Keyword: finance

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  • Citi: The Fiscal Cliff Is 'SO RIDICULOUSLY LARGE'

    05/01/2012 5:43:13 AM PDT · by blam · 67 replies
    TBI ^ | 5-1-2012 | Joe Weisenthal
    Citi: The Fiscal Cliff Is 'SO RIDICULOUSLY LARGE' Joe Weisenthal May 1, 2012A quick paragraph from Citi's Steven Wieting which we found amusing, the gist of which is basically: The fiscal cliff coming in 2012 is so big, it's good, because it will have to get fixed.The size of the so-called fiscal cliff at year end, which would unwind a decade’s worth of tax cuts and temporary income supports, is so “ridiculously” large relative to near- term growth prospects that markets may take some comfort in its scale. As Fed Chairman Bernanke warned Congress, the Fed would have “no chance”...
  • 22 Red Flags That Indicate That Very Serious Doom Is Coming For Global Financial Markets

    04/29/2012 7:42:56 AM PDT · by SeekAndFind · 16 replies
    The Economic Collapse ^ | 04/27/2012 | Michael Snyder
    If you enjoy watching financial doom, then you are quite likely to really enjoy the rest of 2012. Right now, red flags are popping up all over the place. Corporate insiders are selling off stock like there is no tomorrow, major economies all over Europe continue to implode, the IMF is warning that the eurozone could actually break up and there are signs of trouble at major banks all over the planet. Unfortunately, it looks like the period of relative stability that global financial markets have been enjoying is about to come to an end. A whole host of...
  • Gallup: U.S. Financial Comfort Falls to New Low (39% do not have enough money to live comfortably)

    04/27/2012 6:29:38 AM PDT · by SeekAndFind · 18 replies
    Gallup ^ | 04/27/2012 | Lydia Saad
    PRINCETON, NJ -- Americans' financial comfort is the lowest Gallup has measured to date, with 60% saying they currently have enough money to live comfortably and 39% saying they do not. Americans' peace of mind with their finances was fairly stable at a high level from the first asking of the question in 2002 through 2007, but has since faltered. These results are from Gallup's annual Economy and Personal Finance poll, conducted each April. The 2012 survey was conducted April 9-12. Americans' sense of their personal financial comfort is directly related to how much college education they have, with the...
  • Mike Krieger Explains Central Planning for Dummies

    04/05/2012 5:06:15 PM PDT · by Errant · 3 replies
    Zero Hedge ^ | April 5, 2012 | Mike Krieger
    For several years now I have been sounding the alarm that if you want to be engaged in the financial markets you need to assume that markets are being managed (rigged) more aggressively than at any moment in any of our lives. The Bernank and others on Wall Street and the District of Criminals understand that the situation is pretty much hopeless.
  • From the Harper Conservatives, a budget that dials back the role of government

    03/30/2012 4:36:13 AM PDT · by Former Proud Canadian · 11 replies
    The Globe and Mail ^ | March 39, 2012 | bill curry AND jeremy torobin
    With his first majority budget, Stephen Harper has laid bare his vision for the future Canada: Government will be smaller and less intrusive, individuals will take more responsibility for their own retirement and business will return to driving the economy. The 2012 budget is a showcase for Mr. Harper’s hands-off political approach, one that combines sweeping spending cuts to the public service with a handful of targeted policy changes geared to drive future investment.
  • I need help understanding Campaign Finance Laws.

    02/21/2012 4:56:31 PM PST · by johnsmom · 25 replies
    John's Mom
    "Obama for America can accept contributions from an individual of up to $2,500 per federal election (the primary and general are separate elections). " How is it, then, that Vince Carter can host 40 people at his home for a $30k per plate dinner to ' support the Barack Obama Victory Fund"? That's $1.2 mil. What allows him to donate one sum and I am legally bound in the limits of what I can give? Is this 'bundling' and, if not, what is it and what's the difference, please?
  • Obama finance chief funded Media Matters, President deeply tied to anti-Fox News group's top donors

    02/20/2012 3:53:22 PM PST · by Nachum · 10 replies
    wnd ^ | 2/20/12 | Aaron Klein
    President Obama served eight years on the board of a charity that is a top donor to the embattled Media Matters for America progressive activist organization. Obama is also tied to numerous other top Media Matters donors and fundraisers, including a foundation run by the finance chairman of his 2008 presidential campaign, Penny Pritzker, WND has learned. Last week, the Daily Caller released a list of grants to Media Matters. A WND review of the donor list found a number of deep ties to Obama. Get Aaron Klein’s “Red Army: The Radical Network that must be defeated to save America”...
  • Obama Perverts Ex-Im Bank into Competitor for Domestic Banks

    02/18/2012 5:47:55 PM PST · by jfd1776 · 4 replies
    American Thinker ^ | Feb 18, 2012 A.D. | John F. Di Leo
    Acting without any legal authority, President Obama has overridden the federal charter of the Export-Import Bank, and turned it into a competitor for domestic loan business, in utter defiance of the law. Hardly anyone has noticed or seems to care. Speaking at a Boeing assembly plant in Everett, Washington Friday, President Barack Obama announced a bold new plan to help American exporters: he would broaden the services of the Ex-Im Bank to help grow our exports. Now, that sounds good on the face of it. The Ex-Im Bank is chartered as an export-funding source with a very narrow, specific charter....
  • The Silent Victims of the U.S.-China Currency War

    02/14/2012 11:04:06 AM PST · by Razzz42 · 2 replies
    usnews.com ^ | February 13, 2012 | Jim Rickards
    Xi Jinping, likely to be China's next president, visits President Obama in the White House this week. This visit ensures that the ongoing currency war between the United States and China will be on the list of things that Obama and Xi discuss along with the looming war with Iran, the North Korean succession, and other geopolitical issues. Currency wars arise when a country steals growth from trading partners by cheapening its currency to promote exports. The new currency war began in 2010 when President Obama declared in his State of the Union address that it was the policy of...
  • Essential Investor Preparations For The Big Crisis

    02/04/2012 10:44:15 AM PST · by blam · 26 replies
    The Market Oracle ^ | 2-3-2012 | DeepCaster LLC
    Essential Investor Preparations For The Big Crisis Stock-Markets / Financial Markets 2012 Feb 03, 2012 - 10:12 AM By: DeepCaster LLC “The U.S. economic and systemic-solvency crises of the last five years continue to deteriorate. Yet they remain just the precursors to the coming Great Collapse: a hyperinflationary great depression. The unfolding circumstance will encompass a complete loss in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and economic activity; a collapse in the U.S. financial system, as we know it; and a likely realignment of the U.S. political environment. Outside timing...
  • Read Between The Lines: Hollywood Mogul Buys 2,600 Acres Of Farmland; Moving To New Zealand

    02/01/2012 8:54:40 PM PST · by blam · 72 replies · 1+ views
    SHTF Plan ^ | Mac Slavo
    Read Between The Lines: Hollywood Mogul Buys 2,600 Acres Of Farmland; Moving To New Zealand Mac Slavo February 1st, 2012 James Cameron, the Hollywood producer responsible for blockbuster films like Terminator, Titanic and Avatar, is reportedly preparing to exit stage left. While the move for the Canadian born Cameron may initially be perceived as a rejection or denouncement of American policies and ideals, Cameron, who has made campaign donations to the Democrat Party in the past, most notably during the 2004 Presidential election where he supported democrat John Kerry, may have ulterior motivations, as evidenced by where he’s planning on...
  • Citigroup sued for fraud over $1 billion of CDOs

    01/25/2012 11:59:09 PM PST · by Razzz42 · 4 replies
    uk.reuters.com ^ | Tue Jan 24, 2012 | By Karen Freifeld
    Citigroup Inc (C.N) was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007. Citigroup is accused of defrauding Loreley into purchasing "fraudulent investments that are now worthless," Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan...
  • Little Angels...

    01/25/2012 9:33:47 PM PST · by Razzz42 · 11 replies
    hypertiger.blogspot.com ^ | December 25, 2011 | Hypertiger
    The FED is just a scapegoat the top uses. When the top can't suck anymore yield from the bottom to keep the system from collapsing due to the inability or refusal of the bottom to supply it...Then they say...it was the FED's fault. And you believe it. I hear them on TV and radio all the time saying that...The politicians in Europe better get their act together and do something... Like what? Pass a rule making it illegal for the Universe to function how it does? There never was anything that could be done to avoid the logical conclusion...Other than...
  • PETER ORSZAG: The US Is Facing A Perfect Storm Early Next Year

    01/24/2012 10:34:25 AM PST · by blam · 19 replies
    TBI ^ | 1-24-2012 | Simone Foxman
    PETER ORSZAG: The US Is Facing A Perfect Storm Early Next Year Simone Foxman Jan. 24, 2012, 12:30 PM Early 2013 could just be the next perfect storm for political catastrophe in the United States, according to Peter Orszag, the Vice Chairman of Global Banking at Citigroup, who spoke at the Bloomberg Link Sovereign Debt Conference today. That's when Congress will face its next test--passing crucial legislation on the Bush-era tax cuts, defense spending, and raising the debt ceiling. "It's going to be rare that we have that [legislative] trifecta where you can actually do anything," Orszag said, arguing that...
  • George Soros Warns Of Financial Collapse, Class Warfare And The Rise Of Evil

    01/24/2012 7:49:00 AM PST · by blam · 65 replies · 1+ views
    TBI ^ | 1-24-2012 | Gus Lubin
    George Soros Warns Of Financial Collapse, Class Warfare And The Rise Of Evil Gus Lubin Jan. 24, 2012, 8:00 AM Soros George Soros warns of financial collapse and class warfare in a chilling interview with Newsweek's John Alridge. “At times like these, survival is the most important thing,” he says, peering through his owlish glasses and brushing wisps of gray hair off his forehead. He doesn’t just mean it’s time to protect your assets. He means it’s time to stave off disaster. As he sees it, the world faces one of the most dangerous periods of modern history—a period of...
  • Define "Apocalypse"

    01/19/2012 9:44:39 AM PST · by Wolf13 · 33 replies
    Politico ^ | 1-19-12 | Chuck Bentley
    What if the Mayans were right when they predicted that the world was coming to an end in 2012? Some people are always prepared for the apocalypse. Last year, a group of misguided Christians believed the end was nigh. A dozen years ago, Y2K was all the rage. Back when the Mayans were making predictions, so were the Essenes, a reclusive Jewish sect during Christ’s time on Earth. They thought the final battle between good and evil was coming any day now — more than 2,000 years ago. Today, some people in the Arizona desert are reportedly preparing for the...
  • The Evolution of the U.S. Dollar

    01/19/2012 12:35:42 AM PST · by Razzz42 · 12 replies
    Armstrong Economics ^ | January 17, 2012 | Martin Armstrong
    ...Therefore, this whole idea that we can live the high-life, be whatever we dream and never have to pay the consequences is simply dead wrong. The confusion that the Gold Standard advocates have created is this misconception that we print money and that is “fiat” that results in inflation. This is a far too simplistic view of finance. It presumes “printing” of actual dollars without restraint. Simply put, HAD WE PRINTED dollars instead of BORROWING DOLLARS, the national debt would be about 40% of its current size. Printing is MUCH LESS inflationary than borrowing. The reason, borrowing necessitates the creation...
  • Goldman Sachs posts $1 billion profit

    01/18/2012 11:23:47 AM PST · by combat_boots · 4 replies
    CNN Money ^ | January 18, 2012 | By Maureen Farrell and Aaron Smith
    NEW YORK (CNNMoney) -- Goldman Sachs reported a fourth-quarter profit of about $1 billion on Wednesday, reversing a loss from the third quarter and topping expectations. But the company's revenue declined from a year ago and missed analysts' forecasts. Slashing compensation and nearly $1.4 billion in other expenses helped Goldman Sachs (GS, Fortune 500) generate its nearly nine-figure profits last year. Chief financial officer David Viniar said cost-cutting won't be the firm's primary focus going forward. "It's not possible to cut expenses as a means to prosperity," he said during a conference call following the earnings release.
  • France Loses Triple-A Rating On S&P Downgrade: Report

    01/13/2012 8:05:39 AM PST · by tcrlaf · 8 replies · 1+ views
    CNBC ^ | Friday the 13th, 2012 | CNBC.com with Reuters
    Standard & Poor's ratings agency has downgraded France's credit rating, French television channels reported on Friday, citing a government source. EU building flags brussels EyesWideOpen | Getty Images The channels did not provide further details. S&P warned in December that it could downgrade the credit ratings of several euro zone nations if European leaders failed to find a lasting solution to the debt crisis at a meeting of EU leaders that month. Several euro zone countries including France face an “imminent” downgrade by ratings agency S&P, Reuters and Dow Jones news agencies reported, sending the euro to a session low...
  • RON PAUL Changes the Republican Party, or Not?

    01/10/2012 10:50:31 AM PST · by Graewoulf · 94 replies
    Graewoulf | January 10, 2012 | Graewoulf
    Rep. Dr. Ron Paul is the only Candidate now running who: 1.) Has a comprehensive platform that will cut BASELINE Federal spending. 2.) Insists that all of the planks in his platform are consistent with the US Constitution. 3.) Accepts the fact that the USA can no longer financially afford to be the World’s policeman. 4.) Fully understands how to dismantle the disastrous Federal medical “entitlements” of Medicare, Medicaid, and the illegal Obama”care.” 5.) Has a comprehensive plan to abolish or dramatically shrink 5 Federal Departments, or Bureaus. These positions set Dr. Paul apart from the rest of the Candidates...
  • Eight Strategic Factors to Consider in 2012 – The Year of Great Power Impotence

    01/04/2012 8:13:20 AM PST · by bananaman22
    oilprice.com ^ | 01/04/2011 | Gregory Copley
    Rarely in the past six decades has global context counted for as much in strategic forecasting — trend analysis — as it does at the dawn of 2012. Reliance on stove-piped analysis of “strategic sectors” — such as economic and financial issues, security issues, politics, geopolitics, resources and energy, sociology and religion, and so on — will produce skewed and unreliable estimates, and will tend to favor linear extrapolations of recent experience. A study of broad contextual factors, including an expanded view of history, will show how cycles and confluences of trends potentially play a greater disruptive role than at...
  • OBAMA GIVES THE FINGER TO MAIN STREET AND OWS

    12/27/2011 7:45:08 PM PST · by Razzz42
    Notes From Underground ^ | December 27, 2011 | Yra Harris
    The news during the last five days has been sparse as the regular year-end news items filter through the talking heads giving prediction after prediction about what will occur next year. Everything from the break-up of the EU to the closing of the Straits of Hormuz winds its way through the markets. The only significant story is the parking of LARGE AMOUNTS OF EUROS AT THE ECB as the distressed banks of Europe seem to want to place excess reserves with the Draghi Bank rather than buy the sovereign debt of Italy, Spain and the others. It seems odd that...
  • payroll tax cut = Social Security cut

    12/22/2011 11:13:47 AM PST · by jyro · 11 replies
    The payroll tax cut is a social security tax cut. The program is already deeply in the red because of congress spending all the money. Democrats want to end Social Security by stopping the funding of it. Why isn't it being advertised as this by Republicans.
  • Trade finance drying up amid financial crisis

    12/17/2011 12:50:26 PM PST · by george76 · 3 replies
    AFP ^ | December 17, 2011
    Trade finance is drying up amid the financial crisis, threatening jobs and economic growth, trade sources warned Saturday. Banks like Credit Agricole and BNP Paribas -- two of the 25 financial institutions most active in such financing -- have recently reduced their trade financing business, said a trade source on the sidelines of a World Trade Organization ministerial conference. ... More than 90 percent of commercial transactions in the world require such credit, but the current crisis is forcing banks to hold on to capital and liquidity, leading to the lending market drying up and making credit more expensive.
  • Two Roads Out Off The Global Financial Crisis

    12/11/2011 7:49:26 AM PST · by blam · 12 replies
    TMO ^ | 12-11-2011 | David Knox Barker
    Two Roads Out Off The Global Financial Crisis Stock-Markets / Credit Crisis 2011 Dec 11, 2011 - 08:12 AM By: David Knox Barker The international political economy and global financial markets are deep in the woods. A long wave winter season is blowing cold, and getting colder. Decades of excess leverage in the banking system and sovereign states is coming to an end. Government and consumer spending are hitting a wall. A critical fork on this wintry road is coming up fast. A transformational long wave crisis that spans the globe is under way. Tough decisions must be made to...
  • Transcript for Ann Barnhardt Interview

    12/10/2011 9:59:38 PM PST · by Neil E. Wright · 26 replies · 1+ views
    Financial Sense ^ | December 10, 2011
    Jim Puplava: Joining me as my special guest on the program today is Ann Barnhardt, formerly of Barnhardt Capital Management. And Ann, you were a commodity broker for eight years and then you formed your own independent brokerage for six years. A couple of weeks ago you made the painful decision to shut your doors because you felt your clients’ money and positions were no longer safe. What led you to draw those conclusions?Ann Barnhardt: Well, obviously, it was the MF global collapse and more specifically the fall out after the MF Global collapse and the reaction by the CFTC, the SEC...
  • Medical Insurance proposal,Request for Comments

    12/07/2011 8:52:11 PM PST · by alex2011 · 20 replies
    Alex
    On health Insurance and Public Option. Introduction, Background: We all are aware of complete corruption,illegality,and general idiocy of ObamaCare. However, the question remains how to fix the problem of health care. There exist 2 ways to do health insurance: Private or Public. What most insured individuals have currently in US is Private Insurance. However, while it is Private Insurance it is not being sold like any other good or service on an open market, instead the private service comes with your Job as part of benefits package. Sure, one can get it individually however the price would be significantly more...
  • Denmark: Charge for cash transactions proposed

    12/07/2011 3:47:35 PM PST · by 4buttons · 5 replies
    Digital payment administrator says consumers need a disincentive to use cash, which they call a costlier payment type than digital alternatives
  • Iceland Arrests Former CEO Of Failed Bank

    12/07/2011 8:10:30 AM PST · by apoliticalone
    Reuters - Business Insider ^ | 12-1-2011 | Adam Taylor
    Iceland's special prosecutor has taken Larus Welding, the former head of the failed Glitnir Bank, into custody, Reuters reports. Glitnir Bank was the first of the top three Icelandic commercial banks to fail in 2008. Read more: http://www.businessinsider.com/iceland-glitnir-bank-larus-welding-2011-12#ixzz1frUOZ09P http://www.reuters.com/article/2011/11/30/us-iceland-glitnir-idUSTRE7AT2UX20111130
  • George Soros: The Global Financial System Is In A 'SELF-REINFORCING PROCESS OF DISINTEGRATION'

    12/01/2011 3:10:13 PM PST · by blam · 30 replies
    TBI ^ | 12-1-2011 | Simone Foxman
    George Soros: The Global Financial System Is In A 'SELF-REINFORCING PROCESS OF DISINTEGRATION' Simone Foxman Dec. 1, 2011, 4:58 PM Investor George Soros foretold doom in a recent speech in front of the International Senior Lawyers Project, according to the WSJ. The financial system is collapsing, and the developed world is fast falling into a "deflationary debt trap.""The consequences could be quite disastrous," he said. "You have to do what you can to stop it developing in that direction." Soros has been an outspoken advocate of taking more radical action to stem the European debt crisis, endorsing intervention by the...
  • CRAMER: 'We Are In DEFCON 3, Two Stages Away From A Financial Collapse So Huge It's Hard...

    11/28/2011 8:29:36 PM PST · by blam · 48 replies
    TBI ^ | 11-28-2011 | Joe Weisenthal
    CRAMER: 'We Are In DEFCON 3, Two Stages Away From A Financial Collapse So Huge It's Hard To Get Your Mind Around' Joe Weisenthal Nov. 28, 2011, 8:09 PM Forget today's rally. In his opening segment on Mad Money tonight (via The Fly) Jim Cramer warns that Europe could easily spoil any party we're having in the US due to the collapse in credit. He walks through a fairly long (but very basic) explanation of what credit is, and how central it is to the economy, before (around the 6:30 mark) declaring that we're in "DEFCON 3, two stages from...
  • Extreme Eurozone Disruption? Peril Threatens Financial Globalisation?

    11/28/2011 6:40:59 AM PST · by blam · 4 replies
    TMO ^ | 11-28-2011 | DK Matai
    Extreme Eurozone Disruption? Peril Threatens Financial Globalisation? Politics / Eurozone Debt Crisis Nov 28, 2011 - 02:17 AM By: DK Matai 1. The crisis in the Eurozone has reached fever pitch as all the alarm signals have gone on red alert in the bond markets; 2. Italian bond yields at a record of nearly 8% coupled with German bund yields above those of the US and the UK, suggest that the entire core of the Eurozone is now infected; 3. Germany appears to have been hoist with its own petard by delaying the much needed rescue of Eurozone peripherals which...
  • Are Stocks Staring Into The Abyss?

    11/27/2011 4:02:39 PM PST · by blam · 34 replies · 1+ views
    TMO ^ | 11-27-2011 | Robert McHugh PhD
    Are Stocks Staring Into The Abyss? Stock-Markets / Financial Crash Nov 27, 2011 - 12:04 PM By: Robert McHugh PhD Europe’s financial woes are serious. We believe the financial crisis will hit the fan starting in 2012 which will eventually lead to a political union of several major European nations, perhaps even a broader political union of western nations including Great Britain, the United States and Canada. It may be what results from developing global economic chaos. This is Grand Supercycle degree wave {IV} down underway from May 2nd, 2011, a dangerous Bear Market wave of long-term duration. Life will...
  • Rumor Has It DEXIA BANK RESCUE IS FALLIN APART

    11/22/2011 8:03:11 PM PST · by Razzz42 · 11 replies
    Notes From Underground ^ | November 22, 2011 | Yra Harris
    The market is rife with rumors about the previous agreement to bail out the bank and insurance firm DEXIA is coming apart as the Belgians are balking at the cost. Something that needs to be considered is that the French are probably putting pressure on the deal to force the Germans to agree an EBC-sponsored bailout so as to get a major infusion of capital. Dexia is already a problem for Europe so by getting the Belgians to pull the plug on the deal the French can force the Germans to immediately step up and agree to a large role...
  • Banks Quietly Ramping Up Costs to Consumers

    11/14/2011 4:00:12 AM PST · by Cardhu · 40 replies
    NY Times ^ | November 13th 2011 | Eric Dash
    Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Need to replace a lost debit card? Bank of America now charges $5 — or $20 for rush delivery. Deposit money with a mobile phone? At U.S. Bancorp, it is now 50 cents a check. Want cash wired to your account? Starting in December, that will cost $15 for each incoming domestic payment at TD Bank. Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to...
  • The Collapse of Our Corrupt, Predatory, Pathological Financial System Is Necessary and Positive

    11/06/2011 2:15:23 PM PST · by Space Patrol Hoppa · 35 replies
    Of Two Minds ^ | November 5, 2011 | Charles Hugh Smith
    We are being throttled by the Big Lie: we're told that if the predatory financial system implodes, we'll all be ruined. The opposite is true: the only way to save our economy is to let the corrupt, pathological and flawed financial system implode. I was recently challenged by a contributor to write something positive, and so I decided to write about the single most positive outcome of the current financial crisis in Europe: the complete collapse of the corrupt, predatory, pathological global banking sector and its dealers, the central banks. Exploring why this is so reveals the insurmountable internal conflicts...
  • Strong CAD, Investors Shy from Left-leaning US Government

    11/04/2011 11:56:22 AM PDT · by next media · 7 replies
    USBC News ^ | 2011, 11, 05 | USBC Wire
    ..."John Curran, senior vice-president at a Canadian foreign exchange firm seemed confused about the results saying:"If the Bank of Canada is telling us things are going to slow down due to global scenarios, I don't see why the market is not listening to the officials that are involved with the issues”. Other experts, taking a broader view have noted that the weakness of economic situations in the left-led governments of the US and Europe are a likely cause of the strengthening of confidence in Canada’s economy to continue to do outperform"....
  • IMMINENT THREAT: Foreign Borrowings Will Lead To The Destruction Of The US Financial System

    10/30/2011 5:11:15 PM PDT · by blam · 12 replies
    TBI ^ | 10-30-2011 | Janet Tavakoli, Tavakoli Structured Finance
    IMMINENT THREAT: Foreign Borrowings Will Lead To The Destruction Of The US Financial System Janet Tavakoli, Tavakoli Structured Finance Oct. 30, 2011, 2:03 PM The United States is the largest debtor nation in the history of the world, and our borrowing is increasing. In 1950 spending for social programs was only one percent of the total Federal Budget. As the economy grew, social programs expanded to include Social Security, Medicare, Medicaid, Food Stamps, Unemployment Compensation, Supplemental Security for the Disabled, and educational programs. In 1983 as the United States pulled out of an ugly recession and brought inflation under control,...
  • Vatican Calls For Global Authority On Economy, Raps “Idolatry Of The Market”

    10/24/2011 8:17:15 AM PDT · by edpc · 108 replies
    Reuters ^ | 24 Oct 2011 | Philip Pullella
    The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises. The document from the Vatican’s Justice and Peace department should please the “Occupy Wall Street” demonstrators and similar movements around the world who have protested against the economic downturn. “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was at times very specific, calling, for example, for taxation measures on financial transactions. “The economic and financial crisis which...
  • Woman scavenging through Athens rubbish bins is a Greek heiress called ONASSIS

    10/21/2011 5:42:37 AM PDT · by Niuhuru · 9 replies
    Daily Mail ^ | 9:22 AM on 21st October 2011 | By Allan Hall
    She looks like any old bag lady scavenging for cast-offs in the rubbish as the world looks the other way. But this is no ordinary woman - she is Olga Onassis, 90, a woman linked by marriage to one of the richest dynasties in the world. She has now fallen, like her country, on desperate times. She is a regular at a church soup kitchen in the Greek capital Athens and roots around in the overflowing garbage containers of the city for clothes.
  • A long, steep drop for Americans' standard of living

    10/19/2011 1:04:41 PM PDT · by traumer · 30 replies
    Not since at least 1960 has the US standard of living fallen so fast for so long. The average American has $1,315 less in annual disposable income now than at the onset of the Great Recession. Think life is not as good as it used to be, at least in terms of your wallet? You'd be right about that. The standard of living for Americans has fallen longer and more steeply over the past three years than at any time since the US government began recording it five decades ago. Economic Issues Economic Crisis Financial Markets Cost of Living Recessions...
  • Suze Orman Endorses "Occupy Wall Street"

    10/18/2011 1:19:58 PM PDT · by Recovering_Democrat · 44 replies
    Why Occupy ^ | Suze Orman
    “Me? I want to publicly say thank you to the Occupy Wall Street movement. Thank you for not accepting the status quo. Thank you for not assuming there is nothing to be done. Thank you for rattling the cages. Much coverage of Occupy Wall Street has cast this as the beginning of something new. That’s only partly true. What I find so encouraging is that Occupy Wall Street’s more important message is that this marks an end point. An end to just shrugging and putting up with the inequity.
  • Martin Armstrong Interview @ King World News about Financial Current Events

    10/15/2011 4:45:30 PM PDT · by Razzz42 · 4 replies
    King World News - Broadcast ^ | 10.16 .2011 | Martin A. Armstrong (Interview)
    (Background) Bio: Martin Armstrong - Former Head of Princeton Economics Ltd. Martin Armstrong (born November 1, 1949) in New Jersey the son of a lawyer and Lt. Col under General Patton in World War II. His full biography is on line. In short, Martin was encouraged by his father to get involved in computers during the mid-1960s. As a teenager, Armstrong worked at a rare stamp and coin dealership and became a millionaire at age fifteen. He then opened his own store at age twenty-one. He completed engineering both in hardware and software but he returned to gold business that...
  • Energy Dept.: Law Prevents Us From Doing What We Want, Therefore the Law Doesn’t Apply

    10/14/2011 5:19:50 PM PDT · by afraidfortherepublic · 5 replies
    National Review - The Corner ^ | 10-14-11 | Andrew McCarthy
    How absurd is the Obama DOE’s explanation for violating the federal law against prioritizing private lenders ahead of taxpayers (i.e., sliding the president’s Solyndra cronies ahead of the public)? As Andrew’s post demonstrates, it is laugh out loud absurd — or at least it would be if the scheme were not so outrageous. Let’s put aside for the moment that, by the administration’s “reasoning,” the public could be robbed on every loan by simply “renegotiating” it 10 seconds after it was finalized. What is truly priceless is the administration’s claim that the law had to be ignored because “investors are...
  • Wall Street's Gullible Occupiers (Good One)

    10/12/2011 3:25:30 AM PDT · by woofie · 18 replies
    Wall Street Occupied Journal ^ | 10/12/11 | PETER J. WALLISON
    The protesters have been sold a bill of goods. Reckless government policies, not private greed, brought about the housing bubble and resulting financial crisis. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> There is no mystery where the Occupy Wall Street movement came from: It is an offspring of the same false narrative about the causes of the financial crisis that exculpated the government and brought us the Dodd-Frank Act. According to this story, the financial crisis and ensuing deep recession was caused by a reckless private sector driven by greed and insufficiently regulated. It is no wonder that people who hear this tale repeated endlessly in...
  • Stripper-turned-hedge funder sues ex-bosses for sexual harassment

    10/06/2011 11:43:41 AM PDT · by Niuhuru · 21 replies
    Daily Mail ^ | 5:36 PM on 6th October 2011 | By Meghan Keneally
    Strippers with sob stories or hookers with hearts of gold are often the way that Hollywood glamorizes the career paths of exotic dancers. One combination that you don't hear about often is the stripper turned Wall Street trader. Niki Marx, 27, is that case.
  • Perry campaign loses deputy finance director

    10/04/2011 1:35:55 PM PDT · by martosko · 10 replies
    The Daily Caller ^ | 10/04/2011 | Amanda Carey
    Texas Gov. Rick Perry’s deputy finance director, Louisa Imperiale, is leaving his presidential campaign, The Daily Caller has learned. In an email to friends, Imperiale cited “personal reasons” for her decision to leave the two-month-old campaign. “Dear Friends, Just a quick note to let you know I have decided to leave the Perry campaign for personal reasons and return home to Washington, DC,” wrote Imperiale in her brief email. “It has been a pleasure working with and getting to know you, and I hope our paths will cross again soon.” When contacted by TheDC, Perry campaign spokesman Mark Miner would...
  • Oh It's Not 2008 Eh?

    10/04/2011 7:31:48 AM PDT · by rokkitapps · 5 replies
    market-ticker.org ^ | 10-4-2011 | Karl Denninger
    Oh It's Not 2008 Eh? That's what all the crooners want you to believe. Today is 10/4. Yesterday the S&P closed at 1099. It also closed at 1099 on that same day in 2008. Over the next month and a half it would fall to 750, rally for a couple of months to about 900, and then collapsed to 666. Are we about to have a repeat - or a rhyme? Good question. This much is not in question - we were down massively yesterday, and today Europe's DAX, as I write this, is off a further 34%. (ed: oops...
  • Lies, Damn Lies and Photoshop [image of Occupy Wall Street turnout faked]

    10/03/2011 10:51:20 PM PDT · by MrShoop · 36 replies · 1+ views
    TimParkinson.net ^ | 9/30/2011 | Tim Parkinson
    A fellow skeptic (President of the Granite State Skeptics Travis Roy) recently posted a request on the Skeptoid mailing list regarding an image that has been making the rounds on Facebook. The image is an aerial shot of a supposedly huge turnout for the Occupy Wall St protest against corruption and greed. What appears to be thousands of protesters clog the streets of New York near the City Hall, with a caption stating: Occupy Wall Street Turnout: My TV says nothing. The only thing I hear is its [sic] a small 100 person turn out. Turn off your TV. Ask...
  • Solyndra’s Finance Chief No Stranger to Scandal

    09/23/2011 3:45:14 PM PDT · by Nachum · 11 replies
    Bay Citizen ^ | 9/22/11 | Aaron Glantz
    Before he became Solyndra's chief financial officer, Wilbur G. Stover was at the center of one of the largest price-fixing scandals in U.S. history. From 1994 to 2007, Stover was CFO of Micron Technologies Inc., a maker of computer memory chips. During that time, the Justice Department investigated Micron and four other companies for colluding to drive up the price of memory in violation of federal antitrust laws. "This was a big deal case," said Robert Lande, a law professor at Baltimore University who has written extensively on the case. "It was price-fixing on a crucial component that everybody uses,...