- Bloggers: The New Financial Media
- Blogger Setser takes post with National Economic Council
- Bill Moyers: Wendell Potter (Video, ex – Health Insurance Media Executive)
- Federal Tax Revenues – Cliff Diving and Data Hiding…(CM Quoted)
- The Ultimate Suckers’s Rally
- FDIC Report & The Top Secret Plan C (Repost)
- Residential Real Estate Inventories (Chart from The Big Picture Blog)
- Residential Real Estate Inventories
DOMMOM ( DaysMonths on Market) (Chart from The Big Picture Blog)
- Residential Real Estate: Shadow Inventory
- FDIC, $800,000,000.00 Left?
- Accelerating U.S. bank-failures refute “recovery” hype
- College Grad Can’t Find Job, Wants $$$ Back
- Please ‘Google’ "Guard Troops May Be Needed in Troubled Alabama County" (Due to AP restrictions can’t post article)
- Map, Unemployment (BLS) Rate by State
- Barack Obama vs. Drudge Report (Video on page)
It shouldn’t be surprising that the financial bloggers are increasingly being turned to for financial news. In most cases they are industry insiders, economists or investment managers who annotate their posts with charts and graphs. Who would you rather get your information from? A reporter that might have gone to journalism school, or a professional trader/economist/investment manager? Who can provide the best insights into what is really happening in the market or economy? Who has the best chance of understanding an extremely complex system?
Here is an excerpt from Brad’s farewell post: All great things have to end
Fundamentally this blog was about an issue – the United States’ trade deficit, the offsetting trade surpluses in other parts of the world and the capital flows that made this sustained “imbalance” possible. Most of my early blog posts argued, in one way or another, that taking on external debt to finance a housing and consumption boom wasn’t the best of ideas. Even if (or especially if) the deficit was financed by governments rather than private markets.
Remember what Chris Martensen called good economic data? You know, data that “is not statistically massaged before release, it is not ‘sampled’ but rather tallied up in its entirety, and it squares up nicely with other good sources of data.”
• Sales tax data
• Income tax data
• Truck tonnage moved
• Port shipping container traffic
• Air transport
• UPS, FedEx, and other major shippers’ volume
• Corporate Revenues (just added to list)
Well, here’s the data from the top of the list, the only data the government releases that meets Chris’s “good” criteria.
And how’s it looking? Is it down the .7 or even 5% that comes out of the massaged and adjusted data? NO! It’s down, wait for it, 22% year over year for Federal individual tax receipts and it’s down a horrific 57% for Corporate Income Taxes!
Now that’s a crash of revenue, just when our government is RAMPING spending all while simultaneously spending trillions of your dollars to bail out the central banks and pay bonuses on Wall Street!
What will that mean for our deficits? GAME OVER! The math is simply so far from working that there is NO WAY to keep the game going very much longer. You can ignore it, call it looney Tunes, whatever, the math simply tells the truth and cannot lie.
Federal tax revenues plummeting
AP ENTERPRISE: Plummeting tax revenues starve …
Either way, the GDP release tells us that commercial real estate is on precipice of implosion. Is it any wonder that the U.S. Treasury is secretly working on a preemptive bailout program called Plan C gearing up taxpayers dollars for another toxic mortgage industry that has $3 trillion in loans? The failure of 2008’s residential mortgage bailout should tell you that bailing out CRE loans is a losing cause especially for taxpayers.
The problem for commercial real estate is the shrinking demand from consumers who have now found a new form of forced austerity. With 26,000,000 Americans unemployed or underemployed the demand for armies of strip malls is no longer a pressing issue. Sure, we can offer gimmicks like cash for clunkers but where is this money coming from? Most people realize that conspicuous consumption by consumers, Wall Street, and the government led us here and our solution is more conspicuous consumption?
but if this is accurate the FDIC is down to $800 million dollars, and a failure of any of the three "seriously in trouble banks" – Colonial, Corus or Guaranty – would blow that tiny little pile of money to Mars.
Five more U.S. banks failed this week, while a separate report warned that a large, Texas-based bank with “negative capital” would be next. With 69 failed banks already this year, bank failures are already on course to exceed the number of failures in 2008 by 400%. However, if they continue accelerating, that increase could easily rise to 500% or 600%.
Meanwhile, despite raising the size of its bribes to take over these failed companies, the FDIC is seeing less bidders step up to bid on these companies. It’s “insurance fund” will be nearly completely exhausted when the pending failure of Texas-based Guaranty Bank takes place – forcing it to tap into a $200 billion “line of credit” from the insolvent U.S. Treasury. Does this sound like an economy which is “recovering”?
She went to college to boost her chances of finding a great job once she got out of school, but now that that hasn’t happened, Trina Thompson wants her money back. Thompson, a graduate of Monroe College, is suing her school for the $70,000 she spent on tuition because she hasn’t found solid employment since receiving her bachelor’s degree in April, according to a published report.The business-oriented school in the Bronx didn’t do enough to help her find a job, Thompson alleges, so she wants a refund. The college says it does plenty for grads.
Please ‘Google’ "Guard Troops May Be Needed in Troubled Alabama County" (Due to AP restrictions can’t post article)