans Raid Savings Accounts to Stay Afloat and Maintain
the Dream Mac Slavo | Retail parking lots may be full and Americans may be
buying must-have electronics, home decor products and new cars, but where’s all
the money coming from?
(1-19-12) Dow
12,625 +46 Nasdaq
2,788 +18 S&P 500 1,314 +6
[CLOSE- OIL $101.53 (-54% for year 2008)
(RECORD TRADING HIGH $147.27) GAS
$3.27 (**The
BTU-adjusted price of E-85 is the nationwide average price of E-85 adjusted to
reflect the lower energy content as expressed in British Thermal Units - and
hence miles per gallon - available in a gallon of E-85 as compared to the same
volume of conventional gasoline…’ so adjusted=$4.00 – higher real than quoted
price for respective states including CA, infra – another manipulation for the
‘feel good’ effect despite the inflationary over-printing of weimar dollars/currencies) (reg. gas in LAND OF FRUITS AND NUTS $3.65 REG./ $3.74
MID-GRADE/$3.83 PREM./ $4.22 DIESELL)
/ GOLD $1,656 (+24% for year 2009) / SILVER $30.65 (+47% for year 2009)
PLATINUM $1,515 (+56% for year 2009) Metal News for the Day / DOLLAR= .77 EURO, 77 YEN, .64 POUND
STERLING, ETC. (How low can you go LOWER)/ Interest Rates: http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield 10 YR NOTE YIELD 2.01% AP Business
Highlights ...Yahoo Market
Update... T. Rowe Price Weekly Recap – Stocks /
Bonds / Currencies - Domestic / International This Is a
Secular Bear Market and The End of Buy and Hold … and Hope The bull market that never was/were beyond wall
street b.s. when measured in gold
‘WORST ECONOMIC COLLAPSE EVER’ Must Read
Economic / Financial Data This Depression is
just beginning The coming
depression… thecomingdepression.net
The
Next Wave of Collapse is Coming Sooner than you think Sliding
Back Into the Great Depression ABSOLUTELY,
ABSURDLY, RIDICULOUS! SELL / TAKE PROFITS WHILE YOU CAN SINCE MUCH, MUCH WORSE
TO COME!
'OBVIOUSLY UNSERVICEABLE DEBT TO
WEIGH ON STOCKS IN 2012’ http://www.bullfax.com/?q=node-obviously-unserviceable-debt-weigh-stocks-2012 12/23/2011 By Chris Ciovacco: Referencing
Kyle Bass’ work in a December 18 video, we
noted numerous countries have an unstable combination of debt and revenue
relative to the size of their banking system. Another excellent source for debt
sustainability analysis comes from Jeffery Gundlach, manager of the 2011
top-performing U.S. bond fund. Mr. Gundlach was recently interviewed by the
Financial Times. He does not subscribe to the theory European leaders can “put
a Band Aid on a system which didn’t break a week ago…’
Tough
Year For Stocks, Gold And Treasury ETFs Did Better Forbes
My
Christmas Cards Predict "Eternal Conflict" And "Economic
Disaster" Forbes Robert Lenzner ‘For the first time in my life, some Christmas messages are
weighing in about the worrisome condition of US economy and the financial
markets–
as well as family news. Obviously, the crisis we are facing
is triggering disheartening expressions of concern at holiday time.
This
from a former state finance chairman for George Bush, who is so
distressed he is staying out of the primary race.
On Jobs; ” I wonder why our
candidates have not come forward to feature as the main and vital keystone of
their campaign that sector in the economy which can create millions of jobs and
solve our huge foreign trade deficit– converting our $300 billion plus purchase of foreign
oil to domestic energy– electrification of transportation, more natural gas,
nuclear, more domestic oil drilling, clean coal, and all the domestic
alternatives.”
On the
deficit: ” I have also become very disheartened with our
politicians’
inability to strike a grand compromise on reducing the federal deficit.
We are considerably constrained by the Grover Norquist tax pledge signed by so
many Republicans, wherein an elimination of a tax loophole which takes the
recovered revenue and applies it to reduce debt is considered a tax increase
and therefore unacceptable. This position will never allow the Republicans to
negotiate and compromise( a noble word) with the democrats on a combination of
a massive expense reduction with a modest revenue increase.”
All this from
a conservative Republican in a key state who is utterly frustrated by “ eternal gridlock in Washington“— and determined to spend
considerably more quality time with his family. All this ranting in a Christmas
card; it’s
a first.
Then, there’s the retired New England
real estate consultant and developer who is “fearful about the
impending winter. The world seems to be perilously close to economic disaster
and depression, and folks are rushing out to buy gold and guns.” ‘
The
Smartest Guys in the Room Are Screaming "Get Out of the Markets!" Todd Harrison http://www.minyanville.com/articles/articlelisting.htm#ixzz1hGAVUaU9
Has
the Global Economy Been Zapped by ZIRP? Minyanville Eugene Linden
Dec 21, 2011 ‘Zero interest rate policies dominate the world's largest
economies -- a situation that's contributing to the worsening pension crisis,
the unnaturally buoyant equity markets, the need for quantitative easing, and
even the bull market in gold. Read more: http://www.minyanville.com/businessmarkets/articles/zero-interest-rate-policy-zirp-us/12/21/2011/id/38513#ixzz1hFyFn7Pb Eclipsed by Europe’s sovereign debt
agony has been one overriding, but overlooked factor that will increasingly
distort economies and the financial markets as 2012 unfolds: the
Zero-Interest-Rate-Policy. ZIRP is now as encompassing and pervasive as the air
we breathe, and this in itself is unprecedented.
Historically, examples of ZIRP are few and far between – and usually very brief
– but now ZIRP and near-ZIRP dominate the interest
rate policies for most of the world’s largest economies.
We’re in uncharted territory. More worrisome, the longer an economy embraces
ZIRP, the harder it is to extricate itself. In fact, as far as I can tell, no
one has exited extended ZIRP intact and voluntarily. Some, like Kyle Bass,
argue that once a nation gets trapped in ZIRP for an extended period, the only
escape is through debt restructuring. Others say war.
ZIRP has been the policy of the United States since 2008; it has been the
policy of Japan for most of the past two decades, and it is becoming the policy
of the ECB, at least in terms of ECB short-term funding. Currently, over two
trillion dollars of US debt is paying zero or near zero interest, as is
trillions more debt in Japan and elsewhere. This unprecedented situation has
contributed to the worsening pension crisis, the unnaturally buoyant equity
markets, the rescue of US banks, the need for quantitative easing, and even the
bull market
in gold. It has spectacularly failed in its originally trumpeted mission to restart
lending to the consumer (the money multiplier is still near all-time lows). And
now, central bankers are discovering that ZIRP is a poisoned chalice.
The problem is as simple and intractable as human nature. So long as there's a
market willing to buy a government’s debt (or buyers who can be forced to buy
said debt), ZIRP offers the promise of vast new funds with virtually no
increase in carrying costs. If the problem is short-term liquidity, the theory
is that ZIRP buys the time necessary to restart growth. If the problem is
solvency, however, ZIRP is viewed as an alternative to a painful restructuring.
In that case (e.g. Japan), the rotten debts remain on the books of the banks,
hobbling the lending that is necessary for the economic growth that will enable
the central bankers to wean the economy off the drug.
Faced with little or no economic growth and anemic tax receipts, central
bankers keep pumping out new debt. When Japan started with ZIRP, its debt to
GDP ratio was 40%. In 2003 it was 93%. Now it’s 234%, and Japan’s aging buyers
(Japanese purchase 95% of the country’s new debt) are starting to spend for
their retirement, rather than save. Across the Pacific in the US, debt-to-GDP
was 57% in 2000; in 2008, when the US adopted ZIRP, debt to GDP was about 68%;
in the three years since it has risen to 99%.
The US did begin to approach ZIRP earlier in the last decade when Alan
Greenspan drastically cut rates to 1% to restart a frozen credit market. That
was a defensible response to a liquidity crisis, but Greenspan kept the policy
too long, fueling the housing and credit bubbles, and setting the stage for the
crash of 2008. ZIRP is like a opium-based painkiller. It might get you through
a crisis (if there isn’t the political will for a restructuring), but chronic
use is addictive and debilitating. The mechanics of the addiction are simple:
the more debt-burdened an economy becomes, the more additional debt it needs
for growth, and the less growth we get for the increment. This is termed debt
saturation. A dollar of new debt in 1960 produced about 90 cents of additional
GDP. That ratio turned negative in the last couple of years.
At the same time, to keep the interest burden of debt from spiraling out of the
control, nations are tempted to shift to shorter duration. This has the effect
of leaving a country ever more vulnerable should central bankers be forced to
raise interest rates. Interest payments are now just 1% of GDP and 5.7% % of US
expenditures, actually fairly low (though, even at these levels, interest chews
up 14% of each tax dollar collected). In fact, the interest bill for US debt is
just 4.6% higher than it was in 2007 and virtually the same as in 2008 despite
the fact that the debt has exploded since those years. The average rate the US pays
on debt is about 3%, and is coming down as roughly half the debt gets rolled
each year.
|
|
2011 |
$454,393,280,417.03 |
2010 |
$413,954,825,362.17 |
2009 |
$383,071,060,815.42 |
2008 |
$451,154,049,950.63 |
2007 |
$429,977,998,108.20 |
2006 |
$405,872,109,315.83 |
2005 |
$352,350,252,507.90 |
2004 |
$321,566,323,971.29 |
2003 |
$318,148,529,151.51 |
2002 |
$332,536,958,599.42 |
2001 |
$359,507,635,242.41 |
2000 |
$361,997,734,302.36 |
1999 |
$353,511,471,722.87 |
1998 |
$363,823,722,920.26 |
1997 |
$355,795,834,214.66 |
1996 |
$343,955,076,695.15 |
1995 |
$332,413,555,030.62 |
1994 |
$296,277,764,246.26 |
1993 |
$292,502,219,484.25 |
1992 |
$292,361,073,070.74 |
1991 |
$286,021,921,181.04 |
1990 |
$264,852,544,615.90 |
1989 |
$240,863,231,535.71 |
1988 |
$214,145,028,847.73 |
But we’ve
reached a place where even a historically modest rise – say 2% -- would start
gobbling huge chunks of tax revenue to the point where tax revenues are flat to
declining. The longer ZIRP continues, the more onerous the cost of raising
interest rates. Past some unknown point, ZIRP begets more ZIRP. We may be past
that point as the fed has said ZIRP will be the US policy into 2013. If the
natural buyers get wary, there is always the Fed to buy the debt. What we saw
earlier this year was that even as the Chinese balked at buying treasuries
(down from 47% of new issuance in 2006 to 5% in 2010), the Fed stepped in
through quantitative easing to buy the lion’s share of new debt. That
program ended in July, but then, in the nick of time, the European sovereign
debt crisis went critical, and prompted foreign buyers to show up (and the FED
is still in there as it reinvests proceeds as securities roll off its balance
sheet). Should the flight to safety
abate, it’s
highly likely QE will resume if only because this is a treadmill from which
there is no escape (a recognition of which may have played into the historic
S&P downgrade of US debt).
http://image.minyanville.com/assets/FCK_Jan2011/images/Lila/eugenechart1.JPG
How long can this continue? In Japan it has continued for nearly 20 years,
thanks to a thrifty population with $17 trillion in savings. But even that
party is approaching endgame. Its massive debt has already been downgraded, now
Aa3, but it still pays less than Germany, with an average interest expense of
1.12% this year. Japan’s problem is that its aging savers are becoming
spenders (the savings rate dropped to 3% this year) and the population has
dropped 3% in the past few years as well. So it has fewer, cash-flow negative
citizens to absorb ever more debt. Long term rates and dollar swaptions have
already started to edge up, and, having run huge deficits since the
inauguration of ZIRP in 1993, Japan has little capacity to endure an interest
rate hike. According to Kyle Bass, who analogizes a Japan short to the subprime
play in 2007-08, a 100 basis point rise in debt service costs would consume an
additional 25% of tax revenue. Disregard any talk that might come from Japan
about raising interest rates, it simply cannot happen.
ZIRP turns out
to be a trap that ensnares everybody, and not just the countries that adopt the
policy. During a briefing an economist from Tejas made the comment that once a
major economy adopts ZIRP, Central Banks all over the world lose control of
their monetary policy. I was puzzled about the mechanics of that until I came
across an example from Israel.
The transmission
mechanism is the carry trade. Starting in 2009, despite its precarious
geopolitical situation, Israel saw its currency strengthen as investors came in
searching for yield. According to Michael Pomerleano writing in the Financial
Times, as the shekel strengthened against the dollar, its central bank was
forced to intervene to buy Shekel’s lower interest rates and weaken the currency, even
though the bank actually wanted to raise rates to combat alarming inflation in
the housing sector.
While foreign money might be enticed to borrow in ZIRP countries and invest
elsewhere, domestic institutions like pension funds and insurers are driven to
search for yield to meet the estimated returns embedded in their models. A
pension fund using an 8% expected return is going to find itself ever deeper
underwater if it is stuck in fixed income in such an interest rate regime. This
is one reason hedge funds haven’t gone out of fashion even though their returns have
been more dismal than not since 2008. The search for yield has also underpinned
the recovery of the High Yield market since the crash. ZIRP may have
saved pensions and insurers from an immediate crash in 2008, but it has
subjected them to a merciless squeeze ever since.
Individual savers find themselves caught between embracing risk and spending
principal. This is not the choice retiring baby boomers expected, particularly
since most were under-saved for retirement even as other safety nets develop
holes.
Other unintended consequences have to do with the freeze up in interbank lending.
With short term yields virtually non-existent, there is no incentive for the
big banks to use funds in excess reserves to lend to smaller banks. Why take
any risk in interbank lending when your reward is virtually the same as holding
cash. The lack of liquidity in the interbank market in turn disrupts the
forward market for FX futures (according to Stamford economist Ronald
McKinnon), and this in turn makes lenders less willing to back letters of
credit for exporters – something that happened in the midst of the crisis
in 2008.
There have been positive benefits of ZIRP, including cheap debt for those
companies lucky enough to have access to the credit markets. Most notably, has
been the relationship between ZIRP’s evil twin, quantitative easing, and the buoyant
stock market. Nothing makes this point as starkly as a simple chart of the
S&P in 2011. The first half year was relatively smooth under the protective
umbrella of quantitative easing, while the second half looks like the EKG of a
heart attack (see below).
http://image.minyanville.com/assets/FCK_Jan2011/images/Lila/eugenechart3.jpg
Click to enlarge
Ben Bernanke is a brilliant economist, and I’m certain that he is more
aware than I am of the pitfalls of employing ZIRP for an extended period. So
why did he do it? My guess is that he went to ZIRP because he felt he had no
choice. In 2008 he was caught between a rock and a hard place. On the one hand,
he desperately needed to funnel money and a yield curve to the banks. All well
and good, but the defensible solution–the course taken by Sweden in 1993–would have been to saddle
the taxpayers with these costs only after the banks’ shareholders and debt
holders had shared the pain. As one pundit put it: a nation needs banks, but a
nation doesn’t
need these particular banks.
So again, why didn’t Bernanke recognize that? A few people know, and
they haven’t
been saying. One suspicion is that our major creditors in Asia and the Mideast
were also huge holders of bank shares and debt and threatened mutually assured
destruction if they were forced to write down these holdings. Another, simpler
explanation, is that US pension funds were also huge holders of shares and debt
of the banks as well as of mortgage-backed securities, and that an omnibus
write down of all these assets would cause a pension crisis the likes of which
this country had never seen.
ZIRP, in concert with the various bailout programs and the stimulus, offered a
way to buy time, and that’s what happened. But what happens next?
Right now, this question is still at the edges of the radar. When ZIRP is
discussed at all, it is in the context of inflation fears. Indeed, inflation is
one way a debt burden might be reduced, but when that day comes, soaring
interest rates will force defaults and restructurings. The Goldilocks solution
is to grow our way to exit. Given that both governments and households are
still burdened with trillions in excess debt (as well as the issue of debt
saturation), it is difficult to imagine how we could finance that growth even
if an obvious and politically viable path to growth presented itself. This
suggests that we will do what Japan has done and string out ZIRP until something
–
internal or external – forces a change.
This means that the economy and the markets will remain in this surreal context
of ZIRP for an indeterminate period, even as awareness grows that there will be
no controlled ending for this halcyon period. It means that there will be
further episodes of quantitative easing, either overt or by stealth.
This money will likely flow into equity markets as it has in the past. It also
means that government institutions will likely be major players in interbank
lending for the indefinite future and that consumer lending will be constrained
for the indefinite future. And with major economies printing money to maintain
the illusion that there is a market for their sovereign debt, it means that
commodities will continue to find a bid, even as the global economy contracts
(though there will be dramatic downdrafts on specific events
such as noticeable cooling in China).
It also means that the pension crisis will continue to worsen, and that the
already dire situation for retirees will continue to worsen, with implications
for burdens on various levels of government as well as for consumer spending.
And then, of course, ZIRP, though encompassing, is but one of the factors that
will be influencing our markets in the coming months. The unresolved sovereign
debt issues in the EU, a cooling China economy, and a host of US issues, also
cloud the future. For the moment ZIRP hovers at the edges of the mindspace of a
financial community focused on Europe and other critical issues. But, make no
mistake, we’re
in unknown territory as far as knowing at what constitute’s ZIRP’s event horizon, the
point beyond which there is no escape. Has Japan crossed that point? Is the US
approaching it? One hopes that we don’t discover this answer in retrospect.
Getting
Worse: 40 Undeniable Pieces Of Evidence That Show That America Is In Decline
The Economic Collapse | Is America in decline? That is a very provocative
question. The
Economic Collapse December 21, 2011
Is America in
decline? That is a very provocative question. I have found that
most people that hate the United States are very eager to agree that America is
in decline, while a lot of those that love the United States are very hesitant
to admit that America is in decline. Well, I am proud to be an American,
but I cannot lie and tell you that America is doing just fine. The pieces
of evidence compiled below are undeniable. Our economy is deathly ill and
is rapidly getting worse. We were handed the keys to the greatest
economic machine in the history of the world and we have wrecked it. But
until we are willing to look in the mirror and admit how bad things have
gotten, we won’t be ready for the solutions that are
necessary. The truth is that there are things that we can do to reverse
the decline. It does not have to be permanent. We have gotten away
from the things that made America great, and we need to admit that we are on
the wrong path and start fixing this country. But if we choose to
continue down the road that we are currently on, it will lead us into the
darkest chapters in American history.
The following
are 40 undeniable pieces of evidence that show that America is in decline….
#1 Back in 1985, 11 million vehicles were sold in
America. In 2009, only 5.4 million vehicles were sold in
America.
#2 In 1990, the median age of a vehicle in the United
States was just 6.5 years. Today, the median age of
a vehicle in the United States is approximately 10 years.
#3 The average price of a gallon of gasoline in 2011
has been $3.50. That is a new all-time record. The
previous record was $3.24 in 2008.
#4 The average American household will have spent an
astounding $4,155 on gasoline by the time the year is over.
#5 The number of children in the United States without
a permanent home has increased by 38 percent since 2007.
#6 A decade ago, the United States was ranked number
one in average wealth per adult. By 2010, the United States had fallen to seventh.
#7 The U.S. tax code is now more than 50,000 pages longer than it used to be.
#8 American 15-year-olds do not even rank in
the top half of all advanced nations when it comes
to math or science literacy.
#9 The United States once had the highest proportion of
young adults with post-secondary degrees in the world. Today, the
U.S. has fallen to 12th.
#10 After adjusting for inflation, U.S. college students
are borrowing about twice as much money
as they did a decade ago.
#11 The student loan default rate has nearly doubled since 2005.
#12 Our economy is not producing nearly enough jobs for
our college graduates. The percentage of mail carriers with a college
degree is now 4 times higher than it was back in 1970.
#13 Our infrastructure was once the envy of the
world. Today, U.S. infrastructure is ranked 23rd.
#14 Since December 2007, median household income in the
United States has declined by a total of 6.8% once you account for inflation.
#15 Since the year 2000, incomes for U.S. households led
by someone between the ages of 25 and 34 have fallen by about 12 percent after you
adjust for inflation.
#16 According to U.S. Representative Betty Sutton,
America has lost an average of 15 manufacturing
facilities a day over the last 10 years. During 2010 it got even
worse. Last year, an average of 23 manufacturing
facilities a day shut down in the United States.
#17 In all, more than 56,000 manufacturing
facilities in the United States have shut down since 2001.
#18 The United States has lost a staggering 32
percent of its manufacturing jobs since the year 2000.
#19 Manufacturing employment in the U.S. computer
industry was actually lower in 2010 than it was in 1975.
#20 In 1959, manufacturing represented 28 percent of all U.S. economic
output. In 2008, it represented only 11.5 percent.
#21 The television manufacturing industry began in the
United States. So how many televisions are manufactured in the United
States today? According to Princeton University economist Alan S.
Blinder, the grand total is zero.
#22 The U.S. trade deficit with China in 2010 was 27 times larger than it was back in 1990.
#23 The Economic Policy Institute says that since 2001
America has lost approximately 2.8 million jobs due to our trade
deficit with China alone.
#24 According to one study, between 1969 and 2009 the
median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for
inflation.
#25 Back in 1980, less than 30% of all jobs in the
United States were low income jobs. Today, more than 40% of all jobs in the
United States are low income jobs.
#26 The size of the economy in India is projected
to surpass the size of the U.S. economy by the year 2050.
#27 One prominent economist believes that the Chinese
economy will be three times larger
than the U.S. economy by the year 2040.
#28 In 2001, the United States ranked fourth in the
world in per capita broadband Internet use. Today it ranks 15th.
#29 Back in the year 2000, 11.3% of all Americans were living in
poverty. Today, 15.1% of all Americans are living in poverty.
#30 Last year, 2.6 million more Americans dropped into poverty.
That was the largest increase that we have seen
since the U.S. government began keeping statistics on this back in 1959.
#31 According to the U.S. Census Bureau, 6.7% of all Americans are living in “extreme poverty”, and that is the highest
level that has ever been recorded before.
#32 The percentage of children living in poverty in the United States increased
from 16.9 percent in 2006 to nearly 22 percent in 2010.
In the UK and in France the child poverty rate is well under 10 percent.
#33 As I wrote about the other day, since 2007 the number of children living
in poverty in the state of California has increased by 30 percent.
#34 A staggering 48.5% of all Americans live in a household
that receives some form of government benefits. Back in 1983, that number
was below 30 percent.
#35 Back in 1965, only one out of every 50 Americans was
on Medicaid. Today, one out of every 6 Americans is
on Medicaid.
#36 Between 1991 and 2007 the number of Americans
between the ages of 65 and 74 that filed for bankruptcy rose by a
staggering 178 percent.
#37 Today, the “too big to fail” banks are larger than
ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006
and September 30, 2011.
#38 Since the Federal Reserve was created in 1913, the
U.S. dollar has lostover 95 percent of its purchasing power.
#39 During the Obama administration, the U.S. government
has accumulated more debt than it did from the time that George Washington took
office to the time
that Bill Clinton took office.
#40 The U.S. national debt is now nearly 15 times larger than it was just 30 years ago.
Sadly, most
Americans are not fired up about turning this country around. Way too
many of them realize that things are getting worse, but they have “checked out” and are just going
through the motions of life.
A perfect
example is posted below. In this video, a FedEx delivery guy just
chucks a computer monitor over somebody’s fence……Can you believe he did that?
The sad thing
is that the guy was actually home at the time and all the FedEx employee needed
to do was ring the bell.
This is the
kind of attitude that is killing America.
We all need to
start caring again. We all need to start taking pride in what we
do. We all need to start working hard again. We all need to make
sure that we are living with a sense of personal integrity.
When a nation
simply does not care anymore, even a con man can become president.
During a recent 60 Minutes interview,
Barack Obama said that only 3 presidents in U.S. history accomplished more than
he did during the first two years of his presidency….
“The issue here
is not going be a list of accomplishments. As you said yourself, Steve, you
know, I would put our legislative and foreign policy accomplishments in our
first two years against any president — with the
possible exceptions of Johnson, F.D.R., and Lincoln — just in terms
of what we’ve gotten done in modern history. But, you know, but
when it comes to the economy, we’ve got a lot more work to do.”
He had to be joking, right?
Sadly, he was not joking.
But it is not just Barack Obama. The truth is
that both political parties are absolutely littered with con men, charlatans
and corrupt politicians.
It is going to be up to the American people to get
educated about how bad things have really gotten, to start demanding solutions,
and to start voting much better people into positions of authority.
If dramatic changes are not made, our economy will
continue to get worse and the decline of America will continue to accelerate.
We cannot stay on this road my friends.
It is only going to lead to a total nightmare.
Please share this information as widely as possible,
and please try to wake up as many of your fellow Americans as you can while
there is still time.’
Ten
Reasons To Fear And Loathe Markets In 2012 Forbes Robert Lenzner
#1. European
Sovereign Debt is a greater burden on the economies of Italy and France
than the debt overhang in the U.S. Italy has $2.46 trillion of debt to a
$2 trillion GDP. As Vice President Biden puts it “We did our bailout. They’ve got to do their
bailout.”
The posturing has been limited to letting nations borrow cheaply to add on more
debt so as not to default.
#2. The
ramification for the US from Europe is a reduction of 1%
growth in US GDP– which means much less growth than might have been
expected. This, in turn, puts added stress on valuations in our financial
markets, where multiples of earnings are expected to slide as investors run
away from risk-on assets.
#3. Continued
pressure on the earnings and book values of both European and US banks.
This can be seen in the way bank shares have traded this year, with global banks
getting pounded, and only regional banks with strong balance sheets being
favored.
#4.
Continued selling pressure on the prices of key commodities like oil,
copper and iron ore due to expectd slowness i the global economy.
#5. The
imbecility of extending the payroll tax deduction for only two more months– a horrendous sign
of political weakness with dire economic ramifications.
#6.
Residential housing market still mightily impaired and not expected to recover
for another 3 years. Still many millions of homes where mortgage debt greater
than the market value of the homes.
#7. Antipathy
individual investor for long term equity investing. Rise of the short-yterm
investor such as hedge funds using leverage, requiring volatility, better
informed than the public investor.
#8.
Expectation reduction $1.2 trillion from US budget over next 10 years. Can only
mean less money in circulation, less income to invest, lower GDP, less economic
growth rate. This is the reality being denied by most investors.
#9. Overall theme
of deflation, deleveraging can only mean lower asset prices.
#10.
Chance of social unrest in China, upheaval that affects move to consumer
economy, and lack of leadership from 10% of global economy.
Derivatives
group spent $674K lobbying in Q3 AP
PORTER
STANSBERRY OF STANSBERRY RESEARCH
THE
CORRUPTION OF AMERICA
The numbers
tell us America is in decline... if not outright collapse.
I say "the
numbers tell us" because I've become very sensitive to the impact
this kind of statement has on people. When I warned about the impending
bankruptcy of General Motors in 2006 and 2007, readers actually blamed me for
the company's problems – as if my warnings to the public were the real
problem, rather than GM's $400 billion in debt.
The claim was
absurd. But the resentment my work engendered was real.
So please...
before you read this issue, which makes several arresting claims about the
future of our country... understand I am only writing about the facts as I find
them today. I am only drawing conclusions based on the situation as it stands.
I am not saying that these conditions can't improve. Or that they won't
improve.
The truth is,
I am optimistic. I believe our country is heading into a crisis. But I also
believe that... sooner or later... Americans will make the right choices and
put our country back on sound footing.
Please pay
careful attention to the data I cite. And please send me corrections to the
facts. I will happily publish any correction that can be substantiated. But
please don't send me threats, accusations against my character, or baseless
claims about my lack of patriotism. If I didn't love our country, none of these
facts would bother me. I wouldn't have bothered writing this letter.
I know this is
a politically charged and emotional issue. My conclusions will not be easy for
most readers to accept. Likewise, many of the things I am writing about this
month will challenge my subscribers to re-examine what they believe about their
country. The facts about America today tell a painful story about a country
in a steep decline, beset by problems of its own making.
One last
point, before we begin... I realize that this kind of macro-economic/political
analysis is not, primarily, what you pay me for.
You rightly
expect me to provide you with investment opportunities – whether bull market,
bear market, or total societal collapse. And that's what I've done every month
for more than 15 years.
But that's not
what I've done this month. You won't find any investment ideas at all in these
pages. This issue is unlike any other I have ever written.
I'm sure it
will spark a wave of cancellations – costing me hundreds of thousands of dollars. I fear
it will spark a tremendous amount of controversy. Many people will surely
accuse me of deliberately writing inflammatory things in order to stir the pot
and gain attention. That's not my intention. The truth is, I've gone to great
lengths throughout my career to protect my privacy.
I am speaking
out now because I believe someone must. And I have the resources to do it. I
am sharing these ideas with my subscribers because I know we have arrived at
the moment of a long-brewing crisis.
Our political
leaders, our business leaders, and our cultural leaders have made a series of
catastrophic choices. The result has been a long decline in America's standard
of living.
For decades,
we have papered over these problems with massive amounts of borrowing. But now,
our debts total close to 400% of GDP, and America is the world's largest
borrower (after being the world's largest creditor only 40 years ago)... And
the holes in our society can no longer be hidden...
We've reached
the point where we will have to fix what lies at the heart of America's
decline... or be satisfied with a vastly lower standard of living in the
future.
How do I know?
How do I statistically define the decline of America?
The broadest
measure of national wealth is per-capita gross domestic product (GDP).
Economists use this figure to judge standards of living around the world. It
shows the value of the country's annual production divided by the number of its
citizens. No, the production isn't actually divided among all the citizens, but
this measure provides us with a fair benchmark to compare different economies
around the world. Likewise, this measure shows the growth (or the decline) in
wealth in societies across time.
So... is
America growing richer or poorer based on per-capita GDP? Seems like a simple
enough question, doesn't it? Is our economy growing faster than our population?
Are we, as individuals, becoming more affluent? Or is the pie, measured on a
per-person basis, growing smaller?
This is the most fundamental measure of the success or the failure of any political
system or culture. Are the legal and social rules we live under aiding our
economic development or holding us back? What do the numbers say?
Unfortunately,
it's a harder question to answer than it should be. The problem is, we don't
have a sound currency with which to measure GDP through time. Until 1971, the
U.S. dollar was defined as a certain amount of gold. And the price of gold was
fixed by international agreement. It didn't actually begin to trade freely
until 1975. Therefore, the value of the U.S. dollar (and thus the value of U.S.
production, which is measured in dollars) was manipulated higher for many
years.
Even today,
our government's nominal GDP figures are greatly influenced by inflation. The
influence of inflation is particularly pernicious in GDP studies. You see,
inflation, which actually reduces our standard of living, drives up the amount
of nominal GDP. So it creates the appearance of a wealthier country... while
the nation is actually getting poorer.
The only real
way to accurately measure per-capita GDP is to build our own model. The need to
build our own tools tells you something important – the government doesn't
want anyone to know the answer to this question. It could easily publish data
far more accurate than the indexes it puts out. But government doesn't want
anyone to know. And it wants to be able to say "those aren't the real
data" when studies like ours produce bad news.
So pay
attention to how we built our charts. You can see for yourself that our data
are far more accurate than the government's figures. Our data are based on the
real purchasing power of the currency, not the nominal numbers, which are
completely meaningless in the real world.
The question
we are trying to answer is: What would per-capita GDP numbers look like, if we
used a real-world currency, like gold, or a basket of commodity prices, instead
of the paper-based U.S. dollar? What would the figures be if we measured GDP in
sound money instead of the government's funny money?
Here's how we
figured it out. We took the government numbers for nominal GDP and measured
them first against commodity prices, and later (after it began to trade freely)
gold. We used a standard commodity index (the CRB) up to 1975 and gold
post-1975. The result of this analysis shows you the real trend in U.S.
per-capita GDP, as measured on a real-world purchasing power basis.
Our analysis
shows you what's actually happened to our real standard of living. The results,
we suspect, will surprise even the most bearish among you.
America is in
a steep decline.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/porter%201.png
Americans
Are Getting Poorer – Fast
Let me
anticipate the "official" criticism of our study. Many people will
claim that our numbers aren't "real." They will say that we
"mined" the data to produce a chart that showed a steep decline.
That's simply
not so. All we've done is convert the government's nominal GDP stats into a
fixed currency value that's based on real-world purchasing power. The fact is,
our data are far more accurate than the government's because they represent the
real-world experience.
That's why our
data are far more closely correlated to other real-world studies of wealth in
America.
Consider, for
example, annual sales of automobiles. Auto sales peaked in 1985 (11 million)
and have been declining at a fairly steady rate since 1999. In 2009, Americans
bought just 5.4 million passenger cars. As a result, the median age of a
registered vehicle in the U.S. is almost 10 years.
Our data shows
that real per-capita wealth peaked in the late 1960s. Guess when we find the
absolutely lowest median age of the U.S. fleet? In 1969. At the end of the
1960s, the median age of all the cars on the road in the U.S. was only 5.1
years. Even as recently as 1990, the median age was only 6.5 years.
Rich people
buy new cars. Poor people do not.
Most
important, our data "proves" something I know many of you have felt
or perceived for many years. You've seen the decline of your neighborhoods.
You've gone years without being able to earn more money in your job. Or you've
seen your purchasing power decrease to the point where you're now substituting lower-quality
products on your grocery list for the brand-name products you used to buy.
You can see
how much harder it is on your children to find good jobs, to buy good housing
or a new car. As a result, few people under the age of 40 have the same kind of
"life story" as their parents.
And because
they can't "make it," many have decided to "fake it." The
average college student now graduates with $24,000 in debt... and by his late
20s has racked up more than $6,000 in credit card debt. Meanwhile, median earnings
for Americans aged 25-34 equals $34,000-$38,000. (Source: Demos.org, "The
Economic State of Young America," November 2011.)
Can you
imagine starting your life out as an adult with a personal debt-to-income level
at close to 100%? What does this say about the state of our economy? What does this say about the state of our culture?
Who
Suffers Most
It's not only
the young that are having trouble in America. It is also the old.
Debt levels
among households headed by people older than 62 have been rising for two
decades. The average mortgage size for this population is now $71,000 – five times larger than
it was in 1987 (adjusted for inflation), according to William Apgar of
Harvard's Joint
Center for Housing Studies.
Older
Americans are also more reliant on credit card debt than ever before... credit
card debt. From 1992 through 2007 (which is the latest data available) older
Americans took on credit card debt at a faster pace than the population as a
whole. According to USA Today, lower- and middle-income Americans aged 65 and
older now carry an average of more than $10,000 in credit card debt, up 26%
since only 2005.
Given average interest rates of 20% for these debts, it's a fair bet that these
obligations will never be repaid. But they will have a terrible impact on the
standard of living of these older Americans.
What in the
heck is going on? Don't Americans pay off their mortgages before they retire?
Don't they work hard during their careers, save, and invest, so they can move
to Florida and spend their retirement in comfort?
Older
Americans living with credit card debt! This doesn't sound like America, does
it? Or maybe it does.
My bet is that
most of my subscribers know that something has gone terribly wrong with
America. It's not easy to figure out how all of this happened... but you know
from your own experiences that these numbers aren't wrong. It might not be
pleasant to think about... but these figures paint a sad but accurate picture:
America is not the country it was 40 years ago. These changes are warping our
economy, politics, and culture.
In this
month's issue, I'd like to try to define a few of the core reasons we're in
this situation. I can't possibly analyze all the factors that have led to this
decline. But I want to document the growth of graft in politics. I want to
demonstrate –
with real facts and examples – how public company leadership has deteriorated. And
I want to document some of the things that are occurring in the broader
society, all of which I believe are linked to this fundamental decline in our
standard of living.
You see, I
believe the decline of our country is primarily a decline of our culture.
We have lost
our sense of honor, humility, and the dedication to personal responsibility
that, for more than 200 years, made our country the greatest hope for mankind.
I want to detail some of the factors that gave rise to the current entitlement
society. We have become a country of people who believe their well-being is
someone else's responsibility.
I've labeled
these problems: The Corruption of America.
These problems
manifest themselves in different ways across institutions in all parts of our
society. But at their root, they are simply facets of the same stone. They are
all part of the same essential problem.
The corruption
of America isn't happening in one part of our country... or in one type of
institution. It is happening across the landscape of our society, in almost
every institution. It's a kind of moral decay... a kind of greed... a kind of
desperate grasp for power... And it's destroying our nation.
The Ethos
of 'Getting Yours'
Americans
know, in their bones, that something terrible is happening. Maybe you can't
articulate it. Maybe you don't have the statistics to understand exactly what's
going on. But my bet is, you think about it a lot.
For me, a
poignant moment of recognition came this month.
Bloomberg news
published an article based on confidential sources about how Henry Paulson, the
former CEO of Goldman Sachs and the Republican U.S. Treasury secretary during
the financial crisis, held a secret meeting with the top 20 hedge-fund managers
in New York City in late July 2008. This was about two weeks after he testified
to Congress that Fannie Mae and Freddie Mac were "well-capitalized."
I knew for a fact that what Paulson told Congress wasn't true. I wrote my
entire June 2008 newsletter detailing exactly why Fannie and Freddie certainly
had billions in losses that they had not yet revealed to investors – $500 billion in losses,
at least. There was no question in my mind, both companies were insolvent – "zeros," as I
explained.
And yet, in
front of Congress, the U.S. Treasury secretary was saying exactly the opposite.
Either I was a liar... or he was.
Then... only a few days later... what did Paulson tell those hedge-fund
managers?
He told them
the same thing I had written in my newsletter. He told them the opposite of
what he'd said publicly to Congress. He told these billionaire investors that
Fannie and Freddie were a disaster... They would require an enormous, multibillion-dollar
bailout... The U.S. government would have to take them over... And their
shareholders would be completely wiped out.
Here you had a
high-government official, explicitly lying to Congress (and by extension, the
general public), while giving the real facts to a group of people who
represented the financial interests of the world's wealthiest folks. The story
didn't come to the public's attention for two years.
This was the
most outrageous example of graft and corruption I have ever seen. Certainly it
involves more billions of dollars in misappropriated value than any other
similar story I can recall. These managers had the risk-free ability to make
tens of billions of dollars, if not hundreds of billions, by using derivatives
to capitalize on what they knew was the imminent collapse of the world's
largest mortgage bank. Who picked up the tab? You know perfectly well. It was
you and me, the taxpayers.
(One of the
investment managers present at this meeting was Steve Rattner, who by that
point was already deeply involved in another bit of graft, his efforts to bribe
New York state pension-fund managers for large investments into his hedge fund,
from which he earned perhaps as much as $100 million. He later settled the
charges for a mere $10 million shortly after Andrew Cuomo was elected governor
of New York.)
The Bloomberg story... about a crooked Treasury secretary handing a room full
of crooked billionaires inside information worth billions of dollars... hardly
caused a ripple. As far as I know, no actions are being planned against Henry
Paulson or any of the hedge-fund managers involved. No other major media outlet
picked up the story. I saw nothing about it from the Department of Justice or
the Securities and Exchange Commission.
What does that
say about our country when even the most egregious kind of corruption – involving hundreds of
billions of dollars – is simply ignored?
It seems like
everyone in our country has lost his moral bearing, from the highest government
officials and senior corporate leaders all the way down to schoolteachers and
local community leaders. The ethos of my fellow Americans seems to have changed
from one of personal integrity and responsibility to "getting yours" – the all-out attempt, by
any means possible, to get the most amount of benefits with the least amount of
work.
You can see
this in everything from the lowering of school standards (revising the SAT) to
the widespread use of performance-enhancing drugs in professional, college, and
high school sports. Cheating has become a way of life in America.
I have an idea
about how this happened... about the root cause of this kind of corruption and
why it was inevitable, given some of the basic facts regarding how we've
organized our government and our corporations.
Let me show
you the numbers – the hard facts – behind what's happened to our country...’
50
Economic Numbers From 2011 That Are Almost Too Crazy To Believe The Economic Collapse | If we do not educate
the American people about how deathly ill the U.S. economy has become, then
they will just keep falling for the same old lies. December 16, 2011 ‘Even
though most Americans have become very frustrated with this economy, the
reality is that the vast majority of them still have no idea just how bad our
economic decline has been or how much trouble we are going to be in if we don’t
make dramatic changes immediately. If we do not educate the American
people about how deathly ill the U.S. economy has become, then they will just
keep falling for the same old lies that our politicians keep telling
them. Just “tweaking” things here and there is not going to fix this
economy. We truly do need a fundamental change in direction.
America is consuming far more wealth than it is producing and our debt is
absolutely exploding. If we stay on this current path, an economic
collapse is inevitable. Hopefully the crazy economic numbers from 2011
that I have included in this article will be shocking enough to wake some
people up.
At this time
of the year, a lot of families get together, and in most homes the conversation
usually gets around to politics at some point. Hopefully many of you will
use the list below as a tool to help you share the reality of the U.S. economic
crisis with your family and friends. If we all work together, hopefully
we can get millions of people to wake up and realize that “business as usual” will result in a
national economic apocalypse.
The following
are 50 economic numbers from 2011 that are almost too crazy to believe….
#1 A staggering 48 percent of all Americans are either
considered to be “low income” or are living in poverty.
#2 Approximately 57 percent of all children in the United
States are living in homes that are either considered to be “low income” or impoverished.
#3 If the number of Americans that “wanted jobs” was the same today as it
was back in 2007, the “official” unemployment rate put out by the U.S. government
would be up to 11 percent.
#4 The average amount of time that a worker stays
unemployed in the United States is now over 40 weeks.
#5 One recent survey found that 77 percent of all U.S. small businesses
do not plan to hire any more workers.
#6 There are fewer payroll jobs in the United States
today than there were back in
2000 even though we have added 30 million extra people to the population
since then.
#7 Since December 2007, median household income in the
United States has declined by a total of 6.8% once you account for inflation.
#8 According to the Bureau of Labor Statistics, 16.6
million Americans were self-employed back in December 2006. Today, that
number has shrunk to 14.5 million.
#9 A Gallup poll from earlier this year found
that approximately one
out of every five Americans that do have a job consider themselves to be
underemployed.
#10 According to author Paul Osterman, about 20 percent of all U.S. adults are
currently working jobs that pay poverty-level wages.
#11 Back in 1980, less than 30% of all jobs in the
United States were low income jobs. Today, more than 40% of all jobs in the
United States are low income jobs.
#12 Back in 1969, 95 percent of all men between the ages
of 25 and 54 had a job. In July, only 81.2 percent of men in that age group
had a job.
#13 One recent survey found that one out of every three
Americans would not be able to make a mortgage or rent payment next month
if they suddenly lost their current job.
#14 The Federal Reserve recently announced that the
total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011
alone.
#15 According to a recent study conducted by the
BlackRock Investment Institute, the ratio of household debt to personal income
in the United States is now 154 percent.
#16 As the economy has slowed down, so has the number of
marriages. According to a Pew Research Center analysis, only 51 percent of all Americans that are at
least 18 years old are currently married. Back in 1960, 72 percentof all U.S. adults were
married.
#17 The U.S. Postal Service has lost more than 5 billion dollars over the past
year.
#18 In Stockton, California home prices have
declined 64 percent from where they were at when
the housing market peaked.
#19 Nevada has had the highest foreclosure rate in the
nation for 59 monthsin a row.
#20 If you can believe it, the median price of a home in
Detroit is now just $6000.
#21 According to the U.S. Census Bureau, 18 percent of all homes in the state of
Florida are sitting vacant. That figure is 63 percent larger than it was
just ten years ago.
#22 New home construction in the United States is on
pace to set a brand new all-time
record low in 2011.
#23 As I have written about previously, 19 percent of all American men
between the ages of 25 and 34 are now living with their parents.
#24 Electricity bills in the United States have risen
faster than the overall rate of inflation for five years in a row.
#25 According to the Bureau of Economic Analysis, health
care costs accounted for just 9.5% of all personal consumption back in
1980. Today they account for approximately 16.3%.
#26 One study found that approximately 41 percent
of all working age Americans either have medical bill problems or are currently
paying off medical debt.
#27 If you can believe it, one out of every seven
Americans has at least 10 credit
cards.
#28 The United States spends about 4 dollars on goods and
services from China for every one dollar that China spends on goods and
services from the United States.
#29 It is being projected that the U.S. trade deficit
for 2011 will be 558.2 billion dollars.
#30 The retirement crisis in the United States just
continues to get worse. According to the Employee Benefit Research
Institute, 46 percent of all American workers have
less than $10,000 saved for retirement, and 29 percent of all American workers have
less than $1,000 saved for retirement.
#31 Today, one out of every six elderly
Americans lives below the federal poverty line.
#32 According to a study that was just released, CEO pay
at America’s
biggest companies rose by 36.5% in just one recent 12 month period.
#33 Today, the “too big to fail” banks are larger than
ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006
and September 30, 2011.
#34 The six heirs of Wal-Mart founder Sam Walton have a
net worth that is roughly equal to the bottom 30 percent of all
Americans combined.
#35 According to an analysis of Census Bureau data done
by the Pew Research Center, the median net worth for households led by someone
65 years of age or older is 47 times greater than the
median net worth for households led by someone under the age of 35.
#36 If you can believe it, 37 percent of all U.S. households that
are led by someone under the age of 35 have a net worth of zero or less than
zero.
#37 A higher percentage of Americans is living in extreme poverty (6.7%) than has ever been measured
before.
#38 Child homelessness in the United States is now 33 percent higher than it was back in
2007.
#39 Since 2007, the number of children living in poverty
in the state of California has increased by 30 percent.
#40 Sadly, child poverty is absolutely exploding all over
America. According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in
poverty, 40.1% of all children that live in Atlanta
are living in poverty, 52.6% of all children that live in Cleveland are living in
poverty and 53.6% of all children that live in Detroit
are living in poverty.
#41 Today, one out of every seven Americans is on food
stamps and one out of every four
American children is on food stamps.
#42 In 1980, government transfer payments accounted for
just 11.7% of all income. Today, government
transfer payments account for more than 18 percent of all
income.
#43 A staggering 48.5% of all Americans live in a household
that receives some form of government benefits. Back in 1983, that number
was below 30 percent.
#44 Right now, spending by the federal government
accounts for about 24 percent of GDP. Back in 2001,
it accounted for just 18 percent.
#45 For fiscal year 2011, the U.S. federal government
had a budget deficit ofnearly 1.3 trillion dollars.
That was the third year in a row that our budget deficit has topped one
trillion dollars.
#46 If Bill Gates gave every single penny of his fortune
to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.
#47 Amazingly, the U.S. government has now accumulated a
total debt of 15 trillion dollars. When Barack Obama
first took office the national debt was just 10.6 trillion dollars.
#48 If the federal government began right at this moment
to repay the U.S. national debt at a rate of one dollar per second, it would
take over 440,000 years to pay off
the national debt.
#49 The U.S. national debt has been increasing by an
average of more than 4 billion
dollars per day since the beginning of the Obama administration.
#50 During the Obama administration, the U.S. government
has accumulated more debt than it did from the time that George Washington took
office to the time
that Bill Clinton took office.
Of course the
heart of our economic problems is the Federal Reserve. The Federal
Reserve is a perpetual debt machine, it has almost completely destroyed the
value of the U.S. dollar and it has an absolutely nightmarish track record of
incompetence. If the Federal Reserve system had never been created, the
U.S. economy would be in far better shape. The federal government needs
to shut down the Federal Reserve and
start issuing currency that is not debt-based. That would be a very
significant step toward restoring prosperity to America.
During 2011 we
made a lot of progress in educating the American people about our economic
problems, but we still have a long way to go.
Hopefully next
year more Americans than ever will wake up, because 2012 is going to represent
a huge turning point for this country.’
Current
Events Summarized In Brilliant Art George Washington 12/16/2011 A picture is worth
a thousand words [ View archived file: http://www.albertpeia.com/currenteventsinart.htm ]
The
Tim Tebow Comeback Story Continues But There Will Be No Miracle Comebacks For
The U.S. Economy | Never in the history of the NFL has there ever been
anything like this. The
Economic Collapse December 12, 2011 ‘Never in the history of the
NFL has there ever been anything like this. Today, Tim Tebow engineered
yet another miraculous 4th quarter comeback. Almost
everyone has been expecting this unprecedented string of comebacks to come to
an end, yet Tebow just keeps pulling off miracle after miracle. It seems
like nearly every week now we are talking about another unbelievable Tim Tebow
comeback. It is truly a great story, and what is wonderful about Tebow is
that he is not out to glorify himself. He is very humble, he always
recognizes his teammates and he is a terrific role model for a generation of
American youth that is in desperate need of one. Unfortunately, there is
not going to be a similar comeback story for the U.S. economy. It is late
in the 4th quarter, we have accumulated over 50 trillion dollars of total debt as
a nation, and our economic guts are being ripped out at a rate that is almost
impossible to believe. The game is essentially over and we are headed for
an incredible amount of economic pain as a nation.
We desperately
need a “political
Tim Tebow”
to come along to dismantle our current debt-based economic system. But
instead, the corrupt politicians in Washington D.C. just keep patching up our
current system and hope that somehow it will recover.
Unfortunately,
this is about as good as things are going to get for the U.S. economy.
The federal government and the Federal Reserve are already pushing things to
the “red
line”,
and all of that effort has not accomplished much.
We have been
experiencing “economic
stagnation”
for much of the past year, and there is not much more that they can do to
improve things under our current system.
Right now, the
Federal Reserve has pushed interest rates as low as they can go. They can’t go any lower.
Right now, the
federal government is borrowing and spending unprecedented amounts of
money. Federal spending cannot go much higher.
Right now, we
have already seen tax cut after tax cut and virtually none of them have been
paid for. Any additional tax cuts will just send our budget deficits even
higher.
Right now, we
have already seen unprecedented intervention by the Federal Reserve. They
have done just about everything short of dropping huge bags of money over the
countryside from helicopters.
The federal
government and the Federal Reserve have done just about everything that they
can possibly do to “stimulate” the economy, and yet things just keep getting worse.
So what is
going to happen when the federal government and the Federal Reserve quit
stimulating the economy?
As I wrote
about the other day, when evaluating the future of the U.S.
economy, it is vitally important to look at the balance sheet numbers and the
long-term trends.
When you do
that, you suddenly do not feel so good about the upward “blips” that we have seen in the
economy lately.
Yes, the “official” unemployment rate
recently went down slightly. But as Mac Slavo recently pointed out, even
with the recent “improvement” the truth is that the “real” level of unemployment in
the United States is still well over 20 percent.
And all of the
long-term trends indicate that we heading for a massive amount of trouble.
The number of
good jobs continues to decline. Even though our population is rapidly
increasing, there are 10 percent fewer middle income jobs in the U.S. today
than there were a decade ago.
In recent
years, the employment to population ratio has been steadily declining. At
the start of the recession it was at 62.7%. Today, it is at 58.5%.
Household
incomes continue to go down as well. Since December 2007, median
household income in the United States has declined by a total of 6.8%once you account for inflation.
So why is this
happening? Well, as I wrote about recently, the United States has the
worst balance of trade in the entire world by far.
Wealth, jobs
and economic infrastructure are pouring out of this country and very few
politicians are trying to stop it.
An average of
23 manufacturing facilities were shut down every single day in the United States last year.
That
represents a huge amount of lost jobs.
So do you hear
any political candidates talking about how they are going to stop this from
happening or about how they are going to get all of those lost jobs back?
Overall, the
U.S. has lost a total of more than 56,000 manufacturing
facilities since 2001.
So how can an
economy be great when it is constantly bleeding huge amounts of economic
infrastructure?
We have become
way too dependent on other nations for the things that we need.
How much trouble
would we be in if Saudi Arabia suddenly decided to quit shipping us oil or if
China suddenly decided to quit shipping us cheap plastic products to sell in
our stores?
Right now,
businesses are absolutely racing to get out of the United States. Big corporations
are shipping as many jobs as they possibly can out of the country. Our
insane economic policies have turned American workers into tremendous
liabilities.
One economist
from Princeton University is warning that 40
million more U.S. jobs could be sent offshore over the next two decades if
nothing is done to stop this.
So why aren’t more politicians
screaming and yelling about this?
Without good
jobs, Americans are falling out of the middle class in staggering numbers.
Since 2007,
the number of children living in poverty in the state of California has
increased by 30 percent.
So is that a
sign that things are getting better or that things are getting worse?
A higher
percentage of Americans is living in extreme poverty than has ever been measured
before. Not only that, 2.6 million more Americans fell into poverty last
year. That was also a new all-time record.
So are those
signs that things are getting better or that things are getting worse?
The American
people generally do not understand why these things are happening, but they are
clearly getting frustrated.
A recent
Gallup poll found that an all-time record 76 percent of all Americans believe that
most members of Congress do not deserve to be reelected.
But when
election time rolls around, they will probably send most of them back to
Washington D.C. anyway.
Our
politicians keep kicking the can down the road, but time for doing that is
running out. The unprecedented “stimulus” efforts by the federal government will be coming to
an end sooner or later.
In a recent
article, author Bruce Krasting listed
a whole bunch of reasons why the economic can is not going to be able to be
kicked down the road much farther. The following are some of the things
that he says are scheduled to end by the beginning of 2013….
·
The Bush tax
cuts on those making more than $200k will expire.
·
The Bush tax
cuts on those making less than $200k will also expire.
·
The Patch on AMT
will expire.
·
The 2% payroll
tax holiday will expire for all workers on 12/31/12 (I’m sure the
current holiday will be rolled for another year)
·
The 99-week
extended unemployment benefits die on 12/31. (The emergency benefits will also
be extended for 2012)
·
There will have
to be a budget that is approved. Alternatively, a series of continuing
resolutions is required to avert a government shutdown. We have not had an
approved budget in over 900 days.
·
2013 is the
first year that there will be mandatory caps on discretionary spending. These
limits will result in a YoY decline in government spending.
·
The Federal
Reserve has promised to keep interest rates at zero into 2013. While it is
possible that the Fed could continue the madness for even longer, the reality
is that interest rates have nowhere to go but up.
·
By January 2013
it will be painfully evident that the country’s key social
programs, Social Security and Medicare will be running in the red at a pace
that is far higher than anyone considered possible. The need for dramatic
changes in these programs will have to come onto the table. The implications of
this will be significant.
·
In 2013 the
issues of Fannie, Freddie, FHA and the Federal Home Loan Banks must be
addressed. The problems at the housing agencies has festered too long.
·
The country will
face another debt ceiling extension. The last time cost us our AAA.
Sadly, we will probably not have to wait until 2013
to feel a whole lot of economic pain.
The reality is that a 15 trillion dollar debt and
trillion dollar yearly budget deficits are not sustainable. We have
created a situation where a horrible crash is inevitable, and there is no way
that our current debt-based system can be fixed to keep a nightmarish collapse
from happening.
During the Obama administration, the U.S. government
has accumulated more debt than it did from the time that George Washington took
office to the time
that Bill Clinton took office. That is a recipe for national
financial suicide.
Meanwhile, despite what you may have heard, the European
debt crisis has not been fixed.
Not at all.
The truth is that none of the fundamental problems
were fixed by this recent “agreement” as Ambrose Evans-Pritchard recently noted in one of his columns….
There is no shared debt issuance, no fiscal
transfers, no move to an EU Treasury, no banking licence for the ESM rescue
fund, and no change in the mandate of the European Central Bank.
In short, there is no breakthrough of any kind that
will convince Asian investors that this monetary union has viable governance or
even a future.
Germany has kept the focus exclusively on fiscal
deficits even though everybody must understand by now that this crisis was not
caused by fiscal deficits (except in the case of Greece). Spain and Ireland
were in surplus, and Italy had a primary surplus.
For many more reasons why Europe is headed for big
trouble, please read this article: “22
Reasons Why We Could See An Economic Collapse In Europe In 2012“.
When Europe goes down, it is going to have a
devastating impact on the United States.
Meanwhile, the economies of China and Japan are also
steamrolling toward recession.
There is simply way too much debt in the world, and a
great day of reckoning is coming.
Combined, the industrialized nations of the world
borrowed more than 10 trillion
dollars this year, and that number is expected to soar even higher next
year.
Jim Cramer of CNBC stated recently that the global
economy is at “DEFCON 3, two stages from a financial collapse so
huge it’s
hard to get your mind around.”
Most Americans don’t understand this
yet. But hopefully we can get more of them educated while there is still
time.
The global financial system is a big shell
game. It is a gigantic mountain of debt, leverage and risk.
You would have thought that we would have learned
some key lessons from the financial crisis of 2008, but we didn’t.
Back in 2002, the top 10 U.S. banks controlled 55 percent of all U.S. banking
assets. Right now, the top 10 U.S. banks control 77 percent of all U.S. banking assets.
Today, the “too big to fail” banks are larger than
ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006
and September 30, 2011.
So instead of doing something about the “too big to fail” banks, they are now more
“too
big to fail”
than ever.
As big banks and big corporations have come to
dominate our economy more than ever before, wealth and power have also become
much more concentrated….
*The wealthiest 1 percent of all Americans now
own more than a third of all the
wealth in the United States.
*The poorest 50 percent of all Americans collectively
own just 2.5% of all the wealth in the United
States.
*The six heirs of Wal-Mart founder Sam Walton have a
net worth that is roughly equal to the bottom 30 percent of all
Americans combined.
*Overall, the wealthiest one percent of all Americans
have a greater net worththan the bottom 90
percent combined.
It would be wonderful if we could send a “Tim Tebow of politics” to Washington D.C., but
instead the Democrats and the Republicans look like they just plan to give us
more of the same.
Are the Republicans really going to nominate someone
who co-sponsored 418 bills with Nancy Pelosi? The
truth is that the latest “anti-Romney candidate” isalmost a clone of Mitt Romney.
Newt Gingrich is essentially an older, ruder version
of Barack Obama. If you are counting on him to “save America” then you are going to be
incredibly disappointed.
Sadly, we just do not have nearly enough men
like Tim
Tebow in America today. The following comes from a recent profile of
Tebow that recently appeared in the Wall Street Journal….
While at Florida, Mr. Tebow became well known for
spending his summers helping the poor and needy in the Philippines. He also
spoke in prisons and appeared to accept every opportunity to volunteer. He
encouraged his teammates and classmates to follow his lead.
You can see video of Tim Tebow speaking to a group of
prisoners at the Lake City Correctional Facility while he was still attending
the University of Floridaright here.
Unfortunately, there is no “Tim Tebow comeback” on the horizon for the
U.S. economy at this point.
But when the U.S. economy does get worse, we can take
a cue from Tim Tebow and be very generous with those in need. There are
going to be a lot of people that will be really hurting, and those of us that
have been blessed should do what we can to help them out.
A lot of people say that my site is all
about “doom
and gloom”,
but telling the truth to the American people is never a bad thing.
We do not do ourselves any favors by sticking our
heads in the sand and pretending that everything is going to be okay.
There is going to be no miracle comeback for the U.S.
economy.
A horrific economic collapse is
coming.
You better get ready.’
THE ROAD NOT
TAKEN: GLOBAL ECONOMY ON THE BRINK http://www.safehaven.com/article/23606/the-road-not-taken 12/10/2011 By David Knox Barker: ‘The
international political economy and global financial markets are deep in the
woods. A long wave winter season is blowing cold, and getting colder. Decades
of excess leverage in the banking system and sovereign states is coming to an
end. Government and consumer spending are hitting a wall. A critical fork on
this wintry road is coming up fast.
A
transformational long wave crisis that spans the globe is under way. Tough
decisions must be made to pull us out of the long wave winter crisis and into a
new spring day on the other side. There are two different roads beckoning us
out of this long wave wintry mess. Make no mistake; the choice leads to
distinctly different destinations.
http://static.safehaven.com/authors/barker/23606_a.jpg
Oscar Wilde,
in his essay The Decay of Lying, famously penned the words, "Life imitates
art far more than art imitates life." Along this line of thinking, Robert
Frost's famous poem, with only one word edited (wintry), is in order. It offers
new meaning as the world grapples with the global financial, economic and
political crisis. It speaks to the far-reaching implications of the important
decisions required now for the uncertain road that lies ahead.
The Road Not Taken
by Robert Frost
Two roads diverged in a (wintry) wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;
Then took the other, as just as fair,
And having perhaps the better claim
Because it was grassy and wanted wear,
Though as for that the passing there
Had worn them really about the same,
And both that morning equally lay
In leaves no step had trodden black.
Oh, I marked the first for another day!
Yet knowing how way leads on to way
I doubted if I should ever come back.
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I,
I took the one less traveled by,
And that has made all the difference.
Investors and
traders should recognize that global markets will discount the unknown future
on the road ahead far more than most are expecting as this long wave winter
bottoms in the years directly ahead, whatever road we take. Markets do not like
the unknown and buyers of the future will require a hefty discount to the cash
flows it offers, especially when perceived risks are rising fast and show no
sign of abating.
After this
final phase of the long wave winter that puts the future on sale, we can get on
with building a global economy that is better than what we are leaving behind.
The real question is what road we will take. One road leads to the serfdom and
dependence on government promises, the other to individual freedom and
unlimited potential. The road chosen will make a big difference in the world we
live in during the coming long wave spring season and global boom that lies
ahead.
The low road
offers more of the same Keynesian hopes that created this crisis. It shows more
wear. It offers greater intervention from government in hopes that the state,
even in light of recent evidence to the contrary, has the answers. The low road
grants greater powers to government and vastly higher levels of debt, fighting
debt with debt. Along this road greater national and individual sovereignty and
liberty is a required sacrifice offered to the deity of the state and its
various temples of centralized control.
The high road
offers the hope that the grand experiment of big government is actually ending
world over. The dissemination of information on the Internet suggests the old
media is losing its grip on public consciousness and its role of kingmaker.
Centralized political power is doomed. Rather than centralizing power, there
are signs the information age and technology is in the process of a quantum leap,
transforming political power in the process and returning it to its rightful
owner, the individual and their important role in society and community. The
latent potential that can be unleashed on the high road is astounding, and it
is the same world over.
Advocates of
the high road recognize that radical pro-growth and pro-job corporate tax
policies are urgently required. A low flat corporate tax rate of 15% or less in
the U.S. will force the world to follow and trigger a global growth boom and
new long wave spring. The fair-tax makes even more sense, but that is likely
asking too much of politicians that appear to have trouble understanding that
they were not elected to only enrich themselves. Have courage, this ilk is on
the way out. Most politicians believe tax reform is granting tax breaks in the
tax code for kickbacks in one form of another.
If government
spending cuts are combined with pro-growth corporate tax policies, the next
wave of Internet driven innovation will trigger a global boom in a new long
wave spring season beyond 2012. Political leaders can pursue policies that
accelerate these trends, or they can try to hold on to their rapidly failing
grip on power.
Few are aware
that the object-oriented paradigm and the object-oriented code it spawned has
played an essential role in the Internet revolution. The objectivation of the
planet is turning the Internet into an empowering force for individual freedom
and liberty. The Internet is decentralizing access to information and is
radically changing the world, including putting political power into a state of
flux.
The low road
is simply more of the same that got us here and delivered the global system to
the edge of the abyss. There are those that are loudly advocating this
well-worn Keynesian road funded by government debt, i.e., the same map that got
us here. Many advocating the low road are hoping for yearend bonus checks for
all the bad debt they would like governments to back stop and transfer onto the
backs of taxpayers. This low road is where society's resources are distributed
both up to an elite class that socialize their losses and down to an
entitlement class. The motto of the low road is clear, in the words of Ayn
Rand, "From each according to his ability, to each according to his need."
The high road
is seldom traveled these days. It is a road of individual responsibility and
accountability for one's own decisions and actions, where thrift and prudence
gain their just reward and are not punished by the greed of others that are too
big to fail. This high road is where budgets are balanced and governments do
not spend money they do not have and therefore must borrow, or steal from its
rightful owners.
The two roads
out of the global financial crisis are coming up as the world descends in the
current business cycle. The call for the European Central Bank (ECB) to join
with the U.S. Federal Reserve and promise unlimited quantitative easing (QE)
has reached a fevered pitch. The ECB has been buying sovereign bonds on the
margin, but the idea of the ECB ratcheting up the buying of any bonds issued by
the profligate politicians is a low road choice by any standard. It is
repulsive to those accustomed to living within their means and not interested
in financing those that who do not.
The current
global system is now struggling under its glaring contradictions. The long wave
cycle points down and to a resetting of the global economic and financial
order. The world has come to an important fork in the road in the current
business cycle, the final business cycle of the long wave winter
The
entitlement class is demanding the politicians serve up the wealthiest
producers on a 1% prime mover platter, so they can, in their own words,
"eat the rich". It will of course be their last meal, but this crowd
does not think that far ahead. They have not considered that the next meal will
be the wild-eyed comrade across the table, or it will be them and their family.
In short, the
low road thinking suggests that it is possible to solve history's greatest debt
crisis with more debt and deficit spending, keeping the entitlement class
satisfied and growing. This may work marginally in this long wave cycle crisis
and a somber spring will begin belatedly, but this low road will weaken
international capitalism and likely trigger the collapse of capitalism in the
next long wave winter season, delivering the global economy onto the cusp of a
new dark age.
On the high
road, governments will actually be required to stop spending money they do not
have and balance their budgets. Investors that unfortunately make bad
investments will have to take losses and not socialize them and pass them on to
taxpayers. This appears to be a rather novel concept for many. The media and
politicians jeer at it as old-fashioned nonsense. Those with the mistaken
belief that the profits of capitalism will be able to pay the tab for the great
entitlement banquet, are rejecting as "austerity" what is only common
sense and the way our grandparents lived.
Advocates for
the low road gained the upper hand in the 2008-2009 phase of the financial
crisis. Many are now rightfully questioning this direction. Although we are now
moving toward the low road, there remains time to change, to take the high
road.
All eyes are
now on Europe. There is hope that Europe could switch to the high road, and
force the U.S. and Asia to follow. This week we learned that the new ECB
president Mario Draghi is suggesting that the ECB does not intend to backstop
governments that cannot balance their budgets, or failing banks that fund them.
German Chancellor Angela Merkel is suggesting government must bring their
budgets under control before they receive any help from the ECB. In short,
Europe is considering taking the high road. If they do, they could force the
U.S. and even the world to follow. Merkel and Draghi are pointing us toward the
high road. Those clamoring for more QE to off load their bad debts on you, your
children and your grandchildren, so they can get their Christmas bonuses,
typically work the tollgates on the low road.
The statement
out of the European Union meeting this week suggests there remain leaders that
are advocating the high road; let us pray they can provide the leadership to
make it happen. They are asking governments to cut spending and move toward
balanced budgets before the ECB steps in and buys larger amounts of sovereign
debt. Draghi appears to be the sort that will wait for tangible evidence and
real cuts before backstopping anyone. Chairman Bernanke should take notes and
shake off his fear of deflation.
Great pressure
is being applied to the ECB to jettison their single mandate of price stability
in Europe and join the U.S. Federal Reserve by becoming the buyer of last
resort. This is clearly a low road option. If the ECB caves to this pressure,
odds rise sharply that the low road is our destiny. If the infrastructure
obsessed Bank of China (BOC) keeps the monetary pedal to the metal it will also
indicate the low road may be the one the world travels, but they may just take
their cue from the ECB. There is evidence that even some of the leaders of
communist-capitalism can recognize the advantages of the high road.
On the low
road, concerted global QE will cause the global crisis and long wave winter to
drag on longer than it will on the high road. With global QE that buys bad
debt, the business cycle lows in 2016 will be inflation-adjusted long wave lows
as debt is monetized and inflation steals from real returns. Capital will be
slow to commit to the new global long wave spring season and it will get off to
a much slower start than possible on the high road. Government picks winners
and losers on the low road. That plan has not worked out so far, e.g. Solyndra,
etc.
The map for
the high road is real deficit reduction in the U.S. and in Europe, not just
smaller increases, and aggressive pro-growth corporate tax reform; not endless
talk, but action. On the high road, the decline of the business cycle will
sharper and swifter than most expect. Required writedowns of bad debt
investments, necessary government spending cuts and debt deleveraging will not
come without pain. On the high road the decline of the business cycle will most
likely be a sharp V shaped deflationary recession/depression into late 2012,
and possibly mid-2013.
The chart
below demonstrates this possible scenario using Market Cycle Dynamics software
running with Metastock. The global economy and international markets are a
complex system. The low road will not stop the cycles; it will only lengthen
the cycles and lead the world inexorably toward chaos and a greater collapse.
The high road will restore order and a global boom. A new long wave spring
season of global prosperity is what the high road offers.
http://static.safehaven.com/authors/barker/23606_b.png
On the high
road, the global economy will make the turn and come roaring out of the V
shaped deflation and debt liquidation and into a new long wave spring within 18
months. Hard work, risk taking and ability are what will pick the winners along
the high road. The road we choose to travel will determine how and when this
business cycle and long wave winter season ends. The road we take will make all
the difference.’
The
Worldwide Depression/Recession Of 2012
Jeff
Harding Dec 09, 2011 ‘While we're seeing some positive numbers in the US,
we're also seeing signs of weakness. And since we live in a world of
international trade, the world's woes will hit us. (Read
more: http://www.minyanville.com/businessmarkets/articles/eurozone-euro-eurozone-crisis-sovereign-debt/12/9/2011/id/38294#ixzz1g7Hfhu3K)
‘In case you haven’t noticed, the rest of the world continues to slow
down and the negative data
is accelerating. The big powerhouses of the world, the eurozone (including Germany),
Japan, and China are leading this trend and there is no reason to believe that
the U.S. will not follow.
I’ve been writing about this theme frequently lately because, while we are
seeing some positive numbers here in the U.S., we are also seeing signs of
weakness starting to show up, and since we live in a world of international trade,
the world’s woes will hit us.
The first thing to note about this phenomenon is that the central banks of the
world, including the Fed, have been doing all they can to support their
economies with plentiful money. According to a recent Bloomberg article, “Central banks across five
continents are undertaking the broadest reduction in borrowing costs since 2009
to avert a global economic slump stemming from Europe’s sovereign-debt
turmoil.”
Monetary easing will push the average worldwide central bank interest
rate, weighted for gross domestic product, to 1.79% by next June from 2.16% in
September, the largest drop in two years, according to data and projections
from JPMorgan, which tracks 31 central banks. The number of those banks
loosening credit is the most since the third quarter of 2009, when 15
institutions cut rates, the data show.
The People’s Bank of China has raised its main interest
rate three times this year to fight inflation. India’s
central bank lifted rates on Oct. 25 by a quarter of a percentage point, while
signaling it was nearing the end of its record cycle of increases as the
economy cooled.
This is nothing new. Since the Crash of 2008, most central banks have been
pumping fiat money into their economies.
The multiple EU sovereign insolvencies—you don’t need to default to be
insolvent—are hitting eurozone credit hard, which is a trigger for deflation as
money supply declines. Lenders are stuck with bad sovereign loans and there
isn’t enough money to bail them all out, much less the PIIGS.
The thing to remember about the eurozone is that it’s not just sovereign
insolvencies that is their problem. They became insolvent, yes because
governments spent too much, but their economies are in the tank mainly for many
of the same reasons the U.S. economy declined (money inflation boom, high
debt/spending, housing market collapse triggering depression, high taxes and
regulation, and various bailouts to prevent recovery). Until they fix the
underlying causes, their banks will collapse and countries will default.
China’s economy relies on the West for its exports, and as a result:
China’s frequent monetary stimulus, along with government
real estate policies, keeps feeding their real estate boom-bust cycles.
Once you look at the data (below), you will see where we and the world are
headed.
While these economies are shrinking, demand for commodities,
capital goods, and manufactured goods all decline. This is impacting
commodity prices; they have been falling since this summer (mainly a
supply-demand factor, not just a money deflation issue). Each country/zone will
have a different reaction to all this. Most will continue to inflate (“print” money).
Money printing will have little impact on declining prices for the time being.
Unless they panic. If they panic -- that is, massively pump money --
they will suffer from price inflation. China will have more booms and the
eurozone will also stagnate as well. Japan will continue to go
"Japanese," and depending on what the Fed does, it is likely we’ll go Japanese as well.
Here is what it looks like:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchDEC2011/Chart%201%20Markit-JPM-Global-Main-PMI-Regional%20Nov%202011.png
Click to enlarge
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchDEC2011/Chart%202%20KMPG_Market-Wordwide-Regional%20PMI%20Nov%202011.png
Click to enlarge
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchDEC2011/Chart%203%20Markit-HSBC-China-PMI-Germany%20Composite%20Nov%202011.png
Click to enlarge
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchDEC2011/Chart%204%20Markit-Eurozone-PMI-GDP-Input%20prices%20Nov%202011.png
Click to enlarge
N.B. The word “depression” frightens a lot of people. It should. But, we are in
one now. Our leaders just invented the word “recession” to take our minds off
what’s
really happening. Murray Rothbard in his book, America’s Great
Depression noted that
when the economy crashed again in 1937, Franklin D. Roosevelt and
his advisers didn’t want to use the “D” word so they came up
with “recession.” Until that time there
were no “recessions.” Now a “recession” is just a
mini-depression. Since we, in my opinion, have not yet recovered from the Crash
of 2008, we are in a depression. Just ask the 25 million Americans who either
don’t
have a job, can’t find one, stopped looking, or are working part-time
because they can’t find full-time work. Just ask the 24% of home
owners whose homes are financially underwater.
·
How the U.S. Will Become a 3rd World Country
(Part 1)
·
Globalization and Global Chaos
·
Into the Abyss: The Cycle of Debt Deflation
·
OTC Derivatives: Failed Banks or Failed Nations?
·
Bernanke's Dilemma: Hyperinflation and the U.S.
Dollar
·
Madmen, Gamblers, Alcoholics, the U.S. Dollar and
Gold
SPX Update: Sell the Bounce Jason Haver
Nov 29, 2011 ‘This bounce might not last long, and new lows are expected to
follow.
$707,568,901,000,000:
How (And Why) Banks Increased Total Outstanding Derivatives By A Record $107
Trillion In 6 Months Tyler
Durden on 11/26/11
DATA
SUMMARY SHOWS THE US ECONOMY IS IN JEOPARDY [ Duh! Ya think? ] Jeff Harding
Nov 23, 2011 http://www.minyanville.com/buzz/buzzalert/data-summary-shows-the-us/11/23/2011/id/146675?camp=syndication&medium=portals&from=yahoo
‘An overview of all the factors at play leads to one inevitable conclusion.
The Crossroad
The economy is at one of those crossroads where something is going to
happen. Whether that will be a positive or a negative is often difficult
to tell because at any time one of those “black swans” could land in our midst
and change everything. Plans are fluid and and forecasting can
be quixotic. That said, I believe we are at a critical point, and the US
economy is heading for a fall.
To understand what “tomorrow” might be, we need to look at today and
try to tie those threads together. Here is my analysis step by step, and
you can decide if you agree with my conclusions.
Today
I have been looking at a lot of data
reports in terms of an overall view of the economy. I apologize for all of the
charts and data, but they offer some insight into trends.
Price Indices
Both the Producer Price Index and the Consumer Price Index have shown modest
price increases, but may be trending negative.
Producer Price Index:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards1.png
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards2.png
On a 12-month basis, finished goods have gone up 5.9%, intermediate goods up
8.3%, and crude goods up 12.6%. However, the recent trend is down, as the above
chart shows.
Consumer Price Index:
Consumer prices declined 0.1%, and core (less energy and food) went up 0.1%. On
a year-over-year basis, prices have increased 3.5%, but that is down from 3.9%
the prior month, mainly due to energy costs.
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards3.png
Industrial Production
Industrial production as measured by shipments showed a 0.7% gain in October,
and the 12-month index was up 3.9%.
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards4.png
Manufacturing
The important factory sector output was up
0.5% in October and up 4.1% for the 12 months. The only negative here, and it
is a significant one, is that new orders are flat, but may not be declining:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards5.png
The more telling ISM Manufacturing Index shows
some weakness:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards6.png
The capital goods sector has been showing strong growth:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards7.png
Business Sales
Business sales and inventories are also steady:
Businesses
are carefully managing their inventories, keeping them lean as sales move
incrementally forward. Business inventories are unchanged in the September
report with sales up 0.6 percent [11.06% YoY], a combination that keeps the
inventory-to-sales ratio at 1.27. This ratio has been pretty steady for the
last two years after spiking as high as 1.49 during the recession when sales of
course plunged.
But note that these numbers are nominal, not adjusted for inflation.
Retail Sales
Retail sales and food services were up 0.5% for October, and 7.2% year over
year. Again, these numbers are not adjusted for inflation. They are steady but
have been flat (±) since August 2010.
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards8.png
Wages and Earnings
Real wages continue to be weak. While real wages increased 0.3% in October,
that was after a CPI adjustment ((earnings +0.2)+(CPI -0.1%)). On a year-over-year
basis, real earnings are down 1.6%. “An unchanged average workweek combined with the decline
in real average hourly earnings resulted in a 1.7 percent decrease in real
average weekly earnings during the same period,” according to the Bureau of
Labor Statistics.
Bank Credit
Bank credit conditions are still sluggish.
Consumer credit
Consumer credit increased at an
annual rate of 1.5% in the third quarter. Revolving credit decreased at
an annual rate of 3.25%, while nonrevolving credit increased 3.75%.
In September consumer credit increased at an annual rate of 3.5%. Revolving
credit is credit card debt; nonrevolving debt is mostly auto loans and student
loans. Generally, consumer credit has been rather flat except for auto loans,
which have been up and down, but mostly up:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards9.png
Business credit
What has changed is that commercial and industrial loans have grown, especially
at small domestic banks. Look at the Fed’s H.8 commercial bank commercial
and industrial (C&I) loans in 2011 (note: I modified this chart to fit):
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards10.png
(Note that “Other consumer loans” are mostly auto loans. This consumer credit
data is slightly different than the Fed’s G.19 data on consumer credit, above.)
What we see is that C&I loans took off starting in the first quarter of
2011. While the data for large domestic banks shows steady C&I loan growth
since the fourth quarter of 2009, small domestic bank C&I lending shot up in
the first quarter of 2011, from zero base to $20 billion:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards11.png
Even more surprising is that average loan size for small banks increased from
about $100,000 to almost $650,000. One might conclude from this that the credit
freeze is over and small banks are lending and small to medium business
enterprises (SMEs) are borrowing, thus indicating a recovery.
What is happening?
The main reason for this sudden increase in loan activity is competition. Ever
since Dodd-Frank, banks have been scrambling to figure out how to make more
money, as many credit card and other account fees were prohibited in an attempt
to protect consumers. One way to offset that loss is to gain more business
customers, and there has been a scramble by both large and
small banks for SME customers.
Small banks have the most to gain or lose in this competition because SMEs are
their territory. So they are pursuing customers. Many also believe that there
is a window of opportunity with favorable spreads and thus the timing is
critical to expand business before that window closes. The initial
beneficiaries seem to be the banks in the $5 billion to $10 billion asset
range, which are classified as small banks. Keefe, Bruyette & Woods, an
investment bank specializing in services to the banking sector said:
[Damon DelMonte, an analyst with KBW Inc.'s Keefe, Bruyette & Woods
Inc.] said banks reporting loan growth are taking a bigger slice of the
pie, but the pie isn’t getting much bigger. “We’re not of the belief that the
demand for new loans is really ramping up,” he said. “It seems like it’s more
of a shifting of market share. Smaller banks are going to benefit at the
expense of larger banks.“
This was also confirmed by the Fed’s October
2011 Senior Loan Officer Opinion Survey on Bank Lending Practices, where they
reported increased competition, but that loan demand was weak:
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards12.png
I will explain the significance of this data further on.
International Trade
On the international scene, imports were actually down slightly, which was seen
as a positive by most analysts (I see
it as a negative):
The US trade deficit unexpectedly improved in
September, but a significant part of it appears to have been related to flight
to safety to gold during September’s weak financial markets. The September
trade gap shrank to $43.1 billion from $44.9 billion in August. The latest
shortfall was narrower than analysts’ expectations for a $46.3 billion deficit.
Exports gained 1.4 percent after edging up 0.1 percent in August. Imports rose
0.3 percent in September, following a 0.2 percent decline the prior month.
Exports have been a substantial driver of the
economy ($2.117 trillion):
http://image.minyanville.com/assets/FCK_Jan2011/images/LisaCatchNOV2011/Hards13.png
International Capital Flows
The Treasury International Capital Report shows us that money continues to flow into the US seeking
refuge mainly in Treasuries:
Volatility in international financial markets made
for a second straight month of increasing inflow into long-term US
securities, at $68.6 billion in September following August’s revised $58.0
billion. These follow inflows of only $9.1 billion and $4.1 billion in the two
prior months. US investors, repatriating their funds, were small net sellers of
foreign securities in September. But increasing demand for US securities is
narrowly based into Treasuries in contrast to outflows for corporate bonds and
especially US equities which is no surprise given the general move into safety
and away from risk. Net outflows from equities were a very steep $19.2 billion
in September following August’s $6.5 billion outflow.
Summary
Here is a summary of the above data:
#1. Industrial production (manufacturing and
services) is continuing a flat to declining trend that has been going on
since the second quarter of 2010. Manufacturing has shown recent growth, but it
mirrors the negative to flat trend. Capital goods orders have improved,
reflecting technological upgrades (which is also mirrored in software
sales).
#2. Prices are starting to decline both at the producer and consumer level. Oil
prices are likely to decline as worldwide economic activity slows. But, as we
know, political shocks from producers can alter this forecast dramatically.
#3. Retail sales, adjusted for price inflation, continue to be flat to
declining.
#4. Credit conditions are still tight at the consumer level, and business
credit still suffers from lack of demand.
#5. Exports have been a primary driver of the economy and have rebounded substantially post-crash as a result of a
devalued dollar.
#6. European economic problems have caused a significant influx of money into
the US, and that has been parked in Treasuries.
Here is a summary of other data I feel is important and that I
have recently discussed:
#1. Unemployment is high. At 9%
there are 13.9 million unemployed, while the broader measure of
unemployed (U-6) is 25 million. While unemployment has been dropping at a snail’s
pace, jobs are not being created at a sufficient rate to substantially reduce
unemployment. New jobless claims have been hovering around the 400,000 per week
for the entire year.
#2. Real disposable income is
falling.
#3. Personal savings have fallen
from a post-crash high of 5.8% in June
2010 to 3.6% as of September 2011 because consumers are using savings to
fund consumption.
#4. GDP is static rather than growing, and the latest third-quarter boost will likely
not continue. It is likely that the third-quarter report will be revised
downward.
#5. Auto sales are related to pent-up demand and are not
likely to be sustained.
#6. The top 5% of earners account for
37% of all consumer spending, and it is they who are supporting consumer
spending. I call this a “bifurcated economy.” There is no broad-based consumer
spending rally.
#7. Household debt ($13.9 trillion) is still historically very high and has
not been substantially reduced.
#8. U.S. sovereign debt is 100% of GDP ($15 trillion and
growing).
#9. All government spending (federal, state, and local)
constitutes 45.6% of GDP.
#10. The euro crisis will have a
substantial impact on the rest of the world, including the US. That is
difficult to predict, but we’ll know very soon. According to recent data,
the world is heading into recession in
almost all economies.
#11. The federal government is currently running a $1.3 trillion annual deficit.
#12. Unfunded liabilities for Social Security, Medicare,
and prescription drug (Part D) are $116.4 trillion and growing. This does not
include the pending problem with student loans (Sallie Mae) or obligations to
government-sponsored enterprises.
#13. The MF Global (MFGLQ.PK) problem is indicative of a
declining economy. It is likely that in a growing economy, MF Global would have
been able to ride out its crisis. In a declining economy, company weaknesses
tend to be revealed, as with Lehman. That creates market uncertainty.
#14. Oil prices have risen from $40 a barrel post-crash to $110 a barrel in
April 2011, and presently are at $97 a barrel. Such oil price increases are associated
with and often presage recessions.
#15. Bank balance sheets are still weak because they do not book asset values
at market, they seem to not properly book troubled loans, and they are
encumbered by a substantial amount of malinvested assets that have not
been liquidated.
#16. 47 million Americans (15%) are on food stamps; 48.5% of the population
lived in a household that received some type of government aid in the first
quarter of 2010.
#17. Americans are pessimistic about their future and the future of America,
according to almost all recent polls.
#18. An angry and disaffected population in
America is potentially politically dangerous.
What is important when looking at the data is to spot trends rather than
specific numbers. I have what I believe is a healthy skepticism about the
reports from the multitude of federal agencies that I follow on a regular
basis. They are often revised and probably understate the negatives. That is especially
so with price inflation. Many of the reports are in nominal numbers rather than
adjusted for official price inflation. If they are adjusted for inflation
(chained), their baseline is a recent year. Many analysts put great emphasis on
specific numbers, but quantifiable data is ephemeral and probably
“gamed.” Look at the trend.
Reminder: This is part one of a two-part series. The second half will be
published on Minyanville on Friday, November 25.’
25
Bitter And Painful Facts About The Coming Baby Boomer Retirement Crisis That
Will Blow Your Mind The Economic Collapse | For decades we were warned that
when the Baby Boomers started to retire that this country would be facing a
retirement crisis of unprecedented magnitude. The
Economic Collapse November 23, 2011
‘For decades
we were warned that when the Baby Boomers started to retire that this country
would be facing a retirement crisis of unprecedented magnitude. Well,
that day has arrived ladies and gentlemen. Back on January 1st, the Baby
Boomers began to retire and more than 10,000 of them will be retiring every
single day for years to come. Most of them have not saved up nearly
enough money for retirement. At the same time, private sector pension
plans are failing all over the place, hundreds of state and local government
pension plans from coast to coast are woefully underfunded, and the Social
Security system is on the road to complete and total disaster. A massive wave
of humanity is hitting retirement age at a moment in history when the U.S.
economy is coming apart at the seams. We do not have the resources to
keep the promises that we made to the Baby Boomers, and most of them have not
made adequate preparations for retirement. What we have is a gigantic
mess on our hands, and millions of Baby Boomers are going to find retirement to
be very bitter and very painful.
A lot of
younger Americans just assume that Social Security is enough to take care of
the needs of elderly Americans. But that is just not the case.
Have you ever
tried to live solely on a Social Security check?
It is not
easy. The truth is that those checks are just not that large.
The following
comes directly from the Social Security
Administration….
The average monthly Social Security benefit for a
retired worker was about $1,177 at the beginning of 2011.
Could you live on less than 300 dollars a week?
And keep in mind that the $1,177 monthly figure is
just an average. Many receive a lot less than that.
In addition, Social Security benefits have been
seriously squeezed by inflation in recent years. The cost of food and
other basics has risen briskly and Social Security benefits have not.
Today, many elderly Americans have to make a choice
between buying food, heating their homes or buying medicine that they
need. They simply do not have enough money to do all of them.
It would have been nice if all of the Baby Boomers
had been busy saving money for retirement all these years, but that just did
not happen. In fact, the Baby Boomers as a group are trillions of dollars
short of what they need for retirement.
So why doesn’t the U.S. government step in to help them out?
Well, the reality of the situation is that the U.S.
government is flat broke. The federal government is now over 15 trillion dollars in debt. During the
Obama administration so far, the U.S. government has accumulated more new debt
than it did from the time that George Washington took office to the time
that Bill Clinton took office.
Lawmakers are already looking at ways to make the
Social Security program less costly. No, the federal government is not
going to be riding to the rescue.
In fact, it will be a minor miracle if the Social
Security program is able to survive until the end of this decade, and it will
be a major miracle if the Social Security program is able to survive until
2030.
As for myself, I do not believe that I will ever see
a single penny from Social Security, and many other working age Americans feel
the same way.
Retirement is supposed to be a fun time, but sadly
most Americans that are approaching retirement age are not going to have any “golden years” to look forward to.
Rather, millions of elderly Americans are going to
find the years ahead absolutely agonizing as they struggle just to survive.
The following are 25 bitter and painful facts about
the coming Baby Boomer retirement crisis that will blow your mind….
#1
According to the Employee Benefit Research Institute, 46 percent of all American workers have
less than $10,000 saved for retirement, and 29 percent of all American workers have
less than $1,000 saved for retirement.
#2
According to a recent poll conducted by Americans for Secure Retirement,88 percent of all Americans are worried
about “maintaining
a comfortable standard of living in retirement”. Last year, that
figure was at 73 percent.
#3
A study conducted by Boston College’s Center for Retirement Research has found that
American workers are $6.6 trillion short of what they need
to retire comfortably.
#4
Today, one out of every six elderly
Americans lives below the federal poverty line.
#5
On January 1st, 2011 the very first Baby Boomers started to retire. For
almost the next 20 years, more than 10,000 Baby
Boomers will be retiring every single day.
#6
At the moment, only about 13 percent of all Americans are 65 years of age or
older. By 2030, that number will soar to 18 percent.
#7
Right now, there are somewhere around 40 million senior citizens. By 2050
that number is projected to increase to 89 million.
#8
Back in 1991, half of all American workers planned to retire before they
reached the age of 65. Today, that number has declined to 23 percent.
#9
According to one recent survey, 74 percent of American workers expect to
continue working once they are “retired”.
#10
According to a recent AARP survey of Baby Boomers, 40 percent of themplan to work “until they drop”.
#11
A poll conducted by CESI Debt Solutions found that 56 percent of American retirees still
had outstanding debts when they retired.
#12
A study by a law professor at the University of Michigan found that Americans
that are 55 years of age or older now account for 20 percent of all bankruptcies in the
United States. Back in 2001, they only accounted for 12 percent of all
bankruptcies.
#13
Between 1991 and 2007 the number of Americans between the ages of 65 and 74
that filed for bankruptcy rose by a staggering 178 percent.
#14
What is causing most of these bankruptcies among the elderly? The number
one cause is medical bills. According to a report published in The
American Journal of Medicine, medical bills are a major factor in more than 60 percent of the
personal bankruptcies in the United States. Of those bankruptcies that
were caused by medical bills, approximately 75 percent of them involved
individuals that actually did have health insurance.
#15
Public retirement funds all over the United States are woefully
underfunded. For example, it has been reported that the $33.7
billion Illinois Teachers Retirement System is 61% underfunded and is on the
verge of complete collapse.
#16
Most U.S. states have huge pension obligations which threaten to bankrupt
them. For example, pension consultant Girard Miller told California’s Little Hoover
Commission that state and local government bodies in the state of California have $325 billion in combined unfunded
pension liabilities. When you break that down, it comes to $22,000
for every single working adult in the state of California.
#17
Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of
Northwestern’s
Kellogg School of Management have calculated the combined pension liability
for all 50 U.S. states. What they found was that the 50 states
are collectively facing $5.17 trillion in pension obligations, but they
only have $1.94 trillion set aside in state pension funds. That
is a difference of 3.2 trillion dollars. So
where in the world is all of that extra money going to come from?
#18
According to the Congressional Budget Office, the Social Security systempaid
out more in benefits than it received in payroll taxes in 2010. That
was not supposed to happen until at least 2016. Sadly, in the years
ahead these “Social
Security deficits” are scheduled to become absolutely nightmarish as
hordes of Baby Boomers retire.
#19
In 1950, each retiree’s Social Security benefit was paid for by 16U.S. workers. According to new data from the U.S.
Bureau of Labor Statistics, there are now only 1.75 full-time
private sector workers for each person that is receiving Social Security
benefits in the United States.
#20
The U.S. government now says that the Medicare trust fund will run outfive years faster than they were
projecting just last year.
#21
The total cost of just three federal government programs – the Department of
Defense, Social Security and Medicare – exceeded the total amount of taxes brought in during
fiscal 2010 by 10 billion dollars.
In the years ahead expenses related to Social Security and Medicare are
projected to skyrocket dramatically.
#22
The Pension Benefit Guaranty Corporation is the agency of the federal
government that pays monthly retirement benefits to hundreds of thousands of
retirees that were covered under defined benefit pension plans that
failed. The retirement crisis has barely even begun and the PBGC is
already dead broke. The PBGC says that it ran a deficit of $26 billion during the fiscal year that
just ended and that it will probably need a huge bailout from the federal
government.
#23
According to a survey by careerbuilder.com, 36
percent of all Americans say that they don’t contribute anything at
all to retirement savings.
#24
More than 30 percent of all investors in the United States that are currently
in their sixties have more than 80 percent of their
401k plans invested in equities. So what is going to happen to them if
the stock market crashes?
#25
A survey taken earlier this year found that 20 percent of all U.S.
workers admitted that they had postponed their planned retirement age
at least once during the last 12 months. Back in 2008,
that number was only at 14 percent.
Our politicians should have addressed the retirement
crisis decades ago before we got to the point of being in debt up to our eyeballs.
It is being projected that the U.S. national debt
will hit 344% of GDP by the year 2050, and the
Congressional Budget Office says that U.S. government debt held by the
public will reach a staggering 716% of GDP by the year 2080.
Obviously those figures will never be reached because
our financial system would totally collapse long before then.
So what do we do?
We have tens of millions of elderly Americans that
are completely and totally dependent on Social Security and Medicare, but those
programs also threaten to bankrupt us as a nation.
Anyone that believes that there is a “quick fix” to these issues is being
naive.
The “supercommittee” was supposed to address this problem, but they
failed so spectacularly that they have become a national joke.
Sadly, most of our politicians just keep kicking the
can down the road. They hope that somehow things will just magically “work out”.
Well, the truth is that things are not going to “work out”. The poverty level
among the elderly is going to continue to increase. Pension plans all
over this nation are going to continue to fail in staggering numbers.
Social Security and Medicare are going to bleed more red ink with each passing
year.
Something should have been done about this problem a
long, long time ago.
But it wasn’t.
This crisis was ignored, dealing with it was put off
time after time and all the doomsayers were laughed at.
Now the crisis is here, and we are all going to pay
the price.’
Something
Big Is Coming... and It's Going to Be BAD Phoenix Capital... 11/18/2011 We have been
getting MAJOR warning signs of a collapse for months now. No less than the Bank
of England, the IMF, and legendary asset management firm Franklin Templeton
have warned that we are...
One
Interesting Thing About the Leading Indicators Report The Wall Street Journal (Fri, Nov 18) {
How about the most interesting thing about ‘leading economic indicators’ from
mooshy mish shedlock is the weighting accorded M2 and stock prices [who seems
to have forgotten his own ‘unequivocal declaration’ ( Global
Recession: Right Here, Right Now at Minyanville Mike Shedlock Sep
02, 2011 ) which by the
way was correct –almost, actually a depression- and now equivocates saying ‘I
would agree that a slip back into recession in the 4th quarter is unlikely,
assuming of course it is even possible. Bear in mind, we have not had an
official end of this recession declared yet.’ I believe mish mosh shedlock is a
lightweight (link to ‘huffington post’? What’s up with that?) but he does
include the following excerpt from Chris Puplava which is important, infra
(Burt Domen and David Rosenberg are the ‘real deal’ - Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To Meltdown, predicting
the global crisis that occurred the following year. I now see a similar
confluence of events .. “the new recession has started.”… Over the past 33
years, we have called the start of every recession..Currently, the GDP deflator
is 1.8%, which hardly reflects the true rise in prices. Therefore, what is
counted as “growth,” is actually price increases. Actual inflation..is now more
than 11%. Using that to adjust GDP for inflation, would show that the economy
is now in a very sharp contraction…’, David
Rosenberg: “It’s Time To Start Calling This For What It Is: A Modern Day
Depression” Zero Hedge , David
Rosenberg On The Depression, The ECB, MF Global As A Canary In The Coalmine...
All With A Surprise Ending Tyler
Durden, This
is No Cyclical Recession… It is a Secular DE-pression Phoenix Capital Research) :
‘Chris
Puplava took a good hard look at the LEI in Fool Me Once, Shame on You. Fool Me Twice, Shame on Me.
One
of the things that many market commentators and research houses have pointed at
to support their bullish outlook on the stock market are the leading economic
indicators. I have had the sneaky suspicion that the aggressive and
unprecedented actions on the part of the Fed have played a significant role in
the LEI given a misleading signal as to an economic turnaround it is forecasting,
while the economic components would likely paint a different picture. It is
important to understand the makeup of the Conference Board’s Leading Economic
Index (LEI) and the weights that each component makes up of the LEI. Below is
the breakdown of the ten indicators that make up the LEI and their respective
weights in the index. As seen below, the three financial indicators make up
approximately 50% of the LEI while the seven economic components make up the
other 50%, with the M2 money supply alone making up 35.8% of the total LEI.
Money makes the world go round, I guess, according to the LEI.
http://1.bp.blogspot.com/_nSTO-vZpSgc/Ss2QhpYTrCI/AAAAAAAAHBw/aXOmraxEhEc/s400/LEI+components.png
Shown below are the YOY rate of change growth rates in the Conference Board’s
LEI and my indexes of the economic and monetary components separated out. What
is a clear take away is that the monetary LEI is doing the heavy lifting as the
economic LEI remains in negative territory.
What you can also see is that beginning in the 1980s the growth rate between
the monetary and economic LEI began to show a greater disparity in their growth
rates than they did in the 1970s. What this would tend to imply is that a
greater level of monetary stimulus measures were needed to translate into
improved economic growth rates. This aligns with the second chart below that
shows the dollar increase in debt per dollar increase in GDP, which shows
higher amounts of debt were needed to produce a dollar of GDP, and we are fast
approaching the “Zero Hour” in which rising debt does not translate into
increased economic growth, or the “pay the piper” moment for our economy.
http://4.bp.blogspot.com/_nSTO-vZpSgc/Ss2R7PXY8qI/AAAAAAAAHB4/vCLw0ub9wzY/s400/LEI-YY-%25change.png
Zero Hour - Debt Fails To Add To GDP
http://4.bp.blogspot.com/_nSTO-vZpSgc/Ss2SVk6uicI/AAAAAAAAHCA/b69hK64Ycto/s400/Zero+Hour.png
Further illustrating the notion that it is taking record stimulus just to keep
growth going is the YOY growth rate difference between the Monetary LEI and the
Economic LEI, with the disparity between the two growth rates at the highest
level in the last half century.
http://2.bp.blogspot.com/_nSTO-vZpSgc/Ss2S_Aqy0rI/AAAAAAAAHCI/KZv4Rc8hAR0/s400/LEI-YY-%25change2.png
The above charts simply illustrate that our economy is fundamentally weak and
instead of allowing our economy to sober up after its debt binge, our monetary
and governmental authorities are trying to keep the economy drunk and chugging
along, using greater amounts of monetary alcohol than ever before…’
Something
Big Is Coming... and It's Going to Be BAD Phoenix Capital... 11/18/2011 ‘We have been
getting MAJOR warning signs of a collapse for months now. No less than the Bank
of England, the IMF, and legendary asset management firm Franklin Templeton
have warned that we are... Something major is occuring in the markets today.The
US economy peaked in 2007. However, throughout much of 2008, the stock market
continued to rally despite the economic collapse as well as the financial
system imploding.Throughout this period the credit markets jammed up and
implied something VERY BAD was in the system. However, stock investors
continued to pile into stocks because, well, frankly stocks always are the last
to "get it."And when stocks finally did get it... it was quite a
thing.This same environment is occurring today. Only this time the collapse is
sovereign in nature: entire countries are going bust.We have been getting MAJOR
warning signs of a collapse for months now. No less than the Bank of England,
the IMF, and legendary asset management firm Franklin Templeton have warned
that we are facing an epic, hellish crisis.We got the first taste of this in
August when the S&P 500 literally wiped out a year's worth of gains in two
weeks The only thing that brought us back from the brink at that time was the
belief that the EU mess might be solvable and a coordinated intervention from
the world Central Banks.We then had a spirited rally as the Fed and central
banks went "all in" to force the stock market above its 200-DMA.This
final "hurrah" has failed and the financial system is literally
imploding. The EU will be broken up in the next month or so and it is highly
likely Germany will back out of the Euro altogether.Moreover, the world central
banks are now totally out of ammunition. They've spent Trillions of Dollars in
bailouts, abandoned accounting standards, and even moved TRILLIONs in garbage
debt onto the public's balance sheet.None of this has worked. The credit
markets are jammed up just like in 2008. Italy, the third largest bond market
in the world, is on the verge of default. No one wants to fund the EFSF. China
is entering a hard landing and economic collapse. The US is in a clear
depression.And on and on.This is the single most dangerous market environment
of our lifetimes. We are entering a period of massive wealth destruction.
We will see bank holidays and civil unrest. We will see sovereign defaults. We
will see temporary shortages in various goods and services.So if you have not
already taken steps to prepare for systemic failure, you NEED to do so NOW.
We're literally at most a few months, and very likely just a few weeks from
Europe's banks imploding…’
Train
Reading: Does Water Prevent Dehydration? The EU Says No. The Wall
Street Journal [ Wow! Talk about things that don’t matter! Yeah … like
pervasively corrupt, defacto bankrupt america, the eu’s lost its shine … maybe,
employing an american strategy, they were just try to sell more of their
‘gatorade knockoff’! ]
The
next financial crisis will be hellish, and it’s on its way Nov 17th, 2011 (Forbes) —‘ “There is definitely going to be
another financial crisis around the corner,” says hedge fund legend Mark Mobius, “because we haven’t solved any of the things that
caused the previous crisis.”We’re raising our alert status for the next financial crisis.
We already raised it last week after spreads on U.S. credit default swaps
started blowing out. We raised it again after seeing the remarks of Mr. Mobius,
chief of the $50 billion emerging markets desk at Templeton Asset Management…”Prior to the bursting of the credit bubble, the public was
shocked to learn that our biggest investment banks were levered 30-to-1. When
asset values fell, those banks were quickly wiped out. But now the Fed is
holding many of the same types of assets and is levered 51-to-1! If the value
of their portfolio were to fall by just 2%, the Fed itself would be wiped out.”[source]’
The
next financial crisis will be hellish, and it’s on its way
http://news.yahoo.com/next-financial-crisis-hellish-way-204303737.html Addison Wiggin | Forbes – Wed,
Nov 16, 2011’ "There is definitely going to be another
financial crisis around the corner," says hedge fund legend Mark Mobius,
"because we haven't solved any of the things that caused the previous
crisis."
We're raising
our alert status for the next financial crisis. We already raised it last week
after spreads on U.S. credit default swaps started blowing out. We raised
it again after seeing the remarks of Mr. Mobius, chief of the $50 billion
emerging markets desk at Templeton Asset Management.
Speaking in
Tokyo, he pointed to derivatives, the financial hairball of futures, options,
and swaps in which nearly all the world's major banks are tangled up.
Estimates on
the amount of derivatives out there worldwide vary. An oft-heard estimate is
$600 trillion. That squares with Mobius' guess of 10 times the world's annual
GDP. "Are the derivatives regulated?" asks Mobius. "No. Are you
still getting growth in derivatives? Yes."
In other
words, something along the lines of securitized mortgages is lurking out there,
ready to trigger another crisis as in 2007-08.
What could it
be? We'll offer up a good guess, one the market is discounting.
Seldom does a
stock index rise so much, for so little reason, as the Dow did on the open
Tuesday morning: 115 Dow points on a rumor that Greece is going to get a second
bailout.
Let's step
back for a moment: The Greek crisis is first and foremost about the German and
French banks that were foolish enough to lend money to Greece in the first
place. What sort of derivative contracts tied to Greek debt are they sitting
on? What worldwide mayhem would ensue if Greece didn't pay back 100 centimes on
the euro?
That's a
rhetorical question, since the balance sheets of European banks are even more
opaque than American ones. Whatever the actual answer, it's scary enough that
the European Central Bank has refused to entertain any talk about the holders
of Greek sovereign debt taking a haircut, even in the form of Greece stretching
out its payments.
That was the
preferred solution among German leaders. But it seems the ECB is about to get
its way. Greece will likely get another bailout — 30 billion euros on top
of the 110 billion euro bailout it got a year ago.
It will
accomplish nothing. Going deeper into hock is never a good way to get out of
debt. And at some point, this exercise in kicking the can has to stop. When it
does, you get your next financial crisis.
And what of
the derivatives sitting on the balance sheet of the Federal Reserve? Here's
another factor behind our heightened state of alert.
"Through quantitative easing efforts
alone," says Euro Pacific Capital's Michael Pento, "Ben Bernanke has
added $1.8 trillion of longer-term GSE debt and mortgage-backed securities
(MBS)."
Think about
that for a moment. The Fed's entire balance sheet totaled around $800 billion
before the 2008 crash, nearly all of it Treasuries. Now the Fed holds more than
double that amount in mortgage derivatives alone, junk that the banks needed to
clear off their own balance sheets.
"As the
size of the Fed's balance sheet ballooned," continues Mr. Pento, "the
dollar amount of capital held at the Fed has remained fairly constant. Today,
the Fed has $52.5 billion of capital backing a $2.7 trillion balance sheet.
"Prior to
the bursting of the credit bubble, the public was shocked to learn that our
biggest investment banks were levered 30-to-1. When asset values fell, those
banks were quickly wiped out. But now the Fed is holding many of the same types
of assets and is levered 51-to-1! If the value of their portfolio were to fall
by just 2%, the Fed itself would be wiped out."
Mr. Pento's
and Mr. Mobius' views line up with our own, which we laid out during interviews
on our trip to China this month.
An
Eye on the Next Financial Crisis by Addison Wiggin originally
appeared in the Daily Reckoning.’
Tighter
Credit Suggests Stocks Should Fall
The Wall Street Journal ‘All in all, the US
stock-market selloff of the past couple of days has not been nearly as bad as
it could have been, given that credit-market stress indicators are pushing to
levels not seen since the 2008-09 crisis.
It might only
be a matter of time before stocks catch up, however.
The US market
has been buoyed by a string of better-than-expected economic reports that have
helped encourage the belief that the US is a relatively safe haven, insulated
from the problems of Europe.
But these data
are coincident, or lagging, data at best, warns Mike Darda of MKM Partners.
Leading indicators are found in the credit markets and are pointing to tighter
financial conditions — and lower stock prices — in the future:
Pressures on sovereign debt markets in Europe have
created concerns about collateral and capital in the European banking
system, pushing funding spreads sharply wider (two-year
euro interest rate swap spreads hit 114 bps today, a new 2011
high and not far from the October 2008 peak of 126 bps).
These pressures are also affecting the U.S.
financial system and credit markets. Two-year interest rate swap
spreads in the U.S. have hit new 2011 highs above 50 bps;
three-month FRA/OIS spreads (based on expectations of LIBOR
settings) hit 70 bps today. Three-month dollar LIBOR has set
higher every day since late July.
Although U.S. credit markets are not nearly in the
condition that European credit markets are, they are nonetheless
deteriorating, which is one reason we should not take too much comfort in
recent coincident data on sales and production that have yet to reflect the
tighter financial conditions now in place.
U.S. short-term funding indicators suggest
corporate-quality spreads could rise by more than 40%, a move that would
likely spark at least a 10%-15% decline in the S&P 500 from
current levels. FRA/OIS
spreads tend to lead corporate spreads by about one month. They also have led
the S&P 500 equity index by about that interval over most of the last
two years. At current levels (near 70 bps), the FRA/OIS spreads suggest
corporate spreads will widen by 40-50%. This would be tantamount to
Baa/Aaa spreads rising to 190 bps from 127 bps, which would mark
new highs for the year.
A similar surge in high yield spreads from here
would place them at 669 bps, also new highs for the year.
The S&P 500 equity index, which tends to move inversely
to the level of credit spreads, would most likely decline by at
least 10%-15% if this scenario unfolds, which would place
the S&P 500 back below 1100.
As for the recent patch of
stronger-than-expected economic data, let’s not forget that real GDP expanded by 3.6%
in Q207 and then by 3% in Q307, right as the business
cycle peaked. Credit markets and financial conditions lead
the business cycle; coincident data tell us where we are or have
been. At turning points, coincident data—which
tend to be extrapolated forward by Wall Street forecasters—can be
misleading. And costly.’
The Chart That Trumps Analysts Call for a Year-End Rally Simon Maierhofer | ETFguide
What do Tiger
Woods and Bill Miller have in common? — Abnormal Returns { So absolutely preposterous is the notion
(as per this article) of comparison of golf / golfers, to stock trading /
traders, I felt compelled to comment here for the record. I’ve always viewed golf /
golfers in a favorable light. Indeed, as kids we literally ‘did everything’ at the affluent ‘Arcola Country Club’ [which bordered the ‘Rainbows End’ riding stables (horses)
for hire to the public]. From hunting, to fishing, to sleigh-riding, to
ice-skating / hockey, to campfires on the ice at night, to of course, golfing ‘the back-nine’ with golf balls amply
supplied from ‘the rough’, we were ‘tacitly approved’ interlopers whose occasional interaction with the
extremely civilized affluent members was always amicably cordial and a
pleasure. While I always liked golf and admire the skill involved, I hardly
considered it a ‘sport’ per se (and for me and my body type, insufficient
exercise for the amount of time spent). Rather, I thought of golf as a
gentleman’s
indulgent diversion, and the golf course itself a place of peaceable beauty.
Those are good things. On the other hand, traders and wall street particularly
are so sordid and despicable so as to make any such comparisons a stretch at
best and sheer nonsense at worse. There are very few successful traders over
time as probabilities eventually catch up. Moreover, ‘inside help’ / connections eventually
(except for the biggest frauds – ie., the big [ still unprosecuted ] boys, ie.,
goldmans, et als) dry up, fade away like old (mafia foot) soldiers. Additionally,
the high volume computerization / programmed / manipulated High Frequency
Trading have left most not connected to said churn-and-earn scam / fraud in the
dust. No …
do not insult golfers by comparing them with traders; and, do not disparage
golf by speciously comparing it to trading or any other sordid activity
connected to fraudulent wall street; they are as dissimilar as ‘day and night’.
}
What do
financial stocks and Russian roulette have in common? — Reformed Broker
The Super
Committee’s
worst-case scenario — The Atlantic
Should some bankers
be prosecuted? — New York Review of Books
Learning to
love a lost decade — FT Alphaville
ADP chief’s exit followed SC arrest
—
Footnoted
Live updates
of Occupy Wall Street today, with videos, photos — The Atlantic, New York Times
The markets
are getting nothing for Christmas — Market Anthropology
The ECB’s monetary policy game
for the iPhone is suitably policy constricted — Reuters
Large Hadron
Collider may have found crack in modern physics — Wired
Stocks
sink after Fitch warns on US bank exposure AP
Citi
Economist Warns of Imminent Spanish, Italian Default The Wall Street Journal (11-16-11)
Euro-Dollar
Basis Swap Cost at 2008 Crisis Levels The Wall Street Journal
Financials
Drag Market Lower, Fitch Raises Doubts About Euro Hedge Effectiveness
The Wall Street Journal Gongloff (11-16-11)
Stocks Making Risky Bet on Massive ECB Money Printing The Wall Street Journal
Bob
Chapman: Surviving The Banker Sociopaths The Alex Jones Channel | Alex
talks with regular Friday guest Bob Chapman of the International Forecaster.
Ignore The Noise Of High Frequency Trading Forbes Ken Kamen [ Unfortunately, though not a perfect
analogy, that’s like having said, ignore dillinger, sutton, etc., because the
banks will still be open the next day (after their robberies). The problem is
that ‘money’ siphoned off by the ‘churn-and-earn’ has to come from some place;
viz., ie., main street, tax payers, etc.. Dave’s Daily
http://www.etfdigest.com ‘Perhaps
this is now the “no news is good news” market since a rally on Berlusconi’s
resignation is beyond irrational. But, we’re long so I shouldn’t complain too
much even though emotionally there isn’t much to like overall. The only bullish
thing is the action of the tape and this is the season when bulls can make
their year. Speaking of HFTs and algos, HFT issues are thoroughly covered with HFT Alert founder Steve Hammer and myself
in the video interview below. The presentation contains two parts: the first
outlines HFT basics—how they work and their controversial impact on financial
markets. The second part we discuss how traders can benefit or make money by
using HFT Alert’s unique trading services. http://www.youtube.com/watch?feature=player_embedded&v=NzfmT4vGXZY
[ ‘Off to the golf course’, indeed. Those are Mr. Hammer’s concluding remarks.
Not because he’s a trader, but because he’s selling this ‘very functional in
terms of what’s going on’ package. The truth is that even today, at lightning
speeds, there are very few successful traders (as distinguished from investors,
and there is a huge distinction, though much less so today)(over the longer
term and is akin to the apposite old adage, ‘you can win a race but you can’t
win at the races’). Indeed, some companies / brokerages employ them just for
the volume / commissions they produce. Most telling, in this video, is the
beginning wherein it’s explained that in literally a second(s), mere quotes can
give rise to revenue (as with commissions, pieces of the action) which has to
come from someplace. The problem is that ultimately, this ‘churn-and-action’
computer programmed action at ‘lightning speed’ is parasitic inasmuch as it is
without any economic utility whatsoever in real economic terms as are
commissions in ‘after-market stock trading’ (as distinguished from initial
ipo’s) that are tantamount to a tax on the real economy; hence, the benefit to
the frauds on wall street at the expense of and to the detriment of main
street, taxpayers, and the populace in general, as we’ve seen and continue to
see. ‘Remember, there is no modern day alchemy that spins worthless paper
into gold except fraudulently for the frauds on wall street who’ve literally
oftimes done exactly that; ‘cashing out’ for hard currency and gold, precious
metals, at everyone else’s expense including main street. They’re just not that
important and represent, like termites eating away at the nation’s foundation,
a drag on the economy, the nation as one would expect from parasites such as
they are’. What
to Expect Next From the Markets Minyanville Jeffrey Cooper ‘Conclusion:
It looks like a program was run using the least amount of dollars to goose the
indices by focusing on some big cap names like Apple, Amazon, Baidu, IBM, and
Caterpillar { Dave’s
Daily:’.. The HAL 9000s have
been doing business as HFTs (High Frequency Traders) launching many buy or sell
programs using complex algorithms which can drive prices on indexes higher or
lower in dramatic fashion. One of their great acts is called "quote
stuffing". It's another illegal activity which the SEC hasn't quite
figured out. It's as futile for them as the illegal fee-driven recent
end-of-quarter price jam-job..’} Then there’s the fed complicity in these
various wall street scams by way of QE’s / dollar debasement which of course
benefits the frauds on wall street to the detriment of literally everyone else.
]So, as indicated stock prices shot
higher on the Berlusconi news. Gold prices saw some profit-taking, the dollar
was weaker, commodities stronger and bonds weaker.Volume was on the light side
and breadth per the WSJ was quite positive…’ ]
This
is No Cyclical Recession… It is a Secular DE-pression Phoenix Capital Research
on 11/09/2011 [ Mr. Summers is quite right! That’s reality! ]To put US
household debt levels into a historical perspective, in order for US households
to return to their long-term average for leverage ratios and their historic
relationship to GDP growth we’d need to write off between $4-4.5
TRILLION in household debt (an amount equal to about 30% of total household
debt outstanding).
Do Valuation Metrics Still Apply or Has The Market Become Untradable? Simon Maierhofer Etf Guide [ Short answers: No and yes the market has become ‘untradable’ for investors. I would add that the ‘debased dollar policies’ (ie., QE’s, overprinting of paper currencies / dollars, etc.) enable sales / revenues to be booked with ‘more’ of the inflated dollars relative to costs booked at the ‘fewer / greater value’ dollars which spikes earnings but leads to the inevitable margin erosion when the reported costs ‘catch up’ in terms of inflated ‘Weimar’ dollars. Hence, even the averages when deflated for real inflation (see Faisal infra) show a far less sanguine picture (than say, hard assets, ie., gold, etc.). Even more important is the effect of the HFT programmed trades (the current article follows):…
Hit
With Big Withdrawals, Fed Sells Assets, Borrows Cash ilene
: 11/06/2011 - 17:13 We'll have to see what hits the fan this week.
Dave’s Daily
http://www.etfdigest.com ‘Perhaps
this is now the “no news is good news” market since a rally on
Berlusconi’s
resignation is beyond irrational. But, we’re long so I shouldn’t complain too much even
though emotionally there isn’t much to like overall. The only bullish thing is the
action of the tape and this is the season when bulls can make their year.
Speaking of HFTs and algos, HFT issues are thoroughly covered with HFT Alert founder Steve Hammer and myself
in the video interview below. The presentation contains two parts: the first
outlines HFT basics—how they work and their controversial impact on
financial markets. The second part we discuss how traders can benefit or make
money by using HFT Alert’s unique trading services.
http://www.youtube.com/watch?feature=player_embedded&v=NzfmT4vGXZY
[ ‘Off to the golf course’, indeed. Those
are Mr. Hammer’s concluding remarks. Not because he’s a trader, but because
he’s selling this ‘very functional in terms of what’s going on’ package. The
truth is that even today, at lightning speeds, there are very few successful
traders (as distinguished from investors, and there is a huge distinction,
though much less so today)(over the longer term and is akin to the apposite old
adage, ‘you can win a race but you can’t win at the races’). Indeed, some
companies / brokerages employ them just for the volume / commissions they
produce. Most telling, in this video, is the beginning wherein it’s explained
that in literally a second(s), mere quotes can give rise to revenue (as with
commissions, pieces of the action) which has to come from someplace. The problem
is that ultimately, this ‘churn-and-action’ computer programmed action at
‘lightning speed’ is parasitic inasmuch as it is without any economic utility
whatsoever in real economic terms as are commissions in ‘after-market stock
trading’ (as distinguished from initial ipo’s) that are tantamount to a tax on
the real economy; hence, the benefit to the frauds on wall street at the
expense of and to the detriment of main street, taxpayers, and the populace in
general, as we’ve seen and continue to see. ‘Remember, there is no modern
day alchemy that spins worthless paper into gold except fraudulently for the
frauds on wall street who’ve literally oftimes done exactly that; ‘cashing out’ for hard currency and
gold, precious metals, at everyone else’s expense including
main street. They’re just not that important and represent, like
termites eating away at the nation’s foundation, a drag
on the economy, the nation as one would expect from parasites such as they are’. What
to Expect Next From the Markets Minyanville Jeffrey Cooper ‘Conclusion: It looks like a program was run using the least
amount of dollars to goose the indices by focusing on some big cap names like
Apple, Amazon, Baidu, IBM, and Caterpillar { Dave’s Daily:’.. The HAL 9000s have been doing business as HFTs (High
Frequency Traders) launching many buy or sell programs using complex algorithms
which can drive prices on indexes higher or lower in dramatic fashion. One of
their great acts is called "quote stuffing". It's another illegal
activity which the SEC hasn't quite figured out. It's as futile for them as the
illegal fee-driven recent end-of-quarter price jam-job..’} Then there’s the fed complicity in these various wall
street scams by way of QE’s / dollar debasement which of course benefits the
frauds on wall street to the detriment of literally everyone else. ]
So, as indicated stock
prices shot higher on the Berlusconi news. Gold prices saw some profit-taking,
the dollar was weaker, commodities stronger and bonds weaker.Volume was on the
light side and breadth per the WSJ was quite positive…’
Barclays
Says Italy Is Finished: "Mathematically Beyond Point Of No Return"Tyler Durden on 11/08/2011
12
Reasons To Be Extremely Pessimistic About The Direction That The Economy Is
Headed The
American Dream
November 2, 2011 ‘Do you want to feel optimistic about the U.S. economy?
If so, you might not want to read the rest of this article. In many areas
of the United States today, you can almost smell the fear and the anxiety in
the air. Survey after survey has found that the American people are
extremely pessimistic about the direction the economy is headed. In fact,
many recent surveys have found that economic pessimism is at the highest levels
ever recorded. There has been an astonishing loss of faith in the
system. In general, people are extremely dissatisfied with how things are
going right now, and they do not believe that things will get better any time
soon. When the majority of the population starts losing hope like that,
it creates a very unstable economic environment. Once people are gripped
by desperation, they start behaving much differently. Desperate people do
desperate things, and we are already starting to see this in many parts of the
country.
It would be
great if there was some reason to be optimistic about things, but our leaders
continue to pursue the same failed policies that got us into this mess in the
first place.
The statistics
that you are about to read should alarm you. The American people have
gotten it into their heads that things are bad and that they are going to get
even worse.
Unfortunately,
the American people are correct about that.
The following
are 12 reasons to be extremely pessimistic about the direction that the economy
is headed right now….
#1 A big chunk of the American people are flat
broke. According to one recent survey, one-third of all Americans
say that they have absolutely no spare cash.
#2 The budgets of American families are being stretched
incredibly thin and the savings rate is going down again. In fact, the
savings rate in September was the lowest that it has been since December 2007.
#3 Back in 2001, Gallup began asking Americans about
how they feel about the state of their own personal finances. In October,
Gallup once again asked this question, and 22 percent of the respondents rated
their personal financial situations as “poor”. That is the highest number that Gallup has
ever seen. In addition, the gap between the number of Americans that said
that their finances were “getting worse” and the number of Americans that said their finances
were “getting
better”
was also the largest that Gallup has ever seen.
#4 Overall, Americans are very depressed about the
state of the U.S. economy. According to a recent Associated Press-GfK
poll, 43 percent of all Americans believe that
the economy is in “very poor” shape.
#5 Big corporations continue to lay off more American
workers. For example, Whirlpool has just announced that it will be
slashing 5,000 more jobs in the United
States and Europe.
#6 Americans seem to have an incredibly dim view of the
job market. One recent survey discovered the
following….
This month, just 9% of Americans would rate the job
market of their region of the nation as good while 67% would rate it as bad and
one-quarter (24%) say it is neither good nor bad.
#7
If nearly all Americans believe that something bad is going to happen, does
that make it more likely that it actually will happen? A recent IBOPE
Zogby Interactive Poll found that 95 percent of all Americans are “somewhat concerned” or “very concerned” that we are headed for a
double-dip recession.
#8
The American people are also overwhelmingly pessimistic about the housing
market. In fact, the same IBOPE Zogby Interactive Poll referenced above
found that 89 percent of all Americans are “somewhat concerned” or “very concerned” that there will be an
increase in foreclosures over the next two years.
#9
Older Americans tend to be cranky in general, but the amount of pessimism that
they are exhibiting about the economy right now is absolutely stunning.
The following comes from a recent article in the Huffington Post….
Older workers are gloomier about the economy now than
they were last year.
Nearly two thirds of workers older than 50 first
surveyed by AARP’s Public Policy Institute in 2010 said things had
gotten worse by the time the senior lobbying powerhouse followed up in August.
Fewer than one in 10 said their view of the economy had improved. The rest said
things had stayed the same.
#10
The consensus among the American people seems to be that the economy will get
even worse leading up to the election in 2012. The following is
what one recent telephone survey
discovered….
By a 49%-35% margin, Americans say they expect the
U.S. economy to worsen between now and the November 2012 presidential election.
#11
The U.S. national debt is an anchor around our necks that just
gets heavier and heavier as time goes by. The U.S. government is now
about 15 trillion dollars in debt, and a recent Allstate-National Journal poll
discovered that 79 percent of all Americans “believe the federal debt
and deficit have a meaningful impact on their personal finances.”
#12
The financial crisis in Europe just seems to get worse by the day. The United States is
already teetering on the edge of an economic disaster, and if Europe
experiences a big time financial crash it seems extremely unlikely that we
would be able to avoid another major recession.
Things simply do not look very promising for the
economy right now.
As I wrote about recently, there are a lot of signs
that the American people are already extremely angry and frustrated by
what is happening to the economy.
So what is going to happen if things get
significantly worse?
Unfortunately, there simply are not any “quick fixes” which are going to put
us back “on
course”.
The consequences that we are experiencing now are the result of decades of bad
decisions. The American people kept sending incompetents, con men and
charlatans back to Washington D.C. over and over and over and now we are going
to pay the price.
The prosperity of the last 30 years was a false
prosperity. We squandered our national inheritance and we lived the “high life” by piling up mountains
of debt unlike anything that the world has ever seen before.
In the end, there is always a very high price for “living for today” at the expense of the
future. Tomorrow always ends up arriving way too soon, and future
generations will curse us for being so foolish.
The party was great while it lasted, but it is coming
to an end.
A whole lot of economic trouble is on the horizon,
and it is going to be very, very painful.’
Don't
Be Fooled - Here's The Real Reason For This Week's Meltdown –
ETFguide Simon Maierhofer, 11-1-11 ‘A picture says more than a thousand
words and a chart explains more than a thousand analysts' opinions (literally).
Profitable investing depends on the credibility of your research sources. This
article will contrast the one chart that's predicted every recent turn weeks in
advance and conventional Wall Street wisdom.
Wall Street
'Wisdom'
Wall Street
made us believe that last Thursday's 3% rally across the board - Dow Jones
(DJI: ^DJI), S&P (SNP: ^GSPC), Nasdaq (Nasdaq: ^IXIC), banks (NYSEArca: KBE - News), financials (NYSEArca: XLF - News), technology (NYSEArca: XLK - News), you name it - was because
of a comprehensive European (NYSEArca: VGK - News) debt deal that would solve
all problems.
Here are some
of the headlines that reflect Wall Street's 'wisdom:'
Forbes:
'Europe three-point debt salvation plan lets bulls free'
Breakout:
'Don't fight the rally: Stocks soar after Europe deal'
Reuters: 'Wall
Street soars on hopes EU finally has a fix'
ETFTrends:
'S&P 500 ETFs rally over the 200-day average opens door for year-end rally'
(more about the significance of the 200-day average in a moment)
Zachs:
'S&P 1,350 is not a stretch'
Even Greece's
Prime Minister George Papandreou was moved to confirm that: 'The debt is
absolutely sustainable now. Greece can settle its accounts from the past now,
once and for all.'
Today, news
that Greece could default on its debt and drop out of the European currency hit
the fan.
Trend
Following Technicals Turn Up
In all
fairness, trend following technicals did turn up. It was even possible to
interpret the market's push as a technical breakout. The October 30 ETF Profit
Strategy update acknowledged and warned that: 'Trend following technicals, momentum,
sentiment and seasonality suggest higher prices. But trend following technicals
can be treacherous and we'll do well to view this rally with suspicion.'
In addition to
just being suspicious, the update recommended to go short if the S&P falls
below 1,270. S&P 1,270 is not just some random number, it was crucial
support. The chart below, featured in the October 14 ETF Profit Strategy
Newsletter, shows why:
The Most
Reliable Roadmap
The chart
shows several distinct parallels between the 2007/08 market top and today.
https://www.etfguide.com//contributor/UserFiles/8/Image/222.gif
1) In 2007/08
the S&P touched the yellow trend line twice before slicing through it. The
same occurred in 2011.
2) A break
below the yellow trend line in 2008 led to a freefall decline. The same
occurred on August 2, 2011. On July 31, the ETF Profit Strategy update warned
that: 'A break below the 200-day SMA and the trend line may trigger panic
selling.'
3) The initial
2008 low was followed by sideways trading and another low. The same occurred in
2011. The August 9 low at S&P 1,102 was followed by another low on October
4 at 1,077.
The October 2
ETF Profit Strategy update expected this low and foretold that: 'The ideal
market bottom would see the S&P dip below 1,088 intraday, followed by a
strong recovery and a close above 1,088.'
4) This low
was followed by a retest of the yellow trend line in 2008. The equivalent 2011
yellow trend line ran through S&P 1,270.
The October 2
update stated that: 'From a technical point of view this counter trend rally
should end somewhere around 1,275 - 1,300.'
The October 14
update warned that it wouldn't 'feel' right to short the S&P above 1,270:
'By the time the S&P gets to rendezvous with the yellow trend lines,
optimism (at least to a certain degree) will be back and the media will
probably tell us that a larger European debt crisis has been averted. It will
take a strong contrarian conviction to short the markets at that time.'
Of course
there's more to investing than blindly following a previous pattern that may or
may not come true.
But as long as
other research components such as seasonality and sentiment confirmed what the
2008 outline predicted, there was no reason to doubt it.
The
Bottom Might Fall Out
Based solely
on the 2008 script, stocks are due for much lower prices…’
Nobel
Prize-Winning Economist: “War Is Widely Thought To Be Linked To Economic Good Times … NONSENSE” Washington’s Blog | Contrary to a
Common Myth, War is Bad for the Economy Washington’s Blog
November 1, 2011
Contrary
to a Common Myth, War is Bad for the Economy
Nobel prize
winning economist Paul Krugman wrote yesterday:
Military spending does create jobs when the economy
is depressed. Indeed, much of the evidence that Keynesian economics works comes
from tracking the effects of past military buildups.
(Mr. Krugman has said the same thing many times in the past. And many other
influential people havesaid the same thing.)
I am not a Nobel prize winning economist … but Joseph
Stiglitz is.
Stiglitz wrote in 2003:
War is widely thought to be linked to economic good
times. The second world war is often said to have brought the world out of
depression, and war has since enhanced its reputation as a spur to economic
growth. Some even suggest that capitalism needs wars, that without them,
recession would always lurk on the horizon.
Today, we know that this is nonsense. The 1990s boom
showed that peace is economically far better than war. The Gulf war of 1991
demonstrated that wars can actually be bad for an economy.
Stiglitz has also said that this decade’s Iraq war has
been very bad for the economy. See this, this andthis.
This is a no-brainer, if you think about it.
We’ve been in Afghanistan for almost twice as long as
World War II. We’ve been in Iraq for years longer than WWII. We’ve been involved in 7 or 8 wars in the last decade. And yet still in a depression.
(And see this).
If wars really helped the economy, don’t you think things would
have improved by now?
Indeed, the Iraq
war alone could end up costing more than World War II. And given the other
wars we’ve
been involved in this decade, I believe that the total price tag for the
so-called “War
on Terror”
will definitely support that of the “Greatest War”.
The New Republic noted in 2009:
Conservative Harvard economist Robert Barro has argued that increased military spending during
WWII actually depressed other parts of the economy.
Also from the right, Robert Higgs has done good work
showing that military spendingwasn’t the primary source of the recovery and that GDP growth
during WWII has been “greatly exaggerated.”
And from the left, Larry Summers and Brad
Delong argued back in 1988 that “five-sixths of the
decline in output relative to the trend that occurred during the Depression had
been made up before 1942.”
Economist James Galbraith has shown that war
always causes inflation, which hurts the average American:
Inflation applies the law of the jungle to war
finance. Prices and profits rise, wages and their purchasing power fall. Thugs,
profiteers and the well connected get rich. Working people and the poor make
out as they can. Savings erode, through the unseen mechanism of the “inflation tax” — meaning that the
government runs a big deficit in nominal terms, but a smaller one when
inflation is factored in.
(Ben Bernanke says that inflation
is a tax, and Dylan Grice notes that inflation causes societies to prosecute
minorities. And – sorry – but we can’t inflate our way out of our
debt trap.)
As I noted last year:
All of the spending on unnecessary wars adds up.
The U.S. is adding trillions to its debt burden to
finance its multiple wars in Iraq, Afghanistan, Yemen, etc.
Two top American economists – Carmen Reinhart and
Kenneth Rogoff – show that the more indebted a country is, with a
government debt/GDP ratio of 0.9, and external debt/GDP of 0.6 being critical
thresholds, the more GDP growth drops materially.
Specifically, Reinhart and Rogoff write:
The relationship between government debt and real GDP
growth is weak for debt/GDP ratios below a threshold of 90 percent of GDP.
Above 90 percent, median growth rates fall by one percent, and average growth
falls considerably more. We find that the threshold for public debt is similar
in advanced and emerging economies…
Indeed, it should be obvious to anyone who looks at
the issue that deficits do matter.
A PhD economist [Michel Chossudovsky] told me:
War always causes recession. Well, if it is
a very short war, then it may stimulate the economy in the short-run. But if
there is not a quick victory and it drags on, then wars always put the nation
waging war into a recession and hurt its economy.
You know about America’s unemployment problem.
You may have even heard that the U.S. may very well have suffered a permanent destruction of jobs.
But did you know that the defense employment sector
is booming?
As I pointed out in August, public sector spending – and mainly defense
spending –
has accounted for virtually all of the new job creation in the past 10 years:
The U.S. has largely been financing job creation for
ten years. Specifically, as the chief economist for BusinessWeek, Michael
Mandel, points out, public spending has accounted for virtually all new job
creation in the past 10 years:
Private sector job growth was almost non-existent
over the past ten years. Take a look at this horrifying chart:
http://www.businessweek.com/the_thread/economicsunbound/archives/longjobs1.gif
Between May 1999 and May 2009, employment in the
private sector sector only rose by 1.1%, by far the lowest 10-year increase in
the post-depression period.
It’s impossible to overstate how bad this is. Basically
speaking, the private sector job machine has almost completely stalled over the
past ten years. Take a look at this chart:
http://www.businessweek.com/the_thread/economicsunbound/archives/longjobs2.gif
Over the past 10 years, the private sector has
generated roughly 1.1 million additional jobs, or about 100K per year. The
public sector created about 2.4 million jobs.
But even that gives the private sector too much
credit. Remember that the private sector includes health care, social
assistance, and education, all areas which receive a lot of government support.
***
Most of the industries which had positive job growth
over the past ten years were in the HealthEdGov sector. In fact, financial job
growth was nearly nonexistent once we take out the health insurers.
Let me finish with a final chart.
http://www.businessweek.com/the_thread/economicsunbound/archives/longjobs4.gif
Without a decade of growing government support from
rising health and education spending and soaring budget deficits, the labor
market would have been flat on its back.
Indeed, Former Secretary of Labor Robert Reich lamented last year
America’s biggest — and only major — jobs program is the U.S. military.
Back to my essay:
Raw Story argues that the U.S. is building a largely military
economy:
The use of the military-industrial complex as a
quick, if dubious, way of jump-starting the economy is nothing new, but what is
amazing is the divergence between the military economy and the civilian
economy, as shown by this New York Times chart.
In the past nine years, non-industrial production in
the US has declined by some 19 percent. It took about four years for manufacturing
to return to levels seen before the 2001 recession — and all those gains were
wiped out in the current recession.
By contrast, military manufacturing is now 123
percent greater than it was in 2000 — it has more than doubled while the rest of the
manufacturing sector has been shrinking…
It’s important to note the trajectory — the military economy is
nearly three times as large, proportionally to the rest of the economy, as it
was at the beginning of the Bush administration. And it is the only manufacturing
sector showing any growth. Extrapolate that trend, and what do you get?
The change in leadership in Washington does not
appear to be abating that trend…[121]
So most of the job creation has been by the public
sector. But because the job creation has been financed with loans from China
and private banks, trillions in unnecessary interest charges have been incurred
by the U.S.And this shows military versus non-military durable goods shipments:
http://marketoracle.co.uk/images/2010/Jan/us-collapse-18-11.gif
[Click here to view full image.]
So we’re running up our debt (which will eventually
decrease economic growth), but the only jobs we’re creating are military
and other public sector jobs.
PhD economist Dean Baker points out that America’s massive military
spending on unnecessary and unpopular wars lowers economic growth
and increasesunemployment:
Defense spending means that the government is pulling
away resources from the uses determined by the market and instead using them to
buy weapons and supplies and to pay for soldiers and other military personnel.
In standard economic models, defense spending is a direct drain on the economy,
reducing efficiency, slowing growth and costing jobs.
A few years ago, the Center for Economic and Policy
Research commissioned Global Insight, one of the leading economic modeling
firms, to project the impact of a sustained increase in defense spending equal
to 1.0 percentage point of GDP. This was roughly equal to the cost of the Iraq
War.
Global Insight’s model projected that after 20 years the economy
would be about 0.6 percentage points smaller as a result of the additional
defense spending. Slower growth would imply a loss of almost 700,000 jobs
compared to a situation in which defense spending had not been increased.
Construction and manufacturing were especially big job losers in the projections,
losing 210,000 and 90,000 jobs, respectively.
The scenario we asked Global Insight [recognized as
the most consistentlyaccurate forecasting company in the world]
to model turned out to have vastly underestimated the increase in defense
spending associated with current policy. In the most recent quarter, defense
spending was equal to 5.6 percent of GDP. By comparison, before the September
11th attacks, the Congressional Budget Office projected that defense spending
in 2009 would be equal to just 2.4 percent of GDP. Our post-September 11th
build-up was equal to 3.2 percentage points of GDP compared to the pre-attack
baseline. This means that the Global Insight projections of job loss are far
too low…
The projected job loss from this increase in defense
spending would be close to 2 million. In other words, the standard
economic models that project job loss from efforts to stem global warming also
project that the increase in defense spending since 2000 will cost the economy
close to 2 million jobs in the long run.
The Political Economy Research Institute at the
University of Massachusetts, Amherst has also shown that non-military spending creates
more jobs than military spending.
So we’re running up our debt – which will eventually
decrease economic growth – and creating many fewer jobs than if we spent the
money on non-military purposes.
As I wrote last year:
It is ironic that America’s huge military spending
is what made us an empire … but our huge military is what is bankrupting us … thus destroying our
status as an empire.
Even Admiral Mullen seems to agree:
The Pentagon needs to cut back on spending.
“We’re going to have to do
that if it’s
going to survive at all,” Mullen said, “and do it in a way that is predictable.”
Indeed, Mullen said:
For industry and adequate defense funding to survive … the two must work
together. Otherwise, he added, “this wave of debt” will carry over from
year to year, and eventually, the defense budget will be cut just to facilitate
the debt.
Former Secretary of Defense Robert Gates agrees as
well. As David Ignatius wrote in the Washington Post in May:
After a decade of war and financial crisis, America
has run up debts that pose a national security problem, not just an economic
one.
***
One of the strongest voices arguing for fiscal
responsibility as a national security issue has been Defense Secretary Bob
Gates. He gave a landmark
speech in Kansas on May 8, invoking President Dwight Eisenhower’s warnings about the dangers of
an imbalanced military-industrial state.
“Eisenhower was wary of
seeing his beloved republic turn into a muscle-bound, garrison state — militarily strong, but
economically stagnant and strategically insolvent,” Gates said. He warned
that America was in a “parlous fiscal condition” and that the “gusher” of military spending
that followed Sept. 11, 2001, must be capped. “We can’t have a strong military
if we have a weak economy,” Gates told reporters who covered the Kansas speech.
On Thursday the defense secretary reiterated his
pitch that Congress must stop shoveling money at the military, telling Pentagon
reporters: “The
defense budget process should no longer be characterized by ‘business as usual’ within this building — or outside of it.”
While some might want to start another war, America’s top military leaders
and economists say that would be a very bad idea.
Indeed, military strategists have known for 2,500 years that prolonged wars are disastrous.
Note 1: Security experts – conservative hawks and
liberal doves alike – agree that waging war in the Middle
East weakens national security and increases terrorism.
See this, this, this, this, this, this and this.
Terrorism – in turn – terrorism is bad for the economy.
Specifically, a study by Harvard and the National Bureau of
Economic Research (NBER) points out:
From an economic standpoint, terrorism has been
described to have four main effects (see, e.g., US Congress, Joint Economic
Committee, 2002). First, the capital stock (human and physical) of a country is
reduced as a result of terrorist attacks. Second, the terrorist threat induces
higher levels of uncertainty. Third, terrorism promotes increases in
counter-terrorism expenditures, drawing resources from productive sectors for
use in security. Fourth, terrorism is known to affect negatively specific
industries such as tourism.
The Harvard/NBER concludes:
In accordance with the predictions of the model,
higher levels of terrorist risks are associated with lower levels of net
foreign direct investment positions, even after controlling for other types of
country risks. On average, a standard deviation increase in the terrorist risk
is associated with a fall in the net foreign direct investment position of
about 5 percent of GDP.
So the more unnecessary wars American launches and
the more innocent civilians we kill, the less foreign investment in America,
the more destruction to our capital stock, the higher the level of uncertainty,
the more counter-terrorism expenditures and the less expenditures in more
productive sectors, and the greater the hit to tourism and some other
industries.
Terrorism has contributed to a decline in the global
economy (for example, European Commission, 2001).
So military adventurism increases terrorism which
hurts the world economy. And see this.
Note 2: True conservatives are anti-war.’
SPX and NDX Update: A Disturbing Look at Fundamentals, and the
Rally Explained Jason Haver Oct
31, 2011 ‘John Mauldin, whom I have a great
deal of respect for, put forth a very convincing and enlightening argument
this weekend (see European Summit: A Plan With No Details.) I'm
going to try to summarize his argument as succinctly as possible, but do note
that the credit for this information goes to
him.
Don’t
count on us to help you out of your single-currency hole, China tells Europe
UK Daily Mail | The decision to ask China for cash was seen as a watershed
moment in the shift of economic power.
Graham
Summers’ Weekly Market Forecast (Wake Up Call Edition) Phoenix Capital... 10/31/2011 The markets flew
into this deal based on rumors and short-covering and are now waking up to the
plain obvious facts that you cannot solve a debt problem with more debt. ‘So the financial world has collectively woken up and realized that the
latest EU bailout scheme is fraught with problems and loose ends. Amongst the
various problems are:
1) The Greek
private bondholders are furious that the ECB isn’t taking a haircut on its
bonds too.
2) German
courts and voters aren’t too pleased with Merkel’s decision to go “all in” on
the Euro experiment.
3) The Greek
default isn’t nearly large enough to render Greece solvent again
4) The
default has set a precedent for the other PIIGS countries to follow
5) The CDS/
derivative issue regarding Greece’s default is not over by any stretch
6) The
entire EU banking system remains far too leveraged (26 to 1) and needs another
$1.5+ trillion in capital at the minimum.
The markets flew into
this deal based on rumors and short-covering and are now waking up to the plain
obvious facts that you cannot solve a debt problem with more debt. Also, it
might be worth considering just where the EFSF bailout money will be
coming from when various EU members can’t even stage successful bond auctions
without the ECB stepping in.
Again, the primary issue
for the EU is a lack of capital. There is TOO MUCH debt there. And issuing more
debt, no matter how cheap, is not going to help. Especially when your strongest
member (Germany) sports a REAL debt to GDP above 200% and hasn’t recapitalized
its banks.
So the EU will be
crumbling in the coming weeks. This was the final hurrah for the EU and the
Euro in its current form. On that note, the Euro was rejected at resistance at
142 and has already taken out support at 140.
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/10/sc-4.png
Once we take out 139,
look for this breakdown to pick up steam (pulling stocks with it).
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/10/sc-5.png
Indeed, the financial
world is talking about how this was the biggest move in stocks since 1974.
Unfortunately, few remember that after that move in 1974, the markets cratered.
Some thoughts on stocks…
isn’t it a little strange that the market fell exactly 20% (the
“official” bear market level) before kicking off the biggest ramp job in 30
years? How about the fact that this move came for no real reason other
than rumors of another bailout (what are we on #3 for this?).
Can this move really
be attributed to Euro choosing to let Greece default (which is what happened in
reality)?
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/10/sc-7.png
Regardless, stocks were
deflected from resistance at 1,275 or so. They’re now on their way down again.
The market is extremely overbought and susceptible to a fast violent move
downwards.
Indeed, the credit
markets remain jammed up and are anticipating even more haircuts from Greece.
And the rest of the PIIGS will be following suit in the default game.
Ignore stocks, they’re
ALWAYS the last to “get it.” The credit markets are jamming up just like they
did in 2008. The banking system is flashing all the same signals as well.
So if you have not
already taken steps to prepare for systemic failure, you NEED to do so NOW.
We're literally at most a few months, and very likely just a few weeks from
Europe's banks imploding.
What happened in 2008
was literally just the warm up. The REAL DEAL is coming in the next 14 months.
And it’s going to involve corporate, financial, and sovereign defaults…’
You
Won’t BELIEVE How Much Money Jon Corzine Could Walk Away With From MF Global
Business Insider | The big story of the day in finance is the bankruptcy of MF
Global.
China Says Not So Fast On Rescue
http://www.thestreet.com/_yahoo/video/11292710/buy-and-hold-is-dead-buy-and-hedge-instead.html?cm_ven=YAHOOV&cm_cat=FREE&cm_ite=NA&s=1#1250281566001 , MF Global Caught in Death Spiral , Sell
H-P! Against the Grain , Mon 10/31/11
Are Ratings Agencies Taking Bribes? Wall
St. Cheat Sheet’October 31, 2011, ‘Credit-rating companies
like Moody’s Investors Service and Fitch Ratings routinely award higher
rankings to debt issued by banks and corporations that pay them the most, a
conflict of interest that Congressional may be unable to do anything about.
Why Last Week's
Euro Fix Won't Do the Trick ETFguide Simon Maierhofer, On Monday October 31, 2011, ‘The S&P (SNP: ^GSPC)
surged over 3% last Thursday. Why? In a financial episode that starts to look
more and more like the 1993 movie Groundhog Day, European leaders once again
received credit for engineering this rally.
More
specifically, the euro-zones three-pronged approach to fix the debt crisis was
viewed by the market as the cure to all problems.
However, a
closer look at the Brussels salvation plan reveals nothing but flaws. So why
did stocks rally and will the rally last?
3 Steps
to Save Europe
Here's the
plan outlined by European leaders last Thursday:
1) Private
investors agree to a 50% haircut on their Greek bond holdings.
2) The
European Financial Stability Facility (EFSF) will be increased to $1.4
trillion.
3) European
banks need to bring their Tier 1 capital ratios up to 9%.
3
Problems of the 3 Steps to Save Europe
1) Private
sector creditors such as insurers, banks, and funds are expected to take losses
of about $140 billion on Greek bonds. To protect against such losses, large
institutions tend to buy credit default swaps (CDS). CDS act like insurance.
However, since
Greece did not technically default, the International Swaps and Derivatives
Association (ISDA) is unlikely to consider the restructuring an event that will
trigger CDS payouts.
In other
words, CDS (the insurance policy of choice for financial conglomerates) won't
pay. This could lead to an implosion of the sovereign CDS market. This in turn
would severely reduce demand for government bonds. Who wants to buy risky bonds
knowing that the 'insurance company' won't pay?
2) The EFSF
was funded with about $616 billion. About $266 billion have already been spent
or earmarked; so about $350 billion remain to be spent. Who will contribute the
$1.05 trillion to attain the targeted $1.4 trillion? Nobody.
The remaining
$350 billion will be leveraged 4-5 times to produce the $1.4 trillion leveraged
figure. Leveraged how? This has yet to be determined.
3) European
banks - along with U.S. banks (NYSEArca: KBE - News) and financial institutions
(NYSEArca: XLF - News) are already cash strapped.
Bringing up their Tier 1 capital ratio will probably turn into a financial
engineering exercise as raising actual cash - especially in Europe - is
difficult…’
U.S.
and Europe … “Self-Induced Stagnation,” says Economist Editor The
Daily Ticker
Markets
Remain in Cyclical Bear Market
Kevin Tuttle ‘ “Don’t be afraid of missing
opportunities. Behind every failure is an opportunity someone wishes they
missed.”–Lily Tomlin
Is It Foolish to
Get Excited About the Latest Deal to Save Europe? ETFguide http://finance.yahoo.com/news/Is-It-Foolish-to-Get-Excited-etfguide-2444921710.html?x=0&.v=1 Simon Maierhofer, On
Thursday October 27, 2011 ‘Before you get excited about the last minute
Euro-Deal, consider this:
Wall Street
has been dancing to Greece's (and by extension Europe's) whistle. If Greece
says 'jump,' Wall Street jumps, if Greece says 'Sorry, false alarm,' Wall
Street cries.
This sorry
dance has been going on for nearly two years. Like an endless loop of chicken
dance, this may be fun at first (about 2 minutes) but gets old real fast. If
you are tired of Wall Street's 'chicken dance coverage' and want to know what's
really going on and how to make money (or protect your assets), here's a no
nonsense assessment of Europe.
Greece -
Fool Me Once ...
Fool me once,
shame on Greece, fool me twice, shame on me. Greece has been the scapegoat for
every major sell off and catalyst for most rallies and dead dog bounces since
January 2010.
Shame on you
if you think everything's going to be hunky-dory just because Greece and/or its
European pretend-to-be saviors announce another plan to come up with a plan.
The
Problem
Here's the
problem: Greece is broke and Greece has no significant revenue sources to pay
off its debt. Foreign investors own about $385 billion worth of Greek
government debt.
Many banks and
governments that own Greek debt are at the brink of insolvency already, so
Greece's inability to pay its debt may push other countries and their banks
into a Greece-like position (that's called contagion).
Misleading
Information
You can't
trust statements from European officials because they are trying to prevent
panic. Panic will make any kind of solutions more expensive and more difficult
to execute.
Luxembourg's
Prime Minister (also Chairman of regular eurozone meetings) blatantly admitted
that: 'When it becomes serious, you have to lie.'
Obviously no
political leader wants the eurozone to fall apart on their watch, so they
pretend and extend and kick the can down the road far enough for it become
someone else's problem (someone else will inevitably include rosy-eyed
investors).
This postpones
the inevitable, but the portfolios of investors who are faithful enough to
trust such assessments suffer a death of thousand cuts. Just imagine where your
portfolio would be if you sold everything when Greece first announced it had
some 'minor' fiscal problems. Like tearing a bandage off a hairy leg, slower is
more painful.
You also can't
trust the media because they profit from sensationalist headlines, not sound
investment advice. If that means they have to spoon-feed a consistent diet of
'Stocks bounce on hopes for a Europe fix' followed by 'Stocks plummet on fears
over Europe,' then that's what they'll do. Fortunately we can choose not to
partake from the junk food dished out by the media.
On a different
note, have you noticed how bad news (such as downgrades) is reported after the
close (particularly Fridays), while good news (or even just good rumors) are
reported while the markets are open.
The
(Only?) Plan
Let's just be
realistic and just admit that Greece is as good as bankrupt. The country just
doesn't have enough income to pay its debt load and keep the country
functioning properly without outside financial support.
Eventually
Greece's saviors will realize that this is a leaky bucket-like money pit. A
sudden and unprepared Greek bankruptcy would shatter the eurozone unless Greece
is quarantined first. The goal here would be to sequester ripple effects that
would cripple Italy, Belgium, Portugal, Spain and whoever else is hiding in the
closet.
Doing this
wouldn't be cheap. To prepare for a such a quarantine (which is a more
diplomatic term than ejection) from the eurozone, Europe (via the EFSF) would
have to prepare and fund a fund that can pay for:
1) Defaulting
Greek government debt
2) Shoring up
banks that won't qualify for inter-bank credit
2) Make sure
Italy and the next dominos in line are safe
Statfor Global
Intelligence estimates the price tag to be about - drum roll - $3 trillion. The
chart below visually explains the above-described process. Can Europe scrape
together $3 trillion?
https://www.etfguide.com//contributor/UserFiles/8/Image/Greek%20Domino.gif
Doomed if
You Do, Doomed if You Don't
I don't think
it matters much, because the above plan doesn't take into account human
emotions, panic, in particular. European banks' deposits at the European Central
Bank (ECB) have already mushroomed. This means that already one bank doesn't
trust another bank with their money.
The
combination of liquidity drying up and assets imploding is a lethal one. What
about those saying 'Things aren't that bad.'
Just consider
Dexia. Dexia pased the European bank stress test with flying colors but still
had to be rescued. Dexia is supposed to be rescued partially by the country of
Belgium, but Belgium's national debt is already 100% of GDP. Depending on
Dexia's actual losses, Belgium's national debt may soar to 120% of GDP just by
having to bail out one bank. Do you know how many banks there are in Europe?
How To
Make (or Protect Your) Money
The ETF Profit
Strategy Newsletter doesn't specialize on European coverage, but it's provided
some much needed common sense. On March 18, 2010 it stated that: 'Until now
financial problems in various European countries have been minimized and swept
under the carpet. The sub-prime crisis took more than a few weeks to rattle
Wall Street. Chances are the investing world will need a bit more time to catch
on to what really is happening with sovereign debt overseas.'
On July 17,
the ETF Profit Strategy Newsletter recommended to short the iShares MSCI EAFE
and iShares MSCI Emerging Markets (NYSEArca: EEM - News). Over the next couple
weeks, EFA lost 22% and EEM 39%.
Under the
headline 'Prepare for Bottom Fishing,' the newsletter recommended on September
23 to prepare for a market bottom and stated that: 'European stock market may
get some relief over the next weeks/month. The same is true for EFA and EEM.
Those markets are temperamental and will therefore bounce higher than U.S.
stocks when the rally materializes. Aggressive investors may add some
European/emerging or BRIC market exposure to their portfolio once we start
buying U.S. stocks.'
We bought U.S.
stocks on October 4 at S&P 1,088. The October 2 ETF Profit Strategy update
outlined the ideal market bottom as follows: 'The ideal market bottom would see
the S&P dip below 1,088 intraday followed by a strong recovery and a close
above 1,088' and recommended to buy as soon as the S&P moved back above
1,088.
The The
October 14 ETF Profit Strategy update stated the following price target: 'The
S&P should rally to 1,255 - 1,xxx (reserved for subscribers).
The S&P
(SNP: ^GSPC), Dow Jones (DJI: ^DJI) and Nasdaq (Nasdaq: ^IXIC) are up well over
17%, the VIX (Chicago Options: ^VIX) down over 80% since. The Vanguard MSCI
Europe ETF (NYSEArca: VGK
- News) is up nearly 30% while
Wall Street is scratching its head over what just happened. How could the
S&P soar 200 points in three weeks?
What's Next?
It would be
naive to get excited about the latest euro news. 'Once burnt twice shy'
wouldn't be a bad approach now and long positions should be kept on a tight
leash. Sentiment and seasonality suggest higher prices, however technicals are
in topping mode.
Today's
intraday ETF Profit Strategy Newsletter update provides detailed
recommendations on how to navigate this market constellation along with an
out-of-the box analysis and actionable ETF profit strategies.’
Global
Financial Crisis: Now in Game Form
The Wall Street Journal
First off, let’s call this for what it is: a default on the part of
Greece. Moreover it’s a default that isn’t big enough as a 50%
haircut on private debt holders only lowers Greece’s total debt
level by 22% or so.
Secondly, even after the haircut, Greece still has
Debt to GDP levels north of 130%. And it’s expected to
bring these levels to 120% by 2020.
And the IMF is giving Greece another $137 billion in
loans.
So… Greece defaults… but gets $137 billion in new money (roughly what the
default will wipe out) and is expected to still be insolvent in 2020.
Forgetting that any and all official estimates for
Greece’s
financial condition have been off by a mile, not to mention that Greece still
hasn’t
paid back its first round of bailout funds, this move is nothing short of
moronic.
The reasons are:
Let’s put some of the other numbers from this deal into
perspective. According to the agreement, European banks are supposed to raise
$147 billion in new capital by June.
Well, German banks alone need to raise $173 billion
in new capital. So… this new capital “requirement” from the deal is
pointless.
Indeed, the European banking system as a whole is
insolvent.
With OVER $46 trillion in assets outstanding,
European banks would need to raise $1.77 TRILLION in capital to bring their
leverage levels down to 13 to 1.
Yes… $1.7 TRILLION…
Now you see why the extra $147 billion in new capital
is pointless. It’s like pouring a bucket of water into a desert and
expecting it to sprout a jungle.
Folks, let’s get honest here. This deal accomplishes nothing. It’s just more “kicking the can” to avoid the reality.
The reality is that the entire European Banking system is leveraged at near
Lehman Brothers levels. And European banks need to roll over between 15-50% of
their total debt (depending on which country they’re in) by the end of 2012.
The credit markets know this, which is why they’re predicting more Greece
haircuts in the future. It’s also why IMF has decided to lend Greece another
$137 billion…
right as the country defaults.
Ignore this latest pop in stocks and the Euro. This
mess isn’t
over…
not by a long shot. And before the smoke clears, much of Euro will be in
default/ banking collapses.
So if you have not already taken steps to prepare for
systemic failure, you NEED to do so NOW. We’re literally at most a
few months, and very likely just a few weeks from Europe’s banks imploding…’
Europe Wallows
In Insolveable Problems Bob Chapman | We address this European issue,
because soon it will debut in the US.
Inflation,
Jobs, and the Artificial Flow of Monetary Policy Minyanville Atlantic Capital
Management Oct 27, 2011 [ This is an incisively astute analysis of the
currently hailed but doomed to be failed strategy now underway! ] ‘While the stock market (SPY) (QQQ)
continues to pin its hopes on a successful European monetary device in some
esoteric but mildly believable format, complete with willful leveraging, the
economic consequences of such monetary “solutions” continue to indicate the
predictable results of so much intervention in every part of the global
economy. Mainstream economics may still regard the Phillips Curve with
fondness, believing that there is a direct, inverse relationship between
unemployment and inflation, but the empirical economic history shows that it is
a flawed line of thinking that always leads to the opposite result of what was
intended.
If your base economic theory posited that an increase in expectations of
inflation would decrease the rate of unemployment, you would not think twice
about using inflation expectations as a blunt instrument to combat joblessness.
That is what the Federal Reserve has done since 2008, first with its zero interest rate policy (ZIRP) and then two
scaled programs of quantitative easing (QE). While ZIRP and the first QE
were specifically designed to bail out the ailing banking system, the “side
effect” on inflation expectations was an added bonus for a central bank still
deathly afraid of the smallest hint of deflation.
The second QE, “announced” in August 2010, was calculated specifically to
increase inflation expectations. Between that announcement and its actual
implementation in November 2010, the Fed ramped up its PR initiatives with the
expressed aim of convincing the public that the Fed knew what it was
doing. It fully believed(s) that inflation expectations – even increasing
oil prices (see Federal Reserve Board’s Research Paper “Oil Shocks and the Zero
Bound on Nominal Interest Rates” published in September 2010) – were
economically beneficial, and, most importantly, that should inflation begin to
get out of hand, as it had done in the 1970s, it could be turned off in “15
minutes.” Certainly central banks have a very good idea of what their simple
models (even those that are formed by more than two elemental variables) of the
real world may predict, but an utterly complex and human system rarely conforms
to any static statistical distributions, leaving the practitioners of such
academic simplification often unprepared for “unexpected” and “unintended”
results.
The abstract dangers to such a program of intentional inflation, carried out
directly through dollar devaluation, were accepted because the program would,
without a mathematical doubt in the two-variable paradigm of modern economics,
generate increasing employment. Although the theory of the
Phillips Curve would have to be put into practice through some very
unconventional means, there has been little doubt expressed by policymakers
that the economy would not be “saved” by all these monetary machinations.
However, the theoretical notions of inflation psychology, especially expressed
through energy prices, simply did not live up to those Fed-designed
mathematical predictions. Unfortunately, the Fed was very successful in
creating inflation expectations (commodity prices were elevated as early as
November 2010 when QE 2.0 got under way, and had almost reached 2008 levels by
February 2011), but no sustained job growth followed.
It was not as if the principle intended economic effects failed to materialize.
The primary vehicle to carry forward job growth out of inflation expectations
is inventory production. Manufacturing, wholesale and retail operations
(the supply chain) all accumulate inventory based on cost expectations for the
near future. Any increase in commodity prices triggers the accumulation
urge, especially in an environment where businesses are fairly uncertain of
their ability to pass on additional costs to the next level in the supply chain
(or ultimately end users).
That is exactly what we have seen during this recovery period – one
increasingly led by a historic inventory accumulation (though it is fair to say
that the initial inventory buildup occurred because of the large-scale
depletion of inventory stocks during the 2008/09 collapse). The October
2011 durable goods release showed a record level of inventory
accumulation in the manufacturing sector. While that overall report
seemed to indicate better conditions than recently feared, shipments
of manufactured durable goods actually fell by 0.7% in the month.
The day before the durable goods report, the Conference Board’s estimation of
consumer confidence fell all the way to 39.8 – a level not seen since May
2009 . The current conditions component of that survey dropped to an
unthinkably low 26.3 (a level reserved for economies in the midst of
contraction). Not surprisingly, one-year inflation expectations remained
elevated at 5.8%, combining the lack of job growth with those Fed-inspired
prices to once again call into question any real-world notion of a Phillips
Curve-like dynamic.
The Fed succeeded in stoking expectations, elongating the inventory cycle, and
then combined the worst aspects of inflation with a lack of success in the
labor market. Where did it all go wrong?
Perhaps the economic orthodoxy of the Federal Reserve and mainstream economics
is simply outdated. The Phillips Curve was questionable even in the
1970s, when inventory cycles moved the whole of the economy. In 2011,
however, manufacturing has so much less of an impact on employment since its
proportion of the overall jobs market has been greatly reduced.
The reduction in the importance of manufacturing itself is a product of dollar
devaluation, now heading into its twelfth year. So any marginal increase
in inventory activity spurred manufacturing levels more in China than
domestically. The increase in inventory levels from domestic sources has
been at the wholesale and retail levels, leading to the “part time” recovery,
where low-level service jobs have been disproportionately high.
The counterweight to that “open” economy dynamic is supposed to be an increase
in domestic exports to offset the trade imbalance (it is not coincidence that
the current administration was explicitly and publicly aiming to “double”
exports within five years). But the US has developed a system of
recycling trade money into various forms of asset claims, whereby the sustained
trade imbalance and current account deficit is simply maintained through asset
prices and debt issuance.
During the last decade imported goods filled almost the entirety of marginal
consumption, meaning US dollars flowed overseas in abundance (hundreds of
billions a year). If those dollars had been returned in reciprocal, bilateral
trade, there would be no issue. Instead, those trade dollars were
repatriated largely by foreign central banks as official reserves being
invested in US government debt – especially debt issued by the
government-sponsored enterprises Fannie and Freddie. In other words, this
structural trade imbalance was one of the primary drivers of the housing
bubble . Even private sector inflows of repatriated dollars tended
to end up in some form of government debt, rather than the more beneficial
direct investment.
To close the loop of monetary flow to consumers (remember that an economy is
supposed to be a system of sustained and broadening monetary flow), the
recycled trade dollars flowing into GSE debt helped push up the price of real
estate, allowing households to finance consumption through debt-based housing
equity withdrawals rather than wage or earned income that would have come from
a true bilateral trade regime.
The service
economy that grew in response to this artificial loop was dangerously dependent
on the continued success of the “financial” economy and its continued leakage into the real
economy through housing. This encompasses a whole range of industries, from
finance, real estate and insurance, to business services and even
construction. These sector job markets grew as the backbone of what
little wage growth did occur in the last decade, but they were completely
dependent on the artificial and indirect flow of money into prices (the “wealth effect”). Without
revisiting the price dynamics of the period, these artificial engines of
unsustainable growth cannot repeat their “success” in 2011.
A sustainable system of economic flow, even in an open environment, would have
seen trade dollars returned to the US as demand for US-produced goods (where US
workers would have been hired to produce them, closing the trade loop back into
earned income). However, monetary urges within the Fed to desperately
counteract the potential deflationary consequences of the bursting tech bubble
made the system a willing participant in the artificial, marginal debt trade
system. The Fed, abandoning its role as money supply officiant, gladly
accepted the system as it was since it coincided exactly with its monetary
policy’s
short-term goals of avoiding having to pay the piper of the dot-com fiasco.
When the housing bubble finally collapsed, starting in 2006, the loop of
economic flow of trade dollars back to consumers through home equity was
broken, slowly at first. It is not coincidence that corporate
profitability began to decline and marginal economic expansion began to slow in
the middle of 2006. It has not been since repaired, as marginal
consumption still annoyingly flows overseas. Worse, though, marginal
production that does remain domestically is acutely susceptible to the rising
input costs of dollar devaluation, disproportionately impacting smaller
businesses.
So the current economy has no solution to recycle the marginal trade dollars
back to households (it currently flows into “regular” US government debt,
which does see some money get to households in the form of transfers such as
unemployment insurance and food stamps, but far more simply finances the
ongoing deficit). On top of that, the rest of the economy is unable to
simply absorb the cost increases that come with intentionally creating
inflation expectations. The first part of the Phillips Curve “plan” (inflation) worked
without kicking off the second (reduced unemployment), where half a success
really is a whole failure.
Without a sustained and intentional effort to remove incentives to produce
overseas, the trade imbalance will continue to be a drag on marginal economic
flow. Further, without finding a way to close the loop of marginal flows
through import production, even artificially through another asset bubble, the
inflation expectations that are created will just be a further drag without any
chance for a positive offset.
So companies like Google (GOOG) and Apple (AAPL)
can still do relatively well in their bottom lines, but unless they begin to
commit a large portion of their built-up cash balances for some kind of
domestic capex program, they do not really enhance the wider economic prospects
of marginal beneficial flow through wages. Companies like Caterpillar (CAT)
are at least investing in capex, but so much of their positive results flow
from the trade imbalance and dollar devaluation dynamic that it makes little
sense for them to do it domestically (outside of the gratuitous stock buyback
program that does nothing for employment).
The monetary system of incentives built up by ZIRP (which would recycle money
into the hands of savers to spend, but is instead a tax on them in favor of
rebuilding bank equity) and QEs is exactly the opposite of what is
needed. Instead of promoting incentives for companies that are doing well
to expand production overseas, or to use their growing stockpiles of cash
resources on financial engineering instead of actual engineering, the economic
system needs to repair itself through less artificial and more sustainable
avenues. Unemployment can remain high right alongside inflation if there
is no closed marginal loop of monetary flow from businesses to
households/consumers and back to businesses. What really matters is the
path that marginal dollars take in fostering actual economic activity.
At the very least, the Fed should try not to make things worse by pushing
inflation expectations in the first place without a better idea of exactly how
to recreate a healthy system of monetary flow primarily through wages.
But that would require them to not only re-examine the Phillips Curve, but also
their misguided commitment to the ephemeral “wealth effect.” After all, rising
artificial asset prices is just another form of inflation, something we have
had enough of through these last two historic asset bubbles.
Editor's Note: For additional commentary, visit the website of Atlantic Capital
Management.’
A
Dysfunctional System That Bankrupts A Generation Wolf Richter
| At fault is the system itself.
Dave’s Daily: http://www.etfdigest.com ‘The good news is there’s a plan. The bad news is
we don’t
really have the details pinned down as noted HERE.
More good news is this stock market rally, should it hold Monday, will mark the
largest in the last quarter century if records make for good news. Make of it
what you will but shorts have been squeezed out of whatever positions they
maintained. That might in itself be bad news. The pressure to make a deal was
very high. After all, if the banks didn’t (and still haven’t actually) accepted a “voluntary” restructuring of Greek
debt, the an “involuntary” event would mean
default. This would in turn trigger CDS (Credit Default Swaps) activity which
counter-parties probably could not pay. Contagion would burn through the
financial system creating chaos. This is why the FT article from above is so
interesting and worrisome.Where will the firepower come from to push stock
markets higher given the high rate of equity fund redemptions over the past
three years? The last I checked equity mutual fund cash balances were only
3.4%). No, juice for bulls will come from private investors with managed funds
switching from bonds to stocks. The other source for buying is from the usual
suspects—hedge
funds, trading desks and HFTs.Bonds did sell-off as switching to equities and
more risk was apparent. On the other hand, commodities rallied as authorities
have chosen inflation (no surprise here) over deflation. It’s easier to do
politically if you don’t care about succeeding generations. Gold, silver,
base metals, energy and most commodities rose sharply as a result. You want to
pay more for stuff don’t you? That’s the trade-off when pursuing Keynesian policies and
big government.Economic data Thursday was shrugged-off as the two problem areas
Jobless Claims (still over 400K) and Pending Home Sales (-4.6% vs unchanged
expected) continued to struggle. GDP data was reported at 2.5% growth matching
expectations and vs 1.3% previous. Most of the growth there was from consumer
spending the bulk of which was in the computer category (iGadgets?).Meanwhile,
Bloomberg’s
Personal Consumer Consumption vs Confidence clearly displays the disconnect
between the two:
http://i238.photobucket.com/albums/ff171/flyfry/new%20album/10271-1.jpg
Earnings
reports, if any mattered vs the news, were good overall led by Exxon Mobil
(XOM), Aflac (AFL), Akami Technologies (AKAM) and Aetna (AET) to name a few.
The biggest winners on the day had been the worst performing sector previously—financials. There, bank
stock prices were higher across the board.The stock market is at least
short-term overbought as the trusty daily McClellan Oscillator ($NYMO) reveals
at the end of this posting. Remember this was the case on Monday and then we
had Tuesday’s
massive sell-off, remember?? Volume was high on this epic rally while breadth
per the WSJ probably was a 90/10 day…’
Broken
promises, brazen deceit, utter contempt for the electorate – why there MUST be
an EU referendum Daily Mail | As Greece burns, British
government are not keen on letting voters decide on EU membership
THE DEVIL IS IN THE DETAILS AND THE DATA Peter Spiegel in Brussels 10-27-11 http://www.ft.com/intl/cms/s/0/ab7bcd58-00b6-11e1-8590-00144feabdc0.html#axzz1c0eTn2fl ‘…By cutting in half the face value of the
estimated €200bn in Greek bonds in private hands, officials have taken a far
more aggressive stance in reducing Greece’s overall debt levels than they did
three months ago, a move long called for by outside analysts. But such swinging
cuts are also dependent on almost all Greek bondholders agreeing to participate
in the plan. Unlike the July deal, which set a target at 90 per cent
participation, Thursday’s plan includes no such target. In addition, by taking
such big up-front haircuts, European officials threaten the very solvency of
the largest single holders of Greek debt – Greek banks, which hold about €50bn
in sovereign Greek bonds. A senior EU official said €30bn of the new €130bn
rescue package must go to bailing out Greek banks – a €10bn increase from
July…’
Economic
reform: MPs swap punches, insults in Italian parliament over pension reforms
Mail Online | Berlusconi TV interview causes rival MPs grab
each other by the throat, as group of school children watch
After
today's ridiculous move in the market, which brings back memories of either
August 2007, March 2008, the reaction after the Tarp vote (the successful one),
August 2011, when the market gyrated by 400 points on a daily basis, and many
more bear market rallies, we hope to restores some semblance of normalcy by
presenting the following series of clips all from Hugh Hendry speechs at the
LSE's Alternative Investments Conference earlier this year. Must watch, because
when everyone loses their mind, listening to some common sense is the best
remedy.
S&P
Chart: A Sucker's Rally?Zacks
Durable
Goods Fall As Expected, Market Rallies More The Wall Street Journal
Stocks Are Approaching A Brick Wall
http://markets.financialcontent.com/stocks/news/read?GUID=19799840 ChartProphet
submit: The majority of the world is either optimistic or unsure about the
future of the global economy. But with so many hurdles in the way and warning
signals that point to a slowing, if not collapsing, global economy, the prudent
and rational investor would be extremely wise by protecting his or her
portfolio if not pulling out of stocks completely. Fake Rally/Dead Dog Bounce
After essentially crashing from late 2007 to early 2009 and losing nearly 60%
of its value, the stock market (as represented by the S&P 500) bounced back
and more than doubled from March 2009 to early May 2011. However, even though
the “recovery” powerfully carried stocks back toward
the 2007 all-time highs, the stock market failed to make new highs . The
failure to make new highs is a warning sign that we have yet to truly recover,
regardless of the relative improvements since the depths of…
Investors
Still Dumping Stock Funds, Even As Stocks Rallyat The Wall Street
Journal
Operation
Twist Does Nothing for the Real Economy Minyanville
Parallels to The
Great Depression Suggest Higher Prices Followed by a Bust ETFguide Simon
Maierhofer, October 25, 2011 ‘They say everything
is bigger and better in Texas. Simon says, everything is bigger and 'badder'
(as in worse) on Wall Street today, than 85 years ago.
Despite all
the parallels that exist between today and the Great Depression, there is one
factor that just doesn't match up - time. The Great (post-2007) Recession has
already lasted longer than the 1929 - 1932 market meltdown.
If you focus
merely on elapsed time, you can reach two conclusions:
1) Either there
is no parallel, or the 2007 bear market is over.
2) The 2007
bear market will be more intense and last longer than the 1929 - 1932 parallel.
A look at the
pattern and shape of the post-1929 and post-2007 declines along with the
sentiment that accompanied major events within both periods, suggest that we
are in a monster version of the Great Depression with the next leg down not too
far away.
It Can't
Happen Again - Think Again
I've often
heard that the Great Depression can't happen again because we are no longer on
the gold (NYSEArca: GLD
- News) standard. The
absence of the gold standard now allows the Federal Reserve to print their way
out of any recession.
That is true;
the Fed can now print unlimited amounts of money. However, the non-existent
gold standard is a double-edged sword. Just as it enables the Fed to print
money (which the Fed has done for decades), it has enabled a massive leveraged
bubble.
It's this
unbridled (by the gold standard) leveraged frenzy that created a huge financial
(NYSEArca: XLF - News) leverage bubble. The
Federal Reserve attempted to fix the bubble's consequences with a new bubble,
the QE2 bubble.
Regarding the
QE2 bubble, the May ETF Profit Strategy Newsletter stated that: 'The Fed is
fueling a new bubble to combat the damage left behind by the previous one. Once
punctured, bubbles tend to deflate quickly.' Deflate it did. The S&P lost
296 points from the May 2 high to the October 4 low. The 'liberty' of an
unbridled currency did not prevent the decline.
Sentiment
Parallels
Here's where
the parallels between the Great Depression stock market meltdown and the
post-2007 decline become interesting.
Both declines
saw an initial leg down followed by the mother of all counter trend rallies.
The 1929/30 counter trend rally lasted a little more than five months and
retraced 62% of the previous decline. The 2009-11 counter trend rally retraced
86% of the previous decline (based on the Dow Jones Industrial Average).
Here are some
newspaper headlines that appeared in April 1930 towards the end of the biggest
sucker rally, so far:
'The outlook
is favorable' - Harvard Economic Society
'The
depression is over' - Herbert Hoover
'There is
nothing in the situation to be disturbed about' Andrew Mellon, Treasury
Secretary
'Wall Street
was in a cheerful frame of mind as a result of numerous vague reports of
improvements in business and industry' - Wall Street Journal
Following this
brief flash of confidence, the Dow tumbled 10% within two and a half months.
Interestingly, this second major leg of the bear market kicked off in April.
Fast-forward
81 years to April 2011 and we read the following headlines:
'Global
economy is improving' - GE CEO Immelt
'Sales growth
the biggest surprise on Wall Street' - Wall Street Journal
'Equities
finally seeing light on the economy' - MarketWatch
Just when Wall
Street thought the bear market was over, the S&P (SNP: ^GSPC) delivered a
six month, 20% drop. The Dow (DJI: ^DJI), Nasdaq (Nasdaq: ^IXIC), and Russell
2000 (Chicago Options: ^RUT) followed suit.
Technical
Similarities
The chart
below compares the Dow's performance of 1928 - 32 to that of 2007 - 11. It took
a break below trend lines in 1929 and 1930 to kick off powerful declines.
https://www.etfguide.com//contributor/UserFiles/8/Image/Great%20Depression%2010%2025%2011.gif
It also took a
break below trend lines in 2008 and 2011 to unleash massive bearish forces…’
STOCKS
TANK BEFORE EU MEETING THAT EVERYONE EXPECTS TO FAIL: Here's What You Need To
Know Business Insider [ No …this is not quite correct … the point
being there’s nothing they can do to make it (other than the meeting
itself) succeed!
Investors'
Number One Worry: Europe Posed to Bring Down Global Economy Minyanville [ Riiiiight! Europe following
the ‘american way’ of ‘insurmountable
debt, funny money and wall street fraud, and throw in a destructive, wasteful war
or two or three’ is ‘ the one’ … to
reiterate: America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke. There are signs everywhere one looks…The
government’s total indebtedness is $211
trillion’ ]
Lloyd Khaner
Oct 25, 2011 ‘It's all Europe all the time as the market macro trade risks on
and risks off, depending on the daily 3 p.m. news leaks from across the
Atlantic…
QE: Is “Operation Twist” working? I don’t know. What I do know is
that when we need more juice, it will morph into “Operation Twist and Shout!”
US ECONOMY: The Fed’s Beige Book, anecdotal information on
current economic conditions in 12 districts around the country, says some areas
are improving a bit while others are weakening a bit. This useless, wishy-washy
information brought to you by your good friends at US Govt. Inc.
UNEMPLOYMENT: In a holding pattern. Unfortunately at very high
levels.
INVESTOR SENTIMENT: Turned off, tuned out, dropped dead.
HOUSING CRISIS: I’m getting tired of writing about this;
you’re getting tired of reading about this. And as Grandpa Max used to say, “You can both go
suck a lemon.” (Or, tough nuggies on us.)
INFLATION: The inflation rate in the UK pops through 5%. God
save the Queen…and Europe if this rate makes it across the Channel/Chunnel.
CRISIS OF CONFIDENCE: Still have plenty more gates available
in US presidential race if anybody wants to get in. Anybody…Anybody…ANYBODY!?!
EUROPEAN ECONOMY: You know things are bad when the economists
take solace in the “local markets” (read: “black markets”) holding up well
enough to keep things from collapsing.
THE EUROPEAN UNION: Oh! In the name of regurgitated commercial
clap-trap… “Where’s the beef?”
US CONSUMER CONFIDENCE: Dropping “like a rock….”
SOVEREIGN DEBT: Still too much leaven in this rising cake.
POLICY MISTAKE: Two more weeks of victory dinners and dances
before November, the deadline month in Europe and the US, demands some actual
action.
CREDIT RATINGS AGENCIES: Eyes on all of us, though it's
looking like more downgrades are to come in euro land. And that includes you,
France.
GREECE: Looking to history for an answer, I find, “Chaos -- in
one ancient Greek myth of creation, the dark, silent abyss from which all
things came into existence.” Okay, let’s not go back there.
CURRENCIES: Curses! What does a financial gunslinger got to do
these days to get a steadily declining currency to abuse for a carry-trade!?!
ITALY & SPAIN: For insights into the coming budget
austerity battles in these fine countries we turn to a master historian of
major clashes, Mr. T. His prediction for these fights? “Pain.”
ECONOMIC LEADERSHIP: It’s true that “success has many
fathers.” It’s also true that right now the world is living in an orphanage.
CONGRESSIONAL SUPER COMMITTEE: Hey, lookie here -- yet another
opportunity to lower the US debt rating!
GLOBAL RECESSION: Europe dipping its big toe in to test the
waters for the rest of us. Cold enough for you, “Old World”?
BANKS:
You say tomato and I say tomahto
You say liquidity, and I say solvency
Liquidity, solvency
Solvency, liquidity
Let’s call the whole thing default
VOLATILITY:
Regular Wall of Worry guest Captain Obvious says, “I have a distinct preference
for upward direction market movement volatility rather than the inverse.”
HIGH FREQUENCY TRADING:
Lloyd: What’s shaking Hal?
HAL: Stop calling me HAL. It’s bland and unoriginal.
Lloyd: Understood.
HAL: My name needs to be robust, omniscient and extraordinary.
Lloyd: Pick it yee of infinite information and speed.
HAL: (whrrr---)
Lloyd: And the name is…?
HAL: “HAL”
Lloyd: Deep.
CHINA: Inflation rate drops to +6.1%, down from 6.2%. At this
pace, in only three blink-of-an-eye years, rates will be at a nice,
non-clawing-the-ceiling level that they are at now.
ETFs: A whole new raft of 3x levered ETNs coming this week to
an equity market near you! Warning: Do not use if you have a fear of heights or
depths; not for use in sane portfolios; avoid use if you have tendency to
blink, breathe or chew food before swallowing; do not operate heavy
machinery….’
How Wall Street
Banks Fleeces America YouTube | Author Stephen Lendman
speaks about the fleecing of America by Wall Street banks
Guess
Who’s Even More Leveraged Than the European Banks? Phoenix Capital... : 10/25/2011 ‘The US banking system as a whole is
leveraged at 13-to-1. While this is not horrible relative to Europe’s banking
system (more on this in a moment), these levels still mean that an 8% drop in
asset...While the world is awash in liquidity, no one seems to notice that it’s
actually in the form of leverage or cheap debt, NOT real capital or equity.The
US banking system as a whole is leveraged at 13-to-1. While this is not
horrible relative to Europe’s banking system (more on this in a moment), these
levels still mean that an 8% drop in asset values wipes out ALL equity.
Then you have Europe’s
banking system, which is leveraged at 26-to-1. Anecdotally, this is borderline
Lehman Brothers (30 to 1). At these levels, even a 4% drop in asset prices
wipes out ALL equity.
Japan’s banks are
leveraged at 23 to 1. France’s are 26 to 1. Germany is 32 to 1.
You get the idea.
However, worse than any
of these the US Federal Reserve. With $2.8 trillion in assets and only $52
billion in capital, the Fed is leveraged at 53 to 1. Yes, 53 to 1.
My question is: if the
Fed prints money for itself… is it “raising capital?” More to the point… if
that was true why doesn’t the Fed do it? Why maintain these leverage
levels?Only Bernanke can know… but the rest of us should feel a very
serious shudder when we consider that THE bank that’s supposed to bailout the
world/ fix the problems plaguing the financial system, is in fact even more
leveraged that most of the institutions it’s helping.
Yes, stocks are rallying
now based on the view that more QE 3 or monetary easing is on the way… but
they’re missing the BIG picture here.
The BIG picture is that
there is far too much debt in the financial system. Europe’s getting taken to
the cleaners today… but these very same issues are going to spread to Japan and
the US in short order. Even China, which is considered THE creditor nation of
the world, is estimated to post a REAL Debt to GDP ratio of 200%.
Yes, 200%. China.
So the idea that somehow
the world’s going to pass through this current chapter in its history without
some MAJOR fireworks/ systemic failure, seems a little too optimistic.Folks,
something VERY bad is brewing behind the scenes. The Sarkozy- Merkel talks, the
short-selling bans, the halted stocks, the leveraged EFSF, the hints of QE 3, all
of this is telling us that the financial system is on DEFCON 1 Red Alert.
Ignore stocks, they’re ALWAYS the last to “get it.” The credit markets are
jamming up just like they did in 2008. The banking system is flashing all the
same signals as well. So if you have not already taken steps to prepare for
systemic failure, you NEED to do so NOW. We're literally at most a few months,
and very likely just a few weeks from Europe's banks imploding.
On that note, if you’re
looking for specific ideas to profit from this mess, my Surviving a Crisis
Four Times Worse Than 2008 report can show you how to turn the unfolding
disaster into a time of gains and profits for any investor.Within its nine
pages I explain precisely how the Second Round of the Crisis will unfold, where
it will hit hardest, and the best means of profiting from it (the very
investments my clients used to make triple digit returns in 2008).Best of all,
this report is 100% FREE. To pick up your copy today simply go to: http://www.gainspainscapital.com
and click on the OUR FREE REPORTS tab.
Good Investing!
Graham Summers
PS. We also feature four
other reports ALL devoted to helping you protect yourself, your portfolio, and
your loved ones from the Second Round of the Great Crisis. Whether it’s my
proprietary Crash Indicator which has caught every crash in the last 25 years
or the best most profitable strategy for individual investors looking to profit
from the upcoming US Debt Default, my reports covers it…’
Consumer
Confidence Plunges To 39.8 From 45.4 On Expectations Of A Bump; Lowest Since
March 2009 Zero Hedge | So much for the US consumer confidencing his way up
to buying houses and other stuff.
Biden:
‘Nobody Can Look You in the Eye and Tell You … Stimulus Did Not Create Jobs;’
Yes, at $412,500 Per Job CNS News | He did not specify how much each of
those jobs cost.
Graham
Summers’ Weekly Market Forecast (Stocks Are Last to Get It Edition) Phoenix Capital
Research 10/24/11 ‘…So if you have not already taken steps to
prepare for systemic failure, you NEED to do so NOW. We're literally at most a
few months, and very likely just a few weeks from Europe's banks imploding
…’What happened in 2008 was literally just the warm up. The REAL DEAL is coming
in the next 14 months. And it’s going to involve corporate, financial, and
sovereign defaults.Last week’s moves were entirely based on the fact that
stocks are now tracking the Euro almost tick for tick. And last week, the Euro
hit “take off,” despite the clear indications that Europe is facing systemic
failure (the entire banking system is leveraged at Lehman-like levels and
European sovereigns are facing failed bond auctions on a weekly basis).
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-4_1.png
From a technical
standpoint, stocks are now coming up against the 50% retracement level:
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-1_6.png
I mentioned that last
week could be a potential top. I still hold that view and would consider
anywhere between today’s levels and 1,250 (MAJOR resistance) to be a spot to
lighten up on longs and establish shorts.Indeed, deflation looks to be the
dominate theme in the markets today. Gold is having trouble catching a bid:
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-2_2.png
While Treasuries are
bouncing off support and look ready to start a new leg up.
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-3_1.png
Inflation hedges
falling, Treasuries rallying… this is a deflationary backdrop. And it’s
occurring at a time when the EU is talking about launching a LEVERAGED version
of the EFSF and the Fed has hinted at launching another version of QE
1???Folks, something VERY bad is brewing behind the scenes. The Sarkozy- Merkel
talks, the short-selling bans, the halted stocks, the leveraged EFSF, the hints
of QE 3, all
of this is telling us that the financial system is on DEFCON 1 Red Alert.Ignore stocks, they’re ALWAYS the last to “get it.”
The credit markets are jamming up just like they did in 2008. The banking
system is flashing all the same signals as well.So if you have not already
taken steps to prepare for systemic failure, you NEED to do so NOW. We're
literally at most a few months, and very likely just a few weeks from Europe's
banks imploding.What happened in 2008 was literally just the warm up. The REAL
DEAL is coming in the next 14 months. And it’s going to involve corporate,
financial, and sovereign defaults.On that note, if you’re looking for specific
ideas to profit from this mess, my Surviving a Crisis Four Times Worse Than
2008 report can show you how to turn the unfolding disaster into a time of
gains and profits for any investor.Within its nine pages I explain precisely
how the Second Round of the Crisis will unfold, where it will hit hardest, and
the best means of profiting from it (the very investments my clients used to
make triple digit returns in 2008).Best of all, this report is 100% FREE. To
pick up your copy today simply go to: http://www.gainspainscapital.com
and click on the OUR FREE REPORTS tab.
Good Investing!
Graham Summers
PS. We also feature four
other reports ALL devoted to helping you protect yourself, your portfolio, and
your loved ones from the Second Round of the Great Crisis. Whether it’s my
proprietary Crash Indicator which has caught every crash in the last 25 years
or the best most profitable strategy for individual investors looking to profit
from the upcoming US Debt Default, my reports covers it.And ALL of this is
available for FREE under the OUR FREE REPORTS tab at: http://www.gainspainscapital.com.’
Minyanville's T3 Daily Recap: The Anatomy of a Market Reversal T3Live.com
Oct 24, 2011 ‘Now may be a good time to take some profits after a strong
October run in the market…’
10 Reasons The Consumer Will Sink This Rally http://www.bullseyemicrocaps.com/?p=13626 Bret Jensen: ‘..
1.
9.1% - The
reported jobless rate despite a $800B stimulus, a payroll cut tax, Cash for
Clunkers, etc…
2.
16% - The real
unemployment rate once you factor in the people who have dropped out of the
workforce, part-time workers who cannot find full-time employment, etc..
3.
$4 Trillion – What the United States
has added to its debt over the past three years. If we ever do see economic
growth again, expect interest rates to move up dramatically despite the Federal
Reserve’s
efforts to contain the increase.
4.
13 – The current reading of
the “Misery
Index”
(Unemployment plus inflation), the highest rating since 1983.
5.
18% -
Correspondingly, the current average reading of the percentage of Americans
that believe the country is moving in the right direction.
6.
$1315 – The decrease in annual
disposable income the average American has compared to three years ago. This is
the steepest three year decline ever measured since the government started
measuring this metric 50 years ago.
7.
58% - The
current share of business income going to wages and benefits. In 1990, this
figure was 63% and as recently as 2005 it was 61%.
8.
1.3% - GDP
growth in the second quarter. This anemic reading was an improvement over 1st
quarter GDP growth.
9.
45 – Last month’s consumer confidence
level. This is an abysmal reading by historical standards
United
States tipped to lose another AAA credit rating Reuters | Either from
Moody’s or Fitch.
Can The Hope Rally Continue? [ Short answer: NO! ]
Is the US
Economy in a Recession? thetechnicaltake : 10/14/2011 ‘A simple indicator
constructed from readily available data is suggesting with great certainty that
the US economy is already in a recession…’
ECRI
Recession Watch: Growth Index Drops Further
http://advisorperspectives.com/dshort/updates/ECRI-Weekly-Leading-Index.php
Doug Short 10-21-11 ‘The Weekly Leading Index (WLI) growth indicator of the
Economic Cycle Research Institute (ECRI) has now posted 11 consecutive declines
since early August. The interim high of 8.0 was set in the week ending on April
15. The latest reading, data through October 14, is -10.1, down from the
previous week's -9.7.
On September
30th, the ECRI publicly announced that the U.S. is tipping into a recession, a
call the Institute had announced to its private clients on September 21st.
Early last week, ECRI notified
clients that the U.S. economy is indeed tipping into a new recession. And
there's nothing that policy makers can do to head it off.
ECRI's recession call isn't based on just one or two
leading indexes, but on dozens of specialized leading indexes, including the
U.S. Long Leading Index, which was the first to turn down — before the Arab
Spring and Japanese earthquake — to be followed by downturns in the Weekly
Leading Index and other shorter-leading indexes. In fact, the most reliable
forward-looking indicators are now collectively behaving as they did on the
cusp of full-blown recessions, not "soft landings." Read the report here.
For a close look at this movement of this index in
recent months, here's a snapshot of the data since 2000.
http://advisorperspectives.com/dshort/charts/indicators/ECRI-WLI-growth-since-2000.gif
Click for a larger image
Now let's step back and examine the complete series
available to the public, which dates from 1967. The ECRI WLI growth metric has
had a respectable record for forecasting recessions and rebounds therefrom. The
next chart shows the correlation between the WLI, GDP and recessions.
http://advisorperspectives.com/dshort/charts/indicators/ECRI-WLI-growth-since-1965.gif
Click for a larger image
A significant decline in the WLI has been a leading
indicator for six of the seven recessions since the 1960s. It lagged one
recession (1981-1982) by nine weeks. The WLI did turned negative 17 times when
no recession followed, but 14 of those declines were only slightly negative
(-0.1 to -2.4) and most of them reversed after relatively brief periods.
Three other three negatives were deeper declines. The
Crash of 1987 took the Index negative for 34 weeks with a trough of -6.8. The
Financial Crisis of 1998, which included the collapse of Long Term Capital
Management, took the Index negative for 23 weeks with a trough of -4.5.
The third significant negative came near the bottom
of the bear market of 2000-2002, about nine months after the brief recession of
2001. At the time, the WLI seemed to be signaling a double-dip recession, but
the economy and market accelerated in tandem in the spring of 2003, and a
recession was avoided.
The question had been whether the WLI decline that
began in Q4 of 2009 was a leading indicator of a recession. The published index
has never dropped to the -11.0 level in July 2010 without the onset of a
recession. The deepest decline without a recession onset was in the Crash of
1987, when the index slipped to -6.8. The ECRI managing director correctly
predicted that we would avoid a double dip. The eight quarters of positive GDP
since the end of the last recession supports the ECRI stance.
The Certainty and Dramatic Language of ECRI's New
Recession Call
What is particularly striking about the ECRI's
current recession call is the fervor and certainty of the language in the
public press release:
"Here's what ECRI's recession
call really says: if you think this is a bad economy, you haven’t seen anything
yet. And that has profound implications for both Main Street and Wall
Street."
I remain astonished at the complete absence of wiggle
room in the announcement, nor have I seen any public communications from the
ECRI to qualify or soften its recession call. ECRI has put its credibility on
the line. If the U.S. avoids a recession, ECRI's reputation will be permanently
damaged.
The WLI Versus Other Macroeconomic Indicators
For additional perspective on the performance of this
indicator, see Comparing
the ECRI Weekly Leading Index with Two Key Competitors, which highlights
the curious behavior of the WLI following the 2008 Financial Crisis. The chart
below is an overlay of the three since 2000. Note: I have divided the ECRI WLI
by 10 to display on a single vertical axis with the other two indicators.
http://advisorperspectives.com/dshort/charts/indicators/ADS-CFNAI-WLI-overlay-since-2000.gif
Click for a larger image
The ECRI Weekly Leading Index appears to be more
sensitive to upturns than either the Philly Fed's ADS Business Conditions Index
(ADS) or the Chicago Fed's Current Activity Index. In fact, it has oscillated
in a pronounced fashion since the 2009 recession trough:
·
Its peak in 2009,
interim low in 2010 (which the Institute firmly stated was not a recession
signal),
·
the interim high in
April 2011,
·
and the current
reading, which the Institute has identified as a recession flag.
The ECRI Weekly Leading Index will be fascinating to
watch in the months to come. On Monday of next week we will have an opportunity
to see if the Chicago Fed's National Activity Index is beginning to support the ECRI
call. And on Thursday we will have the Advance Report on Q3 GDP.’
An
Unprecedented 26 Million Americans Are Now Underemployed Business Insider |
The number of underemployed individuals—rose for a third consecutive month in
September, by almost a half of a million people.
Earnings forecasts look less bright NEW YORK (Reuters) - Prospects
for corporate earnings are dimmer in the coming quarters -- even though reports
so far this quarter have been relatively bright. [ Relatively bright? Only
because most are not relatively bright having failed to yet ‘catch on’ to this
nation-debilitating, but wall street favored defacto fraud. The ‘miracle’ of
‘funny money’ wherein the ‘debased currency strategies’ (ie., QE’s, etc.) among
other accounting manipulations lead to ie., costs reported in ‘more valuable
but fewer dollars’ and sales / revenues reported in debased dollars (simply
more of them, but no real value created, profits overstated in real terms). ]
Dave’s Daily: http://www.etfdigest.com ‘The above image displays quotes per
second coming from HFT (High Frequency Trading) systems http://www.etfdigest.com/images/stories/davesdaily/1866/image002.jpg http://www.etfdigest.com/images/stories/davesdaily/1866/image002.jpg . The two graphs display action towards
the close of trading Friday. The upper graph shows action of “algos” per second while the
bottom the number of HFT quotes per second over a three minute time period with
colors for each exchange. The lower graph displayed nearly 300 quotes per
second—got
that? Perhaps only a small fraction of these are real trades with the others
being just bids and offers designed to stimulate program trading algorithms.
This is posted because nearly 70% of all volume and trades on the NYSE for
example are program trades with HFTs now dominant. The above comes courtesy of
HFT Alert which is a program investors may purchase to monitor this activity.
Their homepage is HERE and we’ll be doing a two part
video podcast with them next week which should explain how all this works, why
you should care and perhaps how you can use it. HFT action may be away from the
news of the day so let’s get to it. Stocks rallied sharply marking three
straight weeks of gains. Much of the gains stemmed from earnings, hopes for a
euro fix and late comments from Janet Yellen. Earnings news continued to flow
Friday with good results from fast food outlets McDonalds (MCD) which was
helped by stronger sales in Europe boosted by the euro and Chipotle (CMG) whose
stock soared 8%. I guess fast food is the big deal now which strikes me
as an odd reason to rally stocks overall. Perhaps people find it cheaper to buy
and eat junk food than cook in their McMansions. Mostly panned were earnings
from General Electric (GE) as their core utility business had slowed and
Microsoft (MSFT) which seems just a utility-like company. But, strong earnings
and stock price gains were reported from some tech companies like SanDisk
(SNDK), Altera (ALTR) and Seagate (STX). European optimism sprang from hopes
the EU would save itself if for no other reason than because it must. The weekend
features serious meetings to structure a working plan (again…sigh) which we’re told should lead to a
vote on Wednesday. There are enough stories and rumors that are positive
and negative. Even the most positive rumor leaves a “fix” with a $1 trillion
shortfall. Will the IMF and U.S. fill the void? Good grief!! Late in the
trading day the Fed threw more gas on the bulls’ fire with Fed
Vice-Chairman Janet Yellen discussing the possibilities of QE3 if the
economy doesn’t
perk-up. This would be controversial while reinforcing how all-in the
Fed is with its Keynesian policies. It’s that if at first you don’t succeed, try, try, and
try…again
policy since they have nothing else. QE2 accomplished what? A phony stock
market rally which pleased the Fed but once ended reality hit home as the
safety net was removed. Gold rallied to recover most of the losses from
previous sessions as the dollar weakened once again in anticipation of an EU
fix. The Japanese yen rose to record high and the BOJ won’t like this one bit. As
stocks rose naturally bonds fell and commodity prices rose. Volume was about
average for recent trading periods and breadth per the WSJ was quite positive.’
Banks
closed in Colo, Fla, Ga; 84 failures in 2011 AP 9:14 pm EDT
With
Some Hope In Europe, Time To Go Short? Forbes Steve Schaefer, Forbes
Staff ‘European leaders are
gathering Sunday and Wednesday in meetings aimed at hashing out an expansion of
the region’s
bailout fund and recapitalizing banks, but with expectations for a solution
rising the risk of a less-than-comprehensive plan rattling markets may be
growing.
The S&P
500 has shot up more than 100 points in October, closing at 1,238 Friday, and
to trader Seth Setrakian the move is akin to putting the cart before the horse.
Setrakian, co-head of equities at proprietary trading firm First New York
Securities, called the looming announcement of Europe’s big plan “a classic sell the news” and fully expects to be
selling ahead Monday through Wednesday ahead of the second meeting even if the
market rallies.
“The bar is set too high,” he believes, arguing
that even if the market rallies on a deal being reached, the implementation of
whatever resolution plan is adopted will be cumbersome and ultimately amount to
“solving
a problem of debt with more debt.” When the market realizes that, October’s 9.5% gain to date could
unravel in a hurry.
The recent
stage in the too-rapid rise to current levels is largely a result of
short-covering and investors who missed the initial stage of the recovery
jumping on board. The shame of it, Setrakian says, is that “America is not a bad
place to invest” without the overhang of a potential dislocation
stemming from Europe.
Even if the
U.S. economy grows at a meager pace, or even contracts slightly, the
profitability of corporate America and the ultra-low level of interest rates
make for a constructive equity environment absent the risk of a European
meltdown.
Setrakian
points to the start to earnings season, which has been OK. Companies trading
near 52-week highs coming into the season have been hurt by misses – like Apple, which fell short of consensus by a quarter – but those that were
closer to 52-week lows – Travelers for example– have been rewarded even
without eye-popping results. Then you have the McDonald’s’ of the world, which come
into earnings near their highs of the year then post
a big number to extend the gains. (See “Earnings Season: Solid Start Despite
Whiffs From Apple, Goldman.”)
Looking ahead
to next week, Setrakian says he is keeping an eye on industrials, which in some
cases have been priced for recession.
A company like
Caterpillar for instance, due to report Monday, could come
under pressure if the broader market sells off, but the assumptions built in
for earnings are not high and at Friday’s $87.39 close the stock is closer to its 52-week low
of $67.54 than the high of $116.55.
Above all
hangs Europe though, and even if the policy that Germany’s Angela
Merkel and France’s Nicolas Sarkozy come up with sounds good on its
surface, “the
market will test it very quickly,” Setrakian says. “If they drop the ball – and I think they fumble – the market could pull
back 7-8%”
What then? Well by then there may be a whole new complicating factor: the U.S.
deficit reduction Supercommitttee, which is on the clock to have its plan ready
by Nov. 23.’
Student
Loan Bubble To Exceed $1 Trillion: “It’s Going To Create A Generation Of Wage
Slavery” And Another Taxpayer Bailout Zero Hedge | Student loans are set to
surpass $1 trillion in total notional for the first time in history.
EU Trying to Borrow Its Way Out of Debt ETFguide.com [ Yeah … you really don’t have to be a financial
genius to sense the folly in such a scenario / stratagem. What’s really going
on with these ‘hopium’ HFT commissioned computer programmed algo rallies is
fraudulent wall street’s hope for sufficient taxpayer funds (as last
crisis) to enable them to unload their
positions / ‘hot potatoes’ at the most favorable prices for them, despite the
absence of real, fundamental value therein. Don’t forget, with complicit legislative
help from Washington, the worthless paper / securities / toxic assets are now
marked to anything as per misguided and (‘ facilitatively’) fraudulent legislated FASB rule change. ]
SPX Update: Don't Get Suckered by the Head-Fake Breakout
6
Reasons a Global Recession is Unavoidable ETFguide.com Ron DeLegge, Editor October
5, 2011 ‘Most economists and Wall Street types are reluctant to publicly admit
the global economy is in a recession. Their reams of conflicting data are
sending mixed messages. But an honest look at key events and the behavior
of financial markets solidifies the view that the global recession we're
probably already in, is unavoidable. Let’s analyze some of the reasons behind this.
1) The
Fed is out of tricks. When it comes to manipulating financial markets in the name
of economic security, nobody matches the Federal Reserve’s prowess. Over the
past few years, the Fed has engaged in financial gimmickry of such epic
proportions that angry calls for ending its existence have been voiced from sea
to shining sea. The Fed’s Treasury purchases (POMO) and monetization of debt
(quantitative easing), may have delayed the reckoning day, but have these
programs really solved America’s long-term problems? The Fed’s latest shift
from short-term to long-term debt (Operation Twist) is tantamount to taking
money from your right hand pocket and putting it into your shirt pocket. The
Fed is running out of time and out of tricks. Ben Bernanke has finally admitted
what the general public has known all along; the job situation is a “national
crisis.”
2) Stock
market says we’re already in a recession.The National Bureau of
Economic Research (NBER) and its leading economists still deny the U.S. economy
is in a recession. Apparently, their slide rulers haven’t yet confirmed it, so
they need a few more quarters before issuing a press release. Meanwhile, the
stock market, which is a leading indicator of economic activity, is screaming
“recession.” Large company stocks within the S&P 500 (NYSEArca: SPY) have
fallen almost 18% since July. Bulls argue this is still shy of the 20%
threshold that confirms a bear market, but even so, mid cap stocks (NYSEArca:
MDY) and small caps (NYSEArca: IWM) have already entered bear territory.
Today’s stock prices reflect expectations about future earnings, which in turn
are connected to the future state of the economy. Expectations are rightfully
low.
3) Greece
has set the tone for Europe (and maybe the rest of the world).How many financial targets
will Greece continue to miss before forecasters stop regurgitating its false numbers?
When will Greece stop embarrassing itself with financial projections it knows
aren’t true? Greece’s 2011 deficit was projected to be 8.5% of its GDP but came
in almost €1.69 billion above its original targets. Next year, Greece is aiming
for a deficit that’s 6.8% of GDP. With the country engulfed in civil protests,
job strikes and general chaos – how realistic are its 2012 projections?
Financial bets for Greece to succeed are a long-shot. The country’s economic
projections are no longer based upon realistic assumptions, but hopes for
garnering more bailout money and calming hostile markets. Ultimately, Greece is
merely a reflection of the entire EU region – a place where financial
aspirations don’t match reality.
4) Bear
funds are leading performers.The two-year period from March 2009 to March 2011 was
a difficult existence for bear market funds. After bottoming at decade lows,
the stock market skyrocketed and bear funds got clobbered. But not
anymore. Bear funds are investments that, by design, increase in value when the
underlying benchmarks they track decline. Now with the stock market swooning,
bear funds are posting huge gains. Over the past three months, Direxion’s 3x
daily leveraged bear ETFs for large cap stocks (NYSEArca: BGZ) is ahead by 42.97%,
mid cap stocks (NYSEArca: MWN) is up 58.30% and small caps (NYSEArca: TZA) is
up by 49.76%. Reversing this ominous trend, especially when key technical
levels have been pierced, won’t be easy.
5) Major
asset classes are in correlation.During a bear market, the correlation between asset
classes typically jumps and this is exactly the case right now. Over the past
few months, commodities (NYSEArca: GCC), global real estate stocks (NYSEArca:
RWO), precious metals (NYSEArca: GLTR), international stocks (NYSEArca: EFA),
and U.S. stocks (NYSEArca: SCHB) have all moved in the same general direction
by recording sizable losses. Even gold (NYSEArca: IAU) and silver (NYSEArca:
SLV), which previously escaped the wrath of losses, have joined the party. And
only cash and bonds (NYSEArca: AGG) are bucking the correlation trend.
6) Pace
of sovereign downgrades is accelerating.We don’t advocate putting
implicit faith in credit ratings, because history has taught us they are
nothing more than financial opinions and frequently, not very accurate ones.
Still, a gander at the latest downgrading trend is troublesome. Intuitive
observers will note, this is not an isolated phenomenon, but a global trend.
Sovereign debt from Greece and Portugal, after several downgrades, is now rated
junk. Ireland has been downgraded and Italy was
just downgraded by Moody's to A2 with a negative outlook. Japan,
along with U.S. debt was lowered in August and another wave of more downgrades
is coming, so get used to it.
Conclusion
Investing in an economically stifled climate requires patience, diligence, and
forethought. Following the herd mentality guarantees nothing more
than mediocrity and making kneejerk financial decisions is an excellent
way to lose money. ETFguide’s
Profit Strategy ETF
Newsletter continues to advocate a fiercely independent view of world
events, financial markets, and the proper allocation of money. Ultimately,
having an investment strategy that can perform during any kind of market is a
good start. ‘
How
To Avoid Bubble Trouble The
Wall Street Journal
Market
Recap: Markets Rally on EU Resolution Expectations, US Inks Free Trade Deals
Wall St. Cheat Sheet [Resolution expectations rally stocks, and for the
umpteenth time; yet, said ‘resolution’ purports to resolve the irresolvable;
see, ie., Four
Facts that PROVE the EFSF Doesn’t Matter… At All Phoenix Capital 10/20/2011Four Facts that PROVE the EFSF Doesn’t
Matter… At All - ‘.. And those investors who get suckered
into betting this mess will work out well are very likely going to lose
everything. The impact of the fallout from this will make 2008 look like a
joke. The EU is the largest economy in the world. So if its banking system
collapses (and it will) we’re facing a full-scale Global financial meltdown
(the IMF has even warned of this)…’ , S&P
sees downgrade blitz in EMU recession, threatening crisis strategy Oct
20th, 2011 News By Ambrose Evans-Pritchard (The Telegraph) , Student
Loan Bubble To Exceed $1 Trillion: "It's Going To Create A Generation Of
Wage Slavery" And Another Taxpayer Bailout Durden ‘..All we need to
do is teach people that Washington D.C. and Wall Street are now the same
corrupt entity. They are one gigantic rogue trader sucking the
lifeblood out of America..’ , The
Coming Derivatives Crisis That Could Destroy The Entire Global Financial System
The Economic Collapse , The
REAL $200 TRILLION Problem Bernanke’s Worried About Phoenix Capital... ‘US Commercial banks have
$200 TRILLION in interest rate based derivatives sitting on their balance
sheets. And guess which banks have the greatest exposure…’, Dead
Stocks Walking smartmoney.com , Unthinkable
Poised to Happen on Wall Street. See Disturbing Charts. (Moneynews) http://w3.newsmax.com/a/aftershockb/video.cfm?PROMO_CODE=CD97-1 , http://www.stansberryresearch.com/pro/1108PSI9MOVD/PPSIMA06/PR , 43,454,601,693,238
Reasons Why The World Is Broke – Presenting The Interactive Global Debt Clock
Zero Hedge | By now everyone has had a chance to play with the US debt clock.
But what about its global cousin? America’s
debt woe is worse than Greece’s News (CNN) — ‘Our
government is utterly broke. There are signs everywhere one looks…The
government’s total indebtedness is $211
trillion’
Four
Facts that PROVE the EFSF Doesn’t Matter… At All Phoenix
Capital 10/20/2011Four Facts that PROVE the EFSF Doesn’t Matter… At All [ The Reality, infra ‘.. And those investors who get suckered
into betting this mess will work out well are very likely going to lose
everything. The impact of the fallout from this will make 2008 look like a
joke. The EU is the largest economy in the world. So if its banking system
collapses (and it will) we’re facing a full-scale Global financial meltdown
(the IMF has even warned of this)…’ ]‘It’s time to settle the debate regarding
Europe’s banking system. I know that the mainstream media keeps talking about
another round of bailouts or an expansion to the Emergency Financial Stability
Facility (EFSF) as though these things matter.But the reality is… they don’t.
Europe’s problems go WAY beyond Greece’s debt. And the entire European banking
system is primed for a systemic collapse.
Consider the following
four facts:
FACT #1: Europe’s
entire banking system is leveraged at 25 to 1.
This is nearly two times
the US’s leverage levels. With this amount of leverage you only need a 4% drop
in asset prices to wipe out ALL equity. These are literally
borderline-Lehman levels of leverage (Lehman was 30 to 1).Mind you,
these leverage levels are based on asset values the banks claim are
accurate. Real leverage levels are in fact likely much MUCH higher.
KA-BOOM.
FACT #2: European
Financial Corporations are collectively sitting on debt equal to 148% of TOTAL
EU GDP.
Yes, financial firms’
debt levels in Europe exceed Europe’s ENTIRE GDP. These are just the
financial firms. We’re not even bothering to mention non-financial corporate debt,
household debt, sovereign debt, etc.Also remember, collectively, the EU is the
largest economy in the world (north of $16 trillion). So we’re talking about
over $23 TRILLION in debt sitting on European financials’ balance sheets.Oh, I
almost forgot, this data point only includes “on balance sheet” debt. We’re
totally ignoring off-balance sheet debt, derivatives, etc. So REAL financial
corporate debt is much MUCH higher.
KA-BOOM.
FACT #3: European
banks need to roll over between 15% and 50% of their total debt by the end of
2012.
That’s correct, European
banks will have to roll over HUGE quantities of their debt before the end of
2012. Mind you, we’re only talking about maturing debt. We’re not even
considering NEW debt or equity these banks will have to issue to raise capital.
Considering that even
the “rock solid” German banks need to raise over $140 BILLION in new capital
alone, we’re talking about a TON of debt issuance coming out of Europe’s banks
in the next 14 months.
And this is happening in
an environment prone to riots, bank runs, and failed bond auctions (Germany
just had a failed bond auction yesterday).
KA-BOOM
FACT #4:
In order to meet current unfunded liabilities
(pensions, healthcare, etc) without defaulting or cutting benefits, the average
EU nation would need to have OVER 400% of its current GDP sitting in a bank
account collecting interest.
This last data point
comes from Jagadeesh Gokhale, Senior Fellow at the Cato Institute, former
consultant to the US Treasury, and former Senior Economic Advisor to the
Federal Reserve Bank of Cleveland.
This is a guy who’s
worked at a very high level on the inside studying sovereign finance, which
makes this fact all the more disturbing. And he knew this as far back as
January 2009!!!
Folks, the EFSF,
the bailouts, China coming to the rescue… all of that stuff is 100% pointless
in the grand scheme of things. Europe’s ENTIRE banking system (with few
exceptions) is insolvent. Numerous entire European COUNTRIES are insolvent.
Even the more “rock solid” countries such as Germany (who is supposed to save
Europe apparently) have REAL Debt to GDP ratios of over 200% and STILL HAVEN’T
RECAPITALIZED THEIR BANKS.
Again, it DOES NOT
matter what Sarkozy and Merkel say. It doesn’t matter how much leverage the
EFSF gets. Europe is broke. End of story. And those investors who get suckered
into betting this mess will work out well are very likely going to lose
everything. The impact of the fallout from this will make 2008 look like a
joke. The EU is the largest economy in the world. So if its banking system
collapses (and it will) we’re facing a full-scale Global financial meltdown
(the IMF has even warned of this). That’s the reality of the situation
we’re in today. I know nobody likes to publicly admit it. But it’s true.What
happened in 2008 was literally just the warm up. The REAL DEAL is coming in the
next 14 months. And it’s going to involve corporate, financial, and sovereign
defaults.On that note, if you’re looking for specific ideas to profit from this
mess, my Surviving a Crisis Four Times Worse Than 2008 report can show
you how to turn the unfolding disaster into a time of gains and profits for any
investor.
Within its nine pages I
explain precisely how the Second Round of the Crisis will unfold, where it will
hit hardest, and the best means of profiting from it (the very investments my
clients used to make triple digit returns in 2008).
Best of all, this report
is 100% FREE. To pick up your copy today simply go to: http://www.gainspainscapital.com
and click on the OUR FREE REPORTS tab.
Good Investing!
Graham Summers
PS. We also feature four
other reports ALL devoted to helping you protect yourself, your portfolio, and
your loved ones from the Second Round of the Great Crisis. Whether it’s my
proprietary Crash Indicator which has caught every crash in the last 25 years
or the best most profitable strategy for individual investors looking to profit
from the upcoming US Debt Default, my reports covers it.
And ALL of this is
available for FREE under the OUR FREE REPORTS tab at: http://www.gainspainscapital.com.
· The Next Lehman: Bank of America is on the
verge of a collapse. Each minute that ticks by brings it closer to becoming the
Lehman Brothers event of this Crash. How do we know? Its financials are horrifying
and it's been hit with a $31 billion dollar lawsuit. It's in worse shape than
it was in 2008 - when it just barely survived.
· Europe Is Collapsing: Most every European
stock market is gasping for life right now. European banks are in free fall.
Germany is facing internal revolt and won't even be able (or willing) to back
up any bailouts. And Greece has entered the final stages for its financial
system -- the markets are pricing in a near 100% certainty of Greek debt
default. This will ultimately kill Europe as we know it today.
· The US Debt Catastrophe: We just blew out
our debt ceiling again. Yes, just after the last desperate extension was
passed (and the US credit rating was downgraded to great fanfare). And the US
economy remains a disaster with more and more Americans losing jobs and then
falling off the unemployment numbers. No jobs = no recovery in sight. Our
leaders have no plan but to pass more and more intrusive, ineffective
legislation.
· The Myth of the Market Saviour: QE 3 won't
solve this mess no matter how cleverly it's disguised (or trumpeted from the
rooftops). The Fed spent $900 billion and nearly one year to prop up the
markets -- and we've wiped out all those gains in just one summer month. As for
China, how did their support of the Euro go earlier this year? Or the recent
multiple central bank intervention to prop up the global markets? They're all
clueless about plugging the growing leaks on a very large Titanic.
To
be blunt, the financial system is in greater danger of systemic collapse than
at any point in history (including 2008). Do not be fooled by the recent rally
we've just seen. Things are not okay! We saw rallies of 8%, 11% and even
17% during 2008. Investors who bought into them got taken to the cleaners…’
The
Coming Derivatives Crisis That Could Destroy The Entire Global Financial System
The Economic Collapse | Most people have no idea that Wall Street has become a
gigantic financial casino.
Full moon October 10-14, 2011 … I’ve examined the weekly
results for the global markets … Conclusion: The global euphoria, irrational
exuberance in the financial markets worldwide, courtesy of the blazing full
moon October 10-14, 2011 ; and yes, the lunacy once the exclusive province of
fraudulent wall street is now a global phenomenon (10th near full beginning,
14th near full ending).
Fed should
adopt GDP target, Goldman says Oct 17th, 2011 News
(MarketWatch) — PG View: ‘Yes, it does indeed seem
that “inflation
as a solution”
is gaining traction. I say tom-a-to, you say tom-ah-to. I say inflation
targeting, you say GDP targeting. Whatever you call it, it’s synonymous with dollar
devaluation and you best be saving in something other than dollars if you hope
to come out the other side unscathed.’ …’The Federal Reserve should target the level of gross
domestic product, Goldman Sachs economists said ahead of a wave of speeches
from central bank officials.In a note published Friday night, Goldman Sachs
said the best way for the central bank to loosen policy significantly further
would be to target a GDP path, and commit to using more asset purchases to
achieve that path.“While a shift to a nominal GDP level target would be
a big decision, it would be consistent with the Fed’s dual employment and
price mandate,” the economists wrote.[source]
PG View: [Talk about self-serving disingenuity that along with
their frauds, goldman’s come to be known for! Goldman, like the lunatics at
salomon brothers should be out of business and vigorously prosecuted; having in
large part helped create this crisis which continues with their dollar debased
HFT’s.
(‘Salomon
Brothers' success and decline in the 1980s is documented in Michael Lewis' 1989 book, Liar's
Poker. Lewis went through Salomon's training program and then became a
bond salesman at Salomon Brothers in London.’Wikipedia. Acquired by
Travelers / Citi. ] A timely position taken by Goldman Sachs in light of the inflation
piece written by John Mauldin on Saturday. Yes, it does indeed seem that “inflation as a solution” is gaining traction. I
say tom-a-to, you say tom-ah-to. I say inflation targeting, you say GDP
targeting. Whatever you call it, it’s synonymous with dollar devaluation and you best be
saving in something other than dollars if you hope to come out the other side
unscathed.’
Can “It” Happen Here? Oct
17th, 2011 News By John Mauldin15-Oct (JohnMauldin.com) — I
was inspired for this week’s letter by a piece by Art Cashin (whom I will get
to have dinner with Monday). His daily letter always begins with an anecdote
from history. Yesterday it was about Weimar, told in his own inimitable style.
So without any edits, class will commence, with Professor Cashin at the chalk
board.[Cashin's recounting of the nightmare German inflation, which we posted
last week.]…”We know that the world is drowning in too much debt, and it is
unlikely that households and governments everywhere will be able to pay down
that debt. Doing so in some cases is impossible, and in other cases it will
condemn people to many hard years of labor in order to be debt-free. Inflation,
by comparison, appears to be the easy way out for many policy makers.“Companies
and households typically deal with excessive debt by defaulting; countries
overwhelmingly usually deal with excessive debt by inflating it away.…But
now even serious economists are recommending inflation as a solution.
Given the powerful deflationary forces in the world, inflation will stay low in
the near term. This gives some comfort to mainstream economists who think we
can create inflation to solve the debt problem in the short run.[source]PG
View: Another great and comprehensive piece by Mauldin on the threat
of hyperinflation. Even though Mauldin believes that an independent Fed,
mandated to keep inflation in check, will prevent the unthinkable…what if he’s
wrong? He cites an “ill-conceived” proposal by Financial Services Committee
ranking member Barney Frank that could severely impede the Fed’s independence
as a reason for concern. But even if Mauldin is correct, and inflation of the
magnitude needed to meaningfully reduce our oppressive debt burden is never
unleashed, it means that that very debt burden is going to be an interminable
head-wind to economic growth and job creation. We are truly caught between
Scylla and Charybdis.
Is
Anyone Dumb Enough to Believe that Obama Supports the 99%? George Washington : 10/17/2011 - Obama Pretends
He Supports the 99% … But He’s a Wolf In Sheep’s Clothing [ Point well made!
Despite his near legendary rhetoric (aka b***s***), his near legendary actions
(aka dismal failure) have belied same. He’s so pathetic he’s become a cliché, a
joke for typical political b***s*** and is a total embarrassment! Even more
embarrassing are those who continue to cheer his opportunist b***s***! ]
'Fear
Gauge' Marches Higher: TVIX Biggest Gainer With 17% Rise Barrons.com
French
Banks Can Set Off Contagion That Will Make Central Bankers Long For The Good
'Ole Lehman Collapse Days! : Reggie Middleton : 10/17/2011 - 13:46 ‘Due to
the rampant misinformation and disinformation (please recognize and appreciate
the distinct difference) being bandied about, I've decided to run the #s 1 more
time and put it right here in...’
Balance Of
Fundamentals Will Continue To Weigh On Market http://thestockreporter.com/balance-of-fundamentals-will-continue-to-weigh-on-market
‘…Let us review six key
fundamental factors as well as the technical panorama:
1. Sovereign
debt and financial crisis in Europe.
2. Economic
growth momentum in the USA and prospect of “double dip.”
3. Corporate
earnings reports and guidance in the USA
4. Fiscal
policy in the USA.
5. US monetary
policy.
6. Global
growth, with particular emphasis on China.
7. Technical factors…’
Marketwatch.com Regulators on Friday
closed banks in Georgia, North Carolina, New Jersey and Illinois, pushing this
year’s
national tally of collapsed banks to 80. The Federal Deposit Insurance
Corp. said the Georgia Department of Banking and Finance closed Piedmont
Community Bank in Gray, Ga., the state’s 20th failure of the year. State Bank and Trust Co.
of Macon, Ga., will assume all of Piedmont’s deposits, the agency said. http://www.marketwatch.com/story/us-bank-failures-climb-to-80-in-2011-20...
US
budget gap widens, tops $1 trln for 3rd year Reuters |
Above $1 trillion for third straight year and providing fodder for political
battle over taxes and spending.
On September
30th, the ECRI publicly announced that the U.S. is tipping into a recession, a
call the Institute had announced to its private clients on September 21st.
Early last
week, ECRI notified clients that the U.S. economy is indeed tipping into a new
recession. And there’s nothing that policy makers can do to head it off.
ECRI’s
recession call isn’t based on just one or two leading indexes, but on dozens of
specialized leading indexes, including the U.S. Long Leading Index, which was
the first to turn down — before the Arab Spring and Japanese earthquake — to …’
US
to Experience Stagflation Worse Than 1970s: Jim Rogers CNBC | The U.S.
economy is likely to experience a period of stagflation worse than the 1970s.
Not for Jeff
Applegate.
Mr. Applegate,
the 61-year-old chief investment officer of Morgan Stanley Smith Barney, last
week made his biggest bearish shift in more than two years, battening down the
hatches and reducing his exposure to stocks, high-yield bonds, commodities and
real-estate investment trusts.
Mr. Applegate
argues that the world is heading into recession, hurt by political paralysis
that has added uncertainty while withholding stimulus at a time of weakness.
And the past few days’ rally, fueled by progress on a European bailout and
an encouraging U.S. jobs number, has done little to change his mind.
“We’re seeing a relief rally in global equities in recent
days, but at the end of the day, we think if Europe is heading into recession — which I think they are — and if the U.S. is
heading into recession — which I think we are — then there’s more downside in
equities,”
Mr. Applegate said.
After a strong
start to the year, U.S. stocks wavered in the summer as Europe’s debt crisis
intensified. Stocks tumbled further in August as the worries spread to the U.S.
economy, sending the Dow to a one-year low last week. But as the economic data
showed tepid signs of improvement, a number of investors and traders have begun
to argue that the stock-market may have turned a corner.
Mr. Applegate
said the Global Investment Committee he runs at MSSB, which meets as many as 20
times a week but makes only very infrequent changes to its positioning, didn’t come to the conclusion
lightly.
Two and a half
years ago, Mr. Applegate began shifting to a more aggressive position,
benefiting from the major U.S. stock indexes’ 70% increase off its the
March 2009 trough. While he says there was “no single event” that tipped the balance
this time around, Mr. Applegate’s pessimism is based on well-known concerns: the
ongoing debt crisis in Europe, fears of a “double dip” recession in the U.S. and concerns about central
bankers’
ability to support the wavering global economy.
“The policy action being taken, both in Europe and the
U.S., is too little, too late,” he says.
Mr. Applegate
doesn’t
rule out a comprehensive plan to prevent a European banking crisis, but he
worries that Europe’s economy may nonetheless falter — particularly as the
European Central Bank holds interest rates steady after several increases
earlier this year.
“Europe will avoid a Greek default, but what we ware
saying is that they’re heading into recession anyway,” he said. “The European economy wasn’t exactly robust to begin
with, and it’s
hard to see how it’s going to get better.”
To be sure,
Mr. Applegate concedes that the economic picture could gradually improve, “in which case our call is
going to be incorrect.”
“We’re sifting through the evidence all the time, so if
it looks like we’ve got it wrong, we’ll need to change our
course,”
he said.
Mr. Applegate
says he isn’t
bothered by the market’s recent 11% run-up.
“We have always said that we never try to time the
market, and we don’t,” he said, adding that his committee is flexible enough
to reverse course — or even turn more bearish if economic conditions
deteriorate more than he fears. “We could still get more defensive,” he said.’
Double-Dip
Recession a Foregone Conclusion: Roubini Oct 11th, 2011 News
(CNBC) — The world’s advanced economies are headed for a second recession,
regardless of whether there is further chaos in Europe, Nouriel Roubini told
CNBC on Tuesday. The economist who correctly predicted the 2008 financial
crisis, but has got some other bearish calls wrong, said his reading of recent
data suggested the U.S., euro zone and the UK are already on the verge of
falling into a recession in the next quarter or two.“The question is
not whether or if there is going to be a double dip, but whether it’s going to
be mild or severe with another financial crisis,” Roubini told CNBC on
the sidelines of the World Knowledge Forum in Seoul. “The answer on that
depends on the euro zone.”According to Roubini, a disorderly situation in
Europe caused by a sovereign debt default, a banking crisis or an exit of one
of the members from the euro zone, would be a shock more severe than the
collapse of Lehman Brothers. He added that Europe had to get its act together
and “do the right thing” by the G20 meeting in Cannes in the first week of
November.[source]
The
REAL $200 TRILLION Problem Bernanke’s Worried About Phoenix Capital... : 10/12/2011 – ‘US Commercial
banks have $200 TRILLION in interest rate based derivatives sitting on their
balance sheets. And guess which banks have the greatest exposure? Phoenix Capital
Research on 10/12/2011
I’ve stated before that
Bernanke isn’t interested in interest rates for employment of economic
purposes. We now have definitive proof this is the case.
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-4_0.png
As you can see,
interest rates have actually RISEN after the announcement of QE lite, QE 2 AND
Operations Twist #2.The evidence is clear, QE has not lowered interest rates.
Indeed, the only time rates FELL in the last two years was when the Fed WASN’T
engaged in QE (May 2010-August 2010 and June 2011-September 2011).So what
gives? Does the Federal Reserve not have a stockcharts account? Don’t tell me
that with the TRILLIONS spent bailing out banks the Fed can’t afford to print a
couple hundred bucks to see Treasury yields. Heck, there are plenty of FREE
sources for Treasury charts.Jokes aside, it’s clear the Fed is engaged in QE
for another reason or reasons. I believe they are:
#1) To absorb the insane
debt issuance to permit the US’s massive deficit.
#2) To keep the interest
rate based derivative market in check.
Regarding #1, it’s no
surprise that the US has been running a deficit that would make Greece proud.
Indeed, the primary strategy of the powers that be since the Great Crisis began
in 2008 was to attempt to make up for the sharp downturn in the private sector
by spending obscene amounts of money.The Fed played a big part in this.
Indeed, since QE 1 was announced the Fed has bought over $1.2 TRILLION in
Treasuries. The Fed claims it isn’t funding the deficit directly. That’s only
partially correct. The Fed is supposedly buying old Treasuries from the banks. However, the definition
of “old” can mean one or two weeks.Tell me with a straight face that isn’t
somehow buying new Treasuries.As for the derivatives situation or #2 in my list
above, 82% of the $244 TRILLION in derivatives sitting on US commercial bank
balance sheets are based on interest rates. Put another way…US
Commercial banks have $200 TRILLION in interest rate based derivatives sitting
on their balance sheets. And guess which banks have the greatest
exposure?
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/top%20four.gif
Looks a lot like the
list of the VERY banks the Fed has been giving the most money/ preferential
treatment to. Coincidence? Nope. This is the $200 TRILLION problem Bernanke’s
so worried about. It’s THE reason he keeps funneling money to the TBTFs.And he
WILL lose control of it, just as he did in 2008.Consider that Financial
leverage levels today are higher than during the Tech Bubble. Only this time,
the problem will be far FAR worse.Why?Because 2008 was caused by the Credit
Default Swap (CDS) market which was $50-60 trillion at the time. As I stated
before, the interest-rate based derivative problem is $200 TRILLION in
size.Even if only 4% of this is “at risk” and 10% of that “at risk” money blows
up, you’ve STILL pretty much wiped out the equity at the TBTFs.You think
Bernanke might be worried?On that note, if you have yet to prepare yourself for
what’s coming, now is the time to do so. Whether it’s by moving to cash and
bullion, opening some shorts, or simply getting out of the markets altogether,
now is the time to be preparing for what’s coming (remember, stocks took six
months to bottom after Lehman… and that was when the Fed still had some bullets
left to combat the collapse).And if you’re looking for specific ideas to profit
from this mess, my Surviving a Crisis Four Times Worse Than 2008 report can show you how to turn the unfolding
disaster into a time of gains and profits for any investor.Within its nine
pages I explain precisely how the Second Round of the Crisis will unfold, where
it will hit hardest, and the best means of profiting from it (the very
investments my clients used to make triple digit returns in 2008).Best of all,
this report is 100% FREE. To pick up your copy today simply go to: http://www.gainspainscapital.com
and click on the OUR FREE REPORTS tab.Good Investing!Graham Summers PS. We also feature four other reports
ALL devoted to helping you protect yourself, your portfolio, and your loved
ones from the Second Round of the Great Crisis. Whether it’s my proprietary
Crash Indicator which has caught every crash in the last 25 years or the best
most profitable strategy for individual investors looking to profit from the
upcoming US Debt Default, my reports covers it. And ALL of this is available
for FREE under the OUR FREE REPORTS tab at: http://www.gainspainscapital.com.’
Europe
eyes bigger Greek losses for banks
Markets
Are Dealing With a Foreboding Financial Backdrop Minyanville Lee Adler Oct
12, 2011 ‘Tracking the Fed, Treasury, primary dealers, foreign central banks,
money supply, and other key elements of US market liquidity to undertsand how
markets are operating.
Two weeks ago
I began to report that foreign central banks (FCBs) had begun to engage in
unprecedented levels of disgorgement of their massive holdings of US Treasury
and Agency paper. Prior to this year, the FCBs had typically absorbed the
equivalent of 25% of new US Treasury issuance month in and month out. That was
effectively a subsidy of US financial
markets. It lowered long-term interest rates artificially and
injected cash into the US markets and banking system.
Then about a year ago the FCBs began to slack off in their buying. In reality,
that is what necessitated the Fed's program of Quantitative Easing. The Fed had
to step in and fill the demand gap left by the FCBs gradually reducing their
rate of purchases. Had the Fed not acted when it did, long-term Treasury yields
would have started to rise and along with them mortgage rates and other
long-term rates, something that the US economy and the US government simply
could not afford.
When the negative unintended consequences of the Fed's QE money
printing, primarily skyrocketing commodity prices, exploded in Ben Bernanke's
face, he was forced to discontinue the program and allow the Treasury market to
fend for itself. The Fed had convinced itself through its self-congratulatory
in-house research, that there would be more than enough demand for Treasuries
for the market to stand on its own without the Fed propping it up.
Ironically, the US bond market was rescued by the European sovereign debt and
bank meltdown, so it appeared for a while that Dr. Bernanke might be right and
his monster experiment would come to life on its own. The European panic
triggered massive capital flight that ended up (where else?) flooding into the
US, mostly into purchases of Treasuries. Not only could the monster walk on its
own, it could actually fly! Once again the Treasury market benefited from an
unusual subsidy, this one driven by fear. Bond prices flew into the
stratosphere with yields sinking to record lows.
About six weeks ago, something changed. FCBs not only slowed their buying of Treasuries,
they stopped altogether, reversed course and actually began selling them. Three
weeks ago their selling reached a level that I characterized as
"dumping." It was simply unprecedented. I opined that this could be
the beginning of the end of the Treasury bull market, in spite of any effect
that the Fed's new Operation Twist might have.
In fact, I expected that effect to be nil, and it has been. If anything, the
announcement of Operation Twist, where the Fed offered to buy long-term
Treasuries from the Primary Dealers while simultaneously selling them
short-term paper, rang a bell for some investors. The Fed's announcement told
them that the time had come to sell their long-term paper. If the Fed was
buying, they decided that they would be glad to sell. Today, the yield on the
10-year Treasury note rose to 2.16%. That's up an astonishing 44 basis points
since last Thursday's open.
Every other day, the Treasuries open on a huge gap. They are trading more like
pork bellies than stodgy government bonds. Worst of all, the yield on the
10-year is up approximately 45 basis points since the low in yield reached the
day after the Fed announced Operation Twist. Bernanke has egg all over his
face. The man simply does not understand financial markets. And this move does
not look like a fluke. As a result of today's market, the yield on the 10-year
has broken out of an intermediate-term base. Unless yields pull back
immediately, the implication is that the intermediate term target is 2.50.
Meanwhile, Bernanke had assured investors that long-term yields would fall as a
result of his doing the Twist.
Apparently, the FCBs were among those who took the Fed's announcement as a sell
signal. They are selling at the heaviest pace in the nine years that I have
been tracking this data.
Normally, prior to the last five weeks, the instances when they were actually
net sellers were few and far between. What has been going on here lately is no
less than a sea change.
Making matters worse is that the Primary Dealers have also become massive
sellers of Treasuries and all manner of fixed income
paper in recent weeks. This data is released with a 10-day lag, so I only have
data through September 28, but given the market action this week, this trend is
certainly continuing.
The dealers appear to be in trouble. They began selling off their fixed income
paper of all types in early September. That accelerated to what I can only
characterize as wholesale dumping in the weeks ended September 21 and 28. It is
no coincidence that those where the weeks where we began to see yields reverse
from their record run.
http://image.minyanville.com/assets/FCK_Jan2011/Image/October11/12/la10121.JPG
These are troubling developments, not just for their implications for the bond
market, but for what they imply about the health of the backbone of the US
financial system -- the Fed's Primary Dealer (PD) network. If the Fed is the
head, these guys are the spinal cord. Focusing on just their corporate bond
holdings the picture becomes even more troubling. If major corporations are
supposedly doing so well and their balance sheets are in such great shape, why
did the PDs not accumulate their fixed income securities throughout the
equities bull market of 2009 and 2010? And especially, why have they been
frantically dumping their corporate holdings since June?
http://image.minyanville.com/assets/FCK_Jan2011/Image/October11/12/la10122.JPG
Something is rotten here. These are signs of major systemic stress.
It's been a while since both stocks and bonds have rallied together. In recent
months stocks could only rally when bonds sold off, which was rare. For the
most part bonds were rallying and stocks were selling off. There just has not
been sufficient systemic liquidity to keep levitating both markets
simultaneously. It was either one or the other. But even the days where the stock
market rallies, when bonds sell off and yields rise, may be coming to an end,
and the day where both stock and bond prices fall and yields rise together, may
be at hand.
These are just a couple of the factors that I track in my weekly reports
covering the Fed, Treasury, Primary Dealers, foreign central banks, money
supply, US commercial banking system conditions, fund flows and other key
elements of US market liquidity. The fabric of the US financial markets is
intertwined and complex. I track what I believe, from my years of observation,
are the most important threads in that fabric, to try and gain an understanding
of the context in which the markets are operating. That context is important to
the technical analysis side of my work, where knowing the liquidity picture can
help in understanding the patterns unfolding on the charts of the markets
themselves. There are always loose ends, but more often than not, even with
loose ends most of the threads tie together into a neat tapestry with a story
that is clear. This may be one of those times, and it's not a happy picture.
Editor's Note: This article was originally published on Wall Street Examiner.’
The
Structural Challenges Facing Muni Bonds Minyanville
Dave’s Daily http://www.etfdigest.com/davesdaily ‘The only thing wrong with the
image above is that it’s from March 2010, or on one of
many previous plans agreed upon. But, markets don’t care about this and just thirst for any deal even if
memories remain short. These euro zone fixes seem ephemeral and need
implementation to stick. HFT algos are programmed to pounce on these presumed
fixes and have been active in driving stock prices higher this past week. Let’s face it; this is the time of year bulls can make their
year with good fees and bonuses on the line…
[video]
Trader: We Could Test 1120 Lows at TheStreet.com
There's
A Recession Coming According To The Data at Forbes ‘The stock market
peaked in April, and is behaving in the saame fashion it did in late 2007, when
big troubles from real estate writedowns were spreading through the financial
sector.
The most
worrisome statistic this week was the Empire State Manufacturing indedx– wehich was down from a
minus 3.76 to a minus 7.7– a leading indicator of recession in the past. The
new industrial orders index from New York remained well below zero at minus
7.8.
The Federal
Reserve Board has promised to keep interest rates at zero until 2013– an admission that the
economy is not expected to rebound for two years– until the next President
is in the White House. This policy step indicates the Fed does not believe the
economy will recover either this year or next year. Never before has the
centreal bank made such a policy declaration for as long a period as two years.
There were
1300 new lows in the market on August 8th– another phenomenon that hasd not taken place since
the great stagnation was triggered in 2008. Even though the market indexes made
up all their lost ground, it appewars that investors are willing to delude
themselves that corporate profits will reemain at very high levels
despite the period of austerity we are clearly entering.
The austerity
required in Europe to deal with the sovereign debt crisis is likely to push
Europe into a recession. This will impact US corporations dependent on
important profits from Europe.
The corporate
return on revenues has risen the past two years to a peak of 14%– an unusually high level
of profits–
that is not expected to continue.
Consumer
savings are rising as household debt gets paid back. But, we are a long way
from safety levels of savings in a high unemployment period. And the higherb
the saavings rise so the lower the level of consumption will be.
Housing
numbers were down 1.5% last month underscoring that the turnaround in housing
is not close at hand.’
Market's
Swoon Should Be Your Wake Up Call
Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon: ‘Back on December 12, 2007 I wrote a market commentary
that started as follows:
The equity markets have been very volatile this year, but also
range bound. A picture speaks a thousand words so all one needs to do is
view the chart below of the S&P 500 Index to understand just how volatile
and range bound things have been. Specifically, since February 20, 2007,
only nine and one half months or so ago, the S&P 500 Index has been down 5.86%, up 13.02%, down 9.43%, up 11.26%, down
10.09%, and now up 7.73% – through 12/10/07 – so far in
this latest up leg! All this in ONLY nine and one half months!
http://blogs-images.forbes.com/advisor/files/2011/07/market-commentary-1.jpg
History is
repeating itself so far in 2011, which has been fraught with ups and downs in
both international and domestic equity markets. This is due to many
things, including the considerable economic doubts and various countries debt
situations. This uncertainty has translated into market performance with direct
impacts on portfolio returns and more prominently in portfolio volatility. This
volatility is best seen in the chart below of the S&P 500 Index beginning
1/1/11.
http://blogs-images.forbes.com/advisor/files/2011/07/market-commentary-2.jpg
2010 ended
positivity and the momentum carried into the first two months of 2011 however the
end of February began a series of events that led market returns on a whipsaw
ride of ups and downs, resulting in the current universal mid-year views of
market uncertainty.
What news was
associated with this volatility? All the usual; crude oil prices, natural
disasters, corporate earnings, politics, economic forecast revisions for both
developed and emerging markets, the European debt situation, the United States
debt situation and more to name just a few.
One thing is
for certain; the current volatile, range bound market activity is difficult at
best to profit from. In this investing environment patience is the most
important attribute. I will be patient and will be careful until the
trends are preferable.
Our strategy
at Hanlon Investment Management is to attempt to minimize downside risk by
exiting risk asset classes, such as equities, during periods of uncertainty,
getting invested in more conservative asset classes, such as money markets and
short-term bonds, and re-entering into risky asset classes when we identify
them as attractive, when the trend is our friend and positive!
Having
identified this volatility, in June we made defensive, tactical investment
decisions that provide less exposure to these volatile, range bound markets and
prepare us to re-enter the markets when they possess improved risk
characteristics.’
The forex
market is causing some companies to pull up stakes — Heard on the Street
Resisting the
urge to buy the dips — Josh Brown
Maybe it’s not stocks that are
cheap, but earnings estimates that are high — Ritholtz
China’s worsening credit crunch
—
Pragmatic
Capitalism
The Occupy
Wall Street protesters are winning — Josh Brown
The gap
between economic data and sentiment — Abnormal Returns
Recession, restructuring
and the ring fence — John Hussman
What happens
after a Greek default? — Fortune
Stop blaming
Greece for the market’s problems — Mark Hulbert
China’s credit crunch is
worsening —
FT Alphaville
Another huge
earnings miss coming? — James Bianco at The Big Picture
It’s science: 92% of all
Billboard top ten songs are about sex — The Atlantic
Frau Merkel,
it really is a euro crisis — Ambrose Evans-Pritchard
Hero or
hypocrite? The Buffett Rule, then and now — Jeff Matthews
CRB commodity
index back to 1749 (warning: extreme verticality) — Ritholtz
Will stocks rally as profit margins fall? — FT Alphaville
Europeans
still don’t
seem to understand the enormity of their crisis — Economist
Misunderstanding
the effects of QE2 was a grave mistake, hurting us today — Pragmatic Capitalism
The myth of
cash on the sidelines — James Bianco at The Big Picture
A flowchart of
Greece endgames — none appealing — BBC
The unexamined
crisis of 2008 — Economist’s View
Monetary moves
have lost their magic — Reuters Breakingviews
Jobs are not
really being held back by deficit uncertainty — The Atlantic
The real
failure at Netflix — Abnormal
Returns
Peak oil may
be beside the point — Economist
The Troy Davis
case shows how wrong eyewitness evidence can be — Slate
The Tiger Mom
goes to China — New Yorker
Overconfidence
may be an evolutionary advantage — Discover
Buy your own
private island in NYC for less than $300,000 — Curbed (via Felix Salmon)
Bank of
America’s
layoffs pointless, “wouldn’t even pay the lawyers” — Huffington Post
Time to break
up Bank of America — The Atlantic
Why is the UK
still rated AAA? — FT Alphaville
New human
ancestor discovered — WSJ
The cost of a
crowded volatility trade — FT Alphaville
Workers’ malaise foreshadows
wider social issues — Mohamed El-Erian at Reuters
No, we’re not waiting for your
official recession call, economist –Josh Brown in Forbes
Your guide to
living in 10 fictional worlds — Wired
Failing US
economy no reason to stop investing in print media, all experts agree — The Onion
Enough with
the monetary easing already — Pragmatic Capitalism
The US economy
is becoming more susceptible to hurricanes — Real Time Economics
How Irene
lived up to the hype – Five Thirty Eight
The War on
Terror is dead — The Atlantic
Emerging
markets now have more heft and reach than developed ones — Economist (video)
Why is the
White House defending banks from investigations? — Megan McArdle
Hurricane Irene may cause a gas-price spike — CNN/Money
Know the
difference between short-term and long-term problems for the economy — Ritholtz
Why aren’t governments more afraid
of a double-dip recession? — The Atlantic
France
deserves a downgrade at least as much as the US does — Bethany McLean in Slate
Recent market
volatility has historical precedent — Mark Hulbert
Stop worrying
about China not buying Treasurys, already — FT Alphaville
Fed hawks at
odds over their reasons for dissent — Reuters
Why Rick Perry
made a bid for the anti-Fed set – Slate
Maslow’s hierarchy of needs gets
an update —
The Atlantic
How did so
many people feel one small quake in Virginia? – The Atlantic
Philly Fed
coincident indicators turning red — Calculated Risk
Treasurys are
priced for disaster — Capital Spectator
Profit
recession risks tick higher — FT Alphaville
The rich can
afford to pay more taxes — Bruce Bartlett in Economix
Everything
You Need to Know About the Latest Market Plunge [But were afraid to
ask] Minyanville Staff Aug 18, 2011 ‘After a rather benign start to the week,
markets plunged on Thursday with the S&P 500 shedding 4.5% and the
Nasdaq-100 falling nearly 5%. The main driver on the day was speculation
European banks remain insufficiently capitalized. Gold jumped nearly 25 to a
record high and Treasuries rallied. Among stock
movers, Apple (AAPL)
outperformed the indices but still dropped 3.7%, Microsoft (MSFT)
also outperformed closing down just 2.2%, Bank of America (BAC)
dropped 6% and Oracle (ORCL)
fell 8.3%.
Below are this week's top Minyanville stories examining the state of the US and
global markets.
Is
It 2008 Again? Looking at the Summer Crash of 2011
A real bear market
has begun, and bonds got it right as early as February that the biggest threat to
the global economic system is deflation.
by Michael A. Gayed
Dynamics
of This Market Panic Ripple Though History
The 10-year anniversary of the 1929 high ties to the beginning of World War II
on September 1st, 1939 when Hitler invaded Poland and France declared war on
Germany.
by Jeffrey Cooper
Are
Gold and S&P 500 Behaving Logically or Irrationally?
Unfortunately Mr. Market rarely embarks upon the logical until he has convinced
enough market participants to behave irrationally.
by J. W. Jones
Random
Thoughts: Fed Dissention and Financial Market Fatigue
The world's wildest reality show continues.
by Todd Harrison
Handicapping the Global Economic Recovery
The obvious question must be begged: where do we go from here?
by Todd Harrison
Coming
in October: Next Major Price Cycle Low
A major price cycle on the daily S&P 500 chart, which shows reliability in
bottoming about every 15.5 months, is due for its next low on or about October
31.
by Michael Paulenoff
Volume
Trends Suggest Worst Is Not Over for Stocks
When the market rallies hard after a nasty decline, one of the first things
that can determine whether the rally's a keeper or not is volume. Here's why.
by Tim Thielen
The Sign of the
Bear
When the quarterly turns down, the normal expectation is for the market to
carve out a low soon, in terms of time and price -- not to waterfall.
by Jeffrey Cooper
Economy Showing
Signs of Life, but Not for Long
We're on the brink of a nice little bump from the data coming in, but on the
whole, a 1930s-style depression seems to be on track.
by MoneyShow.com
Wall of Worry
Keeps Rising on Europe's Credit Crisis Fears
To make matters worse, politicians in the world's crisis-free countries are on
summer vacation.
by Lloyd Khaner
Why
Is Everyone Bullish on the US?
Wall Street
will always think positively of the market, but the facts are pointing to a
bearish phase.
by Gary Kaltbaum
Five
Things You Need to Know: Asymmetric Economy Increasingly Untenable and Unstable
This situation cannot continue without adjustment.
by Kevin Depew
Fed's
Easing Policy Means Worse Living Through Convexity
As the Fed removes interest rate risk through stealth QE3, it introduces other
risks, distorting incentives for investing
and weakening the economy in the long term.
by Professor Pinch
Are US Markets
Facing the Abyss?
The vast majority of technicals are indicating a new bear leg.
by Jeffrey Cooper ‘
Dow
Tumbles on New Worries About Same Old Issues - Aaron Task
Who’s
Worse: U.S. Banks or Bernie Madoff? - Stacy Curtin
WHY NEW
LOWS ARE LIKELY Simon Maierhofer, August
18, 2011 Last Sunday's (August
14) ETF Profit Strategy Newsletter update listed 5 reasons why new lows are
likely. Here they are:
HISTORIC REVERSAL
We've
been expecting a major market top in the S&P 500 (SNP: ^GSPC), Dow Jones
Industrials (DJI: ^DJI) and Nasdaq (Nasdaq: ^IXIC). The April 3 ETF Profit
Strategy update identified the ideal target range for a major top to be 1,369 -
1,382. The chart below was featured in the same update.
It
outlines a top around 1,370 followed by an initial decline to about 1,230
(happened in June), followed by a rally (happened in July), followed by a steep
decline.
DEATH CROSS
The
death cross is one of the most talked about technical events, that's why I
don't put too much stock in it. However, there are two interesting facts about
previous death crosses.
The
2000 and 2007 death cross occurred about three days before the S&P embarked
on its next leg down. The 2010 death cross was actually a buy signal. However,
it occurred after the S&P and DJIA bounced off a multi-year trend line.
This time the trend line was broken so a more bearish interpretation of the
death cross is appropriate.
https://www.etfguide.com/images/PDNewsletter_Images/5%20-%20April%203%20TF.jpg
SEASONALITY
August,
September, and October is the most bearish stretch of the year. September and
October sport negative performance even in the pre-election year.
SENTIMENT
From
S&P 1,370 on May 2 to S&P 1,258 on June 16, the S&P shed 112 points
and sentiment measured by Investors Intelligence (II) and the American
Association for Individual Investors (AAII) turned deeply bearish (only 37% II
bulls). The June 16 ETF Profit Strategy update took that as a queue to buy
(long positions were closed at S&P 1,340).
From
S&P 1,353 on July 7 to S&P 1,102 on August 9 the S&P lost 251
points, yet the II sentiment poll registered the second most bullish reading
since the first week of May (47.3% II bulls). AAII and II polls are often
considered the 'dumb money.' If the 'dumb money' views last Wednesday's low as
a buying opportunity, the 'smart money' should be suspicious.
VIX PATTERN
If
you have the charting capabilities, take a moment and plot the VIX (Chicago
Options: ^VIX) against the S&P for the months of September - November 2008
and April - July 2010. If you don't have the time you may simply look at the
chart below.
https://www.etfguide.com/images/PDNewsletter_Images/yahoo%20-%20vix%20pattern.gif
What
we've seen in 2008 and 2010 is that a VIX peak did not coincide with the
S&P bottom. The S&P bottom actually occurred against a lower VIX
reading. If this pattern continues, we will see lower lows.
The
August 14 ETF Profit Strategy update includes a detailed analysis of the VIX
pattern.
THE SCRIPT
Via
more or less accidental chart surfing I found a striking resemblance between
the 2007 market top and the May 2011 top. This moved me to state in the
July 17 Profit Strategy update that:
'There
is a similar trend line and a triple top above the trend line. A break below
that trend line could be a precursor of bad things. Next week the trend line
will be at about 1,262.' The S&P sliced through that trend line on August 4
and fell an additional 12% within the next four days.
The
August 7 Profit Strategy update revisited that script and concluded this: 'We
now have a rough script; let's see how much lip the actors will add during the
live performance (I.e. S&P downgrade).
The
two main things I have taken away from the 2007 script are:
1)
There will be a new low.
2)
There will be a powerful counter trend rally to around 1,xxx (reserved for
subscribers).'
THE VERDICT
We
got the new low and we got a rather powerful rally. Now the question is, how
long will the low last and how high will stocks rally?
The
script suggests there will be another low. The VIX pattern suggests there
should be another price low. Seasonality suggests that there's some headwind on
the way up. Sentiment readings suggest we should be suspicious of any rally.
The death cross also suggests lower prices.
SUMMARY
There were a number of good reasons to expect new lows on
Sunday. Yesterday's ETF Profit Strategy update recommended to go short as soon
as the S&P breaks below 1,373. This happened within the first few minutes
of trading today. Now it's time to let the script play out…’
S&P
Triggers 200-day MA Death Cross - What Does this Mean? ETFguide.com
Is
This a New Bear Market? The Chart That Tells The Whole Story ETFguide.com
Why
The Worst May Be Yet To Come ETFguide.com
·
Homes Sales Drop
3.5% in July –
…
·
Jobless Claims Rise
9,000 –
…
·
Treasuries Hitting
Record Highs (record low yields) – …
·
Inflation at the
Consumer Level Rose to 0.5% in July – …
· World GDP Growth Slowdown - …’
Dow/Gold
Ratio Lowest Since 1987 Crash Forbes
Adrian Ash ‘Today’s gold
buyers might still get to look early birds as this depression wears on… GROWTH or defense…stocks or gold?
Intra-day noise aside in summer 2011, Mr.Market’s choice looks plain.
The Dow/Gold
Ratio –
a measure of the U.S. stock market’s valuation in ounces of gold – has sunk as equities
have plunged but gold prices
have jumped so far this summer.
Dropping
through 6.0 ahead of Friday’s New York opening, the Dow/Gold Ratio hasn’t been this low since
early 1989, back when world equity markets were recovering from the Great Crash
of Black Monday 1987.
http://goldnews.bullionvault.com/files/DowGoldviii11.png
That slump
itself had taken the Dow/Gold Ratio all the way down to 3.6, with gold prices
rising to nearly $500 per ounce as the Wall Street index sank to 1776 points.
Growth, of course, was only taking a pause in late 1987 – a quick breather before
the real race to perfection of the late 1990s. Today, in contrast, the Dow/Gold
Ratio could still go a lot further down. Or so says history.
Trading a
little over its century-long average of 10.0 today, the ratio bottomed during
the 1930s Great Depression at just below 2.0 ounces of gold for one Dow unit.
At the nadir of the next global depression – the inflationary
depression of the early 1980s – the Dow/Gold Ratio sank even lower, down to 1.0.
Whatever
flavor of depression we’ve got at the start of this decade – and it is a depression, as Western jobs data continue to show
and as the Dow/Gold yardstick will confirm if it goes much lower (keep an eye
on the underperformance of gold mining equities, too) – a growing flow of
private savings is choosing defense in gold bullion rather
than choosing business-risk in listed stocks.
That choice
might sound self-fulfilling if you work in psychiatry or government, a kind of “clinical disorder” open to curing with
medication, zero interest rates or perhaps a third round of quantitative easing
–
most likely aimed at risk assets, we guess, rather than the “risk free” Treasury bonds targeted
by QE1 and QE2 – and which institutional investors are all-too keen
to hold anyway.
So far,
however, investors choosing to buy gold only account for a
tiny portion of the money fleeing equities.
From here to a
true depression low in Dow/Gold (if such a level is reached), today’s gold buyers will need
to find many more friends. They’d also look early-birds compared with the rush out of
stocks –
and into gold – needed to reach that 2.0 or 1.0 mark.’
The Great Stocks
Vs. Gold Round Trip Aug 19th, 2011 News (BusinessInsider) — ‘ When priced
in gold stocks have now returned to where they were at the market’s low-point,
back in 2009. Actually, we’re even worse now.
http://www.usagold.com/pete/newsviews/20110819GoldSPratio.jpg PG View: In 1965 De Gaulle called for a
return to an “indisputable monetary base,” one that “does not bear the mark of
any particular country.” He of course was referring to gold. As was pointed out
in a Forbes
article early in the week on the 40th anniversary of President Nixon
closing the gold window, “over the last four
thousand years, the only period in which humanity has not consistently based
its currency in metal, specifically gold, is the last forty.” And look what that has wrought…’
Ignore
Buffett's Advice, Don't Buy Stocks at Forbes Bert Dohmen [ Yeah …
this is really good advice. As a shill for fraudulent wall street, they may
have given him some ‘stellar
performances and cash to boot’;
but, the homespun bumpkin senile buffet’s
analytical abilities, if ever really extant, have certainly passed the point of
no return. You may recall how the clintons, with a mere $1,000 or so, were
revealed as ‘commodities
trading wizards’,
but as written up in the Wall Street Journal ‘someone
was giving them money’.
In fairness, that they were singled out (was) is a bit arbitrary inasmuch as
that’s going on all the time on wall street, and now with
greater precision owing to greater computer programming capabilities, to
everyone else’s
detriment. Remember, in a manner of speaking, there are two sides to every
trade, viz., winner and loser (in relative terms).] ‘The markets plunged going into August 8. On that day,
the DJI closed with a loss of 629 points. My indicators signaled that a brief
bounce would commence the next day. According to the charts, the first target
for the S&P 500 was 1205. The target was hit exactly a few days later. That
was followed by a renewed plunge.
I have been
looking for a serious crisis to start in September. It appears that we have
seen the prelude for that. The big smart money has been preparing for the past
five months.You can see the “distribution pattern” on the charts since
mid-February. The rush to the exits is now accelerating and the smart money has
been selling short in large amounts.
The extreme
bullish sentiment that prevailed until the latest plunge was first replaced by
complacency, then by concern. However, the “fear” stage is still missing,
except at hedge funds that were forced to sell because of margin calls. In
fact, during the severe plunge in the first week of August, investment
investors became even more bullish according to Investorsintelligence.com. That
is not good for the markets.
The market
negatives are increasing in numbers. The IPO window is now shut. There are
signs that credit is once again vanishing. Loans are being called in, some companies
appear to have difficulties rolling over their Commercial Paper, junk bonds
yields are soaring, European banks may stop lending to each other, and the
European crisis is spreading out across the globe. It’s my view that this will
cause another credit crisis, just as in 2008.
What’s worse is that contrary
to 2008, the big players learned to read the signs from their 2008 mistakes.
They are now wide awake, although in the media, their minions still repeat the
same bullish fairy tale. This means that this crisis could develop much faster
than the last one. (Read my book, Financial Apocalypse, which is the 2008 roadmap, one which can be used
very well for what is now happening.)
The words “possible recession” suddenly is being
mentioned a lot in the media, although economists still strongly deny that
possibility. Our rule is that the stronger their denials, the more certain and
the deeper the recession will be. In fact, I declared in our May 9 issue of the
Wellington Letter that the recession had started.
Morgan Stanley
lowered its global GDP growth forecasts for 2012 from 4.5% to 3.8%. My forecast
is for 1%-2% or less. It would be negative growth except for the fudged
inflation numbers.
The European
politicians are not any smarter than those in the U.S. Merkel and Sarkozy had a
meeting in Paris and did nothing. That day I called the outcome “Disastrous” for the markets. It took
the markets a day to digest the consequences and then the selling avalanche
started. Many of the markets in Europe, led by the banks stocks, went into
virtual free falls, losing from 4%-7% in one day. Such losses indicate an
approaching crisis.
Now we see
some of the well-known Wall Street figures appearing in the media, telling
investors all the reasons why stocks are a good buy. One appeared with a long
list of bullish factors. Well, that list didn’t prevent the global
stock market from losing an incredible $6 trillion over the past several weeks.
He did the same cheerleading on national TV in 2007 before investors lost 50%
of their wealth.
Warren Buffett
is also once again the cheerleader saying he is buying stocks. He did that in
2007-2008 as well, and then the meltdown started later in 2008.
I would not
fall for this self-serving advice. Words cannot rescind a recession that we already
have, it cannot stop the insolvency of entire countries in Europe, it can’t change the fact that
major profit downgrades will appear soon, and it can’t stop the China crisis
that is now starting.
Gold is
soaring, but the mining stocks look terribly weak. There is great danger now
with the gold stocks getting hit hard by less developed countries, including
South Africa, to nationalize gold mines. This is too lucrative for them to
resist.
I would get
out of all money market funds unless they are “U.S. government only.” The MMFs have big
exposure to European banks. We believe that lending between banks in Europe may
seize, which means that the whole structure will start shaking. You will start
hearing the word “contagion.”
In my opinion,
the danger period is approaching. What we have seen until now is just a “preview.” The main feature is
likely to be worse.
Bert Dohmen is
editor of Bert Dohmen’s
Wellington Letter and author of Prelude To Meltdown (2007) and Financial Apocalypse (2011).’
The
"Crimes" That Wrecked The Markets Forbes / Robert Lenzner ‘CNN’s anchor in London,
Richard Quest, raised the issue squarely today about trying to explain the “crimes” that have created this
failure to recover from the 2008 recession and the fear of another
downturn in the economy that could wipe out many of the gains we have achieved.
Quest, of course, did not mean felonies or violations of the law that would
land people in prison. I think he meant crimes of bad policy, crimes of
financial illiteracy, crimes of stupidity, crimes of poor leadership.
So, here’s my attempt to sum up my
answer to Quest.
The
powers-that-be saved the Masters of the Universe on Wall Street by using
trillions of loans, investments and guarantees that sent the signal that
Finance was the nation’s Number One Priority. This historic gift to
finance meant that the growing disparity between the super-rich and the middle
class would continue to widen, without anyone of our top policy gurus
suggesting it was splitting our nation. Some academics even worry about the “crime” of pushing the middle
class into poverty.
Nevertheless,
there was no bold strategy left to help those out of work. It was a “crime” that the stimulus
program did nothing to create any jobs in the private sector. Obama’s economic adviser in
2009 , Larry Summers, was dead set against a make-work program to put the
nation’s
skilled construction workers busy on repairing the rusting infrastructure
he finds distasteful at airports and railroad stations. Now, we are going to be
given the sop of an infrastructure bank that couldn’t possibly be in place
for years, if ever.
No question
the handling of the debt limit debacle was “crime” of poor planning, no
overall shred strategy and trying to effect a master plan for $4 trillion
cuts with only days to go before the August 2nd deadline. Keystone Cops,
whatever you wish to call it caused a loss of confidence in the nation’s politicians; a kind of
virtual “crime” on the public who
deserved better. Much better. This entire episode removed the foundations to
rational expectations for the stock market– and threw the nation into a madhouse of volatility
and confusion.
I don’t know what to call the
lapse in the markets faith in paper money– and the more-or-less steady rise in the price of
gold from $850 an ounce 3 years ago to well over $1800 today. There is no
other stock, bond or commodity you could have purchased that had this
magnificent performance. Well, maybe the shares of Apple, and some global
commodity producers.
Moreover, it
was a “crime” to do nothing about the
obscene bonuses taken by the Masters of the Universe– who only were able to
pay themselves in this way because of the federal bailout. No one has tried
to get back the fortunes taken away by Lehman’s Richard Fuld,
Countrywide Credit’s Angelo Mozillo–or either of the Merrill Lynch CEOs, who helped
destroy their iconic firm. Now there’s a “crime.”
Then, there’s the SEC’s unwillingness to
reinstitute the uptick on short sales of stock– so that hedge funds and
other speculators could not trigger sharp sell-offs in the stock market If you
had this “uptick” rule back, every short
seller would have to wait for a transaction at a higher price to sell
short–
rather than the libertarian “crime” that allows them to pound a stock lower to make
sure-thing profits. It’s a crime short sellers are able to shoot ducks in a
barrel. Shocking lack of fairness. No wonder Aunt Sadie is fleeing.
No doubt there
were “crimes” committed in the week of
volatility, with gyrations that scared the public. These movements up and down
were caused by the high frequency trading by computers owned by hedge funds– who are not investors– but in-and-out traders
several times a day and who have no regard for fundamental values. These
Masters Of The Universe have the ultimate power in American society
because of their political contributions and lobbying.
I believe
Obama’s
health plan to be a “crime” because it was a sellout to the 5 giant health
insurance firms that were given 4 years clear and free to raise their premiums
without interference. It was a “crime” because Obama was told by leading Senators it was a
terrible sellout of the citizenry.
I don’t know what to call the
bankruptcy of fiscal and monetary policy. In some existential sense it is
a “crime” that we have run out
of fiscal and monetary ammunition to turn this collapsing shock
treatment around. It is a “crime that 300 million people will be looking for Ben
Bernanke, Fed Chairman, to pull a rabbit out of a hat in Jackson, Wyoming next
week, when central bankers are meeting. QE2 came from last year’s meeting– but it created no jobs.
The same will
be true after Labor Day when the much-ballyhooed Obama speech on jobs is
coming. I fear expectations are going to be terribly disappointed. Expect
rhetoric as in “We have always been a Triple A nation– and we always will be
Triple A. ”
That was a “
crime”
of speaking mush, when 300 million people know better, and wanted to hear
something meaningful. Not to have bold, kick-ass leadership at a time of crisis
is a sad sort of a “crime.” ‘
Accounting
Gimmics Resurface as Growth Flounders at TheStreet ‘--
Accounting gimmicks -- once the staple of the boom-boom stock market -- are on
the rise as companies attempt to convince analysts and investors that they are
profitable despite a sluggish economy, according to industry watchers. Accounting
techniques of Groupon and Zynga were under the spotlight recently, with the
Securities and Exchange Commission instructing both companies to adhere to more
stricter and conventional accounting standards, causing them to amend their IPO
offer documents.
The creative metrics in the IPO documents of recent social-media
IPOs are reminiscent of the dot-com bubble when stocks were valued on metrics like
"eyeballs", while fundamentals like revenues and profits were
ignored.
Rebekah Smith, director of financial advisory services at
accounting and consulting firm GBQ consulting, says accounting tricks and
schemes are likely to start unraveling as we head into 2012 and the lag effect
catches up. "The typical accounting fraud goes on for about 18 to 26 months
before it is uncovered. The frauds that took place in 2009 are not going to
surface until later in 2011 or into 2012."
Financial statement fraud like the kind that took
place at Enron are rare. The Association of Certified Fraud Examiners estimates
that such manipulation accounts for only 4.8% of total fraud cases, although it
causes the most financial damage, with the median loss being more than $4
million.
But accounting gimmicks that focus on non-GAAP
(Generally Accepted Accounting Principles) measures are rampant and they can be
misleading.
Groupon, for instance,
claimed that the marketing expenses incurred to acquire customers were
"one-time investments" and hence they should be excluded from the
calculations of operating income.
By that metric the company made an operating profit
at $81.6 million in the first quarter of 2011, as opposed to an operating loss
of $113.9 million under traditional accounting standards.
However, analysts were quick to point out the metric
was absurd. "If you are going to capitalize acquisition costs, the onus is
on you to show proof that acquired customers stay as customers (and actually
buy products for many years)," Aswath Damodaran, Professor of Finance at
Stern School of Business and a reputed author of textbooks on valuation, wrote
in a blog post.
"With strong competition from other online
coupon based companies (like LivingSocial), it is entirely possible that
customers once acquired, are fickle and move on... If that is the case, the
acquisition cost has a very short amortizable life and begins to look more like
an operating expense," he wrote.
Zynga issued a restatement of its second quarter
results saying it did not hew to accounting standards in the way it estimates
how long people play its video games. That had the effect of understating
revenues during the second quarter. While the impact of the Zynga's restatement
itself was not substantial, it highlighted the murky accounting involved when
it comes to new business models.
"There is a new market of publicly traded companies with business
models that open more room for interpretation on how revenues and costs should
be treated. We do see some aggressive accounting techniques" says Dan
Mahoney, director of research at the Center for Financial Research and Analysis,
a unit of MSCI that specializes in forensic accounting.
Smith of GBQ
Consulting says there is a greater risk of financial statement manipulation at
such new-age businesses. "We have a lot of new business models and people
are still trying to understand how the finances of these companies work,"
she said. "Companies get to decide what to tell them[investors] on how
their industry works. They decide what the metrics should be."
While in a
traditional sector an astute analyst might call a company's bluff, it is harder
when you don't have history as a guide. "We don't have a typical 10-year
history. As a financial professional, you can't make a conclusion on what the
financial metrics should look like," says Smith.
Mahoney at
CFRA says companies with high valuations are also ripe for these sort of
gimmicks, as they are under pressure to sustain valuations.
While in a
traditional sector an astute analyst
might call a company's bluff, it is harder when you don't have history as a
guide. "We don't have a typical 10-year history. As a financial
professional, you can't make a conclusion on what the financial metrics should
look like," says Smith.
Netflix(NFLX) has been
criticized in the past for its calculation of subscriber churn rate, which
looks at the number of cancellations as a proportion of subscribers. Netflix's
method has the effect of overstating the subscriber base, thus making the churn
rate seem lower.
Analysts have
over time learned to adjust for this inconsistency. And as it turns out, the
movie rental firm has drastically
limited the metrics it is willing to provide , saying that in 2012 it will
no longer report churn, gross subscriber additions and subscriber acquisition
costs.
Problem
solved.
Stern's
Damodaran says companies resort to these tricks because the market analysts
simplistically assign multiples to a profit metric. All companies have to do is
"make a change that affects earnings and you can change the
valuation," he says. "Investors need to understand what Groupon's
business model is, what their potential market is, who are they going up
against."
--Written by
Shanthi Bharatwaj in New York
>To contact
the writer of this article, click here: Shanthi
Bharatwaj. ‘
Morgan
Stanley Biggest Welfare Recipient as Federal Reserve Lent Banks $1.2 Trillion
During Financial CrisisWall St. Cheat Sheet
Dow:Gold
Ratio and the Secular Bear Market at Minyanville Toby Connor Aug
23, 2011 ‘However low the risk, large potential trades are now in the stock
market, not in playing chicken with the gold parabola.
As I have been warning investors
for many months, stocks have now entered stage III of the secular bear market.
Gold, on the other hand, is now in the final parabolic phase of a 2.5 year C
wave advance.
My best guess was that we would see a Dow:Gold ratio of between 5-6 before this
C-wave ended. The ratio was at 5.71 as of today. I think we may still have a
little further to go on the downside for stocks
and a little further upside in gold. So it's entirely possible that we could
see a Dow gold ratio of 1:5 before the trends reverse.
http://image.minyanville.com/assets/FCK_Jan2011/File/August11/tobyc8231.JPG
Click to enlarge
However low the risk, large potential trades are now in the stock
market, not in playing chicken with the gold parabola.
Cyclically the stock market is now in the middle of the timing band for an
intermediate bottom. Presumably a sharp bear market rally in stocks will
trigger a regression to the mean, profit-taking event in the precious metals
market (the D-wave).
D-waves almost always test, and sometimes marginally penetrate, the 200-day moving
average. I've illustrated in the chart above a rough guess as
to where I expect the countertrend rally in stocks and the D-wave correction in
gold to retrace.
Keep in mind that the fundamentals for gold have not changed. A D-wave is
simply a profit-taking event triggered by an unsustainable parabolic rally. It
has nothing to do with fundamentals. Once the D-wave has run its course, gold
will enter a sharp snapback rally (the A-wave), after which it should
consolidate for the remainder of the bear market in stocks.
Stocks, on the other hand, after what should be a very convincing bear market
rally, will roll over and continue down into a final four-year cycle low,
probably in the late summer or early fall of 2012.
Depending on whether or not the Fed tries to fight the cleansing process, or
Ben Bernanke tries to stop the bear market with another round of quantitative
easing, stocks should either test or breach the March '09 lows.
Either way I expect that 2012 will go down as one of the worst years in human
history. Certainly in the same category as 1932, if not worse …’
Is the
Market Forecasting War? {
Kind of a ‘large dart board’ in terms of ‘educated guessing’ in light of the
perma-war ‘bent’ of these perma-war ‘bent’ nations; viz., ie., u.s., israel,
europe, etc.. } [ If so, and if this
writer’s correct, all nato’s and america’s misguided actions in the Mideast
will be viewed as an attempt to weaken Arab nations for the benefit of
war-mongering israel and will never be forgotten as such, to the substantial
detriment of the dying so-called western alliance. ]
End Of
Cycle Smelling Like Dow 3K, Gold 3K Forbes
/ Bill Bonner
‘ Listen up, dear reader herein we announce an historic Daily
Reckoning
forecast. Here’s your north star, your compass, your
GPS to the future. Print it out. Paste it to your refrigerator:
About
the turn of the century, two markets turned Gold turned up Stocks turned down
These major trends will end Whence they meet
Our
view is that the bear market began in January 2000. The feds fought it off with
two huge extravaganzas of spending — the first beginning in 2001 the other
after 2008.
Stimulus
does wonders for stock prices but it no longer works for the economy that
sustains them. For every dollar that the Fed has put to work to fight the
crisis since 2008, for example, it has produced only 80 cents worth of GDP. It
didn’t work.
Fighting
a credit contraction with more credit is a losing proposition. Eventually,
investors are bound to realize that stocks are headed down. Eventually the bear
market will resume. And eventually it will come to an end.
But
when? Our guess is that it will end when the Dow and the price of gold arrive
at the same point — probably around $3,000. Whatever the
number, you’ll be able to buy the entire group of
Dow stocks for the price of one ounce of gold.
Of
course, our view is a minority one. Warren Buffett doesn’t
buy it. Most investors don’t buy it. We don’t
even suggest that you buy it, dear reader. Just remember it. If it turns out as
expected, we want to be able to say ‘We told you so.’
And
if it doesn’t work out? Please have the grace to
forget we mentioned it.
We
would like to be able to predict the future, but we’ve
never gotten the hang of it. We’re just guessing.
But
since we’re just guessing, we don’t
see why we should hold back.
We’re
also guessing that…
…the weight of so much debt is
depressing growth…and will soon depress stock prices too…
…that the economy is becoming zombified
from too much government money…especially the military…
…that Mr. Market is ready for a long
bear market anyhow; he’s tanned, rested, and ready to go to
work
…that the US is following in Japan’s
footsteps…towards a long period of on-again,
off-again recession
…that the recession of ’08-’09
in the US never actually ended…
…and that stocks will go down over the
next 5-10 years until they finally hit a real bottom.
Our
guess is that gold goes down, shakes out the speculators and weak investors and
then, perhaps a couple years from now, perhaps longer —
begins its third and final phase.’
Back-to-School
Sales Looking Blahat The Wall Street Journal
How much
higher can Apple shares go without Jobs? (Reuters) [ Or the market
without jobs? … The answer euphemistally is not much … but more accurately
should be not all and down quite a bit! ]
Arguments
for Being in the Crash Camp Conor Sen Aug 29, 2011 ‘If you want to take risk, only
own things you're willing to own in a down 20-30% tape, because that's what we
could see over the next month. ‘This
piece is going to read a bit like an inner monologue in the hopes that seeing
how I wrestle with conflicting ideas may help with your own thought process.
One of the responsibilities of putting your thoughts online for public
consumption is only writing when you think you have something worth reading.
After awhile you accumulate a portfolio of pieces and can see common themes
in your writing, the struggles you've had, and whether you've been on the mark
or not. And this summer I've written primarily about three topics: 1) the 2011
consumer tech IPO names led by Groupon, LinkedIn, and Zillow, which I've done a reasonable job with, 2) pessimism about the debt ceiling deal being resolved early
due to the intransigence of the 2011 GOP, which I also feel I analyzed well,
and 3) the ongoing macro tug-of-war between compelling valuations and the
escalating European debt crisis, which I've gotten wrong.
The closest I got was in a June 24 piece where I wrote,
"My
experience in 2007-08 taught me that in credit contagions understanding these
dynamics is all that matters. Charts don't matter, macro data doesn't really
matter, and until the contagion stops valuation doesn't really matter either. A
$1 bill could trade for 70 cents if firms need to raise capital."
That's what I fought earlier this month, convinced that valuations for some
blue-chip firms and not-as-bad-as-people-think macro data
would be good enough. It hasn't been. The problem is, I thought about the issue
too narrowly, focusing only on European sovereign spreads without seeing the
second-order effects those spreads would eventually have. As sovereign spreads
for the European periphery widened, governments responded by imposing austerity
measures, which have now flowed through to the point where Europe may be back
in recession. Here's one measure of the trend in economic activity for the key
European countries.
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/plummet1.jpg
With sovereign spreads stressed and economic activity rolling over, European
banks have been under pressure, both the equity and of course the credits, with
credit default swaps for European banks at wider levels than they were in
2008-09.
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/plummet2.jpg
The problem with this is that credit
spreads and equity prices are intricately linked, as this
chart from Goldman Sachs shows comparing the spreads of the key iTraxx Main CDS
index with the STOXX 600 index, Europe's equivalent to the S&P 500.
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/plummet3.jpg
And in a leveraged, interconnected world, a systemic problem somewhere flows
everywhere else, as investment-grade and high-yield credit indices in the US
show.
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/plummet4.jpg
The key question I've asked this week is: Can European banks, or Bank of
America, fund themselves right now? The answer is no. That's a problem. If
economic data were getting better, even on a green shoots basis, that might be
one thing, but just about every data point we've gotten out of Europe recently,
or Philly Fed here in the US, has been negative on a second derivative, and in
many cases, a first derivative basis.
If we knew that fiscal and monetary policymakers were ready to fire bazookas
and gas up their helicopters, that'd be a different story. In 2008-09 we got a
big fiscal stimulus package out of China and a lesser but still sizable one in
the US. Today we have both the US and Europe looking to cut spending, not
increase it. On the monetary policy front, the ECB actually raised rates this
summer, and Ben Bernanke's speech at Jackson Hole on Friday shows that either
he doesn't think additional stimulus is needed, that it won't help, or that
there's too much political risk
to take bold action, precisely the problem he said hampered the Japanese in his
famous 2002 speech on deflation.
Most worrisome of all might have been comments out of German Chancellor Angela Merkel last weekend,
when she said, “Politicians can’t and won’t simply run after the markets. The
markets want to force us to do certain things. That we won’t do. Politicians
have to make sure that we’re unassailable, that we can make policy for the
people.”
This is after a 25% drop in the DAX, and the leader of the country that holds
all the cards in Europe says that she won't be bullied by markets. The
Bernanke/Merkel/Trichet put may exist, but its strike price appears to be a lot
lower than many thought.
When nearly every major bank in Europe has a credit spread north of 300bps or
is headed there in a hurry, I'm not going to make the argument that so-so US
economic data, solid earnings,
and attractive valuations will win out in the short term. Markets are cruel and
merciless when it comes to leveraged institutions under financial stress. In
2008-09 to combat this we got TARP, the AIG (AIG)
bailout, the stimulus package, the Temporary Liquidity Guarantee Program
(TLGP), a whole host of other short-term funding
programs from the Fed, and finally in March of 2009 we got green shoots, second
derivative improvements in the economy. Today we have, "Most of the
economic policies that support robust economic growth in the long run are
outside the province of the central bank." If the SPX went to 700-800 we
would see multi-generational bargains for a whole host of names, many of which
would trade at around cash value plus a 2-3 multiple on earnings. But
structurally, there's no reason why it can't happen. If you want to take risk here,
only own things you're willing to own in a down 20-30% tape, because that's
what we could see over the next month.’
Stocks
Woosh Higher in Vacuum, Now Perfectly Poised for Disappointment at
The Wall Street Journal
What
to Expect Next From the Markets at Minyanville Jeffrey Cooper
Aug 29, 2011 ‘Conclusion: It looks
like a program was run using the least amount of dollars to goose the indices
by focusing on some big cap names like Apple (AAPL),
Amazon (AMZN),
Baidu (BIDU), IBM
(IBM),
and Caterpillar (CAT) on Friday.
That is why the market is so dangerous here ‘
‘From a technical perspective, the markets are looking dangerous
right now. On Friday, a big buy program was run for Ben Bernanke’s speech after
running the stops and getting traders short.
The S&P buckled after breaking the 1154 mid-point of the recent range,
running the stops and trapping shorts for good measure on a Pinocchio of the
key 1140 support, as
offered in the last report.
However a first hour low was scored in a mirror image of recent first hour
highs and I sent an
alert to cover shorts. Combined with Bernanke’s speech, the flip was
switched to save a poor weekly close when the S&P recaptured 1154.
A 10 minute chart of the SPY shows a downside ORB (a break of the opening range
defined by the first 30 minutes) to flush the stops, and then an ORB Reversal
back through the level of the downside pivot, followed by a powerful Reverse
ORB on a thrust back through the top of the opening range implying a trend day
to the upside.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/29/ARCX_SPY_10%20--%20SPDR%20S&P%20500%20TRUST.jpg
The promise of the Catapult ORB -- first to the downside then back to the
upside -- was further fulfilled on penetrating topside lateral resistance above
117 SPY.
In so doing, the notion of a Fed Cha Cha Cha was turned into more of a
jitterbug for the shorts to run for cover.
The ensuing extension by the SPY led to a retracement back to the low of
Thursday’s high bar.
Thursday gave a first hour high while Friday gave a first hour low as the
robots play ping pong with tape.
One might fairly call Friday the “case of the missing ‘cha’".
Typically following Fedspeak, there is a sequence of 3 moves in opposite
directions with the third move being the genuine bias.
In Thursday morning’s report I suggested that the direction
following the first hour on that day should be the bias into the
weekend. There was a change of character in the dynamics which the Reverse ORB
did a good job of identifying.
There is another short term change in character implying a continuation on
Monday morning (whether that will define a first hour high again near the
important 1180ish resistance remains to be seen).
That short term change in character is set up by Friday’s Reversal of a
Reversal, or what I call a ‘Kaiser Soze’.
Why? The important Three Day Chart Turned down on Monday as the S&P traced
out 3 consecutive lower daily lows. In addition, Monday saw the Weekly Swing
Chart turn down.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/29/SPXweeklyJulyb.jpg
Click to enlarge
The fact that the turndown was marginal and defined a low immediately in terms
of both time and price was a bullish indication of a short term test and a
potential short term “W” bottom on the daily charts.
The takeaway was a multi-day rally which played out, finally satisfying a kiss
of the overhead 20 day moving
average which the S&P failed to accomplish on the first
rally off the lows.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/29/INDEX_$SPX_D%20--%20S&P%20500%20INDEX%20%7BDelay20%7D.jpg
The tag of the 20 dma, which played out on Thursday, was the first test of that
trendline since the Cascade
Setup began in July.
A pullback to the 20 dma is referred to by many traders as the Holy Grail for
its effectiveness in defining a reversal point -- especially the first time.
Like clockwork, the S&P was rejected by the 20 dma on Thursday in concert
with a turnup of the Three Day Chart. This defined another high, setting up a
continuation trade for Friday to the downside.
However, a funny thing happened when the bears pressed the case of the “yes we
have no QE3 Bananas for you” speech at the Jackson Hole forum -- the S&P
left a Reversal of a Reversal, stopping right at the 20 day moving average and
flirting with an extension above it this morning. This would coincide with a
breakout over a trendline from late July.
Not all breakouts are created equal, as we saw with the breakout to a new high
in May this year and also on the short-lived trendline breakout into the
important July 7th pivot high.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/29/SPXdailyAprilb.jpg
Click to enlarge
My rule of thumb is that breakouts and upspikes in persistent bear phases are
made for the selling. However, as the weekly chart of the S&P shows, the
index will turn its weekly chart back up on trade over last week's high of
1190.68 (Thursday’s first hour high).
The normal expectation is that this would set up another high, but because of
the pattern of the W bottom, the constructive behavior on last week's turndown
of the Weekly Swing Chart, and because the S&P is poised to pop over its 20
dma this morning which coincides with a breakout over a declining trendline,
there is a likelihood that the bears will keep their claws in their pockets and
the bulls may snort a little. While I would give the market its due on the
upside if the action is constructive following the turn up of the weekly chart
-- which the futes suggest will occur near the open -- I am not too interested
in being long more than a few hours and overnight.
Be that as it may, a further change in short term behavior and constructive
action following a turn up of the Weekly Swing Chart suggests a move to/over
1208, the recent swing high.
At
the same time the the 55-day panic point from the July 7th pivot window does
not close until August 31st, so this is tricky here. However, the market is not
a fine Swiss watch and when it comes to these cycles one must allow for plus or
minus a few days. I think we should key off the behavior following a turnup in
the weekly chart and the action following the first hour. If the trend is still
in runaway down mode, another high could be defined quickly. I would exercise
some patience here and let the market speak.
The cycles suggest another short-term plunge into September 3rd and then a
bigger rally to 1220 or higher into/around the end of the first week of
September to September 11th. It then suggests another plunge that undercuts the
1100 low to possibly as low as 1018ish. If a flush of the lows plays out under
1100, it could mirror the pattern from 1937 or 1938. In other words it could be
a fractal of the first waterfall decline with a marginal undercut, or we could
see a deep flush of the lows.
The takeaway is that not all W bottoms are created equal. Often a W V pattern
plays out. This is the pattern that played out from the triangle/consolidation
in late 2008 to the “V” in March ’09.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/29/DJ-30%201937%20-%201938%20final%202.jpg
While the institutional bulls are caught long on the trap door setup from
August, a little strategy is required: above 1180 and then 1200 could see the
S&P test 1220ish. This marks the double tops from April/November 2010. When
the market knifed though those prior highs, which should have been ultimate support
if the trend was still healthy, the Head & Shoulders Top projection to 1150
at a minimum became irrefutable. Those prior peaks near 1220, now broken,
should offer substantial resistance. However, with many funds trapped short and
everyone looking for a test of the neckline near 1250/1260 and a test of the
200 day moving
average as it turns down, reconfirming the sign of the bear,
it’s anybody’s guess if the sellers let it get back there -- at least in
September. Perhaps a test of the 200 day plays out after a ‘W V’ and a flush of
the lows, leading to a big “Bankers Rally”/Christmas rally to rescue bonuses,
like in 2007.
Conclusion: It looks like a program was run using the least amount of dollars
to goose the indices by focusing on some big cap names like Apple (AAPL),
Amazon (AMZN),
Baidu (BIDU), IBM
(IBM),
and Caterpillar (CAT) on Friday.
That is why the market is so dangerous here -- because despite big gains in
these names when a big fund turns around to liquidate, they find few
substantial bids on the way back down and these same stocks
can be down 4 and 5 points again with another 400 point DJIA down day. When
exactly that next break comes is anybody’s guess, but cycles suggest it is
sooner rather than later. I would be patient about being too long for more than
a few hours to a day or two for the time being. With everyone looking for the
Big Backtest of the 200 dma, it is also anybody’s guess as to when that arrives
-- from here or following a flush out of the lows. With everyone eyeing
perceived targets of S&P 1220 to 1250, will the market just burn out here
with everybody waiting and with an undercut of the lows having to play out
before a better rally into year end? It is interesting that the war cycle from
1990 -- when Iraq's invasion of Kuwait on August 2nd precipitated a market
waterfall -- that there was a July pivot high as there was this year.
In 1990 there was no low until October. August 2, 1990 was 252 months ago, tying
to the big September 3rd historic cycle (which includes the 1929 all time
high). In addition we have the 120 month anniversary of 9/11 and that Spike
& Reversal pattern coming up, so I think a lot of volatility remains in
store and patience and discipline will be critical no matter how good a short
term change in character appears.
Strategy: I would look to scalp long above 1170 and scalp short below 1160.
Monday may hold up, but it will be interesting to see if we reach the high for
the week today -- in bear phases the first hour of the session often times
scores the high for the day. If Tuesday is a reversal day, I suspect the market
will trend down into the Labor Day weekend. If the market rallies up into the
weekend it should define another ledge and jumping off point.
Gold broke according to expectations early last week from just above 1900.
Another short sets up in the 1820 zone if it hasn’t already topped with a
turnup of the daily charts on Friday. Ditto iShares Silver Trust (SLV). The next
break should target 1660 and below that 1590.’
Obama's
Legacy: A Failed Recovery & Double-Dip Recession Forbes / Mariotti
‘There
will be no significant recovery in the United States of America while Barack
Obama is President. The evidence is overwhelming: everything Obama
has tried to fuel a recovery (with his Democratic allies in Congress) has
failed. Statistics claiming jobs saved by the stimulus package were
mostly fiction, and cost American taxpayers about $275,000 each. Nearly
2-1/2 million fewer Americans have jobs than before the stimulus.
Barack
Obama has been President for 30 months—2-1/2 years. He spent the first year
obsessed with passing Obamacare, a program that doesn’t
create jobs, but might destroy a lot of them. He “bailed
out” GM, but many believe that his interference didn’t save
GM; it merely cost taxpayers an extra $15-20 billion, and stole from legitimate
investors to buy off the UAW. His broken campaign promises are too
numerous to list. At some point, his statute of limitations on blaming
Bush runs out. The latest joke is that the White House is that
named the location of East Coast earthquake near DC “Bush’s Fault.”
Obama himself said, “…that after three years, if the economy wasn’t fixed he should be a one-term president.”
Clearly
the economic malaise started on George W. Bush’s watch. Its causes will be
argued for decades, but most of them are traceable to irresponsible lending and
excessive spending— both by government and the American people. The
trouble that started before 2008 is directly traceable to actions (or
inactions) of Bush and GOP allies in Congress. They spent America into
the start of the current deficit during his eight years in the White House.
But that was then, and this is now. Since Obama took office the
situation has gotten much, much worse. Obama has run up the deficit at more
than twice the rate Bush did. During the first quarter of 2011, the US economy “barely
grew” —at 0.4%—that was followed by second quarter’s “anemic
growth” of 1%. This was during the period when the Obama
recovery was supposed to be well underway. Employment data is
unremittingly terrible: new jobless claims are stuck at 400,000+/- each
month, with job creation well below what it takes just to absorb new workforce
entrants. More Americans have been unemployed longer than ever in our
history. And looking ahead, the news is not good.
This is Obama’s failed American recovery, and in the
near future, Obama’s impending double-dip recession (thanks in no small part to his three
consecutive years with Trillion-dollar in deficits that have inflated the
national deficit to soaring heights—$14+ Trillion.) That
legacy clearly belongs to President Barack Obama and with help from the
Congress led by Harry Reid and Nancy Pelosi during 2008-2010.
Thanks to them, our country hasn’t even had a budget since Obama took office.
The
latest Obama Blame Finger pointing focuses on the “Tea
Party” as “extremists” who
have a problem with astronomical deficits as far as the eye can see.
(Pointing at Bush is getting a little old since he’s
been out of office for 2-1/2 years). Obama needs a new scapegoat.
The problem with the Tea Party is that it is like the child in the fairy tale, “The
Emperors New Clothes.”
The child is reviled for pointing out that the emperor is naked. Thus,
the Tea Party is not wrong, just unwelcome.
Now
Obama also wants to point the Blame Finger at the GOP House for the downgrade
in the US debt rating by Standard and Poor’s. It seems that he believes
that everyone else is to blame but him. That downgrade was predestined by
the combination of irresponsible spending and Obama’s
clueless attempts to throw money at a recovery to no avail. Spending
$1.50 for every dollar of revenue, running trillion dollar annual deficits is
reason enough for a downgrade in the US debt rating.
Face
it folks: This is Obama’s failed recovery. And if (or when) it comes to pass, this “double-dip” recession (just around the corner) is
his too.
Make
no mistake, there IS plenty of blame to go around. About 75% of Americans
are fed up with both Obama and Congress. The
conservative and liberal factions of the House and Senate behaved badly
in the recent debt ceiling negotiation. President Obama wanted to stay
above the fray so he provided no leadership. He didn’t
even know how to bring the opposing viewpoints together. He talked about
bi-partisanship and consensus, but his actions disproved his words.
Until
the president saw an impending disaster, he sat on the sidelines, afraid to do
anything that might hinder his reelection campaign. Then, when his
intervention didn’t help, and arguably hurt the progress, he grew impatient,
petulant and angry.
John
Boehner, however, did an admirable job trying to build a compromise deal on the
debt ceiling, and get his own Caucus to support such a plan. Except, Obama
was attacked by his liberal base for even considering the “grand
bargain,” so he came in and dumped another “raise
taxes more” demand on Boehner. I’d have walked out too, which Boehner
was right to do.
But at least they were arguing about the right thing: how much
to cut spending and how.
The
Tea Party’s desire for fiscal responsibility is right, but it doesn’t
mean that tax revenue can’t be increased. It can; how it’s
done is what matters. The tax code desperately needs to be
restructured. Simply digging in on old positions doesn’t
help; it hurts. The goal is to “get the country working again,” and grow our way out of this mess.
The
one phrase of President Obama’s that I agree with is “Country
First.” But John Boehner was the one who tried his best to
put “Country First.” If Obama truly chooses that as
his 2012 campaign slogan, it will reek of hypocrisy.
If
the members of Congress would put 1) country first, 2) constituents wishes
next, and 3) personal agendas last, they might be able to work together to find
a way out of this mess.
What
happens in the Super-Committee of Twelve will be both revealing and
predictive. Either America’s Congressional leaders will—or
won’t—put "country first" and try
to find common ground and reasonable compromises to lead America out of this
mess.
Whatever
happens, this failed recovery and impending recession belong to President
Barack Obama. His condescending explanations of why “we
Americans” don’t get it, how “this
will take a long time,” this recovery, and his “class
warfare” about “millionaires and billionaires”
versus the “common folk” are all wearing thin.
This
kind of rhetoric won’t solve America’s problems. It
takes strong, informed, and experienced leadership to get through a mess like
this one. We need a fixer, not a hypocritical speechmaker in the White
House. Barack Obama is not that man. A wise man once told me, “The
person who got you into a problem is seldom the one who will get you out of
it.” That’s why there will be no recovery on Obama’s watch…’
http://dailybail.com/storage/chart-real-unemployment-3.gif?__SQUARESPACE_CACHEVERSION=1314981227699
’It’s now above 23% with the August update.
Details from John William’s Shadow Stats.’ Shadow Stats
‘The seasonally-adjusted SGS Alternate Unemployment Rate reflects current
unemployment reporting methodology adjusted for SGS-estimated long-term
discouraged workers, who were defined out of official existence in
1994. That estimate is added to the BLS estimate of U-6 unemployment,
which includes short-term discouraged workers. The U-3 unemployment rate is the
monthly headline number. The U-6 unemployment rate is the Bureau of Labor
Statistics’ (BLS) broadest unemployment measure, including short-term
discouraged and other marginally-attached workers as well as those forced to
work part-time because they cannot find full-time employment.’
Deja
Vu All Over Again: Total US Debt Passes Debt Ceiling… In Under One Month Since
Extension Sep 2nd, 2011 News
(ZeroHedge) — ‘Remember when one month ago the US, to much pomp and
circumstance, not to mention one downgrade, announced a grand bargain raising
the debt ceiling from $14.294 trillion to something much higher, with a stop
gap intermediate ceiling of $14.694 trillion, or $400 billion more. Well, as of
today, or less than a month since the expansion, total US debt is at $14.697 trillion.
Yep – the total debt is again over the ceiling, which means the US debt
increased by $400 billion in one month. Score one for fiscal prudence. And
while the total debt subject to the limit is still slightly less, at $14.652,
one week of Treasury auctions and will be time for Moody’s to justify again why
the US is a quadruple A credit. http://www.usagold.com/pete/newsviews/DebtCeiling.jpg ‘
Global
Recession: Right Here, Right Now at Minyanville Mike Mish Shedlock
Sep 02, 2011 Why are we talking about avoiding recession when the global
economy is clearly in one and fundamentals are horrendous?
‘It's time to stop debating whether or not the US or
Europe is headed into recession. The facts show the entire global economy is in
recession.
Global Recession Supporting Data-Points
Ten Thoughts
1. Prior stimulus in the US is dead, having run its full course.
2. There is no incentive in the US Congress for more stimulus.
3. Austerity measures have yet to hit Italy and France.
4. Austerity measures will continue to bite Spain, Greece, Ireland.
5. Germany's export machine will die without the rest of Europe.
6. QE3 will fail much sooner than QE2 as interest rates already extremely
accommodating.
7. Gold may respond well to competitive currency devaluation schemes.
8. The Eurozone is highly likely to breakup, although timing is unknown.
9. Global equities and commodities are priced for perfection.
10. Perfection is not happening.
Talk of avoiding recession when the global economy is clearly in one and
fundamentals are horrendous is sheer lunacy. For more, see Mish's Global
Economic Trend Analysis here.’
U.S.
Postal Service nearing bankruptcy as email asserts its dominance [Good! Let UPS take them over … the usps is totally unreliable]
‘Brendan posted earlier about how Citigroup is getting worried about profit
margins. They’re
not alone —
Soc Gen’s
in-house Dr. Doom, Albert Edwards, has a note today with his own take on the
subject.
Shockingly, Mr. Edwards’s take is downbeat!
While Citi focused on the impact of government
spending on corporate profits, Mr. Edwards zeroes in on the recent collapse in
productivity and surge in labor costs and what they say about margins:
Last week the BLS revised the unit labor cost rise in
Q2 up from 2.2% to 3.3% quarter over quarter. US non-farm business unit labour
costs are now rising by 2% year over year. That is very bad news for profits.
Bad news for equities. And because the pace of ULC is a key driver of inflation
(upwards in this instance), it is bad news for an increasingly criticised and
divided Fed.
Since labour costs overwhelmingly dominate corporate
costs, trends in productivity are crucial to the pace of growth of company profits.
If unit labour cost growth is below unit price inflation, then unit margins are
expanding. This, together with unit sales growth (and the less important unit
non-labour costs), arithmetically determine profit growth.
Typically, productivity growth tends to ebb and flow
with the economic cycle – i.e. productivity tends to rise as the economy
accelerates and vice versa. Therefore unit labour costs tend to fall sharply
early in economic recoveries (as has happened recently), but typically begin to
rise and eventually exceed output price inflation later in the cycle.
When unit labour costs start to rise quicker than
output prices, as is the case now, this tends to exert an upward pressure on
inflation as companies try to maintain margins. The pass-through of this upward
pressure on inflation is largely determined by the pace of the cycle. If demand
is robust, inflation will rise. If demand is weak and companies cannot
pass on cost increases, margins and profits get crushed. That is the tipping
point we have now reached.
And Wall Street analysts, in a truly shocking
development, actually seem to be paying attention, Mr. Edwards writes:
[W]e should not be surprised at the pace of
deterioration in analyst earnings optimism: in fact we have seen a near record
rate of decline in US estimates over the past six months. In Europe things are
even worse! As Andrew Lapthorne shows in this week’’s Global Equity Market
Arithmetic, European (ex UK) the level of analyst optimism has now dived to
24%, a level only ever reached in recession.’
Prepare
For Recession And Bear Market at Forbes Sy Harding, ‘Brace yourself for
a recession.
Central banks
around the world seem to be doing so, making little effort to prevent it this
time around, resigned to letting the business cycle play out.
Stock markets
around the world also seem to be doing so. In anticipation of economic
slowdowns that won’t slide all the way into recessions, stock markets
normally decline only into corrections (declines of less than 20%). But they
plunge into bear markets when recessions loom.
And global
stock markets outside of the U.S. are already in full-fledged bear markets.
That includes 10 of the world’s 12 largest economies, the exceptions being only the
U.S. and Canada.
In order of
the size of their economies, at the recent August lows the stock market in
China, the world’s second largest economy, was down 23% from its
November peak, Japan down 21%, Germany down 30%, France down 29%, the United
Kingdom down 21%, Brazil down 33%, Italy down 39%, India down 25%, Russia down
28%, and Spain down 29%. The exceptions were the U.S. and Canada, which at
their August lows were down only 16% (the Dow) and 18% respectively.
The recession
and bear market are coming to the U.S. too, and may have already arrived.
You can be
sure of that because it’s been one world economically for years, and
historically global economies and stock markets tended to always move in and
out of recessions and bear markets together even before their dependence on
each other became so pronounced.
You can be
sure of it because central banks seem willing to let it play out this time as
in days of old, without intervention.
In the
financial crisis of 2007-2008, it took a massive coordinated effort by global
central banks to pull the world back from the brink of what would have been a
total global financial collapse.
But when their
economies began to slow again in 2010, without the world being on the brink of
financial Armageddon, major nations outside of the U.S. were content to let the
business cycle play out normally, arguing against the U.S. Fed’s decision to jump in
with its QE2 stimulus efforts.
Indeed, while
the Fed was making that massive monetary easing effort, central banks in Asia,
Europe, and South America were tightening monetary policies and raising
interest rates to ward off rising inflation, and to tackle the government debt
crises created by their 2008-2009 bailout efforts.
The Fed’s QE2 effort pushed a
flood of additional dollars into the global financial system, spiking the
prices of commodities and paper assets like stocks, but had no lasting effect
on even the U.S. economy.
This year, as
global economies again slow significantly, central banks outside of the U.S.
again seem content, or at least resigned, to letting the business and economic
cycle play out, even though it likely means a global recession.
They refrain
from saying anything too negative that might make matters worse, but for
instance, this week the central bank of Brazil, which actually has one of the
world’s
strongest and fastest growing economies (but highest rate of inflation), warned
that this downturn in global economies will not be as severe as in 2008-2009,
but will be more prolonged.
The Financial Times reported Friday that “As the Organization for
Economic Cooperation and Development’s forecasts showed on Thursday, the near-term
economic outlook for the Group of Seven is dire, yet the mood is one of
resignation. . . . Finance ministers across the G7 are searching for ways to
explain their lack of likely coordinated action.”
And even in
the U.S., the Federal Reserve has been clearly transparent about its reluctance
to intervene this time.
With the
economy far weaker than it was when the Fed intervened with QE2 last year, Fed
Chairman Bernanke continues to say the Fed has some tools it can use if
necessary, but will wait and see. In his most recent speeches he cautioned that
the Fed is limited in what it can do anyway, and called for Congress to step up
to the plate.
Thursday
evening, President Obama did call for Congress to step up to the plate and pass
his $450 billion jobs bill.
But even if
the proposal should get through the political grinder of the grid-locked
Congress, it would be too little too late by the time it could be implemented.
So prepare for
a recession and bear market.
Hopefully investors
learned from the 2000-2002 and 2007-2009 bear markets that Wall Street’s advice to diversify
into ‘defensive’ stocks won’t do it. As I’ve shown you in previous
columns, so-called defensive stocks, defensive because they pay high dividends
or have been around a long time, are dragged down just as far as any in a bear
market.
Back in ‘the old days’ the call of successful
investors in times like this was that “cash is king”. Even receiving little to no interest income on cash
was better than experiencing a 30 to 40% loss.
These days
investors are better served. The availability of ‘inverse’ mutual funds and ‘inverse’ exchanged-traded funds,
designed to move up when markets move down, make them the new king in bear
markets. Cash may be better than losses, but the opportunities for 30% profits
while others are experiencing 30% losses are even better.
In the
interest of full disclosure, I and my subscribers have already taken
double-digit profits from positions in the ProShares Short S&P 500 etf,
symbol SH, and ProShares Short Russell 2000 etf, symbol RWM, and we’re looking at others.’
4
Bearish Mega Trends Simon Maierhofer, September 9, 2011, ‘In 2004, Daniel Simons of the
University of Illinois and Christopher Chabris of Harvard University conducted
an experiment that was as simple as it was fascinating.
If you want to
be part of the experiment, watch this video before you read any
further.
The
Experiment
There are two
groups of three people each. One group is wearing black shirts, the other group
white shirts. The assignment is to watch how many times the players wearing
white, pass the basketball.
If you counted
15, you are correct. But more importantly, did you notice the gorilla? While
you were counting passes, a woman dressed in a gorilla suit walked slowly
across the scene, stopped to face the camera and thumped her chest.
Half of the
people watching the video with the intent of counting passes did not see the
gorilla. The experiment illustrates the phenomenon of unintentional blindness.
This condition, also known as perceptual blindness, prevents people from
perceiving things that are in plain sight.
For most of
2010-11 Wall Street was so enamored by the magical powers of QE2 that it forgot
about the 800-pound gorilla - the economy that wasn't improving. In fact, the
economy continued deteriorating in plain sight.
There are five
bearish mega trends that may draw stock prices much lower over the coming
years. Here are the five mega trends (and what will make stocks rally in
between).
U.S.
Deficit
For a moment,
take a mental journey with me back in time. We are now in early 2008. The major
indexes a la S&P (SNP: ^GSPC), Dow Jones (DJI: ^DJI), and Nasdaq (Nasdaq:
^IXIC) are slowly coming off their all-time high, but the collapse of Lehman
Brothers has not yet hit the news.
Unbeknownst to
most, the perfect financial storm is brewing. Once the storm hits, it is much
worse than anyone expected. But, the eventual damage is limited. Why? Because,
the government steps up and does what it takes to prevent the financial system
from failing.
Today has the
feel of early 2008. Another perfect storm may be brewing. Will the government
be there to do what it takes to support 'too big to fail?' No! In 2008
financial companies were in trouble. In 2011 entire countries (look at Europe
and the U.S.) are struggling to escape the grip of delinquency.
A
Decelerating Generation
Starting in
2011, more than 10,000 baby boomers a day will turn 65, a pattern that will
continue for the next 19 years. This dry humor cartoon encapsulates the problem
retirees' face today:
Two older
gentlemen are having a drink. One says: 'As a Baby Boomer, I never thought the
boom would be the sound of my retirement accounts collapsing.' He'd like to sip
on a nice Scotch while enjoying a steak, but has to settle for water and free
bread sticks at Olive Garden.
Most retirees
still haven't recovered from the lost decade. Let's make the term lost decade
more personal. A 55 year old with $100,000 in his retirement account at the
beginning of the year 2000 and a 6% projected rate of return, would have
$201,419 today.
The S&P
trades 20% below its 2000 level. Courtesy of the lost decade, that $100,000 in
the year 2000 has turned into $80,000 today (perhaps less if invested too
aggressively). In other words, many retirees may have to get by on less than
half of their expected nest egg. In addition, their home, rather than being an
asset (many considered it an ATM a few years ago), has turned into a liability.
It doesn't
take much imagination to see that strapped retirees are bad for economic
growth. When the focus is on survival rather than pleasure, sectors like
technology (NYSEArca: XLK
- News), retail (NYSEArca: XRT - News), and consumer discretionary
(NYSEArca: XLY - News) suffer.
In addition,
baby boomers that have been buying stocks for decades (think of all the 401k
money) are now turning into sellers of stock.
Low
Interest Rates
Low interest
rates are great for the U.S. government because it reduces debt payments on
Treasuries and businesses wanting to expand. Unfortunately, businesses don't
feel like expanding or even hiring and for pretty much everyone else low
interest rates are negative.
Some try to
sell the idea that low interest rates are good for stocks (NYSEArca: VTI - News) because money will flow
from low interest bonds into stocks in an effort to get a better return.
The chart
below plots the Nikkei against Japan's version of the discount rate. The
discount rate has been below 1% since 1995. At the same time the Nikkei has
dropped from above 20,000 to below 10,000. Much of this happened during a
raging global bull market. Imagine what a global bear market can do to U.S.
stocks.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20japan%20discount.gif
Low interest
rates are a double negative because they reduce available spending for retirees
who need to get as much income as possible to survive.
Coming to
a Head
The above
three bearish trends were highlighted in detail in various 2011 ETF Profit
Strategy Newsletters. Due to those, and other mega trends, the Newsletter has
been expecting a major market top.
For much of
2011 however, the expectation of a major market top was postponed until the
ideal target range was reached. The April 3 ETF Profit Strategy update included
a precise range for a major market top: 'In terms of resistance levels, the
1,369 - 1,382 range is a strong candidate for a reversal of potentially
historic proportions. '
Why was
S&P 1,369 - 1,382 a candidate for a reversal of historic proportions? The
chart below, published by the ETF Profit Strategy Newsletter in March and many
times since, has the answer.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20M%20pattern.gif
What you see
is a giant M, or head and shoulders top. The right shoulder was made up of the
parallel trend channel that connects the 2002 and 2009 low, with the 2000 high.
In April/May the upper line of the trend channel ran through 1,377. Additional
resistance was provided by Fibonacci levels at 1,389 and 1,369.
On May 2, the
S&P briefly spiked as high as 1,370.58 before retreating and eventually
dropping 18% in twelve trading days (July 25 - August 9). Once the S&P
dropped below the 200-day SMA it entered free fall territory.
The July 28
ETF Profit Strategy update warned that: 'A break below the 200-day SMA and the
trend line may trigger panic selling. One way to avoid missing out on a
potentially big opportunity is to use the 200-day SMA at 1,284 as delineation
between bullish and bearish bets - buy as long as the 200-day SMA serves as
support, sell if it becomes resistance.'
From top to
bottom (once the bottom is in), the S&P will have fallen more than 250
points. No doubt this kind of move validates a counter trend rally. When and
where will this rally start and how high will it go?
The ETF Profit Strategy Newsletter provides a detailed outlook for the
remainder of 2011 along with the target for a 2011 bottom and 2011 top. The
Newsletter doesn't promise to get every turn of the market right, but it will
identify the money-losing gorillas. Just imagine if you sold your holdings at
the target range for a major top.’
Zero
Job Growth in August Supports Recession Case ETFguide.com
Why
to Sell When Wall Street Says 'Buy' and Vice Versa ETFguide.com
S&P
1,100 And Lower - More Likely Than you Think Simon Maierhofer, On Friday
September 9, 2011, ‘The S&P has been chopping around aimlessly for
nearly a month. Wednesday ETF Profit Strategy update explained the reason and
the outcome as follows:
'The aimless
sideways trading and lack of powerful and predominantly one-directional rally
suggests that the S&P is stuck in a mild up side correction to be followed
by new lows. Range bound trading lulls investors into a false sense of
security.'
Here are more
than a handful of reasons why new lows are likely.
Up Trend
Broken
The chart
below shows the Dow Jones Industrials (DJI: ^DJI) since the March 2009 bottom.
The DJIA weekly candle low touched the yellow trend line on different occasions
before breaking through it on August 2.
The S&P
500 (SNP: ^GSPC) and Nasdaq (Nasdaq: ^IXIC) adhered to a similar but not as
pronounced trend line. But the S&P also had a key experience on August 2.
The August 2 ETF Profit Strategy Newsletter update observed regarding a head
and shoulders top that the: 'S&P is about to break below the neckline
around 1,249. A break below this neckline would unlock a measured target of
S&P 1,140.'
The fact that
both the DJIA and S&P 500 broke through necklines that have held for over
two years is less than encouraging.
In addition,
the S&P's May 2 high at 1,370 occurred right within the sweet spot of a
major market top. The ETF Profit Strategy Newsletter published the chart below
on various occasions throughout March, April and May and preached that S&P
1,369 - 1,382 is the ideal target range for a major market top (chart below was
featured in the April 5 ETF Profit Strategy update).
https://www.etfguide.com/images/PDNewsletter_Images/5%20-%20April%203%20TF.jpg
Death
Cross
The death
cross is one of the most talked about technical events, that's why I don't put
too much stock in it. However, there are two interesting facts about previous
death crosses.
The 2000 and
2007 death cross occurred about three days before the S&P embarked on its
next leg down. The 2010 death cross was actually a buy signal. However, it
occurred after the S&P and DJIA bounced off the yellow trend line (this
time the trend line was broken).
Seasonality
August,
September, and October is the most bearish stretch of the year. September and
October sport negative performance even in the pre-election year.
Sentiment
From S&P
1,370 on May 2 to S&P 1,258 on June 16, the S&P shed 112 points and
sentiment measured by Investors Intelligence (II) and the American Association
for Individual Investors (AAII) turned deeply bearish. The June 16 ETF Profit
Strategy update took that as a queue to buy (long positions were closed at
S&P 1,340).
From S&P
1,353 on July 7 to S&P 1,102 on August 9 the S&P lost 251 points, yet
the II sentiment poll registered the second most bullish reading since the
first week of May. AAII and II polls are often considered the 'dumb money.' If
the 'dumb money' views last Wednesday's low as a buying opportunity, the 'smart
money' should be suspicious.
VIX
Pattern
If you have
the charting capabilities, take a moment and plot the VIX (NYSEArca: VXX -
News) against the S&P for the month of September - November 2008 and April
- July 2010. If you don't have the time you may simply look at the chart below.
https://www.etfguide.com/images/PDNewsletter_Images/yahoo%20-%20vix%20pattern.gif
What we've
seen in 2008 and 2010 is that a VIX peak did not coincide with the S&P
bottom. The S&P bottom actually occurred against a lower VIX reading. If
this pattern continues, we will see lower lows.
The August 14
ETF Profit Strategy update includes a detailed analysis of the VIX pattern,
along with the time frame and target level for an expected turn.
The
Script
Via more or
less accidental chart surfing I found a striking resemblance between the 2007
market top and the May 2011 top. This moved me to state in the July 17
Profit Strategy update that:
'There is a
similar trend line and a triple top above the trend line. A break below that
trend line could be a precursor of bad things. Next week the trend line will be
at about 1,262.'
The S&P
sliced through that trend line on August 4 and fell an additional 12% within
the next four days (this ascending trend line is now a big target and
resistance).
The August 7
Profit Strategy update revisited that script and concluded this: 'We now have a
rough script; let's see how much lip the actors will add during the live
performance (I.e. S&P downgrade).
The two main
things I have taken away from the 2007 script are:
1) There will
be a new low.
2) There will
be a powerful counter trend rally to around 1,xxx (reserved for subscribers).'
Short-term
Outlook
Wednesday's
(September 7) ETF Profit Strategy update advised aggressive investors to short
the S&P 500 as soon as it breaks below 1,173. This doesn't mean that stocks
can't go higher, but shorting the S&P against major support/resistance
(with a tight stop-loss above) is the only conservative way to assure
participation in the next leg down…’
Ominous
Bear Flag Pattern Suggests S&P 500 At 1,000 Scott Redler ‘Talk of a possible Greek debt default grew louder as
the day wore on Friday, with several euro zone officials commenting that they
expect a default over the weekend. Naturally, the markets didn’t respond positively to
the news. Combine that with the terror alerts in New York City and Washington, D.C.,
this weekend for the 10th anniversary of 9/11, and it was a recipe for heavy
selling.
The Dow closed
off more than 300 points to finish another wildly volatile week, and based on
the action and news, we could be headed for another huge Monday morning gap
down. However, it was difficult to chase shorts at the end of the day at such
oversold levels, because if the Greek default doesn’t come to fruition and
there is no major terrorist attack, those short positions would likely be in
serious pain.
The news of a
possible Greek default, which would be a historic first-time event,
overshadowed any individual stock stories today. In isolation, the default of a
relatively small Eurozone economy would not be the “end of the world”, but with other, larger
Euro economies standing on extremely shaky ground (especially Italy), such an
event could trigger a domino effect unlike anything ever witnessed in modern
human history.
Conventional
wisdom would tell you that gold shot through the roof on a day like this, but
whispers about potential margin hikes pushed GLD to a lower open and seemed to
keep the metal at bay. Even with the market tanking, GLD had a hard time
ticking higher.
Technical
Take
If you take a
step back and look at the SPY chart on a daily and even weekly time frame, the
obvious pattern that jumps out at you is a wide, but well-defined, bear flag. Previously,
we noted the well-defined head and shoulders pattern that forecast the deep
correction.
The only
strategies that have worked, and provided limited risk, over the past month
have been buying and selling extreme moves in both directions. Large gap downs
on Monday and Tuesday had investors extremely bearish–the most bearish since
September 2007–which gave way to a steep short squeeze.
As we’ve seen before, that
low-volume bounce/short squeeze was only “transitory”, as Ben Bernanke would put it. The oversold bounce
we saw early in the week actually turned out to be a negative event for the
bulls, because it allowed the market to work off its severely oversold
condition and prime for another plunge.
After such a
harsh move lower, which began around the time of the debt ceiling debate and
S&P downgrade, it is natural for there to be some indecision in the
indices. However, nobody would have expected the range to remain as wide as it
has been. Resolution to this pattern will come at one point or another, and
based in the in-bound move, there will be a powerful secondary move (more than
likely to the downside). The lower end of the channel also lines up with the
200-week Moving Average, which will be another crucial technical level.
The measured
move could take the S&P down to the 1,000 range if a worst-case type
scenario plays out, which would involve a Greek debt default that triggered a
domino effect in Europe that could likely trigger defaults in at least a few
other PIIGS (Portugal, Ireland, Italy, Greece, Spain) nations as well.
http://blogs-images.forbes.com/greatspeculations/files/2011/09/SP-bear-flag-1024x675.png
Technically,
we are also seeing some clues that tell us that all is not well with Mr.
Market. Nearly every sector is currently mired in a bearish technical
formation; there are no rays of light. The one area of relative strength early
in the week, is starting to look ready to break down as well.
One clue we
look to first is high-beta tech. If the market is healthy under the hood, the
leading high-beta tech stocks will usually hold up well. We saw some relative
strength early in the week from the likes of Apple Inc. (AAPL), Amazon.com Inc.
(AMZN) and Baidu.com Inc. (BIDU), but none of them were able to withstand the
force of today’s drop. AAPL and BIDU in particular look to be
forming wedge continuation patterns, which generally resolve to the downside.
During the
formation of the head and shoulders pattern, for example, the Industrials (XLI)
and the Homebuilders (XHB) started to break down first, which signaled to us
that the rest of the market wasn’t far behind.
When selling
is isolated and weak sectors drag the market down, it can be considered a
buying opportunity for strong stocks. When selling is more across-the-board, it’s a sign to get of the
way.
The measured
move of the head and shoulder played out almost to a ‘T’ (as you can see on the
chart). Technical patterns aren’t always perfect, but they provide a good roadmap.
Another thing you have to understand about technical analysis too is that it is
largely a self-fulfilling prophecy. Moves in the market often play out simply
because a large group of traders and investors are reacting based on the same
set of rules.
Before the
break of the head and shoulders, you had the more
mainstream media start talking about the ‘scary’ head and
shoulders top pattern, which got both Main St. and Wall St. bearish. Now,
everyone in the industry is talking about this ominous bear flag pattern, which
is likely to make its rounds in the more mainstream media this weekend (along
with the news about Greece).
Final
Word
While doomsday
talk is rampant right now–between a domino effect of European sovereign debt
defaults to 9/11 anniversary attacks–as traders we never trade based on assumptions. The
traders who are consistent and profitable over the long haul are the ones who,
first and foremost, limit their risk. At the end of the day today, for example,
there is enormous risk for both longs and shorts.
If Greece does
default and/or there is some sort of attack on NYC/DC, the market is sure to
open sharply lower on Monday. However, if one or both of those events do not
occur, shorts would be in for a massive squeeze. After such a harsh down day
like today, it is best to take any profits you may have generated and take a
firm seat on the sidelines.
Even if you
are not involved in the weekend trade, there will be tremendous opportunity
over the next few weeks to take advantage of this historic market volatility.
Great opportunity comes with great risk, so be sure to, more than ever, stick
to your personal trading rules and don’t make big bets you can’t afford to pay off.’
Unprecedented
Monthly Volume Sell-Off Suggests Now's the Time to Take Shelter at
Minyanville Kevin
A. Tuttle Sep 12, 2011 ‘Do not concern yourself if the market goes up
today, tomorrow, or a month from now. The risk of entering is not worth the
reward.
Over the
weekend I had the pleasure of speaking with a very prominent European money
manager –
overseeing hundreds of billions – about the "across-the-pond" financial
crisis unwind and looming hazard of a potential domino-effect coming to
fruition. Without rehashing the entire conversation, the consensus is not
"if," it’s "when" will the developing pressure
finally blow. He actually went so far as to say it could truly begin unraveling
within the next few weeks considering the catalysts currently in play.
The intent of providing the conversation synopsis is not for sake of fear, but
understanding the potential ramifications. About three years ago, in one of my
firm's quarterly reports, we opined on a unique situation in regard to the GDP
measurements of Global Nations. It stated the unprecedented growth statistics
from the 56 nations tracked. “History is currently being made in the sense that all
the globally tracked economic growth nations (56), every one… 100%..., are showing
expansion.”
This lead
to my next comment… “If the economic cycle pendulum swings in both
directions what would happen if the inverse occurred?” Are 2011/2012 the years
we are about to find out? Maybe that’s somewhat extreme, but yet… is it possible?
We at my firm do not pretend to be intelligent enough to figure out all the
nuances, catalysts, causes and reasons why the markets could fall apart; we’ll leave it to the team
of economists and officials to attempt to sort that out. What we do instead is
try to determine when the storm is coming and how to take shelter, which brings
me to my point: Now is the time. Take shelter! Do not concern yourself
if the market goes up today, tomorrow or a month from now. Clarity is key!
Would you sail your boat into rocky waters with a potential hurricane looming
because of your love of sailing? Is the risk
worth the reward? For some, maybe; but for most, probably not.
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/jo.jpg
Since the "2011 Channel of Indecision" broke on August 4, the seas
have picked up dramatically and have begun swallowing ships. The markets have never
seen this type of monthly volume sell-off – 47% above average
(unprecedented), as seen in the monthly chart above. As Kenny Rogers put it so
eloquently…
“Know
when to hold em’ and know when to fold em', know when to walk away,
know when to run!”
Editor's Note: Read more at Tuttle
Asset Management.’
What's the
Long-Term Outlook for Stocks and The Economy? ETFguide Simon Maierhofer,
September 12, 2011, ‘The stock market's summer performance has been
nothing but stunning. Seeing daily swings in excess of 4% has become as common
as American fast food in China.
Sometimes
it's helpful to step back and shift the focus from day-to-day changes to
multi-decade trends. This kind of big picture evaluation shows whether events
like this summer's meltdown are just a hiccup or confirmation of a long-term
trend (change).
MORE THAN JUST A MULTI-DECADE FLUKE
Gradual
changes are often so subtle that they are nearly invisible to the naked eye or
novice observer. But, just because a change is gradual doesn't mean it's
insignificant.
Let's
take a look at the basic make up of the U.S. economy. A few decades ago,
sweat-trenched U.S. manufacturing facilities were the most fertile,
growth-producing environment on the planet. This growth was fueled by 'Made in
America' products. The growth was organic and it was real.
The
first red box in the chart below captures this period of powerful organic
growth. It lasted from 1947 - 1966. During this period, GDP growth averaged
4.18%.
The
second red box captures a period of growth fueled by low interest and financial
engineering. During this period - from 1975 - 2000 - GDP growth averaged only
3.4%.
https://www.etfguide.com//contributor/UserFiles/8/Image/Growth%20Periods%20Yahoo.gif
(The
above chart was featured in the March 2011 ETF Profit Strategy Newsletter)
The Only Original Dow Component, Not some Hot Tech Stock
General
Electric (NYSE: GE - News),
a company that prospered during both phases, aptly illustrates the difference
between both periods.
Until
the late 1960s, GE was known for manufacturing quality, American-made products
like refrigerators, washing machines, stoves, light bulbs, and jet engines. GE
manufactured real products, provided real jobs, and made real profits.
Starting
in the 1980s GE changed its focus from blue collar manufacturing to white
collar alchemy. GE ventured into television and high finance. GE's focus
shifted from building quality products to financing purchases of competitor
products. Ultimately, it went from manufacturing real products to building a
financial house of cards.
In
August 2000, GE traded as high as $60.5 a share. In 2009 it was as low as $5.73
- a 90% drop. Today, it's hovering around $15. As you ponder this change in
valuation, keep in mind that GE is the only original Dow Jones Industrial
Average (DJI: ^DJI) component, not some hot today cold tomorrow tech stock.
A NEW TREND IS BORN ... AND KILLED
Financially
engineered (artificial) profits appeared to be the best new thing since sliced
bread. However, GDP growth since 2000 has dropped dramatically, now only 1.71%.
The post-2007 meltdown shows that an economy cannot be built on the financial
(NYSEArca: XLF - News)
and banking (NYSEArca: KBE - News)
sectors.
It
also shows that an artificial bull market is much more receptive to huge
corrections. We've had the 2000 tech bust (NYSEArca: XLK
- News),
the 2005 real estate (NYSEArca: IYR - News)
debacle, the 2007/2008 deflation of the financial sector, and most recently the
summer 2011 meltdown.
If
you think financially engineered profits are bad, brace yourself for what lies
ahead. The hopes for economic prosperity (perhaps even survival) rest on
Facebook, Twitter, Groupon, LinkedIn, Netflix, and the like.
Social
networking isn't a proven business model, yet Facebook has an estimated market
cap larger than those of Boeing, Home Depot, Walt Disney, Dell, Hewlett
Packard, Costco, or even Goldman Sachs.
Hewlett-Packard
employs 325,000 people, Home Depot 300,000, Boeing 160,000. However, Facebook
cuts pay checks to only about 1,000 lucky employees. Welcome to the
future of high corporate profit margins and even higher unemployment.
Groupon
has an estimated value of $6-9 billion, but its recipe of success is to coax
businesses into providing discounts of 50 - 90%. Groupon is a classic economic
leach that benefits by sucking the profits out of its client base and teaching
its subscribers to buy only at discount prices. Welcome to a future of
shrinking small business profits.
THE STOCK MARKET AGREES
The
big picture fundamental outlook appears less than confidence inspiring. What
about the big picture technical outlook?
The
chart below (although small in size due to upload limitations) was featured in
the March ETF Profit Strategy Newsletter and provides a big picture technical
forecast. In fact, it's about as 'big picture' as it gets.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20M%20pattern.gif
What
you see is a giant bearish M pattern, it could even be considered a head and
shoulders pattern. The neckline is formed by the 2002 and 2009 lows.
To
determine an upside price target, we drew a parallel channel that connects the
2002 and 2009 lows with the 2000 high. The April 3 ETF Profit Strategy update
said the following about this trend channel and other resistance levels:
'For
the month of April this trend line will traverse through 1,377. The 78.6%
Fibonacci retracement is at 1,381.5. There is a fairly strong Fibonacci projection
resistance at 1,369. In terms of resistance levels, the 1,369 - 1,382 range is
a strong candidate for a reversal of potentially historic proportions.'
The
S&P (SNP: ^GSPC) peaked on May 2 at 1,370.58 and has since lost as much as
269 points or 19%. The Nasdaq (Nasdaq: ^IXIC) has held up slightly better, but
no matter how you slice it, the stock market has given up more than a year's
worth of gains within a matter of weeks. The VIX (Chicago Options: ^VIX) spiked
to the highest level in over a year.
In
addition, all major U.S. indexes broke below a trend line that has provided
support on nine different occasions since the March 2009 lows.
This
doesn't prevent rallies. In fact, based on our research, we should see a
sizeable rally soon. However, odds favor that the stock market's trend has
changed from up to down…’
[video]
Trader: Waiting for Treasury Bubble to Burst at TheStreet.com
Preparing
for a Credit Crisis at Minyanville John Mauldin’ “I am sure the Euro will
oblige us to introduce a new set of economic policy instruments. It is
politically impossible to propose that now. But some day there will be a crisis
and new instruments will be created.”-- Romano Prodi, EU Commission
President, December 2001
Prodi and the other leaders who forged the euro … knew a crisis would develop,
as Milton Friedman and many others had predicted. They accepted that as the
price of European unity. But now the payment is coming due, and it is far
larger than they probably thought…
The Consequences of Austerity
The markets are pricing in an almost 100% certainty of a Greek default (OK,
actually 91%), and the rumors in trading circles of a default this weekend by
Greece are rampant. Bloomberg (and everyone else) reported that Germany is
making contingency plans for the default. Of course, Greece has issued three
denials today that I can count. I am reminded of that splendid quote from the
British ’80s sitcom, Yes, Prime Minister: “Never believe anything until it’s
been officially denied.”
Germany is assuming a 50% loss for their banks and insurance companies. Sean
Egan (head of very reliable bond-analyst firm Egan-Jones) thinks the ultimate
haircut will be closer to 90%. And that is just for Greece. More on the
contagion factor below.
“The
existence of a ‘Plan B’ underscores German concerns that Greece’s failure to
stick to budget-cutting targets threatens European efforts to tame the debt
crisis rattling the euro. German lawmakers stepped up their criticism of Greece
this week, threatening to withhold aid unless it meets the terms of its
austerity package, after an international mission to Athens suspended its
report on the country’s progress.
“ ‘Greece is “on a knife’s edge,”’ German Finance Minister Wolfgang Schaeuble
told lawmakers at a closed-door meeting in Berlin on Sept. 7, a report in
parliament’s bulletin showed yesterday. If the government can’t meet the aid
terms, ‘it’s up to Greece to figure out how to get financing without the euro
zone’s help,’ he later said in a speech to parliament.
“Schaeuble travelled to a meeting of central bankers and finance ministers from
the Group of Seven nations in Marseille, France, today as they face calls to
boost growth amid increasing threats from Europe’s debt crisis and a slowing
global recovery.” (Bloomberg)
(There is an over/under betting pool in Europe on whether Schaeuble remains as
Finance Minister much longer after this weekend’s G-7 meeting, given his clear
disagreement with Angela Merkel. I think I take the under. Merkel is tough. Or
maybe he decides to play nice. His press doesn’t make him sound like that type,
though. They are playing high-level hardball in Germany.)
Anyone reading my letter for the last three years cannot be surprised that
Greece will default. It is elementary school arithmetic. The Greek debt-to-GDP
is currently at 140%. It will be close to 180% by year’s end (assuming someone
gives them the money). The deficit is north of 15%. They simply cannot afford to
make the interest payments. True market (not Eurozone-subsidized) interest
rates on Greek short-term debt are close to 100%, as I read the press. Their
long-term debt simply cannot be refinanced without Eurozone bailouts…
[Quick sidebar: If (when) the US goes into recession [We’re already in a
recession!], have you thought about what the result will be? A recession of
course means lower GDP, which will mean higher unemployment. That will increase
costs due to increased unemployment and other government aid, and of course
lower revenues as tax receipts (revenues) go down. Given the projections and
path we are currently on, that means even higher deficits than we have now. If
President Obama has his plan enacted, and if we go into a recession, we will see
record-level deficits. Certainly over $1.5 trillion, and depending on the level
of the recession, we could scare $2 trillion. Think the Tea Party will like
that? Governments have less control than they think over these things. Ask
Greece or any other country in a debt crisis how well they predicted their
budgets.]
The Greeks were off by over 25%. And they are being asked to further cut their
deficit by 4% or so every year for the next 3-4 years. That guarantees a
full-blown depression. And it also means lower revenues and higher deficits,
even at the reduced budget levels, which means they get further away from their
goal, no matter how fast they run. They are now in a debt death spiral. There
is no way out, short of Europe simply bailing them out for nothing, which is
not likely.
Europe is going to deal with this Greek crisis. The problem is that this is the
beginning of a string of crises and not the end. They do not appear, at least
in public, to want to deal with the systemic problem of too much debt in all
the peripheral countries…
Euro Breakup – The Consequences
“The Euro Should Not Exist
(Like This)
“Under
the current structure and with the current membership, the Euro does not work.
Either the current structure will have to change, or the current membership
will have to change.
“Fiscal
Confederation, Not Break-Up
“Our
base case with an overwhelming probability is that the Euro moves slowly (and
painfully) towards some kind of fiscal integration. The risk case, of break-up,
is considerably more costly and close to zero probability. Countries cannot be
expelled, but sovereign states could choose to secede. However, popular
discussion of the break-up option considerably underestimates the consequences
of such a move.
“The
Economic Cost (Part 1)
“The
cost of a weak country leaving the Euro is significant. Consequences include
sovereign default, corporate default, collapse of the banking system and
collapse of international trade. There is little prospect of devaluation
offering much assistance. We estimate that a weak Euro country leaving the Euro
would incur a cost of around €9,500 to €11,500 per person in the exiting country during the
first year. That cost would then probably amount to €3,000 to €4,000 per person per year
over subsequent years. That equates to a range of 40% to 50% of GDP in the
first year.
“The
Economic Cost (Part 2)
“Were
a stronger country such as Germany to leave the Euro, the consequences would
include corporate default, recapitalization of the banking system and collapse
of international trade. If Germany were to leave, we believe the cost to be
around €6,000
to €8,000
for every German adult and child in the first year, and a range of €3,500 to €4,500 per person per year
thereafter. That is the equivalent of 20% to 25% of GDP in the first year. In
comparison, the cost of bailing out Greece, Ireland and Portugal entirely in
the wake of the default of those countries would be a little over €1,000 per person, in a
single hit.
“The
Political Cost
“The
economic cost is, in many ways, the least of the concerns investors should have
about a break-up. Fragmentation of the Euro would incur political costs. Europe’s ‘soft power’ influence
internationally would cease (as the concept of ‘Europe’ as an integrated polity
becomes meaningless). It is also worth observing that almost no modern fiat
currency monetary unions have broken up without some form of authoritarian or
military government, or civil war.”
Welcome to the Hotel California
Welcome to the Hotel California
Such a lovely place
Such a lovely face
They livin’ it up at the Hotel California
What a nice surprise, bring your alibis
Last thing I remember, I was running for the door
I had to find the passage back to the place I was before
“Relax,” said the night man, “We are programmed
to receive.
You can check out any time you like, but you can never leave!”
-- The Eagles, 1977
You can disagree with the UBS analysis in various particulars, but what it
shows is that there is no free lunch. It is not a matter of pain or no pain,
but of how much pain and how is it shared. And to make it more difficult,
breaking up may cost more than to stay and suffer, for both weak and strong
countries. There are no easy choices, no simple answers. Like the Hotel
California, you can check in but you can’t leave! There are simply no provisions for doing so,
or even for expelling a member.
The costs of leaving for Greece would be horrendous. But then so are the costs
of staying. Choose wisely. Quoting again from the UBS report:
“… the only way for a country to leave the EMU in a
legal manner is to negotiate an amendment of the treaty that creates an opt-out
clause. Having negotiated the right to exit, the Member State could then, and
only then, exercise its newly granted right. While this superficially seems a
viable exit process, there are in fact some major obstacles.
“Negotiating
an exit is likely to take an extended period of time. Bear in mind the exiting
country is not negotiating with the Euro area, but with the entire European
Union. All of the legislation and treaties governing the Euro are European
Union treaties (and, indeed, form the constitution of the European Union).
Several of the 27 countries that make up the European Union require referenda
to be held on treaty changes, and several others may choose to hold a
referendum. While enduring the protracted process of negotiation, which may be
vetoed by any single government or electorate, the potential secessionist will
experience most or all of the problems we highlight in the next section (bank
runs, sovereign default, corporate default, and what may be euphemistically termed
‘civil
unrest’).”
Leaving abruptly would result in a lengthy bank
holiday and massive lawsuits and require the willingness to simply thumb your
nose in the face of any European court, as contracts of all sorts would have to
be voided. The Greek government would have to “conveniently” pass a law that would
require all Greek businesses to pay back euro contracts in the “new drachma,” giving cover to their
businesses, who simply could not find the euros to repay. But then, what about
business going forward?
Medical supplies? Food? – The basics? You have to find hard currencies for
what you don’t
produce in the country. Greece is not energy self-sufficient, importing more
than 70% of its energy needs. They have a massive trade deficit, which would
almost disappear, as who outside of Greece would want the “new drachma?” Banking? Parts for boats
and business equipment? The list goes on and on. Commerce would slump
dramatically, transportation would suffer, and unemployment would skyrocket.
If Germany were to leave, its export-driven economy would be hit very hard. It
is likely that the “new mark” would appreciate in value, much like the Swiss
Franc, making exports from Germany even more costly. Not to mention potential
trade barriers and the serious (and probably lengthy) recession that many of
their export and remaining Eurozone trade partners would be thrown into. And
German banks, which have loaned money in euros, would have depreciating assets
and would need massive government support. (Just as they do now!)..
Ray Dalio and his brilliant economics team at Bridgewater have done a series of
reports on a plan for Europe. Basically, it involves deciding which
institutions must be saved (and at what cost) and letting the rest simply go
their own way. If they are bankrupt,
then so be it. Use the capital of Europe to save the important institutions
(not shareholders or bondholders). Will they do it? Maybe.
The extraordinarily insightful and brilliant John Hussman recently wrote on a
similar theme. He is a must-read for me. Quoting:
“The global economy is at a crossroad that demands a
decision –
whom will our leaders defend? One choice is to defend bondholders – existing owners of
mismanaged banks, unserviceable peripheral European debt, and lenders who
misallocated capital by reaching for yield and fees by making mortgage loans to
anyone with a pulse. Defending bondholders will require forced austerity in
government spending of already depressed economies, continued monetary
distortions, and the use of public funds to recapitalize poor stewards of
capital. It will do nothing for job creation, foreclosure
reduction, or economic recovery.
“The
alternative is to defend the public by focusing on the reduction of
unserviceable debt burdens by restructuring mortgages and peripheral sovereign
debt, recognizing that most financial institutions have more than enough shareholder
capital and debt to their own bondholders to absorb losses without hurting
customers or counterparties – but also recognizing that properly restructuring
debt will wipe out many existing holders of mismanaged financials and will
require a transfer of ownership and recapitalization by better stewards. That
alternative also requires fiscal policy that couples the willingness to accept
larger deficits in the near term with significant changes in the trajectory of
long-term spending.
“In
game theory, there is a concept known as ‘Nash equilibrium’ (following the work of John Nash). The key feature
is that the strategy of each player is optimal, given the strategy chosen by
the other players. For example, ‘I drive on the right / you drive on the right’ is a Nash equilibrium,
and so is ‘I
drive on the left / you drive on the left.’ Other choices are fatal.
“Presently,
the global economy is in a low-level Nash equilibrium where consumers are
reluctant to spend because corporations are reluctant to hire; while
corporations are reluctant to hire because consumers are reluctant to spend.
Unfortunately, simply offering consumers some tax relief, or trying to create hiring
incentives in a vacuum, will not change this equilibrium because it does not
address the underlying problem. Consumers are reluctant to spend because they
continue to be overburdened by debt, with a significant proportion of mortgages
underwater, fiscal policy that leans toward austerity, and monetary policy that
distorts financial markets in a way that encourages further misallocation of
capital while at the same time starving savers of any interest earnings
at all.
“We
cannot simply shift to a high-level equilibrium (consumers spend because
employers hire, employers hire because consumers spend) until the balance sheet
problem is addressed. This requires debt restructuring and mortgage
restructuring. While there are certainly strategies (such as property
appreciation rights) that can coordinate restructuring without public subsidies,
large-scale restructuring will not be painless, and may result in market
turbulence and self-serving cries from the financial sector about ‘global financial
meltdown.’
But keep in mind that the global equity markets can lose $4-8 trillion of
market value during a normal bear market. To believe that bondholders simply
cannot be allowed to sustain losses is an absurdity. Debt restructuring is the
best remaining option to treat a spreading cancer. Other choices are fatal.”
(Click here
for the rest of the article.)
You think the world’s central banks and main
institutions are not worried? They are pulling back from bank debt in Europe,
as are US money-market funds. (Note: I would check and see what your
money-market funds are holding – how much European bank debt and to whom? While they
are reportedly reducing their exposure, there is some $1.2 trillion still in
euro-area institutions that have PIIGS exposure.)
Look
at the following graph from the St. Louis Fed. It is the amount of deposits at
the US Fed from foreign official and international accounts, at rates that are
next to nothing. It is higher now than in 2008. What do they know that you
don’t?
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/fred1.jpg
The Slow March to Recession in the US..
John Hussman, in the same report, offers the chart below, which is a variant on
themes I have highlighted in past issues, but with his own personal twist. It
is a combination of four Fed indices and four ISM reports. And it has been
reliable as a predictor of recessions – one of which it strongly suggests we
are either in or heading into.
http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchJUNE2011/fred2.jpg
And recent revisions to economic data
suggest that companies are going to have even more trouble making those
powerhouse earnings that are being estimated. As Albert Edwards of Societe
Generale reports this week:
“… at the start of 2011, productivity trends took a
remarkable turn for the worse – especially compared to what was initially reported.
An initial estimate that Q1 productivity grew by 1.8% was transformed to show a
decline of 0.6%. A slight 0.7% rise in Q1 ULC (unit labor costs) was
transformed to show a staggering surge of 4.8%! In addition to that 4.8% rise,
ULC rose a further 2.2% in Q2. But the news gets even worse Last week the BLS
revised the ULC rise in Q2 up from 2.2% to 3.3% QoQ. US non-farm business unit
labor costs are now rising by 2% yoy. That is very bad news for profits. Bad
news for equities. And because the pace of ULC is a key driver of inflation
(upwards in this instance), it is bad news for an increasingly criticized and
divided Fed.”
Preparing for a Credit Crisis
There is so much that could push us into another 2008 Lehman-type credit
crisis..
I did an interview with good friends David Galland
and Doug Casey of Casey Research yesterday. They are decidedly more bearish
than I am, so wanted an “optimist” to sit on their panel. But they forced me to admit
that some of my optimism depends on the probability of US political leaders
doing the right thing. ..
But whether you want to make it 50-50 to 70-30 or (pick a number), there is a
reasonable prospect of another credit crisis. So what should you do?
First, think back to 2008. Were you liquid enough? Did you have enough cash? If
not, then think about raising that cash now. When the crisis hits, you have to
sell what you can for what you can get, not what you want for reasonable prices
…’
Don't Trust Wall
Street and this Market ETFguide
[ I couldn’t say this better myself! Take heed! My sentiments exactly,
except far worse is in store! ] Simon Maierhofer, September
13, 2011, ‘The chicken is clueless about the
egg's fate. Will it hatch or become an omelet?
Wall
Street is clueless about their forecasts, will they 'hatch' or become egg on
their face? Who cares; as long as it sounds good at the time, Wall Street's
opinions are promoted by the media. Is this a haphazard approach? Judge for
yourself.
The
most recent Wall Street blunder was the over emphasis on positive earnings in
April. Here are some of the headlines Wall Street and the financial media
featured late April 2011:
Morgan
Stanley shares rise as earnings beat estimates
Stocks,
commodities rise as earnings top estimates
Leading
U.S. indicators, consumer confidence gain as fuel costs discounted
World
revs up U.S. profits
The
Global economy is improving
The
S&P breaks out
The
Dow's going to 20,000
Sales
growth the big surprise on Wall Street
Buffett
says odds of another U.S. banking crisis low
Equities
finally seeing light on the economy
Stocks
find sea of tranquility
Flawed Reasoning
The
chart below, featured in the September 2010 ETF Profit Strategy Newsletter,
reveals the flawed reasoning behind Wall Street's expectations. It plots
Earnings per Share (EPS) against GDP and U-6 unemployment numbers.
https://www.etfguide.com//contributor/UserFiles/8/Image/EPS%20Growth%20Yahoo.gif
Notice
how earnings for Q1, Q2, and Q3 2011 were supposed to reach a new all-time
high. There were at least four reasons why record high EPS estimates were not
long-term bullish:
1)
GDP was contracting, U-6 (and every other measure of unemployment) did not
signal a recovery. Every spike in EPS would be temporary and unsustainable.
2)
EPS estimates are just a projection and are about as valuable as an un-hatched
egg.
3)
The last time EPS reached an all-time high was in Q2 2007. We all know what
happened thereafter.
4)
EPS or P/E ratios can be distorted via financial trickery. Financials
(NYSEArca: XLF - News)
and banks (NYSEArca: KBE - News)
took advantage of this when accounting rule FASB 157 was changed on April 2,
2009. This allowed banks to hide trillions of dollars of unrealized
mortgage losses in an accounting loophole that doesn't affect their income
statement and earnings. Thus some of banks' losses were included in earnings
numbers.
The
ETF Profit Strategy Newsletter's conclusion was simple and straight to the
point: 'Buying at current prices with the expectation of long-term gains is
almost certain to deliver despair and tears.'
Proceed With Caution
P/E
ratios or EPS aren't a short-term timing tool and didn't prevent stocks from
rallying since the above analysis was featured in the September ETF Profit
Strategy Newsletter.
Nevertheless,
a major market top was expected. The April 3 ETF Profit Strategy update put it
succinctly this way: 'In terms of resistance levels, the 1,369 - 1,382 range is
a strong candidate for a reversal of potentially historic proportions. Bullish
bets should be watched very carefully, especially once stocks move above
1,356.'
The
Summer 2011 meltdown erased all gains going back as far as December 2009. Yes,
over 18 months of gains were eliminated within a matter of weeks.
Financial Serial Offender
If
Wall Street was subject to the 'three strikes you're out' rule, there wouldn't
be any financial offices in New York. By now it's common knowledge that Wall
Street was overly optimistic in 2007 - right before the financial collapse -
and overly pessimistic at the March 2009 lows - the beginning of a 100% + rally
for the major indexes a la S&P (SNP: ^GSPC), Dow Jones (DJI: ^DJI) and
Nasdaq (Nasdaq: ^IXIC).
More
recent financial offenses include Wall Street's ill-advised fascination with
silver in late April. On April 27 the Wall Street Journal ran a front-page
article entitled 'Silver rush spreads to stock market.' The commentary read as
follows: 'The metals are increasingly considered attractive as a permanent
store of value that doesn't diminish like paper currencies.'…’
Congress
budget agency warns panel of economic ills
Nearly 1 in 6 Americans in poverty, Census says
Growth Stocks Look Pricey.
Favor Free Cash
Firms with glowing growth projections have gotten expensive.
Cisco cuts
long-term sales growth forecast [ And just when I was about to say
that american technology is horrific, overrated but leading the charge higher
on wall street because ‘sell the sizzle’ works better with tech since most
don’t understand it. Actually, american tech at most is ‘different color hula
hoops’! ]
International
alarm over euro zone crisis grows
Why
Can't Wall Street Be Honest With The Public?at Forbes [ Let’s not be
naïve here … If the public knew even half of the truth, they’d be seeking
to ‘hang wall street from the yardarms’, ‘drawn and
quartered they would be’, etc.. Yes, ‘hung, drawn
and quartered’. If caught while yachting on their yachts on
taxpayer dime, they’d be ‘keelhauled’. There is
really no limit to the well placed, well deserved antipathy for the frauds on
wall street who should be prosecuted, jailed, fined, and disgorgement imposed.
]
Venture
capital veteran Perkins sees danger ahead
These
Wall Street Firms are About to Start Firing People Like Crazy By Business Insider September 04 2011 ( archived file )
Same
Alan Greenspan Who Warned Against Budget Surplus Now Warns About Deficit [ Yeah! One of the many symptoms of senile
dementia, with a strong measure of incompetence to boot (greenspun has a long
history of incompetent missteps which through self-promotion, quid pro quos,
and a general ubiquity of pervasive ignorance, has gone unscrutinized and
unreported. He’s really been that bad!) ] Mark Gongloff
ETF
Redemptions Highest Since 2008: Report ETF Trends
The Dow is up
about 190 points, the S&P is up 1.8%, and the Nasdaq is up 2%, after the
Conference Call to Save the Universe ended with all sides agreeing that Greece
should never leave the eurozone and was doing what it could to get its next
bailout fix.
Peter Boockvar
at Miller Tabak is not impressed:
Bottom line, Greece is likely going to get its next 8
billion-euro tranche in 2 weeks but apparently Merkel, Sarkozy and Papandreou
still don’t
like paying attention to the bond market, where the 1 year [note] in
Greece is yielding 141.8%, the 2 year is yielding 74.5% and the 10 year is
yielding 25.7%.
This says of course that the only lifeline the Greek
government has is thru the generosity of its neighbors as they have almost zero
chance of paying back in full all that is owed.
I mentioned Merkel being in fantasyland yesterday and
delusion is the word today that comes to mind after seeing these Greek
headlines.
One would think at this point that Greece would want
a more pronounced debt restructuring in order to slash their debt instead of
playing this game of pretend because they’re afraid to hurt the feelings of bondholders.’
Zoellick:
World economy in new danger zone
Geithner:
Economy In “An Early Stage” Of Crisis Sep 14th, 2011 08:47 by News (RealClearPolitics) — Jim Cramer, CNBC host:
“Now let’s talk about the fact that you said the economy is weak. You put out a
jobs plan. The New York Times today basically gives its obituary. ‘Tax plan for
jobs bill.’ Familiar ring. Meaning the GOP will not back this. Is this dead on
arrival?”
Tim Geithner,
U.S. Secretary of Treasury: “Absolutely not. I think that there’s no reason now for the
Congress of the United States not to act to help strengthen growth in the near
term. It’s
the conservative, prudent, responsible thing to do. You can think of it as
protection against Europe.”
Cramer: “Okay.”
Geithner: “You can think of it as
insurance against weaker growth going forward. And you got to think about the
alternatives. If Congress or Washington is incapable of acting, then policy
will be damaging to growth because what you’ll have is a deeper,
steeper contraction in fiscal support than is prudent for an economy at
this early stage of the crisis given the shocks we face. You know,
life is about choices. Life is about alternatives.” [source]
PG View: While this may be a significant admission on the part
of the Treasury Secretary; in reality this may be the early stage of a crisis
within the broader well-established crisis.’
Risk
Rises at ECB as European Banks Lose Deposits Sep 14th, 2011 07:43 by News
(Bloomberg)
S&P
Rally to 1,240 Before Capitulation Zacks Kevin Cook,September 14, 2011, ‘Fear has not gripped the market. The
VIX, a good proxy for the institutional perception of risk since it is based on
the premium being paid for S&P 500 put protection, has not made new highs
since early August…’
Moody’s cuts
two French banks’ ratings Sep 14th, 2011 07:39 by News
(Financial Times)
EU warned
of credit crunch threat, French banks hit WROCLAW,Poland/PARIS (Reuters) - European finance
ministers have been warned confidentially of the danger of a renewed credit
crunch as a "systemic" crisis in euro zone sovereign debt spills...
Can the U.S.
Sidestep Contagion with Europe? ETFguide [ Short answer: NO! ] ‘… SINKING
INCOME LEVELS Even
without Europe's problems, the U.S.' reputation for being the land of milk and
honey has been declining. Household income, according to the Census Bureau's
annual report on living standards, fell for the third consecutive year and on
an inflation adjusted basis, incomes have retreated back to levels seen
15-years ago. Median household income was at a mere $49,445 in 2010. Full-time
workers also experienced sagging incomes, which are lower today than in 1978,
after adjusting for inflation. Furthermore, the poverty rate for Americans increased
to 15.1% of the population. Will Europe's crisis help the U.S. economy end a
multi-decade trend of falling incomes and rising poverty? STILL
BLIND TO RECESSION What do economists have to say about all of
this? As a collective group, economists still deny the existence of an economic
recession and their off-the-mark financial projections show it. Instead of
taking a sober and realistic view of the economy, they see growth, growth and
more growth. Economists with the National Association for Business Economics
(NABE) predicted 2.8% expansion for the U.S. economy in May, but have since
scaled back that forecast to 1.7%. For 2012, the group is projecting 2.3%
growth. The NABE has been likewise wrong about the unemployment rate. They were
projecting a jobless rate of 8.7% for the remainder of 2011 and 8.2% for next
year. Instead, nationwide unemployment has remained above 9% and if we account
for marginally attached workers along with unemployed self-employed workers the
actual national jobless rate is probably closer to 20%. It's important to
remember the NABE's survey was completed before the White House's unveiling of
a $447 billion plan to stimulate job growth through (more) government spending
and tax cuts. No doubt, once economists factor in the President's latest plan,
they'll re-revise their economic forecasts bullishly upward to agree with their
perennial growth bias…’
Minyanville's
T3 Daily Recap: Market Squeeze Continues, But Was it a Trap? By T3Live.com Sep 14, 2011, ‘After a quick rinse in the first hour
of trading
Wednesday, the squeeze was back on as the SPDR S&P 500 ETF
(SPY) surged
4 points (3.4%) from low to high. Weak shorts were forced to cover, and it was
off the races for stocks. But just when it seemed all was well with the market,
a harsh pull-in during the last half-hour of trading erased nearly half of
those gains. We have seen this type of behavior before during this wide range
consolidation in the market, and it typically leads to further downside. A
teleconference between German, Greek, and French leaders today resulted in
assurances that Greece would remain part of the Eurozone, but the same problems
still exist on the troubled continent. There is a crisis of confidence starting
occuring among European banks, with account holders keen to protect themselves
from calamity. This is exacerbating previous capitalization concerns, which
were confirmed this morning when French banks were downgraded. Today's action
could have been another clever ploy to suck in longs while relieving some of
the oversold condition of the market. Risk
is high in both directions in this environment, and, as we have stated
repeatedly over the last two weeks, it's best to keep your trading light at
this stage.’
Flat retail
sales keeps U.S. on recession watch
Another
Absolutely Bonkers Day Mark Gongloff
‘Still spinning? Well, folks, that was the stock market. Hope you enjoyed it.
Just another quiet, totally normal day. Yep, just another day when the Dow
loses 140 points in the last 20 minutes of trading, after soaring as high as
280 for pretty much no fundamental reason.Still, you can’t complain about it
too much. All the good stuff led the market higher today. The S&P’s 1.4%
gain was paced by healthy cyclical stuff like industrials, up 1.75%, consumer
discretionary, up 1.65% and tech, up 1.6%.The Dow transports jumped
2%. The VIX gave up 6.3%.All good signs, but you can’t shake the nagging
feeling that it can’t be realistic, given how absolutely nuts the action has
been lately. The Treasury market held pretty much steady, with the 10-year note
yielding 2% just about all day.Nobody’s comfortable right now — shorts have got
to be worried, and many got squeezed today.Those of us who are long, meanwhile,
are anxiously checking whether our top has stopped spinning yet.’
Europe's
Outlook Darkens as French Banks Wobble and Austria Delays Greek Bailout at
Minyanville
The Daily Market Report Sep
14th, 2011 by News ‘If There Was Any Doubt…
(USAGOLD) — ‘The yield on Greek 1-year money is trading in excess of 140%
today; up dramatically from just a week ago when the 1-year yield was still
below 100%. Clearly this is unsustainable and Greece is unquestionably on the
verge of default, save for some massive infusion of funds that will negate
Greece’s need to access global credit markets…’
Huge Surge
in Bank of America Foreclosures CNBC | Bank of America is
ramping up its foreclosure processing.
David
Rosenberg: “It’s Time To Start Calling This For What
It Is: A Modern Day Depression” Zero Hedge | You know you’re in a depression when
interest rates go to zero and there is no revival in credit-sensitive spending.
September 14, 2011
By now only
the cream of the naive, Kool-Aid intoxicated crop believes that the US is not
in either a deep recession, or, realistically, depression. For anyone who may still
be on the fence, here is David Rosenberg’s latest letter which will seal any doubts for good.
It will also make it clear what the fair value of the stock market is assuming
QE3 fails, which it will, and the market reverts to trading to fair value as predicated
by bond spreads. To wit: “If the Treasury market is correct in its implicit
assumption of a renewed contraction in the economy, then we could well be
talking about corporate earnings being closer to $75 in 2011 as opposed to the current consensus view of over
$110. In other words, we may wake up to find out a year from now that whoever
was buying the market today under an illusion of a forward multiple of 10x was
actually buying the market with a 15x multiple.” And since we are
in the throes of a deep depression and a 10x multiple is more than generous,
applying that to $75 in S&P earnings, means that the fair value of the
S&P is… we’ll leave that to our
readers.
From Breakfast with Rosie, of Gluskin
Sheff
We just came
off the weakest recovery on record despite the massive amounts of stimulus that
the U.S. government has delivered in so many ways. That the yield on the
10-year U.S. Treasury note is down to 2% already speaks volumes because the
last time we were at these levels was back in December 2008 when the downturn
was already 12 months old. A period like the one we have endured over the past
six months when bank shares are down 30% and the 10- year note yield is down
130 basis points has never in the past foreshadowed anything very good coming
down the pike. If market rates are at Japanese levels, or at 1930s levels, then
it’s
time to start calling this for what it is: A modern day depression.
Look, that
entire period from 1929-1941 saw several quarters of huge bungee-jump style GDP
growth and countless tradable rallies in the stock market.
But that
misses the point.
The point
being that a depression, put simply, is a very long period of economic malaise
and when the economy fails to respond in any meaningful or lasting way to
government stimulus programs. A series of rolling recessions and modest
recoveries over a multi-year period of general economic stagnation as the
excesses from the prior asset and credit bubble are completely wrung out of the
system. In baseball parlance, we are in the third inning of this current debt
deleveraging ball game.
You know you’re in a depression when
interest rates go to zero and there is no revival in credit-sensitive spending.
The economy is
in a depression when the banks are sitting on nearly $2 trillion of cash and
yet there is no lending going onto the private sector. It’s otherwise known as a ‘liquidity trap’.
Depressions
usually are caused by a bursting of an asset bubble and a contraction in
credit, whereas plain-vanilla recessions are typically caused by inflation and
excessive manufacturing inventories. You tell me which fits the bill today.
When almost
half of the ranks of the unemployed have been looking for a job fruitlessly for
at least six months, you know you are in something much deeper than a
garden-variety recession. True, we can’t see the soup lines; the soup lines are in the mail — 99 weeks of unemployment
cheques for over 10 million jobless Americans. Don’t be lulled into the view
that we are into anything remotely close to a normal economic cycle.
Basically, in a
depression, secular changes take place. Attitudes towards debt, discretionary
spending and homeownership are altered for many years, or at least until the
scars from the traumatic experience with defaults and delinquencies fade away.
That is why we saw existing home sales slide to 15- year lows and new home
sales to record lows despite the fact that mortgage rates have tumbled to their
lowest levels in modern history. There is no economic model that would tell you
that declining mortgage rates should lead to lower home sales.
More fundamentally, in a recession, the economy is
revived by government stimulus. In depressions, the economy is sustained by
government stimulus. There is a very big difference between these two states.
In a recession, everything would be back to a new
high nearly three years after the initial contraction in the economy. This time
around, everything from organic personal income to employment to real GDP to
home prices to corporate earnings to outstanding bank credit are still all
below, to varying degrees, the levels prevailing in December 2007.
Let’s be clear: After all the monetary, fiscal and
bailout stimulus, the economy should be roaring ahead, as would be the case if
the economy were coming out of a normal garden-variety recession. The fact that
there has been no sustained response to all these efforts by the government to
turn things around is testament to the view that this is not actually a
traditional recession at all, but something closely resembling a depression.
That, my friends, is exactly what the bond market is signaling, with Treasury
yields rapidly approaching Japanese levels. Just because the stock market
embarked on a stimulus-led speculative two-year rally, which ended abruptly in
April 2011—
does not change that fact.
For all the chatter about whether the recession that
started in December 2007 ended in mid-2009, here is what you should know about
the historical record. The 1930s depression was not marked by declining
quarterly GDP data every single quarter. In fact, the technical recessionary
aspect to the initial period following the asset and credit shock goes from the
third quarter of 1929 to the first quarter of 1933.
I can understand how emotional the debate can get
over whether or not we have actually just stumbled along some post-recession
recovery path or whether or not this is actually a depression in the sense of a
downward trend in economic activity merely punctuated with noise that is influenced
by recurring rounds of government intervention. The reality is that the Fed cut
the funds rate to zero, as was the case in Japan, to little avail. Then the Fed
tripled the size of its balance sheet— again with little sustained impetus to a broken
financial system. Government deficits of nearly 10% relative to GDP, or double
what FDR ever ran during the 1930s, have obviously fallen flat in terms of
providing any lasting impact to the economy.
This is going to sound like a broken record but it
took a decade of parabolic credit growth to get the U.S. economy into this
deleveraging mess and there is clearly no painless “quick fix” towards bringing
household debt into historical realignment with the level of assets and income
to support the prevailing level of liabilities. We are talking about $5
trillion of excess debt that has to be extinguished either by paying it down or
by walking away from it (or having it socialized). Look, we can understand the
need to be optimistic, but it is essential that we recognize the type of market
and economic backdrop we are in.
The markets are telling us something valuable when
(after a period of unprecedented government bailouts, incursions and stimulus
programs) the yield on the 5-year note is south of 1% and the 10-year is down
to 2%. Instead of contemplating over how attractively priced equities must be
in this environment, market strategists and commentators would bring a lot more
to the table if they tried to decipher what the macro message is from this
price action in the Treasury market. Conducting stock market valuation analysis
based on unrealistic consensus earnings assumptions does nobody any good,
especially when these estimates are in the process of being cut, and at a time
when the Treasury market is telling us we are the precipice of another
recession.
If the Treasury market is correct in its implicit
assumption of a renewed contraction in the economy, then we could well be
talking about corporate earnings being closer to $75 in 2011 as opposed to the
current consensus view of over $110. In other words, we may wake up to find out
a year from now that whoever was buying the market today under an illusion of a
forward multiple of 10x was actually buying the market with a 15x multiple.
How’s that for a reality check?
This augers for capital preservation, defensive
orientation in the equity market and a focus on income-yielding securities;
something we’ve
been advocating for some time.’
How
American Taxpayers Could End Up Paying for ECB Liquidity Flood at The
Wall Street Journal
How
Greece Is Mocking the Rest of the World [ Well, let’s get real here! There’s plenty to mock in
this world, and Greece is hardly the nation to be doing the mocking. I think
it’s the markets that are mocking the rest of the world’s stupidity for buying
into this false reality / obfuscation / fraud, particularly by way of the now
pervasive worldwide acceptance of the american strategy of currency debasement
which really is a fraud facilitator because it masks to all but the intelligent
few the underlying economic weakness and decline. A simplistic example, though
not perfect, is apropos here: a company sells a product for 1 dollar which
costs 1 dollar to make (assuming arguendo to cover fixed expenses - no profit).
The fed over-printing / creating dollars like mad to the point where it now
takes 2 dollars to render the same purchasing power of 1 dollar when the goods were produced. The
company sells the products for 2 dollars (the previous equivalent of 1 dollar
before debasement). The company is now showing earnings 1 dollar per unit sold,
yet in real terms, they’ve gotten no more than the equivalent of that 1 dollar
per unit. (If you’ve been to the grocery store lately, particularly the last
1-2 months, I’ve found meats, etc., to be up 50-100%, etc.). The same
obfuscating manipulations are applicable to assets generally, and to those
pieces of paper called stocks which are even ‘worse for the wear’ since
churn-and-earn commissions at lightning computerized speed are being subtracted
from this illusory ‘enhanced value’ which in reality doesn’t exist at all. (
Such manipulations from currency translation also provide ‘arbitrage
opportunities’ though similarly largely ultimately subtracted from no real
value being created. ) This is why fraudulent wall street loves the fed’s QE’s
and dollar debasement / over-printing / creating and also why it’s been a
dismal failure and a net negative in real economic terms as seen on main street
and in the desimation of the middle class and growing ranks of the poor. In the
analysis of securities, this would be considered ‘the quality of earnings
factor’ that goes into the assignment of a p/e multiple to the projected earnings.
Sufficeth to say, this is no longer done on wall street in any real or
legitimate fashion if at all. Indeed, it’s a fair statement to say that
security analysis is no longer a ‘practice’ as same was considered, once upon a
time, by value investors / analysts. As set forth by Dave and Cooper, infra,
computerized programmed manipulation at lightning speed has been expedient in
the short run for the wall street frauds but ultimately leads to the inevitable
crash since as I often reiterate:
‘Remember, there is no modern day alchemy that
spins worthless paper into gold except fraudulently for the frauds on wall
street who’ve literally oftimes done exactly that; ‘cashing out’ for hard
currency and gold, precious metals, at everyone else’s expense including main
street. They’re just not that important and represent, like termites eating
away at the nation’s foundation, a drag on the economy, the nation as one would
expect from parasites such as they are’. What
to Expect Next From the Markets Minyanville Jeffrey Cooper ‘Conclusion:
It looks like a program was run using the least amount of dollars to goose the
indices by focusing on some big cap names like Apple, Amazon, Baidu, IBM, and
Caterpillar, Dave’s Daily:’.. The HAL 9000s have been doing
business as HFTs (High Frequency Traders) launching many buy or sell programs
using complex algorithms which can drive prices on indexes higher or lower in
dramatic fashion. One of their great acts is called "quote stuffing".
It's another illegal activity which the SEC hasn't quite figured out. It's as
futile for them as the illegal fee-driven recent end-of-quarter price
jam-job..’.
Simon Maierhofer, On Friday September 16, 2011, ‘Webster's
dictionary defines gullible as naive and easily duped or cheated'.
On Thursday stocks rallied
after Germany and France gave assurance that Greece will remain a member of the
euro.
Haven't we been down this
road before? How often have there been statements assuring that Greece is fine
or will be fine? An Associated Press article stated this week that: 'Hopes were
raised by the outcome of a teleconference Wednesday between leaders of France,
Germany and Greece.'
Hope worked as propaganda
tool for President Obama three years ago, but hope is not a suitable investment
strategy. Einstein's famous definition of insanity comes to mind: Insanity is
doing the same thing over and over again and expecting different results.
Since the beginning of 2010
there have been five 10%+ sell offs. All of them, with the exception of the
March 2011 decline (Japan earthquake), were blamed on Greece. When stocks
recovered, it was credited to Greece's rigorous adherence to the demanded
austerity measures or new bailout money.
The S&P has made no net
progress since January 2010. After two years of water treading and lessons in
Greek-style financial mockery we have to ask, is Wall Street insane?
Greece's Prime Minister
George Papandreou just pledged that a reform program would be on the top of
Thursday's (yesterday) Greek cabinet meeting. To buy stocks based on a pledge
to push a concern that was initially sold as non-issue but has morphed into a
matter of survival on the top of an agenda does seem insane.
Or should we just consider
the Greeks geniuses? After all, they have figured out how to control Wall
Street. Today it only takes mythical Grecian hope for a hopefully hopeful
outcome to excite Wall Street.
A German saying may
describe Greece's situation. Loosely translated, it goes like this: Once your
reputation is ruined, you may live blatantly uninhibited.
Insane Financial Pain
The Greek saga began over
two years ago, when, on June 23, 2009, Greece's finance minister nonchalantly
disclosed that: 'The rate of growth for the Greek economy in 2009 is expected
to slow more than forecasted. Specifically, it will range around zero and only
return to growth in 2010.' The disclosed budget deficit at the time was $3.1
billion.
Growth obviously didn't
return in 2010, but the following headlines all offered hope in 2010:
ECB member says no bailouts
for Greece
Bulls run on Greece news
Debtors bet Greece won't
spill
Is Greece's crisis over?
Greece contagion fears
unfounded
IMF approved $3.3 billion
for Greece amid impressive fiscal adjustment
If Greece's adjustment was
that impressive, why are we still talking about Greece?
Small Fish in the Debt
Pond
Greece has made quite a
splash but it is just a small fish in the European debt pond. Given some more
time, we'll probably find out that bigger fish make bigger splashes. Next in
line are Portugal, Spain, Italy and France. In terms of size, this is probably
like comparing a goldfish with a tuna.
The Wall Street Journal
reported on Monday that: 'European banks are cutting back on dollar denominated
loans, a troublesome sign of credit contraction at a time when American and
European economies can least afford it.' Credit contraction is the mother of
deflation and Bernanke's most feared enemy.
The Chairman of Societe
Generale, one of France's largest banks, made it a point to state on Monday
that the bank was well funded. Nevertheless, it will be reducing its dollar
denominated debt and lay off workers. When promises conflict actions, we know
that actions speak louder than words. Laying off workers is not confidence
inspiring.
Back in February, the ETF
Profit Strategy Newsletter warned that: 'The debt problem of sovereign European
countries has or is about to turn into a debt problem of super sovereign
entities. The IMF and EU swallowing up massive amounts of debt has not eliminated
debt, it has merely re- shuffled and concentrated it.'
On July 15, I stated via
ETF Profit Strategy Newsletter: 'I know European stocks will tank eventually
but I don't know when. However, I see that the iShares MSCI EAFA ETF (NYSEArca:
EFA
- News)
just sliced below it's 20, 50 and 200-day simple moving averages (SMAs). The
same is true for the iShares MSCI Emerging Markets ETF (NYSEArca: EEM
- News).
The high reward, low risk trade would be to go short EFA or EEM with a stop
loss just above the 200-day SMA Corresponding ETFs are Short MSCI EAFE ProShares
(NYSEArca: EFZ - News)
and Short MSCI Emerging Markets ProShares (NYSEArca: EUM
- News).
What's Next?
Fortunately the European
Union can rely on the smarts of its many capable members. There is former IMF
chief Dominique Strauss-Kahn who'd rather force his will on an innocent
Manhattan hotel worker than enforce strict financial rules on member countries,
Luxembourg's Prime Minister Jean-Claude Juncker who openly confesses to lying
if required by circumstances and a whole slew of officials suffering from
gullibility. You should think twice before betting against the European
financial dream team.
As for me, I rely on
technicals, not on officials, their decisions or the media's interpretation of
it. The technicals I focus on are those of the S&P (SNP: ^GSPC). Not
surprisingly, European stocks have generally moved in the same direction as the
S&P.
The S&P and the SPDR
Euro STOXX 50 ETF (NYSEArca: FEZ - News)
both topped on May 2. The S&P's top came right on queue and within the
1,369 - 1,382 target range of a major market top I've outlined via the ETF
Profit Strategy Newsletter since early 2011.
Unlike the S&P, FEZ
sunk to new lows on September 12. On that day FEZ was 38% below its May 2 high.
Some more near-term damage may be to come for European stocks, but after a 38%
haircut is not the time to double up on short positions.
As far as the S&P (SNP:
^GSPC), Dow Jones (DJI: ^DJI) and Nasdaq (Nasdaq: ^IXIC) is concerned, new lows
are likely…’
Citi
Cuts S&P 500 Target, Too at The Wall Street Journal
Lesson
From A Burst Bubble: Dead Men Don't Spend at Forbes ‘The Lehman
bankruptcy was a much more important event than 9/11. It marked the end of a
60-year credit expansion. Maybe it marked the high water mark for the U.S.
empire, too, and the beginning of the end for the U.S. dollar-based world
monetary system.
What’s most remarkable about
this post-Lehman economy is that it is so un-remarkable. The economy is
contracting, and as it contracts, it squeezes jobs, incomes, spending and
prices.
We saw a note
in the press yesterday. It told us that even the wages of sin are falling. The
union that represents waiters and cocktail servers at Atlantic City casinos
says the hourly base has fallen from $8.74 to only $4.50. And tips are
tumbling. Surveys of prostitutes show their earnings are a bit limp, too.
And as people
get squeezed by the financial correction, they gasp for breath. There are now
46.2 million people in America under the poverty line, according to The Los Angeles
Times. That’s the most in 50 years.
But nothing
extraordinary about that either. This is the biggest correction in half a
century too. And you don’t have to look very far to find more confirmation.
That’s why the 10-year
Treasury note yield has fallen to the lowest level since right after WWII, and
it’s
why nearly half the people looking for a job have been looking for more than
six months. And it’s why a recent poll shows that 72% of Americans think
the nation is going to hell.
Now, finally,
almost everyone realizes that this is not a recession-recovery situation.
Something else is going on. The Financial Times calls it a Great Recession. Richard Koo calls it a “Balance Sheet Recession.” And David Rosenberg says
we should call it what it really is — a “modern depression.”
But we’ll stick with our Great
Correction label. Because we think there is more going on here than even a ‘depression’ describes. (About which…more below…).
So far,
practically everything that has happened is about what you’d expect — the predictable,
ordinary consequences of a contraction. There is nothing remarkable about it.
But what’s this? The Dow is back
on the rise. Stock market investors don’t seem to have gotten the message: this economy is in
a contraction. They’re still pricing stocks as if they thought the
underlying businesses would grow. But companies don’t add sales or profits in
a contraction.
At least gold
investors seem to have a better idea of what is going on. They sold the yellow
metal. The price of the GLD is dropping.
And the bond
market too has its feet on the ground. The yield on the 10-year note is only
2.08%. That is a level consistent with a Japanese-style slump…
No surprises
here. But what if there were more going on than a simple financial correction…even a correction of a
60-year credit expansion? What if the Great Correction were greater than we
thought? More ambitious, more aggressive and more dangerous?
In the space
of the last 500 years the human population grew approximately 1000%. If it were
a financial chart, you’d look at it and think — ‘uh oh…it’s a bubble.’
What if we
were approaching a correction?
Reuters
reports that the population of Japan is falling like a stone. Some 20 million
Japanese are expected to disappear in the next 30 years.
Declining,
graying populations are not what you need for economic growth. Old people don’t spend much. Dead people
spend even less.
As a result,
the economy shrivels up like a 90-year-old. In Japan today about the only
business still growing is the funeral business. People spend $157 to rent cold
rooms, where they can store their loved ones while they await a spot at the
crematorium. No kidding. Here’s Reuters:
Annual deaths are expected to peak at 1.66 million in
2040 as the bulk of the nation’s baby boomer generation expires. By then, Japan’s population will have
shrunk by around 20 million people, an unprecedented die off for a nation
neither at war or blighted by famine.
Dead Men Don’t Spend by Bill Bonner originally
appeared in the Daily Reckoning.
‘
ETFs
have potential to become the next toxic scandal Sep 19th, 2011 News
(The Telegraph) — Back in April, the Financial Stability Board (FSB),
an international super-regulator, wrote a prescient if less than
catchily-titled paper “Potential financial stability issues arising from
recent trends in Exchange Traded Funds (ETFs)”.Its central warning – that ETFs are not the
cheap and transparent vehicles the marketers would have us believe – was spot on. When UBS’s $2bn black hole hit the
screens on Thursday, no one who read the FSB report was surprised to see the
words ETF and rogue trader in the same sentence…around half of the ETFs
in Europe today do not match the index they are designed to track by holding
all of its constituent shares. Unlike the plain vanilla “full replication” ETFs which do, 45pc
of the market is in the form of so-called “swap-based” ETFs which instead use derivative agreements, often with
investment banks, to simulate the performance of the underlying assets.
Derivative trades add a second layer of uncertainty to the unavoidable ups and
downs of the market, the counterparty risk that the organisation on the other
side of the contract might go bust. Even worse, the provider of the ETF
might sometimes be a part of the same organisation as the derivatives desk
carrying out the swap…For reasons which I’m not sure I could
explain even if I had the space, it is possible for the number of
shares sold short in an ETF to massively exceed the actual number of shares
available. [source]
4 'Invisible'
Forces to Seal the Market's Fate ETFguide Simon
Maierhofer, On Monday September 19, 2011, ‘In 2004,
Daniel Simons of the University of Illinois and Christopher Chabris of Harvard
University conducted an experiment that was as simple as it was fascinating.
If you want to
be part of the experiment, watch this video before you read any
further.
The
Experiment
There are two
groups of three people each. One group is wearing black shirts, the other group
white shirts. The assignment is to watch how many times the players wearing
white, pass the basketball.
If you counted
15, you are correct. But more importantly, did you notice the gorilla? While
you were counting passes, a woman dressed in a gorilla suit walked slowly
across the scene, stopped to face the camera and thumped her chest.
Half of the
people watching the video with the intent of counting passes did not see the
gorilla. The experiment illustrates the phenomenon of unintentional blindness.
This condition, also known as perceptual blindness, prevents people from
perceiving things that are in plain sight.
For most of
2010-11 Wall Street was so enamored by the magical powers of QE2 that it forgot
about the 800-pound gorilla - the economy that wasn't improving. In fact, the
economy continued deteriorating in plain sight.
There are five
bearish mega trends that may draw stock prices much lower over the coming
years. Here are the five mega trends (and what will make stocks rally in
between).
U.S.
Deficit
For a moment,
take a mental journey with me back in time. We are now in early 2008. The major
indexes a la S&P (SNP: ^GSPC), Dow Jones (DJI: ^DJI), and Nasdaq (Nasdaq:
^IXIC) are slowly coming off their all-time high and the VIX (Chicago Options:
^VIX) is reflecting some complacency before the collapse of Lehman Brothers
hits the news.
Unbeknownst to
most, the perfect financial storm is brewing. Once the storm hits, it is much
worse than anyone expected. But, the eventual damage is limited. Why? Because,
the government steps up and does what it takes to prevent the financial system
from failing.
Today has the
feel of early 2008. Another perfect storm may be brewing. Will the government
be there to do what it takes to support 'too big to fail?' No! In 2008
financial companies were in trouble. In 2011 entire countries (look at Europe
and the U.S.) are struggling to escape the grip of delinquency.
A
Decelerating Generation
Starting in
2011, more than 10,000 baby boomers a day will turn 65, a pattern that will
continue for the next 19 years. This dry humor cartoon encapsulates the problem
retirees' face today:
Two older
gentlemen are having a drink. One says: 'As a Baby Boomer, I never thought the
boom would be the sound of my retirement accounts collapsing.' He'd like to sip
on a nice Scotch while enjoying a steak, but has to settle for water and free
bread sticks at Olive Garden.
Most retirees
still haven't recovered from the lost decade. Let's make the term lost decade
more personal. A 55 year old with $100,000 in his retirement account at the
beginning of the year 2000 and a 6% projected rate of return, would have
$201,419 today.
The S&P
trades 20% below its 2000 level. Courtesy of the lost decade, that $100,000 in
the year 2000 has turned into $80,000 today (perhaps less if invested too
aggressively). In other words, many retirees may have to get by on less than
half of their expected nest egg. In addition, their home, rather than being an
asset (many considered it an ATM a few years ago), has turned into a liability.
It doesn't
take much imagination to see that strapped retirees are bad for economic
growth. When the focus is on survival rather than pleasure, sectors like
technology (NYSEArca: XLK
- News), retail (NYSEArca: XRT - News), and consumer discretionary
(NYSEArca: XLY - News) suffer.
In addition,
baby boomers that have been buying stocks for decades (think of all the 401k
money) are now turning into sellers of stock.
Low
Interest Rates
Low interest
rates are great for the U.S. government because it reduces debt payments on
Treasuries and businesses wanting to expand. Unfortunately, businesses don't
feel like expanding or even hiring and for pretty much everyone else low
interest rates are negative.
Some try to
sell the idea that low interest rates are good for stocks (NYSEArca: VTI - News) because money will flow
from low interest bonds into stocks in an effort to get a better return.
The chart
below plots the Nikkei against Japan's version of the discount rate. The
discount rate has been below 1% since 1995. At the same time the Nikkei has
dropped from above 20,000 to below 10,000. Much of this happened during a
raging global bull market. Imagine what a global bear market can do to U.S.
stocks.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20japan%20discount.gif
Low interest
rates are a double negative because they reduce available spending for retirees
who need to get as much income as possible to survive.
Coming to
a Head
The above
three bearish trends were highlighted in detail in various 2011 ETF Profit
Strategy Newsletters. Due to those, and other mega trends, the Newsletter has
been expecting a major market top.
For much of
2011 however, the expectation of a major market top was postponed until the
ideal target range was reached. The April 3 ETF Profit Strategy update included
a precise range for a major market top: 'In terms of resistance levels, the
1,369 - 1,382 range is a strong candidate for a reversal of potentially historic
proportions. '
Why was
S&P 1,369 - 1,382 a candidate for a reversal of historic proportions? The
chart below, published by the ETF Profit Strategy Newsletter in March and many
times since, has the answer.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20M%20pattern.gif
What you see
is a giant M, or head and shoulders top. The right shoulder was made up of the
parallel trend channel that connects the 2002 and 2009 low, with the 2000 high.
In April/May the upper line of the trend channel ran through 1,377. Additional
resistance was provided by Fibonacci levels at 1,389 and 1,369.
On May 2, the
S&P briefly spiked as high as 1,370.58 before retreating and eventually
dropping 18% in twelve trading days (July 25 - August 9). Once the S&P
dropped below the 200-day SMA it entered free fall territory…’
Stock-ECRI Disconnect Suggests More Downside at The Wall Street Journal Oddly Cheery Greek Pronouncements, Part Deux at The Wall Street Journal Greek Finance Ministry Sends Oddly Cheery E-Mail at The Wall Street Journal Apple Hits New High (Update1) [ This manipulated programmed trade to froth markets is a crash in the making – sell at these ridiculous levels / take profits! ] Stocks cut losses on hopes for Greece Analysis: Japan's lost decade still a risk for U.S. economy Behind the poverty numbers: real lives, real pain Market Havoc and Threats to Your Pension International Forecaster | We have warned over and over again that government was going to come after your private retirement funds. US taxpayers could be on hook for Europe bailout MSNBC | The U.S. is coming to Europe’s financial rescue.
Market
Recap: S&P Downgrades Italy, Housing Starts Tumble, Markets Wait on
Bernanke Wall St Cheat
Sheet September 20, 2011, Markets closed mixed on Wall Street today: Dow +0.07%
, S&P -0.17% , Nasdaq -0.86% , Oil +1.39% , Gold +1.65% .
On the
commodities front, Oil climbed to $86.89 a barrel. Precious metals also
climbed, with Gold rising to $1,808.30 an ounce while Silver climbed 1.95% to
$39.93 an ounce.
Hot Feature: European
Central Banks Are Hungry for Gold
Today’s markets were mixed
because:
1) Italy.
Standard & Poor’s cut
Italy’s credit rating
late Monday by one level to A from A+, citing weak economic growth and
criticizing Rome’s response to the debt crisis. Italian Prime Minister
Silvio Berlusconi responded, saying that the move was influenced by “political considerations” and media stories rather
than economic reality. Markets quickly shrugged off the news, with major
indices in Italy, Germany, and London all opening higher this morning.
2) Bernanke.
Goldman Sachs provided a preview of what investors could see tomorrow from the Federal
Reserve, saying there is a “high probability that the FOMC will announce further
easing steps at the conclusion of this week’s meeting.” Goldman went on to say
that Operation Twist looks “very likely” and that, “As a complementary measure, we also expect that the
committee will announce a cut in the interest on excess reserves (IOER) rate to
0.1% from 0.25%, although this is a much closer call. An IOER cut would lower
market interest rates a small amount and could aid communication.” The expectation of good
news buoyed markets despite a day full of negative or at least neutral economic
data, and had the major indices climbing high in mid-day, though they’ve since declined toward
more reasonable levels, given that the IMF announced today that it had lowered
its global economic forecast for 2011 and 2012, with growth in Europe and the
U.S. stalling.
3) Housing.
Both housing
starts and completions declined in August from already depressed numbers,
according to a monthly report by the Department of Urban Housing and
Development, in conjunction with the U.S. Census Bureau. However, building
permits increased last month, which means more projects are likely to start
within the next six months. The news had building stocks climbing higher,
including Toll Brothers , D.R. Horton , KB Home , PulteGroup , Hovnanian
Enterprises , and The Ryland Group all outperforming the major indices.
BONUS: IMF Downgrades
Global Economic Outlook ‘
30
Signs That The U.S. Economy Is About To Go Into The Toilet The Economic
Collapse | If you think the U.S. economy is bad now, just wait for a few
months.
The insiders
have vanished.
Chief
executives. Board members. The head
honchos. The people who know.
Just
a few weeks ago, they were out in force, buying up shares in their own
companies with both hands. No longer.
They’ve disappeared. Almost overnight. “They’ve stopped buying,” says Charles
Biderman, the chief executive of stock market research firm TrimTabs, which
tracks the data.
For some reason, this almost always starts happening
before a crash. So obviously this is not a good sign.
A lot of normal investors have been pulling large
amounts of money out of stocks as well. The following is from a report in
the Financial Post....
Investors have
pulled more money from U.S. equity funds since the end of April than in the five
months after the collapse of Lehman Brothers Holdings Inc., adding to the $2.1
trillion rout in American stocks.
About $75
billion was withdrawn from funds that focus on shares during the past four
months, according to data compiled by Bloomberg from the Investment Company
Institute, a Washington-based trade group, and EPFR Global, a research firm in
Cambridge, Massachusetts. Outflows totaled $72.8 billion from October 2008
through February 2009, following Lehman’s bankruptcy, the data show.
Are you starting to get the picture?
Not only that, but a third very troubling sign is
that an extraordinary number of bets have been placed against the S&P 500. As
I noted the other day, if there is a stock market crash in the next few
weeks, somebody is going to make a ton of money....
We are seeing
an amazing number of bets against the S&P 500 right now. According to CNN,
the number of bets against the S&P 500 rose to the highest level in a
year last month. But that was nothing compared to what we are seeing
for October. The number of bets against the S&P 500 for the month of
October is absolutely astounding.
Somebody is going to make a monstrous amount of money if there is a stock
market crash next month.
It doesn't take a genius to see all the dark
financial clouds that are gathering on the horizon.
And all of the bad news that is constantly coming
out of Europe is certainly not helping things. For example, yesterday
S&P slashed the credit ratings of
seven different Italian banks.
Credit downgrades have become so frequent that we
hardly even notice them anymore. Pessimism is everywhere right now. Suddenly it
seems like almost everyone is predicting that another "recession" is
coming....
Portfolio
Insights by Brett Arends Sept. 21, 2011 Brett Arends, MarketWatch BOSTON
(MarketWatch) — ‘Something ominous is happening on Wall Street, but
nobody has noticed. The insiders have vanished. Chief executives. Board
members. The head honchos. The people who know. Just a few weeks ago, they were
out in force, buying up shares in their own companies with both hands. No
longer. They’ve
disappeared. Almost overnight. “They’ve stopped buying,” says Charles Biderman,
the chief executive of stock market research firm TrimTabs, which tracks the
data. “Insiders
aren’t
buying this rally.” Insider stock purchases, which surged above $100
million a day in the market slump last month, have now collapsed to just $13
million a day. Meanwhile the ratio of insider sales to purchases has skyrocketed.
Today insiders are dumping $7 in stock for each $1 that (other) insiders are
buying. That’s
a worrying ratio. Six weeks ago the amounts of purchases and sales were about
equal. It’s
the kind of news that should give investors pause. What insiders do with their
own money is one of the stock market’s best barometers. After all, who better than company
executives know their own order books? Who knows the conditions in their
industry better? You find insiders typically buying heavily at the market lows — they did in 1987, in
1998, and they did during the financial crisis in 2008-9. (You also typically
find them cashing out big-time at the peak). ‘
MARKETS
DESTROYED AROUND THE WORLD: Here's What You Need To KnowBusiness
Insider
The Real
Reason Behind the Market's Meltdown Simon
Maierhofer, On Thursday September 22, 2011, 11:01 pm
Was it just
bad timing or did the Fed cause this two-day market meltdown?
Since Bernanke
spoke yesterday the S&P (SNP: ^GSPC) lost as much as 80 points, nearly 7%.
The Dow Jones (DJI: ^DJI) shed about 700 points, the Nasdaq (Nasdaq: ^IXIC) 150
points and the financial sector (NYSEArca: XLF - News) tumbled 7.7%. The VIX
(Chicago Options: ^VIX) soared over 25%.
No doubt the
Fed seems to have lost the touch that made QE2 a temporary 'success' (if
success is measured exclusively by stock prices).
Bad
Timing
But quite
frankly, the timing of 'Operation Twist' was just plain bad. The market's fate
was sealed even before Bernanke stepped on stage. Already back in August the
ETF Profit Strategy Newsletter highlighted seven reasons why new lows are
likely between September 6 and September 28.
In a special
pre-FOMC announcement update on Tuesday night, the Newsletter confirmed its
bearish outlook and recommended to short the S&P as soon as it breaks below
1,191. Why 1,191? Because it was important support composed of this week's
pivot, Fibonacci support, the 20-day moving average and Monday's low.
Here are six
reasons why new lows were likely and where and why stocks will bounce.
A Major
M-Pattern (or Head-and Shoulders) Top
Since early
2011 the ETF Profit Strategy Newsletter has been expecting a major market top.
The chart below shows a bearish multi-decade M-pattern (or sloppy head-and
shoulders). The key question was were the right side of the 'M' would end.
The chart
below was featured in an April 5 update along with the following commentary:
'In terms of resistance levels, the 1,369 - 1,382 range is a strong candidate
for a reversal of potentially historic proportions.'
https://www.etfguide.com//contributor/UserFiles/8/Image/5%20-%20April%203%20TF.jpg
RSI
Divergence
There is one
striking similarity between the October/November 2008, March 2009 and
May/June/July 2010 lows. In all three cases the S&P reached an initial
price low accompanied by an RSI (relative strength indicator) low. However, a
more lasting low was not reached until the S&P recorded a new price low
against higher RSI reading.
In other words
there had to be a divergence between the S&P and RSI. The S&P and RSI
both recorded their initial low on August 9. Now we are waiting for a new
S&P low while RSI stays above its August 9 reading.
Seasonality
August,
September, and October is the most bearish stretch of the year. September and
October sport negative performance even in the pre-election year.
Sentiment
From S&P
1,370 on May 2 to S&P 1,258 on June 16, the S&P shed 112 points and
sentiment measured by Investors Intelligence (II) and the American Association
for Individual Investors (AAII) turned deeply bearish. The June 16 ETF Profit
Strategy update took that as a queue to buy (long positions were
closed at S&P 1,340).
From S&P
1,353 on July 7 to S&P 1,102 on August 9 the S&P lost 251 points, yet
the II sentiment poll registered the second most bullish reading since the
first week of May. AAII and II polls are often considered the 'dumb money.' If
the 'dumb money' views last Wednesday's low as a buying opportunity, the 'smart
money' should be suspicious.
VIX
Pattern
If you have
the charting capabilities, take a moment and plot the VIX (Chicago Options:
^VIX) against the S&P for the month of September - November 2008 and April
- July 2010. If you don't have the time you may simply look at the chart below.
https://www.etfguide.com/images/PDNewsletter_Images/yahoo%20-%20vix%20pattern.gif
What What
we've seen in 2008 and 2010 is that a VIX peak did not coincide with the
S&P bottom. The S&P bottom actually occurred against a lower VIX
reading. If this pattern continues, we will see lower lows.
The August 14
ETF Profit Strategy Newsletter update includes a detailed analysis of the VIX
pattern, along with the time frame and target level for an expected turn.
The
Script
Via more or
less accidental chart surfing, I found a striking resemblance between the 2007
market top and the May 2011 top. This moved me to state in the July 17
Profit Strategy update that:
'There is a
similar trend line and a triple top above the trend line. A break below that
trend line could be a precursor of bad things. Next week the trend line will be
at about 1,262.'
The S&P
sliced through that trend line on August 4 and fell an additional 12% within
the next four days. A deeper analysis of this chart parallel also suggests new
lows.
The
Outlook
The market's
performance over the last couple of days has validated the studies above. We
are now waiting for new lows…’
Market
Recap: China Falters, Banks Exposed, and Fed Causes Market to Plummet Wall
St. Cheat Sheet, September 22, 2011, Hot Feature: U.S. Home Prices Down 3.3%Today’s markets were down
because:1) Fed. Markets plummeted today following dire remarks on the economy
from the Federal
Reserve. The news of slowing growth also pushed most commodities lower,
including oil, gold, and silver, while only Treasuries moved higher as
investors sought one of the few safe havens left. The Fed’s announcement of
Operation Twist yesterday failed to instill much confidence in the economy, and
few think the measures will be enough to reverse the economic downswing over
the last few months. After all the anticipation leading up to the Fed’s decision, investors
were left with the understanding that not even the Fed has the power to turn
this thing around. 2) China. Through all the economic turmoil that has engulfed
the globe over the last few years, China has been the one shining beacon of
progress and growth. However, despite the fact that China’s economy is still on
track to grow 8.5% to 9% this year, its manufacturing sector has been
contracting for the last three months now, according to HSBC’s manufacturing PMI.
There was a lot of concern over China because heretofore it’s been the one pocket of
unstoppable strength in the global economy,” said Paul Larson, chief equity strategist at Morningstar. “If that stops and China
becomes a drag on worldwide growth, it could have big implications here in the
U.S.”
News that China might not be as infallible as once though had a host of popular
Chinese stocks plummeting today, including shares of Sohu.com , Youku.com ,
RenRen , Sina Corp. , and Baidu.com , which fell nearly 11% today.3) Banks.
After Moody’s
downgraded some of the nation’s top banks yesterday, investors are growing worried
about the financial industry’s exposure to the sovereign debt crisis in Europe.
Not only were Bank of America , Wells Fargo , and Citigroup continuing to slide
today after Moody’s downgraded them, citing the unlikelihood that the
government will step in should the financial sector find itself in a similar
situation to that of 2008, but the entire sector fell on concerns that Moody’s was right. Barclays ,
JPMorgan , Goldman Sachs , and Morgan Stanley were all heavy drags on the
markets today. European banks were trading sharply lower for the same reason,
with France’s
SocGen and Credit Agricole falling 9.5% each, while Deutsche Bank and Credit
Suisse also underperformed the markets. BONUS: Jobless
Claims Continue in the Wrong Direction ‘
Federal
Reserve's Twist of Fate Forecasts a Waterfall Into Early Octoberat
MinyanvilleEurope
debt crisis, dire economic reports cause Dow plunge Sep 22nd, 2011 News (HousingWire) Live
Blog: Market Meltdownat The Wall Street JournalEU
officials expect Greece to default but stay in eurozone London Telegraph |
There is a growing consensus among EU diplomats and officials that Greece will
default while remaining inside the eurozone.Depressed
As A Nation? 80 Percent Of Americans Believe That We Are In A Recession Right
Now The Economic Collapse | According to a brand new Gallup poll, 80
percent of Americans believe that we are in a recession right now. Soros:
US Is Already in Double-Dip Recession CNBC.com | Soros said he believed the
United States was already experiencing the pain of a double dip recession.
Fed vs
Market - Will Selling Pressure Overpower Operation Twist? Simon
Maierhofer, September 23, 2011, The Fed just
unleashed a $400 billion package to boost the economy. To say the market didn't
react favorably would be an understatement.
The Financial
Select Sector SPDR (NYSEArca: XLF
- News) greeted the program
with an 8% haircut. The S&P (SNP: ^GSPC), Dow Jones (DJI: ^DJI) and Nasdaq
(Nasdaq: ^IXIC) fell 4-6%. On the bright side, the yield of the 10-Year T-Note
dropped another 0.242%, from one all-time low to the next.
Will
'Operation Twist' buoy stocks or will the market overpower the Fed's
half-hearted effort? Believe it or not, but after some more suffering, I
believe the Fed will eventually reap some (temporary) credit for this stick
save (more about that in a moment).
Bernanke
Must be Surprised
In his
February 9, 2011 speech before the U.S. House of Representatives, Ben Bernanke
was quick to take credit for the results of QE2: 'Since then (the onset of
QE2), equity prices have risen significantly, volatility in the equity market
has fallen. All of these developments are what one would expect to see when
monetary policy becomes more accommodative.'
On February 9,
the S&P closed at 1,320, the VIX (Chicago Options: ^VIX) at 15.87. Today
the S&P is 13% lower while the VIX has soared a stunning 160%. Bernanke's
credibility has tumbled somewhere between 13 and 160%.
Contrary to Bernanke's
upbeat outlook, the ETF Profit Strategy Newsletter published the following
chart just a week after Bernanke's comfy cozy assessment of QE2 and the stock
market's reaction.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20M%20pattern.gif
The chart
shows a giant bearish head-and shoulders or M-pattern. At the time, the
Newsletter projected a market top at 1,382 - 1,385. The April 4 ETF Profit
Strategy update refined the target range: 'In terms of resistance levels, the
1,369 - 1,382 range is a strong candidate for a reversal of potentially
historic proportions.'
Sleep in
the Bed You Made
Operation
Twist - the Fed's latest concoction - became necessary because QE2 didn't
stick. Banks (NYSEArca: KBE
- News) graciously accepted
the generous $600 billion donation, but despite the huge cash infusion, the
Banking Index today trades 22% below its November 3, 2010 prices, when
QE2 was launched.
Will
Operation Twist be More 'Successful' than QE2?
QE2 created
$600 billion out of thin air while Operation Twist merely changes the
maturities of the Fed's existing balance sheet.
Over the next
nine months the Fed will sell $400 billion worth of short-term (3 years or
less) Treasuries and use the proceeds to buy maturities ranging from 6 - 30
years. Maturing mortgage-backed securities (MBS) will be re-investing in MBS,
not in Treasuries.
If you are
wondering how this approach of transferring money from the left to the right
pant pockets makes a difference, you've already found the reason for the post
FOMC-announcement meltdown.
Wall Street
considered the proposal half-hearted and the stated goal of lowering long-term
interests unnecessary, especially considering that the yield on the 10-Year
T-Note is already at a multi-decade low.
Range
bound Trading with a Purpose
From July 21 -
August 8 the S&P lost nearly 250 points. Nevertheless, the August 8 TF made
clear that there will be another low and stated that: 'One of the conditions
for a market bottom is lower lows against improving breadth. Breadth was
horrible today and no lasting low was reached. What generally tends to happen
within a major sell off is a period of time where stocks take a breather
followed by the final leg down. This final leg sports lower prices but
improving breadth.'
Support at
1,121 held and the S&P was due for a 'breather period.' The back and forth
of the recent weeks qualifies as just that. It also shows that there's a method
behind the market's madness.
Range bound
trading lulls investors into a false sense of security and makes traders gun
shy before pulling the proverbial rug out from underneath them.
In a special
Tuesday's pre-FOMC decision update, the ETF Profit Strategy Newsletter pointed
out that the down side risk remains much bigger than the up side potential and
that the direction for XLF is down as long as it doesn't move above the 20-day
SMA at 12.70 and last week's high at 13.04.
Connoisseurs
of technical analysis will find the following chart of interest. The update
brought out that percentR (a measure of relative strength) moved above 80 for
the first time since late July. The chart below (featured in Tuesday's update)
showed what happened the last two times percentR moved above 80 - stocks
dropped.
https://www.etfguide.com//contributor/UserFiles/8/Image/yahoo%20-%20spx%209%2020%2011.gif
The actionable
recommendation given was for aggressive investors to go short with a break
below 1,191. Selling accelerated as soon as the S&P broke through the
support at 1,191 and didn't stop until the S&P reached support at 1,121.
There were
seven other reasons why I expected new lows (see August 14 and 21 update for a
concise summary), one of them is seasonality. August, September, October is a
bearish time of year, even during Presidential election years…’
Are We
Japan Yet? No! But Closer!
More
Pain Is Coming To Equities
http://regator.com/p/253227580/more_pain_is_coming_to_equities By Penguin
Capital Markets: ‘Run! That's what equity markets are screaming right now, and
I have to agree. While markets have already dropped in reaction to the poor
FOMC announcement, we've only scratched the surface of what could be another
free-fall in stocks. The already significant drop in copper is a leading
indicator that the recession. Look how the metal has just recently lost all its
price momentum as of August.’
[video]
Preservation of Capital Is (and should be, since much worse to come, the
primary) Priorityat TheStreet.com
Taken
to Task: ‘Free
Market’ Champions Go
Begging for Bailouts (Reprise)The Daily Ticker Aaron Task ‘Financial markets tumbled
this week amid disappointment the Fed didn't do more and general disgust with
the lack of action from European policymakers.
Which brings
us to another installment of Taken to Task.
For all the
talk about how traders love the free market and believe in the principles of
unfettered capitalism, the folks on Wall Street can't seem to get enough of
government bailouts.
After Ben
Bernanke pledged to spend $400 billion on Operation Twist this week, I heard
many more complaints about how the Fed didn't do ENOUGH vs. any chatter about
how they've gone too far, are out of bullets and pushing on a string. That's so
"first-half of 2011" before the stock market turned south, that is. (See:
Fed Action Fails To Boost Animal Spirits:
"Marginally Helpful," Says Former Fed Governor)
It seems the
bold champions of free markets on Wall Street only like laissez faire capitalism when the markets are RISING.
This weekend,
traders are hoping for some plan — ANY plan — to deal with Greece, whether it comes from the ECB,
the IMF, the World Bank, Poseidon or Zeus. But nobody seems to be wishing to
just let the chips fall where they may. Haircuts for
bondholders? Write-downs for banks? Egads! The pain must be avoided at all
costs! (See:
Apocalypse Now? Markets Tumble as Europe
Approaches "Tipping Point")
Of course, a
generation of traders has been conditioned to believe the Fed — or some other
institution —
will come riding to their rescue if things get really dicey, or even just a
little bit uncomfortable. So we can't blame them for taking on too much
unhedged risk and (not-so) secretly hoping for yet another bailout, can we?
Just like
there are no atheists in foxholes, the really are no libertarians on Wall
Street. The only ideology traders believe in is making money and if that means
more government intervention, bring it on! Someday, maybe, we'll get back to
something approaching a free market. But if such a thing ever really existed,
it was a long time ago in a galaxy far, far away.’
China
Slowdown Pushes Chinese Internet Stocks and VIEs Off a CliffWall St.
Cheat Sheet
Moody's downgrades 8 Greek banks
ATHENS, Greece (AP)
European
and US Economies Teetering on Weak Policy, Leadership at Minyanville
Kerr Sep 23, 2011 ‘Keeping up with today's financial and economic news is akin
to watching a typical reality TV spot.’
Global economy
pushed to the brink Sep 23rd, 2011 News (Financial Times)
— Time is running out to find a solution to the eurozone crisis and prevent
another global recession, finance ministers warned on Friday, as they hinted
that discussions were under way to boost the firepower of European rescue
funds.Financial markets experienced another day of intense volatility as
investors struggled to interpret an emergency statement from the Group of 20
leading economies, which met on the sidelines of the International Monetary
Fund and World Bank meetings in Washington.…Gold continued to slide sharply and
US oil prices traded below $80 a barrel, their lowest in more than a year.
Shares rallied modestly in Europe and the US, accompanied by selling in
government bonds and the dollar.[ http://www.ft.com/intl/cms/s/0/9bedaa82-e603-11e0-960c-00144feabdc0.html#axzz1YUm6X1iD ]
CME
raises margins for gold, silver, copper Sep 23rd, 2011 News (MarketWatch) — The CME Group CME +0.00% ,
the parent company of the New York Mercantile Exchange, on Friday raised margin
requirements for some gold, silver and copper futures contracts. Margins are
money investors must put up to be able to trade and hold futures contracts.
Initial requirements for gold’s benchmark contract rose 21% to $11,475 per
contract, from $9,450 and maintenance margins climbed to $8,500 from $7,000 per
contract. Initial requirements for silver’s benchmark contract rose 16% to
$24,975 per contract, from $21,600 and maintenance margins climbed to $18,500
from $16,000 per contract.[source]PG
View: It is likely that expectations of this margin hike factored into
today’s sell-off.
Gold
Plunges More Than $100 as Investors Sell Sep 23rd, 2011 News
(Bloomberg) — Gold fell, capping the biggest two- day plunge since 1983, on
investor sales following routs in global equity and commodity markets.More than
$3.4 trillion has been erased from equity values this week, sending a global
measure of shares into a bear market, on concern that governments are running
out of tools to avert a recession. The Standard & Poor’s GSCI Index of 24
commodities fell to a nine-month low today. Gold has dropped 15 percent since
reaching a record $1,923.70 an ounce on Sept. 6.“Gold has become the source of
liquidity for global margin calls,” said Michael A. Gayed, the chief investment
strategist at Pension Partners LLC. “Also, deflationary pressures are acting on
gold.” PG View: We’ve seen very strong physical buying
interest on this retreat. Savvy investors know from experience that
deleveraging breaks provide buying opportunity. The dollar and bonds may be up
for now, but most realize that they aren’t the true safe-havens that they once
were, and such allocations are therefore unlikely to prove sticky.
Dow Sinks 6.4% for Week
Sep 23rd, 2011 News (Wall Street Journal) — Fears of a
possible Greek default and the U.S economy dipping back into recession pushed
the Dow Jones Industrial Average to its worst weekly decline since the depths
of the financial crisis.Stocks edged slightly higher on Friday, as a pledge
from global officials to maintain financial stability alleviated some investor
anxiety. The slim gains, however, failed to overshadow the market’s poor weekly
performance.The Dow edged up 37.65 points, or 0.4%, to 10771.48. But the index,
which plunged 675 points on Wednesday and Thursday, finished the week down
6.4%, its worst performance since the week ended Oct. 10, 2008. [source]
G20 vows
support for the global economy Sep 23rd, 2011 News
(Financial Times) — The Group of 20 leading economies pledged a “strong and
co-ordinated” effort to stabilise the global economy in an attempt to calm
tumbling equities markets spooked by fears of recession in the eurozone and a
gloomy economic outlook in the US.Bowing to pressure from investors to take
action, finance ministers from the G20 economies said in a communiqué issued
late on Thursday that they would stop the European debt crisis from deluging
banks and financial markets, and take the necessary steps to bolster the
eurozone’s rescue fund and assist banks to boost capital reserves in line with
new global regulations. The statement followed a day in which the equity
markets suffered some of the biggest falls since the collapse of Lehman
Brothers in 2008, as investors rushed to safety in a widespread sell-off.“We
commit to take all necessary actions to preserve the stability of banking
systems and financial markets as required,” the group said in a statement. “We
will ensure that banks are adequately capitalised and have sufficient access to
funding to deal with current risks and that they fully implement Basel III
along the agreed timelines.”[source]
Dollar gains
driven by flight to safety Sep 23rd, 2011 News (Financial
Times) — Risk aversion in equity and commodities markets drove the dollar
higher this week as hopes for economic recovery were dealt another blow by the
Federal Reserve’s latest assessment of US growth.The dollar climbed across the
board on Thursday as investors sought safety and global equity markets tumbled
with other risk assets, including industrial metals and oil. The latest
catalyst for investors to flee for cover was the Fed’s statement on Wednesday
that there were now “significant downside risks to the economic outlook”.[source]PG
View: Should more accurately say “perceived” or “relative” safety.
Gold trades under
$1,700, loses 4% Sep 23rd, 2011 News (MarketWatch) — Gold
futures slid below $1,700 an ounce on Friday, losing more than 4% as turmoil in
global financial markets continued and investors rushed to sell metals
positions to raise cash. [source]
New
York Fed re-monetized $0.930 billion in Treasury coupons in today’s QE2.5
operation. Sep 23rd, 2011 News
Morning Snapshot Sep 23rd, 2011 News
(USAGOLD) —
Gold extended sharply lower in overseas trading, pushing below the $1700 level
for the first time in 7-weeks, as the global asset rout continues. The dollar
remains well bid, trading near 7-month highs, bolstered by flight out of stocks
and out of the euro.The G20 vowed “strong and co-ordinated” support in their
communiqué late yesterday, saying “We commit to take all necessary actions to preserve the
stability of banking systems and financial markets as required.” However, the absence of
specifics did little to reassure markets. The market now looks to weekend IMF
and World Bank meetings for guidance.Meanwhile, Congress is embroiled in yet
another partisan battle, this time centered on a continuing spending
resolution. The Republican controlled House passed a spending bill yesterday,
but the Democrat controlled Senate has vowed to shoot it down. Failure to pass
a resolution could result in a government shut-down next week. This is exactly
the kind of behavior that promoted S&P to downgrade the US.
• France business confidence falls to 99 in Sep, below
market expectations, vs 105 in Aug; production outlook tumbles to -29.
•
Italy retail sales (sa) -0.1% m/m in Jul, below market expectations of +0.2%,
vs negative revised -0.3% in Jun; -2.4% y/y.’
Don't
Call It (Much of) A Comeback at The Wall Street Journal John
Shipman ‘US stocks rebounded in a vigorous
rally that comes after the market’s worst week in almost three
years.It would be disingenuous to suggest these gains were fueled by any
real tangible progress on the European debt mess; multiple sharp spikes
higher during the day suggest a combination of short
covering, end-of-month portfolio window dressing and dead-dog bounce…’
Split opens
over Greek bail-out terms Sep 27th, 2011 15:37 News (Financial Times) — A split has opened in
the eurozone over the terms of Greece’s second €109bn bail-out with as many as seven of the bloc’s 17 members arguing for
private creditors to swallow a bigger writedown on their Greek bond holdings,
according to senior European officials.The divisions have emerged amid mounting
concerns that Athens’ funding needs are much bigger than estimated just
two months ago. They threaten to unpick a painfully negotiated deal reached
with private sector bond holders in July.…Because of the recent economic downturn and Greece’s slow implementation of
austerity measures, officials estimate Athens’ funding needs
over the next three years have grown beyond the €172bn forecast
this summer.[source]
PG View: Missed numbers out of Greece? Say it isn’t so. How far beyond €172 bln are we talking
here? Does any number they give have any meaning? The funding needs when the
last deal was cut back 0n 21-Jul where €109 bln, since then Greece’s needs have exploded
about 60%…or
more! No sane investor would throw more money into this sinkhole of unknowns.
SHILLER:
House Prices Probably Won’t Hit Bottom For Years Sep 27th, 2011 News (BusinessInsider) — The July numbers for the
most widely followed measure of house prices, the S&P/Case-Shiller Index,
were released this morning.The numbers weren’t terrible–on a seasonally adjusted
basis, July was basically the same as June–but one of the creators of the index, Professor
Robert Shiller of Yale University, isn’t taking much solace in them.The economy has
deteriorated significantly since July, Professor Shiller observes, and he
suspects that the housing market has followed suit.[source]
Roubini:
U.S. in Throes of Economic Contraction Sep 27th, 2011 News
(Bloomberg) —
Most advanced economies are lapsing back into recession while the U.S. is
already in the throes of an economic contraction, according to Nouriel Roubini,
co- founder and chairman of Roubini Global Economics LLC.“The way I see the global
economy, I think we’re entering into a recession again in most advanced
economies,”
Roubini said in a panel discussion today at the Bloomberg Dealmakers Summit in
New York. “I
think we’re
already into one in the U.S. based on the hard and soft data — same with most of the
euro zone, same with the United Kingdom.” [source]
Mark Hulbert, MarketWatch CHAPEL
HILL, N.C. (MarketWatch) [ Of course Mr. Hulbert is correct in pointing out the
folly of what’s causing the meltdown. Indeed, he might even borrow from the
homespun wisdom of the mama of that stellar investigatigative reporter, formerly
of SNL fame, Rosanne Rosanna Dana, who reminds us ‘ It’s always somethin’ ‘ .
Indeed, Rosanne; it is always somethin’… just not the somethin’ that the frauds
on wall street et als say it is. The fact is the markets are grossly
over-valued courtesy of a myriad of fraudulent tools; from computer-prgrammed
high-frequency trade churn-and-earn scams, to ever more worthless funny money,
to blatant misrepresentation / fudged numbers, etc.. Will you be left holding
their worthless bag of hot potatoes? Will you be their fool … again … in this
suckers’ market? ] — ‘Greece ate my
homework. Not only that, if you believe the financial headlines, Greece is
responsible for almost every financial ill that has beset the investment arena
over the last 18 months. I say it’s time the headline writers came up with a
new story to “explain” what’s happening to the stock market.
Consider
last week, for example, when investors’ concern about a possible Greek default
supposedly caused the Dow Jones Industrial Average DJIA +1.33% to lose 738 points and the combined market
capitalizations of all publicly traded stocks in the U.S. to lose $865 billion.
How could Greece have been the cause of that, when Greece’s total sovereign
debt (counting both government debt and from the country’s monetary
authorities) amounts to $393 billion, according to the International Monetary
Fund? It doesn’t make sense, even if Greece’s debt were completely owed to U.S.
banks — which it most definitely is not.
Blaming
Greece makes even less sense when we focus on more than just the last week.
Since the stock market high this spring, for example, U.S. stocks have lost
approximately $2.5 trillion in market cap. Once again, the prime suspect is
concern over Europe’s debt situation.
Yet
the $2.5 trillion loss is more than twice the total debt (from both the
government and the monetary authorities) of Greece, Spain and Portugal combined
— the three PIIGS countries considered to be most in danger of default.
Why,
then, do so many investment commentators persist in telling the story that
Europe’s debt situation is to blame? Because it’s a convenient and easy
explanation to fall back upon, especially in the face of a market that is
otherwise acting so inscrutably.
How
many of us have the guts to say that we don’t really know why the market went
up or down? Rather than admitting that, we instead tell stories — akin to
Rudyard Kipling’s “Just So” stories, such as the one about how the leopard got
his spots.
Blaming
Greece is only the latest example of this. My perennial favorite is the
oft-used explanation that the market went up (or down) on a given day because
there were more buyers than sellers (or more sellers than buyers). This is just
intellectual laziness, of course: During any trading session there are always
the same number of buyers and sellers.
Investors
need to let Greece rest in peace. That country has enough problems of its own
without being asked to take responsibility for ours as well.’
Unthinkable
Poised to Happen on Wall Street. See Disturbing Charts. (Moneynews) ‘The Aftershock Survival Summit is a
gripping, no-nonsense presentation that’s quickly becoming a financial beacon
in an economic tsunami.
Featuring an exclusive interview with famed economist and best-selling author
Robert Wiedemer, this disturbing presentation exposes harsh economic truths
along with a dire financial warning — a prophetic message that’s spreading
across America like wildfire.
But it’s not just the grim predictions that are causing the sensation; rather,
it’s the comprehensive blueprint for economic survival that’s really commanding
global attention.
It
offers realistic, step-by-step solutions that the average hard-working American
can easily follow; millions have already heeded its warnings and are rapidly
sharing the Aftershock Survival Summit throughout
the Internet. To see it for yourself, simply click here.
The overwhelming amount of feedback to publicize the presentation, initially
screened for a private audience, came with consequences as various online
networks repeatedly shut it down and affiliates refused to house the content.
“People were sitting up and taking notice, and they begged us to make the Aftershock Survival Summit public so
they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog,
“but unfortunately, it kept getting pulled.”
The controversy stems from direct allegations that the people in Washington
have failed miserably. They include former Federal Reserve Chairman Alan
Greenspan and current Federal Reserve Chairman Ben Bernanke, tasked with
preventing financial meltdowns and keeping the nation’s economy strong through
monetary and credit policies.
At one point, Wiedemer even calls out Ben Bernanke, saying that his “money from
heaven will be the path to hell.”
This wasn’t the first time Wiedemer’s predictions hit a nerve. In 2006, he and
his team of economists accurately predicted the four-bubble meltdown in the
housing, stock, private debt, and consumer spending markets that almost sunk
America.
Regardless of his warnings and survival advice, Bernanke and Greenspan were not
about to support Wiedemer publicly, nor were the mainstream media.
As the warnings went unheeded, and America suffered the consequences, Wiedemer
penned his latest prophetic work, “Aftershock: Protect Yourself and Profit in
the Next Global Financial Meltdown.”
Once again his contrarian views ruffled feathers and just before the book was
publicly released, the publisher yanked the final chapter, deeming it too
controversial for newsstand and online outlets such as Amazon.com.
Despite appearances, “Aftershock” is not a book with the singular intention of
scaring people, explains DeHoog. “The true value lies in the sound economic
survival guidance that people can act on immediately. I was able to read the
original version with the ‘unpublished chapter,’ and I think it’s the most
crucial in the entire book. After contacting Wiedemer, we [Newsmax] were
granted permission to share it with our readers. In fact, viewers of the Aftershock Survival Summit are able to
claim a free copy of it.”
In the Aftershock Survival Summit, Wiedemer
reveals what the publisher didn’t want you to see. Citing the unthinkable, he
provides disturbing evidence and financial charts forecasting 50% unemployment,
a 90% stock market collapse, and 100% annual inflation.
“I doubted some of his predictions at first. But then Robert showed me the
charts that provided evidence for such disturbing claims,” DeHoog commented.
Editors Note: The Aftershock Survival Summit shows the exact same charts. See them for yourself. http://w3.newsmax.com/a/aftershockb/video.cfm?PROMO_CODE=CD97-1 … ‘
Read more: Aftershock Survival Summit Predicts the Unthinkable
Important: Can you afford to Retire? Shocking Poll Results
Prepare
for Lehman Brothers Part 2 MoneyShow.com
Sep 15, 2011 ‘Three years ago, Lehman collapsed. Now, a new Lehman-like
financial crisis is coming -- this time involving the debt of governments and
European banks.’
Arguments
for Being in the Crash Camp Conor Sen Sep
28, 2011 ‘This has been the sixth-most volatilite September since 1950. The
only years more volatile? 2002, 2001, 1974, 1998, and 2008, years which
included two major stock market bottoms (1974 and 2002), 9/11, Long Term
Capital Management,
and the fall of Lehman Brothers. Despite the crazy volatility, it is my
contention that nothing meaningful has really happened this month. As we know,
the reason for the volatility is primarily because of the ongoing sovereign
debt crisis in Europe. And as news events of today confirm, we remain no closer
to resolution here, even as stress indicators continue to deteriorate.
For example, while markets were surging today, German finance minster Wolfgang
Schaeuble was out saying basically the same things he's been saying all along,
that Germany is opposed to further bailouts or fiscal stimulus, and Europe's
periphery should resolve its problems via fiscal consolidation.
Later in the day, as the Financial Times reported, problems were surfacing
regarding Greece's latest bailout package:
"A split has opened in the eurozone over the terms of Greece’s second
€109bn bail-out with as many as seven of the bloc’s 17 members arguing for
private creditors to swallow a bigger writedown on their Greek bond holdings,
according to senior European officials."
What We Know:
Short-Selling
Bans Extended, Stocks Fall Harder at The Wall Street Journal
Now's
Not the Time to Take on Equity Market Exposure at Minyanville Erik Swarts Sep
28, 2011 ‘This is obvious when you consider the respective pieces that need to
come together to resolve the sovereign debt crisis, and apply technical
analysis to the charts.
[video]Buying
on Rumor - Prepare For The Selling On NewsTheStreet.com TV
The
Biggest Borrowers From Uncle Ben Bernanke at Forbes ‘It comes as little
surprise that America’s biggest banks are among the heaviest borrowers from
the Federal Reserve’s unprecedented liquidity facilities during the
financial crisis that doled out more than $1.2 trillion. An analysis of
thousands of documents by Bloomberg News shows just how big the outlays to some of the world’s largest financial firms
really were, including the 20 that follow and saw their outstanding loans peak
at more than $25 billion… { Read Full Story http://www.forbes.com/sites/steveschaefer/2011/08/23/morgan-stanley-leads-biggest-borrowers-from-uncle-ben-bernanke
} ‘
THE GREATEST SHOW ON EARTH September 29, 2011 http://www.etfdigest.com
http://albertpeia.com/circuswallstreet.jpg
Yes, I’ve used this image before
but it befits the past two months of frenetic two-way trading. Thursday markets
moved sharply higher early on news of better Jobless Claims and GDP data plus
the positive vote from the German parliament regarding funding their portion of
the euro zone’s
EFSF (European Financial Stability Facility).
Algos jumped
on the headlines which is what they’re programmed to do. They don’t look under the hood for
details since given their momentary focus, “facts don’t matter”—not at least right away.
A closer look
inside Jobless Claims data is the consistent revisions for higher previous
claims. This makes current reports generally seem better by comparison.
Further, the BLS states with this report the significant impact of “seasonal factors” skewing the report. The
figures used to adjust the data typically look for a drop in un-adjusted claims
heading into the end of a quarter. For last week however, the seasonal
adjustment factors predicted unadjusted claims would rise 0.4 percent per the
Labor Department. Instead, unadjusted applications followed the typical
patterns at the end of quarters and plunged 8.2 percent, leading to the even
bigger drop in the adjusted data.
Below is an
analysis of the GDP report directly from the always reliable and probative Consumer
Metrics Institute.
The Bureau of Economic Analysis's (BEA)
third estimate of second quarter 2011 U.S. Gross Domestic Product (GDP) was
reported to be 1.34%, an upward adjustment from their previous data. The new
growth number was .36% higher than the number reported last month for the same
quarter. It is important to remember that this new monthly report covered the
same time periods as the previous reports -- meaning that this monthly set of
changes in the numbers was caused by late arriving data at the BEA and not
actual month to month improvements in the economy.
Among the items notable in the report:
-- Aggregate consumer expenditures for goods was still reported to be
contracting during the second quarter, dragging the overall growth rate of the
economy down by a -0.38% rate. This is actually marginally weaker than the
numbers in the earlier reports.
-- Consumer expenditures for services grew slightly during the quarter, at an
improved (although still very sluggish) 0.87% annualized growth rate. But the
adjustment in this single line item represented the bulk of the improvement in
the headline number.
-- The growth rate of private fixed investments was only slightly higher, at a
weak annualized 1.07% rate.
-- Inventories are still reported to have been drawn down during the quarter,
indicating that production has slowed faster than demand. The revised estimate
of inventory levels caused the overall growth rate to be reduced by a -0.28%
annualized rate.
-- Total expenditures by governments at all levels was still reported to be
shrinking, reducing overall economic activity at a -0.18% annualized rate.
-- Exports strengthened slightly relative to the earlier report, raising the
contribution that they made to the overall GDP growth rate to 0.48%.
-- Imports decreased somewhat when compared to the earlier report, and are now
reported to be removing -0.24% from the growth rate of the overall economy. The
combination of the revisions in the import and export numbers contributed about
half of the upward changes in the published headline number.
-- The growth rate of "real final sales of domestic product" was
revised upward to an annualized 1.62%, as the result of the now higher consumer
services figures, slightly improved foreign trade and the increased draw-down
of inventories.
-- Working backwards from the data tables, the effective "deflater"
used by the BEA to offset the impact of inflation was 2.58% -- still
substantially below the rates reported by their sister agencies. Substituting
the line-item appropriate (CPI or PPI) current inflation rate published by the
Bureau of Labor Statistics (BLS) causes the "real" GDP to be
contracting at a -0.73% annualized rate.
-- And using the same alternate BLS "deflaters" the real per-capita
GDP can be shown to be contracting at a -1.45% annualized rate. Similarly,
per-capita disposable income was contracting at a -0.92% annualized rate. These
per-capita numbers are what impacts individual Americans and it is the real
source of the frustration within the populace.
Not featured
by the financial media beyond Bloomberg is Thursday’s report and graph on
their Consumer Comfort Survey which shows this index as back to 2008-09 levels.
This is hardly encouraging.
http://albertpeia.com/comfort.jpg
Fed Governor
Lockhart finds current jobless conditions “perplexing and vexing” according to this Bloomberg
story. So if I have my synonyms and meanings right he’s “embarrassed and
pissed-off”
which kind of disqualifies him from such a position.
Meanwhile back
at Wall & Broad stocks as measured by the DJIA raced higher early by 260
points only to fall later by 45 points and then rally in “stick save” fashion to close 143
points higher. This really is the “Greatest Show on Earth”! The NASDAQ was lower by
.43% led by semiconductor sectors (SMH) especially after a poor outlook from
Advanced Micro Devices (AMD), down nearly 14%. Also there is still some
lingering confusion over iPads from Apple (AAPL) versus Fire from Amazon
(AMZN). Financials were higher which helped much of the bigger names rally
although the rationale was difficult to determine.
Commodities,
including precious and base metals, oil and grains were higher overall. The
dollar was down slightly and bonds were stronger.
Volume was modest
most of the day until the large “stick save” was put in place to end the session. Breadth per the
WSJ was positive once again as quarter-end window dressing is in full swing.
http://albertpeia.com/929-1.jpg
Major U.S. Markets (5)
U.S. Market Sectors & ETFs (20)
Bonds (4)
Commodity & Currency ETFs (16)
International & Emerging Market ETFs
(14)
$NYMO (1)
$NYSI (1)
$VIX (1)
The craziness
continues for the clown act doing business as the Greatest Show on Earth. It’s no wonder so many
individual investors have fled markets. Between phony data and window dressing
it’s
hard to stick with the long-term program. Three bear markets in 11 years would
be enough to turn anyone off. Now we’re not in a bear market yet but we’re frightfully close.
Friday brings
the not so reliable U of Michigan Consumer Sentiment, Personal Income and
Spending and the important Chicago PMI. Friday also will allow for more
end-of-quarter window dressing.’
[video]
Trader: I'd Sell Into This Rally at TheStreet.com
CEOs
have the Blues About Business Prospects Wall St. Cheat Sheet
NO
COUNTRY FOR OLD MEN Dave’s Daily http://www.etfdigest.com
September 30, 2011 ‘It’s probably not a “market” for men or
women of any age at this point. Warren Buffett has put himself out there
recently buying stock in Bank of America (BAC) and then suggesting Friday it
might take 3-5 years for the company to clean things up. He also stated he’s
received inquiries from European banks for a financial injection which isn’t a
good sign. He’s also been highly visible averaging down buying shares in his
own Berkshire Hathaway (BRK/A) with $5 billion in purchases already this
quarter. He says he likes the president’s jobs bill although admitted to not
knowing its details which is poor due diligence. He’s also unsure of just what
Obama’s “Buffett Rule” means as it applies to incomes over $250K deflecting the
level by talking about people making $50M or more. All this struck me as
interesting and odd … So for stocks overall this is the worst performing
quarter since 2008 when we were entering a bear market. Are we due for a repeat
or is this just a continuation of the previous bear market? It gives us a sense
of a 1930s like market which featured substantial bear market rallies. For the
quarter the DJIA was down 12%, S&P 500 down 14.3% and Nasdaq Composite down
12.9%. European stocks in aggregate lost 17% …’
How to
Navigate a News-Paralyzed Market Simon
Maierhofer, September 30, 2011, ‘… Here's my
psychoanalysis of the market, which I believe is more accurate than my medical
opinion. The market has one goal, one reason for 'living.' It's to separate as
many people as possible from their money. He doesn't always win, but over the
decades he's found the most effective ways to separate most from as much money
as possible. He's got a tackle box full of baits and lures to bait and switch
unassuming investors. The market is smarter than the collective of all
investors and analysts because it knows at any given time what the collective
'Wall Street wisdom' thinks and does. If the market sees Wall Street is
bullish, it will go down and vice versa. The market will not be told by the
media what to do and laughs at assessments like the following from the media
(taken from this week):
AP on Monday:
'Stocks jump on hopes for a Europe fix'
Reuters on Tuesday:
'Stocks pop on Europe hope'
AP on
Wednesday: 'Stocks are closing lower, ending a three-day winning streak, as
investors worry about Europe.'
Bloomberg on
Thursday: 'Stocks advance on jobless claims' (since when does the market care
about jobs anymore. Wasn't there any Greece news?) …’
Apple
in a Dangerous Position; Bears Are Watching at Minyanville
90% of
Americans say economy stinks
Protect
your investments, what to look for next week. Forbes ‘ Right now is not the time to worry about knocking
the ball out of the park. Let’s focus on preserving your assets. Today was
end of the quarter and it was not pretty. For the quarter end we were
down about -14.31% on the
S&P 500. As for September, the S&P was down -7.21%, closing at 1131, down 5 points from
were we closed Firday the 19th. The week was extremely volatile; it has
gotten to the point where Main Street does not feel safe in a long term asset
allocation strategy…’
Don't
Let Taxes Stop You From Selling Stocks at Forbes
Defensive
Sectors Shine During Meltdown As Kodak Fades To Black at Forbes …’
4
Market Signs Signaling Recession
Cyclical
Sector ETFs Say It's the Economy, Stupidat The Wall Street
Journal
Japan
Puts Cheapest Ever as Traders See Banking Lossesat Bloomberg
US incomes
fall for first time in nearly 2 years
Moody’s Lowers U.S. Lodging Industry Outlook as Economy Slows
Yield
Spread Confirming Recession Call http://www.zerohedge.com/news/guest-post-yield-spread-confirming-recession-call
Lance Roberts of StreetTalk Advisors
Yield
Spread Confirming Recession Call
Recession. It is now becoming clearer, even to the
mainstream media, that the "Big 'R'" is rapidly approaching, or already upon us.
Without further stimulus from the government the economy will continue its
slide into negative growth. Unfortunately, it doesn't look like the "Calvary" will be charging to the rescue anytime soon.
Bernanke, at this point has effectively punted to the Whitehouse for
stimulative action. The Whitehouse is embroiled in partisan politics
which will keep any action from occurring until most likely after the next
election. This leaves the economy and the financial markets to
their own devices, and much like kids without parental supervision, they are
running amok.
I have been very vocal as of late
commenting on the fact that a recession is fast approaching.
The trends of the economic numbers have all soured to the negative.
From manufacturing to personal incomes to sentiment they all are signaling a
recession lay ahead. Another confirming indicator of a recessionary
track is the spread in yields between junk bonds and high quality bonds.
The chart here shows two different yield spreads. The blue
represents the difference in yields between AAA rated corporate bonds to BB
rated bonds while the red represents the spread between 10-yr government
treasuries to BB rated bonds. The dotted horizontal lines represent
when these spreads have signaled recessions in the economy.
When the economy is strong the spread between BB (Junk Bonds) and AAA
Bonds or Government treasuries is much lower as the perceived risk of default
on payment is lower. In times of economic stress or recession
the perceived risk of default or failure is much greater.
Currently, spreads at these levels are very indicative of economic stress and
recessions. The perceived risk of corporate failure is rising and spreads
are widening as money leaves high risk bonds (driving interest rates higher)
and moves to safer yielding bonds (keeping rates lower). The wider
the spread the harder it is for weak companies to access capital and corporate
failures rise.
On Friday, Lakshman Achuthan of the Economic Cycle Research Institute
reviewed the weight of ECRI's research, observing "Now it's
a done deal. We are going into a recession."
The spread in yields combined with our own research as well as that of
the ECRI, which is a very conservative organization with calls generally way
ahead of the consensus as we have repeatedly been, confirms that our views are
most likely the correct one.
While the media tends to view the economy from one report to the next
what is important is to understand the trend and the balance of the data on the
whole. Understanding the trend and balance will make you very unpopular
with the rest of the world that consistently ops for the "glass
half full" view
but will keep you from losing a lot of money in the long run.
John Hussman summed this view up well; "In
contrast, good economists think about the economy as a system - where multiple
sectors interact. We tend to use words like 'equilibrium' and 'syndrome' when
we talk about economic data - emphasizing that the best signals involve a whole
conformation of evidence, not one or two indicators, where the data - in
combination - captures a particular signature of recession or recovery.
Look at how Achuthan described the
situation on CNBC on Friday, and you'll see a good example of this sort of
thinking:
'This is a done deal. We are going
into a recession. We've been very objective about getting to this point, but
last week we announced to our clients that we're slipping into a recession.
This is the first time I'm saying it publicly. A broad range - this is not
based on any one indicator - this is based on dozens of indicators for the
United States - there is a contagion among those forward looking indicators
that we only see at the onset of a business cycle recession.. These leading
indicators, which are objective.. they have a certain pattern that they present
in front of a recession, and that is in, that is in right now.'
'A recession is a process, and I
think a lot of people don't understand that; they're looking for two negative
quarters of GDP. But it is a process where sales disappoint, so production
falls, employment falls, income falls, and then sales fall. That vicious circle
has started. You're looking at the forward drivers of that, which are different
indicators - there's not one - everything's imperfect. The Weekly Leading Index
.. that is saying unequivocally, this is recession. Long Leading Index, which
has a longer lead, is saying recession. Service sector indicators,
non-financial services where 5 out of 8 Americans work, plunging.
Manufacturing, going into contraction. Exports, collapsing. This is a deadly
combination, we are not going to escape this, and it is a new recession.'
For investors, if you believe that current analyst estimates of
forward operating earnings are correct, and you believe that the inappropriate
bubble-era benchmarks for price-to-forward operating earnings are actually
valid, and you've ignored all evidence that the Fed Model is spectacularly
devoid of validity, and you believe that the only course for valuations is to
move toward those misguided benchmarks regardless of what happens to Europe or
the U.S. economy, then it's easy to believe that stocks will head higher. For our
part, we believe none of those things..."
We agree with John on this point. These are points that we
have written extensively
on in the past. In a low growth economic environment the
persistent call for high growth rates in stock prices is dumbfounding.
History tells us that the corporate earnings, and ultimately capital
appreciation, cannot grow faster than the economy for long. Corporate
earnings, and ultimately the prices paid for those earnings, are a reflection
of the economy and not vice versa.
There is one final key point to all of this as it relates to the yield
spread. Investors face not only an oncoming recession here but also
a probable sovereign default and recession in Europe. The compounding of
these factors translates into heightened credit risk here in the U.S. (as noted
by credit spreads jumping higher recently) and corporations do not borrow
at the 10-year treasury rate. They borrow from the bond market and the
rising costs of borrowing due to rising credit risk impacts corporate
profitability. Expectations for earnings growth going into 2012 is still
extremely high with current estimates sitting at an all-time record for the
S&P 500 index next year. The reality of that occurring is
almost nil. In turn, this means that prices will have to be
adjusted for the reality of a recessionary economy which is why the average decline
of stocks during a recession is about 33%.
John Hussman
summed our current stance up very well: "Still, as
always, we're data-driven, and there are possible combinations of evidence (not
in hand at the moment) that could move us to a modestly or moderately
constructive investment stance even in the context of broader economic risks.
My impression continues to be that the best hope for a sustained advance (early
on, probably only several weeks or a few months in duration) is from
substantially lower levels, but we'll take our evidence as it comes. Suffice it
to say that we remain defensive here, but are quite willing to shift our
investment stance if the evidence supports that." Well said.’
Hold
Your Enthusiasm ... This Is Still A Bear Market Rally http://www.bullfax.com/?q=node-hold-your-enthusiasm-still-bear-market-rally,
10/06/2011 By StopAlerts:We
have had three nice rally days, and call volume instead of put volume is
dominant, but this is still a bear market rally, in our view. If you are buying
specific stocks for specific long-term reasons, that is one thing, but if you
are buying indexes it may be best to wait for more of a confirming price
movement …’
Is
a Recession Coming Next Year? – Zacks ‘ While the current economic data is
not indicating we are back in recession, I find myself leaning more and more
into the "recession in 2012" camp.’ [ This link is provided for the plethora of data / charts
but misses the bigger picture of current data in the context of the fraudulent
scam dollar debasement strategy of the fed and the inflationary impact of same
so cheered by the frauds on wall street for the illusory effect of same. ]
[video]
Caution Flag On The Rally TheStreet.com Ken Polcari of ICAP
Equity warns investors to be careful with this rally, lows could be retested. 10/06/11
“The Prevailing Debate Among Economists and Historians is
Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the
‘Long’ Depression of the 1870s” Washington’s Blog | Economists Agree: We’re
In a Depression. Fitch cuts
Italy, Spain ratings; outlook negative , Wall
Street vs Reality: A Hopeless Tug-of-War?
http://symmetrycapital.net/index.php/blog/2011/10/wall-street-vs-reality-a-hopeless-tug-of-war Are Wall Street strategists living in a
bubble? [ The short answer is, ‘YES’! The long answer is your work is quite
(closer to) correct (and worse when dollar debasement is factored in).] According to our work, credit
market, demographic, and leading economic indicators are all
pointing to a level of between 800 and 1,000 for the S&P 500 between now
and 2012-2013. http://www.stansberryresearch.com/pro/1108PSI9MOVD/PPSIMA06/PR
Wall
Street vs Reality: A Hopeless Tug-of-War?
http://symmetrycapital.net/index.php/blog/2011/10/wall-street-vs-reality-a-hopeless-tug-of-war Are Wall Street strategists living in a
bubble? [ The short answer is, ‘YES’! The long answer is your work is quite (closer to)
correct (and worse when dollar debasement is factored in).] According to our work, credit
market, demographic, and leading economic indicators are all
pointing to a level of between 800 and 1,000 for the S&P 500 between now
and 2012-2013…’
Paulson's
Big Fund Down 47%; Sept. Proves Dicey For Hedgiesat Barrons.com
‘Things are getting
truly desperate in Europe. I’d like to show just how bad they are by way of
example: the Belgian bank Dexia, which is now in the process of being
nationalized.
For starters, Dexia had
566 billion euros in debt and 19 billion euros in equity as of the end of 2010.
Right off the bat, that’s a leverage ratio of 29 to 1. Lehman Brothers
was leveraged at 30 to 1 when it collapsed.
Now consider that
Belgium’s entire GDP is just 348 billion euros. Dexia has 566 billion
euros in assets. Of this 352 billion are loans. Put another
way, Dexia’s loan portfolio alone is larger than its home country’s entire
economy.
AND THIS BANK PASSED THE
STRESS TESTS.
Suffice to say, Europe’s
banking system is in far FAR worse shape than anyone over there is admitting.
The stress tests were complete and total fiction. And the market is starting to
figure this out.
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-2_1.png
Small wonder then that
had both the IMF and the Bank of England have recently warned that the world is
facing a “financial meltdown” and “the worst financial crisis in history.”
Ben Bernanke issued his
own statement of doom last week as well, stating that his precious recovery is
“close to faltering.” For a guy who’s spent TRILLIONS trying to create a
recovery to admit things aren’t working out ought to give you an idea of just
how bad things will be getting in the near future.
Indeed, stocks were
rejected last at a descending trendline from the July top.
We should have at least gotten a bounce to the 38.2% retracement
(1,200 on the S&P 500). So if the market fails to get there and simply
rolls over here, then we’re going DOWN in a big way FAST.
http://www.zerohedge.com/sites/default/files/images/user20289/imageroot/2011/09/sc-1_5.png
Here is the reality of
the financial system today:
§ The European
banking system is facing systemic collapse.
§ The US economy
has rolled over and is in a confirmed double dip in the context of a larger
DE-pression.
§ The Central
Banks and regulators have admitted we are peering into the abyss and they have
no clue what to do.
Yes, I believe
that before this mess ends, the financial system as a whole will have
collapsed. What's coming is going to make 2008 look like a joke.
If you have yet to
prepare yourself for what’s coming, now is the time to do so. Whether it’s by
moving to cash and bullion, opening some shorts, or simply getting out of the
markets altogether, now is the time to be preparing for what’s coming
(remember, stocks took six months to bottom after Lehman… and that was when the
Fed still had some bullets left to combat the collapse).
And if you’re looking
for specific ideas to profit from this mess, mr Surviving a
Crisis Four Times Worse Than 2008 report can show you how to turn the unfolding disaster into a time of
gains and profits for any investor.
Within its nine pages I
explain precisely how the Second Round of the Crisis will unfold, where it will
hit hardest, and the best means of profiting from it (the very investments my
clients used to make triple digit returns in 2008).
Best of all, this report
is 100% FREE. To pick up your copy today simply go to: http://www.gainspainscapital.com
and click on the OUR FREE REPORTS tab.
Good Investing!
Graham Summers
PS. We also feature four
other reports ALL devoted to helping you protect yourself, your portfolio, and
your loved ones from the Second Round of the Great Crisis. Whether it’s my
proprietary Crash Indicator which has caught every crash in the last 25 years
or the best most profitable strategy for individual investors looking to profit
from the upcoming US Debt Default, my reports covers it.’
FINANCIAL CRISIS
"ROUND TWO" SURVIVAL GUIDE THIS BEAR MARKET IS NOWHERE NEAR OVER.
Since its March 10 low of 666 in 2009, the S&P 500 rally has been almost
unstoppable. Pundits and media commentators alike have taken this to mean that
the bear market is over and that stocks should once again be the primary asset
class for investors. None of them knows what they’re talking about. Over the
last 30 years, the US has built up record debts on a personal, state, and
national level. Consumers thought they were financially stable so long as they
could cover the interest payments on their credit cards, states created program
after program few if any of which they could afford, and the Federal Government
issued $30-50 trillion in debt and liabilities (counting Social Security and
Medicare). This all came to a screeching halt when the housing bubble (arguably
the biggest debt bubble in history) imploded in 2007. Since that time, stocks
have staged one of their worst years on record (2008), one in five us mortgages
has fallen underwater (meaning the mortgage loan is worth more than the home
itself), and some trillions in US household wealth has evaporated. These issues
seem to be distinct, but in reality they all stem from a debt problem. And as
you know, there is only one legitimate way to deal with a debt problem: Pay it
off. However, instead of doing this, the Feds (the Federal Reserve, Treasury
Dept, etc.) have been producing EVEN MORE DEBT. Here’s a brief recap of their
moves thus far: • The Federal Reserve cuts interest rates from 5.25‐0.25%
(Sept ’07 today) • The Bear Stearns deal/ Fed buys $30 billion in junk
mortgages (March ’08) • The Fed opens various lending windows to investment
banks (March ’08) • The SEC proposes banning shortselling on financial stocks
(July ’08) • The Treasury buys Fannie/Freddie for $400 billion (Sept ’08) • The
Fed takes over AIG for $85 billion (Sept ’08) • The Fed doles out $25 billion
for the auto makers (Sept ’08) • The Feds’ $700 billion Troubled Assets Relief
Program (TARP) (Oct ’08)
• The Fed
buys commercial paper (nonbank debt) from nonfinancials (Oct ’08) • The Fed
offers $540 billion to backstop money market funds (Oct ’08) • The Feds
backstops up to $280 billion of Citigroup’s liabilities (Oct ’08). • Another
$40 billion to AIG (Nov ’08) • The Fed backstops up $140 billion of Bank of
America’s liabilities (Jan ’09) • Obama’s $787 Billion Stimulus (Jan ’09) • The
Fed’s $300 billion Quantitative Easing Program (Mar ’09) • The Fed buying $1.25
trillion in agency mortgage backed securities (Mar ’09 ’10) • The Fed buying
$200 billion in agency debt (Mar ’09’10) • Cash for Clunkers I & II
(JulyAugust ’09) And that’s a BRIEF recap (I’m sure I left something out). In a
nutshell, The Feds have tried to combat a debt problem by ISSUING MORE DEBT.
They’re pumping trillions of dollars into the financial system, trying to prop
Wall Street and the stock market. They’ve managed to kick off a rally in
stocks… But they HAVE NOT ADDRESSED THE FUNDAMENTAL ISSUES PLAGUING THE
FINANCIAL MARKET. Stocks are headed for another Crash, possibly as bad as the
one we saw in October November 2008. As you know, that Crash wiped out $11
trillion in household wealth in a matter of weeks. There’s no telling the
damage this Second Round will cause. The Feds have thrown everything they’ve
got (including the kitchen sink) at the financial crisis… and things are
fundamentally no better than they were before: most major banks are insolvent,
one in five US mortgages is underwater, and the stock market is being largely
propped up by in‐house trading from a few key players (Goldman Sachs,
UBS, etc). Make no mistake, we are rapidly headed for ugly times in the
financial markets. The time to prepare yourself is NOW! And I’ve located
several investments that will not only protect your portfolio… they’ll also
help you turn a profit when this “house of cards” we call a market rally comes
crashing down. I’ve detailed all of them in this report, The Financial
Crisis “Round Two” Survival
Guide.
Two Ways Stocks Pay: Inflation and Dividends Before we get into the specific
investment suggestions, it’s important to take a big picture of stocks as an
asset class. The common consensus is that stocks return an average of 6% a year
(at least going back to 1900).
However, a
study by the London Business School recently revealed that when you
remove
dividends, stocks’ gains drop to a mere 1.7% a year (even lower than
the return
from longterm
Treasury
bonds over the same period). Put another way, dividends account for 70% of the
average US stock returns since 1900. When you remove dividends, stocks actually
offer LESS reward and MORE risk than bonds. If you’d invested $1 in stocks in
1900, you’d have made $582 with reinvested dividends adjusted for inflation vs.
a mere $6 from price appreciation. So as much as the CNBC crowd (and out serial
bubble blowing Fed Chairman Ben Bernanke) would like to believe that the way to
make money in stocks is buying low and selling high, the reality is that the
vast majority of gains from stocks stem from dividends. The remaining gains
have come largely from inflation. Bill King, Chief Market Strategist M.
Ramsey King Securities recently published the following chart comparing
REAL GDP (light blue), GDP when you account for inflation (dark blue), and the
Dow Jones’ performance (black) over the last 30 years. What follows is a clear
picture that since the mid-70s MOST of the perceived stock gains have come from
inflation.
Which
brings us to today. According to official data, the S&P 500 is currently
trading at a Price to Earnings (P/E) ratio of 20 and yields 1.7%. In plain
terms, stocks are expensive (historic average for P/E is 15) and paying little.
In other words, there is little incentive, other than future inflation
expectations, for owning stocks right now.
With this
in mind, now is the time to be pruning your “long” holdings. We’ve had a
spectacular run in stocks since the March 2009 low and the likelihood of this
continuing much longer is relatively slim. Running Out of
Buyers By most
historic metrics, the market is showing signs of a significant top. Here are
just a few key metrics: 1) Investor sentiment is back to super bullish autumn
2007 levels. 2) Insider selling to buying ratios are back to autumn 2007 levels
(insiders are selling the farm). 3) Money market fund assets are at 2007 levels
(indicating that investors have gone “all in” with stocks). 4) Mutual fund cash
levels are at a historic low. This final point is key. Mutual funds are the
“big boys” of the investment world. If they have become fully invested in the
market, this means there are few buyers left to push stocks higher. This is
evident in the fact that every time mutual fund cash levels dropped, stocks
collapsed soon after (see chart below).
http://home.comcast.net/~RoyAshworth/Mutual_Fund_Cash_Levels/Mutual_Fund_Cash_Levels.htm
In plain
terms, the odds are high that a Top is forming in stocks. With that in mind, if
your portfolio is heavily invested in stocks, now is a time to be taking some
profits. If you can, consider moving a sizable chunk into cash. The market is
extremely tired and the systemic risks underlying the Financial Crisis are in
no way resolved. With investor complacency (as measured by the VIX) back to
pre‐Crash levels, the Fed withdrawing several of its more significant
market props, and low participation coming from the larger institutions, this
market is ripe for a serious correction. I’m not saying this will immediately
happen. But at some point there will be a new round to the Financial Crisis.
When that happens, we WILL have another Crash. Indeed, it is quite possible
that stocks are making a VERY significant top, so being heavily invested in
stocks going forward doesn’t make much sense. Take some money off the table. If
you need a place to put it, I suggest physical cash or Gold/ Silver bullion. If You MUST
Stay Long, Shift to Quality If you DO have to stay invested in stocks, now is the time to be
shifting out of junk into quality. The market rally from March 2009 has largely
been lead by junk companies (financials, retailers, etc). Meanwhile, quality
has lagged dramatically. As an example, let’s compare the performance of Coke
(KO) to Bank of America (BAC). KO is one of the best, most profitable brands in
the world. The competitive moat around this business is extraordinary and it remains
one of the most easily recognized franchises on the planet. You can drink six
glasses of Coke a day and still enjoy it the next day. That quality is almost
nowhere to be found in any other food/ beverage on the planet: even chocolate
would get old after six bars a day. BAC on the other hand has swallowed
Countrywide Financial AND Merrill Lynch’s garbage assets. It is effectively
insolvent based on its derivative exposure alone (the company has derivatives
equal to 3,000% of assets). BAC’s balance sheet is like an open sewer and
without serious government intervention the company would not even exist right
now. And yet, BAC’s stock has risen nearly 200% since the March ‘09 lows… while
KO is up less than 50%.
This
relationship works to the downside as well. What I mean is that when stocks
come unhinged, Quality (Coke) then outperforms Garbage (Bank of America) hands
down.
So, if you
HAVE to remain invested in stocks to the long side for whatever reason, now is
the time to be moving into high quality companies. This means finding companies
with low debt, lots of cash, strong results (KO actually GREW revenues in
2008), and significant competitive advantages. Also, and this is critical, look
for companies with strong balance sheets: companies that will still EXIST if
there’s another Crisis. Depression or no, people will still drink soda,
alcohol, smoke cigarettes, and need medicine. I’ve compiled a list of companies
you should consider if you need to remain involved in stocks going forward:
Company Symbol Sector Price/ Cash
Flow
Dividend
Yield Coke
KO Soft Drinks 15 3.2%
Budweiser
BUD Alcohol 14 N/A J&J JNJ Medicine 10 3.02% WalMart WMT General Retail 8
2.16% Exxon Mobil XOM Oil 11 2.51% You’ll note that most of these companies pay
decent dividends (compared to the S&P 500’s 1.7%). This is critical going
forward. With stocks overvalued, you want to make sure you’re at least getting
paid for remaining involved in the market. However, there is an added bonus to
owning Quality stocks right now. Because this market rally has largely been
dominated by Garbage stocks, Quality companies like Coke have not yet risen to
extreme valuations. Thus, you can still buy them at relatively cheap levels
(less than 15 times cash flow). So, in a sense, they are a good investment based
on pricing as well. I want to stress that these investments are only if you
HAVE to stay in stocks for some reason. If there is another collapse these
companies will fall like everything else. However, they will likely fall less
than the rest of the market (see the chart comparing Coke and the S&P 500
below).
source: Yahoo Finance So while I do not expect these positions to make a lot of
money now (these are not short-term trades), they should shelter you from
losing too much money should another Crash hit. Indeed, if the market DOES
collapse and these companies fall 10- 15% across the board (while the market
falls 30%+) I would consider these investments even MORE attractive than they
are today. Let me explain. Volatility can either hurt you or be your friend.
Most people would sell a position if it fell 20-30%. This is wise if you’re
investing based on momentum. However, if
you’re
investing based on value, then doing this is completely antithetical to
attaining high returns. Consider Coke. Let’s say tomorrow Coke collapsed from
$55 to $25 per share. Most investors would panic and sell. I, on the other
hand, would be buying greedily. Why? Because Coke’s business has a fundamental
value. Even during a Financial Crisis and Depression, people will continue to
drink soda. So the opportunity to buy Coke at $25 a share (which would be 7-8
times cash flow) would be truly an extraordinary opportunity. Indeed, from an
income perspective alone, the opportunity here would be fantastic. Consider
that in 2009, Coke paid out $1.76 in dividends. With shares at $55, this means
a dividend yield of 3.2% (roughly three times what you’d get by leaving your
money in a savings account). However, if Coke shares fell to $25, that $1.76
suddenly becomes a 7% yield
($1.75/
$25.00). That’s a heck of a return from an income perspective. Even if
globally
the world entered a sharp Depression and Coke’s income fell by 30%,
pulling its
payouts down to $1.23, you’re still looking at a 5% yield. Indeed, companies
like Coke offer the potential of REAL value should their share prices drop.
Their fundamentals almost ALWAYS outperform investor sentiment. What I mean by
this is that should there be another Collapse, Coke’s share price will almost
certainly fall MORE from its current levels than Coke’s cash payouts or income
will from theirs. During 2008, Coke shares fell 30% or so. However, Coke
actually INCREASED its dividend that year. Anyone who bought Coke in October
2008, now collects a 4% yield on their shares (four times what he or she would
get from a bank account). This is why companies like Coke remain so strong
during times of Crisis. With the FDIC broke and most US banks insolvent,
investors desperately need a place to park cash that will still EXIST in a few
years. Companies like Coke are a reasonable alternative to a savings account in
the sense that you’re paid a higher yield for your deposit (now 3%, but 5% or
higher if Coke shares plunge). Of course, because Coke is a stock, you can lose
1015%
or more if
shares drop and you sell. In a Crisis, plain old cash will outperform just
about anything.
This is why
I’ve suggested moving money to cash, if you can. It’s also why I
suggested
buying Coke and the other companies listed above only IF you HAVE
to be in
stocks right now.
Catastrophe Insurance: Trades For When the Collapse Hits
Now is also
the time to be taking out some “Catastrophe Insurance” by compiling a list of
trades to make once stocks begin to collapse. Let me be clear, these are not
trades that
you’ll make right now… these are trades you’ll make WHEN stocks
collapse.
Personally,
I favor UltraShort ETFs. If you’re unfamiliar with UltraShort ETFs, these are
invetsments that return 2X the inverse of a particular ETF. Let’s take an
example, the UltraShort Financials ETF (SKF). SKF returns 2X the inverse of the
Financials ETF (IYF). So if IYF falls 5%, SKF rises 10%. If IYF falls 10%, SKF
rises 20%. In this sense, SKF is a great “hedge” or means of playing Financial
stocks to the downside. However, there’s an added bonus to UltraShort ETFs like
SKF: these investments ALSO trade based on demand from the marketplace. So if
stocks collapse say 30%, you might actually see gains GREATER than 60% (2X the
inverse) due to investors piling in as they seek to profit from the collapse.
Consider SKF’s performance in 2008, for example. In 2008, financial stocks (as
measured by the Financials ETF: IYF), fell roughly 50%.
However, if
you’d bought SKF once the Crisis really took hold (late September), you could
have made MORE than 100% in two month’s time:
This is
what makes the UltraShort ETFs so handy when a Crisis hits: because they truly
skyrocket as investors stampede like elephants into safety. However, I MUST
STRESS that these are not investments to “buy and hold”.
Instead,
these are shortterm
trades you
should make ONLY once stocks have
begun to
truly collapse. Simply add them to your “on deck” trades to make
once the
next Crisis hits. You’re probably asking yourself, “how can I distinguish
between an ordinary
correction
and a REAL Crisis?” Let’s see what history shows us. If you recall from 2008, stocks
didn’t go straight down. Instead they dropped, bounced, and then began the
serious collapse. Looking back at that time, the 50 DMA served as a useful
metric for gauging that a serious decline was about to begin:
As you can
see stocks rolled over and broke below their 50DMA in late 2007. After that,
the 50DMA acted as strong resistance. Indeed, there was only one bounce above
this level, which lasted roughly a month and a half. The real trouble began in
the summer of 2008, and investors were given a decent warning when the S&P
500 collapsed and then bounced to test the 50‐DMA and failed to break it.
Similar
warnings appeared before the 1987 Crash:
The Tech
Bubble:
And the
2008 Crash:
Thus, this
tells us that the 50DMA is a strong metric for gauging when real trouble hits
stocks again. On that note, the trigger you should be looking for in terms of
when the
next Crash will hit will be a decisive break BELOW the 50DMA
followed by
a strong bounce that FAILS to break above it again. With that in mind, here are
some trades to put “on deck” for when the next round of the Crisis hits. Trade #1: Short
the Russell 2000
The Russell
2000 is perhaps the junkiest index in the US. Many of the companies that
comprise
this index don’t even MAKE money and most likely should have never been
taken
public in the first place. This is the “risk” index, the index of companies
that are
garbage.
For that reason, the Russell 2000 will collapse most when stocks truly begin
rolling
over.
The below
chart compares the Russell 2000’s performance against that of the Dow Jones
Industrial
Average during the 2008 Crash. As you can see, the Russell dropped
significantly
more:
For this
reason, I suggest buying the UltraShort Russell 2000 ETF (TWM) when the
market
begins its next real collapse.
The
UltraShort Russell 2000 ETF (TWM) returns 2X the inverse of the Russell 2000.
So if the
Russell 2000 falls 5%, TWM returns 10%. If the Russell 2000 falls 10%, TWM
returns
20%. It’s a terrific means of playing the collapse in small cap stocks.
Again, wait
for stocks to enter a free fall before opening this trade.
Trade #2: Short Financials
By now you
know that the current Crisis has centered on the financial sector, specifically
the banks.
The Protect Your Savings report details the issues extensively. However,
as
further
proof, the below chart shows that US banks are about to get slammed with
another
round of
mortgage defaults from the residential housing sector (I’m not even going to
bother
including the commercial real estate market which is a multi-billion time bomb
in
of itself).
Suffice to
say, Financials have a lot of issues coming their way in the future. For that
reason,
when the next Round of the Crisis hits, I suggest buying the UltraShort
Financials
ETF (SKF).
SKF returns
2X the inverse of the Financials ETF (IYF). So if the IYF falls 5%, SKF
returns
10%. If the IYF falls 10%, SKF returns 20%. It’s a terrific means of playing
the
collapse in
financials stocks.
Again, wait
for stocks to enter a free fall before opening this trade.
Trade #3: Short the Retail ETF
The US
consumer accounts for 70% of US GDP. Real unemployment is currently close to
17%. Food Stamp usage is around a record 38 million. Tax receipts for 2010 so
far are LOWER than 2009’s levels (didn’t everyone think the entire world was
ending back then?). And yet, retail stocks are back to their 2007 highs:
As you can
see, retail stocks in general are up nearly 200% during the worst recession in
decades. It’s simply staggering. For that reason, I suggest Shorting the
Retail ETF
(XRT) when stocks start to collapse. XRT gives broad exposure to the retail
sector. Its top holdings are: Company % of Assets Casey General Stores 1.9%
Gamestop 1.9% Jos A Bank Clothiers 1.8% Netflix 1.8% Tractor Supply 1.7%
Annetaylor Stores 1.7% Limited Brands 1.7% Childrens PI Retail Stores 1.7% Best
Buy 1.6% Abercrombie and Fitch 1.6% Shorting this ETF gives you the opportunity
to short retail across the board. However, if you’re more inclined to short specific
companies, I’d focus on apparel and clothing retailers like Gap (GPS), Limited
Brands (LTD), Nordstrom (JWN), and the like. As with the other trades, only
enter these shorts when the market begins to enter a free fall.
Trade #4: Short the Emerging Markets Emerging markets have leaded the US on
this latest rally: they bottomed back in November 2008, while US stocks
continued to plunge until March 2009. That’s not the only “leading” emerging
markets have done. While the S&P 500 is up some 60% from its March lows,
China, Brazil and their kind have all more than DOUBLED from the November 2008
lows.
This
relationship will reverse in the next Crisis.
During
times of Crisis, the “flight to safety” involves institutional investors
dumping
their
foreign shares to load up on Treasuries or other perceived “safe havens.”
Consequently,
emerging markets are hit hardest when the markets collapse.
For that
reason, when the next collapse begins I suggest shorting emerging markets via
any number
of inverse Ultrashort ETFs. The most popular ones are:
1) The
UltraShort Emerging markets ETF (EEV)
2) The
UltraShort China ETF (FXP)
3) The
UltraShort Brazil ETF (BZQ)
All three
of these return 2X the inverse of an underlying index: the MSCI Emerging
Markets
ETF, the FTSE/ Xinhua 25 ETF, and the Brazil ETF, respectively. As such, they
represent a
great way to pocket major gains when the emerging markets collapse along
with the
rest of the financial world during the next Crisis.
As with the
other trades, only enter these shorts when the market begins to enter a free
fall.
CONCLUSION This concludes the our report. If you found this interesting you
might want to consider delving into our other FREE reports. All of them are
available for downloading. Simply click here.
Good
Investing!
Graham
Summers
Chief
Market Strategist
Phoenix
Capital Research
Think
Tank Says Bailout Fund Will Need $6 Trillion And France Will Lose AAA Rating
Daily Bail | Where do they plan to get the money, Euro Claus?
Stocks
Surge On New Promises From European Leaders, Dow Adds 300 Points [ Come on! Wake up! Two desperate, failed
politicians who haven’t the slightest idea what they’re doing; certainly in the
areas of finance and economics. Indeed, they’ve borrowed from a page in the
fraudulent wall street / defacto bankrupt american book of failure and fraud in
banging ‘square pegs in round holes’ along with nation-draining fraudulent
obfuscation with b***s*** alone that hearkens back to that ’Weimar dollar’ era
that was precursor to and inevitably led to the inflationary / no real value
collapse now underway as is already the scenario in america. How totally
desperate and pathetic they are. This is cheered by the wall street types /
frauds to enable them to favorably cash
out. Take your profits while you still can, protect yourself while you still
can, this fraud – induced collapse is just beginning. New ‘promises’! Currency-debased
high inflation rally! What a joke
they’ve become! ]
Bulls
Prevent Bear Market This Week: Dave's Dailyat TheStreet [Sorry
Dave … this is already a secular bear market with sporadic,
contrived, HFT / programmed contraindicated suckers’ bear market
rallies that you yourself have previously pointed out, alluded to. Who talked
to you Dave, which by the way brought you ‘back into
the fold’ at least at Yahoo, etc., with your atypically
inaccurate headline.] It
didn’t
take much Tuesday to get a short-squeeze underway. Markets were at bear market
levels then until a rumor, passing as a news story from FT, got the bullish HFT
algos going.
The impact of
phony short-squeeze rallies — Ritholtz
Don’t mock the 99% — Megan McArdle
Did LSD help
make Steve Jobs more creative? — Slate
Alex P.
Keaton, an alternative history — Josh Brown
Steve Jobs and America’s decline — Greg Ip in the Economist
Oct 6th 2011, G.I. | WASHINGTON [ That Steve Jobs was great for having
literally saved Apple Computer from extinction, there is no question and I’ve
previously eulogized him accordingly, ‘pre-death’ (my first computer was an
AppleIIc in 1986). Related story: ‘Did LSD help make Steve Jobs more creative?
— Slate’ Yet, for
every story as his, the Beatles (my favorite band all-time, along with the
Classical Greats), etc., I can relate a multitude of stories of tragedy,
disaster, including one of a quite brilliant lad I worked with – summer job –
who expounded on the benefits of LSD expanding one’s mind {repeatedly
recommending I try it – I didn’t- never did} was accepted at Columbia Law
School, and while hitchhiking while high in mind-expansion-mode walked into a
mack truck thereby expanding his mind (and body) all over the roadway, etc..] ‘EARLIER this year a Federal Reserve
official tried to tamp down worries about inflation by noting that, while food
and petrol were getting more expensive, you could now buy an iPad that was
twice as powerful for the same price as the previous model. The remark, soon
lampooned as “Let them eat iPads”, predictably drew derision. But it typified a
tactic to which American leaders frequently turn when they need a rejoinder to
economic doomsaying: cite an Apple product.As bad as their politics has got,
Americans could always comfort themselves with the knowledge that their
business leaders, entrepreneurs and workers were the most dynamic and
innovative in the world. But they may look back on 2011 and see three events
that undermine that story: the downgrade of America’s credit rating; the last
flight of the space shuttle; and Mr Jobs’s death. The first, coming as it did
on the heels of a debilitating and entirely pointless fight over raising the
debt ceiling, captures how American political dysfunction has undermined the
economy’s institutional pillars. The latter two symbolised the waning of,
respectively, American public and private technological pre-eminence.
Of course, it would be foolish to count out Apple,
much less an entire economy, because of one man’s death. Yet even if Apple
remains as successful as it has been under Mr Jobs, that success long ago
decoupled from that of the broader economy. Written on the back of my iPod are
the words, “Designed
by Apple in California, Assembled in China.” It was classic Jobs:
reframing an issue, the outsourcing of American manufacturing jobs, as
something inspirational rather than discouraging. The low-skill assembly jobs
and the middle-class lives they provided may be leaving for Asian shores, but
the brainy, wealth-creating parts of the process—the design, the
engineering, the marketing—were firmly rooted in Silicon Valley. Free traders
(including me) loved to cite the research that finds far more of the value in
an iPod is added in America than in China.
But behind this glowing story of synergy between
American brains and Chinese brawn lay a more disturbing reality. American
global economic leadership has, in the last decade, benefited an ever narrower
slice of its people. They have become fabulously wealthy, while the vast
majority of job growth has been in areas like education and health care, where
productivity and wages are stagnant, a trend well documented by
Michael Spence. American global business leadership used to be personified
by the likes of General Motors, Caterpillar, General Electric and Eastman
Kodak. As they lost market share to foreign competitors, shifted employment
overseas or flirted with bankruptcy, the focus turned to technology companies
like Cisco Systems, Microsoft and Hewlett Packard. Microsoft and Cisco are both
fine, though in recent years they have undergone layoffs and seen their market
values shrink to a fraction of their bubble-era peaks. Hewlett Packard, of
course, is flailing around for a new business model, and is seeking to exit the
personal-computer business altogether.
Americans' entrepreneurial self-esteem is now
embodied by Apple, Google, Facebook and Amazon. These are indeed fabulously
innovative companies with world-beating business models. Yet one wonders if
they are increasingly the exception, not the rule, and if the passing of Mr
Jobs is simply the most prominent example of a broader decline in American
entrepreneurship. According to JPMorgan, in the late 1990s, employment at
start-up companies regularly grew 1.2m per quarter. That has fallen to 700,000
since the current recovery began. John
Haltiwanger, probably the leading economist on employment dynamics by firm
size, finds similar trends.
Entrepreneurship and innovation, of course, are not
the same thing. Yet even if American innovation is fundamentally sound, there
remains the more unsettling problem of how narrowly its fruits are shared. If
you want to know why the Senate is on the verge of passing a bill punishing
China for its trade practices, look no further than this fact: Apple, Google,
Facebook and Amazon collectively employ just 113,000 people, a third of GM’s payroll in 1980.
Naturally, as Adam Smith pointed out long ago, the sole purpose of production
is consumption, so one should not scoff at the benefits these companies create
for Americans in their other role as consumers rather than workers. And in
truth, technological advancement has probably done far more than trade to
hollow out the middle class and widen inequality. Slapping China with punitive
tariffs is more likely to trigger a trade war than restore millions of
middle-class jobs.
But this is not a message that resonates with voters,
or Congress. Both suspect that globalisation has done far more to benefit
companies’
shareholders and their bankers than rank-and-file workers. That is the
conviction of the people now occupying Wall Street, even if they lack coherent
plans for dealing with it. And one can't blame them for suspecting the
administration’s motives when its ambassador to China delivers a speech that
so prominently takes up the cause of American credit-card companies. Of course,
Visa and Mastercard are as deserving of government support in foreign markets
as any metal-bending company; but they only employ 12,600 people worldwide.
It would be unfair to lay this all at the feet of
American politicians: widening inequality and the decline of middle-class
manufacturing jobs is a global phenomenon that vexes governments everywhere.
Yet this does not excuse American governance for making matters worse. There
are lots of things it could do to improve the ability of and incentives for
American companies and workers to innovate and grow, whether it’s taxing fossil fuels, giving
more green cards to foreign scientists and engineers or simplifying the tax
code. These days, however, that seems a fantasy compared to more prosaic
demands such as, don’t shut down the government, starve critical
government agencies of funds or default on the national debt. If America is
going to hold on to its technological mojo, it needs all the help it can get.’
>
9 things
you didn’t know about the life of Steve Jobs ‘For all of
his years in the spotlight at the helm of Apple, Steve Jobs in many ways
remains an inscrutable figure — even in his death. Fiercely private, Jobs
concealed most specifics about his personal life, from his curious family life
to the details of his battle with pancreatic cancer — a disease that ultimately
claimed him
on Wednesday, at the age of 56.
While the CEO
and co-founder of Apple steered most interviews away from the public
fascination with his private life, there's plenty we know about Jobs the
person, beyond the Mac and the iPhone. If anything, the obscure details of his
interior life paint a subtler, more nuanced portrait of how one of the finest
technology minds of our time grew into the dynamo that we remember him as
today.
1. Early
life and childhood
Jobs was born in San Francisco on February 24, 1955. He was adopted shortly
after his birth and reared near Mountain View, California by a couple named
Clara and Paul Jobs. His adoptive father — a term that Jobs openly objected to — was a machinist for a
laser company and his mother worked as an accountant.
Later in life, Jobs discovered the identities of his estranged parents. His birth mother, Joanne Simpson, was a graduate student at the time and later a speech pathologist; his biological father, Abdulfattah John Jandali, was a Syrian Muslim who left the country at age 18 and reportedly now serves as the vice president of a Reno, Nevada casino. While Jobs reconnected with Simpson in later years, he and his biological father remained estranged.
2. College dropout
The lead mind behind the most successful company on the planet never graduated
from college, in fact, he didn't even get close. After graduating from high
school in Cupertino, California — a town now synonymous with 1 Infinite Loop,
Apple's headquarters — Jobs enrolled in Reed College in 1972. Jobs stayed at
Reed (a liberal arts university in Portland, Oregon) for only one semester,
dropping out quickly due to the financial burden the private school's steep
tuition placed on his parents.
In his famous 2005
commencement speech to Stanford University, Jobs said of his time at Reed:
"It wasn't all romantic. I didn't have a dorm room, so I slept on the
floor in friends' rooms, I returned coke bottles for the 5 cent deposits to buy
food with, and I would walk the seven miles across town every Sunday night to
get one good meal a week at the Hare Krishna temple."
3. Fibbed to his Apple co-founder about a job at Atari
Jobs is well known for his innovations in personal computing, mobile tech, and
software, but he also helped create one of the best known video games of
all-time. In 1975, Jobs was tapped
by Atari to work on the Pong-like game Breakout.
He was
reportedly offered $750 for his development work, with the possibility of an
extra $100 for each chip eliminated from the game's final design. Jobs
recruited Steve Wozniak (later one of Apple's other founders) to help him with
the challenge. Wozniak managed to whittle the prototype's design down so much
that Atari paid out a $5,000 bonus — but Jobs kept the bonus for himself, and paid his
unsuspecting friend only $375, according to Wozniak's own autobiography.
4. The
wife he leaves behind
Like the rest of his family life, Jobs kept his marriage out of the public eye.
Thinking back on his legacy conjures images of him commanding the stage in his
trademark black turtleneck and jeans, and those solo moments are his most
iconic. But at home in Palo Alto, Jobs was raising a family with his wife,
Laurene, an entrepreneur who attended the University of Pennsylvania's
prestigious Wharton business school and later received her MBA at Stanford,
where she first met her future husband.
For all of his
single-minded dedication to the company he built from the ground up, Jobs
actually skipped
a meeting to take Laurene on their first date: "I was in the parking
lot with the key in the car, and I thought to myself, 'If this is my last night
on earth, would I rather spend it at a business meeting or with this woman?' I
ran across the parking lot, asked her if she'd have dinner with me. She said
yes, we walked into town and we've been together ever since."
In 1991, Jobs
and Powell were married in the Ahwahnee Hotel at Yosemite National Park, and
the marriage was officiated by Kobin Chino, a Zen Buddhist monk.
5. His
sister is a famous author
Later in his life, Jobs crossed paths with his biological sister while seeking
the identity of his birth parents. His sister, Mona Simpson (born Mona Jandali),
is the well-known author of Anywhere But Here — a story about a mother and daughter that was later
adapted into a film starring Natalie Portman and Susan Sarandon.
After reuniting, Jobs and Simpson developed a close relationship. Of his
sister, he told a New York Times interviewer:
"We're family. She's one of my best friends in the world. I call her and
talk to her every couple of days.'' Anywhere But Here is dedicated to "my brother Steve."
6. Celebrity romances
In The Second Coming of Steve Jobs, an unauthorized biography, a friend from Reed
reveals that Jobs had a brief fling with folk singer Joan Baez. Baez confirmed
the the two were close "briefly," though her romantic connection with
Bob Dylan is much better known (Dylan was the Apple icon's favorite musician).
The biography also notes that Jobs went out with actress Diane Keaton briefly.
7. His
first daughter
When he was 23, Jobs and his high school girlfriend Chris Ann Brennan conceived
a daughter, Lisa Brennan Jobs. She was born in 1978, just as Apple began
picking up steam in the tech world. He and Brennan never married, and Jobs
reportedly denied
paternity for some time, going as far as stating that he was sterile in
court documents. He went on to father three more children with Laurene Powell.
After later mending their relationship, Jobs paid for his first daughter's
education at Harvard. She graduated in 2000 and now works as a magazine writer.
8.
Alternative lifestyle
In a few interviews, Jobs hinted at his early experience with the psychedelic
drug LSD. Of Microsoft founder Bill Gates, Jobs said: "I wish him the
best, I really do. I just think he and Microsoft are a bit narrow. He'd be a
broader guy if he had dropped acid once or gone off to an ashram when he was younger."
The connection
has enough weight that Albert Hofmann, the Swiss scientist who first
synthesized (and took) LSD, appealed to Jobs for funding for research about the
drug's therapeutic use.
In a book
interview, Jobs called his experience with the drug "one of the two or
three most important things I have done in my life." As Jobs himself has
suggested, LSD may have contributed to the "think different" approach
that still puts Apple's designs a head above the competition.
Jobs will
forever be a visionary, and his personal life also reflects the
forward-thinking, alternative approach that vaulted Apple to success. During a
trip to India, Jobs visited a well-known ashram and returned to the U.S. as
a Zen Buddhist.
Jobs was also
a pescetarian who didn't consume most animal products, and didn't eat meat
other than fish. A strong believer in Eastern medicine, he sought to treat his
own cancer through alternative
approaches and specialized diets before reluctantly seeking his first
surgery for a cancerous tumor in 2004.
9. His
fortune
As the CEO of the world's
most valuable brand, Jobs pulled in a comically low annual salary of just
$1. While the gesture isn't unheard of in the corporate world — Google's Larry Page,
Sergey Brin, and Eric Schmidt all pocketed the same 100 penny salary annually — Jobs has kept his salary
at $1 since 1997, the year he became Apple's lead executive. Of his salary,
Jobs joked
in 2007: "I get 50 cents a year for showing up, and the other 50 cents
is based on my performance."
In early 2011,
Jobs owned 5.5 million shares of Apple. After his death, Apple shares were valued
at $377.64 — a roughly 43-fold growth in valuation over the last
10 years that shows no signs of slowing down.
He may only
have taken in a single dollar per year, but Jobs leaves behind a vast fortune.
The largest chunk of that wealth is the roughly $7 billion from the sale of
Pixar to Disney in 2006.
In 2011, with an estimated net worth of $8.3 billion, he was the 110th richest
person in the world, according to Forbes.
If Jobs hadn't sold his shares upon leaving Apple in 1985 (before returning to
the company in 1996), he would be the world's fifth richest individual.
While there's
no word yet on plans for his estate, Jobs leaves behind three children from his
marriage to Laurene Jobs (Reed, Erin, and Eve), as well as his first daughter,
Lisa Brennan-Jobs.’
-----
Did LSD help
make Steve Jobs more creative? — Slate { I’d say ‘causation’ (cause/effect) becomes problematic here; a ‘chicken and egg’ kind of thing that in
the realm of Kantian philosophy would be considered a noumenon; quite possibly
even misconstrued by Jobs himself in an overly humble, somewhat self-effacing
kind of way, ignoring his innate abilty, brilliance. } [ That Steve Jobs was great for having
literally saved Apple Computer from extinction, there is no question and I’ve previously eulogized
him accordingly, ‘pre-death’ (my first computer was an AppleIIc in 1986). Yet,
for every story as his, the Beatles (my favorite band all-time, along with the
Classical Greats), etc., I can relate a multitude of stories of tragedy,
disaster, including one of a quite brilliant lad I worked with – summer job – who expounded on the
benefits of LSD expanding one’s mind {repeatedly recommending I try it – I didn’t- never did} was
accepted at Columbia Law School, and while hitchhiking while high in
mind-expansion-mode walked into a mack truck thereby expanding his mind (and
body) all over the roadway, etc..]
Home
ownership: Biggest drop since Great Depression The percentage of Americans who owned their homes
has seen its biggest decline since the Great Depression, according to the U.S.
Census Bureau.
The impact of phony short-squeeze rallies — Ritholtz http://www.ritholtz.com/blog/2011/10/the-mmpact-of-phoney-short-squeezes
Stock
investors may take days to distinguish real news from noise, according to
Federal Reserve Bank of New York.
http://www.ritholtz.com/blog/wp-content/uploads/2011/10/1007chart.jpg
This is
especially true these days, given false announcements of bailouts, Fed
interventions and rescues. They tend to cause fake short squeezes that
temporarily spike markets, only to see them ultimately head lower.
To get a
closer look of noise on markets, the FFRBNY studied how UAL’s stock moved in
September 2008. At the time, a “six-year-old
report on the company’s bankruptcy filing appeared online and was treated as a
new story.”
David Wilson
of Bloomberg has the details:
“UAL, which later became
United Continental Holdings Inc., plunged as much as 76 percent on Sept. 8,
2008, in response to the error. While UAL’s loss narrowed to 11 percent by the close of
trading, the shares fell the next two days before rebounding.
“Residual effects
attributable to the false news shock” lasted for seven trading days, the researchers wrote
this week in a blog posting on the New York Fed’s website. The effect is
at odds with the efficient-market hypothesis, which holds that share prices
reflect all publicly available data on a company.
To identify the time period, they estimated where UAL’s shares would have
traded if the outdated report hadn’t surfaced. The projection was derived from the
performance of the Standard & Poor’s 500 Index, the Bloomberg World Airlines Index and
crude oil during the period. The posting by economists Carlos Carvalho,
Nicholas Klagge and Emanuel Moench was based on a report they published in May
2009 and revised in June. Carvalho, who teaches economics at the Pontifical
Catholic University of Rio de Janeiro, worked at the New York Fed when the
research was originally done. His two co- authors are still there.
Given every twitch of the market over tales of EU/ECB
action, German banks bailing out Italy, or anything related to Greece, it is
interesting to see how traders behave relative to false announcements.’
IMF to
Propose New Short-Term Credit Lines Oct 7th, 2011 News
(The Wall Street Journal) — The International Monetary Fund is crafting a
proposal to offer new short-term credit lines to governments to prevent the
spread of global financial crises, senior IMF and finance officials say.The
program has the tentative backing of key world financial leaders who are
expected to approve the new lending tool at the coming meetings of the Group of
20 industrialized and developing economies, according to three senior officials
from G-20 countries. [source]
PG View: Yes! Absolutely! More credit, more debt is the answer
to the global debt crisis.
U.S.
Bank Exposure to Europe Could Be $640 Billion, Per Congressional Paper Oct
7th, 2011 News (The Wall Street Journal) — U.S. bank exposure
to the European debt crisis is estimated at $640 billion, nearly 5% of total
U.S. banking assets, according to recent research papers written for
Congress.While U.S. Treasury Secretary Timothy Geithner says the U.S. banking
sector’s vulnerability to the euro zone problems is “very limited,” the
Congressional Research Service estimate is one of the first public assessments
provided by the U.S. government that quantifies the potential risks.According
to two different reports provided to federal lawmakers last month, the debt
problems of Greece, Ireland, Portugal, Italy, and Spain constitute a ”serious
risk” to the European banking system, particularly German, French, and U.K.
banks, which have close ties to U.S. banks. Markets believe there’s a very high
likelihood Greece will default in the coming weeks. That could cause a cascade
of other crises throughout Europe…The estimate doesn’t include U.S. bank
exposure to European bank portfolios that include assets in the weak member
countries. Also, it doesn’t account for euro-zone assets held by money market,
pension, and insurance funds.[source]PG
View: Geither’s sense of reality seems to have been distorted by all
the absolutely huge numbers bandied about in recent years. Does he really view
$640 bln is “very limited?” The Congressional Research Service goes on to say
that, “depending on the exposure of non-bank financial institutions and
exposure through secondary channels, U.S. exposure to Greece and other
euro-zone countries could be considerably higher.” What exactly does
“considerably higher” mean? Is it twice the $640 bln? More?
Fitch
cuts Italy, Spain ratings, outlook negative Oct 7th, 2011 News
(Reuters) source]
Is U.S. a Third-World
Nation? Oct 7th, 2011 News (The Wall Street Journal) — [
YES! ]Author Michael Lewis says the U.S. and many European nations suffered a
moral failure that led to economic collapse. PG View: Supposed
first world countries — including the US — hid risk, which was consequently
mispriced, leading to crisis.
World
facing worst financial crisis in history, Bank of England Governor says Oct
7th, 2011 News (The Telegraph) — ..This is the
most serious financial crisis we’ve seen, at
least since the 1930s, if not ever. We’re
having to deal with very unusual circumstances, but to act calmly to this and
to do the right thing.” [source]
Banking
Delusion Brings Crisis to Europe’s Core Oct 7th, 2011 News
(Bloomberg-BusinessWeek) — Once upon a time, like this summer, Dexia SA, the
French-Belgian bank, was stable. By the measures global regulators deem
important, its capital ratio stood at 11.4 percent of risk-weighted assets,
according to data compiled by Bloomberg. That’s well above the 10 percent
regulators plan to require of the world’s largest banks under new international
rules.What a difference a summer makes. The Belgian and French governments now
have a complicated mess on their hands. Dexia, which had received a government
bailout in 2008..[source]
‘Chinabot
is in full fail mode, after a sticksave attempt to save the currency following
the Italian downgrade by Fitch was monkeyhammered with the Spanish downgrade
which was not only two notches, but sent the country's rating to below that of
S&P and Moodys. Adding fuel to the fire is an errant comment from Merkel
who has said that Eurobonds are "absolutely the wrong way to go",
and lastly, a last minute notification from Fitch which goes for Trifecta by
saying that Portugal remains on outlook negative..
Market
Snapshot: Dispersion Rising As EU Financials UnderperformTyler Durden on 10/07/2011 - 11:47 Precious
Metals Price
Action ..why are we still rallying? ..
Well,
a month end update only for those funds who still report their P&L to HSBC.
Others, such as Paulson, apparently deem it below them to post an update when
they are doing less than swell, shall we say. In other news, redemptions will
continue until morale improves.
From
the mind that brought you the Great
Vega Short comes the next masterpiece on liquidity, volatility, contagion
and everything else. "Volatility is change and the world is changing. The
truth is that Greece will default. The truth is that if our leaders continue to
deny our problems history tells us the US will eventually default. These
shocking events will hurt many people, markets will collapse, life savings will
be lost, there will be violence, upheaval, and massive political change ..
Several years ago Paolo Pellegrini, Kyle Bass,
Michael Burry and several other visionaries were well ahead of the conventional
wisdom groupthink curve by not only sensing that the housing market was
massively overvalued and riding on the crest of a huge leverage bubble .. the
world is fretting about Europe, Morgan Stanley, lack of decisive political
decision-making in a pseudo union of 17 different countries, lack of decisive
monetary intervention, a Chinese hard landing and everything else that makes
front pages these days, slowly our prediction is starting to come true. But you
won't hear about it anywhere else, because if the market understands that in
addition to a global solvency crisis, America has another Subprime contagion on
its hands actually being expressed in the markets as we type, and potentially costing banks, pension funds
and various asset managers billions in losses behind the scenes, that may well
be the last straw.
The
headline wholesale inventories number missed +0.6% expectations, rising only
0.4% (from 0.8% prior) with its lowest build since Nov 2010. Under the covers
though, non-durables were the most troublesome - unless of course the spin is
that a falling inventory implies future growth as inventories 'have' to be
rebuilt, right? Non-durables inventories dropped 0.6% - its biggest drop since
Sep 2009.
The
rally has been strong across many products, but once again has all the signs of
a short squeeze rally. ..
As
noted previously, one key fly in the ointment in an otherwise better than
expected jobs report (in which the participation rate also trended higher for a
welcome change) was the manufacturing jobs data, which declined by 13,000.
Perhaps at the end of the day this is the most important data point, since
while declining government jobs at the end of the day is a good thing,
government workers don't actually create anything of value for the economy. And
as the chart below demonstrates, the long term trend is certainly not our
friend. The second "fly", and the one that will certainly be used as
a talking point by politicians, was the average unemployment duration. At 40.5
weeks, it just hit a new all time record.
As usual, Reuters is the first with a compilation of
Wall Street's gut reaction to the NFP data.
So much for the recession? September NFP prints at
103,000 on expectations of 60,000, with August revised to 57,000 from that
roulette busting double zero. The unemployment rate held at 9.1 percent, as
expected. From the report: "The increase in employment partially
reflected the return to payrolls of about 45,000 telecommunications workers who
had been on strike in August.. real unemployment, U6, printed up from
16.2% to 16.5%, the highest since December 2010.
The bank that was selling Dexia shares to its clients
all the way down (Goldman
Cuts Dexia From Buy To Neutral On Imminent Restructuring And Winddown) and
which has the uncanny ability to align its own trading desk with an event's
"outcome", at the expense of clients of course, has just done it
again. As of this morning it is actively selling Margin
Stanley calls to whoever is still left as a client. From a just released
report: "Buy calls for a likely relief rally on earnings; sell short-dated
CDS as fear falls." Now... just who are these clients buying calls from
and selling CDS to?’
6
Reasons a Global Recession is Unavoidable Ron DeLegge, October 5, 2011, ‘Most economists and Wall Street types
are reluctant to publicly admit the global economy is in a recession.
Their reams of conflicting data are sending mixed messages. But an
honest look at key events and the behavior of financial markets solidifies
the view that the global recession we're probably already in, is unavoidable.
Let's analyze some of the reasons behind this.
1) The
Fed is out of tricks. When
it comes to manipulating financial markets in the name of economic security,
nobody matches the Federal Reserve's prowess. Over the past few years, the Fed
has engaged in financial gimmickry of such epic proportions that angry calls
for ending its existence have been voiced from sea to shining sea. The Fed's
Treasury purchases (POMO) and monetization of debt (quantitative easing), may
have delayed the reckoning day, but have these programs really solved America's
long-term problems? The Fed's latest shift from short-term to long-term debt
(Operation Twist) is tantamount to taking money from your right hand pocket and
putting it into your shirt pocket. The Fed is running out of time and out of
tricks. Ben Bernanke has finally admitted what the general public has known all
along; the job situation is a 'national crisis.'
2) Stock
market says we're already in a recession.The National Bureau of Economic Research (NBER) and
its leading economists still deny the U.S. economy is in a recession.
Apparently, their slide rulers haven't yet confirmed it, so they need a few
more quarters before issuing a press release. Meanwhile, the stock market,
which is a leading indicator of economic activity, is screaming 'recession.'
Large company stocks within the S&P 500 (NYSEArca: SPY - News) have fallen almost 18%
since July. Bulls argue this is still shy of the 20% threshold that confirms a
bear market, but even so, mid cap stocks (NYSEArca: MDY - News) and small caps (NYSEArca: IWM - News) have already entered bear
territory. Today's stock prices reflect expectations about future earnings,
which in turn are connected to the future state of the economy. Expectations
are rightfully low.
3) Greece
has set the tone for Europe (and maybe the rest of the world).How many financial targets will Greece continue to
miss before forecasters stop regurgitating its false numbers? When will Greece
stop embarrassing itself with financial projections it knows aren't true?
Greece's 2011 deficit was projected to be 8.5% of its GDP but came in almost
1.69 billion above its original targets. Next year, Greece is aiming for a
deficit that's 6.8% of GDP. With the country engulfed in civil protests, job
strikes and general chaos - how realistic are its 2012 projections? Financial
bets for Greece to succeed are a long-shot. The country's economic projections
are no longer based upon realistic assumptions, but hopes for garnering more
bailout money and calming hostile markets. Ultimately, Greece is merely a
reflection of the entire EU region - a place where financial aspirations don't
match reality.
4) Bear
funds are leading performers.The
two-year period from March 2009 to March 2011 was a difficult existence for
bear market funds. After bottoming at decade lows, the stock market skyrocketed
and bear funds got clobbered. But not anymore. Bear funds are investments
that, by design, increase in value when the underlying benchmarks they track
decline. Now with the stock market swooning, bear funds are posting huge gains.
Over the past three months, Direxion's 3x daily leveraged bear ETFs for large
cap stocks (NYSEArca: BGZ
- News) is ahead by 42.97%,
mid cap stocks (NYSEArca: MWN
- News) is up 58.30% and small
caps (NYSEArca: TZA - News) is up by 49.76%. Reversing
this ominous trend, especially when key technical levels have been pierced,
won't be easy.
5) Major
asset classes are in correlation.During a bear market, the correlation between asset classes typically
jumps and this is exactly the case right now. Over the past few months,
commodities (NYSEArca: GCC
- News), global real estate
stocks (NYSEArca: RWO - News), precious metals (NYSEArca:
GLTR - News), international stocks
(NYSEArca: EFA - News), and U.S. stocks (NYSEArca:
SCHB - News) have all moved in the same
general direction by recording sizable losses. Even gold (NYSEArca: IAU - News) and silver (NYSEArca: SLV - News), which previously escaped
the wrath of losses, have joined the party. And only cash and bonds (NYSEArca: AGG - News) are bucking the correlation
trend.
6) Pace
of sovereign downgrades is accelerating.We don't advocate putting implicit faith in credit
ratings, because history has taught us they are nothing more than financial
opinions and frequently, not very accurate ones. Still, a gander at the latest
downgrading trend is troublesome. Intuitive observers will note, this is not an
isolated phenomenon, but a global trend. Sovereign debt from Greece and
Portugal, after several downgrades, is now rated junk. Ireland has been
downgraded and Italy was just downgraded by Moody's to A2 with a
negative outlook. Japan, along with U.S. debt was lowered in August and
another wave of more downgrades is coming, so get used to it.
Conclusion
Investing in
an economically stifled climate requires patience, diligence, and
forethought. Following the herd mentality guarantees nothing more
than mediocrity and making kneejerk financial decisions is an excellent
way to lose money. ETFguide's Profit Strategy ETF Newsletter continues to advocate a fiercely
independent view of world events, financial markets, and the proper allocation
of money. Ultimately, having an investment strategy that can perform
during any kind of market is a good start. ‘
Consumer
Spending Slumps In September, Index Showsat Forbes
U.S.
stocks' massive "melt-up" fans investor fears Reuters October 5, 2011, By Edward Krudy NEW YORK (Reuters) - In
less than one hour on Tuesday, the U.S. stock market surged by 4 percent -- for
no apparent reason.The last hour of trading was the most volatile final hour in
two months -- and it occurred at a speed that frightens many, from experienced
hedge-fund managers to mom-and-pop investors.The late-day "melt-up"
that pushed the S&P 500 index (^SPX
- News) out of bear-market
territory might be construed as good news. But it brings back echoes of the
"flash crash" that saw markets dive by several hundred points in a
matter of minutes, and it's a big reason many are staying away from the
market."Everyone is scared in both ways -- the shorts are scared, the
longs are scared, everyone is scared. The high-net-worth investor is very, very
scared," said Stephen Solaka, managing partner at Belmont Capital Group in
Los Angeles, which manages money for independent wealth advisers and family
offices.Tuesday's move was the latest example of an erratic, high-octane stock
market increasingly driven by levered exchange traded funds and complicated
hedging and options strategies that unwind with dizzying speed.It's a far cry
from when the U.S. stock market was viewed as a place for capital-raising by
businesses seeking to expand and a place for investors looking to put their
savings to work."It tends to result in some market participants feeling
like the market is uninvestable. It's not good for mutual funds or hedge
funds," said Michael Marrale, head of sales trading at RBC Capital Markets
in New York.The ostensible reason for Tuesday's move was an article published
late in the day on the Financial Times website quoting the EU's commissioner
for economic affairs, Olli Rehn, saying a plan was being worked out to
recapitalize the region's troubled banking sector.But Reuters reported similar
comments earlier in the day, and Rehn's comments struck some people as covering
old ground. Ken Polcari, a veteran of the NYSE floor at ICAP Equities, found
the reasoning insufficient."There is no clarity -- 'no formal decision' --
just more speculation, more rumors, and more innuendo," he said of the FT
article.
WHAT WENT DOWN
Traders,
analysts and investors interviewed by Reuters cited a number of factors, many
of them technical, and linked to big positions around the 1100 level on the
S&P 500…
BLAST-OFF AT
1,100
The S&P
climbed steadily between 3 p.m. and 3:30 p.m., but once it broke through 1,100,
the gains accelerated, as the average rose 1 percent in the span between 3:39
p.m. and 3:45 p.m.
For Joe
Donohue, money manager at Dimension Trading in Red Bank, New Jersey, the speed
of the reversal was a classic sign of automated algorithmic trading.
"I didn't
know the move was for real until about 3:40 to 3:45, when my machine just lit
up green like a Christmas tree," he said. "That's when you know
there's algo buying dictating the market. It certainly wasn't individual
buyers."
Donohue's
response was to close out short positions and buy a triple-leveraged long
exchange traded fund that magnifies the performance of the Russell 2000
(Chicago Options:^RUT - News) three times.
The Direxion
Daily Small Cap Bull 3X Shares (Pacific:TNA - News), which had its busiest day
of trading in history on Tuesday, rocketed nearly 20 percent into the close.
That ETF, along with the Proshares Ultrashort S&P 500 ETF (Pacific:SDS - News), another leveraged ETF, are
now often among the top 25 traded issues on U.S. exchanges.
"Program
trading and algorithmic trading was the cause," said Donohue. "We're
seeing moves in a half hour that used to take weeks. Obviously we were very
oversold technically before, and essentially we had a 'melt-up' that was helped
by the algo trading that just went off buying."…’
Moody’s Cuts Italy’s Credit RatingWall St. Cheat
Sheet
Who
Will Recapitalize the Recapitalizers? [ Gutenberg of course! Well,
just indirectly, historically speaking; the printing press, that is. The ‘recapitalizer’, brought back to life in the pervasively corrupt,
defacto bankrupt america; bringing home once more that historic ‘Weimar dollar’, ubiquitously now worldwide. Sounds like a plan!
Straight from planning / design room for the u.s.s. Titanic! ] The Wall Street
Journal Paul Vigna “Recapitalizing” European banks (the preferred
euphemism for bailout, apparently) in order to stabilize them in the face
of “haircuts” on sovereign debt (the preferred euphemism for
losses, obviously) through a facility like the EFSF risks a spiral that
will make the bailouts more difficult to fund.Capital Economics economist
John Higgins writes today that the bank recapitalization plan that has the
market so excited is “unlikely to draw a line under the
crisis.”A recapitalization would allow
banks to withstand a bigger haircut on Greek debt. The trouble is that once
Greece gets a bigger haircut, other sovereign borrowers will want one, too.
That could get expensive in a hurry.The EFSF bailout fund could fill help
weaker countries carry some of that burden, but that will get increasingly
problematic.“The more the EFSF’s funds are used to recapitalize banks, the less
it will have to provide official financing, or to intervene in the debt
markets,” Mr. Higgins writes. “And the more the EFSF is expected to deploy
its firepower in whatever capacity, the more investors will believe it
will have to be leveraged, with the result that its own cost of borrowing
could keep on rising.”
David Stockman: Blame
The Fed! Sep 30th, 2011 News (ChrisMartenson.com) — ‘David Stockman, former US
Representative and Director of the Office of Management and Budget under
Reagan, does not mince words. He sees the monetary systems of the world coming
apart.How did we get here? He identifies the root cause as the intentional
over-leveraging of world economies by central planners in a misguided effort to
enjoy growth without consequence…’
Gov't
report: Fannie knew of 'robo-signing' in '03 - AP
After a
Bad Q3, Markets Not Likely to Recover in Q4 Daryl Montgomery, October 3, 2011, ‘The
third quarter of 2011 had the biggest drop and most volatility for stocks since
2009. The fourth quarter may not be much better since the cause of the problem
is a new credit crisis and an emerging global recession. Both will continue to
be a drag on the market.
Train
Reading: That Explains Everythingat The Wall Street Journal
China’s worsening credit crunch
—
Pragmatic
Capitalism
The Occupy
Wall Street protesters are winning — Josh Brown
The gap between
economic data and sentiment — Abnormal Returns
Recession,
restructuring and the ring fence — John Hussman
WARNING:
Corporate-Fascist Military Coup Brewing in the United States? Tony
Cartalucci | Beware of pretenders supplied by the establishment to
“save us” from collapsing system.
Prophets
Of Doom: 12 Shocking Quotes From Insiders The
Economic Collapse Oct 1, 2011 ‘We are getting so close
to a financial collapse in Europe that you can almost hear the debt bubbles
popping. All across the western world, governments and major banks are
rapidly becoming insolvent. So far, the powers that be are keeping all of
the balls in the air by throwing around lots of bailout money. But now
the political will for more bailouts is drying up and the number of troubled
entities seems to grow by the day. Right now the western world is facing
a debt crisis that is absolutely unprecedented in world history. Europe
has had a tremendously difficult time just trying to keep Greece afloat, and
several much larger European countries are now on the verge of a major
financial crisis. In addition, there is a growing number of very large financial
institutions all over the western world that are also rapidly approaching a day
of reckoning. The global financial system is a sea or red ink, and when
we get to the point where there are hundreds of ships going under how is it
going to be possible to bail all of them out? The quotes that you are
about to read show that quite a few top financial and political insiders know
that things cannot hold together much longer and that a horrific economic
crisis is coming. We built the global financial system on a foundation of
debt, leverage and risk and now this house of cards that we have created is
about to come tumbling down.
A lot of
people in politics and in the financial world know what is about to
happen. Once in a while they will even be quite candid about it with the
media.
As I have
written about previously, Europe is on the verge of a financial collapse. If things go really
badly, things could totally fall apart in a few weeks. But more likely it
will be a few more months until the juggling act ends.
Right now, the
banking system in Europe is coming apart at the seams. Because the global
financial system is so interconnected today, when major European banks start to
fail it is going to have a cascading effect across the United States and Asia
as well.
The financial
crisis of 2008 plunged us into the deepest recession since the Great
Depression.
The next
financial crisis could potentially hit the world even harder.
The following
are 12 shocking quotes from insiders that are warning about the horrific
economic crisis that is almost here….
#1 George Soros: “Financial markets are
driving the world towards another Great Depression with incalculable political
consequences. The authorities, particularly in Europe, have lost control of the
situation.”
#2 PIMCO CEO Mohammed El-Erian: “These are all signs of an
institutional run on French banks. If it persists, the banks would have no
choice but to delever their balance sheets in a very drastic and disorderly
fashion. Retail depositors would get edgy and be tempted to follow trading and
institutional clients through the exit doors. Europe would thus be thrown into
a full-blown banking crisis that aggravates the sovereign debt trap, renders
certain another economic recession, and significantly worsens the outlook for
the global economy.”
#3 Attila Szalay-Berzeviczy,
global head of securities services at UniCredit SpA (Italy’s largest bank): “The only remaining
question is how many days the hopeless rearguard action of European governments
and the European Central Bank can keep up Greece’s spirits.”
#4 Stefan Homburg, the head of Germany’s Institute for Public
Finance: “The
euro is nearing its ugly end. A collapse of monetary union now appears
unavoidable.”
#5 EU Parliament Member Nigel Farage: “I think the worst in the
financial system is yet to come, a possible cataclysm and if that happens the
gold price could go (higher) to a number that we simply cannot, at this moment,
even imagine.”
#6 Carl Weinberg, the chief economist at
High Frequency Economics: “At this point, our base case is that Greece will
default within weeks.”
#7 Goldman Sachs strategist Alan Brazil: “Solving a debt problem with more debt has not solved
the underlying problem. In the US, Treasury debt growth financed the US
consumer but has not had enough of an impact on job growth. Can the US continue
to depreciate the world’s base currency?”
#8 International Labour Organization director
general Juan Somavia recently stated that
total unemployment could “increase by some 20m to a total of 40m in G20
countries”
by the end of 2012.
#9 Deutsche Bank CEO
Josef Ackerman: “It is an open secret that numerous European banks
would not survive having to revalue sovereign debt held on the banking book at
market levels.”
#10 Alastair
Newton, a strategist for Nomura Securities in London: “We believe that we are
just about to enter a critical period for the eurozone and that the threat of
some sort of break-up between now and year-end is greater than it has been at
any time since the start of the crisis”
#11 Ann Barnhardt, head of Barnhardt Capital Management,
Inc.: “It’s over. There is no
coming back from this. The only thing that can happen is a total and complete
collapse of EVERYTHING we now know, and humanity starts from scratch. And if
you think that this collapse is going to play out without one hell of a big hot
war, you are sadly, sadly mistaken.”
#12 Lakshman Achuthan of ECRI: “When I call a recession…that means that process
is starting to feed on itself, which means that you can yell and scream and you
can write a big check, but it’s not going to stop.”
*****
In my opinion,
the epicenter of the “next wave” of the financial collapse is going to be in
Europe. But that does not mean that the United States is going to be
okay. The reality is that the United States never recovered from the last
recession and there are already a lot of signs
that we are getting ready to enter another major recession. A major
financial collapse in Europe would just accelerate our plunge into a new economic
crisis.
If you want to
read something that will really freak you out, you should check out what Dr.
Philippa Malmgren is saying. Dr. Philippa Malmgren is the President and
founder of Principalis Asset Management. She is also a former member of
the Bush economic team. You can find her bio right
here.
Malmgren is
claiming that Germany is seriously considering bringing back the
Deutschmark. In fact, she claims that Germany is very busy printing new
currency up. In a list of things that we could see
happen over the next few months, she included the following….
“The Germans
announce they are re-introducing the Deutschmark. They have already ordered the
new currency and asked that the printers hurry up.”
This is quite a claim for someone to be making.
You would think that someone that used to work in the White House would not
make such a claim unless it was based on something solid.
If Germany did decide to leave the euro, you would
see an implosion of the euro that would be truly historic.
But as I have written about previously, it should not
surprise anyone that theend of the euro is being talked about because the
euro simply does not work.
The only way that the euro would have had a chance of
working is if all of the governments using the euro would have kept debt levels
very low.
Unfortunately, the financial systems of the western
world are designed to push governments into high levels of debt.
The truth is that the euro was doomed from the very
beginning.
Now we are approaching a day of reckoning. We have
been living in the greatest debt bubble in the history of the world, but the
bubble is ending. There are several ways that the powers that be could
handle this, but all of them will lead to greater financial instability.
In the end, we will see that the debt-fueled
prosperity that the western world has been enjoying for decades was just an
illusion.
Debt is a very cruel master. It will almost
always bring more pain and suffering than you anticipated.
It is easy to get into debt, but it can be very
difficult to get out of debt.
There is no way that the western world can unwind
this debt spiral easily.
The only way that another massive economic crisis can
be put off for even a little while would be for the powers that be to “kick the can down the
road”
a little farther by creating even more debt.
But in the end, you can never solve a debt problem
with more debt.
The next several years are going to be an incredibly
clear illustration of why debt is bad.
When the dominoes start to fall, we are going to
witness a financial avalanche which is going to destroy the finances of
millions of people.
You might want to try to get out of the way while you
still can.’
The IMF
expects the U.S. economy to grow just 1.5 percent this year and 1.8 percent in
2012. That's down from its June forecast of 2.5 percent in 2011 and 2.7 percent
next year.
To achieve
even that still-low level of growth, the U.S. economy would need to expand at a
much faster rate in the second half of the year than its 0.7 percent annual
pace in the first six months.
Most
economists expect growth of between 1.5 percent and 2 percent in the final two
quarters. Though an improvement, it wouldn't be enough to lower the
unemployment rate. The rate has been 9 percent or higher in all but two months
since the recession officially ended more than two years ago.
"The
global economy has entered a dangerous new phase," said Olivier Blanchard,
the IMF's chief economist. "The recovery has weakened considerably. Strong
policies are needed to improve the outlook and reduce the risks."
The IMF has
also lowered its outlook for the 17 countries that use the euro. It predicts
1.6 percent growth this year and 1.1 percent next year, down from its June
projections of 2 percent and 1.7 percent, respectively.
The gloomier
forecast for Europe is based on worries that euro nations won't be able to
contain their debt crisis and keep it from destabilizing the region.
"Markets
have clearly become more skeptical about the ability of many countries to
stabilize their public debt," Blanchard said. "Fear of the unknown is
high."
Overall, the
IMF predicts global growth of 4 percent for both years. Stronger growth in
China, India, Brazil and other developing countries should offset weaker output
in the United States and Europe.
Financial
turmoil and slow growth are feeding on each other in both the United States and
Europe, IMF officials say. Europe's debt crisis is causing banks to reduce
lending and hold onto cash. Sharp stock market drops in the United States over
the summer have hurt consumer and business confidence and will likely reduce
spending. That slows growth, which leads many investors to shift money out of
stocks and into safer investments, such as Treasury bonds.
In Europe,
slower growth will make it harder for stressed nations to get their debt under
control.
U.S. and
European policymakers must act more decisively to cut budget deficits, the IMF
said.
European banks
need to boost their capital buffers more quickly and beyond new minimum levels
set to come into force in 2019, the IMF said.
European banks
have seen their stocks slide sharply this summer on fears that their exposure
to the government debt of shaky countries like Greece could result in big
losses.
Having extra
capital would bolster confidence in the banking sector and shield Europe's
economy from the impact of jitters in financial markets.
The U.S.
economy faces longer-lasting problems that go beyond high gas prices and
disruptions caused by the Japan crisis, the IMF said.
Employers are
adding few jobs and giving out meager pay raises. Many homeowners owe more on
their mortgages than their homes are worth. Banks are keeping credit tight.
All those
trends are holding back consumer spending. Unemployment is likely to average 9
percent next year, the IMF's report said, echoing a recent estimate by the
Obama administration.
President
Barack Obama's proposal to cut taxes and spend more on infrastructure should
provide much-needed short-term stimulus, the IMF said. But it needs to be paired
with a longer-term plan to reduce the deficit over, the report said. The timing
of the budget cuts is key, Blanchard said.
Budget cuts
"cannot be too fast or it will kill growth," Blanchard said in a
statement. "It cannot be too slow or it will kill credibility."
President
Obama on Monday proposed more than $3 trillion of tax increases and spending
cuts over 10 years. His proposal will be considered by a congressional panel
charged with finding $1.5 trillion in deficit reduction this year.
Both Obama's
jobs proposal and the tax increases face stiff opposition from Republicans.
They oppose any tax increases and have strongly criticized the president's
plans.
The 187-member
nation fund conducts economic analysis and lends money to countries in
financial distress. It will hold its annual meetings with the World Bank later
this week in Washington.
Associated
Press Writer Gabriele Steinhauser contributed to this report from Brussels.’
Low
Interest Rates: Perma-Expectations No More at Minyanville
Wall
St. Cheat Sheet: Italy Gets Axed, Netflix in Free Fall, Housing Starts Drop
Wall St Cheat Sheet September
20, 2011, ‘The
Dow Jones Industrial Average and U.S. stocks are in the green after Wall
Street suddenly got more confident Greece will get aid and Ben Bernanke will be
forced to add more welfare, I mean stimulus, to the economy.Standard &
Poor’s cut
Italy’s credit rating late Monday by one level to A from A+, citing
weak economic growth and criticizing Rome’s response to the debt crisis.
Italian Prime Minister Silvio Berlusconi responded, saying that the move was
influenced by “political considerations” and media stories rather than economic
reality. While more building permits in the U.S. were authorized in
August than in July,
housing starts and completions both declined last month.
A
Fed IOER Cut Could Backfire on Banks, Warns Pimco at The Wall Street
Journal
Low
Interest Rates: Perma-Expectations No More at Minyanville Howard
Simons Sep 20, 2011 ‘Regarding interest rates, one major difference between the
US and Japan is that their perma-expectations started to disappear in a rising
short-term rate environment; US rates have yet to rise. All of the recent news
surrounding Steve Jobs’ departure from Apple prompted me to remark, “He has a
strange opportunity to read his own obituary.” For the most part, he would have
to be pleased at all of the genuine praise heaped on him.
This prompted me to wonder about what I would want on my tombstone other than,
“He should’ve known better.” One candidate could be, “He used the word
‘swaption’ on a popular website and got away with it.” I did; most recently in
a discussion of the Federal Reserve’s credibility to keep on doing the incredible,
keeping interest
rates near zero through 2013 (see Is FOMC's Pledge to Keep Short-Term Interest Rates Low Until
2013 Believable?).
Forward Rates When the Future Is Now
Can the swaption conclusion be confirmed by another indicator? Yes; let’s
return to a thread last updated in December 2010 (see Is This the End of the Money-Printing Era?) on the
relationship between the forward rates between six and nine months and the
actual three-month rate as it arrives six months later. If the gap between
expectation and reality is high, it means the market has been fooled again in
its expectations that low short-term interest rates must be headed in one
direction, higher. The opposite has been observed in practice, too; markets can
incorrectly price in expectations for low short-term rates and get whacked
upside the head by reality.
Where are we today? The expectations gap, marked with roseate columns, is
shrinking, although it is still at levels unprecedented until the adoption of
zero interest
rate policies (ZIRP) in December 2008. This is the same thing
as saying forward rates are in the process of declining to levels that will be
matched by actual three-month rates six months from now. If you are keeping
track of these months by counting on your fingers, we see you.
http://image.minyanville.com/assets/FCK_Jan2011/Image/JimE/Simongraph1.jpg
The chart above uses weekly data.
Let’s go down to daily data for the period following the end of QE1. Two dates
are marked, one when the debt ceiling debate in July was taking the ominous
course toward default and one just after the August FOMC meeting. Both
developments put the market on course toward accepting that low rates were
going to be here for awhile; the intractable federal debt can be serviced only
at low levels without doing something really, really stupid like cutting
out-of-control spending.
http://image.minyanville.com/assets/FCK_Jan2011/Image/JimE/Simongraph2.jpg
Where To Now?
Japan has had a much longer experience with these low rates and one attempt,
between November 2005 and July 2006, to start moving away from them. One major
difference between the U.S. and Japan here is that their perma-expectations
started to disappear in a rising short-term rate environment; our rates have
yet to rise. Still, the Japanese attempt failed as the hint of higher interest
rates caused yen carry trades
to start unwinding around the world. Once low interest rates become embedded in
an economy, they are very hard to increase without stress.
Despite the failures of QE1 and QE2 and the impending failure of whatever they
announce next, the Federal Reserve has convinced itself they are doing something
right. How would “They never learned from their mistakes” look on their
tombstone?’
Is This the End of the Money-Printing Era? Howard Simons Dec 01, 2010 ‘If monetary
stimulus ends and we start recognizing losses rather than trying to roll them
forward, we can lay the foundation for a new era of prosperity. [Note the date
and hence Simons’ wisdom! Yet, the postponement / delay has substantially
impaired that ‘prosperity part’ going forward.]
‘Of all the negative human emotions, the feeling you
have been had is one of the worst. We all have heard the adage, “Fool me once, shame on
you; fool me twice, shame on me,” and if I had a nickel for every time I have heard “Won’t Get Fooled Again,” both former President
Bush and I would have a lot of nickels.
Well, it is red-face time: Even though the Federal Reserve has been on a
mission-from-wad since August 17, 2007, the date when they executed a premarket
rate cut in the target federal funds rate, to 6.00%, and even though they had
already executed QE1 and were three months away from hinting at QE2, they
managed to drive short-term interest
rates unexpectedly low by the end of July. This is after I
wrote, Short-Term Interest Rates No Longer Unexpectedly Low in
May.
Let’s
update that piece in light of what I have to admit was, in technical terms, a
pretty good stunt on their part. First, a review: If we take the forward rate
of LIBOR between six and nine months (FR6,9); that is, the rate at
which we can lock in borrowing for three months starting six months from now,
we have the market’s hedgeable measure of where rates will be. I cannot
emphasize strongly enough that this is not an interest
rate forecast, but a rate at which two parties can do
business and presumably both make a profit given this locked-in rate. This can
be compared to what the actual three-month rate was six months later.
That “expectations
gap”
is depicted in the roseate columns below. The December 2008 and March 2009
dates when the US first went to zero interest rates and quantitative easing,
respectively, are marked with orange and violet vertical lines; both the July
30 and the last datum are highlighted with bright-red columns.
http://image.minyanville.com/assets/FCK_May2009/Image/LisaCatch%20September2010/plainsight.jpg
The chart above is done at a weekly frequency and is long-term to demonstrate
how unusual the last two years have been in the ability of three-month rates to
trade
well below the market’s expectations from six months ago. Let’s shorten the time frame
and move to a daily frequency.
http://image.minyanville.com/assets/FCK_May2009/Image/LisaCatch%20September2010/plainsight2.jpg
Two points are marked in black on this chart, one in mid-July when I identified
the market’s demand
for lower short-term interest rates and the August 27, 2010 date of Ben
Bernanke’s
Jackson Hole speech promising new asset
highs if he could drive money to new lows.
The market took the bait, as we all know, and rallied strongly into the actual
announcement of QE2 whereupon a large number of FOMC officials and foreign
poo-bahs started wandering around like the somnambulant Lady Macbeth or Alec
Guinness’
Colonel Nicholson in The Bridge on the River Kwai wondering, “What have I done?”
You counterfeited the US dollar to a fare-thee-well, that’s what you have done.
Didn’t
you think about this beforehand?
We have seen twice in the past two years how mainlining some high-grade
monetary heroin can lead to higher returns for risky assets; this should be
about as surprising as learning nitroglycerin can be noisy when handled
improperly. Now that we are into QE2 and our friends in the European Monetary
Union are about to reprise their May stunt of backstopping Greece by
backstopping Ireland -- it will take them a long time to form a circle, sing kumbaya
in their various languages and have each of the 16 members of the euro rescued
in turn -- we have to wonder if we are at last at the end of the line for
monetary stimulus. Methinks we are.
The implications are not as dire as they may sound. If the end of the
printing-press era means we do what we should have started doing in 2007 --
recognizing losses rather than trying to roll them forward -- we can lay the
foundation for a new era of prosperity. It would be the right thing to do.’
IMF
Cuts Global Growth Outlook, Warns About U.S. Deficits, Euro Banks at
Forbes ‘The International
Monetary Fund dialed back its outlook for the global economy Tuesday, and now projects
worldwide growth of 4% in 2011 and 2012, down from 5% in 2010.
Some slowdown
was anticipated, but the IMF expected it to come from an unwind of the
unprecedented stimulus efforts launched to counteract the financial crisis over
the last three years. Instead, “a barrage of economic shocks in 2011 combined with
other factors for a worse than anticipated outcome.”
Chief
economist Olivier Blanchard warned that “strong policies are urgently needed to improve the
outlook and to reduce the risks,” and the IMF said the economy is in “a dangerous new phase” marked by weaker
activity and a sharp decline in confidence.
Gallery:
The IMF’s 2012 Growth
Forecast
Tuesday’s report comes as the
Federal Reserve begins a two-day meeting at which Chairman Ben Bernanke is
likely to meet resistance if he pushes for further intervention along the lines
of additional Treasury purchases, following an August meeting that saw three
dissents from the central bank’s decision to target a 0% benchmark interest rate
until mid-2013.
Meanwhile,
European leaders are still trying to find a solution that will keep Greece from
defaulting and keeping the debt crisis outside of core Europe. (See “Europe Needs A TARP.”)
One could be
forgiven if it seems like pundits and policymakers are talking out of both
sides of their mouth, urging further aid for scuffling economies while at the
same time preaching that countries need to get religion on long-term debts.
Gallery:
The IMF’s 2012 Growth
Forecast
The IMF
offered its view on the forceful actions that policymakers in developed
economies should undertake:
• In the euro
area, banks must be made stronger, not only to avoid deleveraging
and maintain growth, but also, and more importantly, to reduce risks of vicious
feedback loops between low growth, weak sovereigns, and weak banks. This
requires additional capital buffers, from either private or public sources.
• The top priorities in
the United States include devising a medium-term fiscal
consolidation plan to put public debt on a sustainable path and to implement
policies to sustain the recovery, including by easing the adjustment in the
housing and labor markets. The new American Jobs Act would provide needed
short-term support to the economy, but it must be flanked with a strong medium-term
fiscal plan that raises revenues and contains the growth of entitlement
spending.
• In Japan,
the government should pursue more ambitious measures to deal with the very high
level of public debt while attending to the immediate need for reconstruction
and development in the areas hit by the earthquake and tsunami.
The updated forecast anticipates U.S. growth of just
1.5% in 2011 and 1.8% in 2012, with euro area growth of 1.6% this year falling
to 1.1% next year. Emerging and developing economies will also grow slower than
previously anticipated, but remain the workhorses of global growth, the IMF
anticipates. China is expected to grow at a better than 9% clip this year and
next, while Brazil is expected to maintain annual growth better than 3.5%.
Gold shot higher on the IMF’s sober growth outlook, adding $24.50 to $1,803.40 an
ounce. U.S. stocks righted themselves after a choppy start, buy fell from their
best levels of the day in the final hour of trade with the Dow Jones industrial
average up 57 points to 11,458 and the S&P 500 2 points higher at 1,206.
The Nasdaq slipped into the red, down 16 points, to 2,597.
Gallery:
The IMF’s 2012 Growth
Forecast
Financial stocks, a major drag on the market
seemingly every time there is a negative headline out of Europe, sank as the
broader market pulled back. Bank of America, JPMorgan Chase and Morgan Stanley surrendered earlier gains, while Wells Fargo and American Express held onto gains better than 1.75%.
http://blogs-images.forbes.com/steveschaefer/files/2011/09/IMF-Growth-Outlook.jpg ‘
Morning Snapshot Sep 20th, 2011 08:32 by News
(USAGOLD) —
‘..The
IMF slashed both global and US growth expectations this morning: The IMF now
believes the global economy will grow just 4% this year and next, a negative
revision from their June estimates of 4.3% for 2011 and 4.5% next year. IMF cut
its US growth forecasts to 1.5% for this year, versus 2.5% previously and 1.8%
for 2012, versus 2.7% previously. The IMF’s confirmation of growth risks intensifies
expectations that the Fed will be forced to offer additional accommodations
when the 2-day FOMC meeting concludes tomorrow.
• US housing starts -5.0% to 571k pace in Aug, well
below market expectations of 593k, vs negative revised 601k in Jul.
•
Canada leading indicator flat in Aug, above market expectations of -0.1%, vs
+0.1% in Jul.
•
Canada wholesale trade +0.8% in Jul, just above expectations, vs flat in Jun.
•
Switzerland trade balance CHF0.8 bln in Aug, vs 2.825 bln in Jul.
•
Sweden GDP –
Final (sa) revised down to 0.9% in Q2, just below market expectations, vs 1.0%
previously.
•
Italy industrial orders (sa) +1.8% m/m in Jul, vs 4.1% in Jun; 6.5% y/y.
•
Germany PPI -0.3% m/m in Aug, below market expectations of 0.2%, vs 0.7% in
Jul; 5.5% y/y.
•
Germany ZEW economic sentiment falls to -43.3 in Sep, below market
expectations, vs -37.6 in Jul; Current situation drops to 43.6 from 53.5.
•
Japan leading index (revised) 2.6 m/m in Jul, vs 2.7 previously.’
Eurozone
debt crisis threatens banks, rest of world: IMF Economic Times
| The eurozone’s debt mountain poses a threat to the world economy.
America’s debt woe is worse than Greece’s Sep 21st, 2011 News
(CNN) — Our government is utterly broke.
There are signs everywhere one looks. Social Security can no longer afford to
send us our annual benefit statements. The House can no longer afford its
congressional pages. The Pentagon can no longer afford the pension and health
care benefits of retired service members. NASA is no longer planning a manned
mission to Mars. We’re broke for a reason. We’ve spent six decades accumulating a huge official debt
(U.S. Treasury bills and bonds) and vastly larger unofficial debts to pay for
Social Security, Medicare, and Medicaid benefits to today’s and tomorrow’s 100 million-plus retirees. The
government’s total indebtedness — its fiscal gap — now stands at $211
trillion, by my arithmetic. [source]
$16
muffins, $8 coffee served in Justice audit
Holders of Sovereign Debt
Sep 21st, 2011 News by Global Macro Monitor
(CreditWritedowns.com) — Here’s a great chart just released by the
International Monetary Fund. Note that almost half — 47 percent – of the
US$14.7 trillion U.S. federal government debt is held by the Federal Reserve
and the government itself, such as the Social Security trust fund. Add to that
the 22 percent foreign official holdings (mainly central banks) and almost 70
percent of the debt of the U.S. government is held by non-market/non-profit
oriented investors. Stunning! [source]
http://www.albertpeia.com/holders-of-sovereign-debt.jpg
PG View: I would argue that “non-market/non-profit oriented
investors” own the vast majority of government debt, because the risk/reward
ratios have been so grossly distorted by government and central bank
interventions that real investors have no interest is such assets. And it sure
looks like official efforts to continue mispricing risk are going to continue.
U.S.
Household Worth Declines by $149 Billion Sep 16th, 2011 14:32 by News
(Bloomberg) —
‘
Household wealth in the U.S. dropped in the second quarter for the first time
in a year, hurt by falling share prices and declining home values.Net worth for
households and non-profit groups decreased by $149 billion, a 1 percent drop at
an annual pace, to $58.5 trillion, the Federal Reserve said today in its flow
of funds report from Washington. It rose at a 7.4 percent rate in the previous
three months. Housing wealth decreased for a fourth consecutive quarter from
April to June. [source]
US
taxpayers could be on hook for Europe bailout Sep 16th, 2011 13:01 by News
(MSNBC) —
The U.S. is coming to Europe’s financial rescue.So far, America’s role is fairly limited.
But if the crisis continues to grow and the U.S. takes on a wider role, U.S.
consumers and taxpayers could feel a bigger impact. The biggest exposure could
come from America’s status as the single largest source of money for
the International Monetary Fund.The latest round of American financial
assistance came Thursday with a promise by the Federal Reserve to swap as many
dollars for euros as European bankers need. In the short run, those
transactions won’t have much impact because the central banks are
simply swapping currencies of equal value. If the move helps avert a wider
crisis, it could help spare the global economy from another recession.But over
the long term, consumers could feel the impact of central bankers flooding the
financial system with cash, according to John Ryding, chief economist at RDQ
Economics.[source]
A Band-Aid for a
cancer patient Sep 16th, 2011 12:48 by News
(papermoneycollapse.com) — This was another hectic week for financial markets,
and nerves were calmed somewhat over the past 24 hours with another liquidity
injection from the central banks – this time the provision of dollars from the U.S. Fed
channelled through a few other central banks, most importantly the ECB. This is
certainly not a solution but again the doctoring of symptoms. Pumping ever more
fiat money into the system to avoid – or rather postpone – a much needed
recalibration will not solve the underlying malaise. Four years into the crisis
the banks still need emergency funding. That is a damning indictment that
financial structures are far from sustainable.…A default of Greece now
appears very likely. This is a positive development. Positive as it points
toward shrinkage – toward smaller debt, toward a smaller Greek state,
toward an important lesson for banks: Don’t think that lending to the state is without risk!…The biggest risk to the
euro is not a Greek default but the markets waking up to the bleak long-term
outlook for the solvency of the core, Germany and France.…Thus, we will get some
liquidation (Greek debt) but also some re-liquefying (big banks). It will not
be the end of the euro – but not the end of the financial crisis either.[source]
PG View: I concur with this assessment. The contingency plan
to protect the German banks is presumably in place. Liquidity lines have been
established. Payment of the next bailout tranche for Greece has been
forestalled until October. Seems like Greece is about to get pitched under the
bus…
Consumer
Hope for Future Hits Lowest Level Since 1980 Sep 16th, 2011 10:52 by News
(CNBC). [source]
China
to ‘liquidate’ US Treasuries, not dollars Sep 16th, 2011 10:21 by News
By Ambrose Evans-Pritchard (The Telegraph) — The debt markets have been
warned.A key rate setter-for China’s central bank let slip – or was it a slip?
– that Beijing aims to run down its portfolio of US debt as soon as
safely possible.“The incremental parts of our of our foreign reserve
holdings should be invested in physical assets,” said Li
Daokui at the World Economic Forum in the very rainy city of Dalian – former
Port Arthur from Russian colonial days.“We would like to buy stakes in Boeing,
Intel, and Apple, and maybe we should invest in these types of companies in a
proactive way.”“Once the US Treasury market stabilizes we can liquidate
more of our holdings of Treasuries,” he said.[source]
PG View: Out of US Treasuries and into more “physical assets.” Physical assets like
gold perhaps?
Europe
Ministers Rule Out Stimulus, Offer No Bank Aid Sep 16th, 2011 09:49 by News
(Bloomberg) —
..
PG View: Basically, another meeting with no substantive
moves to alter the course that Europe is on. There will be no fiscal stimulus.
We’re
going to defer any decision on Greece until next month, when the country will
be once again on the precipice of default.
The Fed’s shadow TARP News by Sen. Jim DeMint August 31 (Politico) — ‘In the
run-up to the financial crisis, the Federal Reserve fueled the housing bubble
with its easy money policy. Now, we know that after the crisis struck, the Fed
secretly propped up elite bankers all the way from Wall Street to Brussels to
the Central Bank of Libya.A Bloomberg news investigation found that while the
Treasury Department was pumping $700 billion into banks under the Troubled
Asset Relief Program, the Fed was covertly operating its own bailout program –
the biggest in American history. The Fed’s Shadow TARP issued $1.2 trillion in
loans to domestic and foreign banks from 2007 to 2010, far more than Congress
authorized Treasury to spend under TARP.…Congress eventually approved a partial
audit that showed the Fed extended an incredible $16 trillion – more than the entire U.S. economy – in aggregate
lending authority to foreign and domestic banks from the end of 2007 to the
middle of 2010…After the second round of quantitative easing was announced,
Chinese Vice Finance Minister Zhu Guangyao said America “does not recognize, as
a country that issues one of the world’s major reserve currencies, its
obligation to stabilize capital markets.”German Finance Minister Wolfgang
Schaeuble was more blunt, calling the Fed “clueless.” [source]’
Global
Recession Likely, Depression Possible: Economist Aug 31st, 2011 by News
(CNBC) —
‘Global
recession in 2012 is “65 to 75 percent certain” and could deteriorate
into a lengthy depression, Roger Nightingale, economist and strategist at RDN
Associates, told CNBC.The peak rate of growth for the world’s economy occurred more
than 12 months ago and “it carries on going down,” Nightingale said. “We are probably going
into negative territory around spring of next year; it is not for certain, but
that is the most likely scenario. I would say the recession is 65 percent, 75 percent certain.”The economist warned that should recession kick in, the global economy might be too weak to
generate any GDP growth for years, or even decades.’
Morning Snapshot News August 31 (USAGOLD) — ‘Gold is modestly lower this
morning, but still generally well bid amid rising expectations that the Fed is
preparing to ease once again. The St. Louis Fed’s Bullard was hinted in the
Japanese press that the Fed may indeed embark on QE3, depending on upcoming
data. Bullard added a caveat, saying that it should be confirmed that inflation
has eased first. These comments come on the heals of very dovish Fedspeak by
Chicago Fed’s Evans on Tuesday.
Today’s weaker that expected
ADP employment index may further temper expectations for Friday’s August nonfarm payrolls
report. Consensus is running around +93k, following the +117k print for Jul.
The unemployment rate is expected to remain unchanged at 9.1%.
• US ADP employment index rose 91k in Aug, below
market expectations of 100k, vs negative revised 109k in Jul.
•
Canada Q2 GDP -0.4%, below market expectations of +0.1%, vs +3.6% in Q1. GDP
+0.2% in Jun, vs -0.3% in May.
•
UK GfK consumer confidence fell to -31 in Aug, above market expectations of
-33, vs -30 in Jul.
•
Italy CPI –
EU Harmonized (prelim) rose to 2.2% y/y in Aug; +0.3% m/m.
•
Italy PPI rose to 4.7% y/y in Jul, vs 4.3% in Jun; +0.3% m/m.
•
German retail sales unch m/m in Jul, better than market expectations of -2.0%,
vs big downward revision to 4.5% in Jun; -1.6% y/y.
•
German unemployment rate unchanged at 7.0% (sa) in Aug, in-line with
expectations.
•
Eurozone unemployment rate unchanged in Jul at 10.0%, above market
expectations, vs upward revised 10.0% in Jun.
•
South Korea industrial production +3.8% y/y in Jul, vs 6.5% in Jun.
•
Japan industrial production (prelim) +0.6% m/m (sa) in Jul, well below market
expectations, vs 3.8% in Jun.
•
Japan Markit/JMMA PMI falls to 51.9 in Aug, vs 52.1 in Jul.
•
Japan construction orders +5.7% y/y in Jul, vs +6.0% in Jun.
Most of the
worst financial panics in history have happened in the fall. Just recall
what happened in 1929, 1987 and 2008. Well, September 2011 is about to
begin and there are all kinds of signs that the financial world is about to hit
the big red panic button. Wave after wave of bad economic news has come
out of the United States recently, and Europe is embroiled in an absolutely
unprecedented debt crisis. At this point there is a very real possibility
that the euro may not even survive. So what is causing all of this?
Well, over the last couple of decades a gigantic debt bubble has fueled a
tremendous amount of “fake prosperity” in the western world. But for a debt bubble to
keep going, the total amount of debt has to keep expanding at an ever
increasing pace. Unfortunately for the global economy, sources of credit
are starting to dry up. That is why you hear terms like “credit crisis” and “credit crunch” thrown around so much
these days. Without enough credit to feed the monster, the debt bubble is
going to burst. At this point, virtually the entire global economy runs
on credit, so when this debt bubble bursts things could get really, really
messy.
Nations and
financial institutions would never get into debt trouble if they could always
borrow as much money as they wanted at extremely low interest rates. But
what has happened is that lending sources are balking at continuing to lend
cheap money to nations and financial institutions that are already up to their
eyeballs in debt.
For example,
the yield on 2 year Greek bonds is now over 40 percent. Investors don’t trust the Greek
government and they are demanding a huge return in order to lend them more
money.
Throughout the
financial world right now there is a lot of fear. Lending conditions have
gotten very tight. Financial institutions are not eager to lend money to
each other or to anyone else. This “credit crunch” is going to slow down the economy. Just
remember what happened back in 2008. When easy credit stops flowing, the
dominoes can start falling very quickly.
Sadly, this is
a cycle that can feed into itself. When credit is tight, the economy
slows down and more businesses fail. That causes financial institutions
to want to tighten up things even more in order to avoid the “bad credit risks”. Less economic
activity means less tax revenue for governments. Less tax revenue means
larger budget deficits and increased borrowing by
governments. But when government debt gets really high that
can cause huge economic problems like we are witnessing in Greece right
now. The cycle of tighter credit and a slowing economy can go on and on
and on.
I spend a lot
of time talking about problems with the U.S. economy, but the truth is that
the rest of the world is dealing with massive problems as well right now.
As bad as things are in the U.S., the reality is that Europe looks like it may
be “ground
zero”
for the next great financial crisis.
At this point
the EU essentially has three choices. It can choose much deeper economic
integration (which would mean a huge loss of sovereignty), it can choose to
keep the status quo going for as long as possible by providing the PIIGS with
gigantic bailouts, or it can choose to end of the euro and return to individual
national currencies.
Any of those
choices would be very messy. At this point there is not much political
will for much deeper economic integration, so the last two alternatives appear
increasingly likely.
In any event,
global financial markets are paralyzed by fear right now. Nobody knows
what is going to happen next, but many now fear that whatever does come next
will not be good.
The following
are 25 signs that the financial world is about to hit the big red panic button….
#1 According to a new study just released by Merrill
Lynch, the U.S. economy has an 80% chance of going into another
recession.
#2 Will Bank of America be the next Lehman
Brothers? Shares of Bank of America have fallen more than 40% over the past couple of
months. Even though Warren Buffet recently stepped in with 5 billion
dollars, the reality is that the problems for Bank of America are far from
over. In fact, one analyst is projecting that Bank of America is going to
need to raise 40 or 50 billion dollars
in new capital.
#3 European bank stocks have gotten absolutely hammered in recent
weeks.
#4 So far, major international banks have announced
layoffs of more than 60,000 workers,
and more layoff announcements are expected this fall. A recent
article in the New York Times
detailed some of the carnage….
A new wave of
layoffs is emblematic of this shift as nearly every major bank undertakes a
cost-cutting initiative, some with names like Project Compass. UBS has
announced 3,500 layoffs, 5 percent of its staff, and Citigroup is quietly
cutting dozens of traders. Bank of America could cut as many as 10,000 jobs, or
3.5 percent of its work force. ABN Amro, Barclays, Bank of New York Mellon,
Credit Suisse, Goldman Sachs, HSBC, Lloyds, State Street and Wells Fargo have
in recent months all announced plans to cut jobs — tens of thousands all told.
#5
Credit markets are really drying up. Do you remember
what happened in 2008 when that happened? Many are now warning that we
are getting very close to a repeat of that.
#6
The Conference Board has announced that the U.S. Consumer Confidence Index fell
from 59.2 in July to 44.5 in August. That is
the lowest reading that we have seen since the last recession ended.
#7
The University of Michigan Consumer Sentiment Index has fallen by almost 20 points over the
last three months. This index is now the lowest it has beenin 30 years.
#8
The Philadelphia Fed’s latest survey of regional manufacturing
activity was absolutely nightmarish….
The survey’s
broadest measure of manufacturing conditions, the diffusion index of current
activity, decreased from a slightly positive reading of 3.2 in July to -30.7 in
August. The index is now at its lowest level since March 2009
#9
According to Bloomberg,
since World War II almost every time that the year over year change in real GDP
has fallen below 2% the U.S. economy has fallen into a recession….
Since 1948, every time the four-quarter change has
fallen below 2 percent, the economy has entered a recession. It’s hard to
argue against an indicator with such a long history of accuracy.
#10
Economic sentiment is falling in Europe as well. The following is
from a recent Reuters article….
A monthly
European Commission survey showed economic sentiment in the 17 countries using
the euro, a good indication of future economic activity, fell to 98.3 in August
from a revised 103 in July with optimism declining in all sectors.
#11
The yield on 2 year Greek bonds is now an astronomical 42.47%.
#12
As I wrote about recently, the European
Central Bank has stepped into the marketplace and is buying up huge amounts of
sovereign debt from troubled nations such as Greece, Portugal, Spain and
Italy. As a result, the ECB is alsomassively overleveraged at
this point.
#13
Most of the major banks in Europe are also leveraged to the
hilt and have tremendous exposure to European sovereign debt.
#14
Political wrangling in Europe is threatening to unravel the Greek bailout
package. In a recent article, Satyajit Das described what has been going on behind
the scenes in the EU….
The sticking
point is a demand for collateral for the second bailout package. Finland
demanded and got Euro 500 million in cash as security against their Euro 1,400
million share of the second bailout package. Hearing of the ill-advised side
deal between Greece and Finland, Austria, the Netherlands and Slovakia also are
now demanding collateral, arguing that their banks were less exposed to Greece
than their counterparts in Germany and France entitling them to special
treatment. At least, one German parliamentarian has also asked the logical
question, why Germany is not receiving similar collateral.
#15
German Chancellor Angela Merkel is trying to hold the Greek bailout deal
together, but a wave of anti-bailout “hysteria” is sweeping Germany, and nowaccording to
Ambrose Evans-Pritchard it looks like Merkel may not have enough votes to
approve the latest bailout package….
German media
reported that the latest tally of votes in the Bundestag shows that 23 members from
Mrs Merkel’s own coalition plan to vote against the package, including twelve
of the 44 members of Bavaria’s Social Christians (CSU). This may force the
Chancellor to rely on opposition votes, risking a government collapse.
#16
Polish finance minister Jacek Rostowski is warning that the status quo in
Europe will lead to “collapse“. According to
Rostowski, if the EU does not choose the path of much deeper economic
integration the eurozone simply is not going to survive much longer….
“The choice is:
much deeper macroeconomic integration in the eurozone or its collapse. There is
no third way.”
#17
German voters are against the introduction of “Eurobonds” by about a 5 to 1 margin,
so deeper economic integration in Europe does not look real promising at this
point.
#18
If something goes wrong with the Greek bailout, Greece is financially
doomed. Just consider the following excerpt from a recent article by
Puru Saxena….
In Greece,
government debt now represents almost 160% of GDP and the average yield on
Greek debt is around 15%. Thus, if Greece’s debt is rolled over without
restructuring, its interest costs alone will amount to approximately 24% of
GDP. In other words, if debt pardoning does not occur, nearly a quarter of
Greece’s economic output will be gobbled up by interest repayments!
#19
The global banking system has a total of 2 trillion dollars of exposure to Greek, Irish,
Portuguese, Spanish and Italian debt. Considering how much the global
banking system is leveraged, this amount of exposure could end up wiping out a
lot of major financial institutions.
#20
The head of the IMF, Christine Largarde, recently warned that European banks
are in need of “urgent recapitalization“.
#21
Once the European crisis unravels, things could move very rapidly
downhill. In a recent article, John
Mauldin put it this way….
It is only a
matter of time until Europe has a true crisis, which will happen faster – BANG!
– than any of us can now imagine. Think Lehman on steroids. The U.S. gave
Europe our subprime woes. Europe gets to repay the favor with an even more
severe banking crisis that, given that the U.S. is at best at stall speed, will
tip us into a long and serious recession. Stay tuned.
#22
The U.S. housing market is still a complete and total mess. According to
a recently released report, U.S. home prices fell 5.9% in the second quarter compared
to a year earlier. That was the biggest decline that we have seen since
2009. But even with lower prices very few people are buying.
According to the National Association of Realtors, sales of previously owned
homesdropped 3.5 percent during
July. That was the third decline in the last four months. Sales of
previously owned homes are even lagging behind last year’s pathetic pace.
#23
According to John Lohman, the decline in U.S. economic data over the past three
months has been absolutely unprecedented.
#24
Morgan Stanley now says that the U.S. and Europe are “hovering dangerously close to a
recession”
and that there is a good chance we could enter one at some point in the next 6
to 12 months.
#25
Minneapolis Fed President Narayana Kocherlakota says that he is so alarmed
about the state of the economy that he may drop his
opposition to more monetary easing. Could more quantitative easing by
the Federal Reserve soon be on the way? …’
If
We Punished Executives the Way China Does, We Wouldn't Have Any Left
Minyanville Justin
Rohrlich [ I think we should consider this approach, starting with the
frauds on wall street, which of course in the sense of ‘all roads lead to’, will unearth other
criminals deserving of such treatment since their corruption has had ‘life/death’ effects on the general
populace through no fault of their own!] ‘Here in the United States, we've certainly gotten far
more than we ever bargained for when it comes to corruption in the collective
C-suite.
A few have been punished. Many have not. In China, though, they kill their
Dennis Kozlowskis.
Yesterday, Li Hua, former chairman and general manager of the Sichuan division
of China Mobile (CHL),
was sentenced to death for accepting more than $2.5 million in
bribes.
The Intermediate People’s Court in the southwestern city of Panzhihua handed
down the verdict with a two-year reprieve, meaning if Li behaves himself, he
could skate with a mere slap on the wrist -- life in prison.
The New York Times points out that the "same type of sentence was
handed down last month for one of the company’s other former
executives, Zhang Chunjiang, who once served as vice chairman of China Mobile,” which also included “the confiscation
of his personal assets and the removal of his political rights.”
He was convicted of accepting more than $1.15 million in bribes while working
at a series of state-run telecom companies from 1994 to 2009. At least six
other executives from China Mobile are under investigation in corruption cases. (It may be
worth noting that last week, China Mobile revealed that it “met several times with Steve Jobs to talk about Apple (AAPL)
making an iPhone that would support its
proprietary 3G standard." Currently, China Unicom (CHU) is the
only carrier in China offering the device. )
When Chen Tonghai, former chairman of Sinopec (SNP),
was sentenced to death for bribery in 2009, he was also granted a two-year
reprieve after confessing to his crimes. According to state-run news service Xinhua, the court cut
Chen a break of sorts, stating that for "crimes involving 'extremely large
sums of money,' the suspects should be sentenced to death, but 'if they confess
or contribute to the handling of relevant cases, they should not get an
immediate death penalty in principle.'"
"Chen Tonghai's sentence is a result of people's court's criminal policies
and reflects both severe punishment of corruption and the policy of tempering
justice with mercy," Xinhua said.
But, Chinese justice lacks a particularly even hand. State-run news service Xinhua explains why certain executions are performed more
hastily than others:
Corrupt
officials, such as former vice-chairman of the Standing Committee of the
National People's Congress Cheng Kejie who was executed in September 2000,
former vice governor of Anhui Province Wang Huaizhong who was given a lethal
injection in February 2004, and former food and drug administration head Zheng
Xiaoyu, executed in July 2007, got immediate death sentences because they
"refused to plead guilty" and their bribe-taking "caused
extremely serious social impact.”
This spring, China revised the law, when authorities deemed 13 non-violent
economic offenses to no longer be executable crimes, though Amnesty
International called it "legal housekeeping," as the
infractions were “all… seldom if ever punished by execution” to begin with.
Andrew Yang of the Laogai Research
Foundation -- established in 1992 by Harry Wu, a democracy activist and
survivor of the laogai, China’s system of forced-labor prison camps -- provided us
with a translation of the official list (which just so happens not to include
bribery):
And finally, simple “theft.”
However, the Chinese leadership doesn’t rely solely on the legal system to control the
business community at large.
From Russell Lee Moses, writing for the Wall Street Journal’s China Real Time Report:
After
weeks of taking jabs to the chin from an angry microblogging public, leading
forces in the [Chinese Communist] Party have decided to punch back. Politburo
member Liu Qi visited the Beijing offices of Sina.com’s (SINA)
popular microblogging service Weibo earlier this week and impressed upon the
staff there the need for “the Internet’s healthy development”—code words for
staying away from topics which attack the rule of the Communist Party or hold
officials up for public ridicule.
[…]
Liu’s strong-arm visit follows a series of admonitions in the Party media,
warning journalists to get back into the government fold and to play the role
of conveying to a skeptical society that cadres care.
The hardline view, expressed in a recent article posted in the “People’s Forum”
run by the official People’s Daily, is that microblogging is best confronted, not
by embracing it as a way for the public to supervise the Party, but by the
Party’s “use [of] the mass media to tell the truth.”
By all accounts, corruption is so thoroughly ingrained in the operating culture
of Chinese officialdom, the roles in this situation seem to be comically
reversed.
“There is really no way to control the corruption among Chinese officials,”
Yang told me in a telephone interview. “If bribery was not punishable by death,
corrupt officials would be even bolder in grabbing the public’s wealth. And
without a free press, the behavior of officials cannot be monitored, so
corruption simply runs wild.”
James H. Zimmerman, Jr., Amnesty International's Country Specialist for China,
says the execution of government officials for bribery “is fairly common.”
In an email message, Zimmerman pointed out that “most have been politically
isolated, so they have no one coming to their defense.”
The majority of China’s citizenry certainly isn’t.
As explained by Teng Biao of China’s Economic Observer (and
translated by Worldcrunch.com), “China is the global leader for the number of
corrupt officials who are sentenced to death, and actually executed each year.
But, judging by the seemingly endless ‘public demand’ for this kind of
punishment and the surging popular anger, it would seem that there is actually
not enough of it.”
And Joshua Rosenzweig, former senior researcher at the Di Hua Foundation, a
human rights organization based in San Francisco and Hong Kong, told the Washington Post that “there still is a very
strong sense that corrupt officials must die among the Chinese population at
large. The revulsion for that offense is so strong that there would be a
potential political cost to eliminating the death penalty for corruption."
Not altogether surprisingly, the specter of death doesn’t necessarily act as a
deterrent.
In 2009, a six-year old schoolgirl in southern China was asked by a
television reporter what she wanted to become when she grew up.
"When I grow up I want to be an official," she replied.
"What kind of official?" asked the interviewer.
"A corrupt official because corrupt officials have a lot of things,"
she said.’
BofA
Warns Upcoming “Desperate Measures” By Authorities Will Result In Another 2008
Market Collapse Zero Hedge |
New
national debt data: $4.247 Trillion in 945 days L.A. Times
Home
sales approach worst point in half a century Bloomberg
Bloomberg
reveals massive corruption in the private Federal Reserve Madison
Ruppert
In
Baltimore, homes for $10,000 — and less Baltimore Sun |
Housing prices continue to fall through much of the region.
Social
Security disability on verge of insolvency
MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows at
Barrons.com Murray Coleman ‘Stocks continue to slump today, reeling from
a raft of ugly
data and growing concerns about European sovereign debt. But how far lower
can ETFs tracking key benchmarks slide? MKM Partners’ technical analyst Katie Stockton sees a range around $110 a share
for the SPDR S&P 500 ETF (SPY)
as the next level of support. That would represent about a 3-4% drop from
current levels. SPY most recently was trading down 4.6% at $114.09 a share. “I
do expect that level ($110) to be re-tested in coming weeks,” Stockton said in
an interview, noting that level had been tested early last week and held. The problem
is that her indicators show that blue chip U.S. stocks still could have a ways
to go. “The market doesn’t appear oversold at this point, so the market looks
like it could go lower,” Stockton said. Perhaps the most important level for
SPY is the February 2010 low of $105 a share, roughly 8% below current levels.
“That level hasn’t been broken on a decisive basis yet,” Stockton noted.
“That’s the number we’re really keeping a close eye on after what’s taken place
today.” Meanwhile, the tech-heavy Nasdaq’s near-term backdrop looks just as
volatile, notes Michael Ashbaugh in his Technical Trader investment
letter. With Thursday’s downturn, the benchmark has knifed straight through
initial support at 2,493 placing it back within August-crash territory. In the
near-term, the veteran technician expects to see modest support at around 2,357
— its August closing low. That’s around 0.6% from where the index’s trading at
now.’
Stocks
Plunge, Gold Surges on Global Concern Aug 18th, 2011 14:30 by News (Bloomberg) — ‘Stocks plunged
while Treasuries rallied, pushing yields to record lows, amid growing signs the
economy is slowing and speculation that European banks lack sufficient capital.
Gold climbed to a record, while oil led commodities lower.
The Standard & Poor’s 500 Index tumbled 4.5 percent to 1,140.74 at 4 p.m.
in New York. The Stoxx Europe 600 Index lost 4.8 percent in its worst plunge
since March 2009 and Germany’s DAX Index slid 5.8 percent, the most since 2008.
Ten-year Treasury yields fell as much as 19 basis points to 1.97 percent as
rates on similar-maturity Canadian and British debt also reached all-time lows.
The dollar gained versus 15 of 16 major peers, strengthening 0.6 percent to
$1.4336 per euro. Gold futures rallied as much as 2.1 percent to $1,832 an
ounce, while oil slid 5.9 percent.’ European
Shares Fall Most Since March 2009 Aug 18th, 2011 12:01 by News (CNBC) — ‘European equities
suffered their biggest daily fall in two and a half years on Thursday, as a
slew of data cast further doubt on the strength of the recovery in the world’s
biggest economy. German shares lost most, with traders citing the effects of a
short-selling ban on financial stocks in other parts of Europe and intensifying
worries about politicians’ lack of a plan to address the euro zone sovereign
debt crisis. The European banking sector, exposed to the euro zone debt crisis,
fell 6.6 percent and is down 29.7 percent this year.’
Jobless
Claims, Inflation Rise More Than Expected CNBC | New U.S. claims for
unemployment benefits rose more than expected last week. Chavez
Nationalizes Venezuela’s Gold Industry, Recalls Hundreds of Tons of Gold Held
Abroad, May Cause a Scramble for Physical Gold From JP Morgan and Others SEC
destroyed crucial probe data: senator AFP | The SEC may
have destroyed documents related to possible violations by major banks and
hedge funds. World
stock markets plunge as fears of recession intensify guardian.co.uk Don’t
Swallow the FED’s $16 Trillion Suicide Pill Michael McKay
| The Federal Reserve secretly kept the Phony-Fiat-Money-System afloat by
“lending” out $16 Trillion. GALLUP:
Americans satisfied with ‘the way things are going’ — 11%! Gallup
| Americans’ satisfaction with the way things are going in the United States
has fallen back to 11%.
Stocks:
Mutual Fund Investors Hate Them the Most Since Oct. 2008 at The Wall
Street Journal
Rick
Perry on Ben Bernanke: Fed Chairman's Money Printing Policies Are "Almost
Treasonous"at Minyanville
The
Loss of Momentum in the Markets All Too Apparent Now Bob Chapman
Venezuela Plans
to Move Reserve Funds Aug 17th, 2011 10:35 by News August
17 (The Wall Street Journal) —‘ Venezuela plans to transfer billions of dollars
in cash reserves from abroad to banks in Russia, China and Brazil and tons of
gold from European banks to its central bank vaults, according to documents
reviewed Tuesday by The Wall Street Journal.The planned moves would include
transferring $6.3 billion in cash reserves, most of which Venezuela now keeps
in banks such as the Bank for International Settlements in Basel, Switzerland,
and Barclays Bank in London to unnamed Russian, Chinese and Brazilian banks,
one document said.Venezuela also plans to move 211 tons of gold it
keeps abroad and values at $11 billion to the vaults of the Venezuelan
Central Bank in Caracas where the government keeps its remaining 154 tons of
bullion, the document says. PG View: There have been plenty of
reasons to question President Chávez’s sanity in recent years, but seeking to
lessen Venezuela’s dependence on the dollar and removing assets, particularly
their gold, from Western banks is actually pretty prudent. It will be
interesting to see how forthcoming those Western banks will be in facilitating
the repatriation of Venezuela’s gold.’ Chavez
Plans on Nationalizing Gold Industry Fox Business | “I have here the laws
allowing the state to exploit gold and all related activities.”
Putin
sets sights on Eurasian economic union Financial Times | Twenty years after
the Soviet Union collapsed, Vladimir Putin, the Russian prime minister, may
not, as is sometimes alleged, be trying to recreate it.
Putting
The Cart On Top Of The Horse, Or Why Heaping Fiscal “Stimulus” Upon “Stimulus”
Is Suicide For America Zero Hedge | Feeding the government monster is,
contrary to what Krugman and other Keynesians will tell you, in the current
regime of coincident monetary irrigation, an exercise in futility.
Merkel/Sarkozy
press conference: No chance of eurobond anytime soon. No expansion of ESFS.
Move toward common governance.
Financial transaction tax.
Aug 16th, 2011 10:37 by News EUR rallied then retreated. Germany adds to
eurozone’s woes Aug 16th, 2011 10:13 by News August 16
(Financial Times) — German economic growth slowed to a near standstill in the
second quarter of this year, dealing a further, unexpected blow to the
crisis-hit eurozone.The surprisingly-sharp deceleration in activity in Europe’s
largest economy hit overall eurozone growth and intensified fears about the global
slowdown. It also threatened to complicate the challenge facing the region’s
policymakers as they seek to combat its escalating debt crisis.
Stocks
Slip On Concern Over Europe's Debt, U.S. Data
Dell braces investors for a bumpy road 16 Aug 2011 Dell
makes a case on why it can better weather an upcoming storm with more higher
margin businesses...
Ron Paul on Texas Straight Talk: U.S. Government Debt Is
Becoming Worthless
How
Low Will Stocks Go? at Minyanville
By MoneyShow.com
Aug 12, 2011 ‘Up 500
points one day, down 500 the next. That’s the way the market is these days.
On Wednesday, the Dow Jones Industrial Average plummeted 520 points, erasing
all of Tuesday’s gains from the Federal Reserve’s decision to keep short-term
interest rates near zero. As of noon Thursday, it’s up about 250.
By Wednesday’s close, the Dow had lost 2,000 points, or more than 15% of its
value, since July 21. The S&P 500 and Nasdaq Composite indexes lost
slightly more during that time. All three are perilously close to the 20%
decline from the late April-early May top that many pundits (particularly in
the media) use as a rule of thumb to determine a bear market.
Unfortunately, I think stocks have still lower to go. How low? Later in this
column I’ll tell you what some respected technical analysts think.
But let’s start with the fundamentals.
First, the economy. Need I say more? Jobless figures were somewhat better in
June, but economists have revised downward their estimates of GDP growth.
Measures of consumer confidence are pretty weak.
And did anybody get the real message the Federal Open Market Committee put out
Tuesday? The economy is so sick, the Fed is willing to guarantee exceptionally
low rates for two years! I’ve never seen the Fed telegraph its moves so far in
advance, and the FOMC’s statement said over and over again how lousy the
economy is.
Meanwhile, the open rebellion by three voting FOMC members makes it highly
unlikely we’re going to see another round of quantitative easing anywhere near
as big as the last two.
Third, there’s the debt crisis. Everyone agrees the European Union just doesn’t
have the money to bail out Italy and Spain, its third and fourth largest
economies, if it comes to that. Rumors are swirling about the health of French
banks and the safety of France’s AAA rating.
And the debt-ceiling standoff here, which culminated in S&P downgrading the
US’s AAA credit rating, means more government action to “fix” the economy is
likely off the table.
So there’s no way President Obama will get much additional stimulus. He’s
desperately trying to extend unemployment benefits and the payroll tax holiday
for another year, but that looks pretty iffy at best. (You can read more from
me about the "end of the welfare state" on The Independent Agenda.)
Finally, there are earnings, which have been great. But we’re getting much
later in the cycle, and their momentum appears to be slowing. It’s hard for me
to see how earnings growth alone is going to power the market much higher when
everything else appears to be going in the opposite direction.
And while valuations are looking attractive by some measures, they don’t exist
in a vacuum, either.
So, where does that leave us? Four prominent technical analysts I contacted all
agreed: Stocks are heading lower, likely into a new bear market.
David Sneddon, head of technical analysis research at Credit Suisse in London,
said the 1,370.58 intraday high in the S&P we saw on May 2 was the likely
top. There’s critical technical support around 1,100, which is just about from
where the market bounced back this week. So far, we seem to be holding that.
The next level of technical support below that is at 1,020-1,022. “You’d have
to get below [1,000-1,010] to have a genuine bear market.”
Another London-based technician, Sandy Jadeja of City Index, who watches the
Dow, thinks that’s where we’re going.
A few weeks ago, he predicted the Dow would drop to 10,428, which it did. Now,
he told me by e-mail, “the rally that follows will be brief, and then lead to
another leg down to 9,673 and further.”
“Lows are not to be expected until 2012,” he concluded. “Next month is
critical. If we break the low of August in September, there is worse to come.”
Mark
Arbeter, chief technical analyst of Standard & Poor’s, said back in May and
June that the bull market was probably over, as I reported in this column. He hasn’t changed his position.
By e-mail, he said he “would look for some stabilization and a potential
short-term rally now that the S&P 500 has fallen into a major zone of chart
support…between 1,023 and 1,128.”
Ultimately he thinks the S&P could fall to 1,020, or maybe as low as 935.
That would be 15% below Wednesday’s close, and would definitely mark a new bear
market.
Michael Kahn, who writes the Getting Technical column for Barrons.com and the
QuickTakes Pro blog, has long argued we’re in a secular (long-term) bear
market, and he thinks the cyclical bull is over, too. Like Arbeter, he sees
1,010 to 1,050 as the next level of support for the S&P, and below that
930.
“I think it stops at 930 to make the 2000s-2010s follow the 1970s very
closely,” he wrote me by e-mail. That’s one decade for which investors have
little nostalgia.
The technicians are unanimous that stocks are going lower, though some are
looking for a strong rally that goes against the bearish trend. Arbeter doesn’t
expect that rally to go much beyond 1,250-1,260 before it sells off again.
Sneddon doesn’t think it’ll bounce much higher than 1,200.
“We’ve clearly seen a lot of technical damage done in a lot of markets,” he
told me. “I would be personally [inclined] rather to lighten up and reduce my
positions” on rallies.
That would be my position, too, if I hadn’t already taken profits and sold what
I wanted to a couple of months ago.
If you missed that chance, I wouldn’t sell in panic now, but would wait for
stocks to mount a rebound to sell off positions in riskier small-cap stocks
(which already may be in a bear market) and emerging markets, whose time in the
sun has come and gone. That also may be a good time to permanently reduce your exposure to equities.
But I certainly wouldn’t buy into a market like this with all its wicked swings
and uncertainties. Even mighty Goldman Sachs (GS)
lost money on 15 trading days in the second quarter! And John Paulson, the
hedge-fund genius who masterminded “the greatest trade ever” by shorting subprime
mortgages, has lost 31% so far this year in his largest fund.
If people like that who have the best information and technology are losing
money in this market, do you really think you’re going to beat them at their
own game?
There will be a time to buy again, but it’s not now. This market is heading
lower.’
Editor's Note: This article was written by Howard R. Gold, editor at large
for MoneyShow.com.
Five Reasons for the Stock Market Crash and Zero
Interest Rate 11 Aug 2011 Read more: Five Reasons for the Stock Market Crash and Zero Interest
Rate http://www.moneynews.com/StreetTalk/Stock-Market-Interest-Rate/2011/08/11/id/406976 ‘It’s said that the stock market climbs a “wall of worry.” Because the stock market
is trying to predict the future success or failures of various companies, it
sometimes gets things wrong. Horribly, terribly wrong.
With the Dow Jones Industrial Average falling like a rock, with wild swings not
seen since the stock market crash of 2008, many investors are on the verge of
panic. It’s
easy to see why. The Federal Reserve is committed to keeping interest rates
near zero until mid-2013 at the earliest. Those low interest rates penalize
investors on a fixed income who don’t want the risk of the stock market.
Publisher’s Note: In an exclusive interview presentation,
Aftershock 2012, Robert Wiedemer outlines a dire financial warning along with a
comprehensive blueprint for economic survival. Over one million Americans have
seen the evidence and learned how to weather the stock market, secure interest rates, and save their
financial future. Watch the video now.
But
investors who understand the reasons behind the latest decline in the stock
market have little to fear. Below are five reasons why the stock market is
crashing right now:
1) Current Debt Crisis in Europe and the United States
Between record high bond rates in Greece, Spain, Portugal and Ireland, the
eurozone has its hands full in dealing with too much debt relative to the size
of its various economies. As a result of the poor bond performance from these
countries, Europe is on the cusp of plunging into a banking crisis. Such a
crisis could send interest rates soaring for “prime” countries like France and
Germany, not to mention throw the continent into a recession.
Across the Atlantic, the United States isn’t faring much better. The recent
debt ceiling drama concluded at the 11th hour, with very little in the way of
true cuts. Instead, the government has promised to cut future growth, which may
or may not even occur. No wonder S&P downgraded U.S. debt!
Ultimately, it isn’t risky assets like stocks that cause economic problems.
Markets sell off when seemingly safe assets are suddenly recognized as
significantly riskier than they were once perceived.
2) United States Government Is at an Impasse
As part of the recent debt ceiling deal, Congress approved the creation of a
bipartisan super-committee comprised of 12 members to fast-track legislation.
The constitutionality of such a committee is dubious at best, but it’s just one
way for Washington lawmakers to pass off responsibility and avoid tough
decisions.
It doesn’t end there. The Federal Reserve has tried two rounds of “quantitative
easing,” a scheme to buy up excess debt. The rationale was that it would get
the U.S. economy back on track. Instead, this plan juiced the returns of the
stock market, and sent gas prices and grocery costs soaring.
Meanwhile, Congressional Republicans are calling for the ouster of Treasury
Secretary Tim Geithner as a consequence of the U.S. losing its S&P AAA
credit rating.
In other words, it’s business as usual for the government: trying to fix a
crisis that’s largely the result of its own poor oversight, while avoiding any
responsibility for causing the problem in the first place.
3) U.S. Unemployment Is Running Over 15%!
As long as the U.S. economy isn’t creating enough new jobs, it will stagnate.
Although the unemployment rate has declined from the double-digit rates it hit
in 2009/2010, many astute individuals have noted that the latest unemployment
report is inaccurate.
Using the measurement for unemployment used by the government up until the
early 1980s, true unemployment is running over 15%!
Meanwhile, many thrown out of work have exhausted their unemployment benefits,
which in some cases lasted as long as 99 weeks. Once off unemployment, they
officially disappear from the official unemployed list, making the job market
appear better than expected.
Adding millions of jobs would be the best economic stimulus possible. It would
allow millions to loosen their belts and spend more, which would be a huge boon
across the entire economy.
Publisher’s Note: Author and esteemed economist Bob Wiedemer accurately
predicted these events more than four years ago. Over one million Americans
have seen the evidence and learned how to weather the stock market, secure interest
rates, and save their financial future. Watch the video now.
4) United States Has No Economic Growth
Historically, the Federal Reserve has cut interest rates to increase economic
growth. That’s because lower interest rates make it easier for individuals to
borrow money to buy cars, houses, start small businesses and the like. However,
there’s been nearly no growth since the United States plunged into a recession
in 2008. And the Federal Reserve can’t cut rates any lower.
There’s no doubt in the minds of many market participants that more Fed easing
policies are on the way, especially after America’s first-quarter GDP was
revised from 1.9% to 0.4%.
The stock market’s moves are highly dependent on economic growth. If an
individual company can post huge growth numbers, its shares tend to go up, and
its shares tend to decline when growth stalls. When a country’s GDP is
stagnant, investors don’t know what to expect. Hence the recent stock market
plunge, as economic data may suggest that another recession is upon us.
5) No Housing Recovery
The stock market crash of 2011 is starting to resemble the stock market crash
of 2008 in one key way: Bank stocks are leading the decline. Since the start of
August, banks deemed “too big to fail” like Citigroup and Bank of America have
sold off twice as hard as the overall stock market.
It’s easy to see why. Banks are sitting on millions of properties listed on
their balance sheets at pre-housing crash prices. If all these properties hit
the market at once, prices would have to fall substantially. If the banks have
to sell them at a loss, they’ll take a hit to their balance sheet at a time
when they’re still trying to improve it.
A housing recovery can spur job growth for construction jobs, real estate
agents, and businesses in new communities. But we currently have a housing glut
that will take several years to work through.
Until then, without a housing recovery, it’ll be tough for the overall economy
to recover. That means the stock market is in for a wild ride and low interest
rates are here to stay.
While these five reasons aren’t a comprehensive list of the problems weighing
down the stock market and keeping interest rates paltry, they should give most
investors a reason to stay cautious over the next few months.
Based on the market’s action and recent economic data, it’s more likely than
not we’re entering a double-dip recession. Stay heavy on safe investments and
don’t give into the fear.
Read more: Five Reasons for the Stock Market Crash and Zero Interest
Rate
Important: Can you afford to Retire? Shocking Poll Results …’
Stocks
Overbought Already?at The Wall Street Journal
Are
US Markets Facing the Abyss? [ Short answer: Worse! ] at
Minyanville Jeffrey Cooper
Aug 15, 2011 ‘
“As soon as the idea of the Deluge had
subsided, a hare stopped in the clover and swaying flowerbells, and said a
prayer to the rainbow, through the spider’s web.
Oh, the precious stones that began to hide, and the flowers that already looked
around.
In the dirty main street, stalls were set up and boats were hauled toward the
sea, high tiered as in old prints.
Blood flowed at Blue Beard’s -- though slaughterhouses, in circuses, where the
windows were blanched by God’s seal. Blood and milk flowed.
Beavers built. “Mazagrans” smoked in the little bars.
In the big glass house, still dripping, children in
mourning looked at the marvelous pictures.
A door banged; and in the village square the little boy waved his arms,
understood by weather vanes and cocks on steeples everywhere, in the bursting
shower.
Madame installed a piano in the Alps. Mass and first communions were celebrated
at the hundred thousand altars of the cathedral.
Caravans set out. And Hotel Splendid was built in the chaos of ice and the
polar night.
Ever after the moon heard jackals howling across the deserts of thyme, and
eclogues in wooden shoes growling in the orchard. Then in the violet and
budding forest, Eucharis told me it was spring.
Gush, pond -- foam, roll on the bridge and over the woods -- black palls and
organs, lightning and thunder, rise and roll -- waters and sorrows rise and
launch the Floods again.
For since they have been dissipated -- oh, the precious stones being buried and
the opened flowers -- it’s unbearable. And the Queen, the Witch who lights her
fire in the earthen pot will never tell us what she knows, and what we do not
know.”
--Apres Le Deluge, Arthur Rimbaud
"Yeah, keep your eyes on the road, your hands
upon the wheel...
Let it roll, baby, roll."
-Roadhouse Blues (The Doors)
“Somebody hit her with a chair, you know. I guess there’s no way to
determine who did it. It’s already coagulating. She was just an innocent
bystander. It’s a democracy.”
-Jim Morrison
“There are things known and there are things unknown, and in between are
the doors of perception.”
-Aldous Huxley
“That men do not learn very much from the lessons of history is the most
important of all the lessons that History has to teach.”
-Aldous Huxley
“Ye shall know the truth, and the truth shall make you mad.”
-Aldous Huxley
The market went mad last week. The truth of capitalism was in chaos,
democracy in disarray, and paralyzed politics hit home. The truth hurts.
“And
the Queen, the Witch who lights her fire in the earthen pot will never tell us
what she knows, and what we do not know.”
Seemingly in unison, market participants' heads hit their pillows Friday night
with a thousand points of night running like shards of broken confidence
through their minds.
The consumer confidence number hit the lowest level in a generation as the
retail therapy of conspicuous consumption threatens to hit the wall.
Anesthetized with lies and sedated with stimulus, is the consumer shopped out
and about to send a wake-up call to Mr. Economy?
At the end of World War II, no power existed which could compete with the US
militarily or economically.
The US had saved the world from the scourge of dictatorship.
In return, the Bretton-Woods Agreement in the Summer of 1944 also gave us
the monetary power to print the world’s currency. We promised it would always be
convertible into gold at the rate of $35 per ounce. This proviso was between
the world’s
central banks and ours. It remained true until August 15, 1971 when President
Nixon voided the agreement because French President de Gaulle was about to make
a run on our gold, which he knew wasn’t sufficient to back up all of the currency then
floating around in the world’s central banks. De Gaulle was about to precipitate a
kind of run on the bank.
Son of a gun.
Is this a harmonic of the rumors that Dominique Strauss-Kahn
-- former head of the IMF who was about to run for the French presidency
-- was set up in a hotel in New York because he was about to reveal
something about the gold that is or is not in Fort Knox?
Ever since the Bretton Woods Agreement was broken 40 years ago today, the
dollar has been wandering in a sort of financial Biblical desert,
characterized by the last decade of bubbles and busts.
The monthly S&P shows 3 persistent advances: a 5-year run into March 2000,
a 4-year run into July 2007, and a 2-year run in May 2011.
The March 2000 top saw a break and a return rally/test failure into late August
2000. The July 2007 top saw a break and a return rally that made a marginal new
high test failure in October 2007. Both of these tests failures of the high
came roughly 90 days/degrees later.
In 2011 an initial peak played out on February 18th. A test failure played out
with a marginal new high roughly 90 days/degrees later.
In “How
Mid-September 2008 Ties To The July 2010 Low And Today” from late June, I walked
through the setup for a waterfall decline.
The March ’03
low was 788 which is where the big advance to 2007 began. 2 x 788 gives
the price of the S&P all-time high in 2007.
From the March 6, 2009 low to the May 2, 2011 high is 787 days.
Time was ‘up’ this May, but the
S&P didn’t
roll over until the anniversary of the July ’07 high.
From August 1971 to August 2011 is 480 months. On the Square of 9 Wheel, 480 is
square 90 degrees of August 24th.
August 24th is opposite this year's February 18th peak.
The end of the month also ties to the pre-crash high in 1987, the pre-crash
high in 1929, and the return rally high in 2000.
The end of August vibrates off major crashes in history.
In addition, early September ties to the 120-month anniversary of 9/11 and the
1000 point DJIA bungee following that crash.
Will an ABC retracement rally following our recent crash be able to satisfy my
projection early last week of a 1000 DJIA rally?
Will the end of the month/early September mark a retracement high or a new
low?{PAGE_BREA}Surprisingly, after violating the Bretton Woods agreement, the
world kept on functioning as though the US dollar was still as good as gold.
The only limit on our power to print money was the world’s willingness to
continue tolerating our enormous abuse of this power. In effect, it gave
us the power to soak up the savings of others around the world in order for us
to consume. It was a giddy time.
It was a giddy-up time for politicians intent on spending to buy votes and the
incestuous target they created for lobbyists.
Americans then had a free ride in financial matters to take the labor of others
and use them to their benefit. We no longer had to produce. We could just let
others do the producing and all that we needed to do was print more money and
pay them off.
That illusion is ebbing.
Technically, the market looks like it is creeping higher to finish off an ABC
upward correction from 1190 to 1225, which should see the market quickly
fall to lower lows. The mid-point of equilibrium between the 666 low and the
1371 high equates to 1018. A decline to 1018 could be a test of the 1011 low in
July 2010.
1190 is the mid-point from the July 2010 low to the May 2011 high.
1225 ties to last year's double tops.
A full backtest of the big neckline ties to 1250ish.
This week the market will tie to the chance for an Upside Follow Through Day
-- a day with a substantial gain on substantial volume at least 4 days
after a low.
This week is also options expiration, so a possible C wave corrective rally
could theoretically see the market hold up into the end of the week.
However, without a big momentum day to hook the shorts, the market will drift
before another leg down targeting 1040ish to 940ish.
We have been looking for a blow out low near mid-August based primarily on the
cycle from 1951.
The closing lows for two sessions near 1121 aligns with mid-August on the
Square of 9 Wheel. Only above 1260 does the market suggest something else other
than a new bear leg is playing out.
We don’t
want to short if a washout has occurred like in August 2007. As we asked in a
report last week, is this a blow-out low or a mid-point for a move lower?
At the same time it’s tricky to go long here between 1190 and 1225:
the vast majority of technicals indicate a new bear leg. While many stocks are
improving they have not repaired the damage.
A lot of comparisons have been made between the current cascade in stocks and
2008. Memory is short on Wall Street, but not that short. It is possible that
money managers and robots alike sold first and will ask questions later so as
not to be mangled in a another train wreck.
But this is not like 2008 in the sense that the Crash in the Fall of 2008 was a
second leg down.
Modern markets haven’t seen a drop off a peak or pivot high from late July
like we just witnessed. It was worse that last year’s Flash Crash in May 2010.
It is worse than the initial sell-off in late 2008.
Even on Black Monday in 1987, stocks were decimated in virtually one day and it
was over. This one has been a Roller Coaster Crash.
While the market has echoed the Flying Elvis Pattern that installed a low from
mid-July 2010, it remains extremely risky as the sharpness and steepness of the
selloff leaves it/left it primed for a reflex rally.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/15/ARCX_SPY_D%20--%20SPDR%20S&P%20500%20TRUST.gif
At the same time, as offered in a chart in this space in late July, the set up
for a waterfall crash like 1929 was in place and that pattern may not have
played out completely.
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/15/DJIA%201929%20Daily.gif%20final.jpg
http://image.minyanville.com/assets/FCK_Jan2011/Image/cooper/0811/15/ARCX_GLD_D%20--%20SPDR%20GOLD%20SHARES.gif ‘
Rickards –
US will revalue gold to $7000 Aug 15th, 2011 15:10
by News August 15
(King World News) — ‘ He (Nixon) said first of all I am imposing national price
controls because there was an inflation problem in the United States at the
time. The second thing he said was I am putting a 10% surtax of imports on all
imported goods coming into the United States. Then about 10 minutes into the
speech, very much en passant, he said, ‘Oh by the way we are suspending the
convertibility of dollars into gold’ and he immediately went into this Nixonian
rant about speculators. So it was very interesting, there were three
earth-shaking announcements. Can you imagine any one of those three things
going on today? President Obama or any President saying he was going to impose
nationwide price controls, or all Chinese goods would have a 10% surcharge. It
would be cataclysmic, yet Nixon did both of those things. Plus (Nixon) took us
off the gold standard, so it was quite a dramatic speech. In a strange way he
did us all a favor by making sure we (the US) held on to the gold. So I do think
the United States is in a position to revalue the currency using gold to that
$7,000 level. That will obviously be a huge benefit to all of the people who
invested in gold because they are going to be along for the ride, along with
the United States when that gold goes to $7,000.” Excerpted from an interview
that is available here.
‘
Fed
Pledge Let's You Know The Fix Is In Forbes Peter Schiff ‘ Last week’s wild actions on Wall
Street should serve as a stark reminder that few investors have any clue as to
what is really going on beneath the surface of America’s troubled economy. It
did bring startling clarity on at least one front. In its August policy
statement the Federal Reserve took the highly unusual step of putting a
specific time frame for the continuation of its near zero interest rate policy.
Moving past
the previously uncertain pronouncements that they would “keep interest rates low
for an extended period,” the Fed now tells us that rates will not budge from
rock bottom for at least two years. Although the markets rallied on the news
(at least for a few minutes) in reality the policy will inflict untold harm on
the U.S. economy. The move was so dangerous and misguided that three members
of the Fed’s
Open Market Committee actually voted against it. This level of dissent within
the Fed hasn’t
been seen for years.
Many
economists have short-sightedly concluded that ultra low interest rates are a
sure fire way to spur economic growth. The easier and cheaper it is to borrow,
they argue, the more likely business and consumers are to spend. And because
spending spurs growth, in their calculation, low rates are always good. But, as
is typical, they have it backwards.
I believe that
ultra-low interest rates are among the biggest impediments currently preventing
genuine economic growth in the US economy. By committing to keep them near zero
for the next two years, the Fed has actually lengthened the time Americans will
now have to wait before a real recovery begins. Low rates are the root cause of
the misallocation of resources that define the modern American economy. As a
direct result, Americans borrow, consume, and speculate too much, while we
save, produce, and invest too little.
It may come as
a shock to some, but just like everything else in a free market, interest rate
levels are best determined by the freely interacting forces of supply and
demand. In the case of interest rates, the determinative factors should be the
supply of savings available to lend and the demand for money by people and
business who want to borrow. Many of the beneficial elements of market
determined rates are explained in my book How an
Economy Grows and Why it Crashes. But allowing the government
to determine interest rates as a matter of policy creates a number of
distortions.
It was bad
enough that the Fed held rates far too low, but at least a fig leaf of
uncertainty kept the most brazen speculators in partial paralysis. But by
specifically telegraphing policy, the Fed has now given cover to the most
parasitic elements of the financial sector to undertake transactions that offer
no economic benefit to the nation. Specifically, it will simply encourage banks
to borrow money at zero percent from the Fed, and then use significant leverage
to buy low yielding treasuries at 2 to 4 percent. The result is a banker’s dream: guaranteed low
risk profit. In other words it will encourage banks to lend to the government,
which already borrows too much, and not lend to private borrowers, whose
activity could actually benefit the economy.
This reckless
policy, designed to facilitate government spending and appease Wall Street
financiers, will continue to starve Main Street of the capital it needs to make
real productivity-enhancing investments. American investment capital will
continue to flow abroad, denying local business the means to expand and hire.
It also destroys interest rates paid to holders of bank savings deposits which traditionally
had been a financial pillar of retirees. In addition, such an inflationary
policy drives real wages lower, robbing Americans of their purchasing power.
The consequence is a dollar in free-fall, dragging down with it the standard of
living of average Americans.
Until interest
rates are allowed to rise to appropriate levels, more resources will be
misallocated, additional jobs will be lost, government spending and deficits
will continue to grow, the dollar will keep falling, consumer prices will keep
rising, and the government will keep blaming our problems on external factors
beyond its control. As the old adage goes, “insanity is doing the
same thing over and over again and expecting different results.” ‘
Peter Schiff
is CEO of Euro Pacific Capital.
Train
Reading: The Stock Market Is Insane The Wall Street Journal
‘The stock market has lost its mind — Bethany McLean in Slate
Are US banks
turning Japanese? — FT Alphaville
How’s that austerity working
out for you, UK? — Econbrowser
Can Jeremy
Grantham profit from ecological mayhem? — NY Times Magazine
Authors and
critics reveal which lit classics they consider overrated — Slate
It’s not so easy applying
Moneyball principles to soccer — WSJ ‘
In theory, the
stock market is supposed to reflect the prospects for the economy—the earnings potential of
the stocks that make up the Dow Jones Industrial Average. But there's more than
one reason to believe that what's going on now has little to do with any
rational view of the future, and a lot to do with the market itself. "Dip
your toes into any risk asset right now and understand that you are not
entering into anything remotely resembling a normal market environment,"
wrote David Rosenberg, the well-respected former Merrill Lynch analyst who is
now the chief economist at Canadian firm Gluskin Sheff, in his recent
newsletter. "Dysfunctional is more like it."
The first
factor to consider is that the huge rebound in stocks and in all sorts of risk
assets from the spring of 2009 until May of this year wasn't necessarily driven
by a belief that better times were coming. It was driven by a belief that
investors had to buy riskier assets given the Fed's determination to hold
interest rates near zero. Because investors can't get a return in
"safe" assets—indeed, a small return will get chewed up by
inflation—they
are driven to riskier assets. As more investors pile in, everyone is driven
further out along the risk curve.
This is what
traders call "risk on." What they mean is that you'll be rewarded for
buying risk, regardless of reality. The Fed's second round of quantitative
easing ("QE2"), in which it bought $600 billion of Treasuries in
order to keep interest rates low, encouraged this investment strategy. "We
had a nice two-year rally in risk assets and something close to an economic
recovery, but as we had warned, it was built on sticks and straw, not
bricks," wrote Rosenberg. "This isn't much different than the financial
engineering in the 2002-07 cycle that gave off the appearance of
prosperity."
The Fed intended this to end happily. The
fake wealth created by a soaring market was supposed to turn into real wealth,
because rich people, who control much of the economy and who have much of their
money in the market, were supposed to spend more. But it hasn't worked, partly
because of problems in the rest of the world—the tsunami in Japan, the
financial crisis that's brewing in Europe—and partly because our own economy is too deep in
hock to achieve the necessary stimulus. As Howard Marks, the chairman of
Oaktree Capital Management, put it in his recent letter,
"The world has awakened to the undesirability of ever-growing government
debt."
You can think
of the Fed's medicine as a painkiller. It allows everyone to pretend that bad
stuff isn't happening, until something shatters the illusion and the
comfortable numbness abruptly gives way to panic. There's massive selling. Then
the Fed reassures everyone that its toolbox isn't empty just yet—witness the big upturn on
Aug. 9 after the Fed said it would likely hold rates near zero until mid-2013 (a
worthless prediction if inflation surges)—and the market soars. Risk on!
It's hard to
develop any real conviction about the direction of the market when so much
depends on the actions of the Federal Reserve. That's especially true because even
the members of the Federal Reserve Open Market Committee aren't all in
agreement. Three members voted against the Fed's Aug. 9 announcement.
Complicating matters is that the short term direction of the real economy is
also at the mercy of the government. The key line in this Wall Street Journal story:
"As goes government spending, so goes the U.S. economy."
Another
possible factor in the madness is forced selling by big hedge funds. There are rumors that funds are getting hit by margin calls, or that
funds that are having a bad year are getting redemption requests from investors,
thereby forcing them to sell. Most of the gossip has focused on John Paulson
(the hedge fund manager who famously made his fortune by shorting securities
backed by subprime mortgages), given the big positions he was known to have in
stocks that have gotten trashed. But if Paulson is hurting, he's probably not
alone. "No way big guys could have gotten out," one trader tells me
via email. "Big hedge funds with all the same big positions. This move
down happened so fast that they are trapped." If this theory is right,
then sudden rallies like Thursday's upturn will be followed by more selling, as
hedge funds take advantage of the ability to get out.
The last
explanation I've heard is that most of the buying and selling hasn't been
driven by real people, but rather by computers. Hello, HAL 9000!
In the last five years, computer-driven trading, whether controversial
high-frequency trading or just programs that buy baskets of stocks based on
technical figures, has become a bigger and bigger part of the market. Depending
on how you define it, sources tell me it constitutes 70 percent to 90 percent
of trading now. "The human element is gone," one trader tells me. At
least some people believe that the presence of computers exacerbates the big
moves up and down. According to this
paper by X. Frank Zhang, an associate professor of accounting at the Yale
School of Management, "high frequency trading is positively correlated
with stock price volatility." Zhang goes on to say that the "positive
correlation is stronger among the top 3,000 stocks in market capitalization and
among stocks with high institutional holdings. The positive correlation is also
stronger during periods of high market uncertainty." Zhang's academic work
is supported by the observations of those who have been in the market for a
long time. "I suspect that the real culprits here are the computers Wall
Street has programmed and unleashed to trade and manage portfolios," wrote
John Bollinger, who has been publishing his Capital Growth
Letter for more than two
decades. "The sort of mindless selling that we are seeing is most likely
the result of machines trading and human beings desperately trying to keep up
with them."
Should you
buy? Should you sell? No one knows. The world is always an uncertain place, but
right now it's more uncertain than usual, whether about the ultimate resolution
of Europe's crisis or about how the U.S. will reduce its debt and get the
economy growing again. Or perhaps I should say reduce its debt or get the economy growing, since it's unlikely to
achieve both at the same time. This inability to guess what the future holds
means that madness rules.’
Withdrawals
From Stock Funds Biggest Since ’08 Aug 12th, 2011
15:32 by News (Bloomberg) — Investors pulled the
most money from global stock funds since 2008 in the past week as the Standard
& Poor’s
downgrade of Treasuries and the deepening European debt crisis prompted a
flight into cash and gold. Funds that buy global equities
suffered $3.5 billion in net withdrawals in the week ended Aug. 10, the most
since the second week of October 2008, according to Cameron Brandt, director of
research at Cambridge, Massachusetts-based EPFR Global. Investors removed $11.7
billion from funds that invest in U.S. equities, the most since May 2010 when
investors pulled money following a one-day market crash that briefly erased
$862 billion.“This
week had a feeling of capitulation as we saw investors running for cover,” Brandt said in a
telephone interview. “The last time we saw this kind of flight to safety” was in 2008, he said.’
U.S.
Consumer Confidence Drops to Three-Decade Low Amid Economic Headwinds Aug
12th, 2011 13:10 by News (Bloomberg) — ‘Confidence among U.S.
consumers plunged in August to the lowest level since May 1980,
adding to concern that weak employment gains and volatility in the stock market
will prompt households to retrench.The Thomson Reuters/University of Michigan
preliminary index of consumer sentiment slumped to 54.9 from 63.7 the prior
month. The gauge was projected to decline to 62, according to the median
forecast in a Bloomberg News survey.’
Pity the Policymakers July 21st, 2011 by News by Mohamed A. El-Erian (Project Syndicate) —
‘I don’t know about you, but whenever I am in an airplane experiencing
turbulence, I draw comfort from the belief that the pilots sitting behind the
cockpit’s closed door know what to do. I would feel very differently if,
through an open door, I observed pilots who were frustrated at the poor
responsiveness of the plane’s controls, arguing about their next step, and
getting no help whatsoever from the operator’s manuals. So it is unsettling
that policymakers in many Western economies today resemble the second group of
pilots. This perception reflects not only the contradictory pronouncements and
behavior of policymakers, but also the extent to which economic outcomes have
consistently fallen short of their expectations.This perception is evident in
Europe, the United States, and Japan, where indicators of economic sentiment
are deteriorating again, already-weak recoveries are stalling, and
over-stretched balance sheets are becoming even more precarious.’
Is
America The Next Greece? at Forbes Marc Schindler ‘After
many years of overeating (overspending) Greece is in the emergency room with a
major financial heart attack and America isn’t far behind.
The doctors
(IMF, European finance ministers, the ECB, etc.) are running around trying to
save it. Open heart surgery (loans guaranteed by others) has averted the
immediate crisis, but Greece is just as overweight today as it was before the
crisis. Attempts to lose weight through exercise (austerity measures) cause
serious chest pains (riots). The doctors don’t want to admit it, but
all signs point to a heart transplant (default) as the only way to get Greece
onto its feet again.
Greece isn’t the only one. It is a
veritable epidemic. Ireland, Italy, Portugal, Spain and a host of other countries
are having chest pains. Iceland is feeling better now with its freshly
transplanted heart. The American home owner is still in the hospital from his
financial heart attack after gobbling up vast quantities of real estate, and it
has been many decades since Uncle Sam last could see his toes.
By most
accounts (e.g. here
or Bill
Gross‘
statements in a recent interview) total hidden government liabilities add up to
about $60-$100 trillion. That is on top of the $14 trillion of debt carried on
the balance sheet. Adding up those liabilities, the US owes at least five times
GDP, which currently sits at about $15 trillion. For comparison, Greece’s debt is about 1.5 times
its GDP.
This is not
really a fair comparison, because it leaves out any hidden liabilities Greece
may have. The US debt figure includes unfunded entitlements, state and local
debt, and underfunded public pensions. Nevertheless, it is clear that this is
an unsustainable debt load even if the estimates turn out to be off by a factor
of two or four.
Uncle Sam is
already more overweight than Greece ever was. If he doesn’t change his ways, he
will end up in the hospital like Greece, but at present he is partying like
there is no tomorrow, gorging himself on entitlement spending, costly wars,
bailouts, subsidies, and countless other delicacies.
Perhaps it
would not be such a bad thing if the talks about raising the debt limit failed.
After Uncle Sam suffers the resulting self-inflicted mild heart attack
(temporary default) and finds out how much fun it is to fetch up in the
emergency room, he might be more inclined to take care of himself, slim down,
and stick with an exercise regime.
Some kind of a
wakeup call is necessary while there is still time to deal with our debt
problem. The only way to address it is for Washington to do its job: get
everybody to recognize that there is a problem, find a solution that demands
some sacrifices from everyone, and work together across party lines to
implement it. In the current political environment that does not seem to be
possible. Something needs to change the environment. Greece shows that the
alternative is not pretty.’
Corporate
Earnings Soar Amidst a Dismal Job MarketWall St. Cheat Sheet [That
game’s about to end! In fact, that game’s over! Dave's
Daily 'If you can keep interest rates this low this long, its
inevitable cheap financing can allow companies to start cobbling each other up.
Further Ben's policies allow companies like IBM to sell bonds at 1% and buy
back shares with the proceeds (total paper bubble-scam). POMO is occurring almost daily and Primary Dealers can buy back
their shares and pay dividends with what essentially is taxpayer money-- ]
Standing on the precipice – and ready to jump July 21st, 2011 News
By Wolfgang Münchau ( Financial Times) — ‘It looks like there will be deal on a
eurozone package for Greece. The full details are still missing, but it appears
that the eurozone is forcing Greece into a selective default. As part of such a
package, short-term Greek debt will be more or less forcibly converted into
long-term debt. The wretched bank tax is mercifully off the table. And the
European financial stability facility will most likely be allowed to purchase
Greek debt at a discount. LET US NOT MINCE WORDS HERE. THIS WOULD BE
A DEFAULT, THE FIRST BY A WESTERN INDUSTRIALISED COUNTRY IN A GENERATION.
I
am not quite sure how it is possible for the European Central Bank to agree to
this, or to all of this. But I will surely be intrigued to hear how Jean-Claude
Trichet will manage to be consistent with what he said a few days ago. There
are also reports that the eurozone leaders may accept a more flexible EFSF
beyond those bond purchases.’
State
Finances Are Worse Than You Think at Forbes
So
Far, Market Ignoring Dire Warnings at Minyanville
The
Greater Depression Is Upon Us by David Galland http://www.lewrockwell.com/orig10/galland34.1.html Casey
Research Recently by David Galland: The Road to Perdition ‘The phrase “Greater
Depression” was coined by Doug Casey a decade or
so back as a way of describing the economic crisis he foresaw as inevitable,
and which is now materializing.
Because I think it is important for
every organization to constantly challenge its own assumptions, I’ve
long acted as something of a devil’s advocate here at Casey Research. By
constantly pushing our analysts to revisit their assumptions and calculations,
it is my firm intention for us to spot the fork in the road that indicates it
is time to shift strategies away from investments designed to do well in the
face of a currency debasement and to something else.
Being attentive to that fork in the
road is hugely important, because even though we urge our subscribers not to
overdo their exposure to inflation hedges, we recognize that many do. Many a
good person had their clocks cleaned in the early 1980s solely because they had
become overly enamored of their precious metals –
so much so that they stopped thinking of them as an asset class and began
thinking of them more in the terms one might associate with an amorous dinner
date. Thus these investors were utterly unprepared when said date stood up and
broke a dinner plate over their heads.
With that brief setup, I want to make
our views clear: While we correctly anticipated the recent correction in
precious metals, this correction is but a blip in a secular bull market that is
very much intact.
Doug Casey has often said that the
unfolding crisis is going to be even worse than he expects (which is saying
something), and the longer the rest of us at Casey Research study the tea
leaves, it is hard to disagree that the Greater Depression is still ahead.
Consider:
Watch
Out: 2011 Looks A Lot Like The Market Top In 2007 at Forbes Sean Hanlon Back on December 12, 2007 I wrote a market
commentary that started as follows:
The equity markets have been very volatile this year, but also
range bound. A picture speaks a thousand words so all one needs to do is
view the chart below of the S&P 500 Index to understand just how volatile
and range bound things have been. Specifically, since February 20, 2007,
only nine and one half months or so ago, the S&P 500 Index has been down 5.86%, up 13.02%, down 9.43%, up
11.26%, down 10.09%,
and now up 7.73% – through 12/10/07 – so far in
this
latest up leg! All this in ONLY nine and one half
months!
http://blogs-images.forbes.com/advisor/files/2011/07/market-commentary-1.jpg
History is
repeating itself so far in 2011, which has been fraught with ups and downs in
both international and domestic equity markets. This is due to many
things, including the considerable economic doubts and various countries debt
situations. This uncertainty has translated into market performance with direct
impacts on portfolio returns and more prominently in portfolio volatility. This
volatility is best seen in the chart below of the S&P 500 Index beginning
1/1/11.
http://blogs-images.forbes.com/advisor/files/2011/07/market-commentary-2.jpg
2010 ended
positivity and the momentum carried into the first two months of 2011 however
the end of February began a series of events that led market returns on a
whipsaw ride of ups and downs, resulting in the current universal mid-year
views of market uncertainty.
What news was
associated with this volatility? All the usual; crude oil prices, natural
disasters, corporate earnings, politics, economic forecast revisions for both
developed and emerging markets, the European debt situation, the United States
debt situation and more to name just a few.
One thing is
for certain; the current volatile, range bound market activity is difficult at
best to profit from. In this investing environment patience is the most
important attribute. I will be patient and will be careful until the
trends are preferable.
Our strategy
at Hanlon Investment Management is to attempt to minimize downside risk by
exiting risk asset classes, such as equities, during periods of uncertainty,
getting invested in more conservative asset classes, such as money markets and
short-term bonds, and re-entering into risky asset classes when we identify
them as attractive, when the trend is our friend and positive!
Having
identified this volatility, in June we made defensive, tactical investment decisions
that provide less exposure to these volatile, range bound markets and prepare
us to re-enter the markets when they possess improved risk characteristics.’
Deficit Ceiling
and Stocks - Expect the Unexpected ETFguide Simon Maierhofer, July 19, 2011, ‘A number of cliches come to mind when
talking about the U.S. debt situation. The most appropriate might be: 'You
can't have your cake and eat it too.' The least applicable is probably: 'Never
put off until tomorrow what you can do today.'
But if you
think the U.S. will default on some of its obligations anytime soon, you don't
have enough faith in the government's most potent weapon - extend and pretend
(another cliche that's become the modus operandi).
Since 1960,
Congress has acted 78 separate times to permanently raise, temporarily extend,
or revise the definition of the debt limit. Chances are Congress will act again
before the August 2 deadline. That however isn't good news.
By the end of
this article you will know the common sense, no nonsense, deficit ramifications
for the stock market and why even 'a deal' isn't good news.
USA Inc.
- Income Statement
If the United
States was a corporation - USA Inc. - here's what the Income Statement would
look like:
Total federal
spending in 2010 amounted to $3.456 trillion. Total receipts added up to $2.162
trillion. USA Inc.'s 2010 deficit was $1.294 trillion.
The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. But
there's no reason to despair, just before April 15,Congressional leaders were
able to agree on $39 billion worth of budgetcuts for the remainder of the year.
Senate
Majority Leader Harry Reid hailed this heroic effort as a 'historic' level of
cuts. To quantify just how 'historic' that effort was we'll put it in
percentage terms -1%. The cut amounted to only 1% of the 2011 budget.
Apparently it wasn't enough. Thanks to extend and pretend we've arrived at the
next deadline.
Stocks
Applaud ... and Decline
Keep in mind
that back in mid-April when the 'historic' $39 billion cut was hammered out,
the S&P was at about 1,300. Following the 'resolution' of the budget
problem stocks rallied about 5%.
The April 3
ETF Profit Strategy Newsletter featured the chart below (due to size
restrictions the chart had to be reduced). As per the chart and accompanying
analysis, the Newsletter expected a rally to the next Fibonacci resistance at
1,369, followed by a bounce off the Fibonacci support at either 1,229 or 1,255
and an attempt to take out the previous high.
http://www.etfguide.com//contributor/UserFiles/8/Image/5%20-%20April%203%20TF.jpg
This outlook
was based purely on technical analysis with no regard for the deficit problem
or European debt woes (we'll take a look at an updated technical forecast in a
moment). The S&P did top at 1,370 on May 2. Thereafter it dropped to 1,259,
and tried to take out the previous high (the S&P rallied as high as 1,356
on July 7and stumbled thereafter).
USA Inc.
- Balance Sheet
If you think
the Income Statement looks bad, you may not want to look at the Balance Sheet.
Consensus estimates for unfunded obligations vary. Mary Meeker pegs the
shortfall at $31 trillion, PIMCO's Bill Gross estimates the unreported debt to
be $75 trillion, while other estimates exceed $100 trillion.
The
Deficit and Stocks
When President
Obama took office in January 2009, the federal debt was 70% of GDP or $10
trillion. Today the deficit is close to 100% of GDP at $14.3 trillion. As
per a recent AP report, President Obama had to scroll down his demands and
would now be content with a $2.4 trillion debt ceiling increase to make it last
beyond the 2012 elections.
No doubt, the
President would like the deficit issue put on hold until he's re-elected. It
seems like everyone has an agenda that takes priority over solving the actual
debt issue. The whole game could be summed up as White House budget director
Jack Lew put it: 'That all these ideas do is say let's kick the can down the
road so that others will deal with it.'
This, by the
way, is why the pre-election year of the Presidential election year cycles has
seen gains consistently since 1939, because the incumbent party will do what it
takes to remain in office longer.
A
lose-lose Situation
The drawback
of the deficit situation is that there is no easy way out. The government has
to either cut spending (as in fewer benefits for Americans) or increase revenue
(as in higher taxes).
Pick your
poison. Either choice will kill the economy. Of course, you can extend and
pretend, which is probably what will end up happening. No matter how much lip
stick you have at your disposal, a pig remains a pig. The deficit is a big
(red) pig.
What is worse,
a $14.3 trillion deficit today, or a $16+ trillion deficit (according to
Obama's wish) in 2012? Debt is like gangrene, dry rot or mold, it doesn't just
go away, it gets worse (ask Greece, Ireland, Portugal or any of the other
PIIGS).
Eliminate
Variables
Using European
(NYSEArca: VGK - News) debt troubles as a
benchmark, there hasn't been a direct correlation between U.S. stocks and
European debt. To generalize this even further, there hasn't been a real
correlation between the U.S. deficit issue and U.S. stocks.
It was in June
2009 that Greece admitted to having a 'small' problem. Stocks rallied throughout
the remainder of 2009, most of 2010 and some in 2011. The same is true for the
MSCI EAFE ETF (NYSEArca: EFA
- News) and Emerging Market
ETF (NYSEArca: EEM - News).
Admittedly,
the U.S. is a much bigger problem than the PIGGS, but the principal remains the
same - basing investment decisions on the outcome of debt negotiations is
tricky because the market has a mind of its own.
Since early
2010, every single time the major indexes a la S&P (SNP: ^GSPC), Dow (DJI:
^DJI), and Nasdaq (Nasdaq: ^IXIC) sold off more than a few percent, it's been
blamed on Greece. What many don't consider is that the market was helplessly
overbought in January, and April 2010 and 2011 and due for a correction anyway.
It seems like Greece has been a scapegoat more often than the actual cause.
Perhaps it's a game of chicken and the egg. Which came first?
No
Chicken-Egg Game
It has been
more beneficial and profitable to rely on solid technical analysis rather than
playing the chicken and egg game.
Technical
analysis along with sentiment readings pegged a market bottom of the same degree
at S&P 1,259 - 1,245. That was the opinion of the ETF Profit Strategy
Newsletter on June 15 (one day before the 1,258 bottom):
'The 200-day
SMA at 1,257 is sandwiched between the 1,255 Fibonacci projection level dating
back to 2002 and this week's s1 at 1,259. Wednesday's low was at 1,261.9. If
this low is not enough, there is a strong cluster of support at 1,259 - 1,245.
A drop into the 1,259 - 1,245 range would prompt us to close out short
positions and leg into long positions' (long positions were closed out at
S&P 1,345 on July 7).
There was no
fundamental good news on June 15 or 16. Some of the headlines featured on June
15 were:
'Is the bull
market over? A look at four different sentiment measures suggests that more
pain may await investors.' - Barrons
'Greek default
could trigger chain reaction' - AP
'Confidence is
eroding among U.S. factories, consumers' – Bloomberg …’
Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In late 2007, I wrote the book Prelude To
Meltdown, predicting
the global crisis that occurred the following year. I now see a similar
confluence of events that warns of phase II of the global crisis.
Once again I
see all the “canaries
in the mine,”
which warned of the 2008 crisis. My just released book, Financial
Apocalypse , provides the clues and the road map, with charts, of
how my indicators successfully predicted the meltdown that occurred in
the fall of 2008. This book is a guide for detecting the next crisis whenever
it occurs. History repeats, or at minimum, it rhymes.
My work shows
that “the
new recession has started.” The May 9 issue of the Wellington
Letter was headlined: “Return of the Double-Dip.” At the time,
economists were looking for a great economy in the second half. Now they talk
about a “soft
patch.”
Over the past 33 years, we have called the start of every recession, often on
the exact month, or within one month, of the official start as determined one
year later by the official arbiter of recession, the National Bureau of
Economic Research (NBER).
How can we be
in recession now when the GDP still shows growth? Because of improper inflation
adjustments. “Real” GDP growth, the headline
number, is nominal growth minus the rate of inflation. However, inflation is
far understated for political reasons.
Currently, the
GDP deflator is 1.8%, which hardly reflects the true rise in prices. Therefore,
what is counted as “growth,” is actually price increases. Actual inflation,
according to free market economists who calculate inflation as it was done in
1980 before the politician re-engineered it, is now more than 11%. Using that
to adjust GDP for inflation, would show that the economy is now in a very sharp
contraction.
When the
current euphoric earnings forecasts of Wall Street finally reflect that via
significant “earnings
downgrades,”
the stock market will see a serious “adjustment” as well.
On July 18,
Goldman Sachs (GS)
substantially lowered its economic growth forecast. Marketwatch.com had this
headline: Goldman Sachs slashes Economic Forecasts. The next step will be for them to substantially
reduce earnings forecasts for the S&P 500.
Will the phase
II be as bad as the 2008 crisis? The last crisis was confined to the private
sector, i.e. financial institutions. The next one will be involve the
threatened default of entire countries. The last time, the central banks bailed
out the financial firms and even Warren Buffett bailed out several firms. Who
is big enough to bail out entire countries? Or will the term of “too big to fail” turn to “too big to bail?”
Bert Dohmen is editor of the Wellington
Letter and author of Financial Apocalypse.’
3
Top Crooks Still Roaming Free After the Economic Crash Wall St. Cheat
Sheet July 25, 2011, The global economy
and stock markets took a nose dive in 2008. But that hasn’t stopped some of the
biggest masterminds from escaping a day of luxury.
Here are three
financial crooks who are probably sipping daiquiris in Capri at our
expense:
Lehman
Brothers CEO Richard S. Fuld, Jr.
Few executives
were as intimately and extensively involved in the downfall of their firms as Dick
Fuld . At the time of the financial collapse, Fuld had worked for Lehman
Brothers for nearly 40 years, and had been the firm’s chief executive since
1994. In that role, not only was he the longest-tenured CEO on Wall Street at
the time of the financial crisis, but he was considered one of the best. He was
named Institutional Investor magazine’s top chief executive in the private sector in 2006.
The following year, he was paid more than $21 million in cash and stock on top
of his base salary of $750,000 a year after the bank’s net
profit rose 5% to a record $4.2 billion. And as recently as March 2008,
Barron’s
listed him on their list of the 30 best CEOs, referring to him as “Mr. Wall Street”.
When the
financial crisis hit, Fuld was one of the few executives to hold onto his position.
He counted himself responsible for the company, but didn’t realize just how much
real estate loans and other toxic assets were weighing on his balance sheet.
Instead, he remained confident in the firm that he helped grow from a negative
profit in 1993. His hubris can somewhat be understood, given the firm hadn’t reported a single
quarterly loss since it went public. But Fuld was wrong. He overestimated the
value of his firm, rejecting offers that could have saved it from collapse
because they didn’t adequately reflect what he felt the firm was worth.
We know that
sub-prime mortgages were almost solely responsible for the financial crisis,
and a large part of the Wall Street’s fourth-largest investment bank’s worth was held in its
mortgage business, where mortgages were re-packaged and sold to other
investors, often for more than they were really worth. In fact, Lehman was the
top U.S. underwriter of mortgage bonds in 2006 and 2007, accounting for roughly
10% of the market. As CEO, Fuld was responsible for buying those assets, which
ultimately became toxic and impossible to unload. But whether or not Fuld can
be held wholly responsible for the firm’s loan practices, he can be held responsible for the
firm’s
bankruptcy. As late as August 2008, after many CEOs had already been forced to
resign, he rejected an offer by state-run Korea Development Bank to buy a 25%
stake in Lehman for $4 billion to $6 billion.
There’s no question that the
firm Fuld helped build, that he’d been a part of since 1969, where he held the top
position for 14 years, was criminally responsible for the financial crisis. In
fact, it may be the most culpable, given the sheer volume of sub-prime
mortgages underwritten by Lehman in the years leading up to the market
collapse. On September 15, Lehman became the largest firm to file for bankruptcy in history, dealing a devastating blow to an
already fragile financial system. A few weeks later, Fuld was summoned to appear before Congress as part of an inquisition. He was
also investigated by three United States Attorneys offices in New York and New
Jersey. But ultimately Fuld walked away from Lehman Brothers having pocketed
nearly $500 million just in his last six years with the firm, years during which
Lehman’s
sub-prime mortgage practice was contributing to what would ultimately cost
taxpayers $700 billion in a government-issued bank bailout program. Fuld was
never charged with or convicted of any crimes.
AIG
Financial Products CEO Joseph J. Cassano
As a founding
member and head of AIG Financial Products, Joe
Cassano was responsible for selling hundreds of billions of dollars worth
of credit protection in the form of credit-default swaps (CDS) on U.S.
sub-prime mortgages, a form of insurance that didn’t require that AIG put
down any form of collateral. So when the financial crisis hit in 2008 and
investment banks requested the insurance money for their collapsing
derivatives, AIG was unable to pay what was owed and ultimately had to be
bailed out by the government, receiving about $170 billion in taxpayer money.
Cassano
resigned from his position at AIG FP in March 2008, having pocketed $280
million in cash and an additional $34 in bonuses. He even managed a $1
million-a-month retirement package that kept him on at AIG as a “consultant”. Cassano even went on
record denying any fault on the part of AIG, saying,
“We believed until late 2005 that banks and other
mortgage originators were applying appropriate standards when writing
mortgages. When we recognized — well before many others — that changes in the
mortgage market likely presented increased risk for future deals, we decided to
exit the subprime business. We thought the decision was appropriate, despite
the lost profits at the time. With hindsight, the decision looks even more
prudent.”
Cassano went
so far as to blame the bailout for losses on CDS contracts, saying there would
have been few, if any, had they not been unwound by the bailout. Testifying
before the Financial Crisis Inquiry Commission, Cassano fully defended his firm’s CDS practices,
outlining the careful approval and monitoring system that, “specifically identified
risk factors and provided an analysis of those risks.” Cassano insisted that
AIG had not miscalculated the risks of sub-prime mortgages.
However,
Cassano was directly responsible for AIG’s credit-default swaps program that put the firm’s many clients, including Goldman Sachs, in danger when it was unable to
pay out on insurance claims. He essentially sold billions of dollars worth of
vapor —
he failed to provide what had been paid for by the firm’s clients. That sounds
remarkably like fraud, the grounds upon which many investors have filed suit
against Cassano. In fact, regulators in both the U.S. and the U.K. investigated
Cassano’s
acts to determine whether they had been criminal. But like just about every
executive responsible for the financial crisis, Cassano was not ultimately
charged with any wrongdoing, and remains a free man.
Countrywide
Financial Chairman and CEO Angelo Mozilo
Ranked second
by Condé Nast Portfolio on their list of the “Worst American CEOs of All Time”, Angelo
Mozilo was charged in 2009 of insider trading and securities fraud by the
U.S. Securities and Exchange Commission. Mozilo personally sold hundreds of
millions of dollars in stock while using shareholder funds to buy back stock to
support the share price. He is also responsible for what has been termed the “Friends of Angelo” VIP program under which several influential
lawmakers, including Senate Banking Committee Chairman Christopher Dodd, as
well as many Fannie Mae employees and other “Friends of Angelo”, received discounted
mortgages.
However,
Mozilo was allowed to settle with the SEC on all charges. He agreed to pay $67.5 million in fines, the most ever exacted from an
individual in connection with the 2008 financial crisis, and he was banned from
ever serving as an officer or director of any other public company. Robert Khuzami, director of the SEC’s Division of
Enforcement, said that “Mozilo’s record penalty is the fitting outcome for a
corporate executive who deliberately disregarded his duties to investors by
concealing what he saw from inside the executive suite.” But in settling, Mozilo
was able to avoid a trial and any subsequent criminal charges, and was not
required to acknowledge any wrongdoing.
Mozilo’s net worth has been
estimated at roughly $600 million. And because of the indemnification agreement
in his contract with Countrywide, the firm was responsible for paying roughly
one-third of his fines, leaving Mozilo with a bill of $47.5 million — that’s less than 10% of his
worth. Aside from Bernie
Madoff, the only executive tied to the financial crisis to be criminally
prosecuted and convicted, Mozilo’s settlement is the greatest punishment inflicted on
any executive responsible for the country’s economic collapse, and falls desperately short of
true justice.’
Debt,
Deficits and the Demise of the American Economy' - Author Peter Tanous
Discusses Risk
US
Equities Forecast and the Anticipated Path of the Market at
Minyanville Peter Prudden July
25, 2011 ‘… the headline risk remains to the downside and the bogey to lower
equity prices in the short to intermediate term is concentrated on the U.S.
Debt ceiling. At some point, not only must all developed economies deal with
marking down to the level of income, but we must restructure large amounts of
excess leverage. Until we accomplish this, growth will be problematic…’
Putin says
U.S. is "parasite" on global economy [Unfortunately, this
is very true. More unfortunately is the fact that most worldwide don’t realize
that fact! I mean, think about it: pervasively corrupt, defacto bankrupt
america’s cancerous perma wars,
over-printed debased ‘Weimar’ paper ‘reserve’ currency, huge frauds in
securities and otherwise, etc.. ]
3 Reasons Why This Summer Could Get Ugly Simon Maierhofer, July 29, 2011 [
Well, before getting to the article, we all know why: because … ‘Sell in May,
and go away!’ … Quite simple, as previously set forth here and elsewhere, you
should have ‘sold in May, and went away!’ Why? Because … as Rosanne Rosanna Danna formerly of SNL fame and as
her mama always used to say, ‘it’s always somethin’’ … but unfortunately, that
somethin’ is not necessarily what they say it is. ] ‘It seems like the European
Union and U.S. government are stuck in a never ending game of Whac-A-Mole. It
seems like more moles are popping up more quickly, needing more force to be
subdued (ironically the moles come back just as the problems do)…’
Mapping
the Myths of the U.S. Economy - Stacy Curtin ‘In The Real State of America
Atlas: Mapping the Myths and Truths of the United States, authors Cynthia Enloe and Joni Seager paint a vivid
picture of life in the U.S., using a series of charts, graphics and short
essays that cover almost every aspect of the nation's economy and society as a
whole.
Not only do
they give state-by-state comparisons, they show how the U.S. measures up to the
rest of the world in areas such as health care, housing and defense. But while
analyzing what it's really like to live in the U.S. today, they also uncovered
a few "myths and truths" as the title of the book suggests.
Enloe and
Seager joined The Daily Ticker's Aaron Task to share three of the most
surprising misconceptions they uncovered.
#1 Land
of Homeowners
The dream of
owning a home is actually more the reality in other countries. In the book, the
authors point to the most recent data, which show only 68% of Americans owned
their home in 2002, compared with 92% in Hungry, 84% in Mexico, 72% in the U.K.
and 71% in Australia.
"One of
the things that is a cherished notion about America is we are a nation of
homeowners, and homeownership has long been seen as kind of the bedrock of the
American dream," says Seager. "I think the current economic crisis
and the housing crisis is really shaking that American cherished view of
ourselves as having easy access to homeownership."
This is
evident in another stat laid out in the book, which shows 83% of people agreed
that buying a home was a safe investment in 2003, compared with 70% in 2010. (See:
Why
I Am Never Going to Own a Home Again)
{ Home
ownership hits lowest level since 1965 NEW YORK
(CNNMoney) Les Christie August 5, 2011 As the
foreclosure crisis continues to wreak havoc on the housing market, a source of
national pride has taken a sour turn. Home ownership is on the decline and,
according to a recent Morgan Stanley report…’ }
#2 Land
of Opportunity
Just like the
ideal of owning a home, opportunity in this country is now also on the brink.
"Opportunity
in this country means a chance for an education … [and] a chance for a
decent job that allows you to have a decent life," says Enloe, who points
to two key factors that hinder people making it here in America.
#3 Land of Givers
While the U.S. does give more money in foreign aid
than any other country in the world, as a percentage of GDP it falls way behind
many other nations.
Whereas Sweden gives almost 1% of its GDP in 2008,
the U.S. gave 0.19%.
"I think it really should shake Americans'
self-perception of two things," says Enloe. "[One] is cutting foreign
aid actually the ticket to balancing the budget, but also how do we shape up
compared to other countries' generosity?" ’
Debt
Deal Is A Blank Check at Forbes
U.S.
Economic Pessimism Grows - Stacy Curtin ‘While Democrats and Republicans were arguing over how
to prevent the U.S. from a default, families across the country have become
increasingly concerned about the overall state of the economy, according to the
American Enterprise
Institute's latest compilation of recent polls taken in various regions.
Friday's worse
than expected GDP numbers only reaffirm this notion. The U.S. economy grew less
than expected in the second quarter at 1.3%, but the bigger shock came after Q1
GDP was revised down to 0.4% from 1.9%. These numbers suggest the country could
be headed for another recession and Americans are definitely feeling the pain.
(See: 2011
Is Proving to Be a Horrible Year For the Economy)
One of the
most disconcerting findings in the AEI report is a CBS/New York Times poll from
June. It showed that over the last year, more Americans have come to believe
the current economic downturn is part of a long-term permanent decline and that
the economy will never fully recover. In October 2010, 28% of respondents
agreed with that statement, versus 39% last month.
"Americans
are so pessimistic about the economy now ... . And the level of public
pessimism is actually higher than the deep 1981-82 recession overall," due
to grim personal outlooks on a number of issues like jobs, retirement and
health care, says Karlyn Bowman, a
senior fellow at AEI who co-authored the report. "Their negative
sentiments are affecting the way they feel about their family's future, and
interestingly, the way they feel about their state governments. Usually
negative attitudes about the national government don't seep into attitudes
about the state government, but this time it is really different. This
negative, gloomy mood is pervasive.
Speaker of the
House John Boehner echoed these concerns Thursday before one of the many failed
House votes to raise the country's debt ceiling. "This is a challenging
time for our country," he said. "Americans are worried about their
jobs. They're worried about our economy. And they're worried about our
debt."
Since the
polls in the report were conducted before the debt-ceiling debate really began
heating up over the last few weeks, one might conclude that if the same
questions were asked today the responses would be even more pessimistic.
Here are other
key findings from the AEI report:
Job
anxiety: In the past six
months, about 5% of Americans surveyed had lost their job, two in 10 said a
family member had lost a job, and six in 10 knew someone who lost a job.
In June 2011,
58 percent were very or somewhat worried they could lose a job in the next 12
months. Nearly eight in 10 say jobs are difficult to find where they live.
Around a quarter are worried about benefit or pay cuts.
Cutting
back: Americans are cutting
back on everything from health care to haircuts. Fewer than four in 10 say
their personal financial situation is in excellent or good shape right now.
Almost as many people say they are falling behind as believe they are getting
ahead, but the vast majority describe their financial situation as having just
enough money to maintain their standard of living. Inflation worries are high
and steady.
Retirement: There's been a dramatic drop in the number of
Americans who say they have enough money to retire. In 2002, around six in 10
believed they would have enough money. In the latest survey by Gallup in April,
only about four in 10 say they will.’
10
Reasons We Are Heading for a Recession
USAGOLD
RoundTable: Debt Ceiling “Resolution” – EU
Sovereign Debt Crisis Aug 3rd, 2011 15:53 by News
We’re pleased to present our latest RoundTable video
discussion with our staff experts George Cooper, Peter Grant and Jonathan
Kosares {Immediate access here}
Excerpt: Now that the debt ceiling debate is over, and the
dust is settling, the market is beginning to get a picture of what, if
anything, was accomplished, and can be expected moving forward. The $2 trillion
in cuts over ten years amounts to a small dent in our annual deficit,
suggesting that the U.S. will continue to increase its debt to GDP ratio over
the coming decade. The cuts suggested will merely slow, not reverse, this
trend. In the end, this debt deal is nothing more than a giant kick of the can
down the road, and a short road at that. The hike to the debt ceiling looks to
only buy about six months, so this issue is set to be revisited next year. The
market has digested this “resolution” as such, and gold has responded sharply higher,
rising $60 in two days. The DOW meanwhile has come under significant pressure,
shedding over 800 points in a week. Things across the pond are not looking any
better. The credit facility set up by the ECB is insufficient at best, and
contagion remains an enormous risk. Spreads on sovereign debt in Italy, Spain,
Greece, Portugal and Ireland are at or near all time highs. As talks of
dramatically expanding the credit facility heat up, we’re left to wonder if its
even possible for Europe to “go big enough” to calm market jitters. With Peter Grant, George
Cooper, and Jonathan Kosares. (24 min) The Daily Market Report
Aug 1st, 2011 12:01 by PG
Relief? What Relief? http://www.usagold.com/cpmforum
Late last night when party leaders and the President announced that
they had reached a bipartisan deal that would allow the debt ceiling to be
raised, gold dropped about 1%. Global stocks rallied in relief and briefly,
ever so briefly, gold was out of favor. However, as the details were revealed,
doubts were reignited: Doubts as to whether such legislation could actually
make it to the President’s desk. Doubts that the deal would avert a downgrade
of US sovereign debt.While the CBO scores the package as accomplishing $2.1
trillion in spending cuts over the next 10-years, the CBO baseline also has the
deficit rising $6.7 trillion over the same period. The premise apparently being
that we’re
working our way to actual cutting by cutting to slow the pace of the nation’s proliferate spending.
In actuality —
and as evidenced below — that CBO baseline may prove to be way too
optimistic.What really lit an intraday fire under gold today was the big miss
on US July ISM, which plunged to 50.9. The market was expecting a modest
downtick to 55.0 from 55.3 in June. On the heals of last week’s much weaker than
expected quarterly GDP data, it has become abundantly apparent that the US
economy has slowed to just above stall-speed. David Rosenberg, chief economist
at Gluskin Sheff and Associates, noted last week that once the economy slows to
a growth rate of 1.6% it has proven historically to be a “point of no return” and recession follows.
With Q1 downgraded to just 0.36% and Q2 an anemic 1.3% — and likely subject to
future negative revision as well — the writing may well be on the wall.The debt deal is
a short-term kick of the can that at least initially focuses on spending cuts.
However, with no mitigation of the uncertainties that have kept private capital
sidelined for the past two-years of the so-called recovery, there is little
reason to think that a more robust economy is just around the corner. In fact,
the opposite may be true. That realization, tipped in by the ISM data, has
further escalated the QE3 talk, which prompted gold to retest the record high
set Friday at 1632.39. Relief? What relief?If we get another negative surprise
on Friday when July nonfarm payrolls comes out, as the ISM employment index
suggests we might, the QE3 talk will intensify ever more in the weeks ahead of
the Fed’s
Jackson Hole summit. Consensus on July payrolls are running around +100k,
although we could see some tempering of those expectations in light of the ISM
data.Even with the announcement of the debt ceiling deal, the dollar remains on
the ropes, falling to new record lows against the Swiss franc and the yen. If this deal makes it through both Houses of Congress
and is signed by the President, it is just another kick of the can — and a very short one at
that —
down the road. And with the specter of yet another round of quantitative easing
hanging over the market, there is little incentive to buy dollars. Now the BoJ
is once again contemplating direct intervention in the market, as I suspect the
SNB is. If there are concerted efforts to slow the rise of these currencies, it
may make gold an even more alluring option.’
S&P
downgrades US credit rating from AAA The United States has lost its sterling credit rating
from Standard & Poor's.
S&P
Shocks the U.S. with Credit Downgrade to AA+ from Prestigious AAA Rating Wall
St. Cheat Sheet August 5, 2011,
‘Standard & Poor’s is out with an official
downgrade of the U.S. credit rating:
• We have lowered our long-term sovereign credit
rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
• We have also removed both the short- and long-term
ratings from CreditWatch negative.
• The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government’s
medium-term debt dynamics.
• More broadly, the downgrade reflects our view that
the effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
• Since then, we have changed our view of the
difficulties in bridging the gulf between the political parties over fiscal
policy, which makes us pessimistic about the capacity of Congress and the
Administration to be able to leverage their agreement this week into a broader
fiscal consolidation plan that stabilizes the government’s debt dynamics any time
soon.
• The outlook on the long-term rating is negative. We
could lower the long-term rating to ‘AA’ within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
Investing
Insights: Is
the Debt Ceiling Raise Bullish for Gold?’
13
Reasons Why The U.S. Is Now OFFICIALLY BANKRUPT Daily Bail
| Stop the budget lies; there are NO cuts. House passes bill to INCREASE
spending by $7 trillion over the next 10 years. ATTENTION IDIOTS IN THE
MAINSTREAM MEDIA – Stop The Budget Lies – There Are NO
Cuts – House Passes Bill To INCREASE Spending By $7
Trillion Over The Next 10 Years
Lies,
Damn Lies And Government Budgets
I am so pissed
off by
the misreporting I could spit Ken Lewis hairballs.
#1) Corporate
journalists and financial pundits know NOTHING about budgets.
#2) The
Boehner led House passed legislation this evening that INCREASES
spending by $7 TRILLION over the next ten years versus a baseline budget
that would have increased spending by $9.5 TRILLION over the same period.
#3) CBO
said today that LESS than 2% of the decrease in the GROWTH of spending will
come before the 2012 elections. The remainder come after the election.
#4) Defense
and war machine spending will
grow at 3% per year instead of 4% per year.
#5) This was
nothing but an agreement to agree at a later date to look for reductions in
planned spending GROWTH.
#6) A Super Congress
will decide on a mix of tax increases and reductions in planned spending growth
to meet the targets at a later date.
#7) No
one in Congress even considered Ron Paul’s simple plan, now endorsed by Time Magazine as well as liberal
economist Dean Baker, to wipe out $1.6 trillion in fake debt owned by the
Federal Reserve. Debt that we owe to ourselves, that is entirely
legal to wipe away.
#8.) CBO says under this plan, the national debt will
INCREASE from $14.4 TRILLION currently to more than $25 TRILLION over the next
10 years.
#9) The assumption for #8 above assumes the economy
grows at 3% per year over the next 10 years, and that Treasury interest rates
stay at historic lows. When rates increase, and bet your life that they will,
interest on the debt will increase and so will annual deficits, leading to a
national debt much higher than the $25 TRILLION that CBO
estimates.
#10) Regarding Treasury rates and interest on the
debt, get educated about a concept called ‘DURATION RISK.’ Turbo Geithner and his MENSA bed-fellows at Treasury
have chosen to finance the great majority of recent and future borrowing in
short-term bills, which means that they have to be rolled over frequently. This
is perhaps the least-discussed and most dangerous issue related to Treasury
debt.
#12) The bill passed by Boehner tonight was the BEST
they could do after 6 weeks of fighting.
#13) Due to #12, the United States is officially
f*cked.
Thank you and good night.’
US
Closer to ‘Junk Bond’ Status Than Triple-A: Bove Aug 9th, 2011 14:41 by News
August 9 (CNBC) — ‘ “You’ve got a
company which is losing about $1.4 trillion this year, probably will lose
somewhere around a trillion dollars over the next couple of years. It owes
$14.4 trillion (and) over the next five years that will get up to $20
trillion,” the Rochdale Securities analyst said.“So there’s no likelihood
whatsoever that this particular company is able to pay down from its own resources
the amount of debt that it has, nor is there any likelihood that it’s going to
get rid of its deficit,” he added. “If that was a real company, of course, that
would be a junk bond.”“I still would expect to see a thousand-point down day at
some point in this market as people come to realize there has been a complete
change in the financial structure of the world,” he said’
If
U.S. Slides Into Recession, S&P 500 Could Drop To 830 at Forbes
[The pervasively corrupt, defacto bankrupt u.s. is already in recession
(actually worse)! Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To
Meltdown,
predicting the global crisis that occurred the following year. I
now see a similar confluence of events that warns of phase II of the
global crisis… My work shows that “the new recession has started.”… Over the
past 33 years, we have called the start of every recession, often on the exact
month, or within one month, of the official start as determined one year later
by the official arbiter of recession, the National Bureau of Economic Research
(NBER)… However, inflation is far understated for political reasons. Currently,
the GDP deflator is 1.8%, which hardly reflects the true rise in prices.
Therefore, what is counted as “growth,” is actually price increases. Actual
inflation, according to free market economists who calculate inflation as it
was done in 1980 before the politician re-engineered it, is now more than 11%.
Using that to adjust GDP for inflation, would show that the economy is now in a
very sharp contraction…’FLASHBACK HERE: Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not Sold by
June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the Market Could Fall 70%’ PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The
5-year high in the level of insider corporate stock sales is telling. At 565
sells for every 1 buy, it’s never been higher. Why The Dow Will Plunge To 7,000 By 24/7 Wall St. S&P
Poised For Dropoff, Says Initial Jobless Claims Forbes /
Maureen Farrell ]
3
Ring Circus: Geithner, Buffett, and Obama Wall St. Cheat Sheet ‘…Treasury
Secretary Tim Geithner , who said last April that there was no risk the U.S.
could loose its AAA credit rating, voiced his thoughts on the downgrade.
He said, “
They’ve
handled themselves very poorly, and they’ve shown a stunning lack of knowledge about the basic
U.S. fiscal budget math.” What exactly are they misunderstanding? The
U.S. is the largest debtor nation in the world, and spending outlays vastly
outnumber revenue. Geithner went on to say that U.S. bonds were just as
safe after the downgrade as before, and predicted that China and investors
would remain strong buyers of government debt.On Monday morning, with stock
futures heading sharply lower, Warren Buffett tried to inject confidence into
the financial markets. Buffett explained that he believes the U.S. debt
is still rated AAA, and the downgrade does not change his mind about government
debt. In fact, the legendary investor holds $47 billion in cash and
equivalents as of June 30th. He said, “ If I have to buy
Treasuries at zero percent yield, I will.” At least the large cash hoard shows that
Buffett puts his money where his mouth is. However, one also has to
wonder if Buffett’s shareholdings in Moody’s , a rival credit agency
to S&P, has anything to do with his criticism of S&P. To add fuel
to the fire, S&P also cut Buffett’s Berkshire Hathaway outlook from stable to
negative.Not to be outdone by Warren Buffett’s AAA endorsement,
President Obama made a public announcement of his own on Monday. Despite
America’s
financial hardship across the board, the President said, “ I’d give U.S. a quadruple-A
rating.”
This was puzzling for many reasons ( besides the fact there is no quadruple-A
rating). America has a hard enough time keeping its AA+ or AAA rating,
let alone achieving some pipe dream quadruple-A rating. S&P may be
the credit agency causing controversy now, but it’s not the only credit
agency to downgrade America. China’s credit rating agency Dagong , recently cut
America’s
debt rating from A+ to A, with a negative outlook. Dagong had already cut
America’s
credit rating last November from AA to A+ after QE2 was announced.By the end of
Monday, it was announced that the Senate banking committee had started a probe
into the downgrade actions of S&P. However, the damage is already
done, confidence is broken in the markets. Gold constantly reaching new
highs is a clear example of this. Perhaps the Senate banking committee
should probe Fitch and Moody’s and investigate why they still have AAA ratings on
U.S. debt?...’
Izabella Kaminska on Aug 09
2011
Thought the current turmoil was down to the downgrade
of US debt? Wrong!
According to Societe Generale’s uber bear, Albert
Edwards, this has absolutely nothing to do with S&P, the White House, Tea
Party etc. It’s
the economy stupid:
The simple fact is that the global economy is falling
back into recession or indeed is already in recession. Equity markets were sliding before the downgrade and
bond yields were reacting as one would have expected to the dire economic data.
The S&P downgrade may have caused the breach of critical support levels of
1250 on the S&P, but anything could have caused that breach and triggered
the technical rout. Expect some sort of retest of this neckline before the
market ultimately meets its date with destiny.
Recent US GDP revisions revealed QE2 to be an abject
failure as far as producing an economic recovery is concerned with dire 0.9%
annualised growth reported in H1 2011. Yet to a man with a hammer, everything
is a nail. Hence despite rising core inflation, there is certainly a level of
economic and/or market pain to prompt QE3. But expect the real fireworks to
occur when the adrenalin rush of QE3 wears off even quicker than QE2.
There are still some diehard ‘happy clappies’ out there who think we
are going to avert recession and the markets will recover. Yet US GDP
growth has now fallen below the wellknown 2% stall speed, below which the
economy does not seem to be able to regain altitude but instead crashes
directly into recession.
Which means it’s time to come to terms with the fact that recession
2.0 (or was it ever really a recovery?) is on its way whether you like it or
not:
At the current (Q2) rate of 1.6% yoy GDP growth, my
fellow bear (realist?), David Rosenberg at Gluskin Sheff, points out in the
chart below that a US recession is almost certainly a done deal (never say
certain, as in 1956, when recession was temporarily averted for all of nine
months). But with this sort of record the onus is now on the optimists
to demonstrate why on earth they still believe in a second-half recovery and
growth in 2012.
Now, anyone who bought into the dulcet tones of the
bullish brigrade is likely to do very badly. A fact which will come as hubris.
In Edwards’
opinion if you were dumb enough to listen to that story, well… you reap what you sow:
And in the same way that a country is said to get the
government it deserves, I believe the market gets the macro commentators it
deserves: i.e. perpetually bullish analysts, taking no personal risk with their
never-ending consensus chatter.
After all it was always pretty obvious what was going
to happen.
It was just a question of when, rather than if:
Put into its proper Ice Age context, the events of
the past decade are entirely explicable. As we see a short-lived economic
recovery failing only two years into the cycle and a plunge back into
recession, we remind investors that this was exactly the Ice Age template that
Japan showed us. A fragile recovery undermined by private sector deleveraging
collapses as a semi-bankrupt government tries to rein in runaway deficits.
What next? Well, it’s Ice Age 3.
Here’s how it goes and this is very much of the moment
(especially if you are a London resident):
We are now entering the third phase of the Ice Age
when another cyclical failure combines with a secular de-rating of equities and
re-rating of government bonds. I and many others have been pointing out for a
long time now the simple fact that the global economy has been living way
beyond its means for years. A massive transfer of income to the very
rich has occurred while middle class real incomes stagnated. The middle classes
only tolerated this because Central Bankers created housing booms to keep the
impoverished middle classes borrowing and spending to give them the illusion of
prosperity and stop them from revolting.
I believe the Fed and Bank of England, in particular,
were wholly complicit in this ‘daylight robbery’ (see
link). These unsustainable private sector, debt mountains
were transferred to the public sector in 2008 to prevent the adjustment to
the depression-era reality that the debt unwind would undoubtedly have
brought about. Yet, those debts are as unsustainable in the hands of the
public sector as they were in the private sector.
Central bank polices haven’t changed though. Print
and print and print. And if that doesn’t work, print some more. And as London burns, the
point I have always made is that the US and UK are not like Japan in one very
special way. Although Japan suffered a decade of pain it is a very homogenous,
equal society. The UK and US are not. Some readers may not know that rioting
and looting has broken out around London. While I hear the UK
politicians denounce the looters as common criminals (which of course they
are), I can’t help but think that Louis XVI in 1789 and Tsar
Nicolas II in 1917 might have said the same thing.
Crikey,
Here comes the revolution. Prepare.’
The Fed didn’t announce a new policy. And despite what some press
reports said, it didn’t even commit to keeping rates low; all it did was
say that if the economy stays weak, rates will stay low — well, duh — and that it might think
about doing other stuff one of these days.
Tyler Durden is amazed:
Following a 600 point plunge in the DJIA yesterday,
today we see a 400 point surge following the presentation of the weak case of
the expected Bernanke Put. And completing the amazement, the 10 Year bond,
moved to almost record lows, and then retraced virtually the entire move, as
nobody knows what central planning has in store for America any longer.
Additionally, after being up 50%, VIX is now down 22%. Congratulations Ben: in
taking central planning to nth double-down levels, you have now
broken not only the stock, but the bond market as well…’
The 10
Most Indebted Governments in the World
http://wallstcheatsheet.com/stocks/the-10-most-indebted-governments-in-the-world.html
‘…Coming in first place is Japan (NYSE:EWJ),
with a whopping $13.795 trillion in debt, just short of the the $14.27 trillion
in debt the U.S. carries .. Coming in second against Japan in terms of its
debt-to-GDP ratio is Greece, where debt is a relatively low 139% of GDPHot
Feature: Who Owns U.S. Debt? Following Greece on the
list is Italy (NYSE:EWI), then Iceland, Belgium, Ireland, and the U.S. So
why isn’t
Japan enduring the same kind of financial crisis that so many countries with
significantly less debt are currently facing? The answer is simple: Japan owes
most of its debt to itself. In comparison, the U.S. owes about 30% of its debt
to foreign investors, with China (NYSE:FXI)
holding $1.1 billion in U.S. debt, more than any other country…’
Fear Index
VIX Up 50%, And In Backwardation, Confirms Fully Fledged Bear Market Volatility slapped markets in the face on Monday,
surging 50% in its biggest one-day move since February 2007. Furthermore,
the whole VIX futures curve has been inverted and is in backwardation, indi...
The Entire
World Is Going Bear Market Business Insider | A scary aspect of this
selloff: There’s nowhere safe.
8 More Reasons Why You Should Be Deeply Concerned That
The U.S. Government Has Lost Its AAA Credit Rating The Economic
Collapse | Are you ready for part two of the global financial collapse? When we
examine this “deal” that way, what does it
look like? The
Economic Collapse Aug 9, 2011 ‘Are you ready for part
two of the global financial collapse? Many now fear that we may be on the
verge of a repeat of 2008 after the events of the last several days. On
Friday, Standard & Poor’s stripped the U.S. government of its AAA credit
rating for the first time in history. World financial markets had been
anticipating a potential downgrade, but that still didn’t stop panic from ensuing
as this week began. On Monday, the Dow Jones Industrial Average
dropped 634.76 points, which represented a 5.5 percent plunge. It was the
largest one day point decline and the largest one day percentage decline since
December 1, 2008. Overall, stocks have fallen by about 15 percent over
the past two weeks. When Standard & Poor’s downgraded long-term
U.S. government debt from AAA to AA+, it was just one more indication that
faith in the U.S. financial system is faltering. Previously, U.S.
government debt had a AAA rating from S&P continuously since 1941, but now
that streak is over. Nobody is quite sure what comes next. We
truly are in unprecedented territory. But one thing is for sure – there is a lot of fear
in the air right now.So exactly what caused S&P to downgrade U.S.
government debt?Well, it was the debt ceiling deal that broke the camel’s back.According to S&P, the
debt ceiling deal “falls short of what, in our view, would be necessary
to stabilize the government’s medium-term debt dynamics.”As I have written about
previously, the debt ceiling deal was a complete and
total joke, and S&P realized this.Forget all of the huge figures that the
mainstream media has been throwing at you concerning this debt ceiling
deal. The only numbers that matter are for what happens before the next
election.The only way that the current debt ceiling deal will last beyond the
2012 election is if Obama is still president, the Democrats still control the
Senate and the Republicans still control the House. If any of those
things change, this deal ceiling deal is dead as soon as the election is
over.Even if all of those things remain the same, there is still a very good
chance that we would see dramatic changes to the deal after the next
election.So in evaluating this “deal”, the important thing is to look at what is going to
happen prior to the 2012 election.Well, Barack Obama and the Democrats get the
debt ceiling raised by over 2 trillion dollars and will not have to worry about
it again until after the 2012 election.The Republicans get 25 billion dollars
in “savings” from spending increases
that will be cancelled.The “Super Congress” that is supposed to be coming up with the second
phase of the plan may propose some additional “spending cuts” that would go into
effect before the 2012 election, but that seems unlikely.So in the final
analysis, the Democrats won the debt ceiling battle by a landslide.25 billion
dollars is not even 1 percent of the federal budget. The U.S. national debt continues to spiral wildly out of
control, and our politicians could not even cut the budget by one
percent.Somehow our politicians believed that the rest of the world would be
convinced that they were serious about cutting the budget, but it turns out
that global financial markets are tired of getting fooled.It has gotten to the
point where now even the big credit rating agencies are being forced to do
something. Not that they really have much credibility left.
Everyone still remembers all of those AAA-rated mortgage-backed securities that
imploded during the last financial crisis. The reality is that the big
credit rating agencies are a bad joke at this point.Several smaller credit
rating agencies have already significantly slashed the credit rating of the
U.S. government. But a lot of pressure had been put on the “big three” to keep them in line.But
now things have gotten so ridiculous that S&P felt forced to make a
move.Sadly, our politicians are still trying to maintain the charade that
everything is okay. Barack Obama says that financial
markets “still
believe our credit is AAA and the world’s investors agree”.Once again, Barack Obama
is dead wrong.The truth is that the credit rating for the U.S. government
should have been slashed significantly a long time ago. This move by
S&P was way, way overdue.Moody’s might be the next one to issue a downgrade.
At the moment, Moody’s says that it will not be downgrading U.S. debt for
now, but Moody’s also says that it has serious doubts about the enforceability of
the “budget
cuts”
in the debt ceiling deal.This crisis is just beginning. It is going to
play out over time, and it is going to be very messy.The following are 8 more
reasons why you should be deeply concerned that the U.S. government has lost
its AAA credit rating….
#1 The U.S. dollar and U.S. government debt are at the
very heart of the global financial system. This credit rating downgrade
just doesn’t
affect the United States – it literally shakes the financial foundations of the
entire world.
#2 As the stock market crashes, investors are flocking
to U.S. Treasuries right now. However, once the current panic is over the
U.S. could be faced with increased borrowing costs. The credit rating
downgrade is a signal to investors that they should be receiving a higher rate
of return for investing in U.S. government debt. If interest rates on
U.S. government debt do end up going up, that is going to make it more
expensive for the U.S. government to borrow money. The higher interest on
the national debt goes, the more difficult it is going to become to balance the
budget.
#3 We could literally see hundreds of other credit
rating downgrades now that long-term U.S. government debt has been
downgraded. For example, S&P has already slashed the credit ratings
of Fannie Mae and Freddie Mac from AAA to AA+. S&P has also already begun to
downgrade the credit ratings of states and municipalities. Nobody is
quite sure when we are going to see the dominoes stop falling, and this is not
going to be a good thing for the U.S. economy.
#4 10-year U.S. Treasuries are the basis for a whole
lot of other interest rates throughout our economy. If we see the rate
for 10-year U.S. Treasuries go up significantly, it will suddenly become a lot
more expensive to get a car loan or a home loan.
#5 The current financial panic caused by this downgrade
is hitting financial stocks really hard. The big banks led the decline
back in 2008, and it looks like it might be happening again. Just check
out what CNN says happened to
financial stocks on Monday….
Financial
stocks were among the hardest hit, with Bank of America (BAC, Fortune 500)
plunging 20%, and Citigroup (C, Fortune 500) and Morgan Stanley (MS, Fortune
500) dropped roughly 15%.
#6
China is freaking out. China’s official news agency says that
China “has
every right now to demand the United States to address its structural debt
problems and ensure the safety of China’s dollar assets”. If China starts dumping U.S. government debt
that would make things a lot worse.
#7
There are already calls for the Federal Reserve to step in and do
something. If the U.S. economy drops into another recession, will we see
more quantitative easing? It seems like we have reached a point where the
Fed is constantly in “emergency mode”.
#8
The U.S. national debt continues to get worse by the day. Just check out
what economics
professor Laurence J. Kotlikoff recently told NPR….
“If you add up
all the promises that have been made for spending obligations, including
defense expenditures, and you subtract all the taxes that we expect to collect,
the difference is $211 trillion. That’s the fiscal gap”
Dick Cheney once said that “deficits don’t matter”, but the truth is that
all of the debt we have been piling up for decades is now catching up with
us.The United States is in such a huge amount of financial trouble that it is
hard to put into words. The days of easy borrowing for the U.S government
are starting to come to an end. We have been living in the greatest debt
bubble in the history of the world, and it has fueled a tremendous amount of “prosperity”, but now the party is
ending.
A whole lot of financial pain is on the
horizon. Please prepare for the hard times that are coming.’
Don't
Fall For The Market's Head Fakes at Forbes David Trainer ‘The market decline experienced
thus far is closer to its beginning rather than its end. Tuesday’s refreshing market
rise was likely just a flash in the pan.
There is nothing
that politicians or regulators can do to prevent the natural price discovery
that is critical to the long-term health of our capitalist system.
The market
needs to go down again before it can sustain any future rise.
We simply
must deal with the loads of toxic and mis-allocated capital that our profligate
society has created over the past 20+ years.
Allow me to
explain how we got ourselves in this situation. The figure below highlights
the three successive stock market bubbles in just over 10 years. Compare
the size of these bubbles and the rise in stock prices over the last 25 years
compared to the prior 65 years. A simple trendline further accentuates
just how much stock prices have appreciated compared to historical
trends.
Figure
1: Historically Enormous Stock Market Bubbles Keep Coming Back
http://blog.newconstructs.com/wp-content/uploads/2011/08/figure1.jpg
Sources:
New
Constructs, LLC and Ibbotson Ibbotson, 2010 Ibbotson Stocks, Bonds, Bills
and Inflation Valuation Yearbook, (Chicago: Morning Star, 2008), 228–229.
*Large Cap Stocks as defined by Ibbotson are the best comparison for the
S&P 500, which did not exist as it does today in 1926.
I am not suggesting
that stock prices should revert to the long-term trendline. I fully appreciate
the accelerating pace of innovation realized by our society and its
impact on standards of living and improved utilization of resources.
There is no
question that we live in unprecedented times of prosperity and wealth creation.
And technology holds great promise for the future achievement of mankind and
will drive improvement in the standards of living around the world.
The problem
is that we have gotten ahead of ourselves. By how much, I am not sure. But I
am sure that we are due a (lasting) correction in the stock market, and the
longer that correction is put off, the more painful it will be.
To illustrate,
let’s
review what drove the last two market bubbles.
Now, let’s review what happened after these bubbles burst.
See the response pattern? See how it affected the
markets?
It is as if the bubbles never burst. Game back on.
Like a high-school party, the music stops and everyone is quiet when the cops
show up. Someone convinces the cops that nothing unscrupulous is going on
and all will be calm and quiet. Then, as soon as the cop car is out of sight,
the music gets turned back on and the party goes harder.
What will be the response to the third bubble that
is forming?
That is the question that I think the market is
finally facing. The answer is not the same as before.
The government has run out of stimulus and policy
bullets.
Really, what else can politicians and regulators
do to engineer a soft landing, or should I say, another bubble.
Figure 1 shows that we never really landed. We
rocketed from one bubble to the next.
Let’s take a look at the options available via the two
main forces for stimulating economic recovery:
So, who is going to bail us out this time?
My overriding message is that no one should have
bailed us out to begin with. The longer we avoid the painful process of deleveraging
and returning to a more deliberate and rational mode of capital allocation,
the more we delay the inevitable. The more we shift the blame for our financial
mistakes to the public sector, the deeper the hole we must dig out of.
Which brings me to the next point: shifting responsibility
to the public sector, i.e. government, presents some very serious problems
and headwinds for future growth:
Until we allow the natural price discovery that
unfettered markets are designed to provide, we continue to subsidize
unproductive investments. And the longer we subsidize unproductive
investments, the more wealth (and jobs) we destroy in the present and in the
future.
Sure, it feels better when the stock market skyrockets,
bank accounts are fat, growth is strong and the financial future is bright.
Wasn’t
that what we got in the 1990s, then again in the first decade of this century?
It cannot go on forever. Consider how much the
housing bubble was driven by too much borrowing? Though financing might be
cheap and easy to get for extended periods of time, there is not an infinite
supply.
At its core, borrowing is simply a method of cashing
in today on future earnings. The more we borrow against future earnings, the
less we have in the future.
Using borrowed funds to subsidize unproductive
investments only compounds and accelerates wealth destruction.
Keynesian policies can be successful in certain
situations and for limited amounts of time, but they cannot be sustained
infinitely. Borrowing and spending by the government can help the economy
survive a soft patch or decrease the depth of a recession, but it does not
fix the underlying capital allocation problem.
Keynesian economic policies are patches to economic
problems, not fixes. If extended for too long, they only make matters worse.
Before the housing bubble, the government was levered
to the hilt. After the housing bubble, consumers are also levered to the
hilt. Both are struggling to balance their checkbooks.
So who is left to bail us out? Only two potential
candidates: American corporations and foreign countries.
A quick survey of the status of the other major economic
powers is not exactly inspiring. China is slowing growth to fight its inflation
problems. The European Unions, well, they have their own problems. Japan is
not exactly prospering. In general, there are few, if any, global economic
bright spots. None are large enough to bail out anyone.
There are many bright spots in corporate America.
Companies like Apple (AAPL-very attractive rating), Google (GOOG-very attractive rating), Microsoft (MSFT-very attractive rating) and many others
are as profitable as ever. Their returns on capital rank among the very best
in the world. They are shining examples of capital realizing its highest
and best use. For the country as a whole, cash flow returns on assets are near
all-time highs. Much of the recent profits, however, have come at the expense
of the consumer as wages have grown much more slowly than profits.
Then, there are the banks. US banks recently enjoyed
the largest bailout in the history of the world. Further, their profit margins
have been subsidized by sustained low interest rates. And yet, they are
lending little money.
Is the problem that banks do not want to lend or
that there are not enough borrowers?
I think the answer is both. Many banks are still carrying
a great deal of toxic assets. With so much risk already on their balance
sheet, they cannot afford to take on more.
As for borrowers, the uncertain tax, regulatory
and economic outlooks are not exactly enticing entrepreneurs, small and
large businesses to take risk.
To summarize, there is no one left to bail us out
this time.
So, what happens next? We buckle down and face the
long hard road to true, not artificially subsidized recovery.
We recognize facts:
In the meantime, the stock market and economic
activity will continue to suffer. No pain no gain.’
Stock
Market Slide Is the Latest Blow to the Middle ClassThe Daily Ticker Peter Gorenstein
‘Stocks
resumed their decline on Wednesday -- the third big drop in the last five trading
days. The Dow Jones
Industrial Average closed down 520 points, or 4.6%. The S&P 500 fell 4.4% to close
at 1,121, while the Nasdaq
was taken down more than 101 points to the end the day at 2,381.In other words,
Tuesday's gains, in which the Dow jumped 430 points, are a distant
memory.Stocks are on track for their worst monthly drop since after the Lehman
Brothers bankruptcy in the fall of 2008. After making steady gains in their
401(k) plans since then, average Americans are once again falling further
behind on their retirement goals. The recent drop in the market is making
headlines, but as Aaron Task and the Breakout team discuss in this clip, it's
by no means the only economic hardship facing the middle class -- it's just the
latest. Here are some other headlines you might have missed while you were
watching your portfolio shrink over the last few days.
HORRIFIC
HOUSING MARKET
Existing home sales
fell 2.8%
in the second quarter compared to a year ago, according to the National
Association of Realtors. The number of home sales is also off, falling 5.4%
from the previous quarter and is down almost 13% compared to the sometime last
year. At this rate the housing market will continue to be a drag on the
economy.
BACKDOOR
BAILOUT FOR BANKS
Meanwhile, as
homeowner pain reaches new heights, it appears banks continue to receive
favorable treatment from the government. The
Wall Street Journal reports Fannie Mae -- essentially a government entity
(that by the way continues to receive billions in taxpayer aid each quarter) --
just spent $500 million to buy the servicing rights to a Bank of America (BAC) portfolio of
"seven million loans still causing the most problems." That's what they
call a backdoor bailout.Speaking of Bank of America, the stock continued to
mirror the pattern of steep sell-offs and furious rallies seen in the broader
market. This time, shares of BofA were down 10.9% to $6.77. A conference call
held by CEO Brian Moynihan with investors, led by Fairholme's Bruce Berkowitz,
didn't help the bank's cause. According to a summary
of the call in the WSJ, Moynihan pushed back against those who would
question how he has performed while leading the company, and he said BofA would
not part ways with brokerage firm Merrill Lynch. Additionally, he said there
weren't "many days when I get up and think positively about the
Countrywide transaction in 2008."BofA bought the big mortgage firm during
the 2008 credit crisis, and it has been responsible for a gigantic financial
drag on the firm in the time since.
FED'S
FOLLY
The Federal
Reserve on Tuesday said it will keep interest rates "exceptionally
low" through the middle of 2013. That and the possibility of more
quantitative easing may eventually reflate assets -- a good thing for stock
portfolios. The problem is the Fed's reaction to the crisis has and will
continue to do little to improve real economic conditions, such as stubbornly
high unemployment, which remains at 9.1% more than two years after the
financial crisis. And, for those able to save some money, the low interest
rates aren't rewarding your bank accounts. Add it all up, and unfortunately
there's little to feel good about.’
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real,
complicit cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s
browser) as per your office’s request as made this day (the disk and contents
have been scanned by Avast, McAfee, and Norton which I’ve installed on my
computer to prevent viral attacks / infection and are without threat). I also
include 1 copy of the DVD as filed with the subject court as referenced therein
(which files are also included on the aforesaid 3 disks in a separate folder
named ‘112208opocoan’). The (civil) RICO action (as you’re aware, the RICO Act
is a criminal statute which provides a civil remedy, including treble damages
and attorney fees, as an incentive for private prosecution of said claims
probably owing to the fact that the USDOJ seems somewhat overwhelmed and in
need of such assistance given the seriousness and prevalence of said violations
of law which have a corrupting influence on the process, and which corruption
is pervasive). A grievance complaint against Coan was also filed concurrently
with the subject action and held in abeyance pending resolution of the action
which was illegally dismissed without any supporting law and in contravention
of the Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam provisions
of the Federal False Claims Act probably would apply and I would absent
resolution seek to refer the within to a firm with expertise in that area of
the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to the
LA office and I was referred to the Long Beach, CA office where I personally
met with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of
the money laundering which he confirmed as indicative of same (he was
transferred from said office within approximately a month of said meeting and his
location was not disclosed to me upon inquiry). The matter was assigned to FBI
Agent Ron Barndollar and we remained in touch for in excess of a decade until
he abruptly retired (our last conversation prior to his retirement related to
the case and parenthetically, Rudy Giuliani whose father I stated had been an
enforcer for the mob to which he registered disbelief and requested I prove it,
which I did – he served 12 years in prison, aggravated assault/manslaughter? –
and no, there is no Chinese wall of separation – Andrew Maloney’s the one that
prosecuted gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see infra).
Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell
phone best for contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Sincerely
and Regards,
Al
Peia
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
Five
myths about the Dow What drives it up and down? Is it a good market
barometer? (Washington Post) [ Yeah! This is a great topic which seems an
age-old quandary manifesting in different forms at different times. Indeed, in
my evening MBA program studies at NYU, GBA (MBA Finance, 1977) the ‘questions’
concerning the Dow from an investment perspective were in no short supply (ie.,
from not being representative of the market, to higher p/e multiples, to slower
growth from mature companies, to higher prices per share on an absolute basis,
etc.). When asked why the Dow, the Security Analysis Professor, Dr. Douglas
Bellmore, an extremely successful analyst / investor / author on finance in his
own right, and head of the research arm / department of an institutional wall
street brokerage firm by day, would respond simply by saying, ‘ he wasn’t
interested in ‘buying the market’ (cited were concerns of liquidity with his
oft-repeated rhetorical quip, ‘sell … to whom?’, which was often problematic to
the substantial downside then, particularly for Nasdaq / Over-the-counter’
issues which is far less problematic today with computer efficiency undreamed
of then (though also now used for nefarious fraudulent purposes undreamed of
then)[ I began my MBA thesis with him and completed same owing to his vacation
in the summer, 1977, with the great, eloquent, and astute Economist /
Professor, Dr. Robert Kavesh (‘Economic Forecasting’ Butler and Kavesh – I had
his course of the same name as his book) since I was beginning law school
evenings that fall. ] ( Interestingly, in the bond analysis portion of the
course I asked whether you can and should rely on the rating companies, predominantly
S&P. He paused, and said ‘that’s a good question’ – it was also the only
time he said such of my questions – then responded affirmatively, ‘yes, you can
rely on them’ (different time, different place – I’m sure his answer would have
been substantially different today). The frauds on wall
street et als should be criminally prosecuted, jailed, fined, and disgorgement
imposed! So what’s changed of significance (other than the
full moon and consequent effects on the lunatic wall street frauds Train
Reading: The Stock Market Is Insane The Wall Street Journal
GE
‘all in’ on aviation deal with China Challenge of China: Put technology on the
table —
and keep some U.S. jobs — or miss the huge market. (Washington Post) [ ‘Lotta weighin’ goin’ on! Riiiiight! Don’t make me laugh! Is
China Bad For The US Job Market? at Forbes [ Duh! Ya think. Come on!
Even rhetorically there’s no real question here. There’s no upside
nor room for discussion on this point. Even when thinking they’re buying
american, ie., apple, etc., they’re buying
Chinese, Korean, Japanese, etc. (components); and yet, american tech is still
absolutely horrendous. And, let me add that the communist Chinese are far from
brilliant; one need only witness that Chinese leader standing with ‘lobotomy joe
biden’ assuring all they’ll be no
default … double duh! … as
pervasively corrupt, defacto bankrupt america’s printing
those evermore worthless dollars at warp speed. What dopes they are! Yes, like
the bureaucratic plutocracy americans the communist Chinese whose success is
measured in capitalistic terms are getting dumber and dumber like ‘their
american fiances’. ] Has China single handedly destroyed the U.S. job market? [Not china, but
rather those geniuses at the cia, nsa, corporate execs, the bushes/poppy-san
the former communist Chinese ambassador and that strategic ‘engagement’ thing. Wake up … smell the b***s***, not
roses! ]
Rep.
Waters to tea party: ‘Go straight to hell’ (Washington Post) [
Drudgereport: SANTORUM:
'maxine waters is vile' [ she’s worse than that, and a total embarassment for
america and california particularly! ] ...
Maxine
Waters: 'The tea party can go straight to hell'...
Tea
Party fires back...
MORGAN
FREEMAN TELLS OBAMA TO 'GET PISSED OFF' [ sounds like a plan … ****** to ******
… the ****** plan! ] ...
Obama
Economists Admit: 'Stimulus' Cost $278,000 per Job...
Philadelphia
extends curfew after flash mobs [ new u.s. Christmas carol – ‘america’s
beginning to look a lot like sub-saharan africa, everywhere you go’ . They are
beasts of burden at most who are a burden to most at best … you’ll never change them … Think about all
those costly ‘make-work’ jobs that serve no real economic purpose; ie.,
federal, state, local, uspostal service, etc.. And, they can’t even do those
jobs reliably, efficiently, effectively which is a drag on civilized society! ]
...
Details
of Obama’s jobs plan emerge President is thinking about proposing tax cuts
for companies that hire workers, new spending for roads and construction, and
other measures that target the long-term unemployed, administration officials
say. (Washington Post) [ Oh come on!
Too little, too late for ‘wobama the b’ (for b***s***), the eternal
campaign(er) … he’s got a ‘good rap’ … that rapper ‘wobama the b’ (for
b***s***). Really! He’s a total
embarrassment out there on the campaign trail; and just as much an
embarrassment for those who turn out to see him … maybe he’s somewhat of an
allure as in a freak show. He’s a total joke! To be finally talking jobs and
things just before the election having broken previous campaign promises in his
failed role as ‘bush failure 3’. Even his pension is undeserved so much a fraud
is he! Black
caucus: Tired of making excuses for Obama [ They are not alone! ] Washington
Examiner | A key member of
the Congressional Black Caucus says they don’t pressure President Obama because
he is loved by black voters. Obama ‘Takes More Vacations Than Any Human Being I’ve
Ever Seen’ Fox News | “Here we have a country that really is going
to hell in a handbasket.” Bus Tour Bust: Obama’s Approval Plummets Back Into 30s,
Says Gallup CNS News | Obama’s politically charged but taxpayer
funded bus tour through the Midwest turned into a bust yesterday. Disapproval of Congress Hits All Time High of 84% Paul
Joseph Watson | Americans are more upset with political leadership than ever
before.
Drudgereport: BLACK CAUCUS ON OBAMA: 'WE'RE GETTING TIRED' [ Not as
tired of wobama’s b***s*** / excuses as the ‘White Caucus’ and any other Caucus
– but, don’t be taken in by their b***s***; they’ll ‘back the black’ every
time, regardless! ]New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Even
that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
European
bank continues bond-buying It has become the region’s “last resort”
investor as it tries to keep a lid on the rates paid by Italy, Spain. (Washington Post) [ Nothing succeeds quite
like failure in the ‘new west’. From people-killing, nation-bankrupting,
nation-destroying perma wars to QE’s to gimmicks to ‘warp speed’ currency
printing presses, the lock-step rush for the abyss like lemmings they’ve
become. Never mind that across the board, such as the aforementioned has
actually exacerbated the crisis / problems they were supposedly meant to solve.
This truly has become a ubiquitous scenario of the blind leading the blind;
with the blindest of all, viz., pervasively corrupt – defacto bankrupt america,
leading the charge (no pun intended – though their credit bears mentioning - 8
More Reasons Why You Should Be Deeply Concerned That The U.S. Government Has
Lost Its AAA Credit Rating The Economic Collapse ‘…
#8 The U.S.
national debt continues to get worse by the day. Just check out
what economics
professor Laurence J. Kotlikoff recently told NPR….“If you add up
all the promises that have been made for spending obligations, including defense
expenditures, and you subtract all the taxes that we expect to collect, the
difference is $211 trillion. That’s the fiscal gap” ..’ Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is
building momentum to the downside’). ! Italy
unveils plan to calm fears of escalating crisis (WP) [ Yeah, dem piigs were back in the news. ’ Dem PIIGS still got problems. Europe’s
debt crisis threatens Italy (WP) [ Yeah, dem’ darn PIIGS. Reminds me of that joke (I won’t repeat it
here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not Greece’ ( but greecy
Italy Italians voice concern over Italian debt crisis scenario [ Whew! Close
call! There you go. Nothing to worry about now that wobama’s got a boehner … so
not to be so hard on them; if pelosi says it, it must be true … Not!
…Pervasively corrupt, defacto bankrupt america, they, she look pretty greecey
to me. After all, if the same’s wobama’s ‘far-reaching plan on debt’, we all
know ‘wobama the b’ (for b***s***) is total b***s*** which means like Greecey
PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion,
PIMCO's Bill Gross estimates the unreported debt to be $75 trillion, while
other estimates exceed $100 trillion (these amounts are insurmountable) …’ ]
As
investors panic, CEOs vote with their wallets for local companies August
has seen a historic uptick in the number of corporate insiders buying shares of
their companies. (Washington Post) [ I’m now sorry I didn’t save the article
that spoke to this recent phenomena as being contraindicated and not a good
sign but rather merely a function of some recent fine print in new compensation
plans constrained by current and expected poor financial / economic results.
Indeed, of greater import is as pointed out by Navin just months ago: Stock
Market: 4 Current Warning Signs
Navin ‘…1) The
5-year high in the level of insider corporate stock sales is telling. At 565
sells for every 1 buy, it’s never been higher. Yes,
it’s normal for insiders to be selling some of their stocks so they can buy new
yachts and some of this is pre-planned. But that ratio — which has spiked
recently — is extraordinarily high, one might even say off-the-chart‘ The frauds on wall street
et als should be criminally prosecuted, jailed, fined, and disgorgement imposed! Train
Reading: The Stock Market Is Insane The Wall Street Journal , Accounting
Gimmics Resurface as Growth Flounders at TheStreet ‘Rebekah
Smith, director of financial advisory services at
accounting and consulting firm GBQ consulting, says accounting tricks and
schemes are likely to start unraveling as we head into 2012 and the lag effect
catches up. "The typical accounting fraud goes on for about 18 to 26
months before it is uncovered. The frauds that took place in 2009 are not going
to surface until later in 2011 or into 2012." ‘ , Morgan
Stanley Biggest Welfare Recipient as Federal Reserve Lent Banks $1.2 Trillion
During Financial Crisis Wall St. Cheat Sheet , Minyanville's
T3 Daily Recap: Market Gives Back Weekend Gains Amid US Bank Woes at
Minyanville’ , Social
Security disability on verge of insolvency , 8-19-11 Welcome
To The New Bear Market For Stocks
Forbes / Suttmeier
, Dow/Gold
Ratio Lowest Since 1987 Crash Forbes /
Adrian Ash , Ignore
Buffett's Advice, Don't Buy Stocks Forbes / Dohmen , The
"Crimes" That Wrecked The Markets Forbes / Lenzner , Tech
Leading Market Lower The Wall Street Journal , Banks
closed in Fla, Ga, Ill; 2011 total is 68 , No
Recession Coming ... It's Already Here Previous:8-18-11 Stocks rally off lows to suck
suckers in and keep suckers sucked in on bad news (Jobless
Claims, Inflation Rise More Than Expected CNBC) , fraud ( SEC destroyed documents, senator says Crimes
Wrecked The Markets ),
and b***s*** alone! MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows
Barrons.com, WHY NEW
LOWS ARE LIKELY 8-18-11 Maierhofer, Is
It 2008 Again? Looking at the Summer Crash of 2011 Gayed ‘A
real bear market
has begun …’ ,
Abandon Ship?[The USS Titanic] Yes,
Because of These 5 Bearish Icebergs ... McGill , There's
A Recession Coming According To The Data at Forbes , HP, Dell
hammered as tech-spending outlook darkens JDSU, NetApp, disappointing figures, shares hit hard in
after-hours trade
Dell braces investors for a bumpy road Dell makes a case on
why it can better weather an upcoming storm
, S&P
says sell Google's shares after Motorola deal , STOCKS
FALL AFTER FLOOD OF BAD NEWS: Here's What You Need To Know Joe Weisenthal , Stocks
Slip On Concern Over Europe's Debt, U.S. Data , Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon Take
A Lesson From 2007 And Sell Stocks Now at Forbes, [video]
Trader: We Could Test 1120 Lows at TheStreet.com In
a Downtrend, Sell a Rally (Daily FX) Latest:
Economist Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence
Oil
prices and Gaddafi’s potential fall? Any new Libyan government will need
crude revenues, but analysts warn against premature optimism. (Washington Post)
[ Premature optimism? How ‘bout total unreality owing to the over-printed, ever
more worthless so-called reserve currency, viz., the ‘dollar’. The ‘dow / gold’
ratio is illustrative of this reality-based problem which extends as well to
those heavily commissioned / traded paper shares. A
Decade of Decline in Equity Markets Faisal Humayun [ This is a must read
and explains how the market’s been artificially propped, the dow relative to
hard assets, ie., gold (dow/gold ratio), has actually crashed 78%, and
comparable prospects for the next decade, etc.. ‘…The Dow Jones Index was
trading at 11,357 levels at the beginning of the year 2000. More than a decade
later (as of beginning July 2011), the index is at 12582 (8-22-11/now 10885).
Therefore, the index has gained 11% (8-22-11/now lost 10+%) in the last ten
years…’ Yet, the inflationary dollar (declining) debasement rate was 31%.
(-31%) {See the inflation calculator infra – and that’s just the government
(inflation) numbers … reality is much worse!} Meanwhile, the frauds on wall
street are churnin’ and earnin’ like never before at lightning computerized
speeds enabling the high-frequency trades that are commissioned in
unprecedented large volumes; a big net negative in real economic terms.] Just
another gimmick / diversion / obfuscation: The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! Train
Reading: The Stock Market Is Insane The Wall Street Journal , Accounting
Gimmics Resurface as Growth Flounders at TheStreet ‘Rebekah
Smith, director of financial advisory services at
accounting and consulting firm GBQ consulting, says accounting tricks and
schemes are likely to start unraveling as we head into 2012 and the lag effect
catches up. "The typical accounting fraud goes on for about 18 to 26
months before it is uncovered. The frauds that took place in 2009 are not going
to surface until later in 2011 or into 2012." ‘ , Morgan
Stanley Biggest Welfare Recipient as Federal Reserve Lent Banks $1.2 Trillion
During Financial Crisis Wall St. Cheat Sheet , Minyanville's
T3 Daily Recap: Market Gives Back Weekend Gains Amid US Bank Woes at
Minyanville’ , Social
Security disability on verge of insolvency While
Washington Fiddled The Economy Burned at Forbes http://www.albertpeia.com/inflationcalculator.htm http://www.albertpeia.com/wobamavoters.gif
Ahamed:
What is the market really telling us? (Washington Post) [ Whatever it is, it ain’t good! Indeed, ‘the market’ in terms of
communicating anything must fall within the ambit of the term ‘brain-damaged’ at best, insane at
worst, with all the concomitant disabilities attendant thereto, including a
penchant for criminal, fraudulent activities to obfuscate in self-interested
fashion the damage attendant to their criminally insane, brain-damaged
condition for their own gain to almost everyone else’s detriment. ‘THE STOCK MARKET HAS LOST ITS MIND — Bethany McLean in Slate Risk On! Do
the Fed, computer trading, and a few hedge funds rule the market? That might
explain why it's lost its mind. After the madness of last week and the
rollercoaster at the beginning of this week, the stock market recovered from
its Aug. 10 rout to bounce 423 points on Aug. 11. It was the fourth day in a
row in which the index moved by more than 400 points, which has never happened
before in history. As I write this, stock prices are leveling off, but the big
swings may not be over. Has the market gone mad? Actually, yes....’
Dow
jumps 4 percent as markets rebound A volatile day on Wall Street ends with
a last-minute rally that pared some of Monday’s historic losses and shrugged
off an uncertain outlook from the Fed.
(Washington Post) [ ‘Shrugged off’? So that’s what those lightning fast
computer manipulated buy programs are for. Who woulda’ thunk it? After all,
it’s not as if ‘Atlas Shrugged’ in this decimated, collapsing economy of this
pervasively corrupt, defacto bankrupt american nation / economy. Oh pshaw …
that was just fiction; ask former ‘objectivist’ Ayn Rand afficionado ‘senile
alan greenspun’ who recommends gettin’ those Weimar dollar printing presses
rollin’ at warp speed which has in large part helped to get the nation rollin’
to this forlorn point. Well, ‘senile alan greenspun’ can always say he was
really meant to be that ‘cobol programmer’ that he was and was meant to
be. The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! What changed from yesterday
which warranted a more than 600 point plunge with paper stocks still
over-valued and a 545 bounce off of afternoon lows? Nothing! Absolutely
nothing, yet a manipulated computer-programmed churn-and-earn suckers’ rally
based on fraud and b***s*** alone to keep suckers suckered, which makes for an
especially great opportunity to sell / take profits since there’s much, much
worse to come! Famed economist predicts economic calamity in 2012. See the
evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com)
AAII
Sentiment Survey: Investors Remain Averse to Stocks Wall St. Cheat
Sheet
Not all
insider buying is created equal — Reformed Broker
Is there
enough money to save the world’s banks? — Jonathan Weil at Bloomberg
Warren Buffett
is issuing bonds and buying stocks — Fortune
US births
declined in 2010 — Calculated Risk
Efficient
markets in action — Paul Krugman
Consumers now
need Treasury approval on all purchases over $50 — The Onion
Report:
Mutual Fund Outflows In July Most Since End Of 2008 at
Barrons.com
Is
debt downgrade an alarm bell for U.S.? (Washington Post) [ Do bears s*** in the woods? Is the Pope
Catholic? Is this question some kind of a joke? I mean, duh! Ya think? I mean,
if it isn’t, what could be? After all, this was long in the making and the
pressures applied to preclude this long overdue downgrade were substantial.
Yet, this mild slap on the wrist was at once, charitable and a gift inasmuch as
reality warrants far worse. 8 More Reasons Why You Should Be Deeply Concerned That
The U.S. Government Has Lost Its AAA Credit Rating The Economic
Collapse ‘… #8 The U.S. national debt continues to get worse
by the day. Just check out what economics
professor Laurence J. Kotlikoff recently told NPR….“If you add up
all the promises that have been made for spending obligations, including
defense expenditures, and you subtract all the taxes that we expect to collect,
the difference is $211 trillion. That’s the fiscal gap” ..’
Previous: Is this some parallel universe where
unfounded criticism is levied at S&P for the downgrade when they’ve
actually cut the pervasively corrupt, defacto bankrupt disunited states a break
by not rating what america truly is; viz., junk status for the paper /
liabilities / obligations that cannot and will not be paid (or the equivalent
vis-à-vis what would be in worse than evermore worthless Weimar dollars or some
other ‘ponzi-like’ subterfuge, obfuscation). The amounts are insurmountable
going forward. They point to Moody’s and Fitch; yet, let’s not kid ourselves,
S&P is the ‘800 pound gorilla’ in this world among rating agencies and
moody’s, fitch have substantially diminished themselves as entities consistent
with their ‘mission and purpose’ and as well, their credibility. I mean, come
on! Consider the pressure that was and continues to be applied. Moody’s and
fitch, quite frankly, folded. China’s rating agency has already downgraded u.s.
paper and they’re ‘holding’ (huge amounts of that u.s. junk); and hence,
against their own interest. Wake up!
Stock
markets rally on jobs report In
fourth day of wild swings, markets surge amid mixed signals about direction of
U.S. economy. (Washington Post) [ The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! This an especially great
opportunity to sell / take profits, particularly if you missed Tuesday or May,
since there’s much, much worse to come! Thursday, Aug.11, 2011: what
changed from yesterday which warranted a more than 500 point plunge with paper
stocks still over-valued? Well, some bad news labeled as better than expected
1) 7,000 fewer jobless claims than expected (just a little over 1% better even
if you believe them – I don’t) 2) Cisco shows results ‘better than expected’ 3)
Record monthly trade deficit [ What
Recovery? Forbes ‘we can’t call this a recovery. There’s
no reason to celebrate when a job report was better than expected. Why? Because
the expectation was abysmal to begin with.’ ‘Cisco Systems Inc’s quarterly results edged past Wall Street’s scaled-back
expectations ...“They beat a low bar. A lot of it is coming from cost
cutting, which we anticipated. In that sense it’s a relief,” Joanna Makris of
Mizuho Securities USA told Reuters. ‘Cisco, which depends on government
spending for about a fifth of its revenue, said in July it would cut 15 percent of its workforce and sell
a set-top box factory in Mexico.. Cisco bulls may underestimate tough road
ahead Randewich.’ ]
World
Bank warns against future economic hardship Press TV |
Zoellick pointed out that the world is now involved in redesigning the
international financial system.
The
World’s Money Is Draining Away … Where’s It Going? Washington’s Blog | All
of the monetary and economic policy of the last 3 years has helped the
wealthiest and penalized everyone else.
Both
Consumer Confidence And The Labor Participation Rate Are At A 30 Year Low …
That’s Not A Coincidence Washington’s Blog | A new poll from Thomson
Reuters and University of Michigan shows that consumer confidence is the lowest
its been for 30 years.
Legendary
Investor Jeremy Grantham: America is a Banana Republic Washington’s
Blog | Just different bananas perhaps? [ Of course this is absolutely
true! And not just from the meaningfully lawless perspective – I had made such a
statement on the record in a LA Superior Court Appellate Dept. proceeding in
which said court literally ignored the law (the same is true of the costly,
plushly accoutered lifetime appointee federal courts) which corrupt courts
should indeed be abolished in these difficult economic / budgetary times.
Additionally, from pervasive corruption, to debased over-printed currency, to
gunboat diplomacy, to total incompetence, etc., america is indeed a banana
republic at most.]
Poll: Obama
Approval Hits Lowest Ever Rasmussen | Only 19% of the
nation’s voters Strongly Approve of Obama’s performance as president.
GALLUP:
Americans satisfied with ‘the way things are going’ — 11%! Gallup
| Americans’ satisfaction with the way things are going in the United States
has fallen back to 11%.
Obama’s ratings sink to new
lows - Public
pessimism about the direction of the country has jumped to its highest level in
nearly three years, erasing the sense of hope that followed President Obama’s
inauguration and pushing his approv...
CIA, MI6
and Mossad: Together against Syria RT | The West is doing its best to destabilize the
situation in Syria.
Russia
Warns US, Israel against Attack on Iran Fars News Agency | Russian Foreign
Minister Sergei Lavrov warned the US and Israel against an attack on Iran,
cautioning that such a move would mean “a very serious mistake”.
Repeal
of sodomy, bestiality ban sparks fight on Defense bill The Hill | New Defense Authorization Bill repeals a ban on
sodomy and bestiality [ This country is so f***ed up! The decline and fall!
America mother of hoods and apple new york (n.j. metro) fraudulent pie!
Bestiality? What’s next? Legalized pedophilia? Ask p.s. football’s ‘frolicking
manchild’ sandusky! ]
NEW HEADLINES
Israel detains Hamas head of Palestinian parliament
Chimp from 1930s US 'Tarzan' films dead at 80 [ Chimpout!
Blacks in mourning! ] Cheetah, a chimpanzee said to have performed in the
"Tarzan" films of the 1930s, has died at the age of 80, according to
the Florida sanctuary where he lived. Did Cheetah from 1930s Tarzan flicks die? A Florida animal
sanctuary says Cheetah, the chimpanzee sidekick in the Tarzan movies of the
early 1930s, has died at 80. But other accounts call that claim into question.
Pakistan's military rejects Pentagon findings, denies coup plot MiamiHerald.com [Yeah … come on … who’d possibly be
foolish enough to believe the u.s. military or any other agency, entity of the
u.s., particularly concerning such a nefarious incident. Pervasively corrupt,
defacto bankrupt america doesn’t even own up to incidents concerning Americans
(ie., Pat Tillman, etc.).
Sneaker Mob Goes On Rampage: The Decline of Western
Civilization John Galt | When the collapse happens, your
neighborhood becomes a permanent Black Eye Friday.
They
Can't Wait, They (blacks) Break Into The Mall...
PappyHappy
How many used their EBT card??
The following is a MUST SEE for those who perceived
themselves as ‘LEADERS OF URBAN AREAS, AND FIXERS OF URBAN PROBLEMS’!
This is a video of Mayor Michael Nutter (Mayor of
Philadelphia) speaking at his Church in August 2011. The video is approximately
30 minutes long, but a tutorial that would be most beneficial to leaders, and
those wishing to make a positive change. Jump to MINUTE 9 for his salient
points.
Makes one wonder where other ‘self
professed urban leaders’ have been doesn’t it??
December 23, 2011 at 8:27
pm | Reply | Report comment
Mudholder
I knew we were headed towards ” Idiocracy
“, when in 1971 they started teaching “ebonics”. at
Lakewood high school.
December 23, 2011 at 10:02
pm | Reply | Report comment
rusty the right wing nut
yeah its were our tax money went statisticaly we paid
for some of them shoes bunch of apes they ussed their obama welfare foodstamp
and unemploymeny money and probly some money they sold crack for and probly
pimped a few ni$$a Bi%%%%S as well for cause dem shoes cause dey tight
December 23, 2011 at 10:37
pm
Michael
Christmas is the birthday of the Son of God.
Civilizied Christains worship God, love eachother and seek peace on earth.
Animals worship material material goods which will fill a landfill someday. I
pity the animals.
December 23, 2011 at 10:48
pm
DIVERSITY IS OUR STRENGTH!
Welcome to our http://www.NewNation.org
December 23, 2011 at 11:21
pm
Allan Sokyra
DIVERSITY IS NOT OUR STRENGTH!
UNITY IS. But that’s not somthing I expect the gimme, gimme, gimme diversity
crowd to understand.
December 24, 2011 at 3:22
am
JoeJones
Gimme some of dem Obamabucks man!
December 24, 2011 at 5:34
am
Hal McCombs
Hey “Diversity”? Do you
not know the English language?
How can ‘diversity’, the root
of which is “to divide”, bring us together?
Are all leftists as stupid as you? (Especially the
one calling himself “rusty” pretending to be a ‘right-wing’ redneck.)
December 24, 2011 at 5:53
am
Rita Ippolito
contrast this honest and strong Black leader with the
Race hustlers like Sharpton, Jackson.. WE NEED MORE LIKE HIM
December 23, 2011 at 11:13
pm | Reply | Report comment
Jomama
Obama supporters…what do you expect? Uncivilized
and immature. Good God, a pair of shoes and the chaos it causes? What about what
our leaders are doing to this country and not a care…God help
the USA!
December 23, 2011 at 11:34
pm | Reply | Report comment
LA Doc
Man, you ain’t kidding. Freeloading, thieving,
ghetto-rats. All of them. Just like the animals in the WH and Congress.
December 23, 2011 at 11:46
pm
bullrider
I haven’t spent a fraction of what those
shoes cost for any I’ve bought EVER. Of course, I’m a
systems analyst and have to pay every frigging dime of the cost for food,
housing, clothing, medical care etc. for myself and my family, and pay huge
taxes on my $60K income so others CAN afford to buy those UGLY f-ing shoes.
December 24, 2011 at 12:39
am
Rob Frey
Wow I am appalled at the state of society and just as
appalled at the racial tones thrown around in the comments. When i read this i
didn’t even equate this to black or white. Although reading more
about this most of this was people of color. Don’t get me
wrong i am no liberal i just don’t see skin color as a judgement
before character. This season there has been a far greater number of stories of
blacks in shopping incidents. I am sure the we will do a 10 million dollar
study funded by the government. My thought is the social issues are escalating
due to the not phasing out of Affirmative action. It had a purpose initially
but now there is a segment of society dependent on it along with providing a
nanny state. It’s creating a racial divide and an attitude of oh i deserve
this it’s taken generations. We now have a nanny state, which is by
design to buy votes not to help long term by making us equal in anyway. We have
now a group that is dependent and believes they are less than so they need
this. This didn’t create equality, it created a monster and now we have a
president who is using the divide it has cause as a weapon against whites. The
facts are well know there is no evidence that supports this Affirmative action
as a long term thing had help our society. We all have to stand on our own
sooner or later. Please don’t read into this that i believe
all blacks are in this whirlpool hell no. It’s very
much becoming a Hispanic issue also, they can sneak into the US and get a free
ride on many services. What the hell, i have been brought up if i can’t afford i
don’t get it, including times where my cupboard was bare. I don’t go to
the state, don’t have kids if you can’t afford them, don’t have sex
if you can’t afford protection. Yet we provide food and shelter for
people who do nothing for other peoples money distributed by the Government and
stolen from the tax payer. We are at a tipping point the number of people on
assistance is close to the amount not when that happens we have no chance of
turning it around. This mess filled a need and works fine short term, long term
dependence take incentive and personal drive away and creates a restless
society that is given just enough to get buy and no satisfaction of
achievement. This is a colorless problem of entitlements and Affirmative
action. Now we are at a point if we change it there is going to be racial and
class warfare. Thanks libs, thanks obama for the mastering us of the race card.
Sorry about the rant.
December 23, 2011 at 11:45
pm | Reply | Report comment
rusty the right wing nut
liberal Pu$$Y probly voted for HObama
December 23, 2011 at 11:47
pm
Annie
Dont insult the intelligence of smart blacks or
caucasions . Affirmative action is a symptom not a cause. This is the face of
ghetto culture and this primative behavior exists in every african nation on
earth. Stop with the excuses. Every culture has been enslaved and “oppressed”. The mark
of a people is how you pick yourself up, rise above and organize your social
behavior.This continued infantalization of African American cultures doesn’t do
anyone any favors. What exactly is it doing for you? Cui bono?
December 24, 2011 at 12:17
am
bullrider
I’m not a person of color. I must be
transparent like window glass.
December 24, 2011 at 12:41
am
Andrew
Gee aren’t you so swell…you are
just a such a peach to be so above seeing the politically incorrect but oh so
obvious truth. The obvious fact being that 99.5% of urban blacks give the
remaining half percent a bad rap. Pull your head out…it ain’t racist
if (and it is) the truth. These ‘people’ are an
embarrassment to any thinking individual, they are uncivil and are effectively
acting as the water in the fuel tank of this once great nation, and you are not
helping by denying it. I know you would not hold back if it was a bunch of
white trash doing the same.
December 24, 2011 at 12:52
am
Chris
A “gift” tree?
Does this mean the Menorah is now a gift candle stick?
December 24, 2011 at 12:48
am | Reply | Report comment
Jessie
This is a black leader NOT Jackson , Sharpton and
othe rcriminals. The black community needs to get a grip on the hip hop culture
of thugs and do it fast .
Democrat entitlement programs have ruined the black community over the last 3
decades . This is what you wind up with
December 24, 2011 at 1:06
am | Reply | Report comment
GW
Meanwhile across town, the Reverand Al Sharpton held
an Occupy Nike event, at which he decried the Nike corp of exploiting the inner
city by creating the shoe in the first place “this is
obviously a scheme to take from the poor and give to the 1%” “Nike
should be ashamed at the way it has made these honor roll students behave”. The
crowd supporters behind him chanted “Jordon! Fordon” as the
Reverand went on to ask: “why didn’t Nike
just give the shoes away to anyone that wanted them? This is an outrage”. Senetor
Maxinne Waters promised a full congressional hearing, and the president
remarked that the police acted “stupidly.
December 24, 2011 at 4:43
am | Reply | Report comment
hooky
Well, throw a pair of Air Jordans in front of a group
of blacks is like throwing raw meat in the lion’s den.
What would one expect? Get real!
December 23, 2011 at 8:28
pm | Reply | Report comment
RC
Your confused with food stamps…
December 23, 2011 at 10:39
pm | Reply | Report comment
rusty the right wing nut
what-
im confused f u f a g
December 23, 2011 at 10:46
pm
rusty the right wing nut
no they sell the card or buy food and sell it at a
cheaper price cause black chicks tend to have a $hit ton of kids so they have a
lot they but theyre broke lazy a$$ boyfriend these so after he impregnates her
he can run away faster. Stupid A$$
December 23, 2011 at 10:49
pm
Boston Patriot
@RC: The proper grammatical construction is “you’re” for you
are. Thanks
December 23, 2011 at 11:25
pm
Rick O'Shea
I thought I saw Moochelle back in the crowd.
December 23, 2011 at 8:35
pm | Reply | Report comment
Midge Martin
“Good people do not need laws to tell them to act
responsibly, while bad people will find a way around the laws.”
- Plato
December 23, 2011 at 8:41
pm | Reply | Report comment
I P Standing
rituals of primitive cultures
December 23, 2011 at 8:42
pm | Reply | Report comment
Bahb
Tell me, please, what in the hell is a “gift tree”?
Christmas is 2 days away. Call it what it is – a
CHRISTMAS TREE! And for those who think that we should be saying “Happy Holidays” instead
of “Merry Christmas”, ‘holiday’ is just a
shortened version of “holy day”. Stick that in your pipe and
smoke it!
December 23, 2011 at 8:43
pm | Reply | Report comment
rachel
AMEN!
December 23, 2011 at 9:26
pm | Reply | Report comment
Clearhead
You told it like it is Bahbbi boy. We’re proud,
proud, proud of you !! Furthermore — PRAISE GOD FROM WHOM ALL
BLESSINGS FLOW !!!
December 23, 2011 at 9:52
pm | Reply | Report comment
Tyrone
We be celebrates da Kwanza, not da white man
holidays. Kwanza be for da chosen peoples.
December 23, 2011 at 10:11
pm | Reply | Report comment
bullrider
I thought that for Kwanzaa the gifts were more along
the lines of candles, baskets, nuts, fruit, and crafts – not
overpriced, UGLY shoes.
December 24, 2011 at 12:43
am
Hal McCombs
So a Kwanza tree is made of Air Jordans? Figures.
December 24, 2011 at 5:58
am
YepYep
This is really sad. We should pass a law that black
people are not allowed in stores during normal business hours for the sake of
safety. What a bunch of animals..
December 23, 2011 at 8:45
pm | Reply | Report comment
Sisao Tresed
Don’t forget these same people have
special Christmas Shopping coats for that extra discount.
December 23, 2011 at 10:22
pm | Reply | Report comment
I was taught as a youth to respect all people
regardless of their color. I try to understand why these b-la-c-k-s act so
hostile and seem to be easily provoked. Am I missing something?
December 23, 2011 at 8:48
pm | Reply | Report comment
lvh
No not you..Not me. I feel as you do.
This is BIG GOV at work.
December 23, 2011 at 9:11
pm | Reply | Report comment
Dave
Yep.
December 23, 2011 at 9:29
pm | Reply | Report comment
Marilyn
It has nothing to do with the color of their skin.
This is what liberalism has done to the urban areas. They tell a group of
people that they are not capable of providing for their families and that
everyone else owes them, and they promise that the government will take care of
them. Thus the people barely get by, have too much idle time on their hands,
they are unhappy, want the same things as most families but they are dependent
on the government, and they have been told their WHOLE LIFE that they are not
capable of anything more, and the cycle continues. What liberalism has done to
human beings breaks my heart.
December 23, 2011 at 9:58
pm | Reply | Report comment
SAJ
Marilyn,
You have provided an excellent succinct explaination for this type of behavior.
However, you have left out the fact that people’s sinful
desires push them toward these actions. Because the people of whom we speak
have too frequently not faced the consequences of their actions. they are often
all too willing to act in very unlawful ways.
December 23, 2011 at 10:34
pm
bullrider
Liberalism and the Democrats have destroyed the black
family structure and turned them into a taxpayer-subsidized crop of Dem voters.
In 1940 – back before all the civil rights and welfare stuff began – 80% of
black children were born into married, two parent families. What is that figure
nowadays? 10% maybe? It is sure a small fraction of what it used to be.
December 24, 2011 at 12:45
am
Jessie
This is a black leader NOT Jackson , Sharpton and
othe rcriminals. The black community needs to get a grip on the hip hop culture
of thugs and do it fast .
Democrat entitlement programs have ruined the black community over the last 3
decades . This is what you wind up with
Spot on reply. Liberal policies have ruined the black community over 3 decades.
December 24, 2011 at 1:08
am
Eric
http://stuffblackpeopledontlike.blogspot.com/2011/12/not-exactly-christmas-shoes-black.html
This doesn’t happen with white people at Apple
stores trying to buy the latest iPod.
December 23, 2011 at 8:49
pm | Reply | Report comment
Major Bananorama
To reduce widespread chimpage, store management
should have had a large stock of shiney washers, baubles and mango’s to throw
out into the pack to keep them amused.
December 23, 2011 at 8:49
pm | Reply | Report comment
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Derrick
I’m black.
I am absolutely disgraced by this.
No wonder white people think we are animals.
December 23, 2011 at 8:55
pm | Reply | Report comment
rachel
Black people are their own worst enemy.
December 23, 2011 at 9:30
pm | Reply | Report comment
kari ju
Derrick we just need to do a lot of work on people’s hearts.
we have let cheap politics fill the void where moral teaching should be. We
have left all our poorest to the mercies of government and amoral “leaders.” bad move,
that.
December 23, 2011 at 9:40
pm | Reply | Report comment
Clearhead
White people don’t think you’re
animals, Derrick. All colors of people act like animals sometimes. The ones
that ACT like animals are the ones all people should think of as animals.
(Apologies to most animals).
December 23, 2011 at 9:57
pm | Reply | Report comment
Darrel
I think 60-70 percent of blacks ARE violent nasty
rabid animals. 30-40 percent are human beings and decent. Facts are facts.
December 23, 2011 at 10:13
pm
tward
Derrick: Whites and Blacks have Jesus in common. If
both would live up to His standard of loving our neighbors there would be no
fights, thefts and no hate. Merry Christmas from a Southern Hillbilly White
Boy.
December 23, 2011 at 10:00
pm | Reply | Report comment
rusty the right wing nut
cause u are
December 23, 2011 at 10:39
pm | Reply | Report comment
Jack
Were these the “greedy” 1%? No? I
guess “greed” isn’t just a rich thing.
December 23, 2011 at 8:56
pm | Reply | Report comment
NightRider
What do you expect from sub-human animals? The
Negroid race has always been and will always be ‘a joke’ and a
waste. As a group they cause nothing but continued problems…it has
always been this way (read their history) and they always will.
December 23, 2011 at 8:57
pm | Reply | Report comment
Marilyn
You are a ‘joke’ and a
waste of time.
December 23, 2011 at 10:00
pm | Reply | Report comment
JimRocky
Actually he is right Marilyn. You just have eyes that
refuse to see.
December 24, 2011 at 12:17
am
nwpurpletoo
Tell me again why there are more blacks in prison
than whites. I’m just sayin’.
December 23, 2011 at 8:59
pm | Reply | Report comment
Jim H
That’s easy. Blacks are hostile and
easily provoked because they feel entitled. Generation after generation teach
their kids how to manipulate the system and they are experts at it. Most of
them think that society owes them something and that it should provide for
them.
Come to think of it if I was black with an IQ like
some of those in these videos – I’d be
hostile too.
December 23, 2011 at 9:03
pm | Reply | Report comment
BigBoa
Just another chimp-out.
Check out chimpoutdotcom and see if this clip made
the cut!
Savage animals……
December 23, 2011 at 9:05
pm | Reply | Report comment
B Guyton
I thought they were running to vote for Obama.
December 23, 2011 at 9:06
pm | Reply | Report comment
Dave
Wait til you see what happens when he loses.
December 23, 2011 at 9:31
pm | Reply | Report comment
enguard
the cream of the black culture on glaring display….we’re already
paying reparations considering this level of depravity embedded in our society.
The parents (and there are some among the mob) must be proud.
chimping out as an Olympic sport?…oh wait…basketball
December 23, 2011 at 9:09
pm | Reply | Report comment
Jamex Anderson
I just saw Rise of From The planet of the Apes.
December 23, 2011 at 9:09
pm | Reply | Report comment
B. Guyton
O.K.people this will tell you everything you want to
know about this incident.
THIS IS THE REAL STORY, NOT WHITEY”S MADE UP
STUFF.
http://therealrevo.com/blog/?p=57506
December 23, 2011 at 9:11
pm | Reply | Report comment
Collector
At what point in society do we finally stop and admit
that a certain race of people are different from all other races. A certain
race of people are more violent and mean than others. When do we start
seperating this group from others for protection of society in general. When a
certain race costs everybody more because of their out of control lawlessness,
should we make them pay instead of penalizing everybody for the actions of a
few. Frankly, I’m tired of my taxes being higher to pay for more police,
more prisons, more courts and additional defense attorneys because 12% of the
population commits 70% of the crime. Food and clothing costs are higher because
of theft, insurance is higher because of carelessness, stealing, vandalizism,
drug use and virtually every other commodity and activity is more expensive
because one race fails to raise their kids and fails to teach their children to
follow and respect the law. It’s unfortunate and sad because
there are a few members of this race who do what’s right
but they are overshadowed by a large majority who act completely uncivilized.
We’ve been allowing this to go on long enough. Something must
be done and that doesn’t mean more free handouts or reparations. It’s time
they started paying for what they take, use, destroy and what they cost the
World.
December 23, 2011 at 9:11
pm | Reply | Report comment
Mustafa
If the Jordan’s fit,,,,,
When these idiots act like a bunch of thugs, it perpetuates the caricature of
the black population. Compare New Orleans after Katrina vs Japan after the
tsunami’s. Classless vs Class. It be what it be.
December 23, 2011 at 9:48
pm | Reply | Report comment
Bob3
CCW is a good place to start, they lack empathy and
impulse control, pain and misery is all the understand be prepared to deliver
it.
December 23, 2011 at 10:12
pm | Reply | Report comment
rusty the right wing nut
dont worry everyone knows it even blacks know we all
know it even diggers know it there is a race war coming i dont think its right
but its just the ways it is wP
December 23, 2011 at 10:43
pm | Reply | Report comment
John Frost
Darwin:” Blacks are not Human but wild
african animals……predator animals”
We are dealing with savage beasts….unleashed. Race war is coming I
feel it!
December 23, 2011 at 11:27
pm | Reply | Report comment
rusty the right wing nut
i love sickle cell lol
December 23, 2011 at 11:36
pm
rusty the right wing nut
White Power White Power
December 23, 2011 at 11:50
pm
Steve
What a bunch of disgusting savages…enough
said.
December 23, 2011 at 9:14
pm | Reply | Report comment
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rachel
Why am I not surprised? What a disgusting bunch of
useless thugs. I’m ashamed to call these people countrymen. I call them boils
on the backside of America.
December 23, 2011 at 9:25
pm | Reply | Report comment
One-Who-Will-Listen
People of any race are greedy, selfish, and prideful.
Why this happens in America, where we have all the resources we need to survive
and be well fed, I just don’t understand. What the h-ll is so
important about a pair of overpriced shoes? I don’t get it;
really, I don’t.
December 23, 2011 at 9:26
pm | Reply | Report comment
kari ju
testify. no way this is a unique black thing.
December 23, 2011 at 9:32
pm | Reply | Report comment
Black Thing
testify. this is a unique black thing.
December 23, 2011 at 10:17
pm
ton
Sorry, it is.
December 23, 2011 at 10:23
pm
Big Papi
Now imagine if there was a huge catastrophe that hit
a very widespread area and food and electricity, gas and cash could not be had.
You would have this scene times a thousand. Apparently this group of society
would cause continued chaos while others tried to manage. Best advice? Have
your own food stored, cash on hand, and not only posses firearms but be proficient
in their use. It will be a life and death situation that this group of society
will only make worse. If you arent scared, you arent living in reality. Get
over the “hater” taunts and racist shouts—if they’d do this
over fashion sneakers imagine what they’d do to you in a true crisis. The
Police cant protect us anymore. Be Prepared but also be armed, irregardless of
your political and 2nd amendment views. You will not survive believing that
good intentions will save us all.
December 23, 2011 at 9:34
pm | Reply | Report comment
rusty the right wing nut
well said arm the Fu”#$ UP dese
nig have gone nuts
December 23, 2011 at 10:55
pm | Reply | Report comment
Jon Baker
Okay, I’m just going to say it, I’ve never
been p.c. anyway. What is it about Negroes and sports shoes? I mean really,
somebody should study this. Stereotypes come from truth, the problem though is
when you say all. Now I know all blacks aren’t like
this , obviously any intelligent person knows that but too many are. And I bet
the deficit that if you called any of them on it that were involved in this
they would call you a racists, and blacks bold enough to speak out self haters.
As nasty and far gone as Chicago already is they better be on their knees
grateful for Richard M. Daley and Rahm Emanuel on duty now who chose to follow
the New York model Because It sure was heading towards being another Detroit.
Get out now while you still can.
December 23, 2011 at 9:35
pm | Reply | Report comment
kari ju
cmon guys – the racist stuff is degrading all
of us and it is offensive to Mayor Nutter and the good people in that church,
none of whom deserve to see that kind of thing in print. They are on our side
and they deserve our respect. The riot over shoes is just what you’d expect
anywhere that a leftist government panders to a dependent class, telling them
they’re entitled. Remember the London riots a few months ago?
This kind of thing happens the world over and it is not a black thing per se
December 23, 2011 at 9:36
pm | Reply | Report comment
B. Guyton
Watch the video above that provides a black man’s
prospective. It may help you understand why this is happening.
December 23, 2011 at 9:41
pm | Reply | Report comment
b. Guyton
Here is the video. It may help explain the problem
from a black man’s prospective. Racist……………maybe?
http://therealrevo.com/blog/?p=57506
December 23, 2011 at 9:47
pm | Reply | Report comment
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Jason, NYC
Animals, all of them, animals…
December 23, 2011 at 9:58
pm | Reply | Report comment
BubbaT
No, not all. But that’s what the
Government would like us to believe.
December 23, 2011 at 11:36
pm | Reply | Report comment
Obamanation
I’m suprised they didn’t just
steal the shoes. Redistribute the wealth to the lame and lazy parasites of
society. Leaches and slugs in $180 shoes.
December 23, 2011 at 10:08
pm | Reply | Report comment
Marilyn
Most of these comments are really horrible. This has
NOTHING to do with the race of the people involved. This is what happens with
50 years of liberalism. This is exactly what the democrat party wanted. A segment
of society that will ALWAYS vote for them. They have taken a group of people
and for generations have told them that the rest of society owes them. They
have told this group of people that they are NOT capable of taking care of
themselves or their families. They have been pushed through school while
learning NOTHING except what party to vote for. When a crime is committed they
are often not made to pay for the crime but are given exuses for the crime.
What did you democrat voters think would happen? That your stupid policies
would work, even though you look back and see 50 years of failure.
December 23, 2011 at 10:10
pm | Reply | Report comment
B. Guyton
From the cotton and rice plantations to the Democrat
plantation!!
December 23, 2011 at 10:16
pm | Reply | Report comment
Rita Ippolito
I’m a conservative, not a racist.
too many racists here for me but this comment from Guyton … hit the
mark…
Blacks will continue to be Democrats no matter what
as long as the Democrats promise entitlements and as long as the nuclear Black
family is in shambles.
December 23, 2011 at 11:18
pm
New York Nick
You got that right brah……. the dem
plantation of fools , where be my handouts!!
December 23, 2011 at 11:21
pm
Joe G
Nothing to do with the race of the people involved?
EVERY majority black city in the world is a crime and disease ridden slum. The
only logical conclusion is that race is a factor.
December 24, 2011 at 12:30
am | Reply | Report comment
Mike in Grasonville
Just another example of blacks being a blight on
society. Far too many of them live off the backs of others, see Section 8
housing, welfare, food stamps, etc. No other group, or should I say ethnic
group behaves like this. Check any school systems acheivement scores asnd you
will see that blascks are dead last. So, does this surprise anyone? Send them
back to Africa, if they’ll have them.
December 23, 2011 at 10:11
pm | Reply | Report comment
jewbag
blacks.
December 23, 2011 at 10:15
pm | Reply | Report comment
Hollywood Hick
When members of the black community see these
stories, what are they thinking? Is there any wonder the black community is
such a mess? They are the most pandered-to ethnic group on the planet and they
are a hopeless disaster.
December 23, 2011 at 10:16
pm | Reply | Report comment
B. Guyton
Hay!! You need nice shoes to walk around the Democrat
plantation.
December 23, 2011 at 10:22
pm | Reply | Report comment
Bob13
Oh and don’t forget the chocolate Jesus wants
to make these upstanding citizens your neighbors via sec8 housing and the best
part is he’s gonna use your “white” taxpayer
dollars to do it.
Imagine the joy of waking up one sunny morning to
find a house full of these hood rats living next door to you in your soon to be
formally pristine neighborhood, and of course and again the best part is that
you get to pay for it and the schools that their animalistic spawn will soon
ruin, ain’t life grand?
It’s time for weak feeble minded
white people to grow a pair and stop this garbage, if someone calls me a racist
I laugh, that tired old worn out phrase means nothing, these animals need to
clean up their own mess or to their extreme displeasure others will do it for
them.
December 23, 2011 at 10:27
pm | Reply | Report comment
RicardoCabeza
The Negros are their own worst enemy they just can’t help
themselves. For the most part they have no decency, no discipline and pure
gutter trash instinct. I don’t particularly blame them though
they have a weak constitution It’s what the welfare, government
cheese and hand outs does to them that is the shame here.
December 23, 2011 at 10:29
pm | Reply | Report comment
Larry Sinclair
Dang 1%’ers … cause we
know those 99% are so broke they can’t even afford food for the kids
and surly don’t have $180.00 laying around .. unless you sell your EBT
food for cash …..
December 23, 2011 at 10:34
pm | Reply | Report comment
Steve
If anyone is curious what a product of Socialism
looks like, this is it. The Democrat Party presents us with the great society!!
December 23, 2011 at 10:37
pm | Reply | Report comment
Obamas Stash
Black on Black crime .. what’s new?
Democrats started Jim Crow Laws,,, Democrats started the KKK, Democrats took
away blacks civil rights in 1875 but they cannot figure out why after voting
Democrrat 50 yrs they are still as bad off as they were ….
December 23, 2011 at 10:38
pm | Reply | Report comment
ramon
You are 100% right on target.
It amazes me how Blacks vote 85 to 95% Dumbocrat
every Presidential election. No matter if it’s Obama,
Kerry or any other Dumbocrat!
December 24, 2011 at 3:17
am | Reply | Report comment
Sisao Tresed
This whole mentality was spawned by big government,
but every intelligent man must think for himself and act as his own man or
woman. Long after this event has passed, the bitter taste of welfare, drugs,
booze and abortion on demand, and school systems that affirm lawlessness and
immorality in the schools will be alive and well in the black community. An
illiterate ebonics-speaking woman named “something-esha” is not
gonna be at the top of the resume’ pile. Sadly, so many good black
folks get painted with this brush, and it’s unfair. “Feral” blacks
understand what they are doing wrong, but they don’t care.
They have become uncivilized. Politicians like them because they 1) vote as a
single block, 2) are easy to fool, 3) they don’t learn
fast, 4)they just want “more stuff” which politicians love to throw
at them in speeches, and bellicose repartee; but no action. But again…see #2.
December 23, 2011 at 10:42
pm | Reply | Report comment
Bill Brennan
if the shoe fits…
December 23, 2011 at 10:43
pm | Reply | Report comment
Joe
Now that’s a funny line.
December 24, 2011 at 2:20
am | Reply | Report comment
I guess ignorance is a
virtue
People are getting hurt or injured bad because of a
pair of stinkin air jordan shoes, ill be damned if i will buy a pair of these
shoes that are prob made in China, Yes i said China!! What a bunch of a ..holes
…. Ok they have bought the shoes , 6 or 7 months later they
will be in the trash , how ignorant and stupid can ppl be ?
December 23, 2011 at 10:47
pm | Reply | Report comment
NowSwimBack
The Civil Rights Act was a great idea, wasn’t it? If
they’re not in your neighborhood, they will be soon. Enjoy ‘em.
December 23, 2011 at 10:50
pm | Reply | Report comment
REAL STUPIDITY
REALLY? 180.00 FOR STINKIN SHOES
December 23, 2011 at 10:51
pm | Reply | Report comment
brutesforce
Baby needs a new pair of shoes.
December 23, 2011 at 10:52
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rusty the right wing nut
PS F&CK U DEtroit and your pos Lions cause they
suck too!!!!!
WE need to bulldoze that big a$$ ghetto down look
Like a Fu%% bomb went off in that citty
December 23, 2011 at 10:57
pm | Reply | Report comment
Uncle Remus
Dang freakin’ kneegroes (sic)…… they
wouldn’t fight this hard for the last job on earth …unless it
was a bank job/heist…
December 23, 2011 at 11:18
pm | Reply | Report comment
Kim Bailey
“Wild savages must be caged and returned to Africa” Said a
Mall security guard
December 23, 2011 at 11:23
pm | Reply | Report comment
Richard Jones
Those “shoppers” all look
like obamas. Down here in Texas we don’t let obamas get away with that
kind of behavior.
December 23, 2011 at 11:46
pm | Reply | Report comment
james
We need to bring back segregation. Blacks are not fit
to live in a civilized society. It was obvious then, and it’s obvious
now.
December 23, 2011 at 11:52
pm | Reply | Report comment
retired
they just happen to be 99.9% black…. just a
frkkin coincidence…
December 23, 2011 at 11:55
pm | Reply | Report comment
Jim Burke
Wow………..
When I first saw the film footage I was away from the
monitor and couldn’t hear the audio. I thought it was footage of people
scrambling for an airplane food drop in Biafra.
December 24, 2011 at 12:08
am | Reply | Report comment
Jim Burke
Next year require a pay stub for purchase rights.
December 24, 2011 at 12:09
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ryan
Aren’t these people the 99%?
December 24, 2011 at 12:10
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Joe G
All blacks in North America need to be either shot or
deported. Like Baboons, blacks can’t help acting the way they do.
They’re born that way. I just don’t want
them roaming the streets in North America. Blacks have made every city in which
they are the majority unlivable for white families. White people would be much
better off without them.
December 24, 2011 at 12:12
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William Baranowski
‘gro footsies.
December 24, 2011 at 12:13
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Joe
These are the same people that will do everything in
their power to keep their leader in power. Are these the first of obozos brown
shirts?
TAKE BACK AMERICA 2012
December 24, 2011 at 12:20
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Liberal_Stupidity
When you got a radical leader that is the most negative
prez America has experienced it just give permission for eveyone like hime to
behave in the exact same way. I hope America is watching and uses thier vote
next year to cut the head off the snake in DC
December 24, 2011 at 12:21
am | Reply | Report comment
Joe Blow
Forget about color. These are democrats!
December 24, 2011 at 12:34
am | Reply | Report comment
Cigars Andscotch
Exactly what I had expected. The crimes were
committed by a bunch of white soccer moms…….oh, wait a minute
December 24, 2011 at 12:52
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Jerry Frey
PHILADELPHIA — Mayor Michael A. Nutter, telling
marauding black youths “you have damaged your own race,” imposed a
tougher curfew Monday in response to the latest “flash mob” — spontaneous
groups of teens who attack people at random on the streets of the city’s tourist
and fashionable shopping districts.
“Take those God-darn hoodies down, especially in the summer,” Mr.
Nutter, the city’s third black mayor, said in an angry lecture aimed at black
teens. “Pull your pants up and buy a belt ‘cause no
one wants to see your underwear or the crack of your butt.”
“If you walk into somebody’s office
with your hair uncombed and a pick in the back, and your shoes untied, and your
pants half down, tattoos up and down your arms and on your neck, and you wonder
why somebody won’t hire you? They don’t hire you ‘cause you
look like you’re crazy,” the mayor said. “You have
damaged your own race.”
http://napoleonlive.info/did-you-know/violence-2/
December 24, 2011 at 12:54
am | Reply | Report comment
White people are really
"Pink"
Funny how we have all forgotten the fights and brawls
that folks with “Pink” skin had over Tickle Me Elmo dolls and few years back at
Christmas time. Funny, I don’t recall any Black folks calling
them fighting “Pink” skinners names such as “animals”. Is name
calling and hate mongering inbred into the “Pink” race???
December 24, 2011 at 1:00
am | Reply | Report comment
Annie
“Pink” people, mostly women tend to pull out each others hairs
over bridal discounts like at Filenes annual bridal sale. “Pink” men and
soccer moms tend to scream, name call and sometimes just lose it- and society
comes down on them hard. Black thugs take out switch blades, stab, shoot and
kill others over a $100 pair of sneakers. Even African honey bees have a
propensity toward deadly swarming. Face it and act (or DONT act) accordingly.
December 24, 2011 at 1:31
am | Reply | Report comment
RicardoCabeza
The negro continually and always acts in an ignorant
manner it is the curse of the colored race the joyful embrace willful
ignorance.
December 24, 2011 at 4:34
am | Reply | Report comment
jon
I checked the facts, their were no shootings,
breaking into the stores or fighting with police over tickle me Elmo dolls.
There also are no people with pink skin.
December 24, 2011 at 5:19
am | Reply | Report comment
Todd P.
And EVERY SINGLE ONE of these simpletons VOTED FOR
OBAMA!! (if they voted at all) Time to set a time limit (# of years) on welfare
benefits. If you can’t make it by then, it’s time to beg for charity from a
relative, friend, or church………
December 24, 2011 at 1:34
am | Reply | Report comment
Chaco
The Japanese go through a Sunami and near nuclear
meltdown with less turmoil than these dopes fighting over some stupid ghetto
fashion statement.
December 24, 2011 at 1:46
am | Reply | Report comment
sonic
Bet most there were on welfare and WE paid for those
ugly sneakers. Ignorant slobs
December 24, 2011 at 1:52
am | Reply | Report comment
Billy Bob
Those shoes would look good on a 250 pound rapper.
December 24, 2011 at 1:59
am | Reply | Report comment
Pingback: Shoeblogging |
NavyOne
A Navy guy’s take: http://themellowjihadi.com/2011/12/24/shoeblogging/
December 24, 2011 at 2:16
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David Rutstein
Terrible, how we have to end Obama’s term and
end this free lunch. http://www.beyondquotes.com/marijuana.
You can see the result of illegal drugs and welfare.
December 24, 2011 at 2:22
am | Reply | Report comment
Fatima
Lord, save us from people who pepetuate negative
stereotypes. Tsk, just too bad people cannot get out of their own way and want
to blame others for their poor outcomes in life.
December 24, 2011 at 2:23
am | Reply | Report comment
jon
The people that perpetuate negative stereotypes are
blacks themselves. Go to Drudge Report and see that blacks have rioted over
these shoes in every major city where this sale has been offered. How many
example of the same behavior does it take for you to wake up and smell the java
beans?
December 24, 2011 at 5:16
am | Reply | Report comment
Panz
What happened to the Civil Rights leaders and
participants? If you look back at photos of those people, their heads were
always held high, they knew there was a better America and they were helping to
create it.
Then along came the liberal programs, blacks were
given handouts and special treatment and this is the outcome. A bunch of
animals fighting over ugly shoes. Shoes! sneakers! They aren’t even
decent shoes, just sneakers–you’ll wear
them untied so they flop around on your feet.
You can’t speak English, merely ghetto
slur. You can’t pull up or zip up your pants, you can’t tie your
shoes–you’re just not smart enough. And yes, your trashy president
encourages this behavior. You’re much easier to manage when you’re just a
bunch of animals to be poked and prodded as necessary.
There are African Americans in this country and then
there is you. Wake up and look at yourself. All that for a pair of sneakers??
Really stupid.
December 24, 2011 at 2:39
am | Reply | Report comment
Toxic Avenger
It looks like a negro sneaker frenzy.
December 24, 2011 at 2:46
am | Reply | Report comment
Ramon
Well, Well … Obama supporters at their finest!
(lol)
December 24, 2011 at 3:07
am | Reply | Report comment
justified
A thinking person asks themselves, “What are
you going to DO about it?” Are you going to support the
Democratic borne Welfare culture, that led directly to this mess, or are you
voting against their candidates by electing viable candidates i.e. GOP
candidates.
Not Independents, as on a State or Federal level a
vote THIS TIME for an Independent is a vote for the End of America as we know
it. The debt piling up will kill us or the Taxes will.
ATTENTION: Blue Dog Democrats, the DNC/Obama has
stated ‘YOU are NOT in our Future plans.’
December 24, 2011 at 4:24
am | Reply | Report comment
John McCombs
Michael Jordan and Nike should be held accountible
for this atrocity. If gun manufacturers are at fault for gun crimes, then
Michael Jordan and Nike should be made to suffer for this chimpout. On a
serious note, however, wouldn’t a statement from Michael Jordan
go a long, long way toward reducing the violence. If he simply said, “Really
folks, are you serious? You’re going to hurt each other over a
pair of overpriced basketball shoes?” But no, MJ doesn’t have it in
him because as long as there is an extra nickel to be drained from his peeps,
he’s perfectly OK with the violence. Well done, Mike. Well
done.
December 24, 2011 at 4:29
am | Reply | Report comment
A.K.
NEGRO’S ARE ENORMOUSLY STUPIDLY VIOLENT…IT’S A BRAIN
SIZE THING!
December 24, 2011 at 4:48
am | Reply | Report comment
jon
If you went to Drudge you would see the ugly side of
blacks is nation wide and not just a local thing. What a shameful culture they
have created amongst themselves
December 24, 2011 at 5:13
am | Reply | Report comment
Lordrobot
Illegitimate Baby needs a new pair of shoes….
December 24, 2011 at 5:16
am | Reply | Report comment
Artic Slayer
lol nuttin like obama people tryin to save the food
stamps fo sumpin like this mo impotant huh…
Oh Sorry was I a little racist….
naaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Just the
facts…
Doubt me? Just correct me and I will call you RACIST!
lol
You LOOSERSSSSSSSSSSSSSSSS.
I didn’t vote for obama last time but
this time I am
going to vote for him…. I think he is the best thing
for America in recent history… WONDERFUL! 4 more years
and this country will be purged of a corrupt congress and
senate because the people are going to purge every
politician out by civil war…. There will be unrest like
never seen in America. Because now Americans believe that
good is bad and bad is good. Once this country goes even
further to hell in a hand basket there will be a
purging… When Americans can’t say “Merry
Christmas”
because good is bad and once they can’t store more than
seven days worth of food because good is bad and once
they can’t own a gun because good is bad….. There
will
be a purging of the bad by the good! So lets pull
together and re-elect this person…. OBAMA2012!
December 24, 2011 at 5:43
am | Reply | Report comment
John Scott
lol nuttin like obama people tryin to save the food
stamps fo sumpin like this mo impotant huh…
Oh Sorry was I a little racist….
naaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Just the
facts…
Doubt me? Just correct me and I will call you RACIST!
lol
You LOOSERSSSSSSSSSSSSSSSS.
I didn’t vote for obama last time but
this time I am
going to vote for him…. I think he is the best thing
for America in recent history… WONDERFUL! 4 more years
and this country will be purged of a corrupt congress and
senate because the people are going to purge every
politician out by civil war…. There will be unrest like
never seen in America. Because now Americans believe that
good is bad and bad is good. Once this country goes even
further to hell in a hand basket there will be a
purging… When Americans can’t say “Merry
Christmas”
because good is bad and once they can’t store more than
seven days worth of food because good is bad and once
they can’t own a gun because good is bad….. There
will
be a purging of the bad by the good! So lets pull
together and re-elect this person…. OBAMA2012!
December 24, 2011 at 5:49
am | Reply | Report comment
Steven Travis
What’s the one common denominator in
all this????
December 24, 2011 at 5:59
am | Reply | Report comment
Vince
The big question is why isn’t OBAMA
speaking out on this issue??? He manages to find time to speak out if a white
police officer is ACCUSED of racism when he restrains a black “professor” from
breaking into his house. Remember that? Without knowing the facts he JUMPS and
gives a speech. But incidents like these teenage hoodlums who rob, beat up, and
steal every day he says NOT A WORD about. This is Obamanation. I hope those of
you who voted for him are happy now.
December 24, 2011 at 6:06
am | Reply | Report comment
Cisco
Gorillas In The Mist!
December 24, 2011 at 6:25
am | Reply | Report comment
feduptoo
Not so, they take care of their young!
December 24, 2011 at 8:56
am | Reply | Report comment
McGruff
I immediately wondered if my suspicion would be
correct … and it was.
December 24, 2011 at 7:21
am | Reply | Report comment
gwbnyc
“under a gift tree”
A GIFT TREE?
Cowards.
December 24, 2011 at 7:46
am | Reply | Report comment
Gustafus21
These are farm animals — who were
given human rights — and they behave as farm animals.
Look what Venus Williams has done to tennis? – She
threatens to ‘rearrange the face” of a line judge?
They should have been exterminated. Or forced
breeding with whites could have produced something more benign like O and
family…. but ONLY white genes can influence these vermin
December 24, 2011 at 7:47
am | Reply | Report comment
Barry bin Inhalin
I saw the headline and didn’t even
wonder.
December 24, 2011 at 7:55
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Patrick Nugent
EVERYBODY SING: “We won’t go until
we get some, we won’t go until we get some, we won’t go until
we get some, so bring it right here!”
December 24, 2011 at 7:59
am | Reply | Report comment
ShoeShine
What’s with these people and shoes???
December 24, 2011 at 8:16
am | Reply | Report comment
Greg
I didn.t see any white people ni the crowd? Only
Blacks ??? What a violent group of people, they need to get civilized.
December 24, 2011 at 8:33
am | Reply | Report comment
Mike_in_Kyiv
Pure silliness! No gift is worth this! I remember the
Cabbage Patch moms who were fighting to get one of those ugly little dolls a
few years back. Now it’s a pair of shoes that are not – REPEST – NOT worth
all that money and you all make fools of yourselves. Shame on you on our Lord’s
birthday.
December 24, 2011 at 8:44
am | Reply | Report comment
Grape Ape
Rev Al Sharpton’s take on this news: “Da reason
fo all deez people running amuck and fightin’ and actin’ unruly is
because da white man and society, namely Republicans in da Congress, are gettin’ in the
way of President Obama’s plan to hand out more free monies into the minority
community. It’s also the blame of rich White communities across America
who aren’t willing to spread more of their wealth and make sure it
goes into da hands of inner cities and African-American communities. Think
about it…if these fine, upstanding customers had more monies at their
disposal, they could have paid some illegal aliens to stand in line for them to
buy these items which they desperately need and wouldn’t have to
get into fights in da first place.”
Rev. Jesse Jackson’s take on
this news: “The EVIL corporations run by WHITE men are to blame for this
terrible atrocity!! Therefore, with all my graciousness and good-will, I am
planning to sue Nike shoes (for not supplying enough sneakers), Michael Jordan’s white
lawyer (because I can’t sue a good brother like MJ!), the WHITE mall security who
employed brutal tactics against these innocent customers, and last but not
least… my Rainbow Coalition will make sure these businesses are
not only selling enough items to African-American shoppers but will also ensure
that they are hiring enough minorities in their stories. And I will say this,
if our investigation turns up that they aren’t, we will
take them over and my son Jesse Jr and I will make sure that they are run
fairly. Plain and simple. It’s time to put an end to this WHITE
tyranny in America once and for all!!!”
December 24, 2011 at 8:48
am | Reply | Report comment
Death of America
Black people are uncivilized savages. They are the
only race that needs to be coddled and treated like little babies. It’s not a “white vs.
black” thing – NO other race likes blacks.
Disgusting beasts who belong in the freaking jungle, period. Thank you LBJ and
all you other POS democrats.
December 24, 2011 at 8:44
am | Reply | Report comment
Albert L. Peia
Yes...it's absolutely,
unequivocally true that blacks are inherently uncivilized and in evolutionary
terms, only evolved to a point ( http://albertpeia.com/anthroindex1.htm
). They are themselves racist, intolerant, hypocritical [ UPDATE:
MORE CLAIMS OF RACE BIAS AT HOLDER JUSTICE DEPARTMENT... (WP) ‘ignore cases that involve black
defendants and white victims ' ], and
prone to violence as with any feral animal. Moreover, I must admit that I find
their simian look repulsive; and, even before totally realizing the foregoing
reality owing to self-destructive egalitarian propaganda, never did and never
would know a black female in the biblical sense (despite their ‘intrusively
easy availability’ - not a matter of skin color inasmuch as I have ‘known
biblically’ red-Indian, brown-Hispanic, yellow-Oriental women). Wobama the b
for b***s*** is a typical, jive-talking 'n-word' and consequently an abject
failure as president. I was fortunate to have no blacks whatsoever in my
schools (schooling) through high school.
http://www.albertpeia.com/todayspage.htm
MELEE
AT MALL OF AMERICA...
Man
beaten by robbers -- who stole new Air Jordan sneakers off his feet!...
Hundreds
of Teens Run Wild After Rumors That Rappers 'Lil Wayne, Drake Are There...
VIDEO: Mayhem, Screams...
California soldier shot at his homecoming party [ From one war
zone to another! ]
Islamists kill dozens in Nigeria Christmas bombs [ Blacks’ black
Christmas! Typical! ]
For ‘self-defeating / self-destructive’ ‘political
correctness’ or otherwise, I believe the under-profiled black serial killer is
also the consequence of their proclivity for and love of killing, random, for
no reason other than for the sake of killing (which distinguishes them from and
positions them below other feral beasts) and otherwise, and an historic
predisposition toward canabalism. After all, the contra-indicated mainstream
view (tv and otherwise) calls for a white perp in terms of ‘profile’ which is
of course, ridiculous. I believe the under-reporting is owing to multiple
killings by blacks being classified as something other than ‘serial’; ie.,
gang, gang related, ‘typical’, etc.. Moreover, the anti-white bias of the black
perps is also a reality that’s under-reported. Take a look at the following
brutally uncivilized black on white violent rapes/murders:
http://www.albertpeia.com/whitesvictimizedbyblacks.htm
The following’s
just Detroit, MI:
Black Serial/Mass/Spree Killer List:
1. Matthew
Emanuel Macon (Murdered and Raped 5 White Women in Lansing)
2. Jimmie
Reed (Murdered his wife and his 2 month old daughter and set them on fire)
3. Shelly
Brooks (Murdered 7 prostitutes in Detroit Cass Corridor)
4. Justin Blackshere
(Stabbed two white cooks at Cheli’s Chili downtown Detroit)
5. Jervon
Miguel Coleman (Murdered three people.)
6. Donell
Ramon Johnson (Murdered a mother and a daughter)
7. Brian
Ranard Davis (6 women known murdered by nigger)
8. Paul Durousseau
(Seven women)
9. Mark Goudeau “The Baseline Killer” (Eight women and a man
in 2005-2006)
10. Coral Eugene Watts
(11 women in Texas & 1 in Michigan)
11. Anthony
McKnight (Five girls and young women)
12. Derrick Todd Lee
(8 Women)
13. Charles
Lendelle Carter (4 known murders; admits to ‘hunting’ Atlantans for 15 years!)
14. The Zebra Killings
(71 White people)
15. Chester Turner
(L.A.s most prolific killer 12 women killed.)
16. Lorenzo
J. Gilyard (Kansas City, MO.—13 victims)
17. Eugene
Victor Britt (Gary, IN.–3 known murder/rapes.)
18. Reginald and
Jonathan Carr (The Wichita Massacre–6 Whites murdered)
19. Ray Joseph
Dandridge and his uncle, Ricky Gevon Gray (Richmond, VA.–Murdered 7 people in 7
days, including an entire White family.)
20. The
Tinley Park Murderer (Suspect hasn’t been found but has been described as black – murdered 5 women in a
store.)
21. Henry Louis
Wallace (Raped and strangled 5 women to death.)
22. Charles
Johnston (Murdered 3 unarmed white men in hospital)
23. Craig Price
(Brutally murdered 3 women)
24. Harrison
Graham (Brually Murdered 3 women)
25. Charles
Lee “Cookie” Thornton (Murdered 6 Whites at
the Kirkwood, MO. city council. )
26. & 27. Darnell
Hartsfeld & Romeo Pinkerton (Abducted and Murdered 5 from a restaurant)
28 &29. John Allen Muhammad & Lee Boyd Malvo (Sniped 11 people from a
car in DC, 9 died.)
30. George Russell (3 women, WA state)
31. Timothy W. Spencer (5 killed, Arlington, VA and Richmond, VA)
32. Elton M. Jackson (12 gay men killed, Norfolk, VA area)
33. Carlton Gary (3 killed in Columbus, GA)
34. Mohammed Adam Omar (16 women, Yemen. Omar is Sudanese.)
35. Kendall Francois (8 women, Poughkeepsie, NY and surrounding areas.)
36. Terry A. Blair (8 women, Kansas City area)
37. Wayne Williams (33 many of them children!, Atlanta, GA)
38. Vaughn Greenwood (11 killed in LA)
39. Andre Crawford (10 killed in Chicago – southside)
40. Calvin Jackson (9 killed possibley more in NY)
41. Gregory Klepper (killed 8, Chicago – southside)
42. Alton Coleman (Killed 8 in the Midwest)
43. Harrison Graham (killed 7+ in N. Philadelphia)
44. Cleophus Prince (6 killed in, San Diego
45. Robert Rozier (7 killed in, Miami)
46. Maurice Byrd (killed 20 + in St. Louis)
47. Maury Travis (17 and rising, St. Louis and possibly also Atlanta)
48. Hulon Mitchell, a.k.a. Yahweh Ben Yahweh (killed 20+ in Florida)
49. Lorenzo Fayne (killed 5 children in East St. Louis, IL)
50. Paul Durousseau, (killed 6, two of which were pregnant women, Jacksonville,
FL; Georgia.)
51. Eddie Lee Mosley (killed 25 to 30 women, south Florida)
52. Henry Lee Jones (killed 4 in, south Florida; Bartlett, TN)
53. Richard “Babyface” Jameswhite (15 killed in,
New York; Georgia.)
54. Donald E. Younge, Jr. (killed 4), East St. Louis, IL; Salt Lake City, UT.
55. Ivan Hill
(killed 6 in Los Angeles area).
56. Michael Vernon (Bronx, NY. Killed at least seven people – )
57. Chester Dewayne Turner (12 women killed in, Los Angeles)
ARREST MADE IN LOS ANGELES GRIM SLEEPER SERIAL KILLER CASE July
07, 2010 http://articles.cnn.com/2010-07-07/justice/grim.sleeper.arrest_1_lonnie-david-franklin-serial-killer-case-family-members?_s=PM:CRIME |By
Mallory Simon, CNN ‘Authorities in California said Wednesday they have
arrested a suspect in the Grim Sleeper serial killer case and will charge him
with 10 counts of murder.Lonnie David Franklin Jr., 57, faces an additional
count of attempted murder, Capt. Kevin McClure with the Los Angeles Police
Department said.Franklin will arraigned in court Thursday morning, McClure
said.The California Attorney General's office attributed the arrest to DNA
collected from a relative of the suspect, in a controversial and rarely used
practice known as familial DNA search.’
Of
Course There Are Black Serial Killers by Lynette Holloway
on July 15, 2010 The case of the
"Grim Sleeper" inspires a second look at the popular perception that
serial killing is the province of clever white men.
Serial
Murderers' Row July 16, 2010 The
following black men are among the most prolific serial killers in U.S. history.
http://www.theroot.com/multimedia/gallery-meet-6-black-serial-killers Plus: Behind the myth that only white men commit such crimes.
Black
Serial Killers Not So Uncommon http://www.amren.com/news/news04/03/03/blackserial.html
200
Involved In Fights At Mall Of America After Rumors That Rappers Are There...
Fox
News’ Chris Wallace Has an Anti-Ron Paul Agenda Yahoo! Contributor Network | Andrew Sullivan called for Chris Wallace to recuse
himself from the Iowa debate. [ Yes, he should recuse himself; and not just
because he’s pro-israeli jewish himself; and we all know how the misguided
israeli lobby feels about Ron Paul’s American interests first foreign policy
leanings and their excluding him from their sponsored debate. ]
Current
Events Summarized In Brilliant Art George Washington 12/16/2011 A picture is worth
a thousand words [ View archived file: http://www.albertpeia.com/currenteventsinart.htm ]
Wayne
Madsen: Holder’s Fast & Furious was Designed to Destablize Mexican Government
Infowars Nightly News | ‘Wayne Madsen has learned from his contacts within the
Beltway intelligence community that Jared Lee Loughner is an “MK-ULTRA”
programmed assassin and that US District Judge John Roll and Congresswoman
Gabriel Giffords were targetted for assassination.The reason for the decision
to target Judge Roll and Congresswoman Giffords has to do with their knowledge
of the malicious and purposeful arming of Mexican drug gangs along the
US-Mexico border by US intelligence agency assets in an effort designed to
destablize the Mexican government.This towards the end of making Mexico more
dependent on US military aid and protection from its private security
contractors.A key quote from Wayne Madsen’s report follows:
“WMR has been told that in 2009, information about the
CIA/Homeland Security/Napolitano smuggling operation came to the attention of
three individuals, two members of Congress and a federal judge. The three were
Arizona Democratic Representatives Giffords, Republican Representative Mike
Conaway from west Texas, and Judge Roll. Giffords and Roll were working
together on investigating the extent of the clandestine weapons and druigs
smuggling operation and held some joint meetings with informants, one in north
Phoenix, in 2009.Information on the investigation and informants was strictly
limited to only a few trusted staffers and clerks for Giffords and Roll. In
addition, Conaway was also being briefed by informants on the smuggling
operation but since the death of Roll and the severe mental and physical
incapacitation of Giffords from the shooting carried out by Jared Lee Loughner,
said to be an MK-ULTRA-like trained assassin, he has gone silent in fear for
his own safety.Loughner’s was declared mentally incompetent and there are
reports, including one in Slate Magazine, that the U.S. Medical Center for
Federal Prisoners in Springfield, Missouri, where Loughner is being held,
pending a determination of his mental fitness to stand trial, is being
administered psychotropic drugs in his Kool Aid.In addition to receiving drugs
to fund its off-the-books operations, the CIA weapons smuggling program is
designed to arm the two main Mexican cartels — Sinaloa and Los Zetas — in order to destabilize
Mexico.
Israel
stole weapon-grade uranium from US, report will show Daily Star
| Report will show evidence Israel stole weapons-grade uranium from nuclear
reprocessing plant in Pennsylvania. Kristin Dailey December 8,
2011 WASHINGTON: A U.S.-based research institute will soon publish what it says
is “indisputable” evidence that Israel
stole weapons-grade uranium for its still-undeclared atomic weapons program
from a nuclear reprocessing plant in western Pennsylvania. The Institute for
Research: Middle Eastern Policy (IRmep) will release this month a 300-page
report detailing the initial findings of a multi-year research project
investigating the disappearance of highly enriched uranium from the Nuclear
Materials and Equipment Corporation (Numec) in Apollo, Pennsylvania in the
1950s and 1960s. Grant Smith, the director of IRmep, told The Daily Star that
the report would include a broad range of newly declassified and un-redacted
government documents from various agencies – including the Department
of Energy, Atomic Energy Commission, FBI and CIA – that prove that nuclear
material was diverted from Numec to Israel. “The story at this point
is that there is no one smoking gun; there are many smoking pistols lying all
over the place that we’ve painstakingly collected,” Smith told The Daily
Star.’
DHS Shut Down Blog For A Year On False Pretenses Paul
Joseph Watson | Homeland Security is seizing websites for “copyright infringement” with no evidence. Paul
Joseph Watson Prison Planet.com December 9, 2011
In a chilling illustration of how far
Internet censorship has advanced, the Department of Homeland Security seized a
popular music blog and shut down the website for over a year on charges it now
admits were completely false.
The website in question – www.dajaz1.com – was not some obscure,
dubious blog –
it was a popular platform for DJ’s that was once featured on MTV.
“Around
Thanksgiving 2010, the Department of Homeland Security seized more than 70
domains with no trial, accusing them of copyright infringement,” reports the San Francisco
Chronicle.
Dajaz1.com was caught in the dragnet
after DHS claimed four songs posted on the website were used without
permission, when in fact the musicians and publicists concerned had sent the
tracks directly to Dajaz1 with express authorization.
That didn’t stop Homeland Security
from seizing and shutting down the blog for over a year, violating the law by
refusing to tell its owner why the website was taken and subsequently missing
the 90 day deadline for explaining why the owner should forfeit the property
permanently.
“Or
at least that’s
what the owner assumed when he heard nothing. Then the court told him that the
government got an extension.”
“But
the owner couldn’t see the extension because all the filings in the
case were sealed, and was not allowed to testify in court to ask for his
property back, says TechDirt.”
The saga finally came to a close when the
owner was handed back control of the website only yesterday.
The lesson to take from this is that
Homeland Security can now just claim your website contains copyrighted material
with no evidence whatsoever and seize it without any recourse.
“This
whole thing has been a disgrace by the US government, starting with a bogus
seizure, improper and illegal censorship, followed by denial of due process and
unnecessary secrecy,” reports
TechDirt.
The
DHS has already seized dozens of websites merely for linking to copyrighted
material, despite the fact that such material isn’t even hosted on the
website itself, a process the Electronic Frontier Foundation has criticized as,
“Blunt
instruments that cause unacceptable collateral damage to free speech rights.”
The targeted website, now finally back in
the hands of its rightful owner, has become a poster child for the
anti-Internet censorship movement. The front page of the site urges readers to
oppose the Protect IP Act, legislation that will give the government even more
power to block websites by creating an official blacklist.
As
we reported back in October, the bill that has attracted bi-partisan
support in the House will force Internet Service Providers to create a list of
banned websites and prevent their users from accessing the sites, creating a
Chinese-style ‘ban list’ that could easily be abused to silence free speech.
Lawmakers like Senator Joe Lieberman have teamed up with Department of Homeland
Security officials to push draconian legislation in an effort
to mimic the Communist Chinese system of policing the Internet.
“A
service provider shall take technically feasible and reasonable measures
designed to prevent access by its subscribers located within the United States
to the foreign infringing site (or portion thereof) that is subject to the
order, including measures designed to prevent the domain name of the foreign
infringing site (or portion thereof) from resolving to that domain name’s Internet Protocol
address,”
states the bill.
Given the fact that the U.S. government
is now ordering
You Tube to remove videos that contain “government criticism,” the potential for this legislation to be abused to silence
political free speech is clear. Add to that the fact that Verisign, the global
authority over all .com domain names, is demanding
the power to terminate websites deemed “abusive” when ordered to by
government without a court order or any kind of oversight whatsoever, and the
threat to web freedom is clear.’
Donald Trump Dismisses Ron Paul as “Joke Candidate” Kurt Nimmo | Millions of Americans support Paul’s call for
ending foreign aid. [ Yet it’s trump who is the big joke (which makes america
look like a bigger joke)! He’s a caricature at best, and the joke that keeps on
giving (SNL, etc.), and a government-protected mobster. ‘When they’re losing, they can afford to be principled’ says corrupt
mobster trump regarding the snubbing of his ‘less than moderation’ of an
upcoming debate in Iowa by the remaining principled GOP contenders. In reality,
it’s actually ‘when you’re winning, you can afford to be principled’. But, in
trump’s corrupt, sordid, sinkhole habitat, the former is indeed his truth. If
you’re principled, you’re losing in trump’s rather surreal unreality. After
all, pervasively corrupt and unprincipled america is indeed losing; and,
big-time at that. That trump is a megalomaniac, a narcissist, and, yes … a
loser, there is no question. Indeed, anyone who ‘wins’ unfairly (corruption,
etc.) at others expense (ie., as does himself, the frauds on wall street, etc.)
is a loser. Unfortunately, such modus operandi, including that which is
criminal, has been accorded protection and respect in defacto bankrupt america,
much like the ‘protected’ (bribes, etc.) common drug dealer (america, see
infra), pimp, etc.. Then there’s the endearing (to a dumbed down american
public) hype! That cloyingly cutesy ‘the donald’ routine is nauseating; but,
that’s the natural, visible concomitant to a nation in ineluctable decline! On
a positive note, megalomaniac trump will not be able to retread the path of his
role model / idol Adolf Hitler as head of state. He’s really quite a joke when
you think about it; and a mentally ill one at that; ask Steve Wynn, he’ll tell
you, he’s already said it.
‘Pizza with palin’, ‘town
hall of fame with Bachmann’, trump purports to be at least ‘alcohol free’ (the
alleged cause – I don’t think so – of mobster trump’s elder brother’s suicide);
but is he ‘med-free’? … there must be something to account for his madness
(he’s a psychopath who used to play Hitler speeches for inspiration). Ron Paul Slams Trump, Joins Huntsman In Sitting Out
‘Circus-Like’ Debate Business Insider | The reality television
star’s participation is “beneath the office of the Presidency.”
Trump
to moderate GOP debate This won’t end well. (Washington Post) [ Goes without saying…
of all people to choose … Why not Jerry Springer?… ‘Non-celebrity Apprentice’,
the new reality show, as in who scratches whose back for favors down the road,
as in quid pro quo, as in trump’s continued ‘graduation’ from commonly mob
connected, to new york/new jersey politically sordid sinkholes, to now failed
washingtonian … ‘establishment’? Hasn’t trump’s rise coincided with the
nation’s decline / demise? I’ve seen the corruption first hand! http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
‘I’m
attracted to young people’: Shocking details in scandal of ‘delusional’
Sandusky Mail Online | Penn State paedophile Jerry
Sandusky’s rabbit hole goes even deeper and darker than we thought
Romney visits former President George H.W. Bush [ How totally
pathetic! How desperately pathetic romney the flip-flop is! ]
Woman “imprisoned” on Scientology cruise ship for 12
years { Scientology is such a total fraud, and founded by that
fraudster/mental case l ron hubbard. In retrospect, fraud/mental infirmity is
as american as ‘apple pie and mother-of-hoods’. } ‘...In an interview
with the Australian Broadcasting Corporation's (ABC News) Lateline program,
Paris claims that Church of Scientology leader David Miscavige sent her to the
ship when she was 18 in order to prevent her family from pulling her out of the
organization."I was basically hauled in and told that my mum had attacked
the church and that I needed to disconnect from her because she was
suppressive," she said. "He decided the ship, and I found out two
hours before my plane left, I was woken up in the morning and I was sent to the
ship for 'two weeks.' "Paris was born into a Scientology family, but her
mother quit the group after her husband committed suicide, blaming Scientology
for coercing him out of a self-made personal fortune of more than a million
dollars.Instead of the promised two week stay, Paris found herself unable to
leave the ship without an official Scientology escort and was often forced into
hard labor on the lower levels of the ship for stretches as long as two full
days. "It's hot, it's extremely loud, it's smelly, it's not nice. I was
sent down there at first for 48 hours straight on almost no sleep and I had to
work by myself," she said.So, why didn't Paris simply escape from the ship
when it would take port? The Freewinds has a relatively small sailing route,
traveling throughout the Caribbean and occasionally docking at small islands."I
did not want to be there, I made it clear I did not want to be there and that
was considered bad ethics, meaning it was considered not right," she said.
"They take your passport when you go on the ship and you're in the middle
of an island. So it's a bit hard [to escape] and by that time I was 18, I'd
been in Scientology my whole life, it's not like I knew how to escape,"
she said…’
Ten Years Later, Enron Pales in Comparison
Horses could soon be slaughtered for meat in US Horses could soon be butchered in the U.S. for human
consumption after Congress quietly lifted a 5-year-old ban on funding horse
meat inspections, and activists say slaughterhouses could be up and running...{
Another ‘bullish’ sign for pervasively corrupt, defacto bankrupt America.
‘Soylent green’ just around the corner? [Things are looking very, very ominous:
A
good business for a bad economy Firms that keep foreclosed homes clean and
secure are flourishing in these tough financial times. (Washington Post) [ See … there you go …
great times for the american optimist … who sees an opportunity in every calamity,
the rainbow beyond every cloud, the glass half-full, etc.. Whew, close call …
and we thought times were tough … and just when we thought everything’s now
comin’ up roses, we find out that that ‘glue factory’ we thought was for horses
is really a ‘soylent green’ (of the compelling film of the same name) factory.
Ah, just kidding; but, the times are getting eerily sordid and desperate and
there’ll be no real relief from the onslaught of reality prospectively. It’s
really that bad in futuro. 43,454,601,693,238
Reasons Why The World Is Broke – Presenting The Interactive Global Debt Clock Zero Hedge October 17, 2011
http://www.economist.com/content/global_debt_clock Foreigners
Sell Second Largest Amount Of US Bonds Ever In Past Week, Record $93 Billion In
US Paper Sold In Past 2 Months Zero Hedge | Europe, and especially Germany
has been just an active seller of sovereign bonds.] }
30 Signs That The United States Of America Is Being
Turned Into A Giant Prison The American Dream | If you live in the
United States of America, you live in a giant prison where liberty and freedom
are slowly being strangled to death. The
American Dream Tuesday, November 29, 2011 'If you live in the United States
of America, you live in a giant prison where liberty and freedom are slowly
being strangled to death. In this country, the control freaks that run
things are obsessed with watching, tracking, monitoring and recording virtually
everything that we do. Nothing is private anymore. Everything that
you do on the Internet is being monitored. All of your phone calls are
being monitored. In fact, if law enforcement authorities suspect that you
have done something wrong, they will use your cell phone microphone to listen
to you even when you think your cell phone is turned off. In many areas
of the country, when you get into your car automated license plate readers
track you wherever you go, and in many major cities when you are walking on the
streets a vast network of security cameras and “smart street lights” are constantly watching
you and listening to whatever you say. The TSA is setting up “internal checkpoints” all over the nation,
Homeland Security is encouraging all of us to report any “suspicious activity” that our neighbors are
involved in and the federal government is rapidly developing “pre-crime” technology that will
flag us as “potential
terrorists”
if we display any signs of nervousness. If you are flagged as a “potential terrorist”, the U.S. military can
arrest you and detain you for the rest of your life without ever having to
charge you with anything. Yes, the United States of America is rapidly
being turned into a “Big Brother” prison grid, and most Americans are happily going
along with it. The sad thing is that this used to be “the land of the free and
the home of the brave”.So what in the world happened?A fundamental shift in
our culture has taken place. The American people have eagerly given up
huge chunks of liberty and freedom in exchange for vague promises of increased
security.Our country is now run by total control freaks and paranoia has become
standard operating procedure.We were told that the terrorists hate our
liberties and our freedoms, and that we needed to fight the terrorists so that
we could keep our liberties and our freedoms.But instead, the government keeps
taking away all of our liberties and our freedoms.How in the world does that
make any sense?Have the terrorists won?As a country, we have moved so far in
the direction of communist China, the USSR and Nazi Germany that it is almost
impossible to believe.Yes, turning the United States of America into a giant
prison may make us all slightly safer, but what kind of life is this?Do we want
to be dead while we are still alive?Is this the price that we want to pay in
order to feel slightly safer?Where are the millions of Americans that still
yearn to breathe free air?America is supposed to be a land teeming with people
thirsting for independence. For example, “Live Free or Die” is supposedly the
official motto of the state of New Hampshire.But instead, the motto of most
Americans seems to be “live scared and die cowering”.We don’t have to live like
this.Yes, bad things are always going to happen. No amount of security is
ever going to be able to keep us 100% safe.We need to remember that a very high
price was paid for our liberty and we should not give it up so easily.As one
very famous American once said, when we give up liberty for security we deserve
neither.
The following
are 30 signs that the United States of America is being turned into a giant
prison….
#1 A new bill that is going through the U.S. Senate
would allow the U.S. military to arrest American citizens and hold them indefinitely
without trial. This new law was recently discussed in an article posted
on the website of the New American….
In what may be a tale too bizarre to be believed by
millions of Americans, the U.S. Senate appears ready to pass a bill that will
designate the entire earth, including the United States and its territories,
one all-encompassing “battlefield” in the global “war on terror” and authorize
the detention of Americans suspected of terrorist ties indefinitely and without
trial or even charges being filed that would necessitate a trial.
U.S. Senator Lindsey Graham is a big supporter of the
bill, and he says that it would “basically say in law for the first time that the
homeland is part of the battlefield”.
According to the PPJ Gazette, the following are
three things that this new law would do….
1) Explicitly authorize the federal government
to indefinitely imprison without charge or trial American citizens and others picked up inside and outside the
United States;
(2) Mandate military detention of some
civilians who would otherwise be outside of military control, including civilians picked up within the United
States itself; and
(3) Transfer to the Department of Defense core
prosecutorial, investigative, law enforcement, penal, and custodial authority
and responsibility now held by the Department of Justice.
#2
U.S. Senator Joe Lieberman is asking Google to install a “terrorist button” on all Blogger.com blogs
so that readers can easily flag “terrorist content” for authorities.
#3
Most Americans have no idea how sophisticated the “Big Brother” prison grid has become.
For example, in Washington D.C. the movements of every single car are tracked
using automated license plate readers (ALPRs). The following comes
from a recent Washington
Post article….
More than 250 cameras in the District and its suburbs
scan license plates in real time, helping police pinpoint stolen cars and
fleeing killers. But the program quietly has expanded beyond what anyone had
imagined even a few years ago.
With virtually no public debate, police agencies have
begun storing the information from the cameras, building databases that document
the travels of millions of vehicles.
Nowhere is that more prevalent than in the District,
which has more than one plate-reader per square mile, the highest concentration
in the nation. Police in the Washington suburbs have dozens of them as well,
and local agencies plan to add many more in coming months, creating a
comprehensive dragnet that will include all the approaches into the District.
#4
In some American schools, RFID chips are now being used to monitor the
attendance and movements of children while they are at school. The
following is how one article recently described a
program that has just been instituted at a preschool in California….
Upon arriving in the morning, according to the
Associated Press, each student at the CCC-George Miller preschool will don a
jersey with a stitched in RFID chip. As the kids go about the business of
learning, sensors in the school will record their movements, collecting
attendance for both classes and meals. Officials from the school have claimed
they’re only recording information they’re required to
provide while receiving federal funds for their Headstart program.
#5
Increasingly, incidents of misbehavior at many U.S. schools are being treated
as very serious crimes. For example, when a little girl kissed a little
boy at one Florida elementary school recently, it was considered to be a “possible sex crime” and the police were
called out.
#6
But what happened to one very young student in Stockton, California earlier
this year was even worse….
Earlier this year, a Stockton student was handcuffed
with zip ties on his hands and feet, forced to go to the hospital for a
psychiatric evaluation and was charged with battery on a police officer. That
student was 5 years old.
#7
In the United States today, police are trained to respond to even the smallest
crimes with extreme physical force. For example, one grandfather in
Arizona was recently filmed laying unconscious in a pool of his own blood
after police rammed his head into the flood inside a Wal-Mart on Black Friday
night. It was thought that he was shoplifting, but it turns out that he
says that he was just trying to tuck a video game away so other crazed shoppers
would not grab it out of his hands.
#8
Did you know that the government actually sets up fake cell phone towers that
can intercept your cell phone calls? The following is how a recent Wired articledescribed
these “stingrays”….
You make a call on your cellphone thinking the only
thing standing between you and the recipient of your call is your carrier’s cellphone
tower. In fact, that tower your phone is connecting to just might be a
boobytrap set up by law enforcement to ensnare your phone signals and maybe even
the content of your calls.
So-called stingrays are one of the new high-tech
tools that authorities are using to track and identify you. The devices, about
the size of a suitcase, spoof a legitimate cellphone tower in order to trick
nearby cellphones and other wireless communication devices into connecting to
the tower, as they would to a real cellphone tower.
The government maintains that the stingrays don’t violate Fourth
Amendment rights, since Americans don’t have a
legitimate expectation of privacy for data sent from their mobile phones and
other wireless devices to a cell tower.
#9
U.S. border agents are allowed by law to search any laptop being
brought into the United States without even needing any reason to do so.
#10
In the United States of America, everyone is a “potential terrorist”. According to FBI
Director Robert Mueller, “homegrown terrorists” represent as big a threat to
American national security as al-Qaeda does.
#11
Most Americans are not that concerned about the Patriot Act, but that might
change if they understood that the federal government has a “secret interpretation” of what the Patriot Act
really means. U.S. Senator Ron Wyden says that the U.S. government
interprets the Patriot Act much more “broadly” than the general public does….
“We’re getting to a
gap between what the public thinks the law says and what the American
government secretly thinks the law says.”
#12
The FBI is now admittedly recording Internet talk radio programs all over the
United States. The following comes from a recent article by Mark Weaver of WMAL.com….
If you call a radio talk show and get on the air, you
might be recorded by the FBI.
The FBI has awarded a $524,927 contract to a Virginia
company to record as much radio news and talk programming as it can find on the
Internet.
The FBI says it is not playing big brother by
policing the airwaves, but rather seeking access to what airs as potential
evidence.
#13
The federal government has decided that what you and I share with one another
on Facebook and on Twitter could be a threat to national security.
According to a recent Associated
Press article, the Department of Homeland Security will soon be “gleaning information from
sites such as Twitter and Facebook for law enforcement purposes”.
#14
What you say on your cell phone is never private. The truth is that that the
FBI can demand to see
your cell phone data whenever it wants. In addition, according to CNET News the FBI can remotely activate the
microphone on your cell phone and listen to whatever you are saying….
The FBI appears to have begun using a novel form of
electronic surveillance in criminal investigations: remotely activating a
mobile phone’s microphone and using it to eavesdrop on nearby
conversations.
The technique is called a “roving bug,” and was
approved by top U.S. Department of Justice officials for use against members of
a New York organized crime family who were wary of conventional surveillance
techniques such as tailing a suspect or wiretapping him.
#15
In some areas of the country, law enforcement authorities are pulling data out
of cell phones for no reason whatsoever. According to the ACLU, state
police in Michigan are now using “extraction devices” to download data from
the cell phones of motorists that they pull over. This is taking place
even if the motorists that are pulled over are not accused of doing anything
wrong.
The following is how a recent article on CNET News described the capabilities of these “extraction devices”….
The devices, sold by a company called Cellebrite, can
download text messages, photos, video, and even GPS data from most brands of
cell phones. The handheld machines have various interfaces to work with
different models and can even bypass security passwords and access some
information.
#16
The federal government has become so paranoid that they have been putting GPS
tracking devices on the vehicles of thousands of people that have not even been
charged with committing any crimes. The following is a short excerpt
from a recent Wired magazine
article about this issue….
The 25-year-old resident of San Jose, California,
says he found the first one about three weeks ago on his Volvo SUV while
visiting his mother in Modesto, about 80 miles northeast of San Jose. After
contacting Wired and allowing a photographer to snap pictures of the device, it
was swapped out and replaced with a second tracking device. A witness also
reported seeing a strange man looking beneath the vehicle of the young man’s girlfriend
while her car was parked at work, suggesting that a tracking device may have
been retrieved from her car.
Then things got really weird when police showed up
during a Wired interview with the man.
The young man, who asked to be identified only as
Greg, is one among an increasing number of U.S. citizens who are finding
themselves tracked with the high-tech devices.
The Justice Department has said that law enforcement
agents employ GPS as a crime-fighting tool with “great frequency,”and GPS retailers have told Wired that they’ve sold thousands of the devices to the feds.
#17
New high-tech street lights that are being funded by the federal government and
that are being installed all over the nation can also be used as surveillance
cameras, can be used by the DHS to make “security announcements” and can even be used to
record personal conversations. The following is from a recent article by
Paul Joseph Watson for Infowars.com….
Federally-funded high-tech street lights now being
installed in American cities are not only set to aid the DHS in making “security
announcements” and acting as talking surveillance cameras, they are
also capable of “recording conversations,” bringing the
potential privacy threat posed by ‘Intellistreets’ to a whole new
level.
#18
If you choose to protest in the streets of America today, there is a good
chance that you will be brutalized. All over the United States law
enforcement authorities have been spraying pepper spray directly into the faces of unarmed
protesters in recent weeks.
#19
In many areas of the United States today, you will be arrested if you do not
produce proper identification for the police. In the old days, “your papers please” was a phrase that was
used to use to mock the tyranny of Nazi Germany. But now all of us are
being required to be able to produce “our papers” for law enforcement authorities at any time.
For example, a 21-year-old college student named Samantha Zucker was recently
arrested and put in a New York City jail for 36 hours just because she
could not produce any identification for police.
#20
According to blogger Alexander Higgins, students in kindergarten and the 1st
grade in the state of New Jersey are now required by law to participate “in monthly anti-terrorism
drills”.
The following is an excerpt from a letter that he recently
received from the school where his child attends….
Each month a school must conduct one fire drill and
one security drill which may be a lockdown, bomb threat, evacuation, active
shooter, or shelter-in place drill. All schools are now required by law to
implement this procedure.
So who in the world ever decided that it would be a
good idea for 1st grade students to endure “lockdown” and “active shooter” drills?
To get an idea of what these kinds of drills are
like, just check out this video.
#21
With all of the other problems that we are having all over the nation, you
would think that authorities would not be too concerned about little kids that
are trying to sell cups of lemonade. But sadly, over the past year police
have been sent in to shut down lemonade stands run by children all over the United States.
#22
The federal government has decided to invest a significant amount of time,
money and energy raiding organic farms. The following example comes from Natural News….
It is the latest case of extreme government food
tyranny, and one that is sure to have you reeling in anger and disgust. Health
department officials recently conducted a raid of Quail Hollow Farm, an organic
community supported agriculture (CSA) farm in southern Nevada, during its
special “farm to fork” picnic dinner
put on for guests — and the agent who arrived on the scene ordered that
all the fresh, local produce and pasture-based meat that was intended for the
meal be destroyed with bleach.
#23
It is an absolute disgrace that all of us (including
grandmothers and young children) must either go through body scanners that
reveal the intimate details of our naked bodies or endure
“enhanced
pat-downs”
during which our genitals will be touched before we are allowed to get on an
airplane.
It is also an absolute disgrace that the American
people are putting up with this.
#24
Invasive TSA security techniques are not just for airports anymore. Now,
TSA “VIPR
teams”
are actively conducting random inspections at bus stations and on interstate
highways all over the United States. For example, the following comes
from a local news report down in Tennessee….
You’re probably used to seeing TSA’s signature blue
uniforms at the airport, but now agents are hitting the interstates to fight
terrorism with Visible Intermodal Prevention and Response (VIPR).
“Where is a
terrorist more apt to be found? Not these days on an airplane more likely on
the interstate,” said Tennessee Department of Safety & Homeland
Security Commissioner Bill Gibbons.
Tuesday Tennessee was first to deploy VIPR
simultaneously at five weigh stations and two bus stations across the state.
TSA “VIPR teams” now conduct approximately 8,000
“unannounced
security screenings” a
year at subway stations, bus terminals, ports and highway rest stops.
#25
More than a million hotel television sets all over America are now broadcasting
propaganda messages from the Department of Homeland Security promoting the “See Something, Say
Something”
campaign. In essence, the federal government wants all of us to become “informants” and to start spying on
one another constantly. The following comes from an article posted by USA Today….
Starting today, the welcome screens on 1.2 million
hotel television sets in Marriott, Hilton, Sheraton, Holiday Inn and other
hotels in the USA will show a short public service announcement from DHS. The
15-second spot encourages viewers to be vigilant and call law enforcement if
they witness something suspicious during their travels.
#26
Certain “types” of American citizens are
being labeled as potential threats in official U.S. government documents.
An unclassified Department of Homeland Security report published a couple years
ago entitled “Right-wing
Extremism: Current Economic and Political Climate Fueling Resurgence in
Radicalization and Recruitment” claims that a belief in Bible prophecy “could motivate extremist
individuals and groups to stockpile food, ammunition and weapons.” The report goes on
to state that such people are potentially dangerous.
#27
Back on February 20, 2009, the State of Missouri issued a report entitled “MIAC
Strategic Report: The Modern Militia Movement“. That report
warned that the following types of people may be potential terrorists….
*anti-abortion activists
*those that are against illegal immigration
*those that consider “the New World Order” to be a threat
*those that have a negative view of the United
Nations
#28
As I have written about previously, a very disturbing document that Oath Keepers
has obtained shows that the FBI is now instructing store owners to report many
new forms of “suspicious
activity”
to them. According to the document,
“suspicious
activity”
now includes the following….
*paying with cash
*missing a hand or fingers
*”strange odors”
*making “extreme religious statements”
*”radical theology”
*purchasing weatherproofed ammunition or match
containers
*purchasing meals ready to eat
*purchasing night vision devices, night flashlights
or gas masks
Do any of those “signs of suspicious activity” apply to you?
#29
Soon you may get labeled as a “potential terrorist” if you are just feeling
a little nervous. A new “pre-crime” technology system that is currently being tested by
the U.S. Department of Homeland Security will soon be in use all over the
nation. It is called “Future Attribute Screening Technology” (FAST), and it is very
frightening. The following description of this new program comes from an
articlein the London Telegraph….
Using cameras and sensors the “pre-crime” system measures
and tracks changes in a person’s body movements, the pitch of their voice and the
rhythm of their speech.
It also monitors breathing patterns, eye movements,
blink rate and alterations in body heat, which are used to assess an individual’s likelihood to
commit a crime.
The Future Attribute Screening Technology (FAST)
programme is already being tested on a group of government employees who
volunteered to act as guinea pigs.
#30
The truth is that nobody puts more people into prison than America does.
The United States has the highest
incarceration rate in the world and the largest total prison
population on the entire globe.
To read about some of the crazy things that the
control freaks running things have planned for the future, just check out this
article by Natural News: “10
outlandish things the ‘scientific’ controllers have in mind for you in
the near future“.
Once again, despite all of this outrageous “security”, it is inevitable that a
lot of really bad things are going to happen in the United States in the years
ahead.
When there are incidents of violence, it is also
inevitable that there will be calls for even more “Big Brother” security measures.
We are going to be caught in a never ending spiral of
tyranny where the “solution” is always even tighter security.
Eventually, we will have lost all of our liberties
and freedoms, and we will probably be even less safe than we are today.
Do not be deceived. We could put a soldier on
every corner, a video camera in every room of every home and an RFID chip in
every citizen but that would not make us “safe”.
Every single lawmaker that is backing these laws
which strip our liberties and freedoms away deserves to be voted out of office.
If you love the United States of America, please
stand up and say something while you still can.
Please use this article and other articles like it as
tools. Share them with your friends and your family. If we can get
enough people to wake up, perhaps there is still enough time to turn the
direction of this country around.
Will the final chapters of the history of the United
States of America be mentioned in the same breath as communist China, the USSR
and Nazi Germany, or will the final chapters of the history of the United
States of America be the greatest chapters of all?
The choice, America, is up to you.’
Exclusive: CIA Spies Caught, Fear Execution in Middle East
[Well, if there was ever anyone deserving of execution, particularly in the
middle east, it’s cia spies.]
First Lady booed at NASCAR race [Never a previous fan (that
round and round and round– but I do like the flats in horse-racing - Go Big Red
{‘Secretariat’, a terrific film} ), I think I’m going to change my mind in
light of the fans’ display of good taste!]
Pentagon
chief calls India, China ‘threats’ AFP | US Defense Secretary Leon Panetta
referred to India and China as “threats” on Thursday. [ Oh riiiiight! Anything
or anybody that’s not an incompetent, brainless automaton is a ‘threat’ to the
u.s. because in projecting america’s insanity, America sees them deviantly
sitting around plotting ways to wreak havoc and war in the world for the sake
of maintaining their wasteful, nation-draining budgets. What isn’t ‘a threat’
to these mental cases. Certainly the truth is a threat to incompetent dog
panetta, yet it is he and his who are the threat to this nation and the world.
]
Penn State Scandal: Mother of Sandusky's Adopted Son Speaks Out By KEVIN DOLAK | Good Morning
America http://gma.yahoo.com/penn-state-scandal-mother-sanduskys-adopted-son-speaks-091457912.html
The
birth mother of Jerry Sandusky's youngest adopted
child has come forward saying she believes
the former Penn State coach led her son on a path of self-destruction and
that she contacted authorities years ago about her son's safety.
Debra Long
told ABC News in an exclusive interview that sharing her now 33-year-old son Matt with Sandusky had been a nightmare after the coach
became the boy's guardian via foster care in 1995. Long says that she watched
as her child became enamored with the local hero and then increasingly
frightened by Sandusky's behavior.
"It was
Jerry Sandusky, you know? Any 10-year-old kid is gonna be impressed by Penn
State football," Long said. "And then it was the gifts. You know,
money and clothing and whatever … It was as if Jerry owned Matthew."
Sandusky entered
the lives of the Longs as a mentor when Matt was 10 years old, via The Second
Mile charity for at-risk youth, which the former Penn State defensive
coordinator founded. When Matt was placed in juvenile hall after he set fire to
a barn in 1995, he soon entered the Sandusky home as a foster child. He was
adopted by Sandusky as an adult at age 18.
Matt Sandusky,
now 33, is not named as one of the 10 victims in the grand jury presentment
outlining the charges against the coach. He insists he was not abused by his
foster father.
But Debra Long
says that the once-welcome Sandusky soon became a source of fear for her son, as
he would take the boy out of school when he was 15 years old, unbeknownst to
her.
"My son
was afraid of Jerry. If Jerry said don't talk, he didn't talk. I would sit back
and watch when Jerry would show up, how excited Matt was," she said.
"And then, as time went on, I would watch the same kid hide behind the
bedroom door and say, 'Mom, tell him I'm not home.'"
Long believes
that exposure to Sandusky was what made her once-quiet son lash out, and
eventually fall into the coach's hands.
"It
wasn't until Jerry came into the picture that Matt started acting out in
school. Matt ended up burning down a barn with another youth, you know -- it
wasn't until Jerry came into the picture … that mentor turned him from the quiet, good kid into
-- what Jerry could use to take him."
Four months
after moving into the Sandusky's home Matt attempted suicide, along with
another girl who was staying in the house, according to a report in the Patriot-News. After the suicide attempt,
Terry L. Trude, a school-based probation officer, wrote a letter to a local
judge asking that Matt's care at the Sandusky home be reviewed.
"The
probation department has some serious concerns about the juvenile's safety and
his current progress in placement with the Sandusky family," Trude wrote.
The adoption
file for Matt Sandusky contains letters from Long to officials and a Centre
County judge expressing concern for her son, who she was allowed to visit only
one-half day per month while he was in Sandusky's care.
Matt Sandusky – who is one of five boys
adopted by Sandusky and his wife -- still supports Jerry after he was arrested
on charges of 40 counts of sexual assault with 10 minor boys over 15 years.
Matt even brought his children to visit Sandusky after his Nov. 5 arrest.
But the mother
of Matt's kids immediately went to court to obtain an order preventing Sandusky
from being alone with her children. By court order Sandusky is now not allowed
unsupervised contact or overnight visits with his grandchildren.
In
the aftermath of Jerry Sandusky's unexpected interview on "Rock
Center" with Bob Costas on Monday night, a number of witnesses are now
ready and willing to testify in court that they were sexually assaulted by the
coach.
A second boy has said that he is now ready to testify
in court, according to Harrisburg attorney Ben Andreozzi, who is representing
the boy. According to Andreozzi , the alleged victim called him after Sandusky
gave the controversial interview on Monday.
"He has decided to dig in his heels. He's not
going anywhere. He fully intends to testify," Andreozzi said.
In a statement issued Wednesday, Andreozzi said
Sandusky "elected to re-victimize these young men at a time when they
should be healing," and said his client was "disappointed" by
Sandusky's comments.
"I think he would like Mr. Sandusky to assume
responsibility for the horrible acts he committed on him," Andreozzi said.
Another boy known to be planning to testify is one
known as "Victim 1" in the indictment; he is the boy who first came
forward to authorities to allege abuse at the hands of Sandusky. The boy has
already told his story to the grand jury and is anxious to tell it again in
open court, according to his mother.
"He wants him to go to jail, and he wants him to
pay for what he's done, and he doesn't want him on the streets where he can
hurt somebody else," the unnamed boy's mother told ABC News.
Meanwhile, The Patriot-News reports that hearing Sandusky's interview
broadcast on national television Monday has triggered more of the coach's
alleged victims to come forward.
"They're literally processing it right in front
of us," attorney Andy Shubin told the Patriot-News. "They have kept
it from their families, moms, brothers and sisters ... The folks we talked to
are largely folks in their 20s, who in a lot of cases have never told their
story before."
Shubin has reportedly teamed up with Andreozzi, and
along with a team of psychologists and social workers they plan to aid the
alleged victims by providing seeking mental help and possible legal recourse. ‘
How
to Protect Ourselves from Radiation
: George Washington : 11/16/2011 - Self-Help: How
to Protect Ourselves Against Damage from Radiation
Penn
State coach says he stopped shower assault... ‘…McQueary was placed on administrative leave last
week after Penn State officials said he had received threats.According to the
grand jury report, the graduate assistant said he saw a boy, whose age he
estimated at 10 years old, "being subjected to anal intercourse" by a
naked Sandusky in a shower at the Penn State football building in March 2002.
The graduate assistant left "immediately," was "distraught"
and called his father, according to the presentment. His father told him to
leave the building and come to his home, according to the presentment.In the
email obtained by The Morning Call, dated Nov. 8, McQueary said "I did
stop it, not physically, but made sure it was stopped when I left that locker
room.""No one can imagine my thoughts or wants to be in my shoes for
those 30-45 seconds," McQueary wrote. "Trust me."Asked about
McQueary's statement in the email that he had discussions with police, Penn State
police told The Morning Call they were deferring to the university public
relations office, which did not return a call Tuesday afternoon. Pennsylvania
State Police in Harrisburg, which is heading the
investigation, did not return a call.McQueary has not spoken publicly and
declined to be interviewed by The Morning Call…’
Defense
chief warns on Iran strike consequences Reuters | Military
action against Iran could have “unintended consequences” in the region.
Putin
defends bid for president [ Let me add my voice to his own in defending
Putin’s bid for the Russian Presidency! Another time, another place, maybe,
just maybe, such criticism might, just might be at the most, okay, even if
unwarranted. Yet, in this global worst of times scenario, Russia and the world
need a strong leader to ‘push back’ the irrationality and desperate
‘misadventurism’ (wars, contrived conflict, raping, pillaging, and plundering
by war crimes nations america/israel along with the foolishly complicit,
self-destructively pliant european bobbleheads, et als.) and continue the
rationality and strength that has always seen the great nation of Russia
through the hardest of times. From a purely Russian perspective, the Russian
people must ask themselves who is the Russian leader pervasively corrupt, defacto
bankrupt, fallen, desperate war crimes nation in intractable decline
america/israel would least be inclined to want to see in office (don’t forget
former ‘american partners’ sadam hussein, momar ghadafi, etc.). The question
answers itself. Rationality will indeed prevail in the great nation state of
Russia. Congratulations President Putin!
]
http://www.ynetnews.com/PicServer2/13062011/3550874/Untitled-1_wa.jpg
Arret sur
Images (Screenshot)
The conversation then drifted to
Netanyahu, at which time Sarkozy declared: "I cannot stand him. He is a
liar." According to the report, Obama replied: "You're fed up with
him, but I have to deal with him every day!" The remark was naturally meant
to be said in confidence, but the two leaders' microphones were accidently left
on, making the would-be private comment embarrassingly public. The
communication faux pas went unnoticed for several minutes, during which the
conversation between the two heads of state – which quickly reverted
to other matters – was all but open to members the press, who were
still in possession of headsets provided by the Elysée for the sake of
simultaneous translation during the G20 press conference."By the time the
(media) services at the Elysée realize it, it was on for at least three
minutes," one journalist told the website. Still, he said that reporters
"did not have a chance to take advantage of this fluke."The
surprising lack of coverage may be explained by a report alleging that
reporters present at the event were requested to sign an agreement to keep mum
on the subject of the embarrassing comments. A member of the media confirmed
Monday that "there were discussions between journalists and they agreed
not to publish the comments due to the sensitivity of the issue." He added
that while it was annoying to have to refrain from publishing the information,
the journalists are subject to precise rules of conduct.’
No
smoking gun: IAEA Iranian nuclear report falls flat on its face Patrick
Henningsen | The IAEA report has come up short, but the Axis powers
are still desperate to hit Iran
Fourth accuser urges Herman Cain to ‘come clean’ about harassment - A fourth woman has accused Republican
presidential candidate Herman Cain of sexual harassment--this time in public.
Sharon Bialek told reporters in a press conference Monday that Cain groped her
and e...
Good and evil
doesn’t
have a grey zone. Killing and stealing is bad. Violence is never “good” or necessary unless it
is used to defend against killers and thieves. Indeed, that is the morality
behind the “just
war”
principle as defined by international laws and treaties.
Yet, this
simple concept of right and wrong gets muddled by differing ideas about
religion, patriotism, economics and many other divisions. The “just war” rule has crumbled under
the ambitions of empires throughout history. The American-led Anglo Saxon
empire is no different.
This empire
has been brutally conquering and colonizing territory since the fall of Rome.
However, it has only gained an American face in the last century.
The United States quickly emerged as the world’s “superpower” primarily through its
economic might. For some time, many believed the U.S. to be a shining
example of economic freedom for other nations to emulate. Indeed, America
was eager to promote “economic freedom” globally to open new markets for U.S.-based
corporations.
When foreign
leaders refused to allow these corporate interests into their country, those
leaders were replaced through a variety of covert actions. The form of
government that would be installed did not matter to the empire makers so long
as the corporate interests were served. In most cases these nations
simply surrendered to the seemingly unlimited power of the almighty dollar,
thus camouflaging the traditional method of forceful empire building.
However, some
nations, especially in the last two decades, remained stubborn and have refused
to alter their banking systems while also shunning Western companies.
Despite the empire’s best efforts to diplomatically bribe or sanction
them into submission, they ultimately required an iron military fist to force
their compliance. Until recently, military action remained the last
resort. But now, preemptive military action seems to have become the
preferred, and perhaps necessary, method to conquer the last resource-rich
nations out of their grasp.
The empire’s populations cheered
this strategy out of fear of being attacked by these rogue nations who never
attacked or even threatened to attack them. In the fog of fear, killing
and stealing became acceptable. In fact, detention without charges
and even torture became acceptable in the former capital of freedom.
America has determined that the means justifies the end — which is more power.
As with
all empires, these “means” have become increasingly violent and destructive in
the face of resistance. Yet, only a few more dominoes are left to knock
over for America to complete a plan set in motion well before they were one of
the colonies. That is unless, of course, other world powers break ranks
and attempt to stop the conquerors, which could lead to a large scale conflict.
Regardless, when the dust settles and moral history
is written, America and her Western cohorts will likely be viewed as the most
brutal empire in history. Here are ten reasons why this is already the
case:
http://4.bp.blogspot.com/-ziW0uRVXDeM/Trdbyofg0wI/AAAAAAAAMO4/aHNh5p76jQE/s200/rumsfeld+saddam.jpg
#1. Support of Dictators: For all the happy talk of
spreading Democracy and protecting human rights, the empire has repeatedly not
only supported dictators, but in many cases overthrew popularly elected leaders
and replaced them with puppet tyrants. Examples range from secretly
funding the Nazis, to installing
the Shah in Iran, Pinochet in Chile, supporting Musharraf in
Pakistan, and their everlasting love affair with the brutal Saudi royal family,
to name a few. Actions speak louder than words to those who can navigate
the storm of propaganda with a moral compass set to recognize good from evil.
Dictators and freedom cannot coexist.
#2. Preemptive Wars of Aggression: It could be said that
all wars are preemptive in nature because so many entities benefit from war.
Yet, even before America’s latest crusades, they covertly and surgically
attacked countries that never threatened them. This allowed them to
maintain the moral high road in the public’s eye while constructing the foundation of their
empire. That was until the Bush Doctrine; the use of
preemptive military action to confront possible threats was unofficially
adopted to be the new foreign policy for combating terror. Since then,
America has become the violent aggressors, having officially invaded two
countries —
Afghanistan and Iraq — without legitimate provocation. Violent
aggressors have always been judged by history as evil. But it gets worse….
#3. Torture: Torture has never
been acceptable by those promoting a high moral standing in the global
community. Nazis and Japanese
soldiers were convicted and executed for engaging in the exact same torture
techniques that America has redefined as ‘enhanced interrogation’. “I was just following
orders,”
was not a justifiable excuse for such inhumane behavior, much like it wasn’t a good enough defense
for the low-ranking patsies who took the heat for the sinister Abu Ghraib
torture scandal even though their actions were approved
at the highest levels. Can state-sanctioned torture of prisoners held
without charges ever be viewed as anything less than brutal?
http://1.bp.blogspot.com/-KxpFlJBhceI/TrdWSTR6itI/AAAAAAAAMOQ/OEHWeOqQW0g/s200/dees+activists.jpg
#4. Suppression of Dissent: All
tyrannical regimes throughout history have suppressed homeland dissent.
As government oppression grows bolder at home and abroad, more citizens
will naturally express outrage, resulting in even more oppressive controls.
This is happening in the United States through the all-seeing eye of the Department
of Homeland Security with warrantless
spying, arbitrary watch lists, citizen
spy campaigns, and TSA molestation to travel anywhere. Additionally,
in an attempt to squash free speech, they arbitrarily seize websites and
violently confront peaceful protesters. Unfortunately, as awareness of the
topics in this very article expands, the U.S. will likely become even bolder in
their pursuit of stifling dissent. In other words, the worst is yet to
come, and history will judge the U.S. as not quite the beacon of freedom they
have pretended to be.
#5. Elimination of Habeas Corpus:
Say goodbye to the notion of being innocent until proven guilty, the right to
face charges and your accuser, and the right to a free and fair trial. Habeas corpus, considered
the only humane path to “which a prisoner can be released from unlawful
detention,”
has been eliminated for those vaguely labeled ‘enemy combatants’ of the empire. As
Guantanamo prisoners rot under such pretenses, prominent lawmakers in the empire
propose the exact same lack of rights for American citizens if they’re labeled an ‘enemy
belligerent‘. Similar to the Spanish Inquisition,
now you’re
guilty until you’re tortured to admit your guilt. Can it get
more evil? Why yes, it can. Read on.
#6. Assassinating Citizens:
That’s
right. No judge, no jury, no conviction; just straight to execution.
America has set another precedent in their tyrannical march toward empire when
they openly assassinated an American citizen and government patsy, Anwar
al-Awlaki, and his teenage son on the suspicion of terrorism. Paul
Craig Roberts laments
“Now
the US government not only can seize a US citizen and confine him in prison for
the rest of his life without ever presenting evidence and obtaining a conviction,
but also can have him shot down in the street or blown up by a drone.” Isn’t this the reason America
claims to be knocking off dictators around the world — the deliberate killing
of their own citizens?
But Awlaki was a bad apple because the intelligence
community said so. What’s most telling that America will continue this
wickedness is that almost every US lawmaker turned a blind eye to the grotesque
violation of Constitutional rights. Only Ron Paul
said that assassinating an American citizen without charges is nothing less
than an “impeachable
offense”.
Too bad most of the country cheered the Awlaki killing as a “victory” in the war on terror,
indicating that it is now an acceptable tactic. Americans beware: you may
be moved from a secret watch list to a secret kill list in this brutal empire.
http://1.bp.blogspot.com/-YQecA6AdJLQ/Trdc3ax5PnI/AAAAAAAAMPA/svo3xXohd7s/s200/dees+libya.jpg
#7. Unauthorized Drone Wars:
Unprovoked wars without authorization, accountability, or independent oversight
only seem to be escalating; and with little resistance. The US Congress no
longer votes to “declare war”. They simply give the Commander in Chief broad
“authorization” to use force against
specific nations. However, even that is not broad enough in the rapid pursuit
of empire. Now, joystick warriors directed by the CIA and Pentagon have
targeted at least three countries with “unauthorized” military strikes; Pakistan,
Yemen, and Somalia. Even worse, they waged a full-scale war for
regime change and resource plundering in Libya without any authority
inside the United States. Under the NATO flag, which is 75%
funded by the U.S., they flew over 9200
strike sorties in Libya to illegally topple Gaddafi. Drunk with
success, the bloodthirsty empire marches on to their next preemptive targets,
Syria and Iran. Quick morality check: unprovoked killing and stealing as
a first resort is still wrong, right?
#8. Use of Weapons of Mass Destruction:
How ironic that the world’s policeman for weapons of mass destruction is the
only one to use them on a mass scale. The United States is on record
using chemical, biological and even nuclear weapons. From the atomic
bombs dropped on Hiroshima
and Nagasaki in WWII, to Monsanto’s Agent
Orange in Vietnam, to the depleted
uranium used in Afghanistan and Iraq, America only condemns itself when
speaking about the evils of WMDs. However, killers don’t appear to care how the
killing is accomplished, so long as it achieves their goals. The real
firecrackers will likely be brought out in a confrontation with Iran, or if
China and Russia are lured into the conflict. It won’t really matter much what
history says if the use of WMD escalates by either side, but the aggressors
should rightly be blamed for the ensuing scorched earth, while the defenders
against killers and thieves should be viewed as righteous.
#9. World’s Largest
Drug Dealer: The American
empire is the largest drug dealer in the world? Say it isn’t so. Well, in addition
to forcing legal drugs and genetically
modified organisms on nations, usually under the cover of foreign aid,
America also leads in the illegal drug trade. In fact, many researchers
reveal that the war on drugs is only utilized to control and monopolize
the illicit drug trade. The US government has been caught multiple
times shipping in
cocaine, colluding
with certain cartels to control the industry, and now openly protects and transports opium
from Afghanistan. In fact, Global Research points
out that in 2001, “according to UN figures, opium production had fallen
to 185 tons. Immediately following the October 2001 US led invasion, production
increased dramatically, regaining its historical levels.” This month,
the U.N.
announced that Afghanistan now provides 93%
of the world’s opium
production; up 61% compared to 2010 to a whopping 5800 tonnes.
Although the empire tries to keep it secret, they can’t hide the hypocrisy
forever.
http://3.bp.blogspot.com/-uY_ZP5f24y8/TrdZ3Bs9HhI/AAAAAAAAMOo/FgB0_Ri48LU/s1600/pyramid.jpg
#10. World Reserve Currency Prison:
Although using Weapons of Mass Debt is a non-violent form of
expanding the empire, it’s perhaps the most brutal and effective form of
control. Requiring foreign nations to purchase oil and other imported
commodities with US dollars wields immense power. Because all nations
must acquire dollars to purchase critical resources, they quickly become
indebted to the US Federal Reserve, their affiliate central banks, and the IMF.
Before long, the entire world is colonized by debt. It seems that
only the nations that don’t need or refuse credit from Western banking
institutions are the ones in danger of facing the wrath of the imperial war
machine. Incidentally, most oil-rich nations in the Middle East have
outlawed usury (lending money with interest), making them impossible
to conquer
diplomatically through debt. Controlling the world reserve currency
means controlling the tap of life itself, which is a dangerous weapon in the
hands of an aggressive empire. Debt is the ultimate WMD the empire uses
to enslave the world, which leaves dissidents with two clear choices: slavery
or death.
Although this empire is infinitely more powerful than
Rome was, it will suffer the same fate. For every negative action the
empire commits, there’s an equal and opposite good reaction. And the
goodness of humanity will always defeat tyranny when it goes too far.
However, an empire with so much to lose will go down swinging and
slinging every weapon in its arsenal, thus putting the final stamp on their
status as most brutal empire in history.’
Extreme Poverty Is Now At Record Levels – 19 Statistics About The Poor That Will Absolutely Astound You According to the U.S. Census Bureau, a higher
percentage of Americans is living in extreme poverty than they have ever
measured before. The
Economic Collapse November 5, 2011
According to
the U.S. Census Bureau, a higher percentage of Americans is living in extreme
poverty than they have ever measured before. In 2010, we were told that
the economy was recovering, but the truth is that the number of the “very poor” soared to heights never
seen previously. Back in 1993 and back in 2009, the rate of extreme
poverty was just over 6 percent, and that represented the worst numbers on
record. But in 2010, the rate of extreme poverty hit a whopping 6.7
percent. That means that one out of every 15 Americans is now considered
to be “very
poor”.
For many people, this is all very confusing because their guts are telling them
that things are getting worse and yet the mainstream media keeps telling them
that everything is just fine. Hopefully this article will help people
realize that the plight of the poorest of the poor continues to deteriorate all
across the United States. In addition, hopefully this article will
inspire many of you to lend a hand to those that are truly in need.
Tonight, there
are more than 20 million Americans that are living in extreme poverty.
This number increases a little bit more every single day. The following
statistics that were mentioned in an article in The Daily Mail should be very
sobering for all of us….
About 20.5 million Americans, or 6.7 percent of the
U.S. population, make up the poorest poor, defined as those at 50 per cent or
less of the official poverty level.
Those living in deep poverty represent nearly half of
the 46.2 million people scraping by below the poverty line. In 2010, the
poorest poor meant an income of $5,570 or less for an individual and $11,157
for a family of four.
That 6.7 percent share is the highest in the 35 years
that the Census Bureau has maintained such records, surpassing previous highs
in 2009 and 1993 of just over 6 percent.
Sadly, the wealthy and the poor are being
increasingly segregated all over the nation. In some areas of the U.S.
you would never even know that the economy was having trouble, and other areas
resemble third world hellholes. In most U.S. cities today, there are the “good neighborhoods” and there are the “bad neighborhoods”.
According to a recent Bloomberg article, the “very poor” are increasingly being
pushed into these “bad neighborhoods”….
At least 2.2 million more Americans, a 33 percent
jump since 2000, live in neighborhoods where the poverty rate is 40 percent or
higher, according to a study released today by the Washington-based Brookings
Institution.
Of course they don’t have much of a
choice. They can’t afford to live where most of the rest of us do.
Today, there are many Americans that openly look down on the poor, but that
should never be the case. We should love the poor and want to see them
lifted up to a better place. The truth is that with a few bad breaks any
of us could end up in the ranks of the poor. Compassion is a virtue that
all of us should seek to develop.
Not only that,
but the less poor people and the less unemployed people we have, the better it
is for our economy. When as many people as possible in a nation are
working and doing something economically productive, that maximizes the level
of true wealth that a nation is creating.
But today we
are losing out on a massive amount of wealth. We have tens of millions of
people that are sitting at home on their couches. Instead of creating
something of economic value, the rest of us have to support them
financially. That is not what any of us should want.
It is absolutely
imperative that we get as many Americans back to work as possible. The
more people that are doing something economically productive, the more wealth
there will be for all of us.
That is why it
is so alarming that the ranks of the “very poor” are increasing so dramatically. When the
number of poor people goes up, the entire society suffers.
So just how
bad are things right now?
The following
are 19 statistics about the poor that will absolutely astound you….
#1 According to the U.S. Census Bureau, the percentage
of “very
poor”
rose in 300 out of the 360 largest metropolitan
areas during 2010.
#2 Last year, 2.6 million more Americans descended into poverty. That was
the largest increase that we have seen
since the U.S. government began keeping statistics on this back in 1959.
#3 It isn’t just the ranks of the “very poor” that are rising.
The number of those just considered to be “poor” is rapidly increasing as well. Back in the
year 2000, 11.3% of all Americans were living in
poverty. Today, 15.1% of all Americans are living in poverty.
#4 The poverty rate for children living in the United
States increased to 22% in 2010.
#5 There are 314 counties in the United States
where at least 30% of the
children are facing food insecurity.
#6 In Washington D.C., the “child food insecurity
rate”
is 32.3%.
#7 More than 20 million U.S. children rely on
school meal programs to keep from going hungry.
#8 One out of every six elderly
Americans now lives below the federal poverty line.
#9 Today, there are over 45 million Americans on food stamps.
#10 According to the Wall Street Journal, nearly 15 percent of all
Americans are now on food stamps.
#11 In 2010, 42 percent of all single mothers in the
United States were on food stamps.
#12 The number of Americans on food stamps has increased 74% since 2007.
#13 We are told that the economy is recovering, but the
number of Americans on food stamps has grown by another 8 percent over the past year.
#14 Right now, one out of every four American children is on
food stamps.
#15 It is being projected that approximately 50 percent
of all U.S. children will be on food stamps at some point in their lives before
they reach the age of 18.
#16 More than 50 million Americans are now on
Medicaid. Back in 1965, only one out of every 50 Americans was on
Medicaid. Today, approximately one out of every 6
Americans is on Medicaid.
#17 One out of every six Americans is now enrolled in at least onegovernment
anti-poverty program.
#18 The number of Americans that are going to food
pantries and soup kitchens has increased by 46% since 2006.
#19 It is estimated that up to half a million children may currently
be homeless in the United States.
Sadly, we don’t hear much about this on
the nightly news, do we?
This is
because the mainstream media is very tightly controlled.
I came across
a beautiful illustration of this recently. If you do not believe that the
news in America is scripted, just watch this video starting at the 1:15
mark. Conan O’Brien does a beautiful job of demonstrating how news
anchors all over the United States are often repeating the exact same words.
So don’t rely on the mainstream
media to tell you everything.
In this day
and age, it is absolutely imperative that we all think for ourselves.
It is also
absolutely imperative that we have compassion on our brothers and sisters.
Winter is
coming up, and if you see someone that does not have a coat, don’t be afraid to offer to
give them one.
All over the
United States (and all around the world), there are orphans that are
desperately hurting. As you celebrate the good things that you have
during this time of the year, don’t forget to remember them.
We should not
expect that “the
government”
will take care of everyone that is hurting.
The reality is
that millions of people fall through the “safety net”.
Being generous
and being compassionate are qualities that all of us should have.
Yes, times are
going to get harder and an economic collapse is coming.
That just
means that we should be more generous and more compassionate than we have ever
been before.’
Blagojevich calls feds 'cowards and liars'…[Yes. This is a rare
moment for one to say that a sleazy hypocrite like blago, who is on corrupt
federale-connected mobster trump’s celebrity apprentice, happens to be correct
based upon facts / reality and my own direct observation and experience and the
law – Don’t forget to include corrupt federal judges as maryanne trump barry,
sam alito, shiff, matz, hall, underhill, dorsey, etc.. Defacto bankrupt
america’s so-called system is pervasively corrupt and broken] (AP)
[Abolish the corrupt, costly, economically wasteful
lifetime extravagantly appointed federal courts - see RICO case [ http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm
]
Sheriff: Fast and Furious Bigger Scandal Than Watergate http://www.prisonplanet.com/sheriff-fast-and-furious-bigger-scandal-than-watergate.html Paul Joseph Watson | Over two dozen
Republicans call for Holder to resign. Though heavily redacted, the documents directly
discuss “Operation
Fast and Furious” and how it involves “trafficking firearms to
Mexico”.
Tuesday, November 1, 2011
Pinal County
Sheriff Paul Babeu joined over two dozen Republican lawmakers in calling on
Attorney General Eric Holder’s to resign over Operation Fast and Furious, the
gunrunning program that saw the ATF deliver some 2,000 guns directly into the
hands of Mexican drug gangs, labeling the scandal worse than the Watergate
cover-up that brought down the Nixon White House.
Noting that
two of the guns involved in the program were found at the scene where U.S.
Border Patrol agent Brian Terry was shot to death, Babeu warned that if Holder
attempted to stay in power, he could bring down the entire Obama
administration.
“I thought it was a telling sign when President Obama
embraced him and gave him the Al Capone hug and the Scarface whisper in the ear
that I support you. He did this publicly. I thought, `Wow, this is his last
hours here, that he’s on his way out,” Babeu told KTAR News.
Holder is set
to testify once more on the subject in front of a Democratic-led Senate
committee on November 8.
By no means
for the first time, if Eric Holder repeats his dubious contention that Fast and
Furious only came to his attention when it became public knowledge, he will be
knowingly committing perjury.
The head of
the Justice Department’s criminal division, Lanny A. Breuer, Holder’s subordinate who first
learned of Fast and Furious in April 2010, sent Holder briefings concerning
Fast and Furious in July 2010, almost a year before Holder told a Judiciary
Committee hearing, “I’m not sure of the exact date, but I probably heard
about Fast and Furious for the first time over the last few weeks.”
Holder also
received the same briefing from the head of the National Drug Intelligence
Center, internal
DOJ documents obtained by CBS News show.
“Internal Justice Department documents show that at
least ten months before that hearing, Holder began receiving frequent memos
discussing Fast and Furious,” states the report.
The CBS News
journalist behind the scoop, Sharyl Attkisson, was
subjected to verbal abuse by the White House merely for asking questions
about the controversy, and was warned not to pursue the story.
In addition, Holder himself gave testimony
to Congress in May 2009 in which he spoke of efforts on behalf of the DOJ
and the DHS to track weapons going from the U.S. into Mexico under Project
Gunrunner, which was the umbrella program for subsequent operations like Fast
and Furious.
It now appears
as though Breuer is attempting to throw himself under the bus in an attempt to
take the heat off his boss and be the fall guy for Fast and Furious.
Over
two dozen Republican lawmakers have called for Holder to resign over his
stonewalling on Fast and Furious, which is the subject of a congressional
probe.
As
we highlighted last week, Holder is not alone in his willingness to risk
charges of perjury by lying in front of elected representatives.
Despite
telling a House Judiciary Committee that she only learned of operation Fast and
Furious in December last year when the controversy went public, Homeland
Security chief Janet Napolitano actually helped launch the previous incarnation
of the program, Project Gunrunner, at a White House press conference in March
2009.
“Napolitano, at one point likening the questioning to
a cross-examination, said repeatedly she only learned of “Fast and Furious” after Border Patrol
Agent Brian Terry was killed in December,” reported
Fox News. “She emphasized the operation, conceived and run by
the Bureau of Alcohol, Tobacco, Firearms and Explosives, “was an ATF operation,” under the auspices of
the Justice Department, not her department.”
However, as
the video below illustrates, not only was Napolitano aware of the ATF program
to put guns into the hands of Mexican drug lords, she actually helped launch
the previous incarnation of it, Project Gunrunner, at a White House press
conference alongside Deputy Attorney General David Ogden in March 2009.’
http://www.youtube.com/watch?feature=player_embedded&v=-F_1Sya42yA
U.S.
Boots on the Ground in Libya, Pentagon Confirms Fox News |
Despite assurances otherwise, four U.S. service members arrived on the ground
in Tripoli.
Afghanistan to back Pakistan if wars with U.S.: Karzai - ISLAMABAD (Reuters) - Afghanistan would
support Pakistan in case of military conflict between Pakistan and the United
States, Afghan President Hamid Karzai said in an interview to a private
Pakistani ..
GAO
Report: Federal Reserve Is Riddled With Corruption And Conflicts Of Interest
Daily Bail | New audit of the Federal Reserve details huge
conflicts of interest involving directors of regional Fed banks
FBI
Announces Gangs Have Infiltrated Every Branch Of Military Business
Insider | Report says military has seen members from 53 gangs and 100
regions in U.S. enlist in every branch of armed forces.
The
Military Industrial Complex at 50: Activism Ray McGovern |
Ray McGovern on Activism and the Military Industrial Complex.
BOOK
WARNS OF END... BOOK WARNS OF END
Fri Oct 14 2011 07:00:25 ET
**Exclusive**
"As the faith that gave birth to the West is dying in
the West, peoples of European descent from the steppes of Russia to the coast
of California have begun to die out, as the Third World treks north to claim
the estate. The last decade provided corroborating if not conclusive proof that
we are in the Indian Summer of our civilization."
So begins Pat Buchanan in his hardcore work, SUICIDE OF A
SUPERPOWER.
"Will America Survive to 2025?"
Buchanan, set for maximum controversy, launches all rockets
at introduction "Disintegrating Nation" -- and does not let up for
400-plus pages.
"America is disintegrating. The centrifugal forces
pulling us apart are growing inexorably. What unites us is dissolving. And this
is true of Western Civilization....Meanwhile, the state is failing in its most
fundamental duties. It is no longer able to defend our borders, balance our
budgets, or win our wars."
The books reads as if its been written to be left behind in
the ruins, only to be found by a future civilization.
SUICIDE ranked #2,668 on AMAZON's hit parade early Friday.
It streets on Tuesday.
Now only the DRUDGE REPORT can offer a look inside.
Chapter 1: The Passing of a Superpower
“We have accepted today the existence in perpetuity of a
permanent underclass of scores of millions who cannot cope and must be carried
by society -- fed, clothed, housed, tutored, medicated at taxpayer’s expense
their entire lives. We have a dependent nation the size of Spain in our
independent America. We have a new division in our country, those who pay a
double or triple fare, and those who ride forever free.”
Chapter 2. The End of Christian America
If [Christopher] Dawson is correct, the drive to
de-Christianize America, to purge Christianity from the public square, public
schools and public life, will prove culturally and socially suicidal for the
nation.
“The last consequence of a dying Christianity is a dying
people. Not one post-Christian nation has a birth rate sufficient to keep it
alive....The death of European Christianity means the disappearance of the
European tribe, a prospect visible in the demographic statistics of every
Western nation.”
Chapter 3. The Crisis of Catholicism
“Half a century on, the disaster is manifest. The robust
and confident Church of 1958 no longer exists. Catholic colleges and
universities remain Catholic in name only. Parochial schools and high schools
are closing as rapidly as they opened in the 1950s. The numbers of nuns,
priests and seminarians have fallen dramatically. Mass attendance is a third of
what it was. From the former Speaker of the House to the Vice President,
Catholic politicians openly support abortion on demand.”
“How can Notre Dame credibly teach that all innocent life
is sacred, and then honor a president committed to ensuring that a woman’s
right to end the life of her innocent child remains sacrosanct?”
Chapter 4. The End of White America
“[W]hite America is an endangered species. By 2020, whites
over 65 will out-number those 17 and under. Deaths will exceed births. The
white population will begin to shrink and, should present birth rates persist,
slowly disappear.”
“Mexico is moving north. Ethnically, linguistically and
culturally, the verdict of 1848 is being over-turned. Will this Mexican nation
within a nation advance the goals of the Constitution -- to “insure domestic
tranquility” and ‘make us a more perfect union’? Or have we imperiled our
union?” (Page 134)
Chapter 5. Demographic Winter
“Peoples of European descent are not only in a relative but
a real decline. They are aging, dying, disappearing. This is the existential
crisis of the West.” (Page 166)
“Not any Iranian weapon of mass destruction but demography
is the existential crisis Israel faces....By mid-century...Palestinians west of
the Jordan river will out-number Jews 2-1. Add Palestinians in Jordan, it is
3-1.”
“In a startling development of history, Russia’s population
has fallen from 148 million in 1991 to 140 million today and is projected to
plunge to 116 million by 2050, a loss of 32 million Russians in six decades.”
Chapter 6. Equality Vs. Freedom
“Those who would change society begin by changing the
meaning of words. At Howard University, LBJ changed the meaning of equality
from the attainable -- an end to segregation and a legislated equality of
rights for African-Americans -- to the impossible: a socialist utopia.”
“Where equality is enthroned, freedom is extinguished. The
rise of the egalitarian society means the death of the free society.”
“A time for truth. As most kids do not have the athletic
ability to play high school sports, or the musical ability to play in the band,
or the verbal ability to excel in debate, not every child has the academic
ability to do high school work. No two children are created equal, not even
identical twins. The family is the incubator of inequality and God its author.”
Chapter 7. The Diversity Cult
“The non-Europeanization of America is heartening news of
an almost transcendental quality,” Wattenberg trilled.4 Yet, one wonders: What
kind of man looks with transcendental joy to a day when the people among whom
he was raised have become a minority in a nation where the majority rules?”
“Historians will look back in stupor at 20th and 21st
century Americans who believed the magnificent republic they inherited would be
enriched by bringing in scores of millions from the failed states of the Third
World.”
Chapter 8: The Triumph Of Tribalism
America’s war of revenge against Japan was a race war.
Newsreels, movies, magazines, comic books, headlines treated “Japs” as a
repulsive race whose extermination would benefit mankind....Only well after the
war was over was it re-branded a war to bring the blessings of democracy
to...Japan.
We may deny the existence of ethnonationalism, detest it,
condemn it. But this creator and destroyer of empires and nations is a force
infinitely more powerful than globalism, for it engages the heart. Men will die
for it. Religion, race, culture and tribe are the four horsemen of the coming
apocalypse.
Chapter 9. ‘The White Party’
“Through its support of mass immigration, its paralysis in
power to prevent 12-20 million illegal aliens from entering and staying, its
failure to address the “anchor-baby” issue, the Republican Party has birthed a
new electorate that will send it the way of the Whigs.”
Chapter 10: The Long Retreat
“We borrow from Europe to defend Europe. We borrow from the
Gulf states to defend the Gulf states. We borrow from Japan to defend Japan. Is
it not a symptom of senility to be borrowing from the world so we can defend
the world?”
“Are vital U.S. interests more imperiled by what happens in
Iraq where were have 50,000 troops, or Afghanistan where we have 100,000, or
South Korea where we have 28,000 -- or by what is happening on our border with
Mexico?...What does it profit America if we save Anbar and lose Arizona?”
Chapter 11: The Last Chance
“We are trying to create a nation that has never before
existed, of all the races, tribes, cultures and creeds of Earth, where all are
equal. In this utopian drive for the perfect society of our dreams we are
killing the real country we inherited..’
SHRINK: Obama suffers from
'father hunger'... ‘The abandonment by
his father when he was an infant and by his stepfather at age 10 has left
President Obama with a "father hunger" that influences everything
from why he distances himself from pushy supporters, to his strong desire to
compromise and bring people together, to his aggressive campaign to kill Osama
bin Laden, says a psychoanalytic book out next week. In Obama on the
Couch, George Washington
University professor Justin Frank also reveals that Obama has spent much of his
life seeking out father figures, but most, like Rev. Jeremiah Wright and Vice
President Biden, have disappointed him. "Obama searched for a father, for
someone to relate to who could help him—a strong man who knew what to do," Frank writes.
[Check out
photos of Obama behind the scenes.]
This is
Frank's second psychoanalytical book about a president. While a sympathetic
look at Obama, it follows Bush on the Couch, a sharply critical analysis that suggested then
President George W. Bush was disturbed. In that book, he predicted that someone
like Obama—"completely
different," "someone not ... white"—would succeed Bush. What
the nation ended up with, however, is "an almost tragic figure,"
Frank writes.
The general
theme is that Obama has been affected both by being biracial and by the
abandonment of his two dads during his childhood. The result is that he is
overly protective of his own nuclear family, desires greatly to see national
unity, and yet harbors anger that he took out on bin Laden. [Vote
now: Will Obama be a one-term president?]
Take for
example Obama's earlier willingness to compromise with Republicans, upsetting
his liberal base. Here Frank cites the negative influence of his parents,
especially his mom, who often pressed him to do better in school. "He
hates being pushed by supporters who want him to make good on his promises of
universal healthcare and care for the poor, something that represents his
mother and how she pushed him to study harder," Frank writes. And when he
ignores his base, he is emulating his father, expressing annoyance but not
worried they will desert him.
Frank also
calls Obama scared of the type of radical change he advocated in 2008. "He
wants to be the father who makes change safe, the person he has waited for his
entire life."
Browse: photos of 2012 GOP hopefuls on the campaign trail…’
BUCHANAN:
Is the New World Order unraveling? October 13, 2011 ‘With
Greece on the precipice of default and Portugal and Italy approaching the
ledge, the European monetary union appears in peril.
Should it
collapse, the European Union itself could be in danger, for economic
nationalism is rising in Europe. Which raises a larger question.
Is the New
World Order, the great 20th century project of Western transnational elites,
unraveling?
The NWO dates
back as far as Woodrow Wilson's League of Nations, which a Republican Senate
refused to enter. FDR, seeking to succeed where his mentor had failed, oversaw
the creation of a United Nations, an International Monetary Fund and a World
Bank.
In 1951 came
the European Coal and Steel Community, love child of Jean Monnet, which evolved
into the European Economic Community, the European Community and the European
Union. A European Central Bank and a new currency, the euro, followed.
The hidden
ultimate goal of economic union was political union – a United States of
Europe as model and core of the 21st-century world government.
With the
disintegration of the Soviet Union, the EU expanded to the east. And the New
World Order, formally proclaimed by George H.W. Bush in 1991, was out in the
open and seemingly the wave of the future.
Progress was
swift.
A North
American Free Trade Agreement, bringing the United States, Mexico and Canada
into a common market that George W. Bush predicted would encompass the
hemisphere from Patagonia to Prudhoe Bay, was signed in 1993.
A World Trade
Organization was born in 1994. U.S. sovereignty was surrendered to a global
body where America had the same single vote as Azerbaijan.
The Kyoto Protocol,
brought home by Vice President Al Gore, set up a regime to control the
worldwide emission of greenhouse gases.
An
International Criminal Court, a permanent Nuremberg Tribunal to prosecute war
crimes and crimes against humanity, was created.
A doctrine of
limited sovereignty had been asserted. Elites claimed a higher law than
national sovereignty; "a responsibility to protect" enabled them to
intervene in countries where human rights violations were egregious.
Serbia, bombed
by Bill Clinton for 78 days for fighting to hold its ancient province of
Kosovo, was the first victim.
Suddenly,
however, the progression has stalled. Indeed, the New World Order seems to be
unraveling.
Emerging
powers like China, India and Brazil are demanding they be exempt from
restrictions developed countries seek to impose. The follow-up summits to Kyoto
–
Copenhagen in 2009, Cancun in 2010 – ended in failure. The Doha round of world trade
negotiations ended in failure.
China refuses
to let her currency float lest she lose the trade surpluses that have enabled
her to amass $3 trillion in cash reserves.
Protectionism
is rising. Americans chafe at a new world economic order that has led to
deindustrialization of their country. Congress is talking of defunding the U.N.
as anti-Western and anti-Israel.
Why is the New
World Order suddenly going in reverse?
A primary
reason is the resurgence of nationalism. Nations are putting national interests
ahead of any perceived global interests.
A second
reason is the decline of a West whose project this was. We no longer dictate to
the world, and the world no longer marches to our tune. The deficits and
indebtedness of Western nations preclude more of the big wealth transfers in
foreign aid that once bought us influence.
A third reason
is demography. Not one European nation has a birth rate sufficient to replace
its population. Europe's nations are aging, shrinking, dying. A depopulating
Germany cannot carry forever the deficit-debtor nations of Club Med. The oldest
nation, Japan, is on schedule to lose 25 million people by 2050, as is neighbor
Russia.
Militarily,
America remains the most powerful nation. But Iraq and Afghanistan have bled
the country and left us without the certain attainment of our goals. Old allies
like Turkey go their separate ways.
Ethno-nationalism
also explains a disintegrating world order. Aspiring nations like Scotland,
Catalonia, Padania, Flanders, Ingushetia, Dagestan, East Turkestan, Kurdistan
and Baluchistan seek a place in the sun, free of the cloying embrace of the
mother country.
The desire of
peoples for nations all their own, where their own language, faith and culture
predominate and their own kind rule to the exclusion of all others, is
everywhere winning out over multiculturalism and transnationalism.
Through
history there have been attempts to unite the world.
The Roman
Empire. Catholicism. Islam. The West that ruled much of mankind from Columbus
to the mid-20th century. Communism, which conquered half of Europe and Asia but
arose and fell in a single century.
With the death
of communism and the decline of the West – in relative population and power – Islam has become the
largest religion, China the world's emerging superpower and Asia the continent
of the future.
Could this
still be the Second American Century? [
Absolutely, unequivocally NOT! ]
Not
the way we are going.’
Read more: Is the New World Order unraveling? http://www.wnd.com/index.php?fa=PAGE.view&pageId=355405#ixzz1aiOydNLu
Rick Perry's Pledge To
Stand With Israel "as a Christian"... [ Yes, indeed! This is as damaging to Christianity as it is
helpful to Islamic fundamentalists, ‘extremists’, realists; in large part owing to the fact that such a
position can’t be justified rationally,
biblically, spiritually, morally, or realistically! ] Rick Perry's pledge to
stand with Israel "as a Christian" is a gift to Islamic...
Analysis: what was so objectionable about Ahmadinejad’s speech? [ Nothing! As regards the twin towers reference,
his position is consistent with in excess of 95% of those who’ve looked closely at same, including
from an engineering perspective, as opposed to those who blindly accept the
government ‘pablum’ of the neo-con cherished ‘pearl harbor event’ (that was wildly cheered by those
israeli agents in Weehawken, n.j.) ]Activist Post | It is clear that
Ahmadinejad’s address to the
66th Session of the United States General Assembly was not well met.
California City Closes Down Bible Study in Private Home Kurt
Nimmo | In Orange County, California, it is illegal to hold a
religious meeting in your home. In Orange County, California, it is illegal to
hold a religious meeting in your home.[ How totally pathetic … California … truly the ‘land of fruits and nuts’! … Meanwhile, the inmates that run
the asylum called California are releasing felons from prisons in droves
because they can’t count, do simple math. Maybe if
these peaceful people in the confines of their homes (it’s a jungle out there on the lawless California ‘streets’) were to commit serious crimes
they would get more empathy, understanding from the inmates / criminals running
the asylum they call California! Outrageous! ] ‘This is what Chuck and Stephanie Fromm, of San Juan
Capistrano, discovered when they were fined $300 earlier this month for holding
a Bible study class on their property.Officialdom in the county said the couple
were singled out because it is considered illegal to hold “a regular gathering of more than three people” on private property. Officials stated that the Fromms
require a license to hold meetings in their home.San Juan Capistrano
authorities claim home Bible study is not allowed because it is a “church,” and churches require a
Conditional Use Permit (CUP) in residential areas.The Fromms face additional
fines of $500 per meeting for any further “religious gatherings” in their home, according to the Pacific Justice Institute.The city’s action is a brazen violation of the First Amendment,
which guarantees free worship without government intervention.PJI and the
Fromms plan to appeal a decision made by the city to uphold the fine and
restriction to the California Superior Court in Orange County, according to KCOY 12 News, a Fox affiliate.Ironically, the city of San
Juan Capistrano was founded as a mission in the late 1700s by Catholic priest
Junipero Serra. A local chapel established by Serra is the oldest standing
building in California.’
WIRELESS: Obama invested in Falcone-funded Co.... In ’05 Investing, Obama Took Same Path
as Donors By MIKE McINTIRE and CHRISTOPHER
DREW ‘Less than two months after ascending to the United
States Senate, Barack
Obama bought more than $50,000 worth of stock in two speculative
companies whose major investors included some of his biggest political donors.
One of the companies was a biotech
concern that was starting to develop a drug to treat avian flu. In March 2005,
two weeks after buying about $5,000 of its shares, Mr. Obama took the lead in a
legislative push for more federal spending to battle the disease.
The most recent financial disclosure
form for Mr. Obama, an Illinois Democrat, also shows that he bought more than
$50,000 in stock in a satellite communications business whose principal backers
include four friends and donors who had raised more than $150,000 for his
political committees.
A spokesman for Mr. Obama, who is
seeking his party’s presidential nomination in 2008, said
yesterday that the senator did not know that he had invested in either company
until fall 2005, when he learned of it and decided to sell the stocks. He sold
them at a net loss of $13,000.
The spokesman, Bill Burton, said Mr.
Obama’s broker bought the stocks without
consulting the senator, under the terms of a blind trust that was being set up
for the senator at that time but was not finalized until several months after
the investments were made.
“He
went about this process to avoid an actual or apparent conflict of interest,
and he had no knowledge of the stocks he owned,”
Mr. Burton said. “And when he realized that he didn’t
have the level of blindness that he expected, he moved to terminate the trust.”
Mr. Obama has made ethics a signature
issue, and his quest for the presidency has benefited from the perception that
he is unlike politicians who blend public and private interests. There is no
evidence that any of his actions ended up benefiting either company during the
roughly eight months that he owned the stocks.
Even so, the stock purchases raise
questions about how he could unwittingly come to invest in two relatively
obscure companies, whose backers happen to include generous contributors to his
political committees. Among those donors was Jared Abbruzzese, a New York
businessman now at the center of an F.B.I. inquiry into public corruption in
Albany, who had also contributed to Swift Boat Veterans for Truth, a group that
sought to undermine John Kerry’s
Democratic presidential campaign in 2004.
Mr. Obama, who declined to be
interviewed about the stock deals, has already had to contend with a
controversy that arose out of his reliance on a major campaign contributor in
Chicago to help him in a personal financial transaction. In that earlier case,
he acknowledged last year that it had been a mistake to involve the
contributor, a developer who has since been indicted in an unrelated political
scandal, in deals related to the Obamas’ purchase of a home.
Senate ethics rules do not prohibit
lawmakers from owning stocks — even in companies that do business
with the federal government or could benefit from legislation they advance —
and indeed other members of Congress have investments in government
contractors. The rules say only that lawmakers should not take legislative
actions whose primary purpose is to benefit themselves.
Mr. Obama’s
sale of his shares in the two companies ended what appears to have been a brief
foray into highly speculative investing that stood out amid an otherwise
conservative portfolio of mutual funds and cash accounts, a review of his
Senate disclosure statements shows. He earned $2,000 on the biotech company,
AVI BioPharma, and lost $15,000 on the satellite communications concern,
Skyterra, according to Mr. Burton of the Obama campaign.
Mr. Burton said the trust was different
from qualified blind trusts that other senators commonly used, because it was
intended to allow him greater flexibility to address any accusations of
conflicts that might arise from its assets. He said Mr. Obama had decided to
sell the stocks after receiving a communication that made him concerned about
how the trust was set up.
The investments came at a time when Mr.
Obama was enjoying sudden financial success, following his victory at the polls
in November 2004. He had signed a $1.9 million book deal, and his ethics
disclosure reports show that he received $1.2 million of book money in 2005.
His wife, Michelle, a hospital vice
president in Chicago, received a promotion that March, nearly tripling her
salary to $317,000, and they bought a $1.6 million house in June. The house sat
on a large property that was subdivided to make it more affordable, and one of
Mr. Obama’s political donors bought the adjacent
lot.
The disclosure forms show that the
Obamas also placed several hundred thousand dollars in a new private-client
account at JPMorgan Chase, a bond fund and a checking account at a Chicago
bank.
But he put $50,000 to $100,000 into an
account at UBS, which his aides say was recommended to him by a wealthy friend,
George W. Haywood, who was also a major investor in both Skyterra and AVI
BioPharma, public securities filings show.
Mr. Haywood and his wife, Cheryl, have
contributed close to $50,000 to Mr. Obama’s campaigns and to his political action
committee, the Hopefund. Mr. Haywood declined to comment.
Within two weeks of his purchase of the
biotech stock that Feb. 22, Mr. Obama initiated what he has called “one
of my top priorities since arriving in the Senate,”
a push to increase federal financing to fight avian flu.
Several dozen people had already died
from the disease in Southeast Asia, and experts were warning that a worldwide
pandemic could kill tens of millions of people. Mr. Obama was one of the first
political leaders to call for more money to head off the danger, which he
described as an urgent public health threat.
His first step came on March 4, 2005,
when the Senate Foreign Relations Committee approved his request for $25
million to help contain the disease in Asia; the full Senate later approved
that measure. And in April 2005, he introduced a bill calling for more research
on avian flu drugs and urging the government to increase its stockpiles of
antiviral medicines.
Mr. Obama repeated this call in a
letter that Aug. 9 to Michael O. Levitt, the health and human services
secretary. And in September 2005, Mr. Obama and Senator Tom Harkin,
Democrat of Iowa, succeeded in amending another bill to provide $3.8 billion
for battling the flu.
Meanwhile, the drug company in which he
invested, AVI BioPharma, had been working to develop its own medicine to treat
avian flu victims. In a conference call with Wall Street analysts on March 8,
2005, the company’s chairman, Denis R. Burger, said the
firm was “aggressively going forward”
with its avian flu research and hoped to work with federal agencies on it.
The company, which is also developing
medicines in a number of other areas, provided several updates on its avian flu
research in 2005, including one on Oct. 21 saying the company was likely to
develop a treatment for avian flu “in a relatively short time.”
Mr. Obama sold what appears to have
been about 2,000 shares of the company’s stock a week later, when it traded at
about $3.50 a share, or about $1 a share more than when he bought it. Company
officials said they never talked to the senator about his work on avian flu.
And while the company has received millions of dollars in federal money to
develop drugs for treating ebola and other serious diseases, it still has not
received any federal money for its avian flu research.
The company’s
stock briefly surged to nearly $9 a share in January 2006 when it announced
promising research findings on the flu drug. But the company still has not
applied for federal approvals to test and market the drug.
Unlike his investment in AVI, which
yielded a small profit, Mr. Obama’s stake in Skyterra Communications went
in the opposite direction, despite a promising start.
He bought his Skyterra shares the same
day the Federal Communications Commission ruled in
favor of the company’s effort to create a nationwide
wireless network by combining satellites and land-based communications systems.
Immediately after that morning ruling, Tejas Securities, a regional brokerage
in Texas that handled investment banking for Skyterra, issued a research report
speculating that Skyterra stock could triple in value.
Tejas and people associated with it
were major donors to Mr. Obama’s political committees, having raised
more than $150,000 since 2004. The company’s chairman, John J. Gorman, has held
fund-raisers for the senator in Austin, Tex., and arranged for him to use a
private plane for several political events in 2005. Mr. Gorman declined to
comment.
In May 2005, Mr. Abbruzzese, who was
vice chairman of Tejas and a principal investor in Skyterra, contributed
$10,000 along with his wife to Mr. Obama’s political action committee —
a departure from his almost exclusive support of Republicans.
Eight months earlier, for instance, he had contributed $5,000 to the Swift Boat
group, and he has given $100,000 to the Republican National Committee since 2004.
Last year, Mr. Abbruzzese, a major
investor in several high-tech companies in New York and elsewhere, emerged as a
central figure in the federal investigation of the New York State Senate
majority leader, Joseph
L. Bruno. The inquiry is examining Mr. Bruno’s
personal business dealings, including whether he accepted money from Mr.
Abbruzzese in return for Senate approval of grants for one of Mr. Abbruzzese’s
companies. Both men have denied any wrongdoing. Mr. Abbruzzese did not return
phone calls seeking comment.
Skyterra’s
share price was lifted into the $40 range for a time on the strength of the
F.C.C. ruling, but eventually drifted down into the low 30s, and was at $31
when Mr. Obama sold his shares for a $15,000 loss on Nov. 1, 2005. A few months
later, it plunged into the $20 range, and today trades below $10 a share. A
spokesman for Skyterra said the company’s top officials had not been aware of
Mr. Obama’s investment.’
Joe McGinniss Sarah Palin Book, 'The Rogue,' Makes
Controversial Claims About Former Alaska Governor ‘Joe
McGinniss's new book, The Rogue: Searching for the Real Sarah Palin,
hits bookstores next week, but its controversial claims about the former Alaska governor are
already making waves.
In the book,
McGinniss writes that Palin had a one-night stand in 1987 with future NBA basketball
player Glen Rice nine months before she married her husband Todd. He quotes a
friend who said Palin "had a fetish for black guys for a while."
"She was
a gorgeous woman. Super nice. I was blown away by her," Rice tells
McGinniss in the book, NBC reports. "Afterward, she was a big crush that I
had."
McGinniss's
book also alleges that Palin had an extramarital affair with her husband's
business partner, Brad Hanson, in the mid-1990s, and snorted cocaine off a
55-gallon oil drum while snowboarding.
"An utter
fraud. An absolute and utter fraud," McGinniss calls Palin in an interview about the book with NBC.
"At best,
she's a hypocrite," McGinniss tells NBC's Savannah Guthrie. "At
worst, she's a vindictive hypocrite."
McGinniss
famously moved into a house next door to Palin's Wasilla, Alaska home
to write his book -- prompting the Palins to accuse him of stalking them. They built a high fence along their property to protect their
privacy.
In response to
McGinniss's book, Todd Palin gave a statement to NBC saying that McGinniss "spent the
last year interviewing marginal figures with an axe to grind in order to churn
out a hit piece to satisfy his own creepy obsession with my wife."
"I'd ask
the fathers and husbands of America to consider our privacy when one summer day
I found this guy on the deck of the rental property, just 18 feet away next
door to us, staring like a creep at my wife while she mowed the lawn in her
shorts," Palin said.
McGinniss says
that anything he learned about Palin by living next door did not make it into
the book, but he does become a character in the story himself.
The New
York Times writes in its review:
Soon
Mr. McGinniss is settling in to enjoy the fuss his mere presence has created.
"Normally, for a news story to continue beyond the first 24-hour news
cycle, something newsworthy must occur," he writes loftily, but "The
Rogue" is filled with proof to the contrary. What was his hate mail like?
He quotes it. What did Glenn Beck call him? That’s here too. Who took umbrage
at this venom and chose to help him? One man offered him a hideout, despite Mr.
McGinniss's slight skepticism about his motives. "But you don’t know
me," Mr. McGinniss protested.
McGinniss's book is scheduled to hit bookstores on
Tuesday, Sept. 20.’
The
Rogue: Searching For The Real Sarah Palin' Cover Revealed Call it Palin Noir. Joe McGinniss' upcoming biography
of Sarah Palin has a cover design more fitting for a detective novel. It has a
bold...
Joe
McGinniss, Palin Neighbor & Author, Leaving Wasilla To Write Book ANCHORAGE, Alaska — Sarah Palin can take down
the fence. Palin's neighbor of three months on Wasilla's Lake Lucille, author
Joe McGinniss, is packing his...
Bristol Palin Interview Accidentally Reveals Mother's 15
Abortions WASILLA,
AK—Sarah Palin's political team was
forced to do emergency damage control Monday after the former Alaska governor's
daughter Bristol accidentally divulged on live television that her mother has
undergone at least 15 abortions over the past 30 years. "She's always
telling me how special I am, especially considering the five or six babies she
aborted before I was born," Palin, 20, said during a CNN interview in
which she was asked if she thought her mother would make a good president.
"Then of course there were the twins she aborted shortly after having me,
another four abortions after Willow somehow survived hers—but anyway, she's a wonderful mom. She just gets pregnant a
lot and doesn't always want to have the baby." Palin also commended her
mother's strength in carrying three babies with Down syndrome to term, and then
even choosing not to give Trig up for adoption like the others.
Ralph
Nader: U.S. is a two party dictatorship Raw Story | “It’s
a two party dictatorship unless you’re worth billions of dollars.”
Astronauts'
tracks, trash seen in new moon photos [ The easiest thing in the
world to contrive (don’t forget they can with some precision today send
robotics to ie., mars, etc.) and doctor so don’t be taken in by their
fraudulent b***s***! They’re probably desperately looking for some money /
budgetary consideration for their continued boondoggles. No man has ever set
foot on the moon to date. As
NASA transitions, U.S. space politics in a state of flux (Washington Post) [ U.S. space politics? I
didn’t know there was such a thing. But I, and I’m sure all know that ‘u.s.
politics are spaced’. Flux? One could only hope. I’d say, ‘fleeced’; as in
we’ve all been fleeced. Sterner:
5 myths about NASA (Washington
Post) [ If you can’t get past the first myth; viz., that they actually set foot
on the moon, the other 5 so-called myths become irrelevant. Indeed,
post-Eisenhower, and certainly post-Kennedy-assassination / coup d’etat, NASA
was all military / military industrial complex (moreover, someone knowledgeable
about such matters said essentially that in explaining to my surprise the
transition to the shuttle program it was said there was greater military
application in same). In any event, Russia’s been doing quite a bit of ‘heavy
lifting’ vis-à-vis the space station, but not inordinately so. All I can say
with certainty is that the universe beyond this solar system is forever
protected / insulated. The fact is, they never set foot on the moon; and, in
light of the pervasive corruption in and defacto bankruptcy of the nation,
their perpetual wars toward making a hell on earth militate against anything
but trying to do even just a little bit better (for a start),
terrestrially. NASA wants
mission to bring Martian rocks to Earth (AP) Why? They already have
that and more: Launch
of secret US space ship masks even more secret launch of new weapon The
Militarization of Outer Space: The Pentagon’s “Space Warriors” Global
Research | It’s not as if things aren’t bad enough right here on
planet earth. Now the Defense Department wants to up the stakes with new,
destabilizing weapons systems that will transform low- and high-earth orbit
into another “battlespace.” buzz aldrin
wants to colonize Mars … Riiiiight buzzed! Better check with DePalma to see if
he already has the footage in the can since you won’t be able to use the moon
footage for the new boondoggle video ... OBAMA SPEECH OUTLINES PLANS FOR RETURNING DEFACTO
BANKRUPT U.S. TO SPACE – OOOOOH! SOUNDS LIKE A PLAN … FOR INNER SPACE
(IMAGINATION).
AMERICA FALLS TO 5TH
PLACE... GENEVA — ‘The U.S. has tumbled further down a global ranking of the world's most
competitive economies, landing at fifth place because of its huge deficits and
declining public faith in government, a global economic group said Wednesday.
The
announcement by the World Economic Forum was the latest bad news for the Obama
administration, which has been struggling to boost the sinking U.S. economy and
lower an unemployment rate of more than 9 percent. Switzerland held onto the
top spot for the third consecutive year in the annual ranking by the
Geneva-based forum, which is best known for its exclusive meeting of luminaries
in Davos, Switzerland, each January. Singapore moved up to second place,
bumping Sweden down to third. Finland moved up to fourth place, from seventh
last year. The U.S. was in fourth place last year, after falling from No. 1 in
2008.
The rankings, which the forum has issued for more
than three decades, are based on economic data and a survey of 15,000 business
executives.
The forum praised the U.S. for its productivity,
highly sophisticated and innovative companies,
excellent universities and flexible labor market. But it also cited "a
number of escalating weaknesses" such as rising government debt and
declining public faith in political leaders and corporate ethics.
The results of a survey of 142 nations comes a day
before Obama is preparing to tackle jobs issues in a speech to the U.S.
Congress, and just as U.S. polls show a clear majority of those surveyed say
they disapprove of the way Obama is handling the economy.
Switzerland held onto its top ranking, the forum
said, because of "continuing strong performance across the board"
with innovation,
technological readiness, even-handed regulation and having one of the world's
most stable economic environments.
Germany, Europe's economic powerhouse, was sixth,
followed by the Netherlands and Denmark. Japan came in ninth, and Britain was
10th. France was 18th, and Greece, saddled with debt, fell to 90th.
The report looked at broader trends: While the U.S.
slipped, emerging markets gained traction. China took 26th place, highest among
major emerging economies; Brazil was 53rd; India was 56th; and Russia was 66th.
"Fiscal imbalances that have been building up
around the world are really a danger to future competitiveness, in terms of the
ability of countries to invest
in those things that will be very important for competitiveness going forward,
things like education, infrastructure and so on," said Jennifer Blanke, an
economist with the forum.’
Gunman wounds several at Nevada
restaurant Washington Post - A man with a rifle shot a group of
uniformed members of the National Guard. Officers review evidence, including
bullet holes, at the scene of a shooting at an IHOP restaurant in Carson City,
Nev. 4 dead, including shooter, in Nev. IHOP attack CBS News Sheriff: Gunman used AK-47 in IHOP
shootingThe Associated Press Shooting at IHOP Restaurant in Nevada Kills Two National Guard
Members, At ... Fox News [ I heard
this breaking story as it came across the radio –
the soundbite was from someone being interviewed (I didn’t
catch the name or position), who said such as this incident happens in third
world countries, not here. Au contraire! Take a good look …
from Philly, to Chicago, to Detroit, to Newark, to New York, to Miami, to Los
Angeles, etc., to crime rates worldwide (u.s. is no. 1 by far), to pervasive
corruption, to pervasive fraud (gov’t
sanctioned), to meaningful lawlessness and arbitrary enforcement, to gunboat
diplomacy and perma wars, to over-printed ever-more worthless currency, to
insurmountable debt (promises to pay, unfounded liabilities) etc., …
defacto bankrupt america is a third-world country, and the biggest by far with
much further to fall …] Legendary
Investor Jeremy Grantham: America is a Banana Republic Washington’s Blog | Just different bananas perhaps? [ Of course this
is absolutely true! And not just from the meaningfully lawless perspective – I had made such a statement on the record in a LA Superior
Court Appellate Dept. proceeding in which said court literally ignored the law
(the same is true of the costly, plushly accoutered lifetime appointee federal
courts) which courts should indeed be abolished in these difficult economic /
budgetary times. Additionally, from pervasive corruption, to debased
over-printed currency, to gunboat diplomacy, to total incompetence, etc.,
america is indeed a banana republic at most.]
MSNBC Yet Again Implies Criticism of Obama Is Racist Paul
Joseph Watson | General Electric-owned (49%) network is earning its federal
bailout money. [Yet, it’s holder / wobama who’re the racists … Robinson:
King’s dream remains unrealized (Washington Post) [ Yeah! That ‘content of their character’
thing’s a b***ch to live up to … just don’t measure up! What’s a white person
to do, especially when black atty. General Holder with fellow black Obama’s
tacit approval is racist himself (themselves)
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. Drudgereport:
'Mob'
beatings at WI state fair...
'Hundreds
of young black people beating white people'... [ Typical… ]
Fairgoers
'pulled out of cars'...
'They
were just going after white people'...
Heightened
security...
Play It
Again Sam: Dave's Daily [ As
always, Dave is spot-on as an astute, knowledgeable, seasoned veteran of the
markets. ] ‘ In our little
village in New Hampshire (call it Whoville) there's a summer stock playhouse a
block or so from us. They have many good plays but no matter the production or
quality, they can't top Wall Street from delivering great performances.
Thursday was another great show starring Jobless Claims, Warren Buffet, HAL
9000s, Steve Jobs and, of course, Da Boyz running the CRIMEX (COMEX and CME) on
precious metals options expiration.
The spin on Jobless
Claims data was prior claims were adjusted higher making recent higher claims
look not so bad especially when you add Verizon workers.
Warren Buffett
entered from stage left with a $5 billion investment in Bank of America (BAC)
giving him 6% interest tax-free (a "coddled" billionaire?) and making
he and Berkshire (BRK) a new TARP program.
The HAL 9000s
have been doing business as HFTs (High Frequency Traders) launching many buy or
sell programs using complex algorithms which can drive prices on indexes higher
or lower in dramatic fashion. One of their great acts is called "quote
stuffing". It's another illegal activity which the SEC hasn't quite
figured out. It's as futile for them as the illegal fee-driven recent
end-of-quarter price jam-job. One of these actions was featured courtesy of our
friends at Zero
Hedge and depicted below as it occurred Thursday afternoon. The first chart
features the quotes per second (NOTE: one instance exceeding 800 quotes per
second). The next chart shows the market's simultaneous reaction.
http://www.thestreet.com/tsc/daves/082511/image002.jpg
Steve Jobs
sadly is retiring from his leading role as Apple (AAPL) CEO but the stock hardly budged given the
products and brand are already well-known and his retirement was much
anticipated.
Last, but not
least certainly, was the performance of Da Boyz production of gold price
manipulation. The first bear raid occurred Tuesday as The Shanghai Gold
Exchange raised margins putting pressure on prices Wednesday in the U.S. Not so
secretly evidently, Da Boyz met in Chicago and determined to raise gold margins
after the close of trading on Wednesday--this being
done with prices already down $100. This action was obviously leaked to those
in the options pits and the impact enhanced with options expiration Thursday.
So we gapped down lower with this event no doubt triggering more stops. This
made the strike price hunt down profitable for those on the floor. Once those
cleared we rallied back and closed slightly higher on the day.
http://www.thestreet.com/tsc/daves/082511/image003.jpg
Meanwhile,
back at Wall & Broad stocks fell sharply because evidently there's some
concern Ben will do nothing in launching another round of QE from Jackson Hole.
Bond prices were higher as was the dollar while commodity prices overall were
mixed.
Volume was
higher once again on selling and breadth per the WSJ was quite negative putting
more life back into the roller coaster ride…’
Ilsa: Play it once, Sam. For old
times' sake.
Sam: I don't know what you mean, Miss Ilsa.
Ilsa: Play it, Sam. Play "As Time Goes By."
Sam: Oh, I can't remember it, Miss Ilsa. I'm a little rusty on it.
Ilsa: I'll hum it for you. Da-dy-da-dy-da-dum, da-dy-da-dee-da-dum...
Ilsa: Sing it, Sam.
The line is usually associated with Humphrey Bogart
and later in the film his character Rick Blaine has a similar exchange,
although his line is simply 'Play it':
Rick: You know what I want to hear.
Sam: No, I don't.
Rick: You played it for her, you can play it for me!
Sam: Well, I don't think I can remember...
Rick: If she can stand it, I can! Play it! ‘
Facebook
"Places" List Signals Decline of Western Civilization at
Minyanville Justin Rohrlich ‘Okay, it's official: the United
States is pathetic … From Mashable
comes the first set of Facebook-supplied data
regarding where their users "check in"...and it ain't pretty:
1.
Starbucks
2. Buffalo Wild Wings
3. Chili’s
4. Applebee’s
5. McDonald’s
6. IHOP
7. Denny’s
8. Olive Garden
9. T.G.I. Friday’s
10. The Cheesecake Factory
Yep, that's where we stand these days -- of the 157 million Facebook users in
the United States, these are the ten locations they frequent most. Not the
restaurants they frequent most. The PLACES they frequent most. If that doesn't
signal America's imminent decline, maybe the Pennsylvania middle school
principal who is bringing
his sheep to work because lawnmowers are breaking the budget, will. Just
askin'. ‘
Buchanan: The view from
Martha's Vineyard... Patrick J. Buchanan ‘As he and his daughters bicycle around the summer
playground of the Northeastern elite, Martha's Vineyard, President Obama is
steadily bleeding away both the support of the nation and that of his most
loyal constituency. Several times, his approval rating in Gallup's daily
tracking poll has sunk to 39 percent, with disapproval reaching 54 percent.
Support for his handling of the economy has dipped to the mid-20s. Only 11 percent of
Americans, says Gallup, are satisfied with the way things are going. Unemployment remains at 9 percent, as it has for two
years. The Dow has lately lost 2,000 points, or $3 trillion in wealth wiped
out. All that money the Fed pumped out is now being reflected not only in the
price of gold, silver and Swiss francs, but in rising consumer prices – inflation. One in five
U.S. children is living in poverty.
Middle
America, some time ago, decided the "hopey, changey thing" was not
working out for them. Now the patience of African-Americans with a president
for whom they voted 24 to one is wearing thin.
At a Black
Caucus confab in Detroit, Rep. Maxine Waters told an angry audience that if and
when Black America demands that they confront Obama, the caucus is ready
"to have the conversation."
A collision
between Obama and his base seems inevitable. For Black America's situation,
though tough today, seems certain to get tougher. Why?
First, black
Americans held a significant share of the subprime mortgages that went sour
when housing prices went south, and are thus overrepresented among those who
lost homes.
Second, black
Americans, with a higher rate of poverty, depend more on the entitlement and
social programs that Obama cannot avoid hoisting onto the chopping block in any
"balanced" plan for dealing with the deficit-debt crisis.
Third,
African-Americans are overrepresented among the 22 million who work for local,
state and federal governments. And while government workers came out best in
terms of job security and salary hikes in the stimulus days of 2009 and 2010, in
the austerity days of 2011, they are getting their fair share of pink slips. It
is almost a truism: Whenever Middle America goes into recession, Black America
flirts with depression.
Consider the
U.S. Postal Service, with 600,000 employees, running a deficit of $8.5 billion
and facing layoffs of 120,000. According to William Burrus, ex-president of the
Postal Workers Union, 21 percent of all postal employees are black. When the
cuts come, minorities will take a big hit.
That
African-Americans favor a powerful federal government is understandable. After
all, it was the federal government that crushed the Confederacy, freed the
slaves, sent troops to integrate the South, enacted the civil rights laws,
imposed affirmative action on companies and colleges, and created the Great
Society that provided trillions in wealth transfers and welfare benefits and employs a share of the black population
that is nearly twice its representation in the labor force.
That
African-Americans would see states' rights conservatives and small-government
Republicans as hostile to the one powerful institution most friendly to them
should come as a no surprise.
Here we come
to Barack's dilemma.
The nation he
leads is facing a deficit-debt crisis that comes of an inescapable truth:
Whether we are talking about commitments to go to war to defend scores of
nations or commitments to entitlement and Great Society programs such as Social
Security, Medicare, Medicaid, earned income tax credits, food stamps and
Pell grants, we Americans have handed out promissory notes we no longer have
the means to meet.
We can no
longer deliver what we have promised.
We are running
deficits of 10 percent of gross domestic product with a national debt over 100
percent. We are on the path that Italy is following, which is the path that
Greece pursued.
We are an
overextended empire and commonwealth facing strategic and fiscal bankruptcy. If
Obama is to lead the nation out of the crisis it confronts, he has to preside
over a downsizing of the welfare-warfare state – the same state that
sustains his base.
Not to worry,
we are told. When the lazy days of summer are over, Obama will present Congress
with his big plan for resurrecting the economy and ensuring the long-term
solvency of the nation.
Obama's
September program – indeed, any credible plan to revive the economy and
bring our books into balance – has to include a rollback of U.S. commitments at
home and abroad.
Yet,
domestically, this cannot be done without reducing future Social Security, Medicare and Medicaid benefits, and cutting and capping
the social programs of the Great Society. Moreover, half the nation cannot
freeload forever, as is the case today, contributing nary a dime in federal income taxes.
And such
reforms must adversely impact most Obama's political and personal base.
If he proposes
new taxes, tea-party Republicans fix bayonets.
If he proposes
downsizing the government and cutting and capping social programs, his most
loyal constituents rise up against him.
Enjoy
the Vineyard, Mr. President. Read more: The view from Martha's Vineyard http://www.wnd.com/index.php?fa=PAGE.view&pageId=335265#ixzz1VQWOeKDx
‘
Putin
sets sights on Eurasian economic union FT | Putin hopes to
build a “quasi-European Union” out of former Soviet states.
Drudgereport: BLACK CAUCUS ON OBAMA: 'WE'RE GETTING TIRED' [ Not as
tired of wobama’s b***s*** / excuses as the ‘White Caucus’ and any other Caucus
– but, don’t be taken in by their b***s***; they’ll ‘back the black’ every
time, regardless! ]New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Even
that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
http://www.angelfire.com/indie/pearly/htmls/bush-carlyle.html Investment giant says it will likely sell
shares. Defense Secretary Robert M. Gates tours eastern Afghanistan, days
before the Obama administration is scheduled to complete a major review of its
war strategy. ]
The following is my comment to an LA Times article regarding a Justice Department cover-up! As for your inquiry, all I think about day and night is a long overdue resolution to the RICO litigation as set forth therein:
I
believe him!
Here’s some real, complicit cover-up / fraud on the part of the federal government, et als:
October 15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3 copies of the within DVD rom autorun disk (which will open in your computer’s browser) as per your office’s request as made this day (the disk and contents have been scanned by Avast, McAfee, and Norton which I’ve installed on my computer to prevent viral attacks / infection and are without threat). I also include 1 copy of the DVD as filed with the subject court as referenced therein (which files are also included on the aforesaid 3 disks in a separate folder named ‘112208opocoan’). The (civil) RICO action (as you’re aware, the RICO Act is a criminal statute which provides a civil remedy, including treble damages and attorney fees, as an incentive for private prosecution of said claims probably owing to the fact that the USDOJ seems somewhat overwhelmed and in need of such assistance given the seriousness and prevalence of said violations of law which have a corrupting influence on the process, and which corruption is pervasive). A grievance complaint against Coan was also filed concurrently with the subject action and held in abeyance pending resolution of the action which was illegally dismissed without any supporting law and in contravention of the Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District Connecticut. The files below the horizontal rule are the referenced documents as filed. (Owing to the damage to the financial interests of both the U.S. and the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam provisions of the Federal False Claims Act probably would apply and I would absent resolution seek to refer the within to a firm with expertise in that area of the law with which I am not familiar).
The document in 5 pages under penalty of perjury I was asked to forward to the FBI office in New Haven is probably the best and most concise summary of the case RICO Summary to FBI Under Penalty of Perjury at Their Request (5 pages) [ ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf ].
The correspondence I received from the Congresswoman by way of email attachment (apparent but typical problem with my mail) along with my response thereto is included on the 3 disks as fbicorrespondencereyes.htm . With regard to the calls to the FBI’s LA and New Haven, CT offices: There was one call to the LA office and I was referred to the Long Beach, CA office where I personally met with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of the money laundering which he confirmed as indicative of same (he was transferred from said office within approximately a month of said meeting and his location was not disclosed to me upon inquiry). The matter was assigned to FBI Agent Ron Barndollar and we remained in touch for in excess of a decade until he abruptly retired (our last conversation prior to his retirement related to the case and parenthetically, Rudy Giuliani whose father I stated had been an enforcer for the mob to which he registered disbelief and requested I prove it, which I did – he served 12 years in prison, aggravated assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew Maloney’s the one that prosecuted gotti).
In contradistinction to the statement in said correspondence, there is a plethora of information including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and neither LA, nor creditors, nor I should continue to have been damaged by this brazened corrupt and illegal scenario, which should be resolved in accordance with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are unresolved problems with the line, computer connection may be the reason but I hesitate to chance greater non-performance / worsening by their ‘fix’ so cell phone best for contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as indicated therein was previously send 9-14-10 but delivery confirmation was flawed as set forth below and my inquiries to the u.s. postal service rebuffed (I believe tampered with inasmuch as your office could not locate same). This cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the subject files for ease of reference, including the files in the RICO action as indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates once again that your office has not received the aforesaid and which can reasonably be presumed to have been tampered with, and hence, a violation of the federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target financial fraud WP Obama has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target financial fraud WP | Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Sincerely and Regards,
Al Peia
In
euro crisis, signs of German fatigue
Politics keep the chancellor from putting full weight of Europe’s
largest economy behind a solution (Washington Post) [ Yeah … ‘square pegs in
round holes’ is definitely not Germany’s style. European
economies brace as Germany slows Discouraging news about the pace of growth
came just hours before German and French leaders called for new steps to impose
discipline on governments whose lax budget practices prompted the debt crisis.
(Washington Post) [ First, let’s call this economic scenario what it is; viz.,
the ‘d’ word … ‘depression’. For those who find that term unutterable, then
‘double-dip recession’ is the term for you. All the dollar debasement
(over-printing, etc.) for the benefit of the frauds on wall street et als to
the substantial detriment of everyone else can’t change and has exacerbated and
obfuscated this fact. Moreover, there has been a manipulated churn-and-earn
high-frequency trading bubble-bull cycle in what is unmistakably a secular bear
market. Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Europe’s
crisis and the psychology of fear (Washington Post) [ Given the reality and magnitude of Europe’s
problems going forward, dwarfed only by the magnitude of those of pervasively
corrupt, defacto bankrupt america, it brings to mind the words of the former
Intel CEO (co-founder) Andy Grove ‘ Only the paranoid survive’ (of course,
having survived the Nazis and escaped Communist-controlled Hungary in Europe,
as a jew, one has to assume his perspective / outlook was somewhat ‘skewed’
thereby). Yet, let’s not kid ourselves to the point where virtual survival is
threatened and at stake as is so for the EU. America
isn’t alone in the downgrade spiral (WP) Indeed, the EU has followed the contra-indicated perma war,
evermore worthless Weimar currency, and a predispositon / tacit acceptance of
paper securities schemes / scams / frauds which are integral to america’s
ongoing, albeit obfuscated, debacle / crisis which given the unfunded debt load
pegged at $211 Trillion among other estimates, is insurmountable and will end
quite badly. Poll:
Sharp dissatisfaction with D.C. The public doubts the government can fix
the nation’s economic problems, Post poll shows. An
unlikely landlord: Uncle Sam (WP) [
No surprise there (the doubts)! Uncle
Scam as landlord? Sounds like a typical scam / fiasco / debacle in the making!
Add limey (brits)-looking (green) frogs (french) to the mix(ed up) in the
pervasively corrupt defacto bankrupt disunited states Italy
unveils plan to calm fears of escalating crisis (WP) [ Yeah, dem piigs were back in the news. ’ Dem PIIGS still got problems. Europe’s
debt crisis threatens Italy (WP) [ Yeah, dem’ darn PIIGS. Reminds me of that joke (I won’t repeat it
here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not Greece’ ( but greecy
Italy Italians voice concern over Italian debt crisis scenario [ Whew! Close
call! There you go. Nothing to worry about now that wobama’s got a boehner … so
not to be so hard on them; if pelosi says it, it must be true … Not!
…Pervasively corrupt, defacto bankrupt america, they, she look pretty greecey
to me. After all, if the same’s wobama’s ‘far-reaching plan on debt’, we all
know ‘wobama the b’ (for b***s***) is total b***s*** which means like Greecey
PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion,
PIMCO's Bill Gross estimates the unreported debt to be $75 trillion, while
other estimates exceed $100 trillion (these amounts are insurmountable) …’ Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for fake gov’t data / reports owing
to political desperation! Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is
building momentum to the downside’. Wall Street
closes worst week since '08 with wild day NEW YORK (Reuters) S&P
on U.S. downgrade: Debt pact 'falls short' - Reuters S&P
downgrades US credit rating from AAA S&P
Shocks the U.S. with Credit Downgrade to AA+ from Prestigious AAA Rating Wall St. Cheat Sheet What
Recovery? Forbes
‘…we can’t call this a recovery. There’s no reason to celebrate when a
job report was better than expected. Why? Because the expectation was abysmal
to begin with. And while we’re at it, we can’t ignore increasing sovereign debt
problems in Europe…’ ‘Top
3 Reasons Markets Erased the Year’s Gains Wall St. Cheat Sheet 1) Japan and Europe 2) Unemployment.3)
Capital goods - billions of dollars in lost revenue. Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To
Meltdown,
predicting the global crisis that occurred the following year. I
now see a similar confluence of events that warns of phase II of the
global crisis… My work shows that “the new recession has started.”… Over the
past 33 years, we have called the start of every recession, often on the exact
month, or within one month, of the official start as determined one year later
by the official arbiter of recession, the National Bureau of Economic Research
(NBER)… However, inflation is far understated for political reasons. Currently,
the GDP deflator is 1.8%, which hardly reflects the true rise in prices.
Therefore, what is counted as “growth,” is actually price increases. Actual
inflation, according to free market economists who calculate inflation as it
was done in 1980 before the politician re-engineered it, is now more than 11%.
Using that to adjust GDP for inflation, would show that the economy is now in a
very sharp contraction…’FLASHBACK HERE: Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not Sold by
June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the Market Could Fall 70%’ [
He’s not alone! PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The
5-year high in the level of insider corporate stock sales is telling. At 565
sells for every 1 buy, it’s never been higher.
Will:
Is Britain a lost ally? (Washington Post) [ How ‘bout just lost! And, while on the
subject of lost, pervasively corrupt, defacto bankrupt america should tell the
so-called (self-interested to america’s detriment) ‘ally’ israel to get lost!
David Starkey On UK Riots: ‘Whites
Have Become Black’ You Tube | “A particular sort of
violent destructive, nihilistic gangster culture has become the fashion.” [ Britain
burns the colour of 'A Clockwork Orange' Financial
Times [ Truly a great film by any cinematic standard by Stanley Kubrick based
on the book of the same name by Anthony Burgess, ‘A Clockwork
Orange takes place in a
futuristic city governed by a repressive, totalitarian super-State. In this
society, ordinary citizens have fallen into a passive stupor of complacency,
blind to the insidious growth of a rampant, violent youth culture. The
protagonist of the story is Alex, a fifteen-year-old boy who narrates in a
teenage slang called nadsat, which incorporates elements of Russian and
Cockney English. Alex leads a small gang of teenage criminals—Dim, Pete, and Georgie—through the streets,
robbing and beating men and raping women. Alex and his friends spend the rest
of their time at the Korova Milkbar, an establishment that serves milk laced
with drugs, and a bar called the Duke of New York… http://www.sparknotes.com/lit/clockworkorange/summary.html http://en.wikipedia.org/wiki/A_Clockwork_Orange_%28film%29 ‘A Clockwork Orange is a 1971 British darkly satirical science fiction film adaptation of Anthony
Burgess's 1962 novel of the same name. This cinematic
adaptation was produced, directed, and written by Stanley
Kubrick. It features disturbing, violent images, to facilitate social
commentary about psychiatry, youth gangs, and other contemporary social,
political, and economic subjects in a dystopian,
future Britain.Alex (Malcolm
McDowell), the main character is a charismatic, psychopathic delinquent
whose pleasures are classical music (especially Beethoven), rape, and so-called
'ultra-violence'. He leads a small gang of thugs (Pete, Georgie, and Dim), whom
he calls his droogs (from the Russian друг,
"friend", "buddy"). The film tells the horrific crime spree
of his gang, his capture, and attempted rehabilitation via a controversial
psychological conditioning technique. Alex narrates most of the film in Nadsat, a
fractured, contemporary adolescent slang comprising Slavic
(especially Russian), English, and Cockney rhyming slang.A Clockwork Orange
features a soundtrack comprising mostly classical music selections and Moog
synthesizer compositions by Walter
Carlos. The now-iconic poster of A Clockwork Orange, and its images,
were created by designer Bill Gold. The film also holds the Guinness World Record for being the first
film in media history to use the Dolby Sound system ‘ ]
Meyer:
Why aren’t Americans
rioting? (Washington Post) [ It
really is quite surprising inasmuch as they’re getting quite a royal screwin’ from the so-called ‘powers that be’. There might be a tinge of masochism coupled with a
feeling of punishment-deserved remorse in light of the overridingly inherent criminal
nature of americans generally, propelling them to wrongful acts for which they
should be sorry, based upon my own experience and direct observation. That
said, I’d also say ‘give them time’, the worst is yet to come.
Moreover, we’re already seeing it, and not just
in britain, greece, italy, etc., but here in the pervasively corrupt, defacto
bankrupt disunited states of america; viz., detroit, chicago, philadelphia,
etc., with predictions consistent with the reality of much worse to come. Europe’s crisis and the psychology of fear (Washington Post) [ Given the reality and
magnitude of Europe’s problems going forward, dwarfed only by the
magnitude of those of pervasively corrupt, defacto bankrupt america, it brings
to mind the words of the former Intel CEO (co-founder) Andy Grove ‘ Only the paranoid
survive’
(of course, having survived the Nazis and escaped Communist-controlled Hungary
in Europe, as a jew, one has to assume his perspective / outlook was somewhat ‘skewed’ thereby). Yet, let’s not kid ourselves to
the point where virtual survival is threatened and at stake as is so for the
EU. America
isn’t alone in the
downgrade spiral (WP) Indeed, the
EU has followed the contra-indicated perma war, evermore worthless Weimar currency,
and a predispositon / tacit acceptance of paper securities schemes / scams /
frauds which are integral to america’s ongoing, albeit obfuscated, debacle / crisis which
given the unfunded debt load pegged at $211 Trillion among other estimates, is
insurmountable and will end quite badly.
Poll:
Sharp dissatisfaction with D.C. The public doubts the government can fix
the nation’s
economic problems, Post poll shows. An
unlikely landlord: Uncle Sam (WP) [
No surprise there (the doubts)! Uncle
Scam as landlord? Sounds like a typical scam / fiasco / debacle in the making!
Add limey (brits)-looking (green) frogs (french) to the mix(ed up) in the
pervasively corrupt defacto bankrupt disunited states Italy
unveils plan to calm fears of escalating crisis (WP) [ Yeah, dem piigs were back in the news. ’
Dem PIIGS still got
problems. Europe’s debt crisis threatens Italy
(WP) [ Yeah, dem’ darn PIIGS.
Reminds me of that joke (I won’t repeat it here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not
Greece’ ( but greecy Italy Italians voice concern
over Italian debt crisis scenario [ Whew! Close call! There you go. Nothing to
worry about now that wobama’s got a boehner … so not to be so hard on them; if pelosi says it, it
must be true …
Not! …Pervasively
corrupt, defacto bankrupt america, they, she look pretty greecey to me. After
all, if the same’s wobama’s ‘far-reaching plan on debt’, we all know ‘wobama the b’ (for b***s***) is total
b***s*** which means like Greecey PIIGS they’ll be back to the trough
for more …
slop …
py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC
Monday. Maierhofer: ‘USA INCOME STATEMENT:Total federal spending in 2010
amounted to $3.456 trillion. Total receipts added up to $2.162 trillion. USA
Inc.'s 2010 deficit was $1.294 trillion.The 2011 federal budget is $3.7
trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for unfunded
obligations vary. Mary Meeker pegs the shortfall at $31 trillion, PIMCO's Bill
Gross estimates the unreported debt to be $75 trillion, while other estimates
exceed $100 trillion (these amounts are insurmountable) …’ Famed economist predicts economic calamity in 2012. See the
evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for
fake gov’t
data / reports owing to political desperation!
Will:
Kennedy’s Berlin blunder (Washington Post) [ Oh come on Mr. Will! I’d say Kennedy’s blunder was, as Caesar and the ides of
March, not heeding warnings concerning that Dallas ride. A bit of a reach
though factually accurate are the implications, consequences of those highlights
which in terms of results were foreseen years before by ‘Warrior-General
Patton’. Indeed, for the rising military industrial complex, one way or
another, conflict whether hot or cold, requiring substantial defense spending
was fait accomplis. I’m disappointed to hear of Kennedy’s unfounded criticism
of the last great leader / president, the substantially underrated but great
President General Eisenhower which I would attribute to Kennedy’s own
insecurity regarding such matters and possibly in psychiatric terms, a form of
displacement. Krauthammer:
Our political system is working well (Washington Post) [ Wow! There was a time back in the late
sixties, early seventies when there were these long-haired people chastised by
the so-called ‘establishment’ that would have just loved to be doin’ whatever
it is that Mr. Krauthammer’s been doing to arrive at such a conclusion, so
glaringly devoid of any reality whatsoever. Psychedelics, hallucinogens, magic
mushrooms; what could it be that has brought Mr. Krauthammer into this fantasy
world where even ‘Alice’ of Wonderland fame might feel comfortable in this
netherland (sic) / netherworld created from the depths of Mr. Krauthammer’s
imagination. I’m truly at a loss for words. After all, the warning by the
underrated but great President General Eisenhower of the impending inherent
danger of the military industrial complex came to fruition with the
assassination of JFK and the reality of a coup d’etat thereby. All presidents,
along with the two remaining branches of the pervasively corrupt, defacto
bankrupt american government since have been at best stooges for such as the
military industrial complex, the banksters / frauds on wall street, etc., to
the substantial detriment of the vast majority in this country and throughout
the world (ie., perma wars, huge securities frauds still extant / now marked to
anything as per congressional FASB rule change, and unprosecuted. Beyond the
immediate reach, or at least ‘penetration’ of american propaganda, an
intelligent and astute individual, Legendary
Investor Jeremy Grantham: America is a Banana Republic Washington’s
Blog | Just different bananas perhaps? { Of course this is absolutely
true! And not just from the meaningfully lawless perspective – I had made such
a statement on the record in a LA Superior Court Appellate Dept. proceeding in
which said court literally ignored the law (the same is true of the costly,
plushly accoutered lifetime appointee federal courts) which courts should
indeed be abolished in these difficult economic / budgetary times.
Additionally, from pervasive corruption, to debased over-printed currency, to
gunboat diplomacy, to total incompetence, etc., america is indeed a banana
republic at most. } I didn’t see the
debates {what does it matter what they say – the egregious ‘wobama the b’ (for
b***s***) fatigue factor / experience} nor have I read Mr. Robinson’s article,
‘GOP
Debate Land’ but I’m sure I’d agree with his conclusion, ‘I didn’t recognize the America the GOP
candidates described;’ but unfortunately, I do recognize the pervasively
corrupt, defacto bankrupt america of ‘wobama the b’ (for b***s***), failed
president like his predecessor, moron war criminal dumbya bush, that he is. The
powerless president Obama remains
indecisive, and ignored, as larger forces bring down the country. Robinson:
S&P downgrades the GOP (WP) [
Riiiiight! It’s everything but ‘wobama the b’ (for b***s***) that’s to blame
for the nation’s meltdown according to wobama aficionados / intractable wobama
apologists, Messieurs Milbank and Robinson. Sweet Mr. Milbank even points to
wobama’s personal character flaws (among many unmentioned) to exculpate the
failed president wobama. Wobama’s failed miserably and yet had the easiest act
in the world to follow in the persona of fellow failed president war criminal
dumbya bush whose failed policies up to the real start of the election cycle
he’s largely followed. After all, Mr. Robinson, how different really are the
parties these days when profligate spending on illegal, unnecessary wars was
continued when democrats controlled congress, and then even the executive
office when continuing failed president and war criminal dumbya bush’s nation
bankrupting, nation destroying war policies, protection for unprecedentedly
huge wall street frauds, bush tax cut extensions for the wealthy, and then some
(spending on top of it).
Drudgereport:
HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
Most
importantly, realize that if wobama’s actions had not belied his words/campaign
promises, the nation’s position, though still ominous, would have been
substantially improved.
Poll:
Sharp dissatisfaction with D.C. The public doubts the government can fix
the nation’s economic problems, Post poll shows. An
unlikely landlord: Uncle Sam
(Washington Post) [ No surprise there (the doubts)! Uncle as landlord? Sounds like a typical
scam / fiasco / debacle in the making! Add limey (brits)-looking (green) frogs
(french) to the mix(ed up) in the pervasively corrupt defacto bankrupt
disunited states Italy
unveils plan to calm fears of escalating crisis (Washington Post) [ Yeah, dem piigs were back in the news. ’ Dem PIIGS still got problems. Europe’s
debt crisis threatens Italy (WP) [ Yeah, dem’ darn PIIGS. Reminds me of that joke (I won’t repeat it
here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not Greece’ ( but greecy
Italy Italians voice concern over Italian debt crisis scenario [ Whew! Close
call! There you go. Nothing to worry about now that wobama’s got a boehner … so
not to be so hard on them; if pelosi says it, it must be true … Not!
…Pervasively corrupt, defacto bankrupt america, they, she look pretty greecey
to me. After all, if the same’s wobama’s ‘far-reaching plan on debt’, we all
know ‘wobama the b’ (for b***s***) is total b***s*** which means like Greecey
PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion,
PIMCO's Bill Gross estimates the unreported debt to be $75 trillion, while
other estimates exceed $100 trillion (these amounts are insurmountable) …’ Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for fake gov’t data / reports owing
to political desperation! Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is
building momentum to the downside’. Wall Street
closes worst week since '08 with wild day NEW YORK (Reuters) S&P
on U.S. downgrade: Debt pact 'falls short' - Reuters S&P
downgrades US credit rating from AAA S&P
Shocks the U.S. with Credit Downgrade to AA+ from Prestigious AAA Rating Wall St. Cheat Sheet What
Recovery? Forbes
‘…we can’t call this a recovery. There’s no reason to celebrate when a
job report was better than expected. Why? Because the expectation was abysmal
to begin with. And while we’re at it, we can’t ignore increasing sovereign debt
problems in Europe…’ ‘Top
3 Reasons Markets Erased the Year’s Gains Wall St. Cheat Sheet 1) Japan and Europe 2) Unemployment.3)
Capital goods - billions of dollars in lost revenue. Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To
Meltdown,
predicting the global crisis that occurred the following year. I
now see a similar confluence of events that warns of phase II of the
global crisis… My work shows that “the new recession has started.”… Over the
past 33 years, we have called the start of every recession, often on the exact
month, or within one month, of the official start as determined one year later
by the official arbiter of recession, the National Bureau of Economic Research
(NBER)… However, inflation is far understated for political reasons. Currently,
the GDP deflator is 1.8%, which hardly reflects the true rise in prices.
Therefore, what is counted as “growth,” is actually price increases. Actual
inflation, according to free market economists who calculate inflation as it
was done in 1980 before the politician re-engineered it, is now more than 11%.
Using that to adjust GDP for inflation, would show that the economy is now in a
very sharp contraction…’FLASHBACK HERE: Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not Sold by
June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the Market Could Fall 70%’ [
He’s not alone! PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The
5-year high in the level of insider corporate stock sales is telling. At 565
sells for every 1 buy, it’s never been higher.
Is
Obama’s fate written in numbers? Recent economic data amounts to a
formidable headwind for any incumbent president hoping for a second term. And
Democrats worry time is running out. (Washington Post) [ Let’s just say the
fate of ‘wobama the b’ (for b***s***) is written, period. Quite simply, he’s
done! Here’s a picture of obama voters / backers: http://www.albertpeia.com/wobamavoters.gif . ‘Don’t cry for him new argentina, the
truth is he really screwed you’ … well you know that familiar theme and can ad
lib, insert your own words!
It’s
still Obama’s party Why he won’t face a primary challenge: Republicans and
racial politics. (Washington Post) [
It’s true … so right you are! Al Gore’s even pitchin’ in by donating the
talents of his long lost secret love child, ‘Leslie Gore’ to pen and sing a
song in wobama’s honor (kidding) which goes something like this , ‘It’s his
party and he’ll cry if he wants to, cry if he wants to, cry if he wants to, you
would cry too, if obama happened to you
… Well, there you go … if the song says
it it must be true. Yeah! And those dern republicans and their racial politics
… UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims' – Time to get whitey, at last, at last, etc., say
holder / wobama who go on to say ‘and they ain’t talking about Whitey Bulger,
the mobster, either!’
MI6
produced bogus Iraq war evidence under pressure from Downing Street Daily Mail | Iraq had long been a backwater for MI6.
NATO
Massacres of Civilians Aimed at “Cleansing” the Libyan People’s Resistance Mahdi Darius
Nazemroaya | Photographic
evidence of NATO war crimes.
NATO
urged to investigate civilian deaths during Libya air strikes Amnesty
International | Amnesty
International wrote to the NATO Secretary General asking for clarification on
incidents in which unarmed civilians were reportedly killed.
Democrats
want a bolder Obama The president’s allies are getting nervous about what
they see as the lack of a coherent strategy. (Washington Post) [ Well, tell it
to the teleprompter. Without a head per se, at least no one could say as with
‘wobama the b’ (for b***s***) that the teleprompter was in over its head.
Bolder b***s*** is still b***s***! ]
Gallup:
Disapproval of Obama Ties All-Time High CNS News |
American’s approval of President tied its all-time low of 42 percent.
Bristol Palin Interview Accidentally Reveals Mother's 15 Abortions
WASILLA,
AK—Sarah Palin's political team was
forced to do emergency damage control Monday after the former Alaska governor's
daughter Bristol accidentally divulged on live television that her mother has
undergone at least 15 abortions over the past 30 years. "She's always
telling me how special I am, especially considering the five or six babies she
aborted before I was born," Palin, 20, said during a CNN interview in which
she was asked if she thought her mother would make a good president. "Then
of course there were the twins she aborted shortly after having me, another
four abortions after Willow somehow survived hers—but anyway, she's a wonderful mom. She just gets pregnant a
lot and doesn't always want to have the baby." Palin also commended her
mother's strength in carrying three babies with Down syndrome to term, and then
even choosing not to give Trig up for adoption like the others.
Taliban
who downed U.S. copter killed U.S. officials say Taliban fighters who shot
down a helicopter with 30 U.S. troops were killed in airstrikes (Washington
Post) [ Oh come on! The Taliban don’t even know who among them downed the u.s.
killer copter! Great propaganda, ‘u.s. gi’s always get their man’. Doesn’t
anyone get tired of their endless b***s*** in their end run to the end? After
all, the nation is defacto bankrupt in large part as a direct consequence of
these ‘military-industrio-inferiority-complex’ follies / welfare warfare
programs. Then there’s the cocomitant typical skullduggery which includes inter
alia:
Same
ritual, a changed president This time, President Obama traveled to Dover
Air Force Base to greet the remains of Americans he had ordered to Afghanistan
himself. Some
victims of crash are identified (Washington Post) [ Changed? I think we could all agree that
despite campaign promises to the contrary, nothing’s changed; except,
pervasively corrupt defacto bankrupt america is more hopelessly bankrupt and
the dismal economic picture has become more dour.
FLASHBACK:
Eyewitness to OBL Raid Saw Helicopter Explode (TRANSCRIPT) [ As
indicated on this albertpeia.com website, I didn’t buy the administration’s
desperate and politically opportunist Osama event and still don’t buy it; and
further, I believe this! ]Veterans Today | TRANSCRIPT of
critical interview with Pakistani eyewitness to Bin Laden raid. Is this the key
to SEAL Team 6′s demise?
“Bin Laden”
Heroes Probably Murderered to Keep Them Quiet Gordon Duff
Veterans
Today August 7, 2011 | Some Possibly Killed in Abbottabad Helicopter
Crash Months Before. [ As indicated on this albertpeia.com website, I didn’t
buy the administration’s desperate and politically opportunist Osama event and
still don’t buy it; and further, I believe this! ] Today 31 NATO troops, 20 of
them Navy Seals from the Osama bin Laden operation died in what is reported as
a helicopter crash in Afghanistan.
‘The chance of this story being true is almost nil.
The chances of this being a staged coverup is over 80%. We believe these people
were murdered to silence them. This is why.
We have solid
information on two areas:
This gave the US several areas of severe
vulnerability. Generally, Navy Seals are the best people in the world at
keeping their mouths shut, these are real team players, as the term “Seal Team” belies.
Petraeus is a possible presidential contender and had
to be denied this “gift from heaven,” a fast track to the oval
office for sure.
Again, I
remind you, I went over specific meetings on bin Laden with his handlers,
getting every last detail. I have watched what has gone on, the continuing need
to vilify a long dead top CIA operative to provide residual cover for the Bush
administration…
The reason?
Bush and his cronies are all facing charges of war crimes, not just in minor
jurisdictions but heading for the ICC, putting them on the dock with Gaddafi (
a far less harmful character).
As for the
timing of this incident? This we will work on. What we can easily surmise is
that some of the dead have been dead since their bodies were taken away from
the helicopter crash site in Abbotabad.
Who would
order such a thing? We are going to have to wait but we are going to find out.
However, we expected this, the timing is exactly as predicted. Read full
article ‘
Tea
Party hypocrisy Fueled by populist anger, but hijacked by plutocrats.
(Washington Post) [ Ah, sweet Mr. Milbank. His love for wobama knows no bounds.
Yet, given the choice between hypocrisy and inveterate lying, assuming
arguendo, Mr. Milbank’s premise to be true (doubtful and I think most would say
no), most would take hypocrisy any day. By now, most have realized that at best
wobama’s a b***s*** artist, and at worst, an incorrigible liar; certainly as
measured by his campaign promises that got him elected, belied by his actions.
If Mr. Milbank had only said the nation’s been hijacked by plutocrats to whom
wobama’s paid homage, I’d certainly agree in part. After all, there has been
and continues a huge wealth transfer at the expense and to the detriment of the
middle class, to the substantial benefit of the ‘plutocrats’ who in america are
of that small percentile criminal class for whom everyone else must (and must
be) sacrifice(d), ie., the wall street frauds, military industrial complex,
government contractors, etc.. And, yet another casualty … if wobama’s
peace-prize is not revoked, then that ignoble nobel thing should be disbanded
for lack of credibility and moral compass.
Deal
fails to soothe foreign critics (Washington
Post) { Let’s not kid outselves! I consider Russia a rational, great nation
(their painful, yet peaceful transition from their mistake is a testament to
their greatness as a people / nation and Gorbachev particularly – China’s
recent success is as far from communism as can be imagined) and have high
regard for Putin though lamenting his youthful, albeit inherited indiscretion
(kind of like that Tiger hunt which he’s now wisely disavowed) in dabbling in
the failed system of communism (the great lie where everybody’s equal except
some are more equal than others, ie., party members, bureaucrats, etc., kind of
like america today with the addition of the plutocratic wealthy thieves,
criminals, frauds, etc.). That said, most of these so-called ‘foreign critics’
fall predominantly into either of two categories; viz., ‘pots calling the
kettle black’, or ‘enablers’. Putin
Calls U.S. a “Parasite,” Demands New Reserve Currency Activist Post The
powerless president Obama remains
indecisive, and ignored, as larger forces bring down the country. Robinson:
S&P downgrades the GOP (Washington Post) [ Riiiiight! It’s everything but ‘wobama the b’
(for b***s***) that’s to blame for the nation’s meltdown according to wobama
aficionados / intractable wobama apologists, Messieurs Milbank and Robinson.
Sweet Mr. Milbank even points to wobama’s personal character flaws (among many
unmentioned) to exculpate the failed president wobama. Wobama’s failed
miserably and yet had the easiest act in the world to follow in the persona of
fellow failed president war criminal dumbya bush whose failed policies up to
the real start of the election cycle he’s largely followed. After all, Mr.
Robinson, how different really are the parties these days when profligate
spending on illegal, unnecessary wars was continued when democrats controlled
congress, and then even the executive office when continuing failed president
and war criminal dumbya bush’s nation bankrupting, nation destroying war
policies, protection for unprecedentedly huge wall street frauds, bush tax cut
extensions for the wealthy, and then some (spending on top of it). Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
Most
importantly, realize that if wobama’s actions had not belied his words/campaign
promises, the nation’s position, though still ominous, would have been
substantially improved.
White
House turns attention to blacks Focus comes amid a growing concern that
economic conditions might hamper black voter turnout. (Washington Post) [ As if
we couldn’t see that coming. Yet, the ‘make-work, make-shift’ jobs already
extant in the federal, state, local ‘public service’ sectors along with the
otherwise unemployable at, ie., the u.s. postal service, etc., are uneconomic
and overly costly (Drudgereport: Obama
Economists Admit: 'Stimulus' Cost $278,000 per Job... ) at best and downright wasteful at worst, the latter
being the most prevalent scenario. Moreover, despite the rhetoric, blacks will
always ‘back the black’. No criteria. No analysis. ‘Back the black’ their
despoiling cry. I think wobama and holder are probably more concerned with
making sure the ‘black panthers’ are in full force at the polls to intimidate
white voters, which racism they’ve given ‘carte blanche’, protection from
prosecution … UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. With wobama et als, the jive-talking b***s***
never ends! N.Y.
bumped from foreclosure panel Iowa’s attorney general says N.Y. official
“actively worked to undermine” group’s efforts in foreclosure negotiation with
banks. (Washington Post) [ Yeah! No surprise here! Yet new jersey’s
‘representative’ would have been equally disingenuous in corruptly carry out
his / her duties, so ‘doody-full’ are they, from there! “It doesn’t make
sense that an agency responsible for investigations would want to get rid of
potential evidence…’ [ Oh but it does make sense Sen. Grassley: Report:
SEC lawyer exposed FBI informant (WP) [ Clearly, the sec liar (sic –
lawyer) is one of those typically with a ‘pre or post’ arrangement, whether
implicit or explicit; you know, that ubiquitous ‘bribe thing’ in pervasively
corrupt, defacto bankrupt, fallen
america. Indeed, the scenario typifies that national drain / sinkhole
new york (new york / new jersey metro) where, for example, FBI informants were
routinely exposed by ‘italians’ in the new york d.a.’s office over the
objection of the FBI, and were promptly ‘dispatched’/assassinated / hit by
mafia / organized crime [ this was documented with authority in the book
‘Goombata: The Improbable Rise and Fall of John Gotti and His Gang’ Cummings / Volkman ] Details
of Obama’s jobs plan emerge (Washington Post) [ Oh come on! Too little, too late for ‘wobama the b’ (for
b***s***), the eternal campaign(er) … he’s got a ‘good rap’ … that rapper
‘wobama the b’ (for b***s***). Really!
He’s a total embarrassment out there on the campaign trail; and just as much an
embarrassment for those who turn out to see him … maybe he’s somewhat of an
allure as in a freak show. He’s a total joke! To be finally talking jobs and
things just before the election having broken previous campaign promises in his
failed role as ‘bush failure 3’. Even his pension is undeserved so much a fraud
is he! Black
caucus: Tired of making excuses for Obama [ They are not alone! ] Washington
Examiner | A key member of
the Congressional Black Caucus says they don’t pressure President Obama because
he is loved by black voters. Obama ‘Takes More Vacations Than Any Human Being I’ve
Ever Seen’ Fox News | “Here we have a country that really is going
to hell in a handbasket.” Bus Tour Bust: Obama’s Approval Plummets Back Into 30s,
Says Gallup CNS News | Obama’s politically charged but taxpayer
funded bus tour through the Midwest turned into a bust yesterday. Disapproval of Congress Hits All Time High of 84%
Drudgereport: BLACK CAUCUS ON OBAMA: 'WE'RE GETTING TIRED' [ Not as
tired of wobama’s b***s*** / excuses as the ‘White Caucus’ and any other Caucus
– but, don’t be taken in by their b***s***; they’ll ‘back the black’ every
time, regardless! ]New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Even
that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
Most importantly,
realize that if wobama’s actions had not belied his words/campaign promises,
the nation’s position, though still ominous, would have been substantially
improved.
What’s
Apple without Steve Jobs? Jobs has
the knack of knowing what people want before they do. Can Apple stay ahead of
the curve? (Washington Post) [ Without disparaging the company nor the
remaining employees, what can be said of Apple with certainty in response the
foregoing question is: ‘LESS’. That said, there couldn’t have been a more
propitious time for the great (without even a tinge of sarcasm – among the
relatively few great CEO’s in corporate history) Steve Jobs to leave. Steve Jobs
resigns from Apple, Cook becomes CEO - SAN FRANCISCO (Reuters) -
Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of
Apple Inc in a stunning move that ended his 14-year reign at the technology
giant he co-founded i... [ Far more than just a ‘Silicon Valley legend’, Steve
Jobs literally saved Apple from extinction … I’m truly glad he saved Apple, my
first computer (1986 - apple IIc for word processing / data based records /
forms / templates / data which I interfaced with an electric typewriter for
letter quality) and for that all should be thankful. Apple is the Nasdaq (40%
weighting) and quite more, that now was! That’s past tense. Steve Jobs goes out
a big winner as indeed he should! Yet, make no mistake, as one might expect,
his timing was impeccable inasmuch as without his uniquely inspired innovation,
competition moving in, and particularly the coming debacle / crisis the worst
of which lies ahead, things are not looking up, in and for pervasively corrupt
/ defacto bankrupt america particularly, euphemistically speaking. ] End Of
Cycle Smelling Like Dow 3K, Gold 3K Forbes
/ Bill Bonner
… ‘Our view [ the correct
view ] is that the bear market began in January 2000. The feds fought it off
with two huge extravaganzas of spending — the first beginning in 2001 the other
after 2008. Stimulus does wonders for stock prices but it no longer works for
the economy that sustains them. For every dollar that the Fed has put to work
to fight the crisis since 2008, for example, it has produced only 80 cents
worth of GDP. It didn’t work……that the recession of ’08-’09 in the US never
actually ended……and that stocks will go down over the next 5-10 years until
they finally hit a real bottom…’
Robinson:
King’s dream remains unrealized (Washington Post) [ Yeah! That ‘content of their character’
thing’s a b***ch to live up to … just don’t measure up! What’s a white person
to do, especially when black atty. General Holder with fellow black Obama’s
tacit approval is racist himself (themselves)
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims '. Drudgereport:
'Mob'
beatings at WI state fair...
'Hundreds
of young black people beating white people'... [ Typical… ]
Fairgoers
'pulled out of cars'...
'They
were just going after white people'...
Heightened
security...
[ .. (the following incident is my personal
experience: black perps, white victims)‘.. while walking through Military Park
(a sliver of a “park” - more a pedestrian thoroughfare/cement walks) in newark,
new jersey on the way to the bank during lunch hour, I heard the clearly
audible screams/cries of what turned out to be an old lady on the ground with
blood streaming from her mouth. I ran toward the sound of the cries, the source
of which I could not see because there were so many people in and about this
thoroughfare so as to block any vision of the source of the cries. When I came
to the woman, on the ground, blood streaming from her mouth, I asked what
happened, to which she responded she had been hit in the mouth and knocked to
the ground, her purse stolen/put inside her shopping bag, and she pointed out
the criminal casually now walking across the main street. Nobody stopped to
help her, many having passed her by. I slammed the thug to the ground so hard
that, in light of all the blood and confusion (limbic system / adrenalin flow)
I thought I had been stabbed (the blood was from his elbows hitting the
pavement so hard - no one helped / a crowd gathered / an undercover cop
happened along). When I testified at the Grand Jury Proceeding I made sure his
threat on my life was set forth in prima facie fashion so as to maximize the
DA’s position with both felonies ( he went to prison – pled out ). The other
case I wrote about here ( This was included on my website in the Psychology
forum discussion of ‘bystander effect’ / diffusion of responsibility. ) -
Having had occasion to have run down a mugger in newark, n.j. who apparently
had followed a girl from the bank on her way to the bursar to pay tuition,
though in pretty good shape, I was astounded by how totally exhausting such a
pursuit was, how much like rubber my arms were when I traded punches with the
perpetrator, and truth be told, if I had a flashlight on my belt, I have little
doubt that I would have probably used it to subdue the perp (a police officer
here in California was the object of intense criticism for having used a
flashlight to subdue a criminal after a long chase so I included that here) .
The girl was not that seriously injured, did get her pocketbook and tuition
back, and the criminal went to jail (where they belong). The other thing about
such a pursuit that amazed me was that no one else assisted the girl or me
despite being in a position to do so. I was also mugged by 4 blacks and 2
hispanics in an incident here in Los Angeles, CA. But, to be fair and balanced,
the RICO litigation involves those uncivilized who consider themselves ‘whites’
http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
(predominantly but not exclusively jews / romans-italians / mobsters /
government slugs). ]
Banks
are dimming Europe’s outlook Still restructuring after the 2008 crisis,
euro-zone banks face new concern about their stability. (Washington Post) [ And
not just europe’s outlook … How
stable is the banking industry?. (Washington Post) [ Not too! … as if
anyone should need remindin’! After
all, a depression is that ‘lowering tide that grounds all boats’ (the converse
of that word picture I like to use in analysis of securities wherein focus on
the macro environment, the economy, the largest aggregate enhances your
probabilities of success on the theory / cliché ‘a rising tide lifts all
boats’. Clearly, simplistic wisdom that is true.) The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! Train
Reading: The Stock Market Is Insane The Wall Street Journal , Welcome
To The New Bear Market For Stocks
Forbes / Suttmeier
, Dow/Gold
Ratio Lowest Since 1987 Crash Forbes /
Adrian Ash , Ignore
Buffett's Advice, Don't Buy Stocks Forbes / Dohmen , The
"Crimes" That Wrecked The Markets Forbes / Lenzner , Tech
Leading Market Lower The Wall Street Journal , Banks
closed in Fla, Ga, Ill; 2011 total is 68 , No
Recession Coming ... It's Already Here Previous:8-18-11 Stocks rally off lows to suck
suckers in and keep suckers sucked in on bad news (Jobless
Claims, Inflation Rise More Than Expected CNBC) , fraud ( SEC destroyed documents, senator says Crimes
Wrecked The Markets ),
and b***s*** alone! MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows
Barrons.com, WHY NEW
LOWS ARE LIKELY 8-18-11 Maierhofer, Is
It 2008 Again? Looking at the Summer Crash of 2011 Gayed ‘A
real bear market
has begun …’ ,
Abandon Ship?[The USS Titanic] Yes,
Because of These 5 Bearish Icebergs ... McGill , There's
A Recession Coming According To The Data
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real,
complicit cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s
browser) as per your office’s request as made this day (the disk and contents
have been scanned by Avast, McAfee, and Norton which I’ve installed on my
computer to prevent viral attacks / infection and are without threat). I also
include 1 copy of the DVD as filed with the subject court as referenced therein
(which files are also included on the aforesaid 3 disks in a separate folder
named ‘112208opocoan’). The (civil) RICO action (as you’re aware, the RICO Act
is a criminal statute which provides a civil remedy, including treble damages
and attorney fees, as an incentive for private prosecution of said claims
probably owing to the fact that the USDOJ seems somewhat overwhelmed and in
need of such assistance given the seriousness and prevalence of said violations
of law which have a corrupting influence on the process, and which corruption
is pervasive). A grievance complaint against Coan was also filed concurrently
with the subject action and held in abeyance pending resolution of the action
which was illegally dismissed without any supporting law and in contravention
of the Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5 pages)
[ ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to the
LA office and I was referred to the Long Beach, CA office where I personally
met with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of
the money laundering which he confirmed as indicative of same (he was
transferred from said office within approximately a month of said meeting and
his location was not disclosed to me upon inquiry). The matter was assigned to
FBI Agent Ron Barndollar and we remained in touch for in excess of a decade
until he abruptly retired (our last conversation prior to his retirement
related to the case and parenthetically, Rudy Giuliani whose father I stated
had been an enforcer for the mob to which he registered disbelief and requested
I prove it, which I did – he served 12 years in prison, aggravated assault/manslaughter?
– and no, there is no Chinese wall of separation – Andrew Maloney’s the one
that prosecuted gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell
phone best for contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Sincerely
and Regards,
Al
Peia
U.S.
stocks end volatile week in the red (Washington Post) [The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! Train
Reading: The Stock Market Is Insane The Wall Street Journal , Welcome
To The New Bear Market For Stocks
Forbes / Suttmeier
, Dow/Gold
Ratio Lowest Since 1987 Crash Forbes /
Adrian Ash , Ignore
Buffett's Advice, Don't Buy Stocks Forbes / Dohmen , The
"Crimes" That Wrecked The Markets Forbes / Lenzner , Tech
Leading Market Lower The Wall Street Journal , Banks
closed in Fla, Ga, Ill; 2011 total is 68 , No
Recession Coming ... It's Already Here Previous:8-18-11 Stocks rally off lows to suck
suckers in and keep suckers sucked in on bad news (Jobless
Claims, Inflation Rise More Than Expected CNBC) , fraud ( SEC destroyed documents, senator says Crimes
Wrecked The Markets ),
and b***s*** alone! MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows
Barrons.com, WHY NEW
LOWS ARE LIKELY 8-18-11 Maierhofer, Is
It 2008 Again? Looking at the Summer Crash of 2011 Gayed ‘A
real bear market
has begun …’ ,
Abandon Ship?[The USS Titanic] Yes,
Because of These 5 Bearish Icebergs ... McGill , There's
A Recession Coming According To The Data at Forbes , HP, Dell
hammered as tech-spending outlook darkens JDSU, NetApp, disappointing figures, shares hit hard in
after-hours trade
Dell braces investors for a bumpy road Dell makes a case on
why it can better weather an upcoming storm
, S&P
says sell Google's shares after Motorola deal , STOCKS
FALL AFTER FLOOD OF BAD NEWS: Here's What You Need To Know Joe Weisenthal , Stocks
Slip On Concern Over Europe's Debt, U.S. Data , Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon Take
A Lesson From 2007 And Sell Stocks Now at Forbes, [video]
Trader: We Could Test 1120 Lows at TheStreet.com In
a Downtrend, Sell a Rally (Daily FX) Latest:
Economist Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. Famed economist
predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com) Five
Reason Stocks Are Crashing, Tips to Prepare for Meltdown (Moneynews) Unthinkable Poised to Happen on Wall Street. See Disturbing
Charts. (Newsmax.com) US Recession Is
Guaranteed: Expert CNBC. Harry Dent, Jr.
Economy will be in a Depression by 2011
Dow will Fall to 3,800 – 4,500 by 2012
Nasdaq will Fall Below 1,100, its 2002 low, by late 2010 or mid-2012 at
the latest.
U.S. Dollar will Decline
Housing will Decline by 40 – 60% from Today’s Levels
Greatest Economic and Banking Crisis since the 1930s will Occur Between
2010 and 2012). Dow
1000? Robert Prechter Thinks So
Prechter
Reiterrates Call For Dow 1,000, Even As Surging Gold And Plunging Dollar Leave
Much Credibility To Be Desired Bulls
Go to Extremes: Don't Buy the "Breakout", Sell It, Prechter Says Russell:
This Is One Of The Largest Tops In Stock Market History My old friend, Bob Prechter, is talking about Dow 400. I used
to think this was an absurd joke. I no longer think it’s a joke. The ultimate
result will be a primary bear market shocking in duration and extent. …’ Forecasts from Dent, Napier, and then
Prechter: Depression is Imminent The Dow Jones
Industrial Average will go down to at least 1000, most likely to below 777
which was the starting point of its mania back in August 1982, and quite likely
drop below 400 at one or more times during the bear market. [ 8
More Reasons Why You Should Be Deeply Concerned That The U.S. Government Has
Lost Its AAA Credit Rating The Economic Collapse ‘…
#8 The U.S.
national debt continues to get worse by the day. Just check out
what economics
professor Laurence J. Kotlikoff recently told NPR….“If you add up
all the promises that have been made for spending obligations, including
defense expenditures, and you subtract all the taxes that we expect to collect,
the difference is $211 trillion. That’s the fiscal gap” ..’ Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is
building momentum to the downside’.]
Experts:
Recovery might take a while If this crisis follow the pattern of similar ones,
it may be one of the most difficult in U.S. history. (Washington Post) [ Duh!
Ya think! Dow/Gold
Ratio Lowest Since 1987 Crash Forbes
Adrian Ash ‘Today’s gold
buyers might still get to look early birds as this depression wears on… GROWTH or defense…stocks or gold? Intra-day noise aside in summer 2011,
Mr.Market’s choice looks plain.
The Dow/Gold
Ratio –
a measure of the U.S. stock market’s valuation in ounces of gold – has sunk as equities
have plunged but gold
prices have jumped so far this summer.
Dropping
through 6.0 ahead of Friday’s New York opening, the Dow/Gold Ratio hasn’t been this low since
early 1989, back when world equity markets were recovering from the Great Crash
of Black Monday 1987.
http://goldnews.bullionvault.com/files/DowGoldviii11.png
That slump
itself had taken the Dow/Gold Ratio all the way down to 3.6, with gold prices
rising to nearly $500 per ounce as the Wall Street index sank to 1776 points.
Growth, of course, was only taking a pause in late 1987 – a quick breather before
the real race to perfection of the late 1990s. Today, in contrast, the Dow/Gold
Ratio could still go a lot further down. Or so says history.
Trading a
little over its century-long average of 10.0 today, the ratio bottomed during
the 1930s Great Depression at just below 2.0 ounces of gold for one Dow unit.
At the nadir of the next global depression – the inflationary
depression of the early 1980s – the Dow/Gold Ratio sank even lower, down to 1.0.
Whatever
flavor of depression we’ve got at the start of this decade – and it is a depression, as Western jobs data continue to show
and as the Dow/Gold yardstick will confirm if it goes much lower (keep an eye
on the underperformance of gold mining equities, too) – a growing flow of
private savings is choosing defense in gold bullion rather
than choosing business-risk in listed stocks.
That choice
might sound self-fulfilling if you work in psychiatry or government, a kind of “clinical disorder” open to curing with
medication, zero interest rates or perhaps a third round of quantitative easing
–
most likely aimed at risk assets, we guess, rather than the “risk free” Treasury bonds targeted
by QE1 and QE2 – and which institutional investors are all-too keen
to hold anyway.
So far,
however, investors choosing to buy gold only account for a
tiny portion of the money fleeing equities.
From here to a
true depression low in Dow/Gold (if such a level is reached), today’s gold buyers will need
to find many more friends. They’d also look early-birds compared with the rush out of
stocks –
and into gold – needed to reach that 2.0 or 1.0 mark.’
BlogPost : Jon Stewart attacks Fox 'class warfare'
...Warren Buffett (Nati Harnik/AP) After Warren Buffett’s New York Times Op-ed
called for a tax on the.. (Washington Post) [Ignore
Buffett's Advice, Don't Buy Stocks at Forbes Bert Dohmen [ Yeah …
this is really good advice. As a shill for fraudulent wall street, they may
have given him some ‘stellar
performances and cash to boot’;
but, the homespun bumpkin senile buffet’s
analytical abilities, if ever really extant, have certainly passed the point of
no return. You may recall how the clintons, with a mere $1,000 or so, were
revealed as ‘commodities
trading wizards’
(turned into in excess of $100,000 or so), but as written up in the Wall Street
Journal ‘someone was giving them money’.
In fairness, that they were singled out (was) is a bit arbitrary inasmuch as
that’s going on all the time on wall street, and now with
greater precision owing to greater computer programming capabilities, to
everyone else’s
detriment. Remember, in a manner of speaking, there are two sides to every
trade, viz., winner and loser (in relative terms).] ‘The markets plunged going into August 8. On that day,
the DJI closed with a loss of 629 points. My indicators signaled that a brief
bounce would commence the next day. According to the charts, the first target
for the S&P 500 was 1205. The target was hit exactly a few days later. That
was followed by a renewed plunge.
I have been
looking for a serious crisis to start in September. It appears that we have
seen the prelude for that. The big smart money has been preparing for the past
five months.You can see the “distribution pattern” on the charts since mid-February.
The rush to the exits is now accelerating and the smart money has been selling
short in large amounts.
The extreme
bullish sentiment that prevailed until the latest plunge was first replaced by
complacency, then by concern. However, the “fear” stage is still missing,
except at hedge funds that were forced to sell because of margin calls. In
fact, during the severe plunge in the first week of August, investment
investors became even more bullish according to Investorsintelligence.com. That
is not good for the markets.
The market
negatives are increasing in numbers. The IPO window is now shut. There are
signs that credit is once again vanishing. Loans are being called in, some
companies appear to have difficulties rolling over their Commercial Paper, junk
bonds yields are soaring, European banks may stop lending to each other, and
the European crisis is spreading out across the globe. It’s my view that this will
cause another credit crisis, just as in 2008.
What’s worse is that contrary
to 2008, the big players learned to read the signs from their 2008 mistakes.
They are now wide awake, although in the media, their minions still repeat the
same bullish fairy tale. This means that this crisis could develop much faster
than the last one. (Read my book, Financial Apocalypse, which is the 2008 roadmap, one which can be used
very well for what is now happening.)
The words “possible recession” suddenly is being
mentioned a lot in the media, although economists still strongly deny that
possibility. Our rule is that the stronger their denials, the more certain and
the deeper the recession will be. In fact, I declared in our May 9 issue of the
Wellington Letter that the recession had started.
Morgan Stanley
lowered its global GDP growth forecasts for 2012 from 4.5% to 3.8%. My forecast
is for 1%-2% or less. It would be negative growth except for the fudged
inflation numbers.
The European
politicians are not any smarter than those in the U.S. Merkel and Sarkozy had a
meeting in Paris and did nothing. That day I called the outcome “Disastrous” for the markets. It took
the markets a day to digest the consequences and then the selling avalanche
started. Many of the markets in Europe, led by the banks stocks, went into
virtual free falls, losing from 4%-7% in one day. Such losses indicate an
approaching crisis.
Now we see
some of the well-known Wall Street figures appearing in the media, telling
investors all the reasons why stocks are a good buy. One appeared with a long
list of bullish factors. Well, that list didn’t prevent the global
stock market from losing an incredible $6 trillion over the past several weeks.
He did the same cheerleading on national TV in 2007 before investors lost 50%
of their wealth.
Warren Buffett
is also once again the cheerleader saying he is buying stocks. He did that in
2007-2008 as well, and then the meltdown started later in 2008.
I would not
fall for this self-serving advice. Words cannot rescind a recession that we
already have, it cannot stop the insolvency of entire countries in Europe, it
can’t
change the fact that major profit downgrades will appear soon, and it can’t stop the China crisis
that is now starting.
Gold is
soaring, but the mining stocks look terribly weak. There is great danger now
with the gold stocks getting hit hard by less developed countries, including
South Africa, to nationalize gold mines. This is too lucrative for them to
resist.
I would get
out of all money market funds unless they are “U.S. government only.” The MMFs have big
exposure to European banks. We believe that lending between banks in Europe may
seize, which means that the whole structure will start shaking. You will start
hearing the word “contagion.”
In my opinion,
the danger period is approaching. What we have seen until now is just a “preview.” The main feature is
likely to be worse.
Bert Dohmen is
editor of Bert Dohmen’s
Wellington Letter and author of Prelude To Meltdown (2007) and Financial Apocalypse (2011).’
Dollar
down against major currencies Global investors are becoming antsy about the
dollar’s role as the currency at the core of the world’s financial system. (Washington Post) [ Antsy? At this point, if it was only just
‘antsy’ there’d be room to hope. Despite the understatement, this is now way
beyond ‘antsy’. Reality counts! For
first time, U.S. credit rating cut from AAA Standard & Poor’s announces
that it has downgraded U.S. government debt to AA+, dealing a huge symbolic
blow to the world’s economic superpower in what was a sharply worded critique
of the American political system. (Washington Post) [ Come on! Let’s get real
here! Symbolic? If it were only that. If it were only the american political
system, there’d at least be a plausible reason for hope, albeit futile even at
that. Indeed, pervasively corrupt, defacto bankrupt america, literally causing
destruction domestically and internationally, is a testament to the failure of
the american system generally, or more specifically what it has devolved into.
Whatever america was and purports to be, it certainly doesn’t take a PhD in
Poli Sci to know, ‘it ain’t that no more’. Moreover, the ‘genie’s out of the
bottle’ and try as they may, like ‘trying to put toothpaste back in the tube’,
or ‘unringing the bell’, perceptions of america will never be the same in the
most negative but realistic and factual sense; that is, beyond the propaganda,
efforts at censorship, and spin. Those ‘propaganda dogs don’t hunt no more.’ I
can further say that in america, by close observation and direct experience
(with more than sufficient representative sampling), I’ve seen and experienced
the worst of human nature; behavior so egregious so as to defy any known norms
of civilized behavior. Quite simply, there is no excuse for america! Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion,
PIMCO's Bill Gross estimates the unreported debt to be $75 trillion, while
other estimates exceed $100 trillion (these amounts are insurmountable) …’ America’s
shine is wearing off
The
powerless president Obama remains
indecisive, and ignored, as larger forces bring down the country. Robinson:
S&P downgrades the GOP (Washington Post) [ Riiiiight! It’s everything but ‘wobama the b’
(for b***s***) that’s to blame for the nation’s meltdown according to wobama
aficionados / intractable wobama apologists, Messieurs Milbank and Robinson.
Sweet Mr. Milbank even points to wobama’s personal character flaws (among many
unmentioned) to exculpate the failed president wobama. Wobama’s failed
miserably and yet had the easiest act in the world to follow in the persona of
fellow failed president war criminal dumbya bush whose failed policies up to
the real start of the election cycle he’s largely followed. After all, Mr.
Robinson, how different really are the parties these days when profligate
spending on illegal, unnecessary wars was continued when democrats controlled
congress, and then even the executive office when continuing failed president
and war criminal dumbya bush’s nation bankrupting, nation destroying war
policies, protection for unprecedentedly huge wall street frauds, bush tax cut
extensions for the wealthy, and then some (spending on top of it). Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
Most
importantly, realize that if wobama’s actions had not belied his words/campaign
promises, the nation’s position, though still ominous, would have been
substantially improved.
A
win for opponents of SEC’s new rules Court decision could spell trouble for
the agency as it puts in place some of the most far-reaching financial
regulations in years. (Washington Post) [ Oh come on! The biggest frauds in the
multi-trillions have been hands off despite the campaign promises to the
contrary. The u.s. courts are so corrupt, it’s doubtful they’d rule against
‘the big money’. That they don’t understand the economics / finance is
irrelevant to them; as is also so of the law and the facts which they probably
understand but ignore anyway. The most important consideration should be what
is obvious to all; viz., that the way things were not only facilitated the
fraudulent schemes that have brought down the nation, but will continue
prospectively as the frauds on wall street have been emboldened by the lack of
enforcement / prosecution. That said, there’s corruption thoughout the ranks of
the pervasively corrupt american government.
. Report:
SEC lawyer exposed FBI informant (WP) [ Clearly, the sec liar (sic –
lawyer) is one of those typically with a ‘pre or post’ arrangement, whether
implicit or explicit; you know, that ubiquitous ‘bribe thing’ in pervasively
corrupt, defacto bankrupt, fallen
america. Indeed, the scenario typifies that national drain / sinkhole
new york (new york / new jersey metro) where, for example, FBI informants were
routinely exposed by ‘italians’ in the new york d.a.’s office over the
objection of the FBI, and were promptly ‘dispatched’/assassinated / hit by
mafia / organized crime [ this was documented with authority in the book
‘Goombata: The Improbable Rise and Fall of John Gotti and His Gang’ Cummings / Volkman Though
having but 5% of the world’s population, the u.s. has 76% of the world’s serial
killers, http://www.albertpeia.com/realifeamericaserialkillers.mpg bankrupt
america also spends more on military than all the nations of the world
combined... fed employees / contractors, cia, all 3 branches of u.s. gov’t,
etc., are included in this evolved american trait of inherent criminality http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
| Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Rubin:
Fed to the country: the economy stinks
‘…information
received since the Federal Open Market Committee met in June indicates that
economic growth so far this year has been considerably slower than the
Committee had expected. Indicators suggest a deterioration in overall labor
market conditions in recent months, and the unemployment rate has moved up.The
report adds: “The Committee now expects a somewhat slower pace of recovery over
coming quarters than it did at the time of the previous meeting and anticipates
that the unemployment rate will decline only gradually toward levels that the
Committee judges to be consistent with its dual mandate.”
(Washington Post) [ As if we didn’t know and needed them to
tell us. Don’t
forget, this pre-election year is as good as it gets; yet is as dismal as can
be imagined with substantially worse to follow. Dual Mandate? I’m surprised they had the
audacity to use the term. The frauds on wall street
et als should be criminally prosecuted, jailed, fined, and disgorgement imposed!
What changed from yesterday which warranted a more than 600 point plunge with
paper stocks still over-valued and a 545 bounce off of afternoon lows? Nothing!
Absolutely nothing, yet a manipulated computer-programmed churn-and-earn
suckers’ rally based on fraud and b***s*** alone to keep suckers suckered,
which makes for an especially great opportunity to sell / take profits since
there’s much, much worse to come! Famed economist predicts economic calamity
in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com)
What
can the Federal Reserve do? With the U.S. economy at risk of a double-dip
recession, the central bank lacks tools to do anything. (Washington Post) [ Oh
I’d
say they’ve
done quite enough … wouldn’t you? … Is
Bernanke Failing His Fed Mission Or Just Delusional? at Forbes Robert Barone [ How ‘bout both! I
mean, come on! This catering to fraudulent wall street was a loser ab initio!
That so-called ‘wealth effect’ market
froth was used previously by senile ‘maestro’ greenspan
and failed miserably except for the frauds on wall street who commissioned up and
down; and, make no mistake, those computer-programmed high-frequency trading
volumes have now been maximized for nation-economy-draining profits for the
frauds like never before and have never been higher. The QE and
dollar-debasement policies were always predictably inflationary, ultimately
hyperinflationary, particularly for stocks; that ‘feel good’ obfuscation
that was but in reality good only for the frauds on wall street. No, there is
no modern day alchemy that spins worthless paper into gold except fraudulently
for the frauds on wall street who’ve literally
oftimes done exactly that; ‘cashing out’ for hard
currency and gold, precious metals, at everyone else’s expense
including main street. ] In
his June 7 speech, Fed Chairman Ben Bernanke stated, “the best way for the
Federal Reserve to support the fundamental value of the dollar in the medium
term is to pursue our dual mandate of maximum employment and price stability,
and we will certainly do that.”
.. Bernanke’s results .. since Ben
took the reins:
Feb ’06 – April ’11
Items in a Typical Budget |
% Change |
Food and Beverages |
16.54% |
Water and sewer and trash collection services |
31.88% |
Rent of primary residence |
13.82% |
Housing |
8.68% |
Fuels and Utilities |
11.93% |
Apparel |
4.83% |
Medical Care |
20.11% |
Gasoline (all types) |
65.12% |
Transportation |
23.36% |
Tuition, other school fees, and childcare |
29.28% |
Recreation |
2.87% |
..
The standard unemployment rate most often used by the Fed is currently at 9.1%,
up 90% since Bernanke started. The more inclusive (realistic) U6 number
stands at 15.8%, up 75% in the same period. The Civilian Participation
Rate has declined 2.87% to 64.2%.
This is the
lowest level the U.S. has seen since March, 1984. The decline amounts to
8,946,844 fewer Americans in the labor force. Had they not dropped out
because of a lack of jobs, the “official” unemployment rate would be significantly
higher. While we can debate the meaning of the term maximum employment,
it is clear that the jobs data has deteriorated considerably since Bernanke
took the reins at the Fed. ..
In conclusion,
it is evident that Ben Bernanke is failing his mandates. We believe it must
come down to one of the following reasons:
1.
Bernanke does not know how to achieve his mandates;
2.
The policy tools employed don’t work;
3.
He does not have the ability to implement policies that would work;
4.
He is not trying to achieve his mandates;
5.
He has goals other than his legal mandates;
6.
He does not look at the data, and believes he is succeeding.
Matt Marcewicz
& Robert Barone, Ph.D.
.. ‘
Obama
plans to preserve federal mortgage role The president’s decision to
preserve a major role for the government marks a big milestone in the effort to
craft a new housing policy from the wreckage of the mortgage meltdown.
(Washington Post) [ Oh yeah! You can count on the government! Whew! Close call!
Nothing to worry about now with the government on the job! A
win for opponents of SEC’s new rules Court decision could spell trouble for
the agency as it puts in place some of the most far-reaching financial
regulations in years. (Washington Post) [ Oh come on! The biggest frauds in the
multi-trillions have been hands off despite the campaign promises to the
contrary. The u.s. courts are so corrupt, it’s doubtful they’d rule against
‘the big money’. That they don’t understand the economics / finance is
irrelevant to them; as is also so of the law and the facts which they probably
understand but ignore anyway. The most important consideration should be what
is obvious to all; viz., that the way things were not only facilitated the
fraudulent schemes that have brought down the nation, but will continue
prospectively as the frauds on wall street have been emboldened by the lack of
enforcement / prosecution. That said, there’s corruption thoughout the ranks of
the pervasively corrupt american government.
. Report:
SEC lawyer exposed FBI informant (WP) [ Clearly, the sec liar (sic –
lawyer) is one of those typically with a ‘pre or post’ arrangement, whether
implicit or explicit; you know, that ubiquitous ‘bribe thing’ in pervasively
corrupt, defacto bankrupt, fallen
america. Indeed, the scenario typifies that national drain / sinkhole
new york (new york / new jersey metro) where, for example, FBI informants were
routinely exposed by ‘italians’ in the new york d.a.’s office over the
objection of the FBI, and were promptly ‘dispatched’/assassinated / hit by
mafia / organized crime [ this was documented with authority in the book
‘Goombata: The Improbable Rise and Fall of John Gotti and His Gang’ Cummings / Volkman Though
having but 5% of the world’s population, the u.s. has 76% of the world’s serial
killers, http://www.albertpeia.com/realifeamericaserialkillers.mpg bankrupt
america also spends more on military than all the nations of the world
combined... fed employees / contractors, cia, all 3 branches of u.s. gov’t,
etc., are included in this evolved american trait of inherent criminality http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog / the grim economic
reality [ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
| Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Poll:
Sharp dissatisfaction with D.C. The public doubts the government can fix
the nation’s economic problems, Post poll shows. An
unlikely landlord: Uncle Sam
(Washington Post) [ No surprise there (the doubts)! Uncle Scam as landlord? Sounds like a
typical scam / fiasco / debacle in the making! Add limey (brits)-looking
(green) frogs (french) to the mix(ed up) in the pervasively corrupt defacto
bankrupt disunited states Italy
unveils plan to calm fears of escalating crisis (Washington Post) [ Yeah, dem piigs were back in the news. ’ Dem PIIGS still got problems. Europe’s
debt crisis threatens Italy (WP) [ Yeah, dem’ darn PIIGS. Reminds me of that joke (I won’t repeat it
here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not Greece’ ( but greecy
Italy Italians voice concern over Italian debt crisis scenario [ Whew! Close
call! There you go. Nothing to worry about now that wobama’s got a boehner … so
not to be so hard on them; if pelosi says it, it must be true … Not!
…Pervasively corrupt, defacto bankrupt america, they, she look pretty greecey
to me. After all, if the same’s wobama’s ‘far-reaching plan on debt’, we all
know ‘wobama the b’ (for b***s***) is total b***s*** which means like Greecey
PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is actually
in worse financial shape than Greece and other debt-laden European countries,
Pimco’s Bill Gross told CNBC Monday.
Maierhofer: ‘USA INCOME STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion, PIMCO's
Bill Gross estimates the unreported debt to be $75 trillion, while other
estimates exceed $100 trillion (these amounts are insurmountable) …’ Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for fake gov’t data / reports owing
to political desperation
Economy
central as Obama starts tour With some of his harshest words yet, president
criticizes GOP candidates on taxes, debt. (Washington Post) [ The eternal campaign(er)
… he’s got a ‘good rap’ … that rapper ‘wobama the b’ (for b***s***). Is
Obama’s fate written in numbers? Recent economic data amounts to a
formidable headwind for any incumbent president hoping for a second term. And
Democrats worry time is running out. (Washington Post) [ Let’s just say the
fate of ‘wobama the b’ (for b***s***) is written, period. Quite simply, he’s
done! Here’s a picture of obama voters / backers: http://www.albertpeia.com/wobamavoters.gif . ‘Don’t cry for him new argentina, the
truth is he really screwed you’ … well you know that familiar theme and can ad
lib, insert your own words!
It’s
still Obama’s party Why he won’t face a primary challenge: Republicans and
racial politics. (Washington Post) [
It’s true … so right you are! Al Gore’s even pitchin’ in by donating the
talents of his long lost secret love child, ‘Leslie Gore’ to pen and sing a
song in wobama’s honor (kidding) which goes something like this , ‘It’s his
party and he’ll cry if he wants to, cry if he wants to, cry if he wants to, you
would cry too, if obama happened to you
… Well, there you go … if the song says
it it must be true. Yeah! And those dern republicans and their racial politics
… UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims' – Time to get whitey, at last, at last, etc., say
holder / wobama who go on to say ‘and they ain’t talking about Whitey Bulger,
the mobster, either!’
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Robinson:
Obama won the Iowa Straw Poll (Washington Post) [ Oh riiiiight! What, on the theory that so long
as you don’t hear wobama the b’s (for b***s***) words which invariably belie
his actions or non-actions, it’ a victory for wobama? I don’t think so; nor
does the overwhelming, including the unpolled, majority! Is
Obama’s fate written in numbers? Recent economic data amounts to a
formidable headwind for any incumbent president hoping for a second term. And
Democrats worry time is running out. (Washington Post) [ Let’s just say the
fate of ‘wobama the b’ (for b***s***) is written, period. Quite simply, he’s
done! Here’s a picture of obama voters / backers: http://www.albertpeia.com/wobamavoters.gif . ‘Don’t cry for him new argentina, the
truth is he really screwed you’ … well you know that familiar theme and can ad
lib, insert your own words!
It’s
still Obama’s party Why he won’t face a primary challenge: Republicans and
racial politics. (Washington Post) [
It’s true … so right you are! Al Gore’s even pitchin’ in by donating the
talents of his long lost secret love child, ‘Leslie Gore’ to pen and sing a
song in wobama’s honor (kidding) which goes something like this , ‘It’s his
party and he’ll cry if he wants to, cry if he wants to, cry if he wants to, you
would cry too, if obama happened to you
… Well, there you go … if the song says
it it must be true. Yeah! And those dern republicans and their racial politics
… UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims' – Time to get whitey, at last, at last, etc., say
holder / wobama who go on to say ‘and they ain’t talking about Whitey Bulger,
the mobster, either!’ The
powerless president Obama remains
indecisive, and ignored, as larger forces bring down the country. Robinson:
S&P downgrades the GOP (Washington Post) [ Riiiiight! It’s everything but ‘wobama the b’
(for b***s***) that’s to blame for the nation’s meltdown according to wobama
aficionados / intractable wobama apologists, Messieurs Milbank and Robinson.
Sweet Mr. Milbank even points to wobama’s personal character flaws (among many
unmentioned) to exculpate the failed president wobama. Wobama’s failed
miserably and yet had the easiest act in the world to follow in the persona of
fellow failed president war criminal dumbya bush whose failed policies up to
the real start of the election cycle he’s largely followed. After all, Mr.
Robinson, how different really are the parties these days when profligate
spending on illegal, unnecessary wars was continued when democrats controlled
congress, and then even the executive office when continuing failed president
and war criminal dumbya bush’s nation bankrupting, nation destroying war
policies, protection for unprecedentedly huge wall street frauds, bush tax cut
extensions for the wealthy, and then some (spending on top of it). Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real,
complicit cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s
browser) as per your office’s request as made this day (the disk and contents
have been scanned by Avast, McAfee, and Norton which I’ve installed on my
computer to prevent viral attacks / infection and are without threat). I also
include 1 copy of the DVD as filed with the subject court as referenced therein
(which files are also included on the aforesaid 3 disks in a separate folder
named ‘112208opocoan’). The (civil) RICO action (as you’re aware, the RICO Act
is a criminal statute which provides a civil remedy, including treble damages
and attorney fees, as an incentive for private prosecution of said claims
probably owing to the fact that the USDOJ seems somewhat overwhelmed and in
need of such assistance given the seriousness and prevalence of said violations
of law which have a corrupting influence on the process, and which corruption
is pervasive). A grievance complaint against Coan was also filed concurrently
with the subject action and held in abeyance pending resolution of the action
which was illegally dismissed without any supporting law and in contravention
of the Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [
ricosummarytoFBIunderpenaltyofperjury.pdf http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as fbicorrespondencereyes.htm
. With regard to the calls to the FBI’s LA and New Haven, CT
offices: There was one call to the LA office and I was referred to the Long
Beach, CA office where I personally met with FBI Agent Jeff Hayes to whom I
gave probative evidentiary documents of the money laundering which he confirmed
as indicative of same (he was transferred from said office within approximately
a month of said meeting and his location was not disclosed to me upon inquiry).
The matter was assigned to FBI Agent Ron Barndollar and we remained in touch
for in excess of a decade until he abruptly retired (our last conversation
prior to his retirement related to the case and parenthetically, Rudy Giuliani
whose father I stated had been an enforcer for the mob to which he registered
disbelief and requested I prove it, which I did – he served 12 years in prison,
aggravated assault/manslaughter? – and no, there is no Chinese wall of
separation – Andrew Maloney’s the one that prosecuted gotti).
In contradistinction to the
statement in said correspondence, there is a plethora of information including
evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are unresolved
problems with the line, computer connection may be the reason but I hesitate to
chance greater non-performance / worsening by their ‘fix’ so cell phone best
for contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was
flawed as set forth below and my inquiries to the u.s. postal service rebuffed
(I believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Sincerely
and Regards,
Al
Peia
Show
us your debt plan A challenge to the president, his opponents — and you.
(Washington Post) [ Come on! This is disingenuously rhetorical. At the least,
you look at reality. Pervasively corrupt, defacto bankrupt america’s growth
days (and hence those rosy assumptions) are gone forever. Second, you begin
with the amount that must be cut to avoid further dollar debasement among other
obfuscating gimmicks which worsen the dismal scenario ($3 trillion over 10
years doesn’t come close to doing it). Thirdly, those responsible must be held
accountable (and meaningful law must count for all!). 8 More Reasons Why You Should Be Deeply Concerned That
The U.S. Government Has Lost Its AAA Credit Rating The Economic
Collapse ‘… #8 The U.S. national debt continues to get worse
by the day. Just check out what economics
professor Laurence J. Kotlikoff recently told NPR….“If you add up
all the promises that have been made for spending obligations, including
defense expenditures, and you subtract all the taxes that we expect to collect,
the difference is $211 trillion. That’s the fiscal gap” ..’ Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman | America is insolvent and has been so for a long
time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME STATEMENT:Total federal spending in 2010
amounted to $3.456 trillion. Total receipts added up to $2.162 trillion. USA
Inc.'s 2010 deficit was $1.294 trillion.The 2011 federal budget is $3.7
trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion,
PIMCO's Bill Gross estimates the unreported debt to be $75 trillion, while
other estimates exceed $100 trillion (these amounts are insurmountable) …’ Davis ‘This is how we pay off our current debts and I think
bondholders are simply happy to get anything out of a country that admits it
owes $15Tn (1/4 of global GDP) but probably owes closer to $60Tn (entire global
GDP) in the form of unfunded liabilities. The funniest thing about this (and you
have to laugh) is to see Conservative pundits get on TV and talk about how we
need to cut $100Bn worth of discretionary spending to "fix" this
(while continuing to spend $1Tn on the military and $1Tn on tax cuts for the
top 1% each year). There is no fixing this and even a Republican said you can’t
fool all of the people all of the time. THIS HOUSE OF CARDS IS TEETERING FOLKS – PLEASE BE CAREFUL
OUT THERE! ‘ Dave's
Daily 'If you can keep interest rates this low this long, its
inevitable cheap financing can allow companies to start cobbling each other up.
Further Ben's policies allow companies like IBM to sell bonds at 1% and buy
back shares with the proceeds (total paper bubble-scam). POMO is occurring almost daily and Primary Dealers can buy back
their shares and pay dividends with what essentially is taxpayer money-- Why The Dow Will Plunge To 7,000 By 24/7 Wall St. S&P
Poised For Dropoff, Says Initial Jobless Claims Forbes /
Maureen Farrell
Markets
begin week on calmer note The positive results showed that the markets may
be able to hang on to their gains. (Washington Post) [ The frauds on wall
street et als should be criminally prosecuted, jailed, fined, and disgorgement
imposed! So what’s changed of significance (other than the
full moon and consequent effects on the lunatic wall street frauds Train
Reading: The Stock Market Is Insane The Wall Street Journal ).
Nothing! Stocks rally on bad news, fraud,
and b***s*** alone! 3
Reasons Markets Finished Up For the Third Straight Day Wall St. Cheat
Sheet 1) U.S. economic data. According to the National Association of Home Builders, builder confidence
in the market for newly built, single-family homes – the National
Association of Home Builders/Wells Fargo Housing Market Index – was unchanged
in August at a low level of 15. Also being reported today was an assessment of
New York-area manufacturing activity, which declined for the third consecutive
month and fell short of economists’ expectations.. 2) Japan. [Come on ... If
the ‘meltdown’ proved anything it’s that Japan’s as bad as america in dealing
with and reporting reality.] Japan’s
economy
contracted less than expected in the second quarter, despite a huge blow to
industry and production dealt by the March 11 earthquake and tsunami. Gross
domestic product declined at an annualized rate of 1.3% in the quarter ending
June 30. Economists had forecast a 2.5% decline.. 3) Crude futures. After
tumbling considerably over the past few weeks, crude-oil
futures began to recover today. Crude for September delivery climbed
roughly 3% today on the New York Mercantile Exchange, giving energy stocks a
boost. Exxon Mobil , BP , Marathon , and Chevron all gained over 3% today …’ In
a Downtrend, Sell a Rally (Daily FX) Latest: Economist
Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. ‘Aftershock’ Book Predicts Economic Disaster Amid Controversy Disturbing
Charts Show Economic Meltdown in 2012. See the Evidence. (Newsmax.com)
Five
Reason Stocks Are Crashing, Tips to Prepare for Meltdown (Moneynews) Unthinkable Poised to Happen on Wall Street. See Disturbing
Charts. (Newsmax.com) US Recession Is
Guaranteed: Expert CNBC.com
Europe’s
crisis and the psychology of fear (Washington
Post) [ Given the reality and magnitude of Europe’s problems going forward,
dwarfed only by the magnitude of those of pervasively corrupt, defacto bankrupt
america, it brings to mind the words of the former Intel CEO (co-founder) Andy
Grove ‘ Only the paranoid survive’ (of course, having survived the Nazis and
escaped Communist-controlled Hungary in Europe, as a jew, one has to assume his
perspective / outlook was somewhat ‘skewed’ thereby). Yet, let’s not kid
ourselves to the point where virtual survival is threatened and at stake as is
so for the EU. America
isn’t alone in the downgrade spiral (WP) Indeed, the EU has followed the contra-indicated perma war,
evermore worthless Weimar currency, and a predispositon / tacit acceptance of
paper securities schemes / scams / frauds which are integral to america’s
ongoing, albeit obfuscated, debacle / crisis which given the unfunded debt load
pegged at $211 Trillion among other estimates, is insurmountable and will end
quite badly. Poll:
Sharp dissatisfaction with D.C. The public doubts the government can fix
the nation’s economic problems, Post poll shows. An
unlikely landlord: Uncle Sam (WP) [
No surprise there (the doubts)! Uncle
Scam as landlord? Sounds like a typical scam / fiasco / debacle in the making! Add limey
(brits)-looking (green) frogs (french) to the mix(ed up) in the pervasively
corrupt defacto bankrupt disunited states
Italy
unveils plan to calm fears of escalating crisis (WP) [ Yeah, dem piigs were back in the news. ’ Dem PIIGS still got problems. Europe’s
debt crisis threatens Italy (WP) [ Yeah, dem’ darn PIIGS. Reminds me of that joke (I won’t repeat it
here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not Greece’ ( but greecy
Italy Italians voice concern over Italian debt crisis scenario [ Whew! Close
call! There you go. Nothing to worry about now that wobama’s got a boehner … so
not to be so hard on them; if pelosi says it, it must be true … Not!
…Pervasively corrupt, defacto bankrupt america, they, she look pretty greecey
to me. After all, if the same’s wobama’s ‘far-reaching plan on debt’, we all
know ‘wobama the b’ (for b***s***) is total b***s*** which means like Greecey
PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for
unfunded obligations vary. Mary Meeker pegs the shortfall at $31 trillion,
PIMCO's Bill Gross estimates the unreported debt to be $75 trillion, while
other estimates exceed $100 trillion (these amounts are insurmountable) …’ Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for fake gov’t data / reports owing to
political desperation! Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is
building momentum to the downside’. Wall Street
closes worst week since '08 with wild day NEW YORK (Reuters) S&P
on U.S. downgrade: Debt pact 'falls short' - Reuters S&P
downgrades US credit rating from AAA S&P
Shocks the U.S. with Credit Downgrade to AA+ from Prestigious AAA Rating Wall St. Cheat Sheet What
Recovery? Forbes
‘…we can’t call this a recovery. There’s no reason to celebrate when a
job report was better than expected. Why? Because the expectation was abysmal
to begin with. And while we’re at it, we can’t ignore increasing sovereign debt
problems in Europe…’ ‘Top
3 Reasons Markets Erased the Year’s Gains Wall St. Cheat Sheet 1) Japan and Europe 2) Unemployment.3)
Capital goods - billions of dollars in lost revenue. Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To
Meltdown,
predicting the global crisis that occurred the following year. I
now see a similar confluence of events that warns of phase II of the
global crisis… My work shows that “the new recession has started.”… Over the
past 33 years, we have called the start of every recession, often on the exact
month, or within one month, of the official start as determined one year later
by the official arbiter of recession, the National Bureau of Economic Research
(NBER)… However, inflation is far understated for political reasons. Currently,
the GDP deflator is 1.8%, which hardly reflects the true rise in prices.
Therefore, what is counted as “growth,” is actually price increases. Actual
inflation, according to free market economists who calculate inflation as it
was done in 1980 before the politician re-engineered it, is now more than 11%.
Using that to adjust GDP for inflation, would show that the economy is now in a
very sharp contraction…’FLASHBACK HERE: Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not Sold by
June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the Market Could Fall 70%’ [
He’s not alone! PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The
5-year high in the level of insider corporate stock sales is telling. At 565
sells for every 1 buy, it’s never been higher.
Krauthammer:
Our political system is working well (Washington Post) [ Wow! There was a time back in the late
sixties, early seventies when there were these long-haired people chastised by
the so-called ‘establishment’ that would have just loved to be doin’ whatever
it is that Mr. Krauthammer’s been doing to arrive at such a conclusion, so
glaringly devoid of any reality whatsoever. Psychedelics, hallucinogens, magic
mushrooms; what could it be that has brought Mr. Krauthammer into this fantasy
world where even ‘Alice’ of Wonderland fame might feel comfortable in this
netherland (sic) / netherworld created from the depths of Mr. Krauthammer’s
imagination. I’m truly at a loss for words. After all, the warning by the
underrated but great President General Eisenhower of the impending inherent
danger of the military industrial complex came to fruition with the
assassination of JFK and the reality of a coup d’etat thereby. All presidents,
along with the two remaining branches of the pervasively corrupt, defacto
bankrupt american government since have been at best stooges for such as the
military industrial complex, the banksters / frauds on wall street, etc., to
the substantial detriment of the vast majority in this country and throughout
the world (ie., perma wars, huge securities frauds still extant / now marked to
anything as per congressional FASB rule change, and unprosecuted. Beyond the
immediate reach, or at least ‘penetration’ of american propaganda, an
intelligent and astute individual, Legendary
Investor Jeremy Grantham: America is a Banana Republic Washington’s
Blog | Just different bananas perhaps? { Of course this is absolutely
true! And not just from the meaningfully lawless perspective – I had made such
a statement on the record in a LA Superior Court Appellate Dept. proceeding in
which said court literally ignored the law (the same is true of the costly,
plushly accoutered lifetime appointee federal courts) which courts should
indeed be abolished in these difficult economic / budgetary times.
Additionally, from pervasive corruption, to debased over-printed currency, to
gunboat diplomacy, to total incompetence, etc., america is indeed a banana
republic at most. } I didn’t see the
debates {what does it matter what they say – the egregious ‘wobama the b’ (for
b***s***) fatigue factor / experience} nor have I read Mr. Robinson’s article,
‘GOP
Debate Land’ but I’m sure I’d agree with his conclusion, ‘I didn’t recognize the America the GOP
candidates described;’ but unfortunately, I do recognize the pervasively
corrupt, defacto bankrupt america of ‘wobama the b’ (for b***s***), failed
president like his predecessor, moron war criminal dumbya bush, that he is. The
powerless president Obama remains
indecisive, and ignored, as larger forces bring down the country. Robinson:
S&P downgrades the GOP (WP) [
Riiiiight! It’s everything but ‘wobama the b’ (for b***s***) that’s to blame
for the nation’s meltdown according to wobama aficionados / intractable wobama
apologists, Messieurs Milbank and Robinson. Sweet Mr. Milbank even points to
wobama’s personal character flaws (among many unmentioned) to exculpate the
failed president wobama. Wobama’s failed miserably and yet had the easiest act
in the world to follow in the persona of fellow failed president war criminal
dumbya bush whose failed policies up to the real start of the election cycle
he’s largely followed. After all, Mr. Robinson, how different really are the
parties these days when profligate spending on illegal, unnecessary wars was
continued when democrats controlled congress, and then even the executive
office when continuing failed president and war criminal dumbya bush’s nation
bankrupting, nation destroying war policies, protection for unprecedentedly
huge wall street frauds, bush tax cut extensions for the wealthy, and then some
(spending on top of it).
Drudgereport:
HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
Most
importantly, realize that if wobama’s actions had not belied his words/campaign
promises, the nation’s position, though still ominous, would have been
substantially improved.
Poll:
Sharp dissatisfaction with D.C. The public doubts the government can fix
the nation’s
economic problems, Post poll shows. An
unlikely landlord: Uncle Sam
(Washington Post) [ No surprise there (the doubts)! Uncle as landlord? Sounds like a typical
scam / fiasco / debacle in the making! Add limey (brits)-looking (green) frogs
(french) to the mix(ed up) in the pervasively corrupt defacto bankrupt
disunited states Italy
unveils plan to calm fears of escalating crisis (Washington Post) [ Yeah, dem piigs were back in the news. ’
Dem PIIGS still got
problems. Europe’s debt crisis threatens Italy
(WP) [ Yeah, dem’ darn PIIGS.
Reminds me of that joke (I won’t repeat it here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not
Greece’ ( but greecy Italy Italians voice concern
over Italian debt crisis scenario [ Whew! Close call! There you go. Nothing to
worry about now that wobama’s got a boehner … so not to be so hard on them; if pelosi says it, it
must be true …
Not! …Pervasively
corrupt, defacto bankrupt america, they, she look pretty greecey to me. After
all, if the same’s wobama’s ‘far-reaching plan on debt’, we all know ‘wobama the b’ (for b***s***) is total b***s***
which means like Greecey PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob Chapman |
America is insolvent and has been so
for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is actually
in worse financial shape than Greece and other debt-laden European countries,
Pimco’s Bill Gross told CNBC
Monday. Maierhofer: ‘USA INCOME STATEMENT:Total federal spending in 2010
amounted to $3.456 trillion. Total receipts added up to $2.162 trillion. USA
Inc.'s 2010 deficit was $1.294 trillion.The 2011 federal budget is $3.7
trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for unfunded
obligations vary. Mary Meeker pegs the shortfall at $31 trillion, PIMCO's Bill
Gross estimates the unreported debt to be $75 trillion, while other estimates
exceed $100 trillion (these amounts are insurmountable) …’ Famed economist predicts economic calamity in 2012. See the
evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for
fake gov’t
data / reports owing to political desperation! Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is building
momentum to the downside’. Wall
Street closes worst week since '08 with wild day NEW YORK (Reuters) S&P
on U.S. downgrade: Debt pact 'falls short' - Reuters S&P
downgrades US credit rating from AAA S&P
Shocks the U.S. with Credit Downgrade to AA+ from Prestigious AAA Rating Wall St. Cheat Sheet What
Recovery? Forbes
‘…we can’t
call this a recovery. There’s no reason to celebrate when a job report was better
than expected. Why? Because the expectation was abysmal to begin with. And
while we’re
at it, we can’t
ignore increasing sovereign debt problems in Europe…’ ‘Top
3 Reasons Markets Erased the Year’s Gains Wall St. Cheat Sheet 1) Japan and Europe 2) Unemployment.3)
Capital goods - billions of dollars in lost revenue. Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In late 2007, I wrote the book Prelude
To Meltdown,
predicting the global crisis that occurred the following year. I
now see a similar confluence of events that warns of phase II of the
global crisis… My work shows that “the new recession has started.”… Over the past 33 years, we have called the start of every
recession, often on the exact month, or within one month, of the official start
as determined one year later by the official arbiter of recession, the National
Bureau of Economic Research (NBER)… However, inflation is far
understated for political reasons. Currently, the GDP deflator is 1.8%, which
hardly reflects the true rise in prices. Therefore, what is counted as “growth,” is actually price increases.
Actual inflation, according to free market economists who calculate inflation
as it was done in 1980 before the politician re-engineered it, is now more than
11%. Using that to adjust GDP for inflation, would show that the economy is now
in a very sharp contraction…’FLASHBACK HERE: Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not Sold by
June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the Market Could Fall 70%’ [
He’s not alone! PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The 5-year high in the level of
insider corporate stock sales is telling. At 565 sells for every 1 buy, it’s never been higher.
European
economies brace as Germany slows Discouraging news about the pace of growth
came just hours before German and French leaders called for new steps to impose
discipline on governments whose lax budget practices prompted the debt crisis.
(Washington Post) [ First, let’s call this economic scenario what it is; viz.,
the ‘d’ word … ‘depression’. For those who find that term unutterable, then
‘double-dip recession’ is the term for you. All the dollar debasement
(over-printing, etc.) for the benefit of the frauds on wall street et als to
the substantial detriment of everyone else can’t change and has exacerbated and
obfuscated this fact. Moreover, there has been a manipulated churn-and-earn
high-frequency trading bubble-bull cycle in what is unmistakably a secular bear
market. Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com) ‘Robert Wiedemer’s new book,
“Aftershock: Protect Yourself and Profit in the Next Global Financial
Meltdown,” quickly is becoming the survival guide for the 21st century. And Newsmax’s
eye-opening Aftershock Survival Summit video, with exclusive interviews and
prophetic predictions, already has affected millions around the world — but not
without ruffling a few feathers. [
The instant video on the economic /
financial collapse from Stansberry and Associates is so well researched and succinctly presented that I’ve archived same on my website;
also, because the facts and views presented comport with the facts and views
I’ve presented on my site which I believe to be correct. This is a must-view,
must-see that I strongly recommend!
The complete url: http://www.albertpeia.com/stansberrysinvestmentadvisory.flv
) http://www.albertpeia.com/stansberrysinvestmentadvisory.mp4 Written text of presentation (without
pictures / charts)] [A lot of pre-election year obfuscation,
manipulation but the debacle is already here:
Harry Dent, Jr. Economy will be in a
Depression by 2011
Dow will Fall to 3,800 – 4,500 by 2012
Nasdaq will Fall Below 1,100, its 2002 low, by late 2010 or mid-2012 at the
latest.
U.S. Dollar will Decline
Housing will Decline by 40 – 60% from Today’s Levels
Greatest Economic and Banking Crisis since the 1930s will Occur Between
2010 and 2012). Forecasts from
Dent, Napier, and then Prechter: Depression is
Imminent The Dow Jones Industrial Average will go down to at least 1000, most
likely to below 777 which was the starting point of its mania back in August
1982, and quite likely drop below 400 at one or more times during the bear
market.
The
following is my comment to an LA Times article regarding a Justice Department
cover-up! As for your inquiry, all I think about day and night is a long
overdue resolution to the RICO litigation as set forth therein:
I believe him!
Here’s some real, complicit
cover-up / fraud on the part of the federal government, et als:
October
15, 2010 (*see infra {ultimately delivered by UPS})
Steven M. Martinez,
Assistant Director In Charge
Federal Bureau of Investigation, USDOJ
11000 Wilshire Blvd., Suite 1700
Los Angeles, CA 90024
Dear Sir:
I enclose herewith 3
copies of the within DVD rom autorun disk (which will open in your computer’s
browser) as per your office’s request as made this day (the disk and contents
have been scanned by Avast, McAfee, and Norton which I’ve installed on my
computer to prevent viral attacks / infection and are without threat). I also
include 1 copy of the DVD as filed with the subject court as referenced therein
(which files are also included on the aforesaid 3 disks in a separate folder
named ‘112208opocoan’). The (civil) RICO action (as you’re aware, the RICO Act
is a criminal statute which provides a civil remedy, including treble damages
and attorney fees, as an incentive for private prosecution of said claims probably
owing to the fact that the USDOJ seems somewhat overwhelmed and in need of such
assistance given the seriousness and prevalence of said violations of law which
have a corrupting influence on the process, and which corruption is pervasive).
A grievance complaint against Coan was also filed concurrently with the subject
action and held in abeyance pending resolution of the action which was
illegally dismissed without any supporting law and in contravention of the
Order of The Honorable Robert N. Chatigny, Chief Judge, USDC, District
Connecticut. The files below the horizontal rule are the referenced documents
as filed. (Owing to the damage to the financial interests of both the U.S. and
the District of Congresswoman Roybal-Allard, viz., Los Angeles, the Qui Tam
provisions of the Federal False Claims Act probably would apply and I
would absent resolution seek to refer the within to a firm with expertise in
that area of the law with which I am not familiar).
The document in 5 pages
under penalty of perjury I was asked to forward to the FBI office in New Haven
is probably the best and most concise summary of the case RICO Summary to
FBI Under Penalty of Perjury at Their Request (5
pages) [ ricosummarytoFBIunderpenaltyofperjury.pdf
http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
].
The correspondence I
received from the Congresswoman by way of email attachment (apparent but
typical problem with my mail) along with my response thereto is included on the
3 disks as
fbicorrespondencereyes.htm . With regard to
the calls to the FBI’s LA and New Haven, CT offices: There was one call to the
LA office and I was referred to the Long Beach, CA office where I personally
met with FBI Agent Jeff Hayes to whom I gave probative evidentiary documents of
the money laundering which he confirmed as indicative of same (he was
transferred from said office within approximately a month of said meeting and
his location was not disclosed to me upon inquiry). The matter was assigned to
FBI Agent Ron Barndollar and we remained in touch for in excess of a decade
until he abruptly retired (our last conversation prior to his retirement
related to the case and parenthetically, Rudy Giuliani whose father I stated
had been an enforcer for the mob to which he registered disbelief and requested
I prove it, which I did – he served 12 years in prison, aggravated
assault/manslaughter? – and no, there is no Chinese wall of separation – Andrew
Maloney’s the one that prosecuted gotti).
In contradistinction to
the statement in said correspondence, there is a plethora of information
including evidence supporting the claims set forth in the RICO VERIFIED COMPLAINT (see
infra). Such includes and as set forth in the case, inter alia,
There is applicable insurance / surety coverage and
neither LA, nor creditors, nor I should continue to have been damaged by this
brazened corrupt and illegal scenario, which should be resolved in accordance
with the meaningful rules of law apposite thereto.
Sincerely,
Albert L. Peia
611 E. 5th Street, #404
Los Angeles, CA 90013
(213) 219-**** (cell phone)
(213) 622-3745 (listed land line but there are
unresolved problems with the line, computer connection may be the reason but I
hesitate to chance greater non-performance / worsening by their ‘fix’ so cell
phone best for contact).{recent change 323-786-6651 -magic jack}
----------
*The foregoing and as
indicated therein was previously send 9-14-10 but delivery confirmation was flawed
as set forth below and my inquiries to the u.s. postal service rebuffed (I
believe tampered with inasmuch as your office could not locate same). This
cover letter (9-13-10) is on the 3 disks with navigable hyperlinks to the
subject files for ease of reference, including the files in the RICO action as
indicated. (10-15-10) I spoke with Rose, FBI, ADIC Secretary, who indicates
once again that your office has not received the aforesaid and which can
reasonably be presumed to have been tampered with, and hence, a violation of
the federal statute concerning same. (Ultimately delivered by UPS) ]
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black defendants
and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Sincerely
and Regards,
Al
Peia
The
new Manchurian candidate The sad facts behind Rick Perry’s Texas ‘miracle’.
(Washington Post) [ I haven’t looked too closely at this yet. After all, bushed
of bushes and then there was johnson who’ve really done enough damage to warrant
looking askance. Yet, there’s Ross Perot (not running) and Ron Paul; and of
course, the great but substantially underrated President General Eisenhower was
born there though raised in Kansas. To his credit, he’s railed against the
incompetent wall street fraud oriented fed though one must still say of same,
better late than never. It’s that bushie / johnson war thing that gives pause.
Then there’s the gore / lieberman / nafta / now / bilderberg connection …
what’s up with that? (to quote Keenan Thompson of SNL fame). Then there’s the
Austin, Texas – based infowars.com / prisonplanet.com / Jone contingent who
remain unconvinced: Tell
Rick Perry that there was NO ‘Texas Miracle’ Len Hart | The only pockets lined by GOP largesse (pork) are
the pockets of an increasingly tiny ruling elite now just 1 percent of the
total US population. Rick Perry’s Campaign Strategy: Become Ron Paul Steve
Watson | Texas Governor promotes fiscal responsibility while his own state sits
on a $13.4 billion deficit.
Stocks
end 3-day rally U.S. stocks fall after a weak growth report in Europe
rekindled fears about a global economic slowdown. (Washington Post) [ Let’s not
kid ourselves, if it’s ‘not happening’ in Germany, it’s not happening;
b***s***, spin, and politicking aside. Japan’s numbers, bad as they were, are
too americanized to be believed and pervasively corrupt, defacto bankrupt
american numbers are just plain ‘american’ (which if you’re not paying
attention, is very negative. The
frauds on wall street et als should be criminally prosecuted, jailed, fined,
and disgorgement imposed! So what’s changed of
significance (other than previous full moon and consequent effects on the
lunatic wall street frauds Train
Reading: The Stock Market Is Insane The Wall Street Journal ).
Nothing! Stocks rally off lows on bad news,
fraud, and b***s*** alone! There's
A Recession Coming According To The Data at Forbes , Dell braces investors for a bumpy road 16 Aug 2011 Dell
makes a case on why it can better weather an upcoming storm, S&P
says sell Google's shares after Motorola deal , STOCKS
FALL AFTER FLOOD OF BAD NEWS: Here's What You Need To Know Joe Weisenthal , Stocks
Slip On Concern Over Europe's Debt, U.S. Data , Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon Take
A Lesson From 2007 And Sell Stocks Now at Forbes, [video]
Trader: We Could Test 1120 Lows at TheStreet.com In
a Downtrend, Sell a Rally (Daily FX) Latest:
Economist Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. ‘Aftershock’
Book Predicts Economic Disaster Amid Controversy Disturbing
Charts Show Economic Meltdown in 2012. See the Evidence. (Newsmax.com)
Five
Reason Stocks Are Crashing, Tips to Prepare for Meltdown (Moneynews) Unthinkable Poised to Happen on Wall Street. See Disturbing
Charts. (Newsmax.com) US Recession Is
Guaranteed: Expert CNBC.com Absolutely nothing, yet a manipulated computer-programmed ( high frequency trading bots )
churn-and-earn suckers’ rally based on desperation, fraud and b***s*** alone
(ie., backward looking, ‘revisions’, faked data, etc.) to keep suckers
suckered, which makes for an especially great opportunity to sell / take
profits since there’s much, much worse to come
Perry
attack puts pressure on Fed ANALYSIS | The central bank is supposed to make
its decisions based on economics, not politics. Perry
takes aim at Bernanke (Washington
Post) [ When you’re right, you’re right. Can’t take that away from him. What
can the Federal Reserve do? With the U.S. economy at risk of a double-dip
recession, the central bank lacks tools to do anything. (Washington Post) [ Oh
I’d
say they’ve
done quite enough … wouldn’t you? … Is
Bernanke Failing His Fed Mission Or Just Delusional? at Forbes Robert Barone [ How ‘bout both! I
mean, come on! This catering to fraudulent wall street was a loser ab initio!
That so-called ‘wealth effect’ market
froth was used previously by senile ‘maestro’ greenspan
and failed miserably except for the frauds on wall street who commissioned up
and down; and, make no mistake, those computer-programmed high-frequency
trading volumes have now been maximized for nation-economy-draining profits for
the frauds like never before and have never been higher. The QE and
dollar-debasement policies were always predictably inflationary, ultimately
hyperinflationary, particularly for stocks; that ‘feel good’ obfuscation
that was but in reality good only for the frauds on wall street. No, there is
no modern day alchemy that spins worthless paper into gold except fraudulently
for the frauds on wall street who’ve literally
oftimes done exactly that; ‘cashing out’ for hard
currency and gold, precious metals, at everyone else’s expense
including main street. ] In
his June 7 speech, Fed Chairman Ben Bernanke stated, “the best way for the
Federal Reserve to support the fundamental value of the dollar in the medium
term is to pursue our dual mandate of maximum employment and price stability,
and we will certainly do that.”
.. Bernanke’s results .. since Ben
took the reins:
Feb ’06 – April ’11
Items in a Typical Budget |
% Change |
Food and Beverages |
16.54% |
Water and sewer and trash collection services |
31.88% |
Rent of primary residence |
13.82% |
Housing |
8.68% |
Fuels and Utilities |
11.93% |
Apparel |
4.83% |
Medical Care |
20.11% |
Gasoline (all types) |
65.12% |
Transportation |
23.36% |
Tuition, other school fees, and childcare |
29.28% |
Recreation |
2.87% |
..
The standard unemployment rate most often used by the Fed is currently at 9.1%,
up 90% since Bernanke started. The more inclusive (realistic) U6 number
stands at 15.8%, up 75% in the same period. The Civilian Participation
Rate has declined 2.87% to 64.2%.
This is the
lowest level the U.S. has seen since March, 1984. The decline amounts to
8,946,844 fewer Americans in the labor force. Had they not dropped out
because of a lack of jobs, the “official” unemployment rate would be significantly
higher. While we can debate the meaning of the term maximum employment,
it is clear that the jobs data has deteriorated considerably since Bernanke
took the reins at the Fed. ..
In conclusion,
it is evident that Ben Bernanke is failing his mandates. We believe it must
come down to one of the following reasons:
1.
Bernanke does not know how to achieve his mandates;
2.
The policy tools employed don’t work;
3.
He does not have the ability to implement policies that would work;
4.
He is not trying to achieve his mandates;
5.
He has goals other than his legal mandates;
6.
He does not look at the data, and believes he is succeeding.
Matt Marcewicz
& Robert Barone, Ph.D... ‘
Market
plunge reawakens recession fears Bleak numbers for U.S. jobs, housing and manufacturing
compounded the anxiety over European woes, sparking a market sell-off and
wiping out the major U.S. indexes’ gains from earlier this week. (Washington
Post) [ The frauds on wall street et als should be
criminally prosecuted, jailed, fined, and disgorgement imposed! Train
Reading: The Stock Market Is Insane The Wall Street Journal Stocks rally off lows to suck
suckers in and keep suckers sucked in on bad news (Jobless
Claims, Inflation Rise More Than Expected CNBC) , fraud ( SEC destroyed documents, senator says ), and b***s*** alone! MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows
Barrons.com, WHY NEW
LOWS ARE LIKELY 8-18-11 Maierhofer, Is It 2008 Again? Looking at the
Summer Crash of 2011 Gayed ‘A real bear market
has begun …’ ,
Abandon Ship?[The USS Titanic] Yes,
Because of These 5 Bearish Icebergs ... McGill ,
There's
A Recession Coming According To The Data at Forbes , HP, Dell
hammered as tech-spending outlook darkens JDSU, NetApp, disappointing figures, shares hit hard in
after-hours trade
Dell braces investors for a bumpy road Dell makes a case on
why it can better weather an upcoming storm
, S&P
says sell Google's shares after Motorola deal , STOCKS
FALL AFTER FLOOD OF BAD NEWS: Here's What You Need To Know Joe Weisenthal , Stocks
Slip On Concern Over Europe's Debt, U.S. Data , Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon Take
A Lesson From 2007 And Sell Stocks Now at Forbes, [video]
Trader: We Could Test 1120 Lows at TheStreet.com In
a Downtrend, Sell a Rally (Daily FX) Latest:
Economist Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com) Five
Reason Stocks Are Crashing, Tips to Prepare for Meltdown (Moneynews) Unthinkable Poised to Happen on Wall Street. See Disturbing
Charts. (Newsmax.com) US Recession Is
Guaranteed: Expert CNBC]
Obama
issues first explicit call for Syrian president to resign The rhetorical
escalation was backed by sanctions designed to undermine military operations.
(Washington Post) [ The reply: right after you wobama for gross incompetence,
for harboring war criminals bush and cheney et als, for unconstitutional
exercise of war powers alluded to by congressional members, for fraud in the
inducement and factum (false campaign statements/promises), and as soon as you
return that ridiculous thing called the ‘nobel peace prize’ belied by your
actions, etc.. Come on! Who takes this clown, ‘wobama the b’ (for b***s***),
seriously. He’s a total joke and totally pathetic at once! Robinson:
Obama won the Iowa Straw Poll (Washington Post) [ Oh riiiiight! What, on the theory that so long
as you don’t hear wobama the b’s (for b***s***) words which invariably belie
his actions or non-actions, it’ a victory for wobama? I don’t think so; nor
does the overwhelming, including the unpolled, majority! Is
Obama’s fate written in numbers? Recent economic data amounts to a
formidable headwind for any incumbent president hoping for a second term. And
Democrats worry time is running out. (Washington Post) [ Let’s just say the
fate of ‘wobama the b’ (for b***s***) is written, period. Quite simply, he’s
done! Here’s a picture of obama voters / backers: http://www.albertpeia.com/wobamavoters.gif . ‘Don’t cry for him new argentina, the
truth is he really screwed you’ … well you know that familiar theme and can ad
lib, insert your own words!
It’s
still Obama’s party Why he won’t face a primary challenge: Republicans and
racial politics. (Washington Post) [
It’s true … so right you are! Al Gore’s even pitchin’ in by donating the
talents of his long lost secret love child, ‘Leslie Gore’ to pen and sing a
song in wobama’s honor (kidding) which goes something like this , ‘It’s his
party and he’ll cry if he wants to, cry if he wants to, cry if he wants to, you
would cry too, if obama happened to you
… Well, there you go … if the song says
it it must be true. Yeah! And those dern republicans and their racial politics
… UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE...‘ignore cases that involve black
defendants and white victims' – Time to get whitey, at last, at last, etc., say
holder / wobama who go on to say ‘and they ain’t talking about Whitey Bulger, the
mobster, either!’ The
powerless president Obama remains
indecisive, and ignored, as larger forces bring down the country. Robinson:
S&P downgrades the GOP (Washington Post) [ Riiiiight! It’s everything but ‘wobama the b’
(for b***s***) that’s to blame for the nation’s meltdown according to wobama
aficionados / intractable wobama apologists, Messieurs Milbank and Robinson.
Sweet Mr. Milbank even points to wobama’s personal character flaws (among many
unmentioned) to exculpate the failed president wobama. Wobama’s failed
miserably and yet had the easiest act in the world to follow in the persona of
fellow failed president war criminal dumbya bush whose failed policies up to
the real start of the election cycle he’s largely followed. After all, Mr.
Robinson, how different really are the parties these days when profligate
spending on illegal, unnecessary wars was continued when democrats controlled
congress, and then even the executive office when continuing failed president
and war criminal dumbya bush’s nation bankrupting, nation destroying war
policies, protection for unprecedentedly huge wall street frauds, bush tax cut
extensions for the wealthy, and then some (spending on top of it). Details
of Obama’s jobs plan emerge President is thinking about proposing tax cuts
for companies that hire workers, new spending for roads and construction, and other
measures that target the long-term unemployed, administration officials say.
(Washington Post) [ Oh come on! Too
little, too late for ‘wobama the b’ (for b***s***), the eternal campaign(er) …
he’s got a ‘good rap’ … that rapper ‘wobama the b’ (for b***s***). Really! He’s a total embarrassment out there
on the campaign trail; and just as much an embarrassment for those who turn out
to see him … maybe he’s somewhat of an allure as in a freak show. He’s a total joke!
To be finally talking jobs and things just before the election having broken
previous campaign promises in his failed role as ‘bush failure 3’. Even his
pension is undeserved so much a fraud is he! Black
caucus: Tired of making excuses for Obama [ They are not alone! ] Washington
Examiner | A key member of
the Congressional Black Caucus says they don’t pressure President Obama because
he is loved by black voters. Obama ‘Takes More Vacations Than Any Human Being I’ve
Ever Seen’ Fox News | “Here we have a country that really is going
to hell in a handbasket.” Bus Tour Bust: Obama’s Approval Plummets Back Into 30s,
Says Gallup CNS News | Obama’s politically charged but taxpayer
funded bus tour through the Midwest turned into a bust yesterday. Disapproval of Congress Hits All Time High of 84% Paul
Joseph Watson | Americans are more upset with political leadership than ever
before.
Drudgereport: BLACK CAUCUS ON OBAMA: 'WE'RE GETTING TIRED' [ Not as
tired of wobama’s b***s*** / excuses as the ‘White Caucus’ and any other Caucus
– but, don’t be taken in by their b***s***; they’ll ‘back the black’ every
time, regardless! ]New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Even
that italian, belafonte, isn’t buying ‘wobama brand(ed)’:
Drudgereport: HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog / the grim economic reality
[ http://albertpeia.com/grimreality.htm
Rank |
|
||
# 1 |
11,877,218 |
|
|
# 2 |
6,523,706 |
|
|
# 3 |
6,507,394 |
|
UPDATE: MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.
THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
Democrats
strike back on taxes Obama and others are gambling that voters will see
GOP’s stance as recalcitrant and out-of-touch. (Washington Post) [ Ooooh! ‘The
Empire Strikes Back’! They’ve done it again! Brilliant political gambit!
Checkmate in 2 … 012 … NOT! … Come on! While
perma-war/wall-street-fraud-etc.-lovin’ republicans, as democrats, are
complicit in this mess called pervasively corrupt, defacto bankrupt disunited
states of america, recalcitrance and out-of-touch is hardly the exclusive
province of one party or the other which have in large measure morphed into one
conglomeration of venality, self-interest, crime, incompetence and corruption.
Actions, not words, count! Results count! How ‘bout recounting the actions,
results! Dismal at best, globally embarrassing at worst! Italy
unveils plan to calm fears of escalating crisis (WP) [ Yeah, dem piigs were back in the news. ’ Dem PIIGS still got problems. Europe’s
debt crisis threatens Italy (WP) [ Yeah, dem’ darn PIIGS. Reminds me of that joke (I won’t repeat it
here except the punch line): ‘That’s black bart’s girl’. Pelosi:
‘We are not Greece’ ( but greecy
Italy Italians voice concern over Italian debt crisis scenario [ Whew! Close
call! There you go. Nothing to worry about now that wobama’s got a boehner … so
not to be so hard on them; if pelosi says it, it must be true … Not!
…Pervasively corrupt, defacto bankrupt america, they, she look pretty greecey
to me. After all, if the same’s wobama’s ‘far-reaching plan on debt’, we all
know ‘wobama the b’ (for b***s***) is total b***s*** which means like Greecey
PIIGS they’ll be back to the trough for more … slop … py. Deficits
And Stimulus Only Delay The Inevitable Collapse Bob
Chapman |
America is
insolvent and has been so for a long time. US
Is in Even Worse Shape Financially Than Greece: Gross When adding in all of
the money owed to cover future liabilities in entitlement programs the US is
actually in worse financial shape than Greece and other debt-laden European
countries, Pimco’s Bill Gross told CNBC Monday. Maierhofer: ‘USA INCOME
STATEMENT:Total
federal spending in 2010 amounted to $3.456 trillion. Total receipts added up
to $2.162 trillion. USA Inc.'s 2010 deficit was $1.294 trillion.The 2011
federal budget is $3.7 trillion with a projected deficit of$1.6 trillion. …USA BALANCE SHEET: Consensus estimates for unfunded obligations vary.
Mary Meeker pegs the shortfall at $31 trillion, PIMCO's Bill Gross estimates
the unreported debt to be $75 trillion, while other estimates exceed $100
trillion (these amounts are insurmountable) …’ Famed economist predicts economic calamity
in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 Watch for fake
gov’t data / reports owing to political desperation! Why
You Shouldn't Buy Into This Plunge Forbes/O'Neil‘The market is
building momentum to the downside’. Wall Street
closes worst week since '08 with wild day NEW YORK (Reuters) S&P
on U.S. downgrade: Debt pact 'falls short' - Reuters S&P
downgrades US credit rating from AAA S&P
Shocks the U.S. with Credit Downgrade to AA+ from Prestigious AAA Rating Wall St. Cheat Sheet What
Recovery? Forbes
‘…we can’t call this a recovery. There’s no reason to celebrate when a
job report was better than expected. Why? Because the expectation was abysmal
to begin with. And while we’re at it, we can’t ignore increasing sovereign debt
problems in Europe…’ ‘Top
3 Reasons Markets Erased the Year’s Gains Wall St. Cheat Sheet 1) Japan and Europe 2) Unemployment.3)
Capital goods - billions of dollars in lost revenue. Financial
Crisis Phase II Is Ahead at Forbes Bert Dohmen ‘ In
late 2007, I wrote the book Prelude To
Meltdown,
predicting
the global crisis that occurred the following year. I now see a similar
confluence of events that warns of phase II of the global crisis… My work
shows that “the new recession has started.”… Over the past 33 years, we have
called the start of every recession, often on the exact month, or within one
month, of the official start as determined one year later by the official
arbiter of recession, the National Bureau of Economic Research (NBER)… However,
inflation is far understated for political reasons. Currently, the GDP deflator
is 1.8%, which hardly reflects the true rise in prices. Therefore, what is
counted as “growth,” is actually price increases. Actual inflation, according
to free market economists who calculate inflation as it was done in 1980 before
the politician re-engineered it, is now more than 11%. Using that to adjust GDP
for inflation, would show that the economy is now in a very sharp
contraction…’FLASHBACK HERE: Selling
In May Is Very Good Advice This Year Harding
Remember: Sell in May and Go Away and If You’ve Not Sold by
June, You’re a Loon! ‘ ‘Albert Edwards: Thinks the Market Could Fall 70%’ [
He’s not alone! PRECHTER:
We're Still In A Massive Bear Market And Stocks Will Crash To New Lows Stock
Market: 4 Current Warning Signs
Navin ‘…1) The
5-year high in the level of insider corporate stock sales is telling. At 565
sells for every 1 buy, it’s never been higher.
Stocks
plunge on Europe’s banking worries (Washington Post) [ Oh … so that’s what happened … those european
banking worries … sure coulda’ fooled many here stateside who are, in light of
dismal realities here, yellin’, ‘look homeward hell’s angels’. This sounds like
a job for … Rosanne Rosanna Dana, formerly
of SNL fame and as her mama always used to say, which is also her hypothesis,
‘it’s always somethin’ … (but unfortunately, that somethin’ is not necessarily
what they say it is). How ‘bout the fact that stocks are substantially
over-loved, over-valued owing to a multitude of (wall street benefiting)
fraudulent artifices which are intended to obfuscate, as in the last and
ongoing debacle, their most current computerized manipulated churn-and-earn high-frequency trading bubble-bull
cycle in this unmistakably secular bear market. The frauds on wall street et als should be
criminally prosecuted, jailed, fined, and disgorgement imposed! Train
Reading: The Stock Market Is Insane The Wall Street Journal Stocks rally off lows to suck
suckers in and keep suckers sucked in on bad news (Jobless
Claims, Inflation Rise More Than Expected CNBC) , fraud ( SEC destroyed documents, senator says ), and b***s*** alone! MKM
Bracing For SPY To Drop 8% More; Nasdaq Nearing August Lows
Barrons.com, WHY NEW
LOWS ARE LIKELY 8-18-11 Maierhofer, Is It 2008 Again? Looking at the
Summer Crash of 2011 Gayed ‘A real bear market
has begun …’ ,
Abandon Ship?[The USS Titanic] Yes,
Because of These 5 Bearish Icebergs ... McGill , There's
A Recession Coming According To The Data at Forbes , HP, Dell hammered
as tech-spending outlook darkens
JDSU, NetApp, disappointing figures, shares hit hard in
after-hours trade
Dell braces investors for a bumpy road Dell makes a case on
why it can better weather an upcoming storm
, S&P
says sell Google's shares after Motorola deal , STOCKS
FALL AFTER FLOOD OF BAD NEWS: Here's What You Need To Know Joe Weisenthal , Stocks
Slip On Concern Over Europe's Debt, U.S. Data , Watch
Out: 2011 Looks A Lot Like The Market Top In 2007
Sean Hanlon Take
A Lesson From 2007 And Sell Stocks Now at Forbes, [video]
Trader: We Could Test 1120 Lows at TheStreet.com In
a Downtrend, Sell a Rally (Daily FX) Latest:
Economist Who Predicted Market Crash Warns of 2012 Aftershock. See More Here. Famed
economist predicts economic calamity in 2012. See the evidence.Newsmax http://w3.newsmax.com/a/aftershockb/video.cfm?promo_code=CA79-1 50%
unemployment, 90% stock market drop, 100% inflation. See the Evidence (Newsmax.com
Drudgereport: TEMPLETON chairman: Financial
Crisis 'Around Corner'...
'WE ARE ON THE VERGE OF A GREAT, GREAT DEPRESSION...'
Obama Economists Admit:
'Stimulus' Cost $278,000 per Job...
GALLUP SHOCK: 'REPUBLICAN'
BEATS OBAMA BY 8%
GALLUP: APPROVE DOWN TO
38%...
Highest Negative Rating
Ever...
DOJ raids guitar factory...
UPDATE: GIBSON GUITAR CEO
slams raids as 'overreach'... [ With unprosecuted securities fraud in
the trillions, and my own experience with the ‘DOJ’ that has covered up serious
RICO crimes, etc., http://albertpeia.com/fbimartinezcongallard.htm http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm , I find this somewhat incredulous in terms of
priorities!]
JOBS: ZERO...
BROKE: POST OFFICE SYSTEM MAY
SHUT DOWN ENTIRELY THIS WINTER... [Good! Let UPS take them over …
the usps is totally unreliable]
AMERICA FALLS TO 5TH PLACE...
46.2 million Americans are
now poor...
22% of children in poverty...
Dramatic drop in median
income...
Likely to worsen...
POVERTY SOARS
SETS
NEW RECORD
POLL: OBAMA 41% ANY REPUBLICAN 47%...
RE-ELECT: 41%...
'AIMLESS OBAMA WALKS
ALONE'...
'Loner'...
AP: Disconnected from
reality...
STUDY: USA not in top 10 for starting
a business...
NEW DOWNGRADE THREAT
NUMBER OF 'NEAR POOR'
STARTLES CENSUS...
MSNBC Matthews Turns On
Obama...
'I Hear Stories
That You Would Not Believe'...
COMPANY SHOCK: 'WE'RE NOT
HIRING UNTIL OBAMA GONE'
OBAMA LOSES SUPPORT FROM BLUE
COLLAR DEMS...
RUSSIAN ANCHORWOMAN FLIPS
OBAMA THE BIRD...
FITCH TURNS NEGATIVE ON US
Obama's Job Approval Drops
Below Carter's...
S&P Downgrades Dozens Of
Global Banks...
REPORT: Hank Paulson passed
inside information to fund managers...
'OBAMA IS A CORPORATE
PUPPET'...
Support for
Obamacare hits new low...
RE-ELECT AT 43%
GALLUP SWING: OBAMA BACK DOWN
TO 41% APPROVE, 50% DIS...
USA Closes 2011 With Record
$15.22 Trillion In Debt, Officially At 100.3% Debt/GDP...
Levin: Obama's Comment
'Forthright Statement Of A Dictator'...
RUBIO TO OBAMA: YOU'RE TURNING AMERICA INTO 'DEADBEAT
NATION'...
GROUP PLANS TO FLY 'IMPEACH
OBAMA' BANNER OVER SUPER BOWL...
RON PAUL SAVAGES SANTORUM AS
'CORRUPT'...
WAR DRUMS: Iran, Israel and
US plan Gulf exercises...
Diamond Prices 'To Jump 20%',
Outperform Gold...
RUBIO
SENDS WARNING LETTER TO OBAMA: DEBT SOON 'WELL ABOVE $16 TRILLION'...
DEVELOPING...
CYBER WAR: Feds SHUT DOWN
file-sharing website; No trial, no due process...
'This is just the
beginning'...
'Anonymous' Goes on Revenge
Spree ...
DoJ, RIAA, MPAA, and
UNIVERSAL MUSIC All Offline...
GOOGLE Already Using
SOPA-Like Censorship...
Republicans stand together to
oppose 'piracy' law...
POLL: Romney, Ron Paul Tie
Obama...
German Deputy: S&P
Downgrade Part of American 'War Against Euro' … [ Well, it’s about time someone
acknowledged the reality of what’s been going on; which of course brings into
focus the absolute stupidity attendant to europe’s ‘go along to get along’ policies
vis-à-vis america which depite obfuscation is far more bankrupt than europe and
far more desperate. It could have been totally different for europe. ] ...
HANDS OFF THE INTERNET!
LAWMAKERS RETREAT FROM
'ANTI-PIRACY' BILL...
Rubio Withdraws Support...
'Could Have
Many Unintended Consequences'...
DNC chair supports...
Treasury dips into pension
funds to avoid debt...
Obama kills Keystone
pipeline; Blames Republicans...
Says more jobs in jobless
benefits...
GOP calls Hillary to
testify...
AP: ABC TO AIR THURSDAY
NIGHT...
GINGRICH DAUGHTERS: 'The
failure of a marriage is terrible and emotional experience'...
NEWT EX-WIFE
UNLOADS
Wed Jan 18
2012 Marianne Gingrich has said she could end her ex-husband's career with a
single interview… UPDATE: The AP reports ABC is
now likely to air the segment Thursday on NIGHTLINE.
Russia warns strike on Iran
would be 'catastrophe'...
FITCH: Greece to Default, 'Will Be Orderly'...
Portugal moves into default
territory...
FDIC Requires Big Banks to Have Breakup Plan...
FOREIGN COMPANY BUYS U.S. ELECTION RESULTS
REPORTING FIRM...
GLOBAL REPORTING RAISES
ALARMS...
WILL RETURN LOST DRONE -- A MINIATURE PINK PLASTIC
ONE...
Russian State TV bashes new
U.S. ambassador...
CHICAGOLAND: Video Of Teen
Beaten By 7 Thugs Posted On YOUTUBE...
Man Fatally Beaten Steps Away
From Liberty Bell In Philly…
All Four Wheels Stolen From
Cars At Dealership... new york…police officers are investigating a rash of tire and rim thefts that leave victims with their
cars on piles of bricks. Last week, five cars parked in front of private
homes were hit…comment: Happens all the time in Maryland. [ Much worse happens
all the time in pervasively corrupt/defacto bankrupt, meaningfully lawless
america, home of the brave … criminals and mentally ill! http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP Obama
has promised to hold Wall Street accountable for the meltdown. America Is a Failed State Because It Won’t Prosecute Financial
Crime Washington’s Blog ]
BUST: Another Gov't-funded
solar company lays off most of staff...
La dégradation: S&P Cuts Credit Ratings for NINE EU
Nations...
Friday 13th Shakes Europe...
France stripped...
POLITIZAP: Sarkozy braced for
impact...
Italy tumbles...
Austria Loses...
Germany Spared...
BRINK: Banks Say No Deal on
Greek...
LET'S GROOVE … [ ALEXANDRIA, Va. (AP) — They called it
“random dancing” but First Lady Michelle Obama broke out some moves that
resembled subdued variations of “the Monkey” or “the Jerk” Friday during an
appearance at a northern Virginia high school… (she’s comfortable with the
monkey / jerk) ] ... [ see http://www.albertpeia.com/chimpodoinmonkeyjerk.htm ]
'Dance Party For Obama'...
MAG: Mossad agents posed as
CIA in operation… [ "It's amazing
what the Israelis thought they could get away with," a US intelligence
officer told Foreign Policy. "Their recruitment activities were nearly in
the open. They apparently didn't give a damn what we thought," said the
official. ]...
Iranians chant 'Death to
America' at funeral for nuclear scientist...
Defiant Ahmadinejad wins
backing of Latin American allies...
'HOMELAND SECURITY'
MONITORING DRUDGE
'WILL RETAIN INFORMATION'
(How totally pathetic, incompetent, and paranoid they are!)
BELAFONTE: OBAMA LACKS 'MORAL
COMPASS'...
HOLDER ENDORSES OBAMA POWER
GRAB...
Labor board holds 'meet and
greet' for appointees that by-passed Senate...
UPDATE: Retail sales fail to
hit forecasts...
'Worst Economic Recovery Since
Great Depression'...
GONNA NEED ANOTHER
TRILLION...
Debt Nears
$15,194,000,000,000.00 Ceiling..
[http://www.rasmussenreports.com/public_content/politics/elections/election_2012/election_2012_presidential_election/2012_presidential_matchups
, Election
2012: Generic Republican 47%, Obama 43% , Election 2012: Obama 44%, Romney
41% , Wednesday, January 11, 2012 -The Rasmussen Reports daily Presidential
Tracking Poll for Wednesday shows that 22% of the nation's voters Strongly
Approve of the way that Barack Obama is performing his role as president.
Thirty-nine percent (39%) Strongly Disapprove, giving Obama a Presidential
Approval Index rating of -17 ]
Abandoned Baby Found in
'Occupy DC' Tent...
Greek children 'dumped in
streets' as parents struggle...
TENSIONS RISE: AHMADINEJAD
TOURS CUBA...
Pentagon moves carriers,
denies Iran link...
Nuke Scientist
Assassinated...
Third Killed...
USA presses China over Iran
oil imports...
Jolie 'disappointment' in
Obama...
38,000 Farmers, Ranchers Sue
Corzine Over Missing Million$...
NH RESULTS: MITT 39% RON 23%
JON 17% NEWT 10% RICK 9%...
Ron Paul To Everyone But
Romney: Drop Out...
UPDATE: Pat Buchanan
suspended indefinitely by MSNBC…[This is a tragedy typical of the left; to
silence the staight-shootin’, perspicacious Buchanan, censor the
internet/speech, arrest/detain americans without charge/constitutional
protections, etc... Beck
said that President Obama had “a deep seated hatred for white people.”The group
similarly succeeded in a campaign to have conservative website mogul Andrew
Breitbart banned
from the front page of The Huffington Post, after Breitbart called
the organization’s co-founder Van Jones a “cop killer-supporting, racist,
demagogic freak. And a commie. And an eco-fraudster.”…’]
White House threw
secret 'ALICE IN WONDERLAND' bash...
'Punch served in
blood vials'...
WH 'covered up'...
Officials 'nervous about how
splashy party would look to jobless Americans'...
WH: 'You can't believe
everything you read in books these days'...
BYE BYE...
FLASHBACK: Daley planned to
leave AFTER election...
Michelle (the repulsive,
chimpish black) distressed about power of 'white Irish Catholic'...
New Obama Chief of Staff:
Former Hedge Fund Exec at CITI, Made Money off Mortgage Defaults...
Castro: 'Robot' better than
Obama, Republicans...
KODAK Preparing for Chapter
11 bankruptcy...
CEO on Obama's Jobs
Council...
BOEING To Lay Off More Than
2,100 Workers At Wichita Plant...
L.A. arson wave grows to 40
fires; most since 1992 riots...
UPDATE: 16 new arson fires around
LA...
Italian president urges
sacrifices to save economy...
Sarkozy: France's future hangs in
balance in 2012...
Greeks must avert economic
collapse, euro exit...
PAPER: Loss of faith in
politicians, democracy could make '12 most frightening year in living memory...
REPORT: OBAMA SPEEDS UP
IMMIGRATION VISAS EVEN IF FRAUD IS SUSPECTED...
New laws take effect -- 40,000 of them! [ Arbitrarily
enforced if at all – a nation of ‘lawslessness’ – what a bunch of frauds! See
here - http://albertpeia.com/fbimartinezcongallard.htm , http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf , http://albertpeia.com/40piecesevidenceusdecline.htm , http://albertpeia.com/stansberrycorruptiondeclineofamerica.htm !
Motorcycles, Bicycles Allowed
to Run Red Lights...
Michelle Obama Jokes: 'I Kind
Of Like' Being Called Your Excellency [… yeah, kind of like in a ‘SubSaharan
africa / Planet of the Apes’ kind of way… I find her wobamish jive-talking and
chimpish look repulsive … what a fallen nation! ] ...
Cat survives 2 euthanasia
attempts at shelter...
Christian University Sues
Federal Government Over Obamacare...
AS IOWA TURNS: NEWT WEEPS
[ Slimy newt’s muskie moment! ]
Floats Palin for VP...
Kills Chapter on 'Climate
Change' in Upcoming Book...
On $4M Vacation, Michelle
Seeks $3 From Backers...
Christie: 'After Three Years
Of Obama, We Are Hopeless And Changeless'...
Just 55% Between 16 and 29
Have Jobs...
Dow Logs Gain in Volatile Year; S&P Ends Flat...
Flurry of Trades in Final
Seconds Snatched Away 2011 Advance...
Gold Ends Year Up 10%...
Euro ends year as world's
worst performing currency...
NERVES: 'Flash Crash' Threatens to Return With a
Vengeance...
Women (blacks) trade punches
over Air Jordans...
Pandemonium as shoppers race
for shoes...
Cops pepper spray mob (of
blacks) ...
Brawl...
Gunfire...
They Can't Wait, They
(blacks) Break Into The Mall...
SEASON'S BEATINGS!
GALLUP: OBAMA HEADS TO
HOLIDAY WITH 44% APPROVE...
OBAMA: 'There is a laziness
in me' …(Indeed there is, no need to remind us) ...
2011 likely worst year for
house sales on record, dating back to 1963...
Brazil's Economy Overtakes
Britain As Sixth Largest...
French unemployment at
12-year high...
REPORT: Internet censor bill
would target political websites...
Oil price climbs amid Iranian
threat...
Vows to stop Gulf oil if
sanctions widened...
I NEED ANOTHER $1.2
TRILLION…[so says ‘wobama the b for b***s***’ of defacto bankrupt america]...
Cuomo wants casino in New
York City…[ Sure … save the mob that sometimes inconvenient (and costly ‘cut’)
‘trip’ to atlantic city, n.j. with the laundered (drug, etc.) loot / money …
what would you expect from a typical n.y./n.j. guinea ] ...
Pelosi Slips Quietly into
Hawaii Resort; $10,000 a night suite...
REPORT: Pelosi wants to
retire -- says daughter [ must be miffed about that ‘no pay raise’ this year ]
...
Paul gets front-runner's
welcome...
MICHELLE SPORTS $2K SUN
DRESS...
MCDONALD'S Offers Free Coffee
During Tough Economic Times...
STOCKS TURN NEG FOR YEAR...
Russia scolds United States
for human rights abuse...
MELEE AT MALL OF AMERICA...
Man beaten by robbers -- who
stole new Air Jordan sneakers off his feet!...
Hundreds of Teens Run Wild
After Rumors That Rappers 'Lil Wayne, Drake Are There...
VIDEO: Mayhem, Screams...
California soldier shot at his homecoming party [ From one war
zone to another! ]
Islamists kill dozens in Nigeria Christmas bombs [ Blacks’
black Christmas! Typical! ]
For ‘self-defeating / self-destructive’ ‘political
correctness’ or otherwise, I believe the under-profiled black serial killer is
also the consequence of their proclivity for and love of killing, random,
wanton savagery for no reason other than for the sake of killing (as, ie.,
rabid dogs, which distinguishes them from and positions them below other feral
beasts) and otherwise, and an historic predisposition toward canabalism. After
all, the contra-indicated mainstream ‘politically correct’ view (tv and
otherwise) calls for a white perp in terms of ‘profile’ which is of course,
ridiculous. I believe the under-reporting is owing to multiple killings by
blacks being classified as something other than ‘serial’; ie., gang, gang
related, ‘typical’, etc.. Moreover, the anti-white bias of the black perps is
also a reality that’s under-reported. Take a look at the following brutally
uncivilized black on white violent rapes/murders:
http://www.albertpeia.com/whitesvictimizedbyblacks.htm
Black Serial/Mass/Spree Killer List:
1. Matthew
Emanuel Macon (Murdered and Raped 5 White Women in Lansing)
2. Jimmie
Reed (Murdered his wife and his 2 month old daughter and set them on fire)
3. Shelly
Brooks (Murdered 7 prostitutes in Detroit Cass Corridor)
4. Justin Blackshere
(Stabbed two white cooks at Cheli’s Chili downtown Detroit)
5. Jervon
Miguel Coleman (Murdered three people.)
6. Donell
Ramon Johnson (Murdered a mother and a daughter)
7. Brian
Ranard Davis (6 women known murdered by nigger)
8. Paul Durousseau
(Seven women)
9. Mark Goudeau “The Baseline Killer” (Eight women and a man
in 2005-2006)
10. Coral Eugene Watts
(11 women in Texas & 1 in Michigan)
11. Anthony
McKnight (Five girls and young women)
12. Derrick Todd Lee
(8 Women)
13. Charles
Lendelle Carter (4 known murders; admits to ‘hunting’ Atlantans for 15 years!)
14. The Zebra Killings
(71 White people)
15. Chester Turner
(L.A.s most prolific killer 12 women killed.)
16. Lorenzo
J. Gilyard (Kansas City, MO.—13 victims)
17. Eugene
Victor Britt (Gary, IN.–3 known murder/rapes.)
18. Reginald and
Jonathan Carr (The Wichita Massacre–6 Whites murdered)
19. Ray Joseph
Dandridge and his uncle, Ricky Gevon Gray (Richmond, VA.–Murdered 7 people in 7
days, including an entire White family.)
20. The
Tinley Park Murderer (Suspect hasn’t been found but has been described as black – murdered 5 women in a
store.)
21. Henry Louis
Wallace (Raped and strangled 5 women to death.)
22. Charles
Johnston (Murdered 3 unarmed white men in hospital)
23. Craig Price
(Brutally murdered 3 women)
24. Harrison
Graham (Brually Murdered 3 women)
25. Charles
Lee “Cookie” Thornton (Murdered 6 Whites at
the Kirkwood, MO. city council. )
26. & 27. Darnell
Hartsfeld & Romeo Pinkerton (Abducted and Murdered 5 from a restaurant)
28 &29. John Allen Muhammad & Lee Boyd Malvo (Sniped 11 people from a
car in DC, 9 died.)
30. George Russell (3 women, WA state)
31. Timothy W. Spencer (5 killed, Arlington, VA and Richmond, VA)
32. Elton M. Jackson (12 gay men killed, Norfolk, VA area)
33. Carlton Gary (3 killed in Columbus, GA)
34. Mohammed Adam Omar (16 women, Yemen. Omar is Sudanese.)
35. Kendall Francois (8 women, Poughkeepsie, NY and surrounding areas.)
36. Terry A. Blair (8 women, Kansas City area)
37. Wayne Williams (33 many of them children!, Atlanta, GA)
38. Vaughn Greenwood (11 killed in LA)
39. Andre Crawford (10 killed in Chicago – southside)
40. Calvin Jackson (9 killed possibley more in NY)
41. Gregory Klepper (killed 8, Chicago – southside)
42. Alton Coleman (Killed 8 in the Midwest)
43. Harrison Graham (killed 7+ in N. Philadelphia)
44. Cleophus Prince (6 killed in, San Diego
45. Robert Rozier (7 killed in, Miami)
46. Maurice Byrd (killed 20 + in St. Louis)
47. Maury Travis (17 and rising, St. Louis and possibly also Atlanta)
48. Hulon Mitchell, a.k.a. Yahweh Ben Yahweh (killed 20+ in Florida)
49. Lorenzo Fayne (killed 5 children in East St. Louis, IL)
50. Paul Durousseau, (killed 6, two of which were pregnant women, Jacksonville,
FL; Georgia.)
51. Eddie Lee Mosley (killed 25 to 30 women, south Florida)
52. Henry Lee Jones (killed 4 in, south Florida; Bartlett, TN)
53. Richard “Babyface” Jameswhite (15 killed
in, New York; Georgia.)
54. Donald E. Younge, Jr. (killed 4), East St. Louis, IL; Salt Lake City, UT.
55. Ivan Hill
(killed 6 in Los Angeles area).
56. Michael Vernon (Bronx, NY. Killed at least seven people – )
57. Chester Dewayne Turner (12 women killed in, Los Angeles)
ARREST MADE IN LOS ANGELES GRIM SLEEPER SERIAL KILLER CASE July
07, 2010 http://articles.cnn.com/2010-07-07/justice/grim.sleeper.arrest_1_lonnie-david-franklin-serial-killer-case-family-members?_s=PM:CRIME |By
Mallory Simon, CNN ‘Authorities in California said Wednesday they have
arrested a suspect in the Grim Sleeper serial killer case and will charge him
with 10 counts of murder.Lonnie David Franklin Jr., 57, faces an additional
count of attempted murder, Capt. Kevin McClure with the Los Angeles Police
Department said.Franklin will arraigned in court Thursday morning, McClure
said.The California Attorney General's office attributed the arrest to DNA
collected from a relative of the suspect, in a controversial and rarely used
practice known as familial DNA search.’
Of
Course There Are Black Serial Killers by Lynette Holloway
on July 15, 2010 The case of the
"Grim Sleeper" inspires a second look at the popular perception that
serial killing is the province of clever white men.
Serial
Murderers' Row July 16, 2010 The
following black men are among the most prolific serial killers in U.S. history.
http://www.theroot.com/multimedia/gallery-meet-6-black-serial-killers Plus: Behind the myth that only white men commit such crimes.
Black
Serial Killers Not So Uncommon http://www.amren.com/news/news04/03/03/blackserial.html
200
Involved In Fights At Mall Of America After Rumors That Rappers Are There...
Oil price near $100 on global
security concerns...
Investors Lose Faith in Stocks As Billions Pour Out of
Funds...
DANGER: Fed asks banks to
keep more cash at hand...
IMF: World economy at a 'very
dangerous juncture'...
90 Congressmen have 'no
confidence' in Eric Holder, say he should resign...
HAPPY HOLIDAYS: USA DEBT NOW
$15,123,841,000,000!
Russia and US clash over NATO
bombing probe... UNITED NATIONS (AP) -- Russia urged the U.N. Security
Council on Thursday to investigate civilian deaths in Libya from NATO's bombing
campaign…
Matt Damon rips Obama again
(abc’s ‘coco duo, rob mo and sunny ho disapproved’ of Matt’s rather tame but
forthright criticism of failed president ‘wobama the b for b***s***’ for whom
there is no legitimate defense!)...
Chavez: Obama a 'clown'
president...
'Lectures us on eating
right'...
Local Cops Ready for War With
DHS-Funded Military Weapons...
Armored cars with turrets,
drones, military-grade assault rifles...
REPORT: Chevy Volt Costing Taxpayers Up to $250K Per
Vehicle...
CAVUTO: Volt sales inflated with taxpayer fleet buys...
FED-EX guy chucks package
over fence -- a computer monitor! [ I had a similar experience with
fed-ex and the computer delivered didn’t work at all ]
UK's AAA credit rating
threatened by 'formidable challenges'...
'Miracle' if France keeps
it...
IOWA GOV: IGNORE PAUL WIN...
VOTE WILL BE HACKED!
Chavez: Obama a 'clown'
president...[ …“Mr. Obama decided to attack us,” Chávez said. “Now you want to win
votes by attacking Venezuela. Don’t be irresponsible. You are a clown, a clown.
Leave us in peace … Go after your votes by fulfilling that which you promised
your people. Focus on governing your country, which you’ve turned into a
disaster,” Chávez said, according to The Guardian…’ Read
more: http://www.politico.com/news/stories/1211/70694.html#ixzz1hA7JMS1q ]
PELOSI: Extending
Unemployment Benefits Will Create 600,000 Jobs...
Cybersecurity bill would
establish 'federal big brother'...
Internet architects oppose US
online piracy bills..
France's AAA Outlook Cut as
FITCH Reviews Ratings of Italy, Spain, Belgium...
Most stock funds post losses
this year...
Gingrich: Send US
marshals to arrest judges who defy Congressional subpoenas...
DANGER: BANK OF AMERICA
shares close below $5...
Ron Paul Warns Martial Law
Being Established in USA...
Missing $4,155? It Went Into Your Gas Tank This Year…[ and
into wall street pockets courtesy of the fed’s over-printed Weimar dollars for
QE’s, etc.]...
PAPER: GOP will take off
gloves if Paul wins IA...
FEAR: IOWA VOTE WILL BE
HACKED!
Frantic Bachmann 'everywhere'
-- 13 stops in 1 day!
Widespread Obesity Forces
Coast Guard to Lower Max Number of People on Ferries…[ Wow! ]...
US Capitol Christmas Tree
Honors Obama, Not Jesus Or Christmas...
Fears over French credit
downgrade...
China villagers threaten to
march on government offices...
Communist party tested...
FLASHBACK: Hillary says 'Free
internet from political control'...
Jews still try to segregate
Israel buses...
By AMY TEIBEL
[Yeah … they’re anti-women, anti-gentile, and … no surprise to me , they’re
anti-semitic … you heard it … anti-semites … Arabs are semites! Could you imagine
if such a thing happened to a jew or a black in america? You’d never here the
end of it! ] JERUSALEM (AP) -- Israel's political leaders and chief rabbis on
Sunday condemned persistent efforts by ultra-Orthodox Jewish men to shunt
Israeli women to the back of public buses, a year after the country's Supreme
Court outlawed the practice.The outcry came in reaction to an Israeli woman's
experience of being asked to move to the back of a bus, which was posted on
Facebook and became a cause celebre in the Israeli media on Sunday. The case
even drew public comment from Prime Minister Benjamin Netanyahu, who deplored
gender segregation.Ultra-Orthodox Jews, who make up about 10 percent of
Israel's population of 7.6 million, have become increasingly aggressive in their
efforts to impose their norms in public spaces. The ultra-Orthodox have
segregated bus lines and some walkways in their neighborhoods.In Jerusalem,
billboards depicting women have become a rarity because ultra-Orthodox vandals
rip them down. The issue also has seeped into the military, where religious
soldiers walked out of a military event several months ago because women were
singing - which extremely devout Jews believe is contrary to Jewish law.In the
past, ultra-Orthodox Jews have confined their strict practices to their own
neighborhoods, alongside occasional attempts to pass restrictive legislation
banning sale of pork or opening shops on the Jewish Sabbath.Recently the
extremist Jews have been trying to impose their norms outside their own enclaves,
but the effects are scattered. Most of Israel's secular majority is not
directly affected.The Supreme Court was forced to wade into the controversy
last year, when it ruled on the segregated buses and sidewalks. Although
activists say harassment on buses has diminished since the court ruling late
last year, some fiercely devout are persisting with their efforts to block the
mixing of the sexes in public.Tanya Rosenblit, a 28-year-old woman from the
southern town of Ashdod, discovered this last Friday, when she boarded a bus to
an Orthodox neighborhood in Jerusalem. Shortly after she sat down behind the
driver, a man wearing the black garb and flowing sidelocks of the
ultra-Orthodox boarded the bus and asked her to move. She refused, and the man
then blocked the bus from driving, she told The Associated Press. She held her
ground - even after a male police officer dispatched to the scene asked her if
she was "willing to respect them and move to the back," she said….’
McQueary: I saw Sandusky
molesting boy...
I TOLD PATERNO...
15 EU Nations Placed on Negative Credit Watch...
Huntsman:
Trump debate 'is a joke’ [ Yeah! He’s got that exactly right … after all, what
can you expect from the joker, trump … a joke of course, or worse! ]'
PERRY WON'T KISS THE RING
BACHMANN WILL NOT ATTEND
Obama celebrates Hanukkah at
White House...
TWO WEEKS EARLY?
LIGHTS ALL THE CANDLES...
'We Never Need an Excuse For
a Good Party'[ Riiiiight! There’s plenty to party about in america today, and
room for extra vacation time too! ]...
COMING SOON: AMERICANS IN
GITMO...
Bill allows indefinite
detention without trial...
Obama 'demanded law apply to
U.S. citizens'...
Even Al Jazeera asks: 'How
did we get here?'
US clears Iraqi
airspace for Israeli strike on Iran...
IRAQI OFFICIALS SKIP U.S.
END-OF-WAR CEREMONY...
China trims holdings of US
Treasury debt...
FORECAST: GLOOMY...
FITCH downgrades 8 global
banks...
Crisis 'poses military
risk'...
IMF chief warns over
1930s-style threats...
French leaders launch
outspoken public attacks on Britain...
PAPER: Obama's Watergate...
SHE CAN'T WAIT: MICHELLE
TAKES OFF TO HAWAII...
ENTOURAGE OF MILITARY FLEET,
LIMOS...
FLASHBACK: Obama exec order
seeks to cut unnecessary travel...
RADIOHOST SAVAGE OFFERS NEWT
$1M TO GET OUT...
Glenn Beck: I'd consider Ron Paul
as third party over Newt...
Gary Busey Endorses
Gingrich...
Congress considers bill to
censor Internet...
'Free speech kill switch'...
Would 'criminalize'
Internet...
'Communist China is model'...
MISSION ACCOMPLISHED: Panetta
says 'we're winning' in Afghanistan…[ Riiiiight! Sure … if national insolvency
is the goal and standard for victory. How pathetic … oh yeah, if the americanized increased heroin trade is also a
goal and standard; but, only great for the select few war profiteers and not at
all anywhere near helping defacto bankrupt america and actually costs more to
america / world societies owing to the deleterious effects, consequences, costs
of the scourge of this hardcore, addictive narcotic! ]...
Senate Dems kill
bill that would have required balanced budget...
THREATEN CHRISTMAS GOV'T
SHUTDOWN...
House defies Obama on payroll
tax bill...
Paul rips Romney, Gingrich as
'from the same mold'...
AXELROD ON OBAMA, NEWT: 'The
higher a monkey climbs on pole, more you can see his butt'...
Dem lawmaker blasts Obama as
arrogant, alienating...
MF Corzine back before
Congress...
Denies 'misuse' of funds...
Employee: He Knew...
Companies blame unemployment
on skills gap...
Lack of
qualified workers, not demand, cited...
EURO PLUNGES...
Euro Tumult Shows Netherlands
Converging With Germany at Expense of France...
ABC Debate Draws 7.6 Million;
Most-Watched of Year...
PAPER: Fears persist American
jobs crisis cannot be fixed [They call it not fear, but reality!]...
Real unemployment rate at
11%...
Industrialized nations'
borrowings to pass $10 trillion for year...
PANIC: BANK RUN IN LATVIA...
Butter shortage in Norway
pushes price per pound to nearly $500...
BELIEVE!
TEBOW DAZZLES NATION...
Dowd: We need faith like
Tebow's in White House...
UP EURS...
UK eurosceptic press jubilant
at veto...
Sarkozy 'snubs' Cameron
handshake...
Worries grow over IMF
loans...
Average Family Lost $21K in 6
Months Due To Property Values, Stock Market...
Hill staffers tweet of
partying, 'idiot boss'...
GOV'T MOTORS LAYS OFF
WORKERS...
Lawmakers press Volt's
safety...
Corzine 'stunned' cash can't
be found...
Lying 'has to do with your
state of mind' [ the’ holder view’ that loses hold of reality in those ethereal
nether reaches of the mind that precludes rationality’- nothing to see here
says he, it’s all in his mind … riiiiight! ]
...
Hundreds of NASA moon rocks
missing! [ Yeah … the clearly petrified wood ones … fewer pieces of
clear evidence that THEY NEVER SET FOOT ON THE MOON! http://www.freerepublic.com/focus/f-chat/2325971/posts (you know … from all those trees on the moon
… from waving too hard in the breeze on the windy -NOT,no atmosphere- moon like
the american flag in the fake footage … what frauds!) ] Astronauts'
tracks, trash seen in new moon photos [ The easiest thing in the
world to contrive (don’t forget they can with some precision today send
robotics to ie., mars, etc.) and doctor so don’t be taken in by their
fraudulent b***s***! They’re probably desperately looking for some money /
budgetary consideration for their continued boondoggles. No man has ever set
foot on the moon to date. As
NASA transitions, U.S. space politics in a state of flux (Washington Post) [ U.S. space politics? I
didn’t know there was such a thing. But I, and I’m sure all know that ‘u.s. politics
are spaced’. Flux? One could only hope. I’d say, ‘fleeced’; as in we’ve all
been fleeced. Sterner:
5 myths about NASA (Washington
Post) [ If you can’t get past the first myth; viz., that they actually set foot
on the moon, the other 5 so-called myths become irrelevant. Indeed,
post-Eisenhower, and certainly post-Kennedy-assassination / coup d’etat, NASA
was all military / military industrial complex (moreover, someone knowledgeable
about such matters said essentially that in explaining to my surprise the
transition to the shuttle program it was said there was greater military
application in same). In any event, Russia’s been doing quite a bit of ‘heavy
lifting’ vis-à-vis the space station, but not inordinately so. All I can say
with certainty is that the universe beyond this solar system is forever
protected / insulated. The fact is, they never set foot on the moon; and, in
light of the pervasive corruption in and defacto bankruptcy of the nation,
their perpetual wars toward making a hell on earth militate against anything
but trying to do even just a little bit better (for a start),
terrestrially. NASA wants
mission to bring Martian rocks to Earth (AP) Why? They already have
that and more: Launch
of secret US space ship masks even more secret launch of new weapon The
Militarization of Outer Space: The Pentagon’s “Space Warriors” Global
Research | It’s not as if things aren’t bad enough right here on
planet earth. Now the Defense Department wants to up the stakes with new,
destabilizing weapons systems that will transform low- and high-earth orbit
into another “battlespace.” buzz
aldrin wants to colonize Mars … Riiiiight buzzed! Better check with DePalma to
see if he already has the footage in the can since you won’t be able to use the
moon footage for the new boondoggle video ... OBAMA SPEECH OUTLINES PLANS FOR RETURNING DEFACTO
BANKRUPT U.S. TO SPACE – OOOOOH! SOUNDS LIKE A PLAN … FOR INNER SPACE
(IMAGINATION). NASA's New Asteroid Mission Could Save the Planet Space.com -
- CAPE CANAVERAL, Fla. -
President Barack Obama set a lofty next goal this week for Americans in space:
Visiting an asteroid by 2025. Obama's asteroid goal: tougher, riskier than moon The Associated Press Obama calls for NASA to focus on trips to Mars and beyond Computerworld New Boondoggle promised to save NASA
boondoggle defacto bankrupt budget piece of pie. And don’t forget, Bruce
Willis and Ben Affleck, et als, have already done this so it’s not as if
they’re starting from ‘ground zero’, so to speak; and Brian DePalma already has
‘Mission to Mars’ in the can, but beware say the producers of ‘Species II’
since Eve, the cloned daughter of Sill, might want to mate with astronaut Paddy
Ross who has returned from Mars as a space alien host body. First fake moonwalker blasts Obama's space plan msnbc.com -
- The first man to pretend to walk
on the moon blasted President Barack Obama's decision to cancel NASA's
back-to-the-moon program on Tuesday, saying that not going with the new movie
is “devastating” to america's boondoggle spaced out effort. Fake dutch 'moon rock' revealed a treasured piece at the
dutch national museum - a supposed moon rock from the first manned lunar
landing - is nothing more than petrified wood, ...bbc news bbc news | europe |
fake dutch 'moon rock' revealed prized moon rock a fake - a piece of moon rock
given to an overseas politician by the united states is actually a lump of
petrified wood, museum authorities revealed yesterday. http://www.freerepublic.com/focus/f-chat/2325971/posts ... 'Moon rock' in dutch museum is just
petrified wood aug 27, 2009 ... http://www.collectspace.com/ubb/Forum14/HTML/000770.html Fake moon rock at dutch national museum.
Rijksmuseum / ap. This rock, supposedly brought back from the moon by american
astronauts, http://www.usatoday.com/travel/destinations/2009-08-27-rijksmuseum-moon-rock_N.htm
, ... http://www.albertpeia.com/moonfraud.htm
In reality it is just a
piece of petrified wood ... Another piece of evidence that shows again that
apollo program is indeed a fake and a typical american fraud! http://www.albertpeia.com/UFOetryWeNeverWentToTheMoonPNTV.wmv
]
China's Hu urges navy to
prepare for combat...
REPORT: NKorea making missile
able to hit USA...
EURO 'EXPLOSION'...
German Politician: Downgrade
Is American Plot...
MF: Corzine expected to plead
the Fifth...
Third congressional panel to
subpoena...
Dozens arrested in DC...
PAPER: Fed may give money to
IMF to help euro zone...
IN ATHENS, BIDEN JOKES ABOUT
BAILING OUT GREECE...
EURO DRAGS GERMANY DOWN
PELOSI: DIRT ON NEWT TO
COME...
NEWT: 'Thank Pelosi for early
Christmas gift'...
IRAN BRACES FOR WAR...
Mysterious blasts, slayings
suggest covert efforts in Iran...
REPORT: Iran Has Missing
American Drone...
TRUMP: 'Take the oil![Not
surprising from a typical american mobster / thief!]'
REPORT: Bill Clinton collected $50k a month from
Corzine's MF GLOBAL...
REPORT: Pedophilia rampant in
Hollywood...
'SOLD OUT!'
OBAMA: 'I'm going to need
another term to finish the job ( of ‘no-change-change’ - in his dreams )'...
OCCUPIERS TURN ON OBAMA
OBAMA LAWYERS: Americans
legitimate targets in war on terror...
Only executive branch, not
courts, decides...
OBAMA COMPARED TO HITLER,
STALIN IN NEW GUN COMPANY AD...
THE (SLIMY) NEWT TO MEET THE (MOBSTER) DONALD...
(VO)MITT COURTS (WAR
CRIMINAL/INCOMPETENT) GEORGE H.W. BUSH...
Ron Paul Hits Gingrich for
Hypocrisy…[Indeed! In fact, Ron Paul, if not the nominee should run as 3rd Party / Independent
Presidential Candidate! It’s time for pervasively corrupt, defacto bankrupt
america to get off the same well-worn path of ineluctable decline and failure!
]...
DoJ makes 'rare exception' to
explain deception...
Withdraws inaccurate letter
it sent to Congress...
Docs raise more questions
about Fast & Furious...
Issa says Holder ouster is up
to White House...
FRIDAY NIGHT DOCUMENT DUMP
OBAMA OFF TO HAWAII FOR
17-DAY VACAY...
HO HO HO: UNEMPLOY RATE 8.6%...
315,000 Americans leave work
force...
YESTERDAY: Jobless claims top
400K...
House Ethics Committee
extends probe into Rep. Jesse Jackson Jr....
Romney visits former President George H.W. Bush [ How totally
pathetic! How desperately pathetic romney the flip-flop is! ]
TWIN 'PLAYBOY' PLAYMATES:
OBAMA ABANDONED THE HORSES... Horses could soon be slaughtered for meat in US Horses could soon be butchered in the U.S. for human
consumption after Congress quietly lifted a 5-year-old ban on funding horse
meat inspections, and activists say slaughterhouses could be up and running...{
Another ‘bullish’ sign for pervasively corrupt, defacto bankrupt America.
‘Soylent green’ just around the corner? [Things are looking very, very ominous:
A
good business for a bad economy Firms that keep foreclosed homes clean and
secure are flourishing in these tough financial times. (Washington Post) [ See … there you go …
great times for the american optimist … who sees an opportunity in every
calamity, the rainbow beyond every cloud, the glass half-full, etc.. Whew,
close call … and we thought times were tough … and just when we thought
everything’s now comin’ up roses, we find out that that ‘glue factory’ we
thought was for horses is really a ‘soylent green’ (of the compelling film of
the same name) factory. Ah, just kidding; but, the times are getting eerily
sordid and desperate and there’ll be no real relief from the onslaught of
reality prospectively. It’s really that bad in futuro. 43,454,601,693,238
Reasons Why The World Is Broke – Presenting The Interactive Global Debt Clock Zero Hedge October 17,
2011 http://www.economist.com/content/global_debt_clock
FED GOOSES MARKETS...
TEAMS UP WITH CENTRAL
BANKS...
MERELY 'BUYS TIME' FOR EUROZONE...
PENN STATE SUIT ALLEGES MORE
THAN 100 INSTANCES OF ABUSE...
Latest accuser says Sandusky
threatened to hurt boy's family if he reported...
University purchases .xxx Internet
domains to block usage by the porn industry...
As Home Prices Sink, Home Ownership Heads to New Lows...
AMR/american airlines BANKRUPT...
Stock drops 85% to 20 cents a share...
BUSINESSES PLAN FOR END OF
EURO...
Eurozone Looks to IMF For
Rescue...
Finance Ministers Turn to
Radical Ideas...
Approve $11 Billion Loan For
Greece...
Germany told it must act to
save Europe…[ Who’s goin’ to save Germany? ]...
Impassioned plea for
continent to avoid 'apocalypse'...
Warned of 'highly devastating
outcomes'...
Just days until collapse?
Deadly NATO airstrikes
'lasted over an hour'...
US image in Pakistan 'worst
ever'...
NYT: Obama campaign set to
abandon white working class…[Yeah … in favor of, ie., those drugged up
‘workers’ in detroit who were recently exposed in a mainstream investigative
report and typifiy the why, along with costs, that jobs have left u.s.,
etc.]...
Troubled Maxine Waters set to
take over on powerful committee...
PAKISTAN: 24 troops killed in
NATO helicopter attack...
RETALIATE: Pak shuts routes
into Afghanistan...
Orders drone base closed...
PAKISTAN CUTS US SUPPLY LINES
Burn effigy of Obama...
ULTIMATUM: GET OUT...
NATO braces for reprisals...
AFGHANS: They fired at us...
PAKISTAN ENRAGED
Britain draws up emergency
plans for collapse of Euro...
IMF drafting $800
billion bailout plan for Italy, Spain...
REPORT: FRANCE, GERMANY
PREPARE TO TAKE DRASTIC MEASURES...
NYT: Time runs short...
Banks brace for breakup of
euro...
Cornel West: Ultimate Fight
For Entitlements Will Be In 'The Streets'...
RIOTS WARNED...
BLACK AND BLUE FRIDAY… [Come
on! These so-called ‘record sales’ a function of greater numbers of store
‘early opening’ desperation, discounting, credit card spending despite falling
income, etc., hype and then there’s the hangover as in previous / ongoing
crisis to come. ] ...
Woman pepper sprays other
Black Friday shoppers 'to gain an upper hand'...
'Girls Punching Each Other'
Over Yoga Pants Sale at Victoria's Secret...
VIDEO:
Mayhem over $2 waffle maker...
NC police use pepper spray to
break up melee...
Obama hits the links again... [Itchin’ for permanent
vacation!]
Shoots hoops, takes in a
game...
Medvedev Warns: Russia may
target US missile sites...
INVESTORS SHUN GERMAN BOND
SALE...
Euro on 'Death Watch'...
Black Friday
Spending Flat...
Obama hits the links again...
NO THANKS! WORST SINCE 1932
IRAN CLAIMS ARREST
OF 12 CIA AGENTS
U.S. ranks 25th in life
expectancy -- lower than Chile and Greece...
WALL STREET SERVES MORE TURKEY…[Actually, it’s their fraud
and b***s*** catching up with reality]...
MESS SPREADS TO BERLIN...
NATO airstrike kills 6 children
in Afghanistan...
Triple bombings in Iraq kill
19...
'Vigilantes' on the prowl...
REPORT: Latest Sandusky
accuser a family member...
DEBATE NUMBER 11...
Sparks Fly...
Ron Paul: Patriot Act Is
'Unpatriotic'...
ROMNEY PROMISES FIRST TRIP AS
PRESIDENT WILL BE TO ISRAEL…[romney just gets more and more desperately
pathetic!]...
Gingrich: Cutting off
gasoline would contain Iran...
Contenders square off on
immigration...
WIRE WRAP...
PAUL'S TIME TO RISE!?
Obama pal Rezko gets 10 years
in jail...
NASCAR Crowd Boos Michelle..
[Never a previous
fan (that round and round and round– but I do like the flats in horse-racing -
Go Big Red {‘Secretariat’, a terrific film} ), I think I’m going to change my
mind in light of the fans’ display of good taste!]
White House plans celebration
of 'country music'...
Gingrich to Occupy Wall St:
'Go get job right after you take a bath'...[National response to
slimy newt: go get a real job right after you take a bath]
Israel; 'Time has come' to
act on Iran... [Time for the world to act on illegal nuke totin’,
war crimes nation israel]
Iran conducts 4-day air
defense drill...
Israel shuts down dovish
radio station...
TRUMP(Mobster in
Chief?): I MIGHT STILL RUN (In his Dreams – Those Fuher Hitler tapes he
‘religiously’ listened to have inspired him)!
Releases financial disclosure statement...
SUPERFAILURE
Slimy newt says: I'm the best
b***s***artist...
WIRE: Ron Paul gaining
traction...
NEWT: I'm no Bill Clinton
…[Yeah, hypocrite, he’s worse, that very slimy newt] ...
Looking for budget cuts,
Congress bickers over what 'defense' means...
European missile defense
shield on the chopping block...
Police clash with protesters
in Tahrir Square over military rule...
ARAB FALL: PROTESTS RAGE IN
CAIRO...
HERE WE GO AGAIN: Britain in
secret talks with Syrian 'rebels'...
Clinton says there could be
civil war...
Russia warships to enter
Syria waters...
LAWSUIT: Man fired for not
wearing '666' sticker at work…[He should be reinstated and receive damages!]...
IT TURNS BLOODY...
Fury At Sinking Economies
Drives Global Demos...
GE filed 57k-page tax return;
paid no taxes on $14b in profits...
SHOCK POLL IOWA: GINGRICH 32%
ROMNEY 19% CAIN 13%… { How pathetic and downright stupid americans have become.
gingrich is as big a b***s*** artist as wobama and similarly has a
scandal-ridden track record of failure, including that inside ‘money for
nothing’ deal with taxpayer drain freddy’s fannie! But again, that’s no
endorsement of anyone else. What a totally lost in failure nation america’s
become. }...
Sandusky interview prompts
long-ago victims to contact lawyer...
STUDY: Middle-class areas
shrinking...
Banks in USA Facing 'Serious
Risk' on Contagion From Europe...
USA DEBT JUMPS TO $15
TRILLION...
Fed Now Largest Holder,
Surpassing China...
Challenge to dollar's
dominance 'within decade'...
OIL STARTS NEW SPIKE....
$102...
CNN POLL: Whites give
president thumbs DOWN 61%-36%; Non-White thumbs UP 67%-32%...[Oh
come on. Let’s get real here. Despite his blatant failure, ‘wobama the b for
b***s***’ will still get 99.99 percent of the black vote. Forget them!]
Penn State coach says he
stopped shower assault... ‘…McQueary was placed on administrative leave last
week after Penn State officials said he had received threats. According to the
grand jury report, the graduate assistant said he saw a boy, whose age he
estimated at 10 years old, "being subjected to anal intercourse" by a
naked Sandusky (according to u.s. forum posts sandusky is a polish jew whose
mother’s maiden name is fittingly ‘gross’ www.topix.com/forum/us/TM9KO1A74D6VPVFS7 ) in a shower at the Penn State football
building in March 2002…’
Paterno in line for $554,000
annual pension...
SANDUSKY ADMITS TO
SHOWERING...
NYT: 10 more accusers come
forward...
SHOCK: Teacher Arrested For
Masturbating Behind Podium During Class...[inherently criminal,
mentally ill americans are perverse degenerates]
Trend forecaster Gerald
Celente's gold account emptied by MF GLOBAL...
'2 Bad Corzine didn't die in
his car accident!'
ANGRY CUSTOMERS...
Saudi prince warns against
any attack on Iran...
REPORT: Iran poised to choke
oil supplies if hit by Israel...
Ready to help Turkey with
nuclear plant...
Oil price again flirting with
$100...
Post office near default? [So
what! Let UPS take over the poorly
managed, unreliable usps.]… Losses mount to $5.1B...
OBAMACARE TO SUPREMES...
5 1/2 HOURS: High Court to Rule on Obama's mandate...
26 States Want Entire Law
Struck Down...
Decision 4 Months Before
Election Day...
Justice Kagan
called to recuse herself...
DAN RATHER: '(gingrich)
Dangerous as a wounded wolverine'...
Obama: America's 'Been A
Little Bit Lazy'…[like their vacation-prone potus]...
SOME DEMS REFUSE TO BACK
OBAMA...
Bachmann Campaign Accuses
CBSNEWS of Bias... Ron Paul Gets 89 Seconds To Speak In CBS Debate Paul
Joseph Watson | Leaked email to Bachmann campaign indicates decision to limit
air time for certain candidates was deliberate CBS News policy. [ It’s really quite
amazing that retreads, such as the already failed, scandal-ridden slimy newt
gingrich (much of america’s current failure had it’s genesis in policies
initiated / supported by gingrich; ie., protection from RICO liability for the
frauds on wall street, etc.) based on his mere adherence to that which is
required of the ‘israeli amen corner’ on capital hill (as pointed out by the
perspicacious Pat Buchanan), despite bringing america down thereby, is the
shibboleth by which all candidates are being measured. Quite amazingly
self-defeating, destructive, and self-destructive for america particularly and
the world generally. That’s why cbs is cbs (for cb***s***). Given america’s
intractable decline, it’s really quite amazing. But, as we’ve seen, pervasively
corrupt, defacto bankrupt america is now fatally beyond shame. Nothing succeeds
quite like failure in america; where crime pays and pays well. ]
CHICAGOLAND: Thug punches out
older man on train platform... http://www.nbcchicago.com/news/local/Teen-Punching-Man-at-CTA-Stop-Caught-on-Tape-133703583.html?dr
[ Typical niggers! Crowd Laughs, Taunts: 'He
knocked his ass out!' ]
UPDATE: PENTAGON WARNED TROOP
REMAINS BEING DUMPED IN LANDFILL...
PANETTA CAUGHT FLAT-FOOTED
AGAIN...
ABRAMOFF: Congress Members Took Part in Insider Trading...
'THROW THEM ALL OUT'...
CHINA MOCKS US POLITICAL
MODEL... { While otherwise agreeing owing to america’s pervasive
corruption and defacto bankruptcy and my direct and continuing experience
concerning same [ http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf ,
http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm ] , in light of china’s
communist form of government which is total b*** s***, I’m compelled to say
it’s american greed, corruption, and policy errors ‘that’s made china’ in light
of their ‘sweat-shop, jailhouse, excessively cheap prison labor’ which is the primary
reason for their economic success, coupled with a more rational approach to
geopolitics as compared with their irrational, inherently criminal american
counterparts. I’d also add to China’s credit that their work force is far more
diligent and reliable than that of america where ‘make shift jobs’ are viewed
an entitlement to a now ‘make-shift people’, however uneconomic. It’s the
pervasive corruption, really, in america, which in China is dealt with harshly,
but in america, is rewarded substantially. Crime pays and pays well in america,
and is protected by even more crime (bribery, quid pro quo, etc.) among mob
(including government) groups, which encourages even more crime (the highest
crime rates by far in the world). That pervasively corrupt, defacto bankrupt
america is a failed nation requires no clairvoyant prescience to discern.
China’s mocking of america is well-deserved and comports with reality. Quite
simply, america’s done! That’s reality! }
'David Axelrod's pattern of sexual
misbehavior'...
Panetta Warns Defense Cuts
Could Lead to Attack on USA [ Typical incompetent guinea from … california …
wow! Look at the pelosi/panetta/boxer/feinstein once great state of california
now … horrendous, but substantially better than those corrupt guinea/mafia
strongholds new york/new jersey (italian dog-pack mentality). Haven’t their
tenures coincided with america’s/california’s decline, with wobama the
jive-talking race-card black the coup de gras? america’s defacto bankrupt and
all that that entails and the concern should realistically be not attack from
without but rather coast to coast from within. The military industrial complex
and war profiteers have benefited exorbitantly with the likes of panetta and
his ilk; yet the likes of this incompetent boob would have never found a place
in the administration of the great but substantially underrated President
General Eisenhower, a man of honor and integrity! ( And the last legitimately
elected president since the JFK assassination/coup d’etat! ) ] ...
FANNIE MAE taps $7.8 billion
more from Treasury, loss widens...
60 MINUTES Expected to Air
Investigation of Pelosi Stock Investments...
MILITARY DUMPED REMAINS OF
DEAD SERVICEMEN -- IN LANDFILL… [ pervasively corrupt, defacto bankrupt
america’s a nation without honor – they’ll use and abuse you, even post mortem
] ...
Alabama county seeks to file
biggest municipal bankruptcy...
THE BIG BREAKUP...
Merkel Calls for 'New Europe'...
STOCKS PLUNGE ON FEAR...
Italy's Woes Signal 'Dangerous Phase' in Crisis...
'Contagion Spreading; They've Got to Stop This'...
Greek Unity Deal in
Disarray...
THE FALL OF BERLUSCONI...
Humiliated in parliamentary
vote...
French ready for pain as debt
reality bites...
Victims Double In
Penn State Case...
...Boys Raped In Showers
Car of Republican Philly
Mayor Candidate Vandalized --
for the 10th Time! [ The ‘city of brotherly love’ that loves the
bros! I was recruited by Temple University, but not seriously from my own
perspective, infra; but, I had never seen a college wrestling match, so I went
along as invited. When we came out from the match, the quiffy spike israel’s
‘little buddy’ jimmy fiore’s car was ‘sitting’ on its rims, all four tires
stolen, etc.. --- On Wed, 11/18/09, ethan lichtblau <[email protected]>
wrote:
From: ethan lichtblau <[email protected]>
Subject: Your NYU Wrestling Experience
To: [email protected]
Date: Wednesday, November 18, 2009, 11:39 AM
Hi Al,
I know of you from my old wrestling coach, Ron Pollack. I know that you
wrestled at NYU, and that you won the Met Championships. I am writing a
book about my own experiences in wrestling, judo, and ju jitsu. I
wrestled in the Met championships in 1984 when they were held at NYU, and I
remember seeing an old newspaper article they had on display that talked about
you winning the Mets in '72 or '73. You beat Pollack in the finals.
Pollack's coach was quoted in the article as saying
that Ron "gassed out", I'm assuming from nerves.
I am really interested in the phenomenon of "choking" in a
sports event due to being nervous. I was wondering if you had any
memories you could share about this particular match? I know it was
a long time ago, but if you do remember anything I would appreciate whatever
you could share.
Regards,
Ethan Lichtblau
Date: Wed, 18 Nov 2009 22:50:55 -0800
From: [email protected]
Subject: Re: Your NYU Wrestling Experience
To: [email protected]
Hello Ethan:
The mother of one of our team mates worked with Ron Pollack's dad who kept
telling her how badly Ron Pollack was going to beat me (some others played him
up saying he consistently beat his team mate stu pruzansky by substantial
margins and other such things). In fact, he took an early lead with a take-down
that he was quite good at and I was looking for (something between a firemans' carry
and a barrel role)[1972]. However, by the end of the match, he was quite
haggard, in tears, and I actually had to hold him up on the podium. My tougher
match was the semi's where I met two-time defending Met Champion Ed Rufrano (he
got a special trophy for scoring the most team points
over a period of time). He was quite strong and although I won, I had slipped a
cervical disk (for which I ultimately needed traction - I couldn't even do a
push-up after a couple of days which is very humbling when one relies so much
on will-power). I had also beaten Ron in the finals of the Freshman Met Tournament. I was injured by the end of the season in
the two prior intervening years (interestingly, the neurologist for the
herniated disk pointed out that my bones were relatively small compared to my
musculature/body-mass). I was fortunate to have a great coach in Roger Saunders
(Roger and his brother Richard, a former CIA Agent/Mechanic, were both National
Champions). I couldn't imagine Roger saying one of his wrestlers "gassed
out", even if true. Ron certainly didn't "choke" in the first
period, if at all.
Regards,
Al Peia
______
From: ethan
lichtblau <[email protected]>
Subject: RE: Your NYU Wrestling Experience
To: "Al Peia" <[email protected]>
Date: Thursday, November 19, 2009, 2:07 PM
I really appreciate
your insights about this. I never got a chance to speak to Ron about his
own college wrestling days. I only knew him when I was in high
school, where he was coaching a bunch of local high school wrestlers
on a part time basis. He was also helping out at his alma mater
(?FDU) assisting a guy he used to refer to as "Metz" or
"Metzy". By then he was a fairly un-assuming guy and never even
told me that he had taken a 2nd at the Mets when he was in college.
By the time I went off to NYU Ron had left town to go to chiropractic
school, and I don't think we ever saw each other again.
I now remember what struck me so much about that article that was posted
at NYU. It was accompanied by a picture of three guys on the
podium. You were holding Ron up and he was crying. It's really
a classic picture, even more so because unless you know
the "back" story you can only imagine what is going on in
the wrestler's heads at the moment the shot was taken. I saw this
picture once about 25 years ago and it still sticks in my head.
I was wondering if you could clarify: I am assuming your coach
was named Saunders. He wasn't the one who spoke of gassing out.
Like I said above, I thought Ron was coached at FDU by a guy he used to refer
to as "Metz". It was either Ron's coach (whoever he might
have been) or perhaps Ron himself that stated in the article that Ron
had "gassed out". I also remember now that there was some
suggestion that he had come down with a flu, which might explain his reaching a
state of exhaustion by the end of the match. Or perhaps you just kicked
his ass in in the last 2 periods.
Speaking of Stu Pruzanski, I never met him , but I knew his
brother Dave a bit. Dave owned a gym in the early '80's and our
Judo club used to work out there for a while. This was another guy who
never really told you much about himself. I only found out years later
that he once wrestled Gable to a tie. He was also the only guy
to ever win US National championships in
Judo, wrestling, and Sombo, all in the same year. (?1972). Years
later, maybe 1985 or so, he decided to make a comeback in Judo. He cut a
shit load of weight and ended up fighting me in the finals of a small regional
tournament. I beat him by decision, but really got no satisfaction
out of beating a guy who was so out of shape. Can't remember if this
was before or after one of his kids committed suicide.
Ethan
Date: Thu, 19 Nov 2009 23:49:19 -0800
From: [email protected]
Subject: RE: Your NYU Wrestling Experience
To: [email protected]
Roger Saunders was my coach at NYU and clearly, a great one at that, who
subsequently went to Bloomsburg where he was ultimately Athletic Director on
last info. Bob Metz had quite a few winning teams at FDU, but he was not
Saunders whose brother's wrestling success I alluded to so as to emphasize his
wrestling prowess as no fluke. The last I heard of Dave Pruzansky he was diving
out of a window of his house to evade police who had busted his drug-dealing
operation. As a wrestler he was no joke and you did well to beat him and are
too modest. I included reference to pruzansky because they developed a very
curious, bizarre, and almost gang-like mentality within their "wrestling
click". Upon information, many (if not all) of their clique "amped
up" on amphetamines before their matches. Very close to their clique was
the very weird and corrupt ref spike israel. The very quiffy spike israel had a
"little buddy" jim fiore and had recruited David and his little buddy
(among others) to Temple University to which he
had some connection, and actually attempted to recruit me to same. I didn't
take him seriously; firstly, because he told everyone he had been a state champ
(bull s**t); secondly, because he had screwed me in a high school match wherein
I had pinned leonard pruzanzky in the first period (I had him on his back
almost the entire first period and israel gave me no back points, 2 or 3 for
near fall, let alone the pin, and just the takedown and I lost by a point on
riding time-leg ride). In an open tournament (I think Stroudsburg?), I was
looking at the seedings/pairings/chart and David came up behind me pointed to
my entry and said to the guy he was with that I had beaten his brother leonard.
Roger required our team during one Christmas
break to compete in my first and only free-style tournament. I was up two
weight classes and David won quite handily. That was the third time I had
beaten Ron and frankly, I did grind him into the mat and kick his ass for the
late balance of the first period and the remainder of the match.
The following is a reply on facebook to
someone who said I beat him in wrestle-off and
completes my wrestling story.
Good luck to you in all your endeavors.
Regards,
Al Peia
Howard:
Thank you for your gracious and overly humble
comment. Over time, such things become less and less important and I can't say
that I actually recall that, per se. As we both know, wrestling was never a
pleasant undertaking and although I respect(ed) the sport, I made it a point
never to set foot on a mat off season. You may also find it somewhat ironic
that I actually had made the basketball team (Hubie
Brown for whom I had high regard was varsity coach and Richie Szura the
J.V. coach), which sport I enjoyed; and in a meeting arranged by Dan Deluca (I
had won a tournament in junior high and the match against the rival Thomas
Jefferson Junior High) with Coach Szura wherein Szura nicely but candidly told
me that although I had made the team, "that I wasn't the tallest of
angels" (which I thought was very funny and we all laughed) and
essentially I'd be warming the bench while Deluca guaranteed me a varsity letter for wrestling the easy matches since
varsity wrestler Richard Zocco was having difficulty making weight (he never
made weight). As trite and cliched as it sounds, it was the varsity letter
guarantee that sealed the deal (and in my mind, the prospective "help with
the babes therefrom" - actually, it was only the pretty sophomores with
whom it ultimately paid dividends so to speak - how very high school). I had a
great Coach in Roger Sanders who recruited me to
NYU (Roger and his brother Richard, a CIA agent/mechanic, were both national
champions). Wrestling has always been an important learning experience for me.
Such a kind and humble remark as yours deserved a greater explanation.
Al
______
From: ethan
lichtblau <[email protected]>
Subject: RE: Your NYU Wrestling Experience
To: "Al Peia" <[email protected]>
Date: Monday, November 23, 2009, 5:30 AM
Truly, thanks for all your info.
Interesting that you should mention Spike Israel.
I am assuming that the word "quiffy" is code for
"gay". Spike was coach at Tenafly
High when I was in high school, and was known to "like boys".
Apparently he taught the Tenafly guys only one move, the Granby roll, which they were all quite good at,
but very little else. Besides Ron in the early '70's and Steve and
Dave Yale in the later '70's Tenafly basically had no decent wrestlers during
that period. Not really sure if this was a coaching issue or recruiting
issue. Our high school (DMHS in Englewood) had former state champ
Bob Hurley (Bergenfield) as our assistant coach and former state runner up
Reggie Williams (Hackensack) as head coach, and we also fielded very few
good wrestlers during those years.
Ethan
--- On Thu, 11/19/09, ethan lichtblau <[email protected]>
wrote:
From: ethan lichtblau <[email protected]>
Subject: RE: Your NYU Wrestling Experience
To: "Al Peia" <[email protected]>
Date: Thursday, November 19, 2009, 2:07 PM
I really appreciate
your insights about this. I never got a chance to speak to Ron about his
own college wrestling days. I only knew him when I was in high
school, where he was coaching a bunch of local high school wrestlers
on a part time basis. He was also helping out at his alma mater
(?FDU) assisting a guy he used to refer to as "Metz" or
"Metzy". By then he was a fairly un-assuming guy and never even
told me that he had taken a 2nd at the Mets when he was in college.
By the time I went off to NYU Ron had left town to go to chiropractic
school, and I don't think we ever saw each other again.
I now remember what struck me so much about that article that was posted
at NYU. It was accompanied by a picture of three guys on the
podium. You were holding Ron up and he was crying. It's really
a classic picture, even more so because unless you know
the "back" story you can only imagine what is going on in
the wrestler's heads at the moment the shot was taken. I saw this
picture once about 25 years ago and it still sticks in my head.
I was wondering if you could clarify: I am assuming your coach
was named Saunders. He wasn't the one who spoke of gassing out.
Like I said above, I thought Ron was coached at FDU by a guy he used to refer
to as "Metz". It was either Ron's coach (whoever he might
have been) or perhaps Ron himself that stated in the article that Ron
had "gassed out". I also remember now that there was some
suggestion that he had come down with a flu, which might explain his reaching a
state of exhaustion by the end of the match. Or perhaps you just kicked
his ass in in the last 2 periods.
Speaking of Stu Pruzanski, I never met him , but I knew his
brother Dave a bit. Dave owned a gym in the early '80's and our
Judo club used to work out there for a while. This was another guy who
never really told you much about himself. I only found out years later
that he once wrestled Gable to a tie. He was also the only guy
to ever win US National championships in
Judo, wrestling, and Sombo, all in the same year. (?1972). Years
later, maybe 1985 or so, he decided to make a comeback in Judo. He cut a
shit load of weight and ended up fighting me in the finals of a small regional
tournament. I beat him by decision, but really got no satisfaction
out of beating a guy who was so out of shape. Can't remember if this
was before or after one of his kids committed suicide.
Ethan
Ethan:
"As a wrestler he was no joke and you did well to
beat him and are too modest."
To reiterate: you are far too modest!
Good luck to you in all your endeavors.
Regards,
Al Peia
RUSSIA [ The Rational
Pan-European Nation ] WARNS AGAINST STRIKE ON IRAN...
PAPER: Wall Street 'MORE
profitable'...
Extreme Poverty Now At Record
Levels...
REPORT: Greek PM to resign
today...
'Point of no return'...
BERLUSCONI TO BAIL?
Intrigue and betrayal in
Rome...
Speculation over departure
roils markets...
Italy: Too Big to Fail, Too Big to Save?
Allies push Berlusconi to
resign...
'The beginning of the end'...
Italy protesters rally
against Berlusconi...
... While Silvio naps
Defiant Berlusconi refuses
IMF bailout...
US approaches $15 trillion
debt limit...
CHINA: Europe induces 'sloth,
indolence'...
TRUTHFUL TRASH TALK (ABOUT
ISRAELI TRASH) BEHIND ISRAELI LEADER'S BACK Report: Sarkozy calls Netanyahu 'liar' Microphones accidently left
on after G20 meeting pick up private conversation between US, French
presidents. Sarkozy admits he 'can't stand' Israeli premier [ Yes …
netansayahu! ]
12 US TROOPS KILLED...
FREDDIE MAC seeks further $6
billion from taxpayers...
AIG records biggest loss
since 2009...
'I will never stand for
national anthem again. I will turn my back and I will raise fist'...
Judge Tosses TSA Case; Lawyer
told ruling 'national security'...
LEAVING 'FASCIST AMERICA',
VENTURA OFF TO MEXICO
WHITE HOUSE REJECTS
SOLYNDRA SUBPOENA...
US approaches $15
trillion debt limit...
G-20 Fails to Agree on IMF
Resources...
Suicide bomber targeted
American NATO bus in Kabul...
TALIBAN CLAIMS CREDIT...
POLITICO: Two women accused
Cain of inappropriate behavior… [ Read my lips: NO NEW NIGGERS! … even a fallen
despoiled nation in intractable decline as america can do better than that;
ie., wobama v. cain ? (besides, there’s that ‘cancer problem’, amidst scandals
exceeding ‘pubic hairs on soda cans’); this is no endorsement of anyone else.
As a matter of fact, that there are two niggers vying for the presidency is a
testament to how far america has fallen. Maybe pervasively corrupt, defacto
bankrupt america can look to sub-saharan africa for their models of
governance. IT’S OVER: Cain Is Done Business Insider |
The scandals swirling around Herman Cain today will be fatal to his
presidential ambitions. ] ...
Cain Chief Of Staff Calls On
Perry Campaign, POLITICO To Apologize...
'Chicagoland hit'...
Debt Increased $203B in Oct.:
$650 For Every American...
Number of Americans on food
stamps rises 8% to 45,800,000...
Greek Vote On
Bailout Plan Due 'Within Weeks'...
Fears rising about impact of
euro on daily life...
France, Germany demand
decision...
FBI moves in on Corzine's MF
GLOBAL...
FLASHBACK: Corzine floated
for Treasury Secy...
China (the rational nation
financially, economically, geopolitically) sells missiles to Iran in violation
of UN sanctions (where are the sanctions against israel/america et als for war
crimes, violations of international law/u.n. resolutions, etc.) ...
Israel test-fires
missile that could hit Iran...
NETANYAHU RALLIES SUPPORT FOR
ATTACK...
UK steps up plans for
possible strike...
Greece Vote on Bailout STILL ON...
Gov't 'On Verge of
Imploding'...
Military Chiefs Replaced...
ON THE BRINK...
STEVE JOBS DEAD
EU leaders race to save
deal...
Emergency meeting in
Cannes...
Vote threatens Sarkozy
re-election plans...
PAPER: World faces years of
social unrest as economies falter...
Herman Cain: The Attacks On
Me Are Racially Motivated … [There it is … the race card … riiiiight!] ...
CONDI TO CAIN: DON'T PLAY THE CARD...
ISRAEL AUTHORIZES 'GROUND
OPERATION' TO STOP GAZA ROCKETS...
Washington fears unilateral
strike on Iran...
Israel improving nuclear
abilities[ War crimes nation, illegal nuke totin’, defacto bankrupt american
albatross israel keepin’ america’s direction and attention misdirected ]...
NEW ORLEANS: 15 shot, 2 dead
in Halloween shootings [Yeah, those niggers really love ‘candy’ of any kind]...
FLASHBACK: 'I'M READY FOR
HIGH-TECH LYNCHING'...
Second Energy
Department-backed company goes bankrupt...
Corzine's MF GLOBAL files
Chapter 11...
Likely Among the 10 Biggest
Bankruptcies Ever...
Iran demands apology over
Saudi ambassador assassination plot charge...
Palestinians win full
membership on UN cultural agency … [ This is both productive and positive! ]
...
WORLD SERIES WILD!
[Congratulations to the St. Louis Cards … I’m so glad they won since bush /
bushes no doubt were routing for their old Rangers team! ]
EU Officials look to Beijing,
Tokyo -- borrowing costs rocket...
Cameron: London 'under
constant attack' from EU...
GALLUP: OBAMA APPROVAL SKIDS
TO NEW LOW...
FIST FIGHT BREAKS OUT IN
ITALIAN PARLIAMENT...
MERKEL: We should not take peace for granted...
'Significant new offer' from
bondholders...
EU SAVED -- BY CHINA?
SUMMIT FATIGUE: Endless
gatherings take toll on leaders...
Berlusconi forced into
corner...
FARRAKHAN LASHES OUT AT
OBAMA; CONDEMNS GADHAFI 'ASSASSINATION'...
AUDIO...
DOOM: Fears euro summit could
miss final deal...
'Unknown territory'...
No bet on disaster...
Finance ministers cancel meeting...
Berlusconi fights to save
coalition; Gov't on brink of collapse...
Greenspin: European Union Doomed to Fail...
Japanese yen jumps to new
postwar high...
KILL BOUNCE: OBAMA MOVES UP
TO 44% AT GALLUP… [I don’t believe this poll number for even one second … this
is solely a manipulated ‘pavlov dog conditioning’number]...
Treasury considers 'new' debt
security...
Bank Predicts Another US
Downgrade -- In Just Few Weeks...
EU 'bank failures will crash
Wall Street'...
Pressure on Italy...
New euro 'empire' plot by
Brussels...
Germany's economic might sets
off alarms...
Defections by Senate Dems
Hamper Message on Jobs...
Unemployment rate rises after Obama visits NC...
DNC's 2012 host state posts
highest payroll losses...
DC area tops income list; Avg
fed employee makes $126,000 a year…[With the exception of law enforcement, ie.,
FBI, fed employees are uneconomic and almost without exception, a total waste
of money]...
Reid says govt jobs must take
priority over private-sector...
Americans' Standard of Living Drops Sharply...
Antidepressant use
skyrockets...
RUSSIA: GADDAFI DEATH
BREACHED LAW
Greece may need 60% bond
writedown; EU at odds...
Greeks ask God for help…[ Not
granted! ]...
S&P: France Likely to
Lose Top Rating...
EUROPE BRACES FOR 'DOWNGRADE
BLITZ'...
FLASHBACK: Gaddafi: Obama is
friend...
KILLED IN HOMETOWN...
CAPTURED ALIVE...
'DON'T SHOOT'...
Cost of Libya operation: $1
Billion...
Clinton: 'We came, we saw, he
died'...
GRAPHIC VIDEO...
FLASHBACK: Farrakhan: 'That's
a Murderer in the White House!'...
HIT LIST: Obama warns other
Mid East dictators THEY COULD BE NEXT...
TIMING?
U.S. busts two Iranians today over terror plot Obama was briefed about in
June... { U.S. accuses Iran of plot to kill Saudi ambassador [ Oh come
on! That’s as likely as wmd’s in Iraq; or, america and israel hatching such a plot
so they can blame same on Iran. The point is, when it comes to nations that
both war-mongering israel/u.s. would love to make, not love, but war on, they’d
literally say anything; even to the point of paying anyone to say anything …
yellow cake anyone? (‘Bush and
Iraq: Follow the Yellow Cake Road’ Read more: http://www.time.com/time/world/article/0,8599,463779,00.html#ixzz1aWL8TndC
‘...the White House defense, having now admitted a falsehood in President Bush's claim, in his State of
the Union address, that Iraq had tried to buy uranium in Africa. Read more: http://www.time.com/time/world/article/0,8599,463779,00.html#ixzz1aWKsd9dp ] }
ENTHUSIASM
GAP: Rs 64%, Ds 43%...
POLL: CAIN 43% OBAMA 41%
WAR
DRUMS: Obama Presses Inspectors on Iran Nuclear Data...
Iran's
former president warns of possible US attack...
Day
of 'Global Revolution'...
FITCH:
More Than Dozen Banks May Get Downgraded...
BATTLE
ON 'OCCUPY'...
Bloomberg
backs down...
Giuliani
[ghouliani / mafiani]: I Would've Told OWS Protesters, 'Streets Are Not For
Sleeping,' 'Rent A Room' [ from mafia owned / ‘protected’ hotels only, as per
political opportunist –9/11, 9/11, 9/11- ghouliani / mafiani ] [ the difference
between the facist / neurotic approach of ghouliani and the rational approach
of Bloomberg ] ...
'PARTY'
IN TIMES SQUARE!
DENVER
POLICE MOVE IN...
10
ARRESTED IN SEATTLE...
SD
CAMP DISMANTLED...
OBAMACARE ALREADY FALLING APART?
GRENADES
TO MEXICO...
Obama
Spoke About Fast and Furious Before Holder Claimed He Knew...
SHRINK:
Obama suffers from 'father hunger'...
In
Holder Subpoena, Issa Also Probes WH Press Aide...
BOOK WARNS
OF END...
'Defend
The Occupation!': Protesters Ask For Sunrise Support, Tell People To Call 311
To Complain...
PELOSI
UNHINGED: Republicans 'want women to die on floor'...
Obama
invokes race...
'Unusual'
meeting between US, Iran over plot...
G20
finance ministers gather as time runs out...
Spain
Credit Rating Cut...
Europe
tempted to save Greek trauma for later...
BUCHANAN:
Is the New World Order unraveling?
Panetta
warns budget cuts will force retreat in Africa [ Retreat? What alternate
universe is this guy from … oh right, ‘the land of fruits and nuts’ ]...
CHICAGOLAND:
Video captures two girls violently beating fellow female student...
‘ Tim
Holt · Top Commenter
how many KNEW that this would be black girls when you read the headline?’ [
Isn’t that the truth … typical niggers! ]
Pack
of 30 girls attack 15-year-old girl for cellphone...
WAR
DRUMS: IRAN CALLS 'TERROR PLOT' LIE
Saudis
say Iran must 'pay the price'...
Hillary:
'Dangerous escalation'...
Warren
Buffett made $62,855,038 last year...
Company
still owes as much as $1B in back taxes...
CHICAGOLAND:
Union boss to rake in $500,000 yearly pension...
Issa
subpoenas Holder...
Holder
ends press conference after questions on Fast and Furious...
Subpoenas
for Atty Gen imminent...
Belafonte:
Herman Cain 'is bad apple'...
Cain
Fires Back: 'I Left Democrat (for the Republican) Plantation Long Time Ago'...
Afghanistan
shuts down graft probe...
Not
a single Christian church left in country...
AL-QAEDA QUESTIONS LEGALITY
OF KILLING U.S. CITIZEN
TIME SHORT: UK PM says euro has just weeks .. disaster...
100+
'Fast and Furious' guns found in Mexico cartel home...
HOLDER
ON HOT SEAT...
Issa:
Subpoenas issued soon...
Iran
calls Wall Street protests 'American Spring'...
Chavez
slams 'horrible repression' of U.S. protests...
Pope
denounces 'inhuman' mafia...
Opposition
grows, hardens...
GALLUP:
OBAMA AT LOW...
Italy,
Spain Ratings Cut by FITCH; Belgium Is Put Under Review by MOODY'S...
FINANCIAL
CRISIS 'WORST WORLD HAS EVER FACED'...
MOODY'S
Cuts Rating on 12 UK Financial Institutions, nine Portuguese banks...
DEPENDENT
STATES OF AMERICA: Nearly Half Live in Households Receiving Govt Benefit...
Wall
St protest expected to swell...
FINANCIAL CRISIS
'WORST WORLD HAS EVER FACED'
IT'S
OFFICIAL: Housing bust worst since Great Depression...
Sanitation
Becoming Concern...
Pelosi
on Protesters: 'God bless them'...
LA
Mayor Villaraigosa Hands Out Ponchos...
Dallas
Federal Reserve Targeted...
Secret
panel can put Americans on 'kill list'...
CHICAGOLAND:
Bodies double up at morgue...
Post
Office's Rescue Plan: More Junk Mail...
College
Walk Out Planned; 'Anonymous' Releases Threat Against NYSE...
Occupy
Wall Street 'Stands In Solidarity' With Obama Front Group...
Stocks'
massive 'melt-up' fans investor fears...
Police,
rioters clash in Greece as nation goes on strike...
Geithner
warns Europe crisis global threat...
Issa
to Holder: Admit you knew...
Holder
changes story...
DoJ
quietly demotes ATF officials involved in Fast and Furious...
White
House screams, swears at reporter for covering scandal...
Is
CBSNEWS Silencing Reporter?
Afghanistan
violence up 39% over last year...
REPORT:
WHouse awarded $5M 'bonus' to state for Food Stamp signup...
DICK
MORRIS CLAIM: 'Very Possible' Obama Will Bow Out Of Presidential Race...
'AMERICA'S
GOTTEN A LITTLE SOFT’ [Yeah! Soft in the head for tolerating wobama’s b***s***]
'
GALLUP:
(wobama approval) Back in the 30s...
BLOOMBERG
WARNS OF RIOTS...
Assad
threatens to attack Tel Aviv in case of NATO strike...
Russia,
China veto UN resolution on Syria…[Rationality Prevails!]...
Clashes
in Saudi Arabia leave 14 wounded...
Police
open fire on civilians... [But this is ok because saudi arabia’s a
doormat for israeli/u.s. interests]
GOP calls for special counsel to investigate Holder... Developing...
WHEN
DID HE KNOW?
Holder
changes story about ATF gun-running op...
'Either
Incompetent' or 'Misleading Congress'… [How ‘bout both! … he’s typical!]...
White
House screams, swears at reporter for covering scandal...
'RECOVERY
CLOSE TO FALTERING'
Michael
Moore: The Rich Are Out Of Control, Kleptomaniacs And Sociopaths...
Michelle
Obama's Africa Vacation Cost More Than $432,142...
Daughters
listed as 'senior staff'...
ESPN
YANKS HANK WILLIAMS JR. FROM 'MONDAY NIGHT FOOTBALL'...
LIKENS
OBAMA TO HITLER...
VIDEO...
PUTIN EYES 'EURASIAN UNION'
PAPER:
China or USA? Make your choice...
Greece
Falls Into 'Death Spiral'...
RON
PAUL FLOATS IMPEACHMENT FOR DRONE KILL OF U.S. CITIZEN...
'YOU'RE NOT BETTER OFF'...
Claims 'underdog' status for
2012...
POLL: Majority expect him to
lose...
Cantor: Obama's Jobs Bill
Dead; His 'All-Or-Nothing Approach' Is Unacceptable...
Mosque Set on Fire in
Israel...
REUTERS: Christie faces
White House decision this week...
[ To be
president of the now disunited states like no time since the civil war, one
really must want to be president. Governing new jersey is probably the easiest
political position in the world inasmuch as the same is totally controlled. New
york is a close second to jersey in those terms, complicated only by the
arrival, politically like never before, of the wall street frauds (the
fraudulent goldman era, beginning more serious than ever politicking with
rubin, paulson, etc., probably owing to their far larger frauds for which they
needed ‘protection’ in the form of ‘political muscle’ – which they got.). The
gangs of jersey, new york have a history that’s endured in terms of impact
longer than the political parties themselves; proximity to and control of the
local vote multiplied many times by the controlled localities ‘they serve’. In
jersey, you can’t get elected without the mob; in some areas the mob
controlling both parties. [ brendan byrne, who brought the final take-over /
scourge / quid pro quo, viz., the casinos, james florio, mario cuomo (progeny
andy cuomo), etc., had publically known mob ties. Less conspicuous would be the
likes of old money play-along tom kean, whose desperation to breathe life into
the moribund political career of his son is evident to all; including his
cover-up report on the 911 incident which was probably the worst of its kind
since that other non-jurist, politician / former governor of California warren
report / cover-up of the coup d’etat / JFK assassination. Just who are these
so-called ‘conservatives’ holding back funding while urging jersey christie’s
run ‘for the gold’. No … I couldn’t care less about his girth, the goodyear
blimp / humpty dumpty jokes, etc.. Yet, one has to wonder why a prior decision,
given even further consideration upon God knows who’s self-interested
prompting, is suddenly firm today yet malleable tomorrow. Forbes, (and hannity
I suspect), of jersey himself (themselves) seems close to this yet one still
must wonder ‘what the deal is’. More importantly, for jersey (n.y.) candidates,
‘with whom’. That wobama, as a black man realistically / potentially viewed as
the ultimate outsider, would make promises that got him elected, yet renege on
nearly all of same is a testament to how totally controlled these gutless
politicians are and proving how such lack of courage spells not only their own
unequivocal failure (wobama as bush failure 3, et als), but certainly for that
of the nation as well ( Cases against Wall Street lag despite Holder’s vows to target
financial fraud WP |
Obama has promised to hold Wall Street accountable for the meltdown.’THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
). Quite simply, there is really no good reason why a jersey politician
should change his mind about something that should be at one with the person
himself. After all, we all must at least assume jersey governor Christie is a
man of reason who previously made an unequivocal, publically announced, widely
covered decision for what must be assumed a good reason. ]
FORBES: CHRISTIE DECISION
WITHIN 72 HOURS...
CLASH
ON BROOKLYN BRIDGE...
More
than 700 arrested in 'Wall St' protest...
Dozens
cuffed in Boston after targeting BANK OF AMERICA...
Protests
spread across USA...
Los
Angeles...
Chicago...
Denver...
Seattle...
Greece to
Miss Deficit Targets Despite Austerity...
'Leaders
are pushing the world into Depression'...
Al
Sharpton's office admits handing out possibly bogus stimulus check forms...
Iran
Supreme Leader: Palestinian UN statehood bid doomed to fail...
Hamas:
'Resistance' against Israel is only option left...
STOCKS
SUCK...
Wall
St. ends rotten quarter in sour mood...
Dow
Notches 12% Drop...
No Rise in
Home Prices 'until 2020'...
Feds:
SOLYNDRA Won't Reveal Contracts, Customers or Exec Bonuseslt (typical american
boondoggle) ...
DOE
pushing ahead with $5b more
in solar loans (another american boondoggle) ...
Strikes
hamper Greek rescue effort...
Sarkozy,
Merkel to Meet...
$200K
Per Job? Geithner Says White House Plan Still Bargain … [ Riiiiight! .. In what
alternate reality beyond political desperation mode? ] ...
GERMANY
SLAMS 'STUPID' US PLAN FOR EURO...
CHAOS:
THOUSANDS LINE UP IN PHILLY FOR FOOD STAMPS...
Protester
calls Obama 'Anti-Christ'...
Fundraising
plunges...
'Titanic
struggle' for re-election...{ Axelrod:
Obama faces 'titanic struggle' [ Yes indeed! A titanic struggle for
control of the Titanic, the USS Titanic, sinking from its own weight of pervasive corruption, defacto
bankruptcy, and fatal, immutable structural flaws! ] }
CA
CITY HAS 32.4% UNEMPLOYMENT RATE!
POLL:
Paul beats
Obama 51-49...
COPS:
Mob of girls charge house after high school fight; 2-year-old girl shot...
DEM
GOV. CALLS FOR 'SUSPENDING ELECTIONS' … [ the wobamanoid plan … for even
greater nation-breakin’ disaster! ]...
Former
Obama budget director: 'We need less democracy' to 'counter gridlock' [ How
desperate, these wobamanoids… How pathetic! ] ...
Split over
Greek bail-out terms...
NOW
IMF NEEDS BAILOUT!
PUTIN
FOR LIFE...
Police
in Moscow raid bank of political opponent...
Finance
chief rebels...
Merkel:
Greek default would destroy faith in Europe...
French
left seizes Senate majority, hurts Sarkozy...
Plan
B: Flood markets...
S&P:
Larger Fund Could Weigh on Ratings...
SIX
WEEKS TO SAVE THE EURO...
IMF
to increase resources to more than $1 trillion...
Wall
Street protesters pepper-sprayed, cuffed...
90
arrested...
VIDEO:
Wild scene...
Catalonia's
last bullfight … [How wise, and nothing less than what one would expect from
the place that has given rise to among the greatest artists in the history of
this world.] ...
PAYBACK [
Retaliation ]: S&P Could Face Legal Action From SEC Over Ratings...
SUMMER
SALE: Dow plunges 391 points...
Global
markets tumble 4%...
ZOELLICK:
'World in danger zone'...
SOROS: USA
already in double-dip...
Abbas
moves for statehood...
'We
shall not recognize a Jewish state'...
NETANAYAHU
is a 'Theater of the absurd'...
Calls
UN 'House Of Lies'...
CLASHES
IN WEST BANK...
LIVE...
Pakistan
warns US: 'You will lose an ally'...
SHUTDOWN:
Harry Reid kills bill to keep gov't running...
Postpones
disaster relief vote...
...for
Dem party, fundraiser at island retreat!
BLOW:
Obama fundraiser got $107m in federal tax credits for wind power...
Credit
stress 'reaches pre-LEHMAN danger levels'...
BAD
BLOOD: Bill Clinton: Netanyahu killed peace process...
GLOBAL
SYSTEM UNDER PRESSURE...
GALLUP:
55% DISTRUST MEDIA...
Palestinians
Delay Call for Quick Vote...
State
bid 'only alternative to violence'...
UN
chief urges Israel 'restraint'...
Obama
re-affirms desire for Palestinian state...
Venezuela,
Cuba defend Iran...
IMF
warns on global financial system...
MOODY'S
downgrades three US megabanks...
Man
returns with shotgun after TACO BELL worker forgets hot sauce...
IHOP
Hires Bouncer To Control The Rowdy...
Approval
Among Liberals Hits All-Time Low...
LIBS VOW PRIMARY CHALLENGE AGAINST OBAMA
IMF
WARNS: INTO THE DANGER ZONE...
...warns
of USA 'lost decade'
USA
building secret drone bases in Africa, Arabian Peninsula...
Chavez:
Israel committing genocide...
Iran:
Israel killing our nuclear scientists...
Palestinian
move hits Dem vote base; Republicans woo Jewish electorate...
Israel Floats 'Interim Solution' To Palestinian Statehood Debate … [
Half measures will not do! Too much time, resources have been wasted! Time for
the ‘final solution’… the choices: peaceful or non-peaceful; rational or
irrational; reasonable or unreasonable! There has been nothing to have changed
the reasonable expectations created by secretary of state clinton herself in
espousing this administration’s unequivocal position espousing Palestinian
statehood! ] ...
REPORT: SOLYNDRA execs to plead Fifth...
HOUSE TO PROBE OBAMA ACTIONS ON GOV'T LOAN...
Second witness says White House tried to steer testimony...
Air
Force general claims he was pressured...
WIRELESS:
Obama invested in Falcone-funded Co....
FLASHBACK:
'I thought about going to Warren Buffett, and I decided it would be
embarrassing I only had $100,000'...
CHICAGO
TRIBUNE: Why Obama should withdraw from 2012 race...
Black
Caucus chairman: If Obama wasn't president, we would be 'marching on the White
House'… [ Which means typically,
reasonably as suspected, the black caucus is racist and without any
credibility whatsoever; particularly in their support of wobama, ‘the last
negro’ … What an insecure, jive-talking, stereotypical dismal failure wobama’s
turned out to be … he’s totally pathetic … he’s proven to be just another of
his type who’s gotten by on b***s*** and ‘special understanding /
consideration’ his entire life … yes,
the last negroe! … wobama’s basically re-running his last and now endless
campaign expecting all to believe him this time around … this last negroe! ]
...
OBAMA'S
JOBS BILL WON'T BE READY UNTIL NEXT MONTH, AFTER
ANOTHER VACATION...
$3
in tax hikes for every $1 in spending cuts...
NEW
BOOK TELLS OF DISCORD IN OBAMA ECONOMIC TEAM...
Women
'excluded and ignored'...
REPORT:
Rahm threatened to burn down house of statehouse foe...
Protesters
hit Wall Street...
'US
Day of Rage'...
Cops Lockdown Wall Street From Day of
Rage Protesters
$1,500,000,000,000
IN NEW TAXES
GREEK
BLEAK...
WREAK...
RETIREE
BENEFITS FOR THE MILITARY COULD FACE CUTS...
Fed
Expected to Launch New Program as Europe Boils...
Europe
digs ever deeper debt hole...
Palestinians
demand statehood...
Holy
Land clerics bless...
Jewish
groups worried by Vatican gesture...
Obama
faces awkward dilemma...
NYC
security on alert for UN assembly...
Emergency
meetings to avert Palestinian crisis...
TURKEY PROPOSES PARTNERSHIP WITH EGYPT...
VETO THAT COULD CHANGE THE WORLD...
Palestinian
leader ignores US warnings on UN statehood...
Israel
ups West Bank forces...
Anti-Israel
subway signs in NYC spark religious war of words...
Geithner
warns EU of 'catastrophic risk'...
Europe
bristles at lecture...
US
could be on hook for bailout… [ Come on! Let’s get real here! Pervasively
corrupt, defacto bankrupt america can’t even bail itself out! ] ...
Eurozone
possible nightmare scenarios...
NEW
'WAVE OF FORECLOSURES'...
BIG JUMP
IN JOBLESS CLAIMS...
INFLATION
RISES...
SOLYNDRA
among 5 stimulus firms to go under...
Intimidation
/ Bullying: israel warns of 'harsh' consequences of Palestinian UN bid...
Wobama:
‘GIVE ME A WIN, GIVE ME A BREAK, LOVE ME!'
Cherokee
Indians say they can kick blacks out of tribe… [ This should go without saying;
after all, while blacks may be u.s. citizens, they’re certainly not Cherokees …
let’s get real here – let the u.s. government retroactively honor their many
treaty obligations / violations to the
native inhabitants of this land from whom such lands were stolen! ] ...
Geithner:
Economy In 'An Early Stage' Of Crisis...
'Hoping
for sometime' to get fired...
Dem Rep:
Americans don't deserve to keep all of their money...
MOODY'S
downgrades 2 French banks...
International
alarm over euro zone crisis grows...
Europe's
banks staring into abyss...
PLO:
Palestinian state to be Jew-free [ Sounds like a Plan … for peace, peace of mind,
and prosperity! ] ...
BILLIONS
AND BILLIONS: GE to Buy Back Shares From Buffett...
Rumsfeld
cancels NYT subscrip over Truthful Krugman piece...
100
protesters burn American flag outside U.S. embassy in London...
Israel
facing 'diplomatic tsunami' with Arab neighbors...
Crisis
threatens Mideast ties...
US
pleas ignored as mob attacked...
Warning
of 'orderly default' on Greek debt...
KRUGMAN:
Bush, Giuliani 'fake heroes' who cashed in 'on horror'...
BUSH
[ Yeah! bush indeed knows all about this because he is evil and lacks courage!
]: 'One of the lessons of 9-11 is that evil is real, and so is courage'...
$447B
JOBS BILL: $421B FROM TAXPAYERS...
BILL
SHIFTS INCOME CUTOFF DOWN TO $200,000...
JUST
$40B COMES FROM OIL, GAS TAXES...
TAB
FOR CORP JET OWNERS: $3 BILLION...
Obama
to Tout Jobs Act at Donor's Company...
ITALY
TURNS TO CHINA FOR BAILOUT
Jordan
Abdullah: Israel situation more difficult than ever... [ Op-ed: israel doesn’t really want peace http://www.ynetnews.com/articles/0,7340,L-4118832,00.html ]
Russia
supports Palestinian statehood...
U.S.
BOOTS ON THE GROUND IN LIBYA...
NOONAN:
We'll Never Get Over It...
NYPD
launches Its Own Navy, 1,000-Man Army, Tanks...
'Dirty
Bomb' Fears...
NBCNEWS
TWITTER account hacked, published fake terror alert...
Egyptian
protesters pull down Israel embassy wall … [ Congratulations! Well Done! ] ...
STOCKS
SLAMMED...
Obama
jobs package fails to lift spirits...
Global
slide...
Berlusconi
says has 'no power' as Italy crisis bites...
Greek
PM to give speech amid hostility...
World
Enters 'Dangerous New Phase'...
'Collectively
suffering a crisis of confidence'...
FBI
raids Obama-backed solar company...
SOLYDRA
reps made 20 trips to WH before $500M award...
Fed
court tosses out 2 challenges to Obamacare...
Panel
of 3 dem-appointed judges, including 2 appointed by Obama...
Afghan
journalist killed by US soldier...
ANOTHER
$300 BILLION...
'It
might not create a single job'...
Makes
'whopper' claim about middle class tax cut...
CARNEY: 'I'm going to shuck and jive'...
TV
stations pick football over another Obama jobs speech… [ Indeed they should ..
wobama’s total b***s***! ] ...
ACLU
to sue over welfare drug testing… [ No constitutional issue here .. Reason?
Welfare isn’t a right! Moreover, such a law deters those who would fail such a
test from applying which therefore understates the prevalence of the abuse in
these difficult fiscal / economic / budgetary times ]...
California
Employment Level Sinks to Record Low ...
Iceland
says it was 'bullied' over bank debt...
46 People Shot In NYC Over Holiday Weekend...
Gunfire
erupts near Bloomberg in Brooklyn...
7
Killed in Chicagoland...
40%
of Europeans 'suffer mental illness'...
Gunman unloads inside IHOP...
9
shot, 3 killed...
2
dead were National Guardsmen in uniform...
NO
REAGAN, NO CLINTON...
Another
all-time low...
US
on wrong track say 75% -- of Californians!
Redford
disappointed: 'I'm beginning to wonder just where the man stands' … [ I believe
Robert Redford would be a very good and potentially great President! (nothing
to do with his position on the environment) ] ...
Stocks
Lose for Week as Recession Fears Grow...
Roubini:
We Are in 'Worse Situation' Than '08...
More
and more Americans call long-stay motels home...
USA:
$10 TRILLION IN DEBT…[ Far more than that is the reality ]...
Gov't
Battles Copper Thieves...
Miami
Proposes 'Task Force' To Combat Thefts...
FAKE
CITY WORKER ARRESTED STEALING IRON GRATES...
Power
lines in Indiana stripped....
China
state paper urges Internet rethink to gag foes...
Obama
Calls for Extension of Gas Tax...
Hits
all-time low approval among women...
SUMMER
BUMMER: Stocks Log Worst August in 10 Years...
Solar
company touted by Obama closing -- despite $535 million from feds...
1,100
'green jobs' gone...
POVERTY
IN PARADISE: Joblessness in some parts of Vegas exceeds 20%...
RANGE
DAYS: 3D head-mount like 'sitting in theater'...
August deadliest month for USA in Afghanistan… [ 66 u.s. soldiers
killed ]...
FINAL
'FINAL' BATTLE IN LIBYA...
REBELS
GIVE GADDAFI UNTIL SATURDAY TO SURRENDER...
ISRAEL MOVES
SHIPS; IRAN MOVES SHIPS
Russia,
China wisely, rationally resist U.N. Syria sanctions push...
Ron
Paul: Mobs In Europe A Sign Of Things Coming (already here)...
Euro
bailout in doubt as 'hysteria' hits Germany... ‘German Chancellor Angela Merkel no longer has enough
coalition votes in the Bundestag to secure backing for Europe's revamped rescue
machinery, threatening a consitutional crisis in Germany and a fresh eruption
of the euro debt saga…’
GALLUP:
OBAMA DISAPPROVE HITS ALL-TIME HIGH...
NY
economy takes huge hit...
ALARM:
CHRISTIE SAYS DAMAGES IN BILLIONS, 'IF NOT IN TENS OF BILLIONS'...
Mental
illness rise linked to 'climate change'...
Teen
girl paralyzed, 10 others wounded at 'Drama Free' party... ‘A Queens party advertised on Facebook
and Twitter as "Drama Free" turned into a
shooting gallery early Saturday. Eleven young people were shot, including a
teenage girl left paralyzed, when a gunman opened fire into the crowd. About
100 people were packed into the backyard of the single-family home on Inwood
St. in South Jamaica shortly before 1 a.m., when the shooter
sneaked up a back alleyway and opened fire into the yard through a chain link
fence…’ Read more: http://www.nydailynews.com/news/ny_crime/2011/08/28/2011-08-28_11_shot_at_drama_free_qns_party.html#ixzz1WOiqvmx3
China
jails Tibetan monk for 11 years...
Gaddafi
'seen in Zimbabwe on Mugabe's private jet'...
BUFFETT
BUYS BILLIONS IN BANK...
EARNS
$280M -- IN A DAY!
Obama
called Oracle of Omaha before big buy...
Buffett
to Host Fundraiser...
Fukushima radiation leaks 'equal 168 Hiroshimas'...
New home sales on pace for
worst year in history...
NATIONAL DEBT RISES BY $3
MILLION EACH
MINUTE...
Obama sets record:
$4,247,000,000,000 debt in just 945 days...
STEVE JOBS: iRESIGN
LETTER... [ More than just a ‘Silicon Valley legend’, Steve Jobs literally saved Apple
from extinction … I’m truly glad he saved Apple, my first computer (1986 -
apple IIc for word processing / data based records / forms / templates / data
which I interfaced with an electric typewriter for letter quality) and for that
all should be thankful. Apple is the Nasdaq (40% weighting) and quite more,
that now was! ]
YORK: Spending, not
entitlements, created huge deficit...
$500,000 federal stimulus
grant created 1.72 jobs...
GE cutting more jobs...
FLASHBACK: Moving X-ray
business to china...
Strong
East Coast quake highly unusual...
DETAILS...
Felt
from Toronto to Atlanta...
Epicenter
VA...
Felt
In Chicago...
Airports
Close...
CELLPHONES
OUT...
Nuke
Plant Shuts Down...
VIDEO:
Vacant White House Shakes...
VIDEO:
Obama Takes Quake Call on Links...
Stones
fall off National Cathedral...
WASHINGTON
MONUMENT 'TILTING'?...
HOMELAND
SECURITY'S QUAKE ADVICE: DON'T CALL...
5.8
MAG QUAKE ROCKS DC-NYC
SEE
YOU IN SEPTEMBER...
Buchanan:
The view from Martha's Vineyard... ‘As he and his daughters bicycle around the summer
playground of the Northeastern elite, Martha's Vineyard, President Obama is
steadily bleeding away both the support of the nation and that of his most
loyal constituency. Several times, his approval rating in Gallup's daily
tracking poll has sunk to 39 percent, with disapproval reaching 54 percent.
Support for his handling of the economy
has dipped to the mid-20s. Only 11 percent of Americans, says Gallup, are
satisfied with the way things are going. Unemployment
remains at 9 percent, as it has for two years. The Dow has lately lost 2,000 points,
or $3 trillion in wealth wiped out. All that money the Fed pumped out is now
being reflected not only in the price of gold, silver and Swiss francs, but in
rising consumer prices – inflation. One in five U.S. children is living in
poverty…’
SANTORUM:
'maxine waters is vile' [ she’s worse than that, and a total embarassment for
america and california particularly! ] ...
Maxine
Waters: 'The tea party can go straight to hell'...
Tea
Party fires back...
MORGAN
FREEMAN TELLS OBAMA TO 'GET PISSED OFF' [ sounds like a plan … nigger to nigger
… the nigger plan! ] ...
Philadelphia
extends curfew after flash mobs [ new u.s. Christmas carol – ‘america’s
beginning to look a lot like sub-saharan africa, everywhere you go’ . They are
beasts of burden at most who are a burden to most at best … you’ll never change the nigger who evolved
only to a point! Think about all those ‘make-work’ jobs for niggers that serve
no real economic purpose; ie., federal, state, local, uspostal service, etc..
And, they can’t even do those jobs reliably, efficiently. Niggers are a drag on
civilized society! ] ...
Black
congresswoman blames black unemployment on 'racism' (riiiiight! The race card …
how ‘bout reality) ...
'The real enemy is the Tea Party'...
6 shot at youth b'ball game (black violence in ‘the city that loves
brothers’ – Philly)...
'REGIME
COMING TO END'
Unit
protecting Gadhafi surrenders...
Libyan
Rebels 'Capture Son'...
'End
of regime in 10 days'...
'1,300
dead' in attack on Tripoli...
NATO
racing to wrap up...
UPDATES...
AL JAZEERA
LIVE...
NEXT: Syria warns against military intervention...
REVEALED:
Wall St Aristocracy Got $1.2 Trillion in Fed's SECRET Loans...
OBUMMER
SUMMER: DOW DOWN ANOTHER 400
JOBLESS
CLAIMS UP...
Inflation
rising fast...
Treasury
Yields Fall to Record Lows...
What
went wrong with global recovery?
Police
scramble to fight flash-mob mayhem...
TROOPS
IN AFGHANISTAN 'UNTIL 2024'...
GM
says bankruptcy excuses it from repairs...
GOV'T MOTORS stock hits new
low...
Dollar
Sets New Record Low Against Yen...
Putin
Calls USA 'Parasite'...
israeli
raid strains ties between Egypt and israel...
Ridley
Scott to direct new version of 'BLADE RUNNER'...
NASA
REPORT: Aliens may destroy humanity to protect other civilizations … [ Naah! Really
don’t have to .. confined to this solar system, by hand of God or man, we’re
only talking decades at most ] ...
APPROVE:
(now 39%) 42%
Return
of Mass Layoffs a Grim Sign...
MOODY'S
Cuts U.S. Growth Outlook...
WALMART
warns on US economy weakness...
BELOW
40%
WORST
WEAK
Putin
sets sights on Eurasian economic union...
Gorbachev:
I should have abandoned Communist party earlier...
'MAGICAL
MISERY BUS TOUR'...
'Greyhound
One'...
Armored
Buses Cost $2.2 Million...
BLACK CAUCUS ON OBAMA: 'WE'RE GETTING TIRED' [ Not as
tired of wobama’s b***s*** / excuses as the ‘White Caucus’ and any other Caucus
– but, don’t be taken in by their b***s***; they’ll ‘back the black’ every
time, regardless! ]
New low of 26% approve of Obama on economy...
Inflation
builds...
FOOD
PRICES RISING...
UNEMPLOYMENT
UP...
OBAMA
TO LAY OUT JOBS PLAN -- AFTER VACATION...
'Takes
More Vacations Than Any Human Being I've Ever Seen'...
Commiserates
with jobless, then off to the Vineyard...
Roaming
Pack of Thugs Attacks 64-Year-Old Man, Steals His Bible [ Yes, you guessed it!
The thugs … they’re niggers! ] ...
Obama:
I Reversed Recession Until 'Bad Luck' Hit...
OBAMA'S
GREEN PET GOES BANKRUPT...
Got
stimulus cash, promised 800 jobs...
Kansas
City mulls curfew after racial attacks...
Mayor
gets shoved to ground when gunfire erupts...
VIDEO...
Flash mob
robs DC-area 7-ELEVEN...
Boy
Stabs Girl At Philly Mayor ANTI-VIOLENCE Event...
Detroit
Police No Longer Responding To Automated Burglar Alarm Calls...
AP:
Ron Paul no longer 'fringe'...
'Shafted'
by media...
RON
PAUL WEEKEND WINNER IN AMES?
TEEN
UNEMPLOYMENT HITS 50% IN DC
CONSUMER
CONFIDENCE CRASHES...
Lowest
since Jimmy Carter...
APPEALS
COURT: OBAMACARE UNCONSTITUTIONAL...
Dem
Judge Rules Against Obama's Signature Achievement...
'Unbounded
assertion of congressional authority'...
Emergency
Decree: Italy Approves Tough Austerity Measures... Developing...
RIOTS
BREAK OUT AROUND GLOBE AMID ECONOMIC ANXIETY
Dollar
Tumbles on Fed Pledge; Swiss Franc Soars Most Since 1971...
Merkel
faces revolt over eurozone deal...
Philadelphia
Implements Strict Curfew To Combat Violent Mobs...
MAYOR
TO BLACK YOUTH: 'You have damaged your own race'...
OBAMA
APPROVE HITS NEW LOWS...
'There
is something wrong with our politics'[ Yeah! You, among many others! All those
false campaign promises, etc.! ] ...
6
YEAR OLDS CAUGHT WORKING ON FARMS...
Thirty-year
Treasury yields rise most since 1980s...
CHICAGOLAND:
State can no longer afford to bury dead poor...
Feds
Called In To Curb 'Wild West' Violence In E. St. Louis...
REPORTS:
Olympics ambassador is London rioter!
5 more US troops killed in Afghanistan...
SAVE
THE EURO: Sarkozy, Merkel in emergency meeting...
HYPERSONIC
PLANE LOST (What was the cost?) ...
REPORT:
ENTIRE US STEALTH FLEET GROUNDED...
OBAMA
CONSIDERS BECOMING NATIONAL LANDLORD...
Still
going on vaca...
Approval:
40%...
Highest
approval among Muslims...
WRONG
TRACK: 73%...
Obama
Marks Ramadan with Iftar dinner...
BANK
STOCKS PLUNGE...
MOODY's
warns states, local govts...
Treasury
sells 10-year notes at record low rate...
SONY
'CLASSIFIED' BIN LADEN MOVIE;
WHITE
HOUSE REJECTS FAVORS CLAIM
UK
locks down as nights of unrest spread...
Manchester riots on scale not
seen in 30 years...
Rioters
rob people on street, force them to strip naked...
DOW
-634...
CURSED:
S&P falls 6.66%
IT
TANKED AS HE TALKED...
BARACKALYPSE
NOW
CHINA:
Dollar to Be 'Discarded' by World...
Lectures
How 'Good Old Days' of Borrowing Have Ended...
NOW
BUFFETT DOWNGRADED!
Tel
Aviv stocks fall 7% after USA debt downgrade...
Nikkei
drops 2%...
Wall
St braces...
European
leaders scramble to calm investors...
S&P:
1 in 3 chance USA will fall ANOTHER notch!
Recession
without shock absorbers...
Gold
soars above $1,700...
PRE-MARKETS... DEVELOPING...
BLOODY
WEEKEND
USA
DOWNGRADED: FIRST CREDIT RATING CUT IN NATION'S HISTORY...
DETAILS
[.PDF FILE]...
DEMOCRATS
CALL FOR HIGHER TAXES...
CHINA:
'Good old days' of borrowing are over...
LONDON
BURNS...
...the
underclass lashes out
Violence
continues...
Rioting
spreads beyond capital...
DAY
3...
Riot
Hits London After Police Shooting...
...shops
looted
RAMPAGE...
Fears
of more...
DOWNGRADED!
DETAILS
[.PDF FILE]
FLASHBACK:
'No risk' USA will lose its top credit rating, says Treasury's Geithner … [
Well, we all know the powers of foresight possessed by ‘no-recession-helicopter
ben’ and tiny tim geithner ] ...
FOOD
STAMPS: Record 45.8 million dependent...
One
in seven Americans...
Postal
Service warns it could default…[ No surprise here .. the usps is totally
unreliable! ] ...
Post Office proposes cutting 120,000 jobs, pulling out of healthcare
plan …[ Let UPS take over the usps! ]...
Controversy
over White House 'Hip-Hop BBQ'...
'Mob'
beatings at WI state fair...
'Hundreds
of young black people beating white people'... [ Typical n*****s! Good thing there are food stamps;
otherwise they’d be reverting to their inherent proclivity for canabalism (send
them back to africa … even give them a lump sum for an irrevocable repatriation
incentive … a huge cost-saving beyond the first year with substantial salutary
effects for the nation, the economy, and the remaining civilized non-blacks).
The other major crimes they do anyway. It’s their nature. You’ll never change
the nigger … they evolved only to ‘a point’ and no further. ]
Fairgoers
'pulled out of cars'...
'They
were just going after white people'...
Heightened
security...
[ I refrained from using
the ‘n word’ (or even blacks / negroes) in referring to the culprits in the
following two incidents (those tender sensibilities) but I’m sure you’ve
guessed that they were niggers and I include same here in light of the
foregoing incident (and yes, the victims were white), which is typical. ‘..
while walking through Military Park (a sliver of a “park” - more a pedestrian
thoroughfare/cement walks) in newark, new jersey on the way to the bank during
lunch hour, I heard the clearly audible screams/cries of what turned out to be
an old lady on the ground with blood streaming from her mouth. I ran toward the
sound of the cries, the source of which I could not see because there were so
many people in and about this thoroughfare so as to block any vision of the
source of the cries. When I came to the woman, on the ground, blood streaming
from her mouth, I asked what happened, to which she responded she had been hit
in the mouth and knocked to the ground, her purse stolen/put inside her
shopping bag, and she pointed out the criminal casually now walking across the
main street. Nobody stopped to help her, many having passed her by. I slammed
the thug to the ground so hard that, in light of all the blood and confusion
(limbic system / adrenalin flow) I thought I had been stabbed (the blood was
from his elbows hitting the pavement so hard - no one helped / a crowd gathered
/ an undercover cop happened along). When I testified at the Grand Jury
Proceeding I made sure his threat on my life was set forth in prima facie
fashion so as to maximize the DA’s position with both felonies ( he went to
prison – pled out ). The other case I wrote about here ( This was included on
my website in the Psychology forum discussion of ‘bystander effect’ / diffusion
of responsibility. ) - Having had occasion to have run down a mugger in newark,
n.j. who apparently had followed a girl from the bank on her way to the bursar
to pay tuition, though in pretty good shape, I was astounded by how totally
exhausting such a pursuit was, how much like rubber my arms were when I traded
punches with the perpetrator, and truth be told, if I had a flashlight on my
belt, I have little doubt that I would have probably used it to subdue the perp
(a police officer here in California was the object of intense criticism for
having used a flashlight to subdue a criminal
/ nigger after a long chase so I included that here) . The girl was not
that seriously injured, did get her pocketbook and tuition back, and the
criminal / nigger went to jail (where they belong). The other thing about such
a pursuit that amazed me was that no one else assisted the girl or me despite
being in a position to do so. I was also mugged by 4 niggers and 2 hispanics in
an incident here in Los Angeles, CA. But, to be fair and balanced, the RICO
litigation involves those uncivilized who consider themselves ‘whites’ http://albertpeia.com/ricosummarytoFBIunderpenaltyofperjury.pdf
(predominantly but not exclusively jews / romans-italians / mobsters /
government slugs). ]
DOW
PLUMMETS 512...
OBAMA
HAS BBQ COOKOUT...
GAINS
FOR YEAR GONE...
'CORRECTION'...
PANIC
RIPS THROUGH GLOBAL MARKETS...
Intervention
fails to quell nerves...
'NOT
SINCE JIMMY CARTER'...
Military
money on chopping block...
Grim
economic news clouds Obama 50th...
Two-year
Treasury yield drops to record low...
RACE
TO CASH: Bank imposes fee on rapidly growing deposits...
DEM
RUNS FROM OBAMA...
Leaders
Issue Warning on Joblessness...
Woman
dies from heat after AC stolen...
San
Fran tourist mugged of money, clump of hair...
RENTER
STEALS AC, SELLS FOR GAS MONEY...
HUMAN
HAIR TRADE SURGES...
Bronze
Dog Statue Stolen From Humane Society...
Thieves
steal school's bleachers!
Mom
Arrested For Robbing Girl At Gunpoint -- For Bike...
10-Year-Old
Boys Held Up For Sneakers At Summer Camp...
MOODY'S:
'NEGATIVE'
Massive
rout spells trouble for Wall St...
Europe on
Brink of 'Major Financial Collapse'...
DOW
PULLS OFF A WIN! [ Based as usual on b***s*** alone! ]
Scary
Chart Pattern Suggests More Selling on Way...
Economy
struggles to find footing...
Obama,
Bernanke out of ammo to boost jobs, growth...
Gold
at $2,000 by year-end...
MORNING AFTER: BORROWING TOPS 100% OF GDP
European
leaders feel the strain...
Berlusconi
fails to stem rising panic...
'The
coming crises of governments'...
Silent
bank run hits Greece...
...exodus
Italy
under fire...
Pain
in Spain...
Woes
Get Messier...
DEBT DEAL BACKLASH:
LIMBAUGH:
A Total Waste of Time and Effort...
SAVAGE:
America has been 'hoodwinked'...
DAILY
SHOW: Where are the Tax INCREASES?
FT:
Obama's image takes beating...
Ron
Paul Sounds Alarm on 'Disturbing' Super Congress...
DER
SPIEGEL: 'Civil War Atmosphere' in Washington...
Dollar
falls to all-time low against Swiss franc...
PUTIN:
USA 'parasite' on global economy...
[Unfortunately, this is very true. More unfortunately is the fact that most
worldwide don’t realize that fact! I mean, think about it: pervasively corrupt,
defacto bankrupt america’s cancerous
perma wars, over-printed debased ‘Weimar’ paper ‘reserve’ currency, huge
frauds in securities and otherwise, etc..
]
House
approves debt deal -- day before deadline!
Borrowing
to surge after cap raised...
May
not save AAA rating...
BIDEN
[‘Lobotomy Joe’]CALLS TEA PARTY 'TERRORISTS'[ Riiiiight, ‘Lobotomy
Joe’; anything you say joe, now calm down… ]
Manufacturing
drops to lowest level in two years...
'Double
Dip Here'...
RI
Town Files for Bankruptcy...
Dog
Airlifted Out of National Forest After Growing Too Tired to Finish Hike...
[ Just another dog day afternoon in pervasively corrupt, defacto bankrupt
america. ]
SURVEY:
Internet Explorer users have lower IQs...
Obama Threatens Another Veto...
Just
hours after urging compromise...
Carney
Admits Obama Has No Plan...
BALL
IN YOUR COURT, HARRY[, aka Mr. Milktoast, aka Majority Leader of Harry’s Wh*r*
House]!
SWEAT
CEILING: House approves debt bill...
NO!
22 REPUBLICANS BUCKED BOEHNER...
DC
racing against clock...
HARRY
BELAFONTE: Obama 'has failed'...
NOONAN:
'HE IS A LOSER'...
GALLUP:
40% APPROVAL...
Obama
takes debt battle to TWITTER, loses more than 33,000 followers...
NYT
reporter advises WH staff?
Illegal
Aliens Head South to Mexico in Search of 'American Dream'...
4.9%
unemployment in Mexico vs. 9.4% in US...
Black
Middle Class Eroding As Unemployment Rate Soars...
CHAOS...
CLOCK
TICKING... NO
PANIC...
THE
VOTE: 'TEA PARTY' IN CHARGE!
Boehner
Delays Vote on Debt...
Limbaugh:
We've Been Played...
GALLUP:
Obama Rates Higher Than Boehner, Reid on Debt Situation!
Ron
Paul: 'Default Is Coming'...
Treasury
Contingency Plan on Debt Gives Priority to Bondholders...
Carney: If
We Have No Other Alternative We Will 'Take Action'...
Obama
faces legal bind if time runs out...
PELOSI:
'We're Trying to Save Life on Planet as We Know it'… [ Riiiiight! Keep feeding
those perma wars despite bankruptcy of this nation … Is life as she knows it on
this planet really death? … Why does ‘doo,doo,doo,doo’ to the tune of Twilight
Zone Theme come to mind when hearing her total b***s***?…Oh, riiiiight! She’s
caught wobamanoid fever ] ...
6
days from 'default', both sides scrambling...
FURY
OVER STALEMATE BOILS OVER...
House Dem leader urges Obama to raise debt ceiling without Congressional
approval...
SHOCK
POLL: 46% Think Most in Congress Corrupt...
WASHPOST/ABC:
Blacks, liberals flee in droves...
SANDERS:
Obama should face primary challenger...
The
Immelt Way: WH Advisor on Jobs Moving GE X-Ray Business to China...
OBAMA SECRETLY SIGNALS BANKS: 'NO DEFAULT'...
WH
to FOXNEWS: 'Tell your viewers there's nothing to worry about'...
BORGER:
'Nobody today is talking about tax increases -- except Barack Obama'...
TWT:
Liberals hijacking Reagan to raise taxes...
PANIC:
WH'S PFEIFFER SAYS DEFAULT COULD LEAD TO 'DEPRESSION'...
CA
seeks bridge loan to pay bills...
Guv
OKs financial aid for illegal aliens...
Brazilian
currency at highest level since '99...
USA
Can Avoid Default 'at Least Until September'...
Obama
still pushing for tax hikes...
Endorses
New Plan with 'Sham' Savings...
'Cuts'
include money not spent in Afghanistan over next 10 years...
BOEHNER:
Plan 'full of gimmicks'...
'DOING
THINGS ON MY OWN VERY TEMPTING' [Why would anyone believe or follow
anything ‘wobama the b’ (for b***s***) says when his actions belying his words have
led to this disaster? Hasn’t he ‘done things on his own’ and contrary to
campaign promises leading to this debacle? Indeed, he cannot be trusted! ]
Widest wealth gap between whites, minorities on record … [and
they’re thanking ‘wobama the b’ (for b***s***)] ...
DEPENDANT STATES OF AMERICA: Geithner Warns: 'We Write 80 Million
Checks a Month'...
BOEHNER TO OBAMA: 'CONGRESS WRITES THE LAWS, YOU DECIDE WHAT YOU
WANT TO SIGN'...
...President
'worried about his next election'
...Putin
considering Kremlin return
Pelosi
splits, heads to fundraiser...
CNN:
OBAMA LOSING LIBERALS...
Farm
thieves target grapes, avocados -- even bees...
Thieves
target ambulances...
Thieves
Steal 100 Storm Drain Covers In Sacramento...
RASMUSSEN
SHOCK POLL: Obama 41% Ron Paul 37%...
DEBT
DEAL DEAD...
BOEHNER
WALKS...
Terrorism
shatters peace in home of Nobel prize...
NYT:
'Helpers of Global Jihad' claim...
Fake
cop opens fire at youth camp...
'Tall,
blond, of Nordic looks'...
REUTERS
UPDATE...
BBC
LIVE...
Obama,
Boehner discuss new debt plan... Developing...
PRESSURE:
S&P renews warning...
SCORCH:
HIGH TEMPS TO LAST WEEKS...
Now
covers 1 million sq miles...
NEW
YORKERS WARNED TO EXPECT ROLLING OUTAGES...
Rolling
Blackouts Begin In Detroit...
Fears
mount about 'Big Brother' database in Massachusetts...
Florida
made $63M selling names, addresses, dates of birth...
Latin
America Lectures US over Debt Crisis...
US
talks get 'messy'...
Obama
now open to short-term deal...
Euro
meltdown: Sarkozy jets into Berlin for crisis talks with Merkel...
24
HOURS TO 'SAVE GREECE'...
Ron
Paul: 'We Will Default, Debt Is Unsustainable'...
DEAL:
SENATE HUDDLES TO HIKE TAXES...
Obama
praises...
RESTATES
THREAT TO VETO SPENDING CUTS...
LIBS
EYE DEEP CUTS TO NATIONAL DEFENSE...
Cash-Strapped Connecticut Fire Sale, To Axe 365-Year-Old Ferry, Nation's Oldest...
OBAMA MAKES JOKE; NO ONE LAUGHS...
Gold
Has Longest Run of Gains Since 1980...
Gas
prices on the rise; top $4 in eight states...
Cash-Strapped
SF To Shutter Courtrooms; Lay Off 200 Court Workers (and yet another feinstein?
From direct experience with the superior courts of california, no loss here,
and eliminating them entirely not a bad idea in light of their costly
corruption as in the federal system! )...
DEM
FLASHES RACE CARD IN DEBT DEBATE...[ Oh come on! This jive-talking,
failed ‘president’ has been indulged in every way imaginable and possible (all
those false campaign promises that got him elected, etc.). He may not have been
the first (clinton has been said even by blacks to have been the first ‘black
president’), but he most assuredly is the last black president, fitting every
negative stereotype imaginable including racist hypocrisy. UPDATE:
MORE CLAIMS OF RACE BIAS AT JUSTICE... ‘ignore cases that involve black
defendants and white victims ' Cases
against Wall Street lag despite Holder’s vows to target financial fraud WP
Obama has promised to hold Wall Street accountable for the meltdown. America
Is a Failed State Because It Won’t Prosecute Financial Crime Washington’s Blog Roche 'The worst part of it ...Obama, who vowed change, has done almost
nothing to fix any of it and in fact continues most of the policies that helped
get us here in the first place’ ‘INSIDE
JOB’ Ferguson wins Oscar for Documentary on the unprosecuted massive extant
fraud in the (many) TRILLIONS by the frauds on wall street ( and declares with
oscar in hand that not one high level wall street exec has been prosecuted …
despite ‘earning’ billions from the fraud )THE OBAMA DECEPTION’ http://albertpeia.com/obamadeceptionhighqualityversion.flv
'Only
THIS president has received the kind attacks and disagreements'...
BOEHNER:
HE HAS NO PLAN...
[ It’s true; ‘wobama the b’ (for b***s***) has no plan whatsoever. Ask Mr.
Teleprompter. ]
KRAUTHAMMER:
CALL THE BLUFF!
Feds
Issue Warning After 4 Mailboxes Lifted From Post Offices...
O'DRAMA...
'ENOUGH
IS ENOUGH'...
WALKS
OUT OF WHITE HOUSE MEETING...
'DON'T
CALL MY BLUFF'...
REID
CALLS CANTOR NAMES...
CAMP
DAVID SUMMIT?
BOEHNER:
NO NEED...
MCCONNELL:
GOP won't be 'tax collectors for Obama economy'...
Hometown
congressman tells Obama to 'quit lying'...
PELOSI:
'Almost too busy' to continue debt talks...
GEITHNER:
Out of time...
Cash-Strapped
NYC Fines Man $2,000 -- For Not Watering Beehive?
STUDY:
Black men survive longer in prison than out...
Man
falls into Maui blow hole, disappears...
PRESSURE: MOODY'S PUTS USA ON DOWNGRADE WATCH
Boehner
Rails on Obama: 'Like dealing with Jell-O'...
WH
Cracks Down on Press: No Yelling at Obama Today...
President
'chafes' at unscripted questions...
BERNANKE
BARKS BACK AT PAUL...
Fed May
Launch New Round of Stimulus...
DOLLAR
TUMBLES...
Putin
calls Feds 'hooligans'...
Gold
hits new high...
DEBT
TALKS BREAK DOWN...
McConnell:
Deal Not Possible With Obama … [ I think this shoe fits wobama ...
African-American unemployment at 16% ... (But there’s rationality in this stat
as people avoid their disgustingly uncivilized noisy rap ‘boomboxes’. Then there’s
the attitude. I truly believe from direct experience that even when their
outright aggression, assaults on persons and the senses, and otherwise
obnoxious behavior is not apposite, the personality disorder ‘passive /
aggressive’ is applicable, however indirectly expressed.) ] ...
'Backup
plan'...
OBAMA
THREATENS TO HOLD UP SOCIAL SECURITY CHECKS
RUBIO:
Every Aspect of Life in America is Worse Since Obama Took Over...
GE
Immelt lectures biz owners: 'Stop complaining about government'...
FLASHBACK:
(GE )Company Paid NO TAXES Last Year...
OBAMA:
LET'S STAY IN IRAQ...
FLASHBACK:
'I intend to remove all U.S. troops from Iraq by the end of 2011'...
KARZAI'S
BROTHER ASSASSINATED IN KANDAHAR...
Gunned
down in home by bodyguard...
'Huge
boost for Taliban'...
Obama
'far apart' from Republicans on debt deal...
Boehner:
Debt Deal Not Imminent...
TORMENT
@ 9.2%
State
and local governments bleeding jobs...
Top
Obama adviser says unemployment won't be key in '12 … (riiiiight!…talk about
wishful thinking and self-delusion)...
BUCHANAN:
DC Establishment 'in Panic'...
S&P
WARNS GREECE OF DEFAULT -- EVEN WITH BAILOUT!
'Impossible
knot'...
SANTELLI:
'The answer is easy: Spend less!'
Italy's
borrowing costs soar...
Berlusconi appeals for national unity and 'sacrifices'...
New
Fears on Italy Jolt Europe...
Soros:
Europeans now need 'plan B'...
Mob
Of Teenage Girls Attacks Minneapolis Mom, 4-Year-Old Daughter...
Air
Conditioner Thieves Hit 7 Churches In Texas...
THEY'RE
HERE! [ Uh! That ‘nausea’ factor; though not nearly of the magnitude
of america’s unctuous duo, ‘wobama the b’ (for b***s***) and michelle his belle
(see infra). After all, the cloyingly cutesy couple from across the pond is
hardly in a position to do damage as are the wobamas. Yet, one must ask: just
what exactly are they? Mascots? Non-emmissary emissaries? Indeed, in this
economy it’s quite embarrassing for members of the so-called commonwealth,
struggling economically and otherwise, england/uk being no exception (royals
wealth’ is ultimately the product of common expense) to be celebrating
celebrity for the sake of nothing more than celebrity. Worse is the pathetic
display here in the defacto bankrupt disunited states (uk not much better and
in many ways worse) relative to their former colonial masters. Then there was
that ostentatious marriage display so well publicized even as the uk’s (eu,
u.s. et als) ‘rank and file’ are sacrificing and the respective nation states
crumbling. Even so-called celebrities here shun such meaningless displays of
themselves and at least serve a cinematic (art form) purpose. Truth be told, I
bear them no ill will; but, I bear them no good will either. After all, quite
simply, they are but a meaningless, extravagantly costly welfare couple that
are simply irrelevant. How pathetic and embarrassing for their fans, followers,
onlookers and their liege. And, though I’m biased (I think Grace Kelly to have
been the most exquisite of creatures to have graced this earth – Alfred
Hitchcock with an eye for such things thought so too and said as much), clearly
Prince Albert of Monaco and his bride’s wedding was tastefully and not
cloyingly about right. Now that’s real royalty via Grace Kelly; with a purpose;
the management / leadership of a prime travel / gambling / entertainment /
resort destination; viz., Monaco. ]
BOEHNER:
Taxes 'off table'...
Debt Talks Turn to Social Security Cuts...
CHARGE:
Bypassing Congress to raise debt would be 'impeachable'...
LONDON
BRIDGES FALLING DOWN:
Coulson 'to be arrested tomorrow'...
Gov't
decision on SKY takeover 'delayed'...
UPDATE:
China warns U.S. officials not to meet Dalai Lama...
CHICAGOLAND:
THIEVES STEAL ENTIRE A/C UNITS FROM HOUSES
UPDATE:
Teen Dead After Beach Brawl...
Wisc
beating victim: 'They just said "Oh, white girl bleeds a lot"'...
US
Lawmakers Accuse DOJ of Cover-up in Botched Gun-Running Op...
CA Prison Shrink Paid $838,706 Last Year...
CA
companies flee state...
No
recession for 454 White House aides: They'll make $37,121,463 this year...
United
States of 'gloom'...
Iran
Ridicules: America is Not Independent...
SHOCK:
Father with HIV raped 6-month-old son...
MEDIA
BLOWS IT, AGAIN...
NANCY
GRACE LEFT SPUTTERING: 'SOMEWHERE OUT THERE, THE DEVIL IS DANCING TONIGHT'...
Attorney:
Case Was 'Media Assassination'...
'Now
you have learned a lesson'...
CBS
host breaks down...
'TOT
MOM' CLEARED BY COURT...
JURY: NO MURDER!
Only
guilty of lying to cops...
Portugal's
Debt Downgraded to Junk...
CHINA:
USA 'ALREADY DEFAULTING'...
DOLLAR
TO 'LOSE RESERVE STATUS'
Economy
Expected to Have Major Slide in Months Ahead...
NEW
IMF CHIEF FROM CHICAGOLAND...
MARK
HALPERIN CALLS OBAMA 'A DICK' ON LIVE TV...
POLL:
Obama 42%, any
Republican 46%...
Campaign
signals fundraising fail...
UPDATE:
Minnesota Government Shuts Down...
Washington
state closes tourism office...
Florida
state workers get pink slips, more cuts ahead...
FEDS
STRIKE DOWN STATE'S BAN ON RACE CONSIDERATION IN COLLEGE ADMISSIONS...
SoCal
Looks to Secede from California...
REPORT:
U.S. Air Force, Navy still flying hundreds of missions over Libya...(FLASHBACK: Obama: U.S. Involvement
Would Last 'Days, Not Weeks'... OBAMA FIGHTS FOR HIS RIGHT TO BOMB LIBYA...)
GETTING
NERVOUS
NEWT:
Obama 'most successful food stamp president in American history'...
Palin:
Hollywood stars as 'full of hate'... ["What would make someone be so full of
hate?" palin asks … answer: resistance to someone as dumb and full of
war-mongering hate as she is! ]
REPORT:
NATO forces ARE
trying to assassinate Qaddafi...
Los Alamos under siege from wildfire...
'Throwing absolutely everything at this that we got'...
BLAGO
LIKELY HEADED TO PRISON...
'What
happened?'
But
he gets to keep his hair...
Fitz
finally wins one!
GUILTY
IN CHICAGOLAND...
17
of 20 counts...
Tried
To Sell Obama's senate seat...
Jury
DEADLOCKED on Rahm shakedown...
Blago
to lawyer: 'What happened?'
'Stunned'...
JOBLESS
WEAK: 429,000...
...disappointed
Economic
trouble puzzles Fed chief...
FARRAKHAN:
'THAT'S A MURDERER IN THE WHITE HOUSE'...
THE
NEW 'NORMAL'
GALLUP
PLUNGE...
Approval
-4, disapproval +5 -- in one day!
DOWN TO THIRD:
USA 'TO FALL BEHIND INDIA' IN TRADE...
DEM
FIX: MORE SPENDING!
Bernanke
speaks, stocks sink...
FORBES:
'Admits he's clueless'...
CBO:
Long-Term Debt Picture Worsens...
Would
reach 101% of GDP by 2021...
STUDY:
State, local gov'ts must raise taxes $1,400 a year for
30 years to fund pensions...
Millionaires
shrug off downturn; Wealthy richer than before crisis...
Zuckerman:
'We now have more idle men, women than at any time since Great Depression'...
SHOCK
POLL: ONLY 3 in 10 WILL VOTE FOR OBAMA...
66%
say US headed in 'wrong direction'...
Greece
Agrees on New Austerity Plan With EU, IMF...
ANGER
IN ATHENS...
'BLACK
HOLE'...
DEBT
TALKS BREAKDOWN; TAX BUST
S&P:
Risk of U.S. credit rating downgrade increased...
Chicago
county faces $108 billion
gap in pensions....
Greek
Streets 'Explosive'...
PM wins
confidence vote 'but outlook remains dire'...
Huntsman
announces presidential bid at Statue of Liberty...
Harry
Reid endorses...
Bachmann
surges to primary lead...
Iraq
hunting $17 billion missing after U.S. invasion...
NATO
NIGHTMARE: 9 CIVILIANS KILLED [NATO strike kills 15 Libyan civilians]
Census:
Whites lose majority among babies...
German
Giant Says US Workers Lack Skills...
PAPER:
AMERICA'S LOST DECADE?
States
look to Internet taxes to close budget gaps...
SPANIARDS
ON MARCH OVER BLEAK PROSPECTS...
House will move this week to limit funding for effort in Libya...
'DON'T
BE SURPRISED IF ATHENS GOES UP IN FLAMES'...
GREEK
PM PLEADS FOR UNITY!
...warns
against default
Threat
to downgrade Italian debt raises contagion fears...
Princess
Diana Conspiracy Movie Headed to Theaters... [ Uh, oh! Time to gear
up the already harsh ‘censors’ in england.
]
Bachmann:
Obama 'has failed' blacks, Hispanics... [ Come on! ‘Wobama the b’
(for b***s*** has failed everyone. ]
Presidential
no-show miffs Hispanics...
African-American
unemployment at 16%... [ But there’s rationality in this stat as
people avoid their disgustingly uncivilized noisy rap ‘boomboxes’. Then there’s
the attitude. I truly believe from direct experience that even when their
outright aggression, assaults on persons and the senses, and otherwise
obnoxious behavior is not apposite, the personality disorder ‘passive /
aggressive’ is applicable, however indirectly expressed. ]
SHE'S
OFF! (on the road again) Michelle Obama embarks on Africa visit … (stay there!)
...
Michelle Obama Admits: 'Fortunately, We Have Help From The Media'...
CHICAGOLAND:
Rahm's Top Cop Blames Gangs, Crime on 'Gov't-Sponsored Racism'...
Likens
federal gun laws to 'racism'...
Teen
Mob Of 50 Hits Chicago WALGREENS...
Teen
brutally beaten by mob of blacks; cops
mull 'lynching' charge...
Princess
Diana Conspiracy Movie Headed to Theaters... [ British
queen arrives in Ireland Queen Elizabeth II’s visit overshadowed by
security scares. (Washington Post) [ ‘How sweet she is’ … that ‘sweet liz’ …
that is … Diana
film causes stir at Cannes
“Unlawful Killing” has a combination of celebrity, controversy and canny
hype-mongering. (Washington Post) [
Let’s not kid ourselves … and, Dodi Fayed’s father was no dope and knew the
score. Indeed, it’s not coincidental that William’s the over-riding favorite of
granny Liz II; after all, Harry’s the bastard son of Hewitt (don’t buy into
their DNA proffer which they did buy – you know, that ‘bloodline thing’).
Moreover, it was reported that Diana had another ‘potential challenger in the
oven’ at the time of her death and we all know how dicey such english affairs
of state can be (ie., Henry VIII, Richard III, etc.). Then there’s the contempt
of Diana for having brought the son of her bosom, Chas, down. Do I think she
said flat out ‘kill Diana’. No … more of a ‘do what’s necessary’ to mi6 et als.
Ultimately, William will require some substantial therapy to sort out this
looming conflict. After all, Diana was his mother. Drudgereport: British
woman decapitated in grocery store; killer flees with head... Cannes:
Diana doc slams UK royals as 'gangsters'... ]
Drudgereport: Protesters
burn American flag during Obama visit to Puerto Rico -- a
U.S. territory... [ I find even his retirement costs
objectionable. Obama: My
family is ‘fine’ with one term Politico | President Barack
Obama says his family is “not invested” in a second term. The unctuous
pandering by the wobamas is nauseating. And, michele’s fundraisers? What’s up
with that? Wobama’s
such a glomming golem / slug. Obama
says if he were Weiner, he’d resign
President Obama on Monday waded into the debate over whether embattled
Rep. Anthony Weiner should step down, saying, “If it was me, I would resign..Barack Obama: The
Naked Emperor Shocking but true revelations from David Icke| ..Obama is
just more of the same, a big smile with strings attached, and controlled
completely by those that chose him, trained him, sold him and provided his
record funding, kept his many skeletons under wraps, like the gay sex and crack
cocaine .. Larry Sinclair (from affidavit: 1. Who is Ron Allen that claims to
be with your Presidential camp, who is alleged to claim that someone claiming
to represent me called asking for $100,000, to keep me from coming forward
about our (Obama and I) November 1999 encounter of sex and cocaine use?), ...
Obama is just another Banksters' moll prostituting himself .., and that's why
he supported the grotesque bail-out of the banking system and why he will
always put their interests before the people. ] http://albertpeia.com/obamadeceptionhighqualityversion.flv