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    Daily Digest – August 21

    by Davos

    Friday, August 21, 2009, 2:37 PM

  • My Bad! Woman’s House Mistakenly Auctioned by Bank
  • CNBC: ‘Anyone Who Owns A Suit Can Come On Television’ (Humor, The Onion, Seen on ZeroHedge)
  • Nassim Taleb: A Crazier Future (Video on page)
  • Problem Children Banks (List sortable click on header)
  • The Real Bull Market: Delinquent U.S. Mortgages Break Record AGAIN
  • After Hours With Nathan Martin – Episode 17
  • MachineHead: Universal Health Care – the 5th Banderilla
  • Ron Paul: Bringing Transparency to the Federal Reserve (Video)
  • Hoenig: Let Big U.S. Banks Fail
  • Peter Schiff on Warren Buffett (Video, H/T iDoctor)
  • Warren Buffet: “Here, let me reinterpret that…”

Economy

My Bad! Woman’s House Mistakenly Auctioned by Bank

You know times are tough when people are getting kicked out of their house when it’s not even for sale.

That’s what happened to Anna Ramirez after she found all of her stuff out on the front lawn of her Homestead home last week and a strange man demanding she get out of his newly purchased house.

The eviction came after Ramirez’s home was mistakenly auctioned off to the highest bidder by her bank, Washington Mutual. Usually, you get a warning before you get the boot. A foreclosure letter. Maybe a sign saying your house is up for sale. Not Ramirez, who found her belongings bashed and battered in the street.

“This came out of nowhere,” Ramirez said. “The bank took the house from right under my feet.”

CNBC: ‘Anyone Who Owns A Suit Can Come On Television’ (Humor, The Onion, Seen on ZeroHedge)

CNBC has extended an invitation to anyone who owns a suit to drop by the financial news network and be a guest expert, cohost a show with Larry Kudlow, or do whatever. “Don’t worry about what kind of shape your suit is in…”

Nassim Taleb: A Crazier Future (Video on page)

Problem Children Banks (List sortable click on header)

The Real Bull Market: Delinquent U.S. Mortgages Break Record AGAIN

U.S. “delinquent mortgages” increased by 65% in the 2nd quarter of this year from the total of a year ago, according to a report from credit reporting agency Transunion. In a remark more suited to “The Daily Show” than a news article, a Transunion representative said that the “good news” was that delinquent mortgages “only” increased by 11.3% from the 1st quarter. An 11.3% quarter-over-quarter increase works out to a 50% rise on an annualized basis – and this is being called “good news”.

After Hours With Nathan Martin – Episode 17

After the formal interview concludes we twist the caps off of a few more and have a casual conversation with Nathan about investing for an uncertain future and inflation vs. deflation.

 To check out Nathan

Please don’t forget to submit 3-5 minute audio clips for an upcoming podcast made up of nothing but listeners submissions. Please be a part of this groundbreaking episode!

MachineHead: Universal Health Care – the 5th Banderilla

Banderillas are the barbed sticks used in a bullfight to weaken and eventually kill the bull. By my analysis, the old bull known as Uncle Sam has four deadly banderillas planted in his neck already, which are slowly killing him. Universal health care would be the fifth.

Ron Paul: Bringing Transparency to the Federal Reserve (Video)

Hoenig: Let Big U.S. Banks Fail

“Too Big Has Failed.”

Peter Schiff on Warren Buffett (Video, H/T iDoctor)

[video:http://www.youtube.com/watch?v=0IQRh99bpQo&feature=player_embedded]

Warren Buffet: “Here, let me reinterpret that…”

This fiscal year, though, the deficit will rise to about 13 percent of G.D.P., more than twice the non-wartime record, or four times if one backs out the recent GDP statistical forgery offered by ‘imputations’ and ‘hedonics’. In dollars, that equates to a staggering $1.8 trillionon a cash basis, and more than $5 trillion on a liability basis.

Fiscally, we are in uncharted territory utterly insolvent since there are no examples of government’s racking up liabilities and debts exceeding 5 times current GDP that have ever done anything but completely destroy the currency of their nation.

Because of this gigantic deficit, our country’s “net debt” (that is, the amount held publicly) is mushrooming. During this fiscal year, it will increase more than one percentage point per month, climbing to about 56 percent of G.D.P. from 41 percent, assuming you believe GDP as it is reported and only look at debt but perversely exclude all liabilities and obligations. .

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