Daily Digest

Daily Digest 12/2 - Home Invasions On The Rise, America's Next TARP Model, Arsenic In Juice

Friday, December 2, 2011, 10:46 AM
  • Home Invasions On The Rise
  • Lingering joblessness taxes nation's food banks
  • AG Martha Coakley Sues Major U.S. Banks Over Foreclosures
  • Ann Barnhardt: The Entire Futures/Options Market Has Been Destroyed by the MF Global Collapse
  • When The Clock Strikes 12 – The Midnight Economy Of Food Assistance
  • It's Official! Societal Collapse Is Mainstream
  • America's Next TARP Model
  • Banks Vie With Nations to Sate $2T Funding Need
  • Thoughts on why energy use and CO2 emissions are rising as fast as GDP
  • Arsenic In Juice

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Home Invasions On The Rise (June C.)

Last week in the small town or Miramar in the province of Buenos Aires, a 10 year old was killed by two criminals that broke into his house. The child ran to hide under the bed but they soon caught him, beat him and hanged him.

It's for this reason that I insist so much on security. Times in USA and worldwide are getting more dangerous each day.

Lingering joblessness taxes nation's food banks (Jeff B.)

“We’re seeing a lot more families, many who are running out of money and benefits because of long-term unemployment,” said Bill Clark, executive director of food bank Philabundance. “Since 2007, the changing face of hunger has been influenced a lot by unemployment.”

Clark doesn’t put much credence in the monthly fluctuations in employment data from the government. Every day he sees how the long-term jobless are struggling to meet basic needs.

AG Martha Coakley Sues Major U.S. Banks Over Foreclosures (David B.)

The suit is the first major legal action taken against the nation’s biggest banks since settlement negotiations began last year between the lenders and a multistate alliance of attorneys general. The talks started after state attorneys general launched an investigation into allegations of fraudulent and sloppy foreclosure-related practices.

Coakley said she was prompted to sue because the negotiations have stalled. The banks have failed to offer any meaningful restitution, she said, but want broad immunity from liability for the nation’s foreclosure crisis.

Ann Barnhardt: The Entire Futures/Options Market Has Been Destroyed by the MF Global Collapse (adam)

Jim is joined by Ann Barnhardt, who recently closed her commodity brokerage firm Barnhardt Capital Management after the MF Global collapse. She believes that her client monies were no longer safe in the futures and options markets, and that the entire system has been 'utterly destroyed' by the MF Global collapse.

When The Clock Strikes 12 – The Midnight Economy Of Food Assistance (Mike K.)

We have a serious economic crisis on our hands and the media simply fails to acknowledge it. You might be waking up to the first of the month thinking the wheels of the economy are fine. Yet silently, millions of Americans drive into mega supercenters like Wal-Mart only to wait for their monthly allotments of food assistance so they can pay for basic groceries. This trend is so prevalent that certain Wal-Mart centersare fully staffed at midnight since a large part of our society is waiting for that first day of the month to purchase food for their family.

It's Official! Societal Collapse Is Mainstream (Anthony S.)

There’s a lot of wisdom in that Yogi Berra-like quip: as preppers know, things have been building behind the scenes for a long time. When recognition becomes widespread, things have reached a new level. And we have reached a new level in the ongoing collapse of complex modern society.

America's Next TARP Model (pinecarr)

A Bloomberg report reveals that the U.S. government loaned banks $7.7 trillion in secret bailout funds at no interest and then borrowed the money back at interest.

Banks Vie With Nations to Sate $2T Funding Need (pinecarr)

Euro-area governments have to repay more than 1.1 trillion euros ($1.5 trillion) of long- and short-term debt in 2012, with about 519 billion euros of Italian, French and German debt maturing in the first half alone, data compiled by Bloomberg show. European banks have about $665 billion of debt coming due in the first six months, with a further $370 billion by the end of the year, according to Citigroup Inc., based on Dealogic data.


Thoughts on why energy use and CO2 emissions are rising as fast as GDP (Mike K.)

In a recent post, I discovered something rather alarming–the fact that in the last decade (2000 to 2010) both world energy consumption and the CO2 emissions from this energy consumption were rising as fast as GDP for the world as a whole. This relationship is especially strange, because prior to 2000, it appeared as though decoupling was taking place: GDP was growing more rapidly than energy use and CO2 emissions. And even after 2000, many countries continued to report decoupling.


Arsenic In Juice (VeganD)

Controversy over arsenic in apple juice made headlines as the school year began when Mehmet Oz, M.D., host of “The Dr. Oz Show,” told viewers that tests he’d commissioned found 10 of three dozen apple-juice samples with total arsenic levels exceeding 10 parts per billion (ppb). There’s no federal arsenic threshold for juice or most foods, though the limit for bottled and public water is 10 ppb. The Food and Drug Administration, trying to reassure consumers about the safety of apple juice, claimed that most arsenic in juices and other foods is of the organic type that is “essentially harmless.”

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Sarkozy Speech on New French Economy

The French president has delivered a major speech on solving the eurozone crisis and boosting growth in France.

"...the future lies in reducing excesive debt and doing away with the country's 35 hour workweek" .... "The coming cycle will be one of reducing debt, it will require a balanced economy"

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Poet's picture
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Raise Taxes on Rich to Reward True Job Creators

Who really creates jobs? One of the top 0.1% speaks up a in Bloomberg News op-ed.

Raise Taxes on Rich to Reward True Job Creators: Nick Hanauer (December 1, 2011)
"When businesspeople take credit for creating jobs, it is like squirrels taking credit for creating evolution. In fact, it’s the other way around. It is unquestionably true that without entrepreneurs and investors, you can’t have a dynamic and growing capitalist economy. But it’s equally true that without consumers, you can’t have entrepreneurs and investors. And the more we have happy customers with lots of disposable income, the better our businesses will do. That’s why our current policies are so upside down. When the American middle class defends a tax system in which the lion’s share of benefits accrues to the richest, all in the name of job creation, all that happens is that the rich get richer."

I (and others much more prominent and intelligent and widely read than me) have written about some of these same themes elsewhere. It's nice to get confirmation from the top.

Here's one of my points:

Payroll expenses are legitimate business expenses. Business expenses are subtracted from the taxable income that would be used to accrue to a business owner. So, if a "job creator" business owner wants to pay less in taxes, because supposedly he'll use that money to "create jobs", he should hire someone immedately. The labor cost he incurs is NOT counted towards his taxable net income.

The main reason a business owner would not be hiring, is if there's not enough money coming in from his customers to justify hiring someone to help bring in that money. If consumer demand was booming, he'd try to take advantage of that demand and may hire people to meet that demand.


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America's Next TARP Model

Thanks Pinecarr!  A good dose of Jon Stewart always needed!

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Ann Barnhardt

After listening to Ann Barnhardt a couple times, I've concluded that she may have the finances about right.  But, I never heard of her before she closed up her shop.  I have no idea whether her clients made any money or not.  Does she have any credibility?  Or, is she just doing this because she is a rabid right wing partisan?  Funny, in her rants she never picks on any Republicans who, in my estimation, are at least as culpable as as the Dems.  Calling people commies or nazis (unless you're talking about Hitler, Stalin or their cohorts) immediately diminishes his/her own reputation.  I would never put any money in her paws.


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Fracking, Mortgages and Insurance

Fracking, Mortgages and Insurance - Homeowners who sign gas leases to permit hydraulic fracturing for shale gas in Maryland, New York, West Virginia, Pennsylvania and other states may be defaulting on their mortgages, risking losScreen shot 2011-11-28 at 4.40.07 PMs of title insurance and homeowners' insurance coverage, and preventing future buyers from obtaining title insurance or mortgage loans on affected property.  These are the consequences described by attorney Elizabeth Radow in an article in the New York State Bar Journal available here.  The  story has also been covered in the New York Times stories here and here.  Several members of Congress have asked mortgage regulators including FHA and FHFA, the overseer of Fannie Mae and Freddie Mac, to determine how many families may unwittingly have breached their mortgage terms, and presumably what can be done to balance the risks to lenders with the potentially harsh consequences for families.  While homeowners may be caught in the middle, the potential dispute may bring large financial institutions and the energy industry face to face in a battle over the genuine risks of fracking, on the one hand, and the validity of somewhat obscure mortgage contract terms, on the other.


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You're welcomed DRHolden! 

You're welcomed DRHolden!  There's no one like Jon Stewart to at least give us a  couple real good laughs on the road to financial armegeddon!  (I love the part where he de-stresses with the kitten in his hands!:)

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Yummy juice

Thanks VEGAND. If the FDA thinks the juice is safe, then I say they (FDA honchos) get in line behind JIM JONES and take a big swig.



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