This is probably one of the few times that FTMDaily.com and a central banker will agree on anything…
{ 0 comments }
From the category archives:
Bailout Nation
The stooges in Washington continue to fumble the ball on a debt deal as they keep one desperate eye on the polls and their own hopes for re-election, and the other eye on America’s economic mess. The simple goal for Washington right now is to pass a deal that will reduce the deficit. What has turned this task from a basic one into a virtual impossibility? Read more about debt deal incentives…
{ 0 comments }
Editor’s Note: Few leaders in Washington have had as much of a direct role in attempting to control the U.S. economy and the financial markets than U.S. Treasury Secretary, Timothy Geithner. This week, there have been growing reports of Geithner’s desire to exit the Treasury. He has already moved his family out of the Beltway and back to New York. And who can blame him? He is at the epicenter of the worst economic crisis in recent memory and the pressure must be immense. And as we head into 2012 (think election year), there is little doubt that the White House will expect him to maintain his economic sleight of hand. The statistics below are just the warm-up as we head into 2012… And Geithner knows this more than anyone.
{ 0 comments }
In 2008, our country went through a major financial meltdown. I stood there and watched 17 years of savings diminish. Half of my 401k was gone and my retirement plans went out the window. In September of 2008, I stopped my 401k contributions. I realized that some other plan was needed. As long as people in Washington are salivating over my retirement accounts, I will not contribute one more dime! I would rather buy silver, gold, and other commodities. I would rather be in control of my own retirement. The last thing I want to do is to depend on the government for anything.
{ 0 comments }
FTMDaily.com Founder, Jerry Robinson, was recently interviewed about the state of the U.S. economy on Iranian State Television (presstv.ir).
{ 0 comments }
by Eric Hammer | FTMDaily Contributing Writer TEL AVIV, Mar 24 – In a move that some right wing bloggers are referring to as “economic terrorism,” a former president of the SEIU (Service Employees International Union), Stephen Lerner, gave a talk at Pace University recently where he proposed a plan to destabilize certain Wall Street [...]
{ 1 comment }
Listen as Jerry Robinson and Barry James Dyke, the author of the Pirates of Manhattan, discuss Wall Street’s dirty little secret.
{ 0 comments }
by Eric Hammer and Jerry Robinson TEL AVIV, Feb. 28 – The ball is currently in the Democrat’s court. That’s the consensus that the House of Representatives and Speaker of the House John Boehner have offered regarding a possible government shutdown. This opinion was voiced after they offered up a six month temporary spending plan [...]
{ 0 comments }
Image via Wikipedia Following is the full text of the statement from the Federal Reserve’s Federal Open Market Committee issued on Wednesday following a two-day meeting on monetary policy: “Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household [...]
{ 1 comment }
Thu Jul 15, 2010 12:01am EDT By Lynn Adler NEW YORK July 15 (Reuters) – Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday. The root problems of job losses and wage [...]
{ 0 comments }
On Wednesday July 14, 2010, 12:43 am EDT WASHINGTON — It was supposed to be the one major piece of legislation this year that Republicans and Democrats could see eye to eye on, and vote aye on together in broad numbers. Instead, the sweeping overhaul of the nation’s financial regulatory system, a response to the [...]
{ 0 comments }
By Edward Luce in Washington The Financial Times | Published: July 13 2010 18:51 | Last updated: July 13 2010 18:51 Robert Gibbs, Barack Obama’s chief spokesman, got into hot water this week for daring to speak the truth – that the Democrats could lose control of the House of Representatives in November. But it [...]
{ 0 comments }
Submitted by Tyler Durden on 07/09/2010 17:02 -0500 | Zerohedge.com As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report. After reading these it almost makes [...]
{ 0 comments }
By Dan Balz Washington Post Staff Writer Monday, July 12, 2010; A02 BOSTON — The co-chairmen of President Obama‘s debt and deficit commission offered an ominous assessment of the nation’s fiscal future here Sunday, calling current budgetary trends a cancer “that will destroy the country from within” unless checked by tough action in Washington. The [...]
{ 0 comments }
The National Debt Clock is shown Monday, Feb. 1, 2010 in New York. President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs. The deficit for this year [...]
{ 0 comments }
U.S. News & World Report | Liz Wolgemuth, On Wednesday July 7, 2010, 11:58 am EDT It’s “Recovery Summer,” according to White House officials who have been circling the country to show off solar-panel installers working on Federal buildings and construction workers building senior housing projects–jobs created by last year’s stimulus, which is still being [...]
{ 0 comments }
“The U.S. turned 234 years old yesterday, and yet over half of the nation’s money supply was created since Helicopter Ben took over the flight controls four years ago. No wonder gold is in a full fledged bull market . . .” -David A. Rosenberg Chief Economist & Strategist Gluskin Sheff + Associates Inc.
{ 0 comments }
(Jerry’s Comments: Here it is. The Fed is now threatening to pull out the big guns. Among the strategies on the table, to offer “exceptionally low” for an “extended period,” and a major new asset-purchase program. I have bolded important statements in the story below.) Federal Reserve weighs steps to offset slowdown in economic recovery [...]
{ 0 comments }
Businessinsider.com | Joe Weisenthal | Jul. 6, 2010, 4:51 AM The world’s hottest deficit hawk Niall Ferguson brought his message of fiscal doom & gloom to the Aspen Ideas Festival, where he warned that politicians were lacking urgency over the crisis to come. The Aspen Times reports: And American politicians don’t have a sense of [...]
{ 0 comments }
U.S. consumer confidence plummets on job worries By Ruth Mantell, MarketWatch WASHINGTON (MarketWatch) — U.S. consumers are increasingly worried about jobs and the economy, the Conference Board said Tuesday, as it reported that its consumer confidence index plummeted to 52.9 in June — the lowest level since March — from a downwardly revised 62.7 in [...]
{ 0 comments }
By: Reported by Steve Liesman, written by Michelle Lodge For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg. According to the Congressional Budget Office, the losses could balloon to $400 billion. And [...]
{ 0 comments }
(Jerry’s Comments: According to the Center on Budget and Policy Priorities, America’s total state budget shortfall equals $128 billion. 46 U.S. states are facing Greek-style deficits. This article points out things are just beginning to unravel.) By Matthew Garrahan in Los Angeles Published: June 27 2010 19:13 | Last updated: June 27 2010 19:13 The [...]
{ 0 comments }
WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year. The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had [...]
{ 0 comments }
By Jacob Greber June 18 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. “Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt [...]
{ 0 comments }
(Reuters) More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program, signaling a rising number of lenders are struggling to meet their obligations. The SNL Financial statistics show 91 banks missed their dividend payment under the Troubled Asset Relief Program. The statistics, compiled by [...]
{ 0 comments }
By Agence France-Presse, Updated: 6/15/2010 China’s holdings of US debt climbed to the highest level this year, the US Treasury said Tuesday even as Beijing stepped up attacks on the United States for its burgeoning debt. The cash-rich Chinese government raised its US Treasury bond holdings to 900.2 billion dollars in April, its highest level [...]
{ 0 comments }
By Lorraine Woellert and John Gittelsohn June 14 (Bloomberg) — The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American [...]
{ 0 comments }
By JEFF BATER Concern over the nation’s mounting debt could snarl the passage of President Barack Obama’s proposal to provide more aid to state and local governments hit by the economic downturn. Mr. Obama on Saturday sent a letter to lawmakers calling for swift action to help U.S. small businesses and state and local governments [...]
{ 0 comments }
By: Antonia Oprita Web Producer, CNBC.com Everybody is so bearish about the euro that it looks like now is a good time to buy the single European currency, famous investor Jim Rogers told CNBC Thursday. Rogers’ long-term bet is on commodities, as he predicts that governments will keep printing money to get out of their [...]
{ 0 comments }
June 8 (Reuters) – The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress. The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to [...]
{ 1 comment }
By Stephen Dinan, Washington Times The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill. Calculated down to the exact penny, the debt totaled $13,050,826,460,886.97 as [...]
{ 0 comments }
