Daily Digest

Daily Digest - September 25

Friday, September 25, 2009, 9:58 AM


  • New Push for Global Currency

  • Gloom Boom & Doom (Video)

  • Peter Schiff, Dollar G20 (Video, H/T iDoctor)

  • A Coming Flood of Bank Owned Homes

  • Chart: Damaged REO, Mone-In Ready REO, Shorts & Non-Distressed

  • FOMC Between the Lines

  • Not Exactly Doom-and-Gloomers

  • Why the U.S. economy CAN'T “recover”

  • ICN (Video, H/T iDoctor)


Economy


New Push for Global Currency




The sun is setting on the US dollar as the ultra-loose monetary policy of the US Federal Reserve forces China and the vibrant economies of the emerging world to forge a new global currency order, according to a new report by HSBC.


Gloom Boom & Doom (Video)


Peter Schiff, Dollar G20 (Video, H/T iDoctor)




A Coming Flood of Bank Owned Homes


“The size of this shadow inventory is a source of concern and debate among real-estate agents and analysts who worry that when the supply is unleashed, it could interrupt the budding housing recovery and ignite a new wave of stress in the housing market . . . Analysts who track the shadow market have focused primarily on the gap between the number of seriously delinquent loans and the number of foreclosed homes for sale by mortgage companies. A loan is considered seriously delinquent, which typically means it is headed to foreclosure, if it is 90 days or more past due."

Chart: Damaged REO, Move-In Ready REO, Shorts & Non-Distressed


FOMC Between the Lines



Although economic activity is likely to remain weak for a time, the Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability.

We believe in the Easter Bunny and Santa Claus too, as shown by the clear contradiction with our previous paragraph.

Not Exactly Doom-and-Gloomers



According to the U.S. Small Business Administration, many successful entrepreneurs have similar traits and characteristics, including ... In sum, they are not the kind of people who tend towards pessimism or who easily lose heart. With that in mind, the perspectives detailed by the nation's largest non-profit foundation devoted to entrepreneurship in the following report, "Entrepreneurs' Gloom Contradicts Wall Street Optimism," should give (further) pause to those who believe a "V"-shaped recovery is at hand.


Why the U.S. economy CAN'T “recover”



When asked to justify their reluctance to apply the label of “recession” to this economic collapse (which is, in reality, a Greater Depression), the reply was the same: formally declaring a “recession” was something which was done in hindsight – after enough data had accumulated to justify that backward-looking prognosis.


 What a surprising coincidence that these same U.S. market-pumpers see absolutely no reason to exercise any caution at all when declaring a “recovery” has begun!


One of the chief propaganda tools of these shills is the index of economic “leading indicators”. Even if I were to concede these “indicators” were a persuasive tool for predicting future economic activity (which I don't), this particular statistic only has relevance if the economy is operating within something close to normal parameters – which it isn't.


ICN (Video, H/T iDoctor)



17 Comments

dcm's picture
dcm
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Re: Audit the Federal Reserve Hearings

And here is the link

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest - September 25

 

1) New Home sales higher by .7% over last month, but the 7th paragraph says they are down

70% from their high. The 11th paragraph shows that sales were higher because of the largest

monthly price drop on record, dating to 1963.

 

2) CONCENTRATED EXPOSURES

"Derivative exposures remained highly concentrated, with the largest five banks accounting for 97 percent of exposures, the OCC said.

JPMorgan (JPM.N), Goldman Sachs (GS.N), Bank of America (BAC.N), Citibank (C.N) and Wells Fargo (WFC.N), have the largest derivatives exposures of U.S. commercial banks.

As of June 30, their notional derivative exposures stood at $79.94 trillion, $40.48 trillion, $39.06 trillion, $31.94 trillion and $5.11 trillion, respectively."

3) House Votes to Block Increase in Medicare Part B Premiums

4) League of Women Voters Meeting: Is Alameda Going Bankrupt?

5) Look at all of the billions of dollars of claims on Lehman

 

Damnthematrix's picture
Damnthematrix
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Re: Daily Digest - September 25

formally declaring a “recession” was something which was done in hindsight – after enough data had accumulated to justify that backward-looking prognosis.

 What a surprising coincidence that these same U.S. market-pumpers see absolutely no reason to exercise any caution at all when declaring a “recovery” has begun!

 

Maybe that's called foresight...? :-)

Mike

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JAG
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Grayson: Has the Fed Ever Tried to Manipulate the Stock Market?

Morpheus's picture
Morpheus
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Re: Daily Digest - September 25

Jeff, that video was phenomenal!!!!!!!!!!!

Davos. Please re-post this on the main site for everyone to see.

Kannon's picture
Kannon
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Apocalypse in Las Vegas

There are hundreds of homeless people living in tunnels under Las Vegas!

This news story reminds me of the scene from  Terminator, where they show people living in tunnels as they fight the cyborgs outside.  If this isn't an indicator of where our society and economy is heading , I don't know what is.

http://abcnews.go.com/video/playerIndex?id=8658124

 

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Farmer Brown
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Bank purchases of bonds and effect on yield curve

Here's a very nice article on bond yield curves and how bank bond purchases have set a new trend.

http://www.ft.com/cms/s/0/11eccb08-aa03-11de-a3ce-00144feabdc0.html?nclick_check=1

click link for full article.

Yield curve watchers divided over bank power

By Jennifer Hughes

Published: September 25 2009 20:31 | Last updated: September 25 2009 20:31

Reading bond yield curves is to some investors a high form of financial art. To others, it is akin to reading tea leaves for clues about market direction.

Whichever group you subscribe to, there appears to be a new force in town with the power to change the market dynamics round the world: the banks. They appear to be buying a lot of bonds for their own balance sheets and are likely to continue.

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Davos
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Re: Daily Digest - September 25
Morpheus wrote:

Jeff, that video was phenomenal!!!!!!!!!!!

Davos. Please re-post this on the main site for everyone to see.

Posted on tomorrows blog. A ten out of ten!

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest - September 25

 Another $892 million for the FDIC as another bank fails.

At least it's not billions this time, so probably nothing to lose sleep over.

Davos's picture
Davos
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Re: Daily Digest - September 25

Well I just read Casey's Daily Dispatch. 

With respect to the dollar it has gone from being a skeptical idea that the change-over would occur in the very near future to a not only happen in our lifetime but it could happen within the next few years.

Hopefully FSN will have this article.

Take care 

idoctor's picture
idoctor
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Re: Daily Digest - September 25

9/25/2009 Peter Schiff On Squawk On The Street: Is The Dollar The New Yen?

idoctor's picture
idoctor
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Re: Daily Digest - September 25

A NEW WORLD ORDER - BBC covers Pittsburgh G20

 

Gerald Celente on Freedom watch with Judge Napolitano 23 Sept 2009

1.

2.

Gerald Celente, The Worst is Yet to Come!!

1.

2.

3.

4.

Jag what a great find on your video. Really sad what is going on.

CB's picture
CB
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Posts: 365
Re: Daily Digest - September 25
VIDEO: The Financial Crisis and the Bank Bailout
A James Corbett Report

 

http://www.globalresearch.ca/index.php?context=va&aid=15254

 

Quote:

"The stated objective of the bank bailout programs is to alleviate the banks' burden of bad debts and non-performing loans. In actuality what is happening is that these massive amounts of money are being used by a handful of institutions to consolidate their position in global banking.

The exposure of the banks, largely the result of derivative trade, is estimated in the tens of trillions of dollars, to the extent that the amounts and guarantees granted by the Treasury and the Fed will not resolve the crisis. Nor are they intended to resolve the crisis.

The mainstream media suggests that the banks are being nationalized as a result of TARP, In fact, it is exactly the opposite: the State is being taken over by the banks, the State is being privatized. The establishment of a Worldwide unipolar financial system is part of the broader project of the Wall Street financial elites to establish the contours of a world government.

In a bitter irony, the recipients of the bailout under TARP and Obama's proposed $750 billion aid to financial institutions are the creditors of the federal government. The Wall Street banks are the brokers and underwriters of the US public debt, although they hold only a portion of the debt, they transact and trade in US dollar denominated public debt instruments Worldwide.

They act as creditors of the US State. They evaluate the creditworthiness of the US government, they rank the public debt through Moody's and Standard and Poor. They control the US Treasury, the Federal Reserve Board and the US Congress. They oversee and dictate fiscal and monetary policy, ensuring that the State acts in their interest.

......more......

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Damnthematrix
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Re: Daily Digest - September 25

'Capitalism' as Comedy and Tragedy Now Playing in NY and L.A.

Friday, September 25th, 2009

Friends,

The time has arrived for, as Time magazine called it, my "magnum opus." I only had a year of Latin when I was in high school, so I'm not quite sure what that means, but I think it's good.

I've spent nearly two years on this new movie, "Capitalism: A Love Story," and have poured my heart and soul into this project. Many early critics and viewers have called it my "best film yet." That's a hard call for me to make as I'm proud of all of my films -- but I will tell you this: What you are about to see in "Capitalism" is going to stun you. It's going to make some of you angry and I believe it's going to give most of you a new sense of hope that we are going to turn the sick and twisted mess made by the last president around. Oh, and you're going to have a good laugh at the expense of all the banking and corporate criminals who've made out like bandits in the past year.

I'm gonna show you the stuff the nightly news will rarely show you. Ever meet a pilot for American Airlines on food stamps because his pay's been cut so low? Ever meet a judge who gets kickbacks for sending innocent kids to a private prison? Ever meet someone from the Wall Street Journal who bluntly states on camera that he doesn't much care for democracy and that capitalism should be our only ruling concern?

You'll meet all these guys in "Capitalism." You'll also meet a whistleblower who, with documents in hand, tells us about the million-dollar-plus sweetheart loans he approved for the head of Senate Banking Committee -- the very committee that was supposed to be regulating his lending institution! You'll hear from a bank regulator why Timothy Geithner has no business being our Treasury Secretary. And you'll learn, from the woman who heads up the congressional commission charged with keeping an eye on the bailout money, how Alan Greenspan & Co. schemed and connived the public into putting up their inflated valued homes as collateral -- thus causing the biggest foreclosure epidemic in our history.

There is now a foreclosure filed in the U.S. once every seven-and-half SECONDS.

None of this is an accident, and I name the names others seem to be afraid to name, the men who have ransacked the pensions of working people and plundered the future of our kids and grandkids. Somehow they thought they were going to get away with this, that we'd believe their Big Lie that this crash was caused by a bunch of low-income people who took out loans they couldn't afford. Much of the mainstream media bought this storyline. No wonder Wall Street thought they could pull this off.

Jeez, I guess they forgot about me and my crew. You'd think we would've made a better impression on these wealthy thieves by now. Guess not.

So here we come! It's all there, up on the silver screen, two hours of a tragicomedy crime story starring a bunch of vampires who just weren't satisfied with simply destroying Flint, Michigan -- they had to try and see if they could take down the whole damn country. So come see this cops and robbers movie! The robbers this time wear suits and ties, and the cops -- well, if you're willing to accept a guy in a ballcap with a high school education as a stand-in until the real deal shows up to haul 'em away, then I humbly request your presence at your local cinema this weekend in New York and Los Angeles (and next Friday, October 2nd, all across America).

In the meantime, you can catch us on some of the TV shows that have been brave enough to let me on in the past week or so:

- Nightline (as we take a stroll down Wall Street to Goldman Sachs)

- Good Morning America (where they let me talk about Disney employees who don't get medical benefits)

- The View (where the Republican co-host told everyone to go see it! Whoa!)

- The Colbert Report (this guy is a genius, seriously)

- Larry King (where a spokesperson for the Senator who got the sweetheart loans responds for the first time)

- Keith Olberman (where we both wonder just how long these media corps are going to let us get away with what we do)

- Wolf Blitzer (yes, he's back for more abuse - and lovin' it)

... And the amazing Jay Leno. This man called me after seeing the movie and asked me to be his only in-studio guest on the second night of his new prime-time show. I said, "Jay, shouldn't you be thinking of your ratings in the first week of the show? Are you sure you didn't misdial Tom Hanks' number (the area code where I live is 231; 213 is LA)?" He told me he was profoundly moved by this film. So I was the guest on his second show, and he told all of America it was my "best film" and to please go see "Capitalism: A Love Story." That was Jay Leno saying that, not Noam Chomsky or Jane Fonda (both of whom I love dearly). The audience responded enthusiastically and, after 20 years of filmmaking, it was a moment where I crossed over deep into the mainstream of middle America. Jay's bosses at General Electric musta been... well, let's just say I hope they didn't place a reprimand in his permanent record. He's one helluva guy (and following the example he set with his free concerts for the unemployed in Michigan and Ohio last spring, I've gotten permission from the studio to do the same with my film in ten of the hardest-hit cities in the U.S. next week).

Oh, and he made me sing! Prepare yourself!

Thanks everyone -- and see you at the movies!

Yours, Michael Moore [email protected]
MichaelMoore.com
Twitter.com/MMFlint
Facebook.com/MMFlint
MySpace.com/MMFlint

idoctor's picture
idoctor
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Re: Daily Digest - September 25

Peter Schiff Vlog-The dollar carry trade-My Mortgage Bankers Presentation

Mortgage Bankers Speech from Nov. 13th 2006

Montana Native's picture
Montana Native
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Re: Grayson: Has the Fed Ever Tried to Manipulate the Stock ...

Jeff,

Thanks for the video, it was awesome! Anyone have a link to the entire proceedings? I was at work.

SagerXX's picture
SagerXX
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Posts: 2219
Re: Grayson: Has the Fed Ever Tried to Manipulate the Stock ...
Montana Native wrote:

Jeff,

Thanks for the video, it was awesome! Anyone have a link to the entire proceedings? I was at work.

Oooh, watching that felt *good*!  I could've watched more.  

Smiling...Viva -- Sager

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