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    Daily Digest – August 17

    by Davos

    Monday, August 17, 2009, 2:37 PM

  • Welfare State (H/T DrKirbyLuv)
  • 1 of about 500 reasons why we work until August 12 for the government (Seen on MarketTicker)
  • Why “Normal” WILL NOT Return (Video)
  • Consequences be damned . . .
  • ICN, Video (H/T iDoctor)
  • Elizabeth Warren (Video, H/T Fujisan)
  • www.COP.Senate.gov (Warren’s full report)
  • Belated Sunday Funnies
  • Real Estate with Jim the Realtor (Video)
  • United States Postal Servcie Health Pension DEFAULT!
  • U.S. Banking crisis just BEGINNING
  • End of the Recession – Closed Monday’s

Economy

Welfare State (H/T DrKirbyLuv)

Americans had to work from January 1 until August 12 this year just to cover the cost of government.  That is 26 days more than they had to work last year to cover the cost of government.

1 of about 500 reasons why we work until August 12 for the government (Video, Seen on MarketTicker)

[video:http://www.youtube.com/watch?v=iW5qKYfqALE&feature=player_embedded]

Consequences be damned . . .

Why “Normal” WILL NOT Return (Video)

GDP Prospects Flash Green (MARCH 5, 2007) The author forecast: “The economy should grow nicely this year and next.” Only not so much.

Why Recession Is Remote (OCTOBER 8, 2007) This was precisely at the peak of the last expansion — we now know Real Wholesale-Retail trade sales peaked in September 2007, and Real Income hit its cyclical high in October ‘07. (Employment was December 07, and Industrial Production was January 08). The recession was two months from beginning.

Housing Isn’t Clobbering GDP (OCTOBER 22, 2007) Good thing Housing didn’t impact the economy much . . .

Look for Joblessness to Hit 5.2% in Late ‘08 (DECEMBER 10, 2007) Wildly too optimistic — the Unemployment Rate rate was 6.1% in September 2008, and as I noted at the same time “its likely to rise.” Its now over 9%.

Outside of Housing, Things Are Humming (NOVEMBER 5, 2007) The credit crisis was already 4 months old when this insightful column came out. Aside from GDP being negative, relying on a dirt cheap dollar raises the question of what happens when that dollar rises — like it has this past quarter.

Slowdown, Not Recession (FEBRUARY 4, 2008) The irony is that NBER marked the
recession starting in December 2007 — 3 months prior.

Even Money on Recession (MARCH 10, 2008) That’s a small change from the column the month before. 5 months into to a horrific recession, the call was a coin toss. Awful.

The Great American Savings Myth (MAY 28, 2007) Facts have proven this to be clueless nonsense. “Household net worth — assets minus debt — has never been higher.” As we warned at the time, asset prices can go down, while debt doesn’t — exactly what happened. One of the truly horrific, embarrassing, columns of all time.This is why ideology loses investor’s money. foolishness

Why GDP Will Keep Growing (SEPTEMBER 29, 2008) Thanks to high Imported Oil prices, GDP looks better than it is (high imported Oil makes the deflator artificially raise GDP. But beyond that technical explanation, this is simply embarrassing nonsense. If you worked at any P&L driven buy side firm, writing stuff like this is how you get fired.

ICN, Video (H/T iDoctor)

Elizabeth Warren (Video, H/T Fujisan)

[video:http://www.youtube.com/watch?v=h75TNIkZ9PI&feature=player_embedded]

 www.COP.Senate.gov (Warren’s full report)

Belated Sunday Funnies

Real Estate with Jim the Realtor (Video)

[video:http://www.youtube.com/watch?v=wk2_8muWXVg&feature=player_embedded]

United States Postal Servcie Health Pension DEFAULT!

Anyone remember my commentary about a year ago regarding pension plans – including public pensions – being in serious trouble and ultimately being at risk of insolvency?

U.S. Banking crisis just BEGINNING

Thanks to the U.S. accounting ‘watch-dog’ – the FASB – legalizing fraudulent accounting (see “FASB strong-armed into mark-to-fantasy accounting”), the “solution” which the bankster oligarchs have come up with to the mass-insolvency of U.S. banks is to simply hide a lot more bad loans. Indeed, fraudulent accounting has become a way of life for the U.S.

It began when the U.S. federal government simply stopped reporting the exponential increase in liabilities from its benefit programs in its own budget – contrary to its own law requiring all of its corporations to report such liabilities. Instead, it simply calls this humungous mountain of future debt “unfunded liabilities”, and spends most of its time pretending it doesn’t exist.

The bonus for not including the $70 TRILLION or so in “unfunded liabilities”

 End of the Recession – Closed Mondays

 

 

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