Daily Digest

Daily Digest - March 3

Wednesday, March 3, 2010, 10:47 AM
  • California Job Losses Grow
  • IBM Cuts More Than 1,700 Employees, Labor Group Says
  • New York’s Budget Gap Grows 18% to as Much as $9.65 Billion
  • Greek PM says sacrifices vital to avert bankruptcy
  • ASU faces massive budget cuts, "equivalent of bankruptcy"
  • Greece risks 'bankruptcy' without radical action
  • "This will allow us to exist"
  • Melt value of nickels passes 5.5 cents
  • Muni Looks for Extension of "Fiscal Emergency"
  • U.S. Postal Service Seeks to Raise Rates, End Saturday Delivery
  • CLSA's Chris Wood: US Will be End Game for Sovereign Debt Within 5 Years
  • Nation's Unemployment Programs Running Out of Money
  • Can Vacant Schools be Turned into Homeless Shelters?
  • NJ Transit announces emergency spending freeze, 200 job cuts
  • SoCal City Charging $300 For 911 Emergency Services
  • Residents sue Atlanta over "illegal" pension changes
  • Pittsburgh officials have plan to transfer garages to pension fund
  • Indiana receipts again fall short of projections
  • U.K. Teeters on the Brink of Its Own Greek Debt Tragedy
  • Mortgage delinquencies rise after Q4 plateau
  • Fannie to Buy up to 200,000 Delinquent Mortgages in March
  • Plan for big budget cuts, Dallas departments told
  • Washington's State Employee Health Care System In Crisis
  • Trump casinos now worth just $459 million, expert says
  • Gold hits record high in euros, sterling
  • Detroit homes sell for $1 amid mortgage and car industry crisis


California Job Losses Grow

According to an estimate from the state Employment Development Department, California employers shed 871,000 jobs in 2009. If that estimate holds up when final revisions are released this month, California's job losses would be far more grim than first believed. The agency reported as recently as Jan. 22 that California employers chopped 579,000 jobs from payrolls in 2009.

IBM Cuts More Than 1,700 Employees, Labor Group Says

International Business Machines Corp., the world’s largest computer-services provider, fired more than 1,700 workers, mostly in the U.S., and that number may rise, according to an employee advocacy group.

New York’s Budget Gap Grows 18% to as Much as $9.65 Billion

New York state’s spending gap has grown 18 percent to as much as $9.65 billion as tax collections fall short of projections made last month, state officials said. The $850 million reduction in tax revenue between now and the end of March 2011 comes as lawmakers grapple with an $8.2 billion deficit projection that the governor and comptroller said was too low because of unrealistic assumptions about other revenue sources.

Greek PM says sacrifices vital to avert bankruptcy

Under pressure to meet European Union demands to find up to 4.8 billion euros ($6.5 billion) in additional savings before he visits Germany on Friday, he played up the risk of default, saying speculators had made borrowing costs prohibitive. "If anyone thinks that this is a remote nightmare scenario, they don't realize what the situation is," he said. "Each day we discover new holes, new landmines, in the budget deficit."

ASU faces massive budget cuts, "equivalent of bankruptcy"

Augusta State University president Bill Bloodworth says 24 faculty members, at least 2 officers, and custodial staff could be cut as possible resolutions to budget problems stemming from proposed cuts that he says would be the "equivalent of bankruptcy". During the meeting, Bloodworth read information from state leaders and remarks from officials with the Board Of Regents. Comments from education leaders suggest that these dramatic possible cuts are equal to 'declaring bankruptcy' for the education system.

Greece risks 'bankruptcy' without radical action: PM ("Wartime Situation")

Greece risks bankruptcy if it does not take radical extra measures to fix its finances, Prime Minister George Papandreou warned on Tuesday, saying the country was in a "wartime situation." Greece must avoid "a nightmare of bankruptcy in which the state would not be able to pay salaries or pensions," Papandreou told lawmakers in Athens, adding: "Yes, we have to take additional measures.

"This will allow us to exist"

The Nevada System of Higher Education may declare a state of financial emergency for the first time in its existence. The severity of pending budget cuts could force the drastic move to void staff contracts and lay off tenured faculty. Budget cuts on top of budget cuts could prove too much for the state's colleges and universities to meet their financial obligations, Regent Mark Alden said. He has proposed the system declare "financial exigency," which basically means the system cannot pay all its contractual obligations.

Melt value of nickels passes 5.5 cents

via Coinflation.com

Muni Looks for Extension of "Fiscal Emergency"(SF)

San Francisco Muni officials will unveil their plans on Tuesday to cover a two-year, $100 million budget deficit. And while all the details are still unknown, one thing the transit agency is looking for is an extension of its "fiscal emergency." With that extension, Muni would be able to raise fares and cut service, without going through the usual state reviews.

U.S. Postal Service Seeks to Raise Rates, End Saturday Delivery

The Postal Service has lost money each year since 2007, hit by the economy's downturn and the growing use of email and online bill payment. It expects a $7 billion shortfall this fiscal year and Mr. Potter said "the projections going forward are not bright." ....The Postal Service is seeking to save money by having Congress end a 2006 requirement to pre-fund retiree health benefits for postal employees, saving it upward of $5.5 billion a year. U.S. lawmakers provided temporary relief from the obligation last year and postal officials want Congress to lift the requirement altogether.

CLSA's Chris Wood: US Will be End Game for Sovereign Debt Within 5 Years (Video)

Scroll down to the video and listen starting at the 2 minute mark

Nation's Unemployment Programs Running Out of Money

Since the end of 2008, some 29 states, including California, have completely run out of funds to pay unemployment claims, and have resorted to borrowing federal money. It comes to about $33 billion, according to George Wentworth, a policy analyst with the New York-based National Employment Law Project. If jobless claims continue at current rates, the Federal Unemployment Account (FUA), part of the Unemployment Trust Fund (UTF), which is administered by the Department of Labor, could, by 2012, be facing billions in shortfalls.

Can Vacant Schools be Turned into Homeless Shelters? (Video)

Homeless students make up nearly 12 percent of the Kansas City Missouri School District's enrollment. It's a growing problem in Kansas City, that continues to get worse. Now, there's an idea on the table to turn some of those schools the district plans to close into shelters. As Kansas City's school board prepares to announce which school buildings will close, a discussion is opening over what to do with these buildings. 

NJ Transit announces emergency spending freeze, 200 job cuts

Facing a $300 million budget gap, NJ Transit will shed 200 jobs, implement an emergency spending freeze, reduce executive salaries by 5 percent and cut contributions to employee 401K accounts by a third. But the reductions, which will save more than $30 million, still won’t be enough to stave off service cuts and fare hikes for the nearly 900,000 daily bus and train riders, NJ Transit executive director James Weinstein said in a statement today.

SoCal City Charging $300 For 911 Emergency Services (Video)

Residents making 911 calls requiring emergency medical services now have a choice -- pay $300 per call, or sign up for an annual fee. The Loma Linda Fire Department plans to charge residents $300 for each 911 call, beginning Monday, under its new "Fire Medical" program.

Residents sue Atlanta over "illegal" pension changes

The residents want the city to stop contributing into the three pension funds and instead put the money into a court registry for safekeeping. The city is expected to contribute about $125 million, more than one-fifth of its general fund budget, into the pension plans during the 12-month period that ends June 30. Atlanta has a pension fund for police officers, fire rescue workers and general employees. Unless Atlanta is stopped from making "illegal" contributions into those funds, the lawsuit says "the city will continue to face severe fiscal and financial crisis and could be forced into insolvency."

Pittsburgh officials have plan to transfer garages to pension fund

Pittsburgh officials believe they can keep control of the city's parking assets and prevent the pension fund from being taken over by the state. Controller Michael Lamb and Councilman Patrick Dowd introduced today a plan to transfer ownership of some of the city's parking garages to the city's pension fund and also transfer the revenue those garages generate to the fund. "Our plan, the public plan, would guarantee that the pension fund receives full value for these important community assets," Dowd said.

Indiana receipts again fall short of projections

Indiana has now had 17 consecutive months of bad fiscal news. A new revenue report on Tuesday showed that Indiana took in $85.5 million less in tax dollars in February than was predicted less than three months ago. That puts the state $869 million below what lawmakers expected when they passed the budget for the fiscal period beginning in July, and $113 million below what they hoped for when that projection was scrapped in favor of a new one in December.

U.K. Teeters on the Brink of Its Own Greek Debt Tragedy

The fiscal crisis in Greece and a growing worry that the coming elections here could result in a hung Parliament, with no political party strong enough to push through unpopular deficit-cutting measures, have sparked fears that Britain will experience its own sovereign-debt meltdown. In such an event, foreign investors would sharply cut back on their purchases of British government bonds, leading to an interest-rate spike and a potential double dip-recession, if not worse. “If you really want a fiscal problem, look at the U.K.,” said Mark Schofield, a fixed-income strategist at Citigroup. “In Europe the average deficit is about 6 percent of G.D.P. and in the U.K. it’s 12 percent. It is only just beginning.”

Mortgage delinquencies rise after Q4 plateau

More homeowners are falling behind on their mortgages, jeopardizing the nascent housing recovery and raising the possibility that home prices have not found their bottom but could instead fall further. More than 8 percent of homeowners were behind 30 days or more on their mortgage loans, up 4.4 percent from December 2009 and 21 percent from last January, according to data that Equifax Inc (EFX.N), one of the largest U.S. credit bureaus, provided exclusively to Reuters. The data is based on Equifax's 200 million-plus files of U.S. consumers using credit. "This wasn't just a small uptick," said Dann Adams, president of Equifax' U.S. Consumer Information Solutions.

Fannie to Buy up to 200,000 Delinquent Mortgages in March

Government-sponsored enterprise (GSE) Fannie Mae (FNM: 1.00 +1.01%) said Monday it expects to purchase from 150,000 to 200,000 delinquent loans out of single-family mortgage-backed security (MBS) trusts during March. The clarification of Fannie’s delinquent buyouts answered some industry questions about the time line of the buyouts and the scope of delinquencies among product time, according to analysis this week by Barclays Capital. This month will mark only the beginning of Fannie’s plan to buyout loans 120+ days delinquent.

Plan for big budget cuts, departments told (Dallas)

Last year, Dallas went through the most difficult budget it has seen in decades, but it's quickly becoming clear that this year will be worse. Last year's budget included five unpaid furlough days for city employees. The city isn't shutting the door on that measure; it's set to reappear for the 2010-2011 budget year.City Manager Mary Suhm recently asked most city departments to prepare preliminary budgets that slash 30 percent from their current operating costs.

Washington's State Employee Health Care System In Crisis

The letter from Washington's Insurance Commissioner to Governor Chris Gregoire in December was stark. He wrote: "If [Washington's uniform medical and dental plans] were a domestic insurer, the program would be subject to receivership proceedings." In other words, the public employee health system is in a - quote - "financially-hazardous" condition. Steve Hill: "We're looking at a basically 200 to 220 million dollar shortfall in this biennium." Steve Hill runs Washington's Health Care Authority. He says state employees are the biggest cost driver. They're using a lot of healthcare these days. Steve Hill: "And I think what's happening is state employees are becoming concerned about their jobs. With this insecurity they're going out and getting that treatments they need."

Trump casinos now worth just $459 (million), expert says

Valued at $700 million last May, the three Atlantic City gaming halls bearing Donald Trump's famous name now have an estimated worth of just $459 million, said William Hardie, managing director of the New York-based financial firm Houlihan Lokey.

Gold hits record high in euros, sterling

Gold rallied to a six-week high in dollar terms and hit record highs versus sterling and the euro on Tuesday, as uncertainty about Greece's debt and Britain's politics lifted demand for bullion as a hard asset.

Detroit homes sell for $1 amid mortgage and car industry crisis

Drive through Detroit neighbourhoods once clogged with the cars that made the city the envy of America and there are homes to be had for a single dollar. You find these houses among boarded-up, burnt-out and rotting buildings lining deserted streets, places where the population is shrinking so fast entire blocks are being demolished to make way for urban farms.

Please send article submissions to: [email protected]


saxplayer00o1's picture
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4279
Re: Daily Digest - March 3

The real time national debt clock still shows $12.46 trillion, while Treasury Direct also shows over $12.5 trillion.

"Victor Shih, a professor of political science at Northwestern University, said in a recent report that he had examined the debt levels of 8,000 local government investment entities and concluded that they had borrowed the equivalent of $1.6 trillion between 2004 and the end of 2009.

That is roughly one-third of 2009 GDP. China's official public debt is only 20 percent of GDP.

Some investors and analysts worry that a high default rate on loans to local governments, which rely heavily on land sales for their revenues, would badly weaken Chinese banks. Other economists say the worries are exaggerated."

...............2A) Surging China property market poses risks -official

...............2B) China Economic Growth May Slow, Billionaire Zong Says

"China has exceeded the US to become the world's largest property investment market in 2009 and will probably maintain its leading position this year due to its rapid economic growth and lower debt reliance, according to a report released Wednesday by Cushman & Wakefield LLP, a New York-based real estate adviser.

According to the report, driven by the stimulus package the Chinese government launched and low interest rate policies, in 2009, the total amount of money in property investment in China reached $156.2 billion, more than double that of a year earlier.

However, due to the plunge in housing prices, the US property market saw a year-on-year slump of 64 percent to reach $38.3 billion."

"WASHINGTON, March 2 (Reuters) - Highway money and jobless funds were set to flow again after the U.S. Senate ended a standoff on Tuesday that disrupted benefits for hundreds of thousands of unemployed Americans.

The Senate voted 78-19 to end a logjam that had worsened the plight of the jobless and thrown thousands out of work as lawmakers bickered over the cost of programs designed to help millions of Americans weather the worst economic downturn in 70 years.

President Barack Obama was expected to sign the measure quickly into law."

"With the temporary programs renewed, Democrats moved to a much larger $150 billion measure that would extend jobless benefits through the end of the year, help states pay rising health insurance costs and renew a popular set of tax breaks for businesses and individuals.

But their first jobs bill, a $15 billion package centered on tax breaks for businesses that hire new workers, faced an uncertain fate in the House of Representatives.

Democratic leaders in that chamber face objections from black lawmakers who say it is too paltry and centrists who say it violates budget rules. "

"The state fell more than $102 million short of revenue projections in February, increasing the fiscal deficit for 2009-10 to nearly $477 million, according to the Department of Revenue.

Sales tax receipts were $34.6 million below estimate for the month and receipts are off 4.7 percent for the year."

"More than 15,000 San Francisco city workers across all departments will receive layoff notices Friday, and most of them will have the option of being rehired to work a shorter week, Mayor Gavin Newsom said Tuesday.

Newsom's controversial plan to help reduce the city's $522 million budget deficit for the 2010-11 fiscal year would shift the majority of the city's 26,000 workers from a 40-hour week to 37 1/2 hours, cutting their paychecks by 6.25 percent."

"Los Angeles Unified’s board of education voted today to send 5,200 provisional layoff notices to district employees.

About half of those notices will go to managers who hold teaching credentials. Most of the rest will go to elementary school teachers, nurses, librarians and counselors."

"With soaring pension costs and falling revenues now stretching San Jose's budget gap 16 percent to $116.2 million, the City Council narrowly voted Tuesday to consider seeking voter approval for more gambling and higher taxes on the city's two card clubs.

City Manager Debra Figone said employee pension costs, especially for police officers and firefighters, are chiefly driving the increase in the city's deficit. City officials expected pension costs to grow about $38 million next fiscal year to make up for market losses. But she said that figure has now climbed to $53 million, and revenues such as business tax receipts have slipped.

The widening gap puts 150 more city jobs in jeopardy — for a total of 700 potential layoffs out of a full-time work force of 6,600 — unless the city secures pay concessions from employees and tax increases from residents.

"The news is not good," Figone told the council."

"Santa Clara County supervisors digested grim news Tuesday: a midyear review of the county's financial health that the budget director described as the worst in a quarter-century.

The county faces a projected $250 million shortfall when its annual budget hearings begin this summer. But even before they tackle anticipated layoffs and cuts to programs serving the needy, they face a more immediate problem — how to plug a $52 million hole in the current-year budget.

That shortfall is largely because the San Jose Redevelopment Agency — much to the annoyance of supervisors — is not expected to pay more than $40 million owed to the county over the past two years. The agency collects a portion of property taxes in areas it has deemed blighted and devotes that money to capital projects. For years, San Jose has made payments to offset some of those property tax revenues that would otherwise have gone to the county. But agency chief Harry Mavrogenes has called for suspending those payments for three years amid his own cash crunch."

"Salt Lake City's budget is barren, bleeding and bleak. And now, it includes a record deficit.

Two months before Mayor Ralph Becker will present his "balanced" fiscal-year 2011 budget, the city's financial team is projecting nearly a $20 million gap, meaning severe service cuts, employee sacrifices --and perhaps a tax hike -- are in the offing.

The culprit, like last year, is a combination of plummeting sales tax and peaking tabs in health care and retirement costs. The city's key money maker -- tax revenue based on eating and drinking -- is reeling as discretionary income dries up and the recession rages.

Nobody on the sullen City Council has seen anything like it.

"It's beyond bad," says Councilwoman Jill Remington Love. "The biggest gap I've seen in my eight years was $4 million, and that was last year. Before that, it was $1 million and we had layoffs. Everyone's going to have to make a sacrifice." "

"STOCKTON - The city's budget crisis is so severe, the City Council had staff read the City Charter and put on a PowerPoint demonstration Tuesday showing what services Stockton's 88-year-old organizing document requires the city to fund."

"At a council budget hearing Tuesday, O'Rourke said a spending reduction of $14 million citywide could be achieved without a contribution from public safety "if we shut down everything," what he called "the absolutely absurd alternative." In that case, O'Rourke said, no employee would remain to write payroll checks for police officers and firefighters.

"There would be no more City Council as well," O'Rourke said."

"San Joaquin County is expecting a general fund gap of $55.9 million when the new budget year begins in July, according to a midyear budget report delivered at the Board of Supervisors meeting Tuesday. That projected hole is $1.9 million deeper than the shortfall anticipated in a quarterly report about four months ago.

The board also took action Tuesday to use the county's reserve fund to cover $8.1 million worth of losses at San Joaquin General Hospital left over from mid-2007 through mid-2009. That shrinks the reserve to $16.1 million but doesn't reflect this year's higher-than-anticipated losses at the hospital, which along with other drains on the reserve fund could leave only $4 million for the new fiscal year, which begins in July."

State Medicaid chief to review cost-cutting proposals (Arkansas..after Medicaid budget doubled in less than a decade)

Bootle Says U.K. Risks Market ‘Mayhem’ Morning After Election

Risks of crisis linger, Bank of Russia cautions

Minn. deficit shrinks for now, but growth expected

Venezuela's GDP Shrinks 3.3% In 2009, 5.8% In 4Q

Report calls for bigger state spending cuts, warns of $5 billion budget gap (Massachusetts)

$3 billion plus shortfall next budget cycle (Nevada)

Nixon's budget may have overestimated Missouri revenues by up to $1 billion

Concord holds public workshops on the city's budget deficitv"Brutal budget cuts are on the way in Concord"

Phoenix City Council Approves Budget (elimination of 550 jobs)

Detroit Public Schools gets $4 million for 11 properties "DPS has 73 more empty buildings it is trying to sell"

Torrance school board okays 185 layoffs, including 125 teachers

On the BRINK: Decreasing revenue has county school districts scrambling for solutions (Oakland County)

Pension Debt Could “Squeeze Out” State Services (Illinois)

New ghost towns: Industrial communities teeter on the edge

One1776's picture
Status: Bronze Member (Offline)
Joined: Jan 24 2009
Posts: 52
The Laffer Curve

The Laffer Curve charts a relationship between tax rates and tax revenue. While the theory behind the Laffer Curve is widely accepted, the concept has become very controversial because politicians on both sides of the debate exaggerate.

Part I

Part II

Part III

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Crashing Towards a New World Social Order 2012

Crashing Towards a New World Social Order 2012


Capitalism is a vehicle that helped bring the bankers to absolute power, but they have no more loyalty to that system than they have to place, or to anything or anyone else. As mentioned earlier, they think on a global scale, with nations and populations as pawns. They define what money is and they issue it, just like the banker in a game of Monopoly. They can also make up a new game with a new kind of money. They have long outgrown any need to rely on any particular economic system in order to maintain their power. Capitalism was handy in an era of rapid growth. For an era of non-growth, a different game is being prepared.

gregroberts's picture
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
Re: Daily Digest - March 3

Sounds like Laffer was behind the times. I learned to dislike him with his treatment of Peter Schiff in the YouTube video 'Peter Schiff was Right".

The Mellon plan

Mellon came into office with a goal of reducing the huge federal debt from World War I. To do this, he needed to increase the federal revenue and cut spending. He believed that if the tax rates were too high, then the people would try to avoid paying them. He observed that as tax rates had increased during the first part of the 20th century, investors moved to avoid the highest rates—by choosing tax-free municipal bonds, for instance. As Mellon wrote in 1924:[4]

The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business.

If the rates were set more reasonably, taxpayers would have less incentive to avoid paying. His controversial theory was that by lowering the tax rates across the board, he could increase the overall tax revenue.

Andrew Mellon's plan had four main points:

  1. Cut the top income tax rate from 73 to 24 percent
  2. Cut taxes on low incomes from 4 to 1/2 percent
  3. Reduce the Federal Estate tax
  4. Efficiency in government

Mellon believed that the income tax should remain progressive, but with lower rates than those enacted during World War I. He thought that the top income earners would only willingly pay their taxes if rates were 25% or lower. Mellon proposed tax rate cuts, which Congress enacted in the Revenue Acts of 1921, 1924, and 1926. The top marginal tax rate was cut from 73% to 58% in 1922, 50% in 1923, 46% in 1924, 25% in 1925, and 24% in 1929. Rates in lower brackets were also cut substantially, relieving burdens on the middle-class, working-class, and poor households.


saxplayer00o1's picture
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4279
Re: Daily Digest - March 3


"The Pension Benefit Guaranty Corp. will take responsibility to make up its underfunded pension to be able to pay more than 5,800 workers and retirees as the joint venture of Toyota Motor Co. (TM) and General Motors Co. winds down.

The pension plan is 55% funded, with assets of $161 million to cover benefit liabilities of $292 million, according to PBGC estimates. The PBGC expects to cover all but $5 million of the shortfall. "



3) CMBS Delinquencies Hit New Record (Mish)

(He has a number of graphs, including this one)

CMBS Delinquency Percentages

"NEW YORK (Reuters) - The U.S. Justice Department has launched an investigation into whether hedge funds might have acted together betting against the euro, a source familiar with the situation said on Wednesday.

The Wall Street Journal earlier, citing people familiar with the matter, said that the department has asked hedge funds including SAC Capital Advisors LP, Greenlight Capital Inc., Soros Fund Management LLC and Paulson & Co. to retain trading records and emails relating to the euro."

jhart5's picture
Status: Bronze Member (Offline)
Joined: Jul 25 2009
Posts: 89
Collapse of a Superpower- The Five Stages


Collapse of a Superpower - The Five Stages - Dmitry Orlov

My specialty is in thinking about and, unfortunately, predicting collapse. My method is based on comparison: I watched the Soviet Union collapse, and, since I am also familiar with the details of the situation in the United States, I can make comparisons between these two failed superpowers.

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
IMF Doubles Inflation Target!
IMF Doubles Inflation Target!
IMF economists recommend that the world central banks double their official inflation target from 2 percent to 4 percent.
gravelpit's picture
Status: Member (Offline)
Joined: Jun 15 2009
Posts: 4
Re: Daily Digest - March 3

BRITAIN'S small businesses, the lifeblood of many local communities, are being crippled by huge increases in rates



Eye's picture
Status: Bronze Member (Offline)
Joined: Mar 7 2009
Posts: 88
Re: Daily Digest - March 3

RE ADP report today.

Headlines reported the "in line" losses at 20,000 for February.  No one made mention of the January revision though at 38,000 additional losses to 60,000 total losses.  That should have made a headline itself.

mjgarcia77's picture
Status: Member (Offline)
Joined: Aug 21 2008
Posts: 5
Now it all makes sense!

So, let me get this straight...there's 5.5 cents in a nickel.

But according to the Bureau of Engraving and Printing, it costs 6.4 cents to print a hundred dollar bill.   Is it any wonder these goobers can't balance a budget?


On a serious note, they print an insane number of $100 bills, relative to all other bills, except $1.  Over the past 5 years, they printed 5.7 billion $100 notes, compared to  1.1 billion $50's, 7.3 billion $20's, 2.9 billion $10's, 4.4 billion $5's.  Where the heck are all those $100 notes going?

guardia's picture
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Re: Now it all makes sense!
mjgarcia77 wrote:

On a serious note, they print an insane number of $100 bills, relative to all other bills, except $1.  Over the past 5 years, they printed 5.7 billion $100 notes, compared to  1.1 billion $50's, 7.3 billion $20's, 2.9 billion $10's, 4.4 billion $5's.  Where the heck are all those $100 notes going?

Under the mattress? :)


plato1965's picture
Status: Platinum Member (Offline)
Joined: Feb 18 2009
Posts: 615
Re: Daily Digest - March 3

Got Mattress ?


 me: yup.. no $100 bills... alas.. :-(

 I do have plum trees though... which yield a rather juicy coupon each september.. so.. it could be worse.


 Got plums ?

guardia's picture
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Re: Daily Digest - March 3
plato1965 wrote:

Got Mattress ?

me: yup.. no $100 bills... alas.. :-(

Not like this woman hey?

Woman mistakenly junks $1 million mattress


mesaboogieman's picture
Status: Bronze Member (Offline)
Joined: Jan 16 2009
Posts: 42
Re: Daily Digest - March 3

Hmmm so if I melt down $1m in nickels thats $100k profit?   time to break open the piggy bank. Laughing

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments