8-22-11 POSTS
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 fomer communist Chinese ambassador and that strategic ‘engagement’ thing. Wake up … smell the b***s***, not
roses! ] And is there no turning back? For some in manufacturing, the answer to
that may be a resounding “yes”. To others, China growth means they are hiring
at home to support demand overseas.
“American fear of China is reasonable, but they should
also look at China with equal parts enthusiasm,” says Larry
Harding, president of High Street Partners, a consulting firm working with
multinational companies. “China has created enormous demand for U.S. companies
to build up support services for that market and overall you see fantastic
profits of U.S. companies because of China. We didn’t even exist six years
ago and now we are a firm with 105 employees and hiring,” Harding says.
Whether it’s a smallAmericaus,
Ga chopsticks maker or Johnson & Johnson surgical equipment makers
exporting from Raynham, Mass., on balance, China is a job eater.
Even as the
U.S. economy slowed into the second quarter, growing under 2%, the trade deficit
with China grew to $26.6 billion in June, the highest monthly trade deficit
with China registered this year. And this during a slowdown of both economies.
Year-to-date, the U.S. trade deficit with China is $133.4 billion. The more
America buys from China, the less it is buying from similar goods manufacturers
in the U.S.
“Is China displacing U.S. jobs?” asks Scott Paul,
executive director at the Alliance for American Manufacturers, a trade lobby. “No question about it. A
lot the job losses have come from innovative states like Massachusetts, North
Carolina, Texas and California, where they do all the innovating, but China
does all the manufacturing for them. The problem with that model is that
manufacturing and production is where the middle class jobs are. China has had
a huge impact on the U.S. economy,” Paul says.
The
Economic Policy Institute (EPI) in Washington estimates that at least 2.4
million manufacturing jobs were lost between 2001 and 2008 because of China taking
over the production of manufactured goods. That number represent 66.9% of all
jobs displaced in that seven year period. Durable goods manufacturing jobs
displaced during that time account for most of the manufacturing job losses,
and for 47.1% of all the total jobs displaced due to trade with China.
Using data
from the Bureau of Labor Statistics, EPI estimates that California lost 369,500
jobs in just two years, between 2005 and 2007, due to the trade deficit. Texas
came in second with 193,200 jobs lost in just two years.
Between 1979
to around 1997, U.S. manufacturing job levels were stable. Declines were in
line with general unemployment, says EPI economist Robert Scott. After 1997,
the absolute numbers of manufacturing jobs collapsed due to cheap competition
from Chinese labor that flooded the U.S. with “Made in China” imports. It didn’t matter in Washington,
because the policy was for the U.S. to be the center of innovation and finance,
where there are higher salaries, but also lower demand for less skilled
workers. It also puts pressure on some states that are not known, or equipped
as innovative centers with a highly educated workforce.
Scott
estimates that around six million jobs were lost between 1997 and the first
quarter of 2011, making that job erosion a slow moving train wreck compared to
the officially estimated 9 million jobs lost during the 2008 credit crisis. In
other words, long term, China has been eating away at U.S. middle class jobs
and most have not been replaced, according to EPI.
“Manufacturing has come back maybe one to two percent
since the trough in the business cycle,” Scott says, though that doesn’t make him optimistic.
That’s
because “China’s cheap capital costs
keeps prices incredibly low in the U.S. That has come at the expense of the
U.S. labor market,” he says.
America’s job market implosion in
2008 was not because of China. It was because of the crash of the housing
market, and subsequent freezing of U.S. lending. In fact, the cry on Main
Street is that Wall Street gave us 9% unemployment rate, not Beijing. Then
again, China comes in a close second.
The U.S. needs
to convene a multilateral meeting to address global imbalances and in
particular Chinese mercantilism, says Scott Paul in an Aug. 15 op-ed
posted on The Hill.com. “If China doesn’t agree to participate, designate it a currency
manipulator. China ships fully one-third of its exports to the U.S. and finances
less than 10% of our public debt, so we have more leverage than some might
suggest,”
he says.
China holds
around $1.2 trillion in U.S. Treasury bonds, far above what U.S. companies have
invested in China FDI. Then again, it’s hard to make a case that portfolio investment in
U.S. government bonds is a job generator. Yet, China is actually investing in
job creating enterprises in the U.S., either through greenfield projects, or
through mergers and acquisitions with U.S. companies.
According to
the Rhodium Group in New York,
Chinese direct investment is on the rise. In 2005, Chinese direct investment
into U.S. businesses totaled 19 deals worth $1.2 billion. But as the economy
got richer, Chinese government enterprises and the private sector increased its
purchase of U.S. assets. So by 2010, Chinese companies closed 63 deals worth
$5.4 billion, including in sectors that rely heavily on manufacturing and
production. In the first quarter of 2011, Chinese companies closed 11 deals
worth $758 million, including information technology, industrial machinery and
clean technology.
When comparing
the two countries’ corporate investments in one another, the key is to
look at individual deal volume, not dollar value. It is around six times
cheaper for the U.S. to invest in China than it is for China to invest in the
U.S. The Chinese currency, the renmimbi, is worth around 6.3 RMB to the dollar.
So according to the U.S. China
Business Council, U.S. companies invested in a massive 1,772 deals in 2008.
China invested in 35 deals in the U.S. in 2008.
It is just as
easy to find an anti-China business leader as it is to find a pro-China one.
Bill Doyle, CEO of Vystar Corp., a small, liquid latext producer in Georgia,
says he is hiring because of China.
“My expansion is here. My salaried employees are here
and I need to double my staff because of China demand,” Doyle says. He is a
small enterprise with just five employees. But 96% of Georgia employers are
small businesses with 25 staffers or less. Everyone knows that small business
drives American employment.
China has a
lot of downsides, but it is not without its upsides. This week, vice president
Joe Biden told Chinese business leaders to keep investing in the U.S. In simple
terms, the more jobs China can invest in here, the more tax revenue the U.S.
can collect to pay bondholders like the Chinese government.
“We are the number one destination for foreign direct
investment and China is investing more and more in the U.S.,” says Daniel Gross, a
columnist at Yahoo! Finance. “We want China to get richer so they can invest in the
U.S. and keep jobs here. As that trend continues, it’s not going to be a
one-way street where our money goes to China, and their money goes to the US
Treasury. China is good for a lot of companies and a lot of industries. The
fact that China keeps buying soybeans is good for the Midwest, for example,” he says.
That’s fine, but the Alliance
for American Manufacturing wants China to buy Johnson & Johnson medical
devices, too, and other manufactured, labor intensive widgets rather than
export them to the U.S.
China might
not be a killer virus for the U.S. job market. U.S. companies are going where
the growth is. And that growth remains there, and not here. At least for now…’
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'...
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.
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)
|
Rank |
|
||
|
# 1 |
11,877,218 |
|
|
|
# 2 |
6,523,706 |
|
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# 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
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 [ 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
8-22-11 NEWS / TOPICS
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 (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 So what’s
changed of significance (other than previous full moon and consequent effects
on the lunatic wall street frauds) Nothing! 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! Regulators close 64th U.S. bank this year , U.S. consumer sentiment grim but retail sales jump with gasoline prices
up , [$$] 'Junk'
Bonds Point to Recession , Stock Market Parallels to 2000 and 2008 Should Not Be Ignored , How Low Will
Stocks Go? ‘ 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.’ 50%
unemployment & 90% Dow crash also predicted. Newsmax Tech up? Is this some kind of a joke? Absolute
confirmation of dire prospects worldwide since american tech is
horrendous. (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). 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’.] Russell Napier is
the author of the book “Anatomy of the Bear”, a professor at the Edinburgh Business School and a
consultant to CLSA Ltd. which is one of the top research houses in Asia. Napier’s research indicates (and I paraphrase) that:
The S&P 500 will Decline to 400 by 2014 (the Dow 30 to 3800) The S&P
500 will then undergo a major crash that will see U.S. equity prices bottom at
almost 50% below current levels (i.e. to 400 or less; the Dow 30 to 3800 or
less) sometime around 2014 as Tobin’s “q” drops to 0.3 signaling the end of the bear market, as it
has done at the end of the four largest U.S. market declines in 1921, 1932,
1949 and 1982. U.S. Treasury Sales Collapse Leading to End of U.S. Dollar as
Reserve Currency Robert R. Prechter Jr. is author of a number of newsletters
and books including “Elliott Wave
Principle” (1978) in which he
predicted the super bull market of the 1980s; “At the Crest of the Tidal Wave – A Forecast of the Great Bear Market” (1995) in which he predicted a slow motion
economic earthquake, brought about by a great asset mania, that would register
11 on the financial Richter scale causing a collapse of historic proportions;
and “Conquer the Crash:
You can Survive and Prosper in a Deflationary Depression” (2002) in which he described the economic
cataclysm that we are just beginning to experience and advised how to position
one’s self financially
during that period of time. 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. Watch for
fake gov’t
data / reports owing to political desperation!
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.’ ] Tuesday, Aug.9,2011: 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! [ 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! 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. 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‘ previous‘…1) Job cuts. 2 ) ISM service-sector report. Monday’s ISM
manufacturing report contributed to market losses on Monday, but
today’s
report, though equally negative, didn’t quite have the same effect as markets began to
level out this afternoon. The ISM
service-sector index declined to 52.7% in July. The U.S. service
sector accounts for three-fourths of all economic activity, and employs four
out of every five U.S. workers , so a 0.5% decline speaks volumes about the
state of economic recovery…’ Factory
orders for June fell by 0.8% (just because they say the bad news isn’t as bad
as expected does not make such bad news ‘rally material’. Indeed,
the huge ralleys based on now revised downward data never seem to retrace that
fake data induced stock surge based thereon. Service sector growth slowest since 2010 Moody's sets negative outlook on BNY, JPMorgan S&P ends string of losses on tech rebound Tech rebound? Is this some kind of a joke? Tech
up today? Absolute confirmation of dire prospects worldwide since american tech
is horrendous. Yet, sizzling ‘child’s play’ is the order of the day and credit still must be
given to those [ie., Steve Jobs-I’m truly glad he saved Apple, my first computer (apple
IIc for word processing / data based records / forms / templates / data which I
interfaced with an electric typewriter for letter quality)] who could (as he)
identify such novelties as the biggest over-priced / over-valued sensations
since the hoola hoop (hoopla hoops - which were pretty cheap and with some
minor health benefits to boot).Take this run-up as a gift based on fraudulent
wall street b***s*** alone and take this opportunity to sell / take profits / ‘sell today if you missed in may
and then go away’!
Nothing has been solved; maybe forestalled. Rout spells trouble for Wall Street / Moody's
confirms U.S. rating at Aaa, outlook negative / Chinese rating agency cuts U.S. debt again / Minyanville's
T3 Daily Recap: Signed Debt Deal No Cure for Sickly Market / US
auto industry uneasy after weak July sales / Fitch
Unimpressed By Debt Deal, GDP; Markets Unimpressed By Fitch / US
debt deal alone won't sustain AAA rating / Stocks
now down for year as economic concerns grow – AP The
Daily Market Report Aug 1st, 2011
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…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…’ The
Truth About The Debt Deal: It’s Pretty Much Meaningless Business Insider/
Come on! Who believes their pre-election year data,
reports, b***s***? There’s desperation in the air and like never before! One commentator, Peter
Shiff, to Frank Motek of 1070am Bus.Report references the sham in Washington;
and regardless, points to default by way of inflation, further stating that the
debt ceiling’s already been
breached by borrowing. Moreover, he additionally states that default is
inevitable by way of inflation; that the fed will be buying the evermore
worthless american paper (bonds) and creating/printing evermore worthless
american dollars; that there’s been a quid pro quo with at least one of the 3 (S&P, Moody’s, Fitch) federal licensed rating agencies, viz., of
reaffirming the u.s. AAA rating in return for no prosecution surrounding their
role in the S&P AAA rated worthless (fraudulent, mortgage-backed,
derivative) paper securities (fraud) giving rise to the previous leg of this
continuing, ongoing debacle / crisis. He finally goes on to recommend non-u.s.,
non-dollar denominated assets, precious metals, and alternate currencies. Initial
unemployment claims rise to 418000 - Jul. 21, 2011
which bad news sparked wall street rally … what total
b***s***. No budget deal, celebrated Greek Plan – DEFAULT! … sounds like a plan!…, backward looking earnings results … riiiiight! Watch
Out: 2011 Looks A Lot Like The Market Top In 2007 at Forbes Sean
Hanlon / 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) …’ Huge suckers’ rally to keep the suckers suckered in this market based upon backward
looking data discounted multiple times to the upside (including the apple
numbers as recently as last week on ‘leaked’ expectations of ‘better than expected’, etc.), taxpayer funded QE results, and b***s*** alone. This is an
especially great opportunity to sell / take profits since there’s much, much worse to come! IT'S GOING TO HURT 'FOR LONG
TIME TO COME' [ Says tiny tim geithner … thanks for the heads up tiny
tim ‘God bless us everyone’!
… As if we didn’t already know it / feel it! 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 ]
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 ‘
[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.’
SEC may have 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. Sen. Chuck Grassley “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…’
Sen. Chuck Grassley “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: COVER-UP Mark Gongloff
Is the SEC covering up Wall Street crimes? — Matt Taibbi
The forex
market is causing some companies to pull up stakes — Heard on the Street
Resisting the
urge to buy the dips — Josh Brown
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
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
Abandon Ship?[The
USS Titanic] Yes, Because of These 5 Bearish Icebergs | iPhone 2 (robot)...
By Michael McGill: August
18, 2011 is a day that has handed out some of the worst economic news since a
few days in the 2008 financial crisis, and it has the Dow Jones Industrial
Average down big time. The reasons keep piling up to turn bearish and pile into
safer investments. Here are 5 reasons showing that investors need to be on the
watch out for choppy waters tsunami type waves ahead: Homes Sales Drop 3.5% in
July – This
marks the weakest sales (4.67 million) figure in 14 years, even beating last
year’s
disappointing mark of 4.91 million. This is despite the average rate of a
30-year fixed mortgage coming in at its lowest level on record (4.15) this
week. This is data to fight the ever increasing hope that home owners have of
increasing the value of their homes. Jobless Claims Rise 9,000 – Last week
investors were looking for Complete Story »
·
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
3
Reasons Markets Were Up As Libya Conflict and Gold Took Center Stage Wall
St. Cheat Sheet August 22, 2011, ‘Markets
closed (mostly) down on Wall Street today: Dow +0.34% , S&P +0.02% , Nasdaq
+0.15% , Oil +2.26% , Gold +2.46% .
On the
commodities front, Oil climbed to $84.12 a barrel. Precious metals were also
up, with Gold climbing to $1,897.80 an ounce and Silver rising 3.15% to $43.81
an ounce.
Today’s markets were down
because:
1) Libya. As
the six-month
conflict began to rush quickly toward a conclusion late Sunday, the price
of Brent crude began to fall as investors anticipated that Libyan supply, which
has been cut off since April, may soon return. Libya, a member of OPEC, used to
supply the world with 1.6 million barrels of oil per day before breaking out
into civil war — nearly 2% of the global oil supply.
2) Euro bonds.
Tempering this morning’s gains was news of German
Chancellor Angela Merkel’s
opposition to joint euro bonds. While many think the bonds would protect
European economies against the sort of sovereign debt problems that have
currently been responsible for so much widespread economic turmoil, the joint
bonds would ultimately cost the German government billions of euros each year.
As both the biggest and strongest economy in Europe, Germany’s borrowing costs are
significantly lower than its neighbors, and estimated interest rates on euro
bonds are 0.8% higher than those of German sovereign bonds.
3) Tech.
Hewlett-Packard continued climbing off its news last week that it would be
divesting itself of its hardware business and focusing on software. The stock
rose 3.64% today, leading the technology sector to outperform all of the major
indices. EMC Corp. , Google , Nokia , IBM , Intel , and Oracle all made
significant gains, buoying markets as financial stocks rapidly declined, led by
Bank of America and Goldman Sachs . But not all technology sector components
gained, with Microsoft , Cisco , and Baidu keeping the sector to a moderate
0.53% rally today.’
Minyanville's
T3 Daily Recap: Market Gives Back Weekend Gains Amid US Bank Woes at
Minyanville’US markets closed in positive territory Monday, but that
doesn't tell half of the story as the market gave back sizable weekend gains. Stocks
cheered the overthrow of Moammar Gadhafi's oppressive regime, with the SPY
gapping up 2%. However, investors
took the higher open as another opportunity to take off risk and move to cash,
gold, and bonds. As a result, the SPY closed basically flat on the day. Gold
continues to be the big story, extending to new record highs over $1900 an ounce.
For gold bugs who have been pounding the table on gold for years, this move is
sweet vindication. For those not involved in the trade, it is bitter
frustration. The gold story still says there is significantly more upside, with
central banks and retail investors alike piling into the already crowded trade,
but it is hard to enter now after such an extended move. The other big stories
today came from the troubled-again financial
sector. Bank of America (BAC)
continues to be plagued by fears about capitalization, while Goldman
Sachs (GS)
took a nose dive into the close when news leaked that Lloyd Blankfein has hired
a prominent defense attorney
(although reasons remain unclear).’
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 fomer communist Chinese ambassador and that strategic ‘engagement’ thing. Wake up … smell the b***s***, not
roses! ] And is there no turning back? For some in manufacturing, the answer to
that may be a resounding “yes”. To others, China growth means they are hiring
at home to support demand overseas.
“American fear of China is reasonable, but they should
also look at China with equal parts enthusiasm,” says Larry
Harding, president of High Street Partners, a consulting firm working with
multinational companies. “China has created enormous demand for U.S. companies
to build up support services for that market and overall you see fantastic
profits of U.S. companies because of China. We didn’t even exist six years
ago and now we are a firm with 105 employees and hiring,” Harding says.
Whether it’s a smallAmericaus,
Ga chopsticks maker or Johnson & Johnson surgical equipment makers
exporting from Raynham, Mass., on balance, China is a job eater.
Even as the
U.S. economy slowed into the second quarter, growing under 2%, the trade deficit
with China grew to $26.6 billion in June, the highest monthly trade deficit
with China registered this year. And this during a slowdown of both economies.
Year-to-date, the U.S. trade deficit with China is $133.4 billion. The more
America buys from China, the less it is buying from similar goods manufacturers
in the U.S.
“Is China displacing U.S. jobs?” asks Scott Paul,
executive director at the Alliance for American Manufacturers, a trade lobby. “No question about it. A
lot the job losses have come from innovative states like Massachusetts, North
Carolina, Texas and California, where they do all the innovating, but China
does all the manufacturing for them. The problem with that model is that
manufacturing and production is where the middle class jobs are. China has had
a huge impact on the U.S. economy,” Paul says.
The
Economic Policy Institute (EPI) in Washington estimates that at least 2.4
million manufacturing jobs were lost between 2001 and 2008 because of China
taking over the production of manufactured goods. That number represent 66.9%
of all jobs displaced in that seven year period. Durable goods manufacturing
jobs displaced during that time account for most of the manufacturing job
losses, and for 47.1% of all the total jobs displaced due to trade with China.
Using data
from the Bureau of Labor Statistics, EPI estimates that California lost 369,500
jobs in just two years, between 2005 and 2007, due to the trade deficit. Texas
came in second with 193,200 jobs lost in just two years.
Between 1979
to around 1997, U.S. manufacturing job levels were stable. Declines were in
line with general unemployment, says EPI economist Robert Scott. After 1997,
the absolute numbers of manufacturing jobs collapsed due to cheap competition
from Chinese labor that flooded the U.S. with “Made in China” imports. It didn’t matter in Washington,
because the policy was for the U.S. to be the center of innovation and finance,
where there are higher salaries, but also lower demand for less skilled
workers. It also puts pressure on some states that are not known, or equipped
as innovative centers with a highly educated workforce.
Scott
estimates that around six million jobs were lost between 1997 and the first
quarter of 2011, making that job erosion a slow moving train wreck compared to
the officially estimated 9 million jobs lost during the 2008 credit crisis. In
other words, long term, China has been eating away at U.S. middle class jobs
and most have not been replaced, according to EPI.
“Manufacturing has come back maybe one to two percent
since the trough in the business cycle,” Scott says, though that doesn’t make him optimistic.
That’s
because “China’s cheap capital costs
keeps prices incredibly low in the U.S. That has come at the expense of the
U.S. labor market,” he says.
America’s job market implosion in
2008 was not because of China. It was because of the crash of the housing
market, and subsequent freezing of U.S. lending. In fact, the cry on Main
Street is that Wall Street gave us 9% unemployment rate, not Beijing. Then
again, China comes in a close second.
The U.S. needs
to convene a multilateral meeting to address global imbalances and in
particular Chinese mercantilism, says Scott Paul in an Aug. 15 op-ed
posted on The Hill.com. “If China doesn’t agree to participate, designate it a currency
manipulator. China ships fully one-third of its exports to the U.S. and
finances less than 10% of our public debt, so we have more leverage than some
might suggest,” he says.
China holds
around $1.2 trillion in U.S. Treasury bonds, far above what U.S. companies have
invested in China FDI. Then again, it’s hard to make a case that portfolio investment in
U.S. government bonds is a job generator. Yet, China is actually investing in
job creating enterprises in the U.S., either through greenfield projects, or
through mergers and acquisitions with U.S. companies.
According to
the Rhodium Group in New York,
Chinese direct investment is on the rise. In 2005, Chinese direct investment
into U.S. businesses totaled 19 deals worth $1.2 billion. But as the economy
got richer, Chinese government enterprises and the private sector increased its
purchase of U.S. assets. So by 2010, Chinese companies closed 63 deals worth
$5.4 billion, including in sectors that rely heavily on manufacturing and
production. In the first quarter of 2011, Chinese companies closed 11 deals
worth $758 million, including information technology, industrial machinery and
clean technology.
When comparing
the two countries’ corporate investments in one another, the key is to
look at individual deal volume, not dollar value. It is around six times
cheaper for the U.S. to invest in China than it is for China to invest in the
U.S. The Chinese currency, the renmimbi, is worth around 6.3 RMB to the dollar.
So according to the U.S. China
Business Council, U.S. companies invested in a massive 1,772 deals in 2008.
China invested in 35 deals in the U.S. in 2008.
It is just as
easy to find an anti-China business leader as it is to find a pro-China one.
Bill Doyle, CEO of Vystar Corp., a small, liquid latext producer in Georgia,
says he is hiring because of China.
“My expansion is here. My salaried employees are here
and I need to double my staff because of China demand,” Doyle says. He is a
small enterprise with just five employees. But 96% of Georgia employers are
small businesses with 25 staffers or less. Everyone knows that small business
drives American employment.
China has a
lot of downsides, but it is not without its upsides. This week, vice president
Joe Biden told Chinese business leaders to keep investing in the U.S. In simple
terms, the more jobs China can invest in here, the more tax revenue the U.S.
can collect to pay bondholders like the Chinese government.
“We are the number one destination for foreign direct
investment and China is investing more and more in the U.S.,” says Daniel Gross, a
columnist at Yahoo! Finance. “We want China to get richer so they can invest in the
U.S. and keep jobs here. As that trend continues, it’s not going to be a
one-way street where our money goes to China, and their money goes to the US
Treasury. China is good for a lot of companies and a lot of industries. The
fact that China keeps buying soybeans is good for the Midwest, for example,” he says.
That’s fine, but the Alliance
for American Manufacturing wants China to buy Johnson & Johnson medical
devices, too, and other manufactured, labor intensive widgets rather than
export them to the U.S.
China might
not be a killer virus for the U.S. job market. U.S. companies are going where
the growth is. And that growth remains there, and not here. At least for now…’
Gold
Off Charts as Prices Heading ’Parabolic’ Bloomberg | Gold rallied to a
record near $1,900 an ounce as economist Dennis Gartman said prices will go
“parabolic.”
Bloomberg
reveals massive corruption in the private Federal Reserve Madison
Ruppert | Bloomberg has revealed that the “Wall Street Aristocracy”
received a staggering $1.2 trillion in loans.
In
Baltimore, homes for $10,000 — and less Baltimore Sun |
Housing prices continue to fall through much of the region.
Consumer
Edge says U.S. confidence hits new low Aug 22nd, 2011 by News (Reuters) — Consumer confidence has fallen
further after weeks of intensified economic concerns and broad stock market
declines, and Conference Board data due later this month could be even weaker
than current projections suggest, Consumer Edge Research said on
Monday.Readings from high, middle and low-income consumers all deteriorated
sharply, due mainly to dramatic declines in outlook, the independent equity
research firm said.
New
York Fed re-monetized $0.820 billion in Treasury coupons in today’s QE2.5
operation.
Most
U.S. Stocks Fall as Goldman Tumbles
Social Security disability on verge of insolvency
Gold
Price Cracks $1,900: New Record on Safe-Haven Buying Aug 22nd, 2011 16:43
by News (International Business Times) — Gold ripped past $1,900 Monday to a new record, the upshot
of enough fears about global wealth-destroying developments to erase any doubts
that the world’s oldest safe-haven investment
remains the world’s No. 1 safe-haven investment.Gold
for December delivery, the most active contract traded on the CME Comex
division of the New York Mercantile Exchange, hit $1,900.70 per ounce in
electronic trading, up from Friday’s closing price of $1,852.20.Gold
is now up 33 percent this year and has been in a bull market run for more than
a decade. PG View: Spot gold has extended to a new
all-time high in late trading at 1911.50.
By
Choosing The Big Banks Over The Little Guy, The Government Is Dooming BOTH
Washington’s Blog | If the government is going to give anyone money, giving it
to the little guy is arguably more fair than giving money to Wall Street
fatcats.
Peter
Schiff on record gold prices: I told you so! RT | With the decline of the
world economy, many investors are flocking to the precision metal: gold.
Goldman
Sachs Slashes Its US GDP Forecast Again Reuters | “From already quite low
growth rates, it appears that the U.S. economy is losing further momentum,”
Goldman said.
The
Battle For Libya Is Almost Over… As Is The Battle For Its 144 Tons Of Gold
Zero Hedge | Following a 6 month stalemate in which neither side had attained
any advantage, it suddenly took just a few days for the Libyan rebel forces to
steamroll unopposed into Tripoli.
Wall
Street Aristocracy Got $1.2T in Loans Bloomberg | Fed Chairman Ben S.
Bernanke’s unprecedented effort to keep the economy from plunging into
depression included lending banks and other companies as much as $1.2 trillion
of public money.
Chinese
Think Tank Implies America May Be Falsifying Its Accounting, Says US On Way To
Default Zero Hedge | Joe Biden came to China, saw, and failed to conquer
the locals’ ridicule.
Visualizing
What $1.2 Trillion In Secret Fed Bailouts To The Banking Kleptocracy Looks Like
Zero Hedge | Everything that comes out of Wall Street is and has always been a
lie.
(8-22-11) Dow 10,855 +37 Nasdaq 2,345 +3 S&P 500
1,123 -0- [CLOSE- OIL $84.38
(-54% for year 2008) (RECORD TRADING HIGH $147.27) GAS
$3.59 (reg.
gas in LAND OF FRUITS AND NUTS $3.90 REG./ $4.00 MID-GRADE/$4.10
PREM./ $4.32 DIESELL) / GOLD $1,907 (+24% for year 2009) / SILVER $43.86 (+47% for year 2009) PLATINUM $1,908 (+56%
for year 2009) Metal
News for the Day / DOLLAR= .69
EURO, 76 YEN, .60 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 2.10% 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!
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...
S&P says sell Google's shares after Motorola deal
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.
Related Posts:
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 ‘
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.
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.’
Greek finance minister brushes off downgrade [ Sounds like a
plan! ]
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:
- THE EUROZONE IS GROWING INCREASINGLY DESPERATE. Watching the heads of Europe dither and debate
over further bailouts to the unhappy Greeks and other troubled PIIGS –
before ultimately reaching back into the pockets of the equally unhappy
citizens in Germany and the decreasing number of still-functioning
economies in the eurozone – reminds me of a down-on-his-luck blackjack
player. He’s mortgaged his home to play the game but is now down to his
last chips. He doesn’t want to risk his remaining resources but has no
choice, because to walk away now will mean taking up residence in a
cardboard box. And so, reluctantly, he shoves across another pile. The
problem is that the game is rigged – and not in his favor. As the PIIGS
start to default and either leave the eurozone entirely or are shunted off
into some sort of sidecar organization, there will be great volatility in
the euro and in the European markets.
- THE U.S. DEBT SITUATION IS FAR WORSE THAN ANYONE
IN WASHINGTON IS WILLING TO ADMIT. We keep hearing calls for more, not less debt
creation. But if people would stop kidding themselves and tally up all the
many demands the U.S. government has against it, the actual debt-to-GDP
ratio rises to something on the order of 400% – and even that is likely
understating things. The fundamental flaws in the U.S. monetary system –
flaws that have given license to the bureaucrats to smash the limousine of
state straight into a wall – have required a remaking every 20 to 30 years
or so. The problem is that there is pretty much nothing else that can be
done to save the status quo at this point, and so the monetary system is
likely to collapse. That means big changes ahead, including – or perhaps
starting with – a poisonous ratcheting up of interest rates.
- CHINA’S MIRACLE MIRAGE. While having aspects of a free market, the hard
truth is that China is run as a command economy by a cadre of communist
holdovers. This is apparent in the cities that have been built for no
purpose other than creating jobs and boosting GDP. It is also apparent in
the growing inflation in China – the inevitable knock-on of the
government’s decision to yank on the levers of money creation harder than
any other nation at the onset of the Greater Depression. Meanwhile, signs
of social unrest crop up here and there. Though so far they have been
swiftly put down, there is no question that the ruling elite has to walk a
very fine line. If the Chinese economy stumbles seriously, all bets are
off. That we are talking about the world’s second-largest economy means
this is not of small consequence.
- JAPAN IS ESSENTIALLY OFFLINE. Reports from friends in Japan – including one
who was initially skeptical about the scale of the problems at Fukushima –
have now changed in tone by 180 degrees. You can almost feel the growing
sense of desperation as the already massively indebted nation begins to
slide toward an abyss. There is little standing in the way of the world’s
third-largest economy’s slide.
- THE MIDDLE EAST IS IN FLAMES. This, too, is far from settled. As usual, the
U.S. government has been hopping here and there in an attempt to maintain
its influence, but at this point pretty much everything is up for grabs.
The odds of the U.S. retaining the same level of influence in the region
that it has enjoyed over the last century are slim to none, especially now
that even the Saudis are shipping more of their oil to China than to the
U.S. Again, big changes are ahead…’
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 …’
Fed Keeping Market Afloat: QE Rally Not Sustainable http://regator.com/p/252365030/fed_keeping_market_afloat_qe_rally_not_sustainable
By Matthew Claassen
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.’
Retail
Sales: The "Real" Consumer Remains in a Recession Doug Short Read more: http://www.businessinsider.com/author/doug-short#ixzz1TAkuAIOK
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.
- The cost of a college education continues to
rise year after year.
- The unemployment rate remains high at 9.2%, but
it doesn't factor in the millions of "underemployed" workers --
those who are currently working part-time but would like full-time work --
and discouraged workers who have tired of looking for a job and have just
dropped out of the job market.
#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.
U.S.
triple-A debt rating cut by Standard & Poor’s Aug 5, 2011 The United States late Friday lost its triple-A debt rating from Standard
& Poor’s for the first tie ...
Text of S&P downgrade of
U.S. rating 06 Aug 2011 The following is the
text of Standard & Poor’s downgrade of the United States. ...
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?...’
Edwards says this has nothing to do with that
downgrade http://ftalphaville.ft.com/blog/2011/08/09/648126/edwards-says-this-has-nothing-to-do-with-that-downgrade
Posted
by 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.’
Fed
Move, Pavlovian Market Response: Reactions The Wall Street Journal Mark Gongloff ‘Paul Krugman scoffs at the Fed-fueled rally:
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…’
Faber's Pessimism on the U.S. Downgrade 08/09/2011 By EconMatters: Markets saw the
worst day since the 2008 financial crisis on Monday, August 8th, the first
trading day since Standard & Poor's downgraded the United States' credit
rating. Under the weight of a possible twin crisis in Europe and in the U.S.,
Dow Jones industrial plunged 634 points. Stocks have lost 15% of their value in
just two and a half weeks. On a day like this, who else other than Marc Faber,
publisher of the Gloom, Boom & Doom report, would be more appropriate to
appear on Bloomberg to talk about the aftermath of the U.S. debt downgrade...
Faber indicates a bear market already started on May 2, 2011…’
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.
- Tech bubble – irrational exuberance about
the value in tech stocks combined with rather loose monetary policy
pushed stocks and capital flows to ridiculously high levels
- Housing bubble – lax lending standards,
unscrupulous bankers, conflicted regulators, a bottomless appetite
for consumer spending and a seemingly infinite amount of cheap money
to finance consumption.
Now, let’s review what happened after these bubbles burst.
- After the tech bubble: monetary policy
remained highly accommodative and government stimulus was aplenty
- After the housing bubble: monetary policy
remained highly accommodative and government stimulus was aplenty
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:
- Fiscal policy – given the federal, state and
municipal debt and budget problems, another round of stimulus spending
or another TARP-like program is probably not in the cards. The funds
are simply not available. Not to mention, I do not think another
bailout plan would go over very well with tax-payers.
- Monetary policy – here we have three potential
options.
- Lower rates – can they go any lower? The answer
is not meaningfully lower unless the Federal Reserve wants negative
nominal rates. In addition, low interest rates undermine
long-term economic growth potential.
- Extend QE2 to QE3 – given that the point of QE2
was to keep interest rates, especially mortgage rates low, I do not
think additional quantitative easing in the form taken so far would
have much if any impact on rates given how lower they already are. Moreover,
driving oil and other commodity prices higher by further undermining
the value of the dollar is not exactly conducive to growth.
- A new type of QE3 – suppose the Fed were to
purchase large amounts of assets other than treasuries such as foreclosed
homes. I think that action would likely spook investors because it would
signal that the carrying value of those homes were too high. Otherwise,
private investors would have already bought them for their own portfolios.
And bank stocks would sink as investors realize that additional
write-offs might be coming. The same reaction applies to any other
asset that the Fed might choose to take off private investors’ hands.
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:
- The government is not bailing anyone out,
taxpayers are. In essence, the government is using hard-earned tax revenue
to pay for the mistakes of certain members of our society.
- Moral hazard is confused with moral obligation.
Re-distribution of wealth to those that are in genuine need of assistance
from society is in our long-term best interests. But moral obligation
quickly becomes moral hazard when the re-distribution applies to people
who should, but prefer not to, care for themselves.
- When the people who make mistakes do not pay
for mistakes, they keep making them…bigger and bigger. Can you say “mortgage
back securities”?
- We run out of money. When capital from productive
sources is siphoned away to subsidize unproductive investments, capital
is destroyed and never to be found again. When there is less capital
available for productive investments, growth is forced to slow as are
incomes and payrolls.
- When growth slows and jobs are not available,
bad things happen. For an example of bad things happening now, take a
look at the riots
in the streets in London.
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:
- We cannot spend more than what we make forever.
Seems like an obvious statement, but that is not how the United States
has operated over the past several years.
- We have wasted lots of capital by subsidizing
unproductive investments.
- We have delayed the process of creative destruction
whereby unproductive investments are replaced by productive
investments.
- Because of our wastefulness and the delay in
creative destruction, much time is required to restore wealth back to
the levels to which we have become accustomed.
- We must rebuild diligently, rationally and
deliberately to ensure capital realizes its highest and
best use.
- Kicking the can down the road, Euro-style, only
delays the inevitable and makes the problem worse.
- Eventually, we will be much better off than
what we started.
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.’
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 -the 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 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,
- 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 of Connecticut, who denied Coan’s requested relief as to Coan but
precluded 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 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
CRIME
STATS(u.s.No.1)
|
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
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) ]
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
Train Reading: The Insider-Buying Lie - Mark
Gongloff
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.
NATIONAL / WORLD
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.]
Obama poll numbers on economy hit new low AFP
| The respected Gallup organization’s findings showed the embattled
president down 11 points since mid-May.
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%.
Unconstitutional Libya Intervention Cost US Taxpayers
$896 Million; Pentagon Sends A Further $25 Million to Al-Qaeda Rebels ABC
News | The cost of U.S. military intervention in Libya has cost American
taxpayers an estimated $896 million.
Gold Off Charts as Prices Heading ’Parabolic’ Bloomberg
| Gold rallied to a record near $1,900 an ounce as economist Dennis Gartman
said prices will go “parabolic.”
Obama Hits Struggling Americans With Energy Rate Hikes Paul
Joseph Watson | Draconian EPA regulations lead to blackouts, artificial
scarcity after vow to “bankrupt” coal industry.
US, NATO Officials Openly Admit To Arming, Training
Libyan Rebels, Forcing Regime Change Steve Watson | International
mandate to “protect” civilians is and always was a complete hoax.
Engdahl: Oil-field fight, tribal power-grab part of
post-Gaddafi greed-fest RT | F. William Engdahl thinks the struggle
for Libyan oil is the real bottom line of the whole NATO operation.
NATO Hands Terrorists Who Killed U.S. Troops Control of
Libya Paul Joseph Watson | Al-Qaeda gets new home as rebels seize Tripoli.
Gaddafi defiant as tanks defend compound – but where is leader? London Metro | Forces loyal to Libyan
leader Muammar Gaddafi have stationed tanks near his compound in central
Tripoli.
Globalist Richard Haass Calls for NATO Occupation of
Libya Tony Cartalucci | The Financial Times has featured an
editorial penned by Council on Foreign Relations president Richard Haas titled,
“Libya Now
Needs Boots on the Ground”.
LIVE FROM TRIPOLI. Western Media Complicit in NATO’s “Humanitarian Bloodbath” Mahdi
Darius Nazemroaya | Foreign journalists trapped in deserted hotel in Tripoli.
NATO Loots Libyan Gold As Tripoli Falls Paul
Joseph Watson | As we reported 6 weeks ago, final assault was planned before
September deadline.
Obama in Close Race Against Romney, Perry, Bachmann, Paul
Gallup | Obama is closely matched against each of four possible
Republican opponents.
NATO Hands Terrorists Who Killed U.S. Troops Control of
Libya Paul Joseph Watson | Al-Qaeda gets new home as rebels seize
Tripoli.
NATO Loots Libyan Gold As Tripoli Falls Paul
Joseph Watson | As we reported 6 weeks ago, final assault was planned before
September deadline.
Toppling Tripoli: ‘Gaddafi plans massive
counter-attack’ RT | Rebels are claiming they are in control
of most of the Libyan capital Tripoli, although state TV is still airing
pro-Gaddafi programmes.
The Battle For Libya Is Almost Over… As Is The Battle For Its 144 Tons Of Gold Zero Hedge |
Following a 6 month stalemate in which neither side had attained any advantage,
it suddenly took just a few days for the Libyan rebel forces to steamroll
unopposed into Tripoli.
Head of Libyan Security Services calls out NATO for
supporting al Qaeda Activist Post | The American “war on
terror” is a sham designed to stripfreedoms from Americans while
consolidating wealth and power into the hands of the elite.
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.
Cracked Fukushima: Radioactive steam escapes danger zone RT
| Workers at Japan’s Fukushima plant say the ground under the facility is
cracking and radioactive steam is escaping through the cracks.
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.”
Perry Apes Ron Paul in Attack on Fed Cartel Kurt
Nimmo | If Perry becomes president, his pretend opposition to the Fed
will evaporate faster than Obama’s promise to bring the troops
home.
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'...
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.
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)
|
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
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. Sen. Chuck Grassley “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…’
Sen. Chuck Grassley “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 ]
Carlyle
in diversification flurry Carlyle is expected to announce $40 million in
energy investments, capping a two-week flurry of deals. (Washington Post) [ Yeah! You’d expect
that from the likes of them; you know, a ’flurry’ so close
to the election; quid pro quos, bribes and things …
Flashback: Carlyle
picks underwriters for IPO (Washington
Post) [ Clearly part of the problem. ‘Cashing out’ while the
‘goin’s good’, gettin'
out while the gettin’s good? Well what else is wall street for? 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… 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 Previous: Carlyle
Group planning IPO (Washington Post) [
Come on! Mr. Heath makes this sound like an almost public service
endeavor to serve the public interest in some vague, nondescript fashion (What
of real value do they do? … kind of like the fraudulent wall street
high-frequency trading churn-and-earn … Nothing! … Like parasitic termites eating away at the foundation
of the nation); poppy’s
estate plan is maximized, along with the other principal’s financial interests by
cashing out through this ‘public
offering / scam’
as for the most part, this era of their ‘jig is up’ . Meet The Carlyle Group - Former World Leaders and
Washington ... How will President George W. Bush make a personal fortune from the War on Terror? The
old fashioned way. He'll inherit it; Meet the Carlyle Group.
www.hereinreality.com/carlyle.html
How will President George W.
Bush personally make million$, if not billion$ from the War on Terror? The easy
way. He'll inherit it.
Meet the Carlyle Group
Former World Leaders and
Washington Insiders Making Billions in the War on Terrorism
Bush Baker Carlucci
Darman Major Ramos
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. ]
Make
way for the ‘super
bundlers’ The 2010 elections saw the rise of “Super
PACs.” In 2012
it will be a new breed of fundraisers. (Washington Post) [ ‘Super
bundlers’? If Mr. Eggen had said ‘facilitators for the super
bunglers’, I would have recognized what he meant. But, ‘super
bundlers’ immediately brings to mind another kind of fraud / scam,
viz., those ‘bundled’ toxic asset worthless paper securities things so
lucratively popularized by the frauds on wall street with the blessing of their
‘amen
corner’ in Washington to the detriment of this and other nations
and particularly this nation’s taxpayers / middleclass who’ve been decimated. If he had
called them what they more realistically are, viz., visible slush funds for
those visible invisible quid pro quo / bribe schemes, welfare of the nation be
damned, I indeed would have known what I think he meant. 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!’
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})
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 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,
- 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 of Connecticut, who denied Coan’s requested relief as to Coan but precluded 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 - 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 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
CRIME STATS(u.s.No.1)
|
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
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.
U.S. and NATO Arming Syrian Opposition, Plan Military
Strike Kurt Nimmo | Now the Iranians are reporting that NATO is
sending large arms caches to Syrians resisting the al-Assad regime.
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 www.theonion.comWASILLA,
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.
“Bin Laden” Heroes Probably Murderered to Keep Them
Quiet ... Gordon Duff Veterans
Today
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 ‘
World at War Alex Jones'
Infowars: There's a war on for your mind! Veterans
Today | TRANSCRIPT of critical interview
with Pakistani eyewitness to Bin Laden raid. Is this the key to SEAL Team 6′s demise?
...
Deaths of SEAL Team 6 Exposed Aaron Dykes & Alex Jones
| We predicted shortly after the raid on bin Laden’s compound
that SEALs would soon be reported dead in a helicopter crash or staged incident
following multiple reports from military sources.
SEAL Unit Supposedly Responsible for Osama Hit Killed in
Copter Crash Kurt Nimmo | Is it possible the Pentagon took out the
helicopter to send a message to the SEALs, just in case some of them decide
(like Pat Tillman did) to tell the truth?
Questions raised by the SEAL Team 6 deaths in Afghanistan
Madison Ruppert | It took minutes before the Internet was ablaze
with chatter about the deaths of these American commandos.
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.
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. Sen. Chuck Grassley “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…’ Sen. Chuck Grassley “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 ]
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. The
"Crimes" That Wrecked The Markets Forbes / Lenzner 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 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.com
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 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,
- 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 of Connecticut, who denied Coan’s requested relief as to Coan but
precluded 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 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
CRIME
STATS(u.s.No.1)
|
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’.]
Moody’s managers pressured analysts, former
executive says Credit-rating agency has been criticized for giving high
grades to dubious investments. Now one of its own is leading the
criticism. SEC
purged documents without authorization 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. Sen.
Chuck Grassley “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 ]
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).’
Banks
still struggling, despite bailout (Washington Post) [ Yeah … that’s the way
it is for banks in the midst of recession / depression / economic decline! 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) [ 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 ( 146mb – approx. 1 hr. 17 min. ) http://www.albertpeia.com/stansberrysinvestmentadvisory.mp4 ( 374mb
) 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
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
CRIME STATS(u.s.No.1)
|
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
CRIME STATS(u.s.No.1)
|
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'...
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.
http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf
THE OBAMA DECEPTION’
http://albertpeia.com/obamadeceptionhighqualityversion.flv
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!’
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})
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 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,
- 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 of Connecticut, who denied Coan’s requested relief as to Coan but
precluded 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
- 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 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
CRIME
STATS(u.s.No.1)
|
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.
Make
way for the ‘super
bundlers’ The 2010 elections saw the rise of “Super
PACs.” In 2012
it will be a new breed of fundraisers. (Washington Post) [ ‘Super
bundlers’? If Mr. Eggen had said ‘facilitators for the super
bunglers’, I would have recognized what he meant. But, ‘super
bundlers’ immediately brings to mind another kind of fraud / scam,
viz., those ‘bundled’ toxic asset worthless paper securities things so
lucratively popularized by the frauds on wall street with the blessing of their
‘amen
corner’ in Washington to the detriment of this and other nations
and particularly this nation’s taxpayers / middleclass who’ve been decimated. If he had
called them what they more realistically are, viz., visible slush funds for
those visible invisible quid pro quo / bribe schemes, welfare of the nation be
damned, I indeed would have known what I think he meant. 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!’
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})
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 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,
- 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 of Connecticut, who denied Coan’s requested relief as to Coan but
precluded 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
- 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 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
CRIME
STATS(u.s.No.1)
|
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.
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'...
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.
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)
|
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.
Bad
luck? Bad faith? Obama’s explanation for our current malaise. Really? (Washington
Post) [ Yeah! This really ‘takes the cake’! When I first heard that
ridiculous utterance by ‘wobama the b’ (for b***s***) I was inclined to ‘fall off
my chair’. But alas, so innured to wobama’s b***s***
have I become, it barely registered a ‘ho-hum’. He is so
pathetic! Such a total joke! I really mean it! There’s no
excuse whatsoever for ‘bush failure 3’, ‘wobama the b’! 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.
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%
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! ] ...
'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