Daily Digest

Daily Digest - March 12

Friday, March 12, 2010, 11:44 AM
  • 218 New Billionaires Averaged $500M in Gains Last Year – How Are You Doing?
  • A Job For Life
  • The "Repo 105" Scam: How Lehman Fooled Everyone And How Other Banks Are Likely Doing This Right Now
  • Unemployment Figures: Slow Going
  • Strike Paralyzes Greece; Protests Turn Violent
  • Russia, Greece, Chile, and the Narcissism of Harvard Debt Lords
  • Doug Casey on Surviving Financial Apocalypse Now
  • European Sovereign Debt Issuance to Reach £1,446 Billion
  • Chinese Inflation Hits 16-Month High
  • Unemployment Tops 20% In Eight California Counties
  • Shale Gas - Is This The Global Game Changer?
  • China's Oil Demand Increase 'Astonishing', says IEA
  • Natural Gas Drilling Chemicals A Concern
  • Rapid Rise in Seed Prices Draws U.S. Scrutiny
  • 'Biodegradable' Plastic Bags May Not Be As Eco-Friendly As Thought
  • Monsanto Faces Fight As Probes Bolster Critics
  • Norway Doomsday Seed Vault Hits 1/2 Million Mark

Economy

218 New Billionaires Averaged $500M in Gains Last Year – How Are You Doing? (Ilene)

25% of Americans feel this country is heading in the right direction according to the latest Rasmussen Report and that’s a poll of people who still have homes - and phone service.

A Job For Life (Andrew C.)

Sales for the world's largest manufacturer of arc welding machinery dropped 38 per cent. But unlike millions of other U.S. workers, those at Lincoln Electric felt reassured listening to John Stropki, their boss. Two indisputable facts provided comfort. First, for more than 60 years, no permanent employee had ever been laid off for economic reasons. Second, for 75 uninterrupted years, the bonus had been paid through good times and bad, sometimes exceeding 100 per cent of a worker's base earnings.

The "Repo 105" Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now (Davos, Erik T.)

Presenting a detailed look at "Repo 105" - the next soundbite sure to fill the airwaves over the next weeks and months, as more and more banks are uncovered to be using this borderline criminal accounting gimmick to make their leverage ratios look better. This is the first time we have heard this loophole abuse by a bank, be it defunct (Lehman) or existing (everyone else).

Unemployment Figures: Slow Going (jdargis)

An alternative explanation for the divergence is that the American economy simply hasn’t been doing as well as the output figures have suggested. GDP—the total market value of output produced each year—is the most commonly used indicator of the “true” state of an economy. A theoretically equivalent but less commonly-cited indicator is Gross Domestic Income, which adds up wages, profits and taxes. In practice, the two numbers often move slightly out of step with each other, and a growing body of research hints that GDI, rather than GDP, should be given more weight in computing an estimate of the economy’s true direction.

Strike Paralyzes Greece; Protests Turn Violent (Christian W.)

Athens' streets echoed with loud-speakers blaring slogans calling for the rich to pay for a severe debt crisis, as thousands marched against cuts in civil servants' income, tax hikes, a pension freeze and increase in the retirement age.

Russia, Greece, Chile, and the Narcissism of Harvard Debt Lords (Davos)

Then when debt deflation or a currency attack occurs, they continue playing the game. We have seen this in the United States over the last several years as presidents let the near-billionaire Harvard boys Robert Rubin and Hank Paulson setup the game, not to mention the not as rich Ivy Leaguers like Larry Summers and Tim Geithner. So far trillions have been stripped from the American people.

Doug Casey on Surviving Financial Apocalypse Now (Davos)

Or put another way, in the negative case, most people just don’t get what money really is – and what it isn’t. They take it as a given, as part of the cosmic firmament. But it’s not. A prime example of this is the mistaking of debt for money, a phenomenon David Galland pointed out in a Casey’s Daily Dispatch a few weeks ago. This is why the entire world’s monetary system today is headed for a disastrous failure. And this is absolutely inevitable. There’s no way around it.

European Sovereign Debt Issuance to Reach £1,446 Billion (Christian W.)

Among the five largest European sovereign borrowers, we expect the U.K. to borrow an estimated €38 billion less than in 2009, after very high gross MLT borrowing of €257 billion in 2009. Our estimates of gross borrowing are higher by €41 billion in Germany, and by €26 billion in France, reflecting our expectation that there will be a deterioration in their public finances in 2010. We also estimate large absolute increases in MLT borrowing in Spain (€21 billion), Russia (€20 billion), Turkey (€19 billion), and The Netherlands (€13 billion).

Chinese Inflation Hits 16-Month High (Christian W.)

The annual rate of consumer price inflation rose to 2.7% in February, up from 1.5% in January, and ahead of analysts' expectations of 2.3%. UBS economist Tao Wang said China may now raise interest rates, which have been on hold since December 2007.

Unemployment Tops 20% In Eight California Counties (Christian W.)

For many California areas, unemployment rates moved persistently higher in January, indicating that the national economic recovery hasn't yet translated into jobs for the Golden State.

New county-by-county figures released by the state Wednesday showed that in eight counties, more than 1 in 5 people were out of work. Moreover, revised numbers for last year show that fewer people were employed than was previously believed.

Energy

Shale Gas - Is This The Global Game Changer? (SolidSwede)

Policymakers have faced a trilemma: how to make energy supplies secure, affordable and clean. Now an abundance of gas appears to provide the answer to all three problems at once. In the words of Tony Hayward, chief executive of BP, it is a “game changer” – certainly for America, and quite possibly for the world.

China's Oil Demand Increase 'Astonishing', says IEA (Marc H.)

The IEA has increased its global oil demand forecast for 2010 by 1.8% to 86.6 million barrels a day. Oil prices are currently at their highest point for two months, with US light, sweet crude above $82 a barrel and Brent crude more than $80 a barrel.

Natural Gas Drilling Chemicals A Concern (Christian W.)

Some energy companies decline to publish lists of toxic chemicals used in hydraulic fracturing, a technique used to extract natural gas from shale beds far underground.

Companies have been under pressure from critics of fracturing and from some lawmakers, who say the technique is damaging the water supplies of people who live near gas rigs.

Environment

Rapid Rise in Seed Prices Draws U.S. Scrutiny (Vegan D)

Critics charge that Monsanto has used license agreements with smaller seed companies to gain an unfair advantage over competitors and to block cheaper generic versions of its seeds from eventually entering the market. DuPont, a rival company, also claims Monsanto has unfairly barred it from combining biotech traits in a way that would benefit farmers.

'Biodegradable' Plastic Bags May Not Be As Eco-Friendly As Thought (joemanc)

A study into ''oxo-degradable'' plastics, often labelled as degradable or biodegradable, found there was uncertainty about their impact on the natural environment. The carrier bags, bin bags and flexible packaging, made from common plastics with small amounts of chemicals to speed up their breakdown, are also not suitable for recycling with other plastics, reuse or composting, the research by Loughborough University found.

Monsanto Faces Fight As Probes Bolster Critics (mhoop)

The government investigations are thought to focus on the same claims by DuPont — that Creve Coeur-based Monsanto has become a Microsoft-style monopoly, trying to muscle an even larger share of the multibillion-dollar biotech seed business.

"What we're concerned about is either barriers or roadblocks to bringing innovations to the marketplace," Pioneer President Paul E. Schickler said in an interview.

Norway Doomsday Seed Vault Hits 1/2 Million Mark (mhoop)

Cary Fowler — who heads the trust that oversees the seed collection, which is 620 miles (1,000 kilometers) from the North Pole, said the facility now houses at least one-third of the world's crop seeds.

Please send article submissions to: [email protected]

13 Comments

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest - March 12

"March 12 (Bloomberg) -- China may be forced to bail out banks that made loans for local-government projects under the unprecedented stimulus program unleashed in 2008, according to Citigroup Inc. and Northwestern University’s Victor Shih.

In a “worst-case scenario,” the non-performing loans of local-government investment vehicles could climb to 2.4 trillion yuan ($350 billion) by 2011, Shen Minggao, Citigroup’s Hong Kong-based chief economist for greater China, said in a note today.

“The most likely case is that the Chinese government will engineer a massive financial bailout of the financial sector,” said Shih, a professor who spent months researching borrowing by about 8,000 local government entities. "

"Mr El-Erian said most analysts are still using "backward-looking models" that fail to grasp the full magnitude of what has taken place in world affairs since the crisis. Some 40pc of the global economy is in countries where governments are running deficits above 10pc of GDP, with no easy way out.

Standard & Poor's said Europe's states need to raise €1,446bn (£1,313bn) this year as the full damage inflicted by the credit collapse – masked last year by emergency stimulus measures – becomes ever clearer. This will become harder to fund cheaply as central banks start to tighten."

(Sort of a repost of the info above in the Daily Digest:" European Sovereign Debt Issuance to Reach £1,446 Billion (Christian W.)

"Weekly interest payments on the UK's towering national debt could hit £1.5bn by 2015, according to Standard & Poor's.

An increase of three percentage points in the rates paid by the Treasury - so a rise from a little over to 4% today on a 10-year gilt to 7% - would add £35bn to the government's annual interest bill, S&P's analysts said in a note.

That would push interest payments to a punishing £81bn a year or over £1.5bn a week - two times the current Ministry of Defence budget. "

"PARKERSBURG, W.Va. (AP) — The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

It's time to start cashing them in.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.

Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come."

"MIAMI -- An effort to secure up to $100 million in emergency funding for Miami's struggling major hospital system has failed.

Jackson Health System's CEO spent Thursday in Tallahassee lobbying for rescue cash. The system, which provides the only round-the-clock trauma care in Miami-Dade, says it is nearly insolvent.

Legislators told Eneida Roldan they were sympathetic, but couldn't help financially with the state's own budget deficit of up to $3.2 billion.

In fact, possible cuts would put the hospital system in even more trouble unless the federal government makes proposed Medicaid changes."

"Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months.

States from New York to Hawaii that have been hard-hit by the economic downturn say they have either delayed refunds or are considering doing so because of budget shortfalls.

"It's an indicator of how bad it is," says Scott Pattison, executive director of the National Association of State Budget Officers. "You know things are bad when you have to do that.""

"With Los Angeles' credit rating dropping, cash flow drying up and a nearly $700 million shortfall looming over the next 16 months, city officials ordered a citywide spending freeze Thursday.

The freeze brings to an end any plans to remodel offices or purchase new furniture. Food and beverages for staff meetings are over.

Departments were ordered to cancel plans to rent new office space or buy electronic equipment, refrain from mailings not legally required, and reduce contract services for things such as paper shredding, custodial work, tree-trimming and landscaping. The freeze also asks for an end to all personal service contracts for temporary workers.

In a joint letter to city department heads, Mayor Antonio Villaraigosa and Controller Wendy Greuel said, "We understand that the actions are extraordinary measures that will certainly limit the discretion general managers have enjoyed with regard to department expenditures.

"Nonetheless, these actions are necessary to address our projected year-end deficit and our diminished cash balance." "

"DETROIT—It's a challenge to tell stories about people in this city who see its problems and are working hard to be part of its rebirth. It's a challenge because press accounts of Detroit are training us to view the city in three morbid ways.

"Ruin porn" is the favorite negation. Photo after photo of broken windows, vandalized schools, abandoned and decaying buildings. Murder capital, riots, corruption, crummy cars, poverty, racial bigotry. Detroit has something for nearly everyone to hate or ridicule, and ruin porn—porn in the sense of provoking civic, not sexual, degradation—has become a shorthand way to convey scorn.

The second genre is shoot 'em up. Last month's Metro Times: "A car turned from Jefferson onto Chalmers. It drew closer, then slowed when it reached Jackson's house. The headlights panned the front of the home until they revealed the ex-cop sitting there on the otherwise dark porch, staring back. He had a shotgun in his lap." "

"With state tax collections in freefall, Perdue is pushing to cancel the state's weeklong sales back-to-school sales tax holiday. Georgians will also face a host of new or increased fees totaling some $96 million as the state scrambles to balance its books.

Perdue told a state Capitol news conference that the state is undergoing "a government reset."

"We're taking a step back from a lot of things that were nice to do in good times," the Republican governor said."

"The governor brought the current fiscal year's books out of the red by moving forward $342 million in federal stimulus dollars that he has intended to spend next year.

The new cuts rippled throughout state government. Many state agencies that have already endured round after round of reductions will be asked to slash another 3 percent from their spending. There are a few exceptions, such elementary and secondary schools and the department of corrections, which won't be cut as much.

But hospitals, that had been protected so far from Medicaid cuts, were hit hard in Perdue's new blueprint."

"San Jose Unified, however is not unique in its budget decisions, Allen says.

Cupertino Union School District is laying off about 125 teachers, she says, and about 16 school districts in the East Bay will go bankrupt next year.

"They are not going to survive because they don't have the reserves to mitigate these cuts," Allen says. "And because the last two years of ongoing draconian cuts are unprecedented in the state, no one ever anticipated something like this going on for as long as it has.""

"The nation has erected a complex system for magically making its debts disappear, but a look up China's sleeve shows that its IOUs may equal its GDP.

Is China broke?

It seems like a silly question, right? China's foreign exchange reserves stood at $2.4 trillion at the end of 2009. Yes, China announced that its proposed annual budget for 2010 would produce a record deficit, but the deficit is just $154 billion, or 2.8% of China's gross domestic product. In contrast, the Congressional Budget Office projects the US budget deficit for fiscal 2010 at $1.3 trillion. That's equal to 9.2% of GDP.

But remember the theme of my column earlier this week: All governments lie about their finances. At worst, as in Greece and the United States, the lies are bold and transparent. Everybody knows the emperor has no clothes, but no one wants to say so. At best, as in Canada and China, the lies are more subtle—more like a magician's misdirection than a viking raider's ax. Look at these great numbers, the lie goes, but don't look at those up my sleeve.

There's a good argument to be made that if you look at all the numbers, instead of just the ones the budget magicians want you to see, China is indeed broke."

  • A Few Headlines

Hawaii's revenue expectations for next year get lowered

Colleges say less state aid could lead to higher tuition for students (Illinois)

Lehman Brothers hid borrowing, Geithner may bear some responsibility

Insolvencies to hit record level as Christmas debts kick in (UK)

Investor fears grow for ailing Britain

Unemployment tops 20% in eight California counties

Tennessee unemployment fund to borrow from federal government

Fund that pays unemployed benefits will run dry this week  (Arizona...News from Wednesday)

California public pension funds take new hits on real estate investments

NEMCC tuition set to rise 11% (Mississippi)

 

Davos's picture
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Re: Daily Digest - March 12

Strabes: Super read. ET we think alike - other than the toga thing Money mouth. IMO this 0Hedge release is going to rip the banks to shreds.

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Re: Daily Digest - March 12

Interesting article on deflation-hyperinflation.....rather long....

Bernanke's Dilemma: Hyperinflation and the U.S. Dollar http://seekingalpha.com/article/192916-bernanke-s-dilemma-hyperinflation-and-the-u-s-dollar?source=email

Central banks implicitly manage the exponential decay in value of their respective currencies while they focus on interest rates, reserve ratios and inflation targets. Although the exponential decay in the value of the US dollar since 1913 has been distorted by episodes of deflation and variations in monetary policy, the overall pattern continues to reflect the structural reality of exponential decay.

US Dollar Purchasing Power Since 1913 Based on CPI

Chart courtesy of Federal Reserve Bank of St. Louis

The combination of fiat currency, where currency is created arbitrarily, and central banking, where money and credit are centrally controlled and where there is an inescapable inflationary bias, suggests that all such regimes have a limited lifespan, but this does not allow a hyperinflationary outcome to be predicted.

For example, if US citizens had been asked in 1913, when the Federal Reserve was established, if they would use the Federal Reserve’s legal tender knowing that $1 would be roughly $0.05 in less than 100 years they would certainly have responded in the negative, but Federal Reserve Notes have not been rejected by the American people.

Similarly, there is no necessary or obvious point where the US dollar will be rejected as it continues to decline in value for the same structural reasons. The logical outcome is an eventual redenomination.

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The "Repo 105" story from ZeroHedge...

...is going viral.  It's a news item on Yahoo.com's homepage...

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Re: Daily Digest - March 12

Detroit: the last days | Film | The Guardian - When the film- maker Roger Graef approached me last year to make a film about the rise and fall of Detroit I had very few preconceptions about the place. Like everyone else, I knew it as the Motor City, one of the great epicentres of 20th-century music, and home of the American automobile. Only when I arrived in the city itself did the full-frontal cultural car crash that is 21st-century Detroit became blindingly apparent. Leaving behind the gift shops of the "Big Three" car manufacturers, the Motown merchandise and the bizarre ejaculating fountains of the now-notorious international airport, things become stranger and stranger. The drive along eerily empty ghost freeways into the ruins of inner-city Detroit is an Alice-like journey into a severely dystopian future. Passing the giant rubber tyre that dwarfs the nonexistent traffic in ironic testament to the busted hubris of Motown's auto-makers, the city's ripped backside begins to glide past outside the windows...

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Re: Daily Digest - March 12

 

"The Cobb school system has already cut its way through a $95 million budget shortfall. The district reduced employee pay by 2 percent, furloughed teachers, and increased class size.

"I think it is safe to say that our school district has not faced such a financial burden in anyone's memory," said Cobb Superintendent Fred Sanderson.

Half of the revenue for Cobb Schools come from the state of Georgia, that is wrestling with a growing budget deficit. Revenues that the school system collects from local taxes are also off, as much as 10 percent.

The budget deficit is expected to grow even deeper next school year, possibly to $100 million or more.

Members of the Nickajack PTA used to hold two fundraisers a year. Now, it's more than a half dozen."

"City Hall will once again attempt to solve a budget deficit through borrowing, but a fix intended to allow the city to keep its books balanced for the next few months was made in the face of rather dire predictions for the longer term.

"The economy has still not bottomed out. We're still feeling the effects of the economic decline," City Manager Charles McNeely said. "The more problematic issue that we're aware of is, what do we do next year?"

The City Council voted 4-3 during a budget workshop held Thursday evening to balance its general fund by borrowing $1.6 million from a special account tied to regional infrastructure projects."

"On largely party-line votes, the Republican-controlled Legislature approved an $8.9 billion spending plan that ends a health-care program for 47,000 low- income children, removes 310,000 adults from state health coverage and cuts the funds that were one of the last best hopes for the state parks system to stay afloat.

The cuts are needed, Republicans said, to bring state spending in line with its sagging revenue. Arizona faced a $2.6 billion deficit for fiscal 2011."

"- Officials with the State Department of Education are predicting a funding shortfall for public education in the next Fiscal Year of between $800 million and $1.5 billion.

That means "per pupil" shortfalls in Hall County Schools could be as much as $500 dollars, according to Supt. Will Schofield. And with about 26,000 students in the system, it would add up to about $13 million."

"The Ann Arbor school district keeps sliding toward the day it may need to borrow money to meet payroll during the eight weeks a year the state doesn’t provide aid payments, its chief financial officer said Thursday night.

That’s because the district has been spending its fund balance, also known as the rainy day account, to help make up for budget shortfalls.

The district expects to be $8 million short at the end of this school year. That’s up from $6 million projections earlier in the year.

When the board passed its budget for this school year at the end of last school year, it contained provisions to take $2.5 million from the rainy day fund to balance the books.

Ann Arbor Superintendent Todd Roberts and Robert Allen (right), deputy superintendent for operations, discuss a draft plan for possible cuts in the district in January.

But due in large part to nearly $400 in per-pupil funding cuts from the state, the district has added to that deficit."

"(Reuters) - U.S. states and cities may increasingly turn to deficit borrowing to deal with still sagging tax revenue and the pending loss of federal stimulus money.

"With the fiscal pressures mounting, states are turning to any financing mechanism at their disposal to manage those pressures," said Ted Hampton, an analyst at Moody's Investors Service.

Despite glimmers of an economic recovery, state and local government funds are expected to remain sparse for some time. Meanwhile, the $863 billion American Recovery and Reinvestment Act will largely shut off the federal funding spigot to states at year end."

"March 12 (Bloomberg) -- Nassim Nicholas Taleb, author of “The Black Swan” about how unforeseen events can roil markets, said he is concerned about hyperinflation as governments around the world take on more debt and print money.

“We are facing an environment with a huge amount of debt,” he said in a speech in New Delhi today. “The next mistake is going to be overprint, which is going to be the way out for them, which is why I fear hyperinflation.”

Taleb joins Mohamed A. El-Erian, co-chief investment officer at Pacific Investment Management Co., in warning governments about rising public debt. Failing to carry out fiscal measures in time would raise the possibility of governments seeking to eliminate excessive debt through inflation or default, El-Erian said yesterday.

“Why is the state converting private debt into public debt?” said Taleb, who advises Universa Investments LP, a $6 billion fund that bets on extreme market moves. It’s “because public debt is permanent.”"

"Financially strapped states are getting more aggressive with tax scofflaws, hoping that stepped-up enforcement and the posting of the names of delinquents online will push more people to pay up.

Oklahoma and Ohio are mining Internal Revenue Service data for leads and some tax collectors are cajoling other state agencies to share data about residents. Missouri's tax agency has asked for the authority to garnish bank accounts to collect tax judgments. And Nebraska lawmakers are preparing to let the state post online the names of hundreds of taxpayers who owe $20,000 or more.

Such efforts are designed to augment states' efforts to attack budget deficits that are projected to swell to a combined $55.5 billion for the fiscal year beginning July 1, according to the National Conference of State Legislatures. "

"The Elgin district is not the only one sweating the uncertainty of how the state is going to resolve a $13 billion budget deficit, or whether it will find money to pay the more than $800 million it owes districts for the 2009-10 school year.

Christopher Koch, state superintendent of schools, said districts across the state had reported that there would be layoffs of 13,000 teachers this spring. And that figure was based on the notion that the state would maintain level financing for schools "

"China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.

Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts.

"We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session. "

"Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.

In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.

Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different.

"It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said. "

Yes, L.A. can go bankrupt (CNBC Video) or Will Los Angeles Go Broke?

Metro General Could Face $10 Million Deficit (Tennessee)

Appellate court deals Sacramento County a budget setback (Another $6 million added to the $118 million deficit?)

St. Louis looks at private ambulances to save money

Seattle mayor considering raising taxes, fees and rates

FHA Commissioner: Raising the Down Payment Requirement Would Hurt Housing Recovery (From 3.5 % to 5%)

"Stevens stressed that, in spite of the fact that its secondary reserves had fallen below the required two percent level, FHA is not "the next subprime.""

Colo. Ends Sales Tax Exemptions For Soft Drinks And Confections

Russia Accused Of Cooking The Books Ahead Of Its Huge Upcoming Bond Issue

Maryland's Mobile Millionaires... Income tax rates go up, rich taxpayers vanish.

CalPERS & CalSTRS: still down $100 billion

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Re: Repo 105

In case anyone missed it

Lehman Bros and Repo 105 on Yahoo news - who is next?

Naughty boys

RepoMarxist

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MUST WATCH: Spitzer/Ratigan video about Repo 105

Please don't miss this one:

http://www.zerohedge.com/article/ratigan-and-spitzer-discuss-repo-105-co...

 

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Re: Daily Digest - March 12

 

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Re: MUST WATCH: Spitzer/Ratigan video about Repo 105
ErikTownsend wrote:

Please don't miss this one:

http://www.zerohedge.com/article/ratigan-and-spitzer-discuss-repo-105-co...

 

Super watch, I'd be shocked if any charges were brought - let alone if anything stuck. I'd also be shocked if this wasn't pervasive. 

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Re: Daily Digest - March 12

"The IEA has increased its global oil demand forecast for 2010 by 1.8% to 86.6 million barrels a day."

Ooh boy, here comes 2008, the sequel! Brace for impact!

Samuel

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Re: MUST WATCH: Spitzer/Ratigan video about Repo 105
Davos wrote:

Super watch, I'd be shocked if any charges were brought - let alone if anything stuck. I'd also be shocked if this wasn't pervasive. 

Well, that depends on who has blood on their hands. If, say, TurboTax Timmy was involved, then your right. But otherwise, as I've learned, no one in government or other prominent agencies ever gets fired. Otherwise if heads roll, those same heads start talking. Think of that couple that broke in to the White House. They never got charged and no one in the Secret Service ever got canned.

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