Coming Financial Crisis Worse Than ’29?

Jimmy Chitwood

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now, most folks aren't going to be able to do what this guy suggests, but i'm posting this because it seems everyone who's been right about the economy in the past is saying things are going to get worse. a LOT worse.

How to Protect Your Family from the Greatest Economic Disaster in Recorded History

an excerpt:
Now... I know... you're thinking, "I've heard all of this before. But the end of the world somehow doesn't happen. We find a way out."

Not this time. In fact, when I wrote last year that the dollar would cease to be the world's reserve currency much faster than anyone expects, I'm sure no one took me seriously. But since then, we've heard two of the world's leading powers - China and Russia - both openly suggesting a new world reserve currency must be created. Putin is even talking about using gold to settle international trade. It will happen because no one will want to be a creditor to the United States.

As more and more people try to get out of the dollar, the government will be forced to forbid the free exchange of dollars into other currencies - and perhaps even to forbid the purchase of gold bullion. This will happen. I guarantee it. And it will happen during the Obama administration.

That's why it's critical for you to take precautions now, while you still can.

The first thing you should do ...
 

Jimmy Chitwood

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Tom Iron

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The one thing around here is that all the stupid stores are starting to close up. I always hated a store that sold you nothing. One of those that you walk in (theropy, workout, etc.)and pay your money and you walk out and you've got nothing in your hand. They're all starting to go down now. I guess the gig is up.

Tom Iron...
 

Jimmy Chitwood

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US Housing Market Heading for a Bigger Crash


Falsifying Bank Balance Sheets


US Home Prices Fall, But Pace of Decline Eased Slightly


JP Morgan Collapse Could Trigger Next Global Stock Market Crash " ...the probability of another stock market crash within the foreseeable future is very high. The word "crash" is used advisedly. Since early March 2009, the industrial equity markets have been rising on misplaced hope. When that hope is dashed - as looks highly probable - the consequence is likely to be a wave of selling pressure given that the credibility of the financial authorities will have been shattered."

Fed Using Currency Swaps to Boost US Dollar

ETF Chart Trend Comparisons

TARP Cop Sees Unstressful Bank Tests "The adverse scenario used to test the health of the 19 largest U.S. banks is "disturbingly close" to current economic conditions, sparking a concern that there might need to be a second "stress test," a U.S. financial bailout fund watchdog said..."

Is "Possible Pandemic" A Diversion From The Economic Crisis?

20% of Asia Hedge Funds Closed Since January, 2008

Japan Facing Worse Economic Outlook Ever

Dying GM to Cut 21,000 Factory Jobs, Pontiac is History


Treasury needs record $361 Billion April-June borrowing.


Bank Industry Await Results of Stress Tests
<A href="http://www.321gold.com/editorials/denninger/denninger042409.html" target="_blank">
GM and Chrysler: Goodnight</A>

G-8's First Bankruptcy "To paraphrase Churchill, the UK economy is now a disaster, wrapped in a catastrophe inside a calamity. And someone just flushed the key down the proverbial..."

Volcker Punctures the Nonsense (The Mogambo Guru)

The Fed's Cash Machine
<A href="http://news.yahoo.com/s/ap/20090425/ap_on_bi_ge/us_banks_stress_tests" target="_blank">
Fed Says Government Ready to Save Stress-Tested Banks</A>

Microsoft Has First Quarterly Fall in Revenue in 23 Years<A href="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5209033/Germanys-slump-risks-explosive-mood-as-second-banking-crisis-looms.html" target="_blank">

Germany's Slump Risks "Explosive" Mood as Second Banking Crisis Looms</A>
<A href="http://www.ft.com/cms/s/54cf94a6-30a9-11de-bc38-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F54cf94a6-30a9-11de-bc38-00144feabdc0.html&amp;_i_referer=http%3A%2F%2Frense.com%2F" target="_blank">
Spain Jobless Total Over 4 Million</A>
<A href="http://www.telegraph.co.uk/finance/financetopics/budget/5209653/Budget-2009-Now-we-are-all-up-to-our-ears-in-it.html" target="_blank">
UK Budget 2009: "Now We Are All Up To Our Ears In It"</A>

The Hartford Seeking Bids for its Insurance Operations

Feds Close Four More Banks: First Bank of Idaho, Ketchum, Idaho -- First Bank of Beverly Hills, Calabasas, California -- Michigan Heritage Bank, Farmington Hills, Michigan -- American Southern Bank, Kennesaw, Georgia
 

Jimmy Chitwood

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Jimmy Chitwood

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Government Nervous About Stress Test ResultsGee, i wonder why?
smiley5.gif
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S&amp;P Downgrades Seven Dubai Businesses

US GDP Poised for Epic Collapse

US Empire Built on False Prosperity Collapsing
<A href="http://www.marketoracle.co.uk/Article10260.html" target="_blank">
The Impending Mother of All Oil Shocks</A>

Credit Crisis Bank Stress Tests: If You Believe the Banks are Recovering... "They allow Goldman Sachs to bury the fact that they left December out of their financial results deep in their footnotes. Shockingly, Goldman lost $1.5 billion in December. They continue to allow banks to report one time gains as part of ongoing operations, but billions in losses that are recorded quarter after quarter are not from ongoing operations. The morons on CNBC report whatever the banks say, no questions asked."

Gold Consolidation Ending as US Treasuries Paper Bubble Bursting

Stocks Rise On G20 and FASB Hopes, Can Pigs Really Fly? "Ladies and gentlemen, the Total Credit Exposure to Capital ratio is one of the most telling capital adequacy ratios known to man. If ever there was a failing grade on a "stress test" - HERE IT IS IN SPADES!!! The aforementioned measure of capital adequacy, [1,056.4] in Goldman's case, is so TOXIC - in fact; one can only wonder if regulators might have required radiation suits and Geiger Counters to safely measure the TOXICITY of Goldman's books. Goldman's figures stand out almost five times worse than those of Citibank and Bank of America and 11 times those of Wells Fargo."

US House Prices Measured in Gold

US Treasury Bond Debt Bubble Bursting "Total net borrowing needs for the second quarter are now up to $361 billion. That's up 27-fold from $13 billion a year earlier and more than double the previous estimate of $165 billion. We just learned the Treasury will start selling 30-year bonds every month, as opposed to eight times a year. And speculation is running rampant that the U.S. will soon start auctioning off 50-year bonds! All this issuance is needed to fund a federal budget deficit that's projected to hit at least $1.75 trillion this year and $1.2 trillion in fiscal 2010."

Economy in Meltdown Due to Imploding Derivatives Monster and Toxic Debt "The Swimming Naked Prophecy - It's only when the tide goes out that you learn who's been swimming naked - Warren Buffet (2007).", and " The name of the game in town is milking the system, using every trick possible to make some incredibly rich and leave everyone else holding the bag. According to her [Nomi Prins'] knowledge, investment banks have sold up to 30 times every mortgage in America."
 

white is right

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This guy obviously didn't know the value of pocket Jacks... Here is another AP story on another Ponzi scheme....
Califorina hedge fund manager arrested
AP

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Sat May 16, 2:20 am ET

LOS ANGELES â€" A Beverly Hills hedge fund manager was arrested Friday on a charge he bilked investors out of $44.3 million, including $5 million he lost playing poker, the U.S. attorney's office said.

Bradley L. Ruderman, 46, surrendered to FBI agents after being named in a wire fraud complaint. He was later released on $500,000 bond.

The government alleges he spent at least $8.7 million of investor money on personal expenses including a summer rental of a Malibu beach home and two Porsches. He admitted in an FBI interview that he lost $5.2 million of investor money in poker games held in a Beverly Hills luxury hotel suite, the U.S. attorney's office said in a statement.

A message seeking comment was left at the offices of Ruderman's attorney, James D. Riddet of Santa Ana.

A federal judge last month froze Ruderman's assets after the Securities and Exchange Commission filed a complaint alleging he falsely told investors his hedge funds had hundreds of millions of dollars in assets.

Ruderman's scheme lasted from 2002 until its collapse this year, according to the wire fraud complaint.

He allegedly raised $44.3 million from 22 investors with claims of annual returns as high as 60 percent.

Many of the victims named in the complaint were Ruderman's own relatives, U.S. attorney's spokesman Thom Mrozek said.

The complaint said he lied about profits, repeatedly sent false account statements to investors and reported he had $206 million in funds under management after actually losing $3 million in 2008 and beginning 2009 with a net value of only $588,246.

If convicted, Ruderman faces a maximum of 20 years in federal prison.Edited by: white is right
 

white is right

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Well this brings back memories of the dirty 30's and banks collapsing. Here is the AP story.....By Ian Deitch, The Associated Press

JERUSALEM - An Israeli woman mistakenly threw out a mattress she said had almost $1 million inside, setting off a frantic search through tons of garbage at a number of landfill sites on Wednesday.

The woman told The Associated Press that she bought her elderly mother a new mattress as a surprise present on Monday - and threw out the old one.

The next day, she said, she remembered that she had hidden her life savings inside the old mattress. "I woke up in the morning screaming, when it hit me what happened," said the Tel Aviv woman, who asked not to be identified.

She went to look for the mattress, but it had already been hauled away by garbage collectors, she said. Subsequent searches at three different landfill sites turned up nothing.

She said the money was in U.S. dollars and Israeli shekels. She refused to say how she acquired such a large sum. "It was all my money in the world," she said.

The Israeli daily Yediot Ahronot published a picture of the woman searching through garbage at a dump in southern Israel. The picture shows the woman, dressed in a white top and black pants with her back to the camera, picking through a huge pile of trash that fills the frame about 10 feet in all directions.

Yitzhak Borba, the dump manager, told Army Radio that his staff was helping the woman, saying she appeared "totally desperate." He said the mattress was hard to find among the 2,500 tons of garbage that arrives at the site every day.

He said the increased security at the site to keep would-be treasure hunters away.

The woman said the money had been stashed in a mattress because she had had "traumatic experiences with banks" in the past. She would not elaborate.

She said she is trying to remain hopeful the money would be recovered, but she fears someone may already have found it.

Even so, she said it could be worse. "People have to take everything in proportion, and thank God for the good and the bad," she said.
 

Jimmy Chitwood

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Jimmy Chitwood

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"No one realized how bad the economy was. The projections, in fact, turned out to be worse. But we took the mainstream model as to what we thought -- and everyone else thought -- the unemployment rate would be." - Vice President Joseph Biden, June 14, 2009 (Backing away from the BHO Administration's estimate that "stimulus" funds could "create or save" 3.5 million jobs, instead now promising just 600,000 by the end of the summer.)
 

white is right

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It looks like Bernie Kosar has been swept up in the financial storm too. Here is the wire story....Report: Bernie Kosar files for bankruptcy

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MIAMI, June 19 (UPI) -- Former star NFL quarterback Bernie Kosar has filed for Chapter 11 bankruptcy, The Miami Herald said Friday.

Kosar, 45, also an all-American signal-caller at Miami (Fla.) in the 1980s, said in the filing Friday his debts total $19.5 million, including nearly $1.5 million to the Cleveland Browns, the team for which he played from 1985 to 1993; $3 million to his ex-wife Babette; $725,000 to Jim Ferraro, the owner of the Cleveland Gladiators, an Arena Football League team; and a number of other major unsecured creditors, including Tampa's Florida Bank.

The report estimated his assets at between $1 million and $10 million and liabilities of between $10 million and $50 million.

The report said the filing comes is the latest of several setbacks following his NFL retirement in 1996, while with the Miami Dolphins.

He owns a home in Weston, Fla.; his wife divorced him in 2007; and the Florida-based Bernie Kosar Steakhouse went out of business last yearEdited by: white is right
 

white is right

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Ed McMahon died today and his financial situation was very dire in the end here is a wire story about his life....'Tonight Show' Sidekick Ed McMahon Dead At 86
Publicist Says McMahon Died Tuesday Morning At Ronald Reagan UCLA Medical Center
NEW YORK (CBS) â€-

Announcer Ed McMahon performs during the Jerry Lewis Muscular Dystrophy Telethon at CBS Television Studios on Aug. 31, 2003, in Los Angeles, Calif.







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Ed McMahon passed away early this morning, his publicist confirmed to Entertainment Tonight. McMahon was 86 years old.

McMahon was best known as Johnny Carson's loyal, laughing sidekick for 30 years on "The Tonight Show."

Later in life, McMahon became a celebrity pitchman for various products.

Near the end of his life, he was beset by a variety of difficulties: a broken neck, a well-publicized foreclosure threat.

Publicist Howard Bragman says McMahon died early Tuesday at Ronald Reagan UCLA Medical Center surrounded by his family.

Bragman didn't give a cause of death, saying only that McMahon had a "multitude of health problems the last few months."

McMahon had bone cancer, among other illnesses, according to a person close to the entertainer, and had been hospitalized for several weeks. The person spoke on condition of anonymity because he was not authorized to release the information.

McMahon broke his neck in a fall in March 2007, and battled a series of financial blems as his injuries preventing him from working.

McMahon and Carson had worked together for nearly five years on the game show "Who Do You Trust?" when Carson took over NBC's late-night show from Jack Paar in October 1962. McMahon played second banana on "Tonight" until Carson retired in 1992.

"You can't imagine hooking up with a guy like Carson," McMahon said an interview with The Associated Press in 1993. "There's the old phrase, hook your wagon to a star. I hitched my wagon to a great star."

McMahon, who never failed to laugh at his Carson's quips, kept his supporting role in perspective.

"It's like a pitcher who has a favorite catcher," he said. "The pitcher gets a little help from the catcher, but the pitcher's got to throw the ball. Well, Johnny Carson had to throw the ball, but I could give him a little help."

"And now h-e-e-e-e-e-ere's Johnny!" was McMahon's trademark opener for each "Tonight" show, followed by a small, respectful bow toward the star. McMahon's style was honed during his youthful days as a carnival hawker.

The highlight for McMahon came just after the monologue, when he and Carson would chat before the guests took the stage.

"We would just have a free-for-all," he said in the AP interview. "Now to sit there, with one of the brightest, most well-read men I've ever met, the funniest, and just to hold your own in that conversation. ... I loved that."

When Carson died in 2005, McMahon said he was "like a brother to me," and recalled bantering with him on the phone a few months earlier.

"We could have gone on (television) that night and done a 'Carnac' skit. We were that crisp and hot."

His medical and financial problems kept him in the headlines in his last years. It was reported in June 2008 that he was facing possible foreclosure on his Beverly Hills home.

By year's end, a deal was worked out allowing him to stay in his home, but legal action involving other alleged debts continued.

Among those who had stepped up with offers of help was Donald Trump.

"When I was at the Wharton School of Business I'd watch him every night," Trump told the Los Angeles Times in August. "How could this happen?"

McMahon even spoofed his own problems with a spot that aired during the 2009 Super Bowl promoting a cash-for-gold business. Pairing up with rap artist MC Hammer, he explained how easy it is to turn gold items into cash, jokingly saying "Goodbye, old friend" to a gold toilet and rolling out a convincing "H-e-e-e-e-e-ere's money!"

Born Edward Leo Peter McMahon Jr. on March 6, 1923, in Detroit, McMahon grew up in Lowell, Mass. He got his start on television playing a circus clown on the 1950-51 variety series "Big Top." But the World War II Marine veteran interrupted his career to serve as a fighter pilot in Korea.

He joined "Who Do You Trust?" in 1958, its second year, the start of his long association with Carson. It was a partnership that outlasted their multiple marriages, which provided regular on-air fodder for jokes.

While Carson built his career around "Tonight" and withdrew from the limelight after his retirement, McMahon took a different path. He was host of several shows over the years, including "The Kraft Music Hall" (1968) and the amateur talent contest "Star Search."

He was a longtime co-host of the Jerry Lewis Muscular Dystrophy Association Telethon, a Labor Day weekend institution, and was co-host with Dick Clark of "TV's Bloopers and Practical Jokes."

McMahon and Clark also teamed up as pitchmen for American Family Publishers' sweepstakes, with their faces a familiar sight on contest entry forms and in TV commercials. McMahon was known for his ongoing commercials for Budweiser as well.

He had supporting roles in several movies, including "Fun With Dick and Jane" (1977) and "Just Write" (1997). He took on his first regular TV series job in the 1997 WB sitcom "The Tom Show" with Tom Arnold.

McMahon released his autobiography, "For Laughing Out Loud: My Life and Good Times," in 1998. In it, he recounts the birth of "Tonight."

"Let's just go down there and entertain the hell out of them," Carson told him before the first show. Wrote McMahon: "That was the only advice I ever got from him."

In 1993, he recalled his first meeting with Carson after they left "Tonight."

"The first thing he said was, 'I really miss you. You know, it was fun, wasn't it?"' McMahon recalled. "I said, 'It was great.' And it was. It was just great."

Besides his wife, Pam, McMahon is survived by children Claudia, Katherine, Linda, Jeffrey and Lex.

Bragman said no funeral arrangements have been made. Edited by: white is right
 

DixieDestroyer

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Central Banking Cartel frontman "Helicopter" Ben threatens (another contrived) economic collapse if Congress reels in the (private) Fed...

Bernanke fearmongers that Fed audit would be 'takeover' by Congress, trigger economic collapse

Federal Reserve chair utilizes financial terrorism while rebuking attempt by Ron Paul, Congress to hold the independent organization accountable

Aaron Dykes / Jones Report | June 26, 2009

Federal Reserve chairman Ben Bernanke unleashed an alarming veiled threat of financial terrorism when he was questioned by Rep. Duncan on Thursday about his response to the fact that a majority of Congress co-sponsoring Ron Paul's H.R. 1207 bill to audit the Federal Reserve.


Bernanke clearly regarded the bill's intent as hostile to the institution he represents:

"My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation."

The brunt of Bernanke's statement is as crystal clear as a threat from a common street thug-- back off from the Fed, or the economy gets it.

The chairman clearly implies that any attempt to restore monetary powers constitutionally granted to the Congress would be seen as a "takeover" and that the defensive and "repudiated" Fed would respond destructively.

Of course Congress' constitutional power over money is enumerated in Article I, Section 8 of the U.S. Constitution:

The Congress shall have power... To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

Bernanke's open use of financial terrorism in the face of Congress' blatant Constitutional authority is absurd and dispicable.

Greenspan, Bernanke and other Fed-related cronies have already bad-mouthed the Dollar and signaled it's decline as the world's currency. So what else is new?


The Fed threatens another collapse if audited...
 

Freethinker

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The Fed Chairman and his goons are starting to break character and show their true colors. Getting them angry is a good sign. It is encouraging to see the true culprit of our financial problems finally under attack. We all know they will not go down without a fight. Their facade is however crumbling.

I just hope whatever system emerges from the rubble is not worse than the one we currently have.
 

white is right

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Well I didn't think this Baldwin was one of the "Usual Suspects" for celebrity bankruptcy. But it seems when you drop out of Hollyweird and still lead that financial lifestyle it will come back to haunt you. Here is the wire story about Stephen Baldwin....
Stephen Baldwin files for bankruptcy
Last Updated: Wednesday, July 22, 2009 | 11:15 AM ET Comments0Recommend1
CBC News

Stephen Baldwin, the youngest member of the Baldwin clan of actor brothers and recently seen as a contestant on TV's I'm a Celebrity ... Get Me Out of Here! has filed for bankruptcy, according to court records.

Baldwin filed for Chapter 11 bankruptcy in a New York Federal Court on Tuesday. His wife, Kennya Baldwin, is also named in the filing.

According to court documents, the actor owes more than $1 million US in taxes, has about $70,000 in credit card debt and $1.2 million for mortgages on his New York state property.

Baldwin's credits include the TV series The Young Riders and films such as The Usual Suspects, Bio-Dome and Born on the Fourth of July.

Most recently, however, he has been a fixture on a number of reality shows, including Celebrity Apprentice, Celebrity Mole and Ty Murray's Celebrity Bull Riding Challenge.

The Baldwin family also includes his brother Alec, the Emmy Award-winning star of 30 Rock, Daniel and William.
 

Jimmy Chitwood

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Hyperinflation Nation provides a very concise, well-documented, easy to understand explanaton of what the Fed (and the powers behind it) are doing to our money: Part 1, Part 2, and Part 3.
 

Menelik

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On a micro level it was just announced a couple of days ago that all Georgia teachers were going to be furloughed for 3 days. I guess I'm lucky to have a job though.
smiley6.gif
 

Jimmy Chitwood

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What the Fed Has Done To Us. by Ron Paul.

an excerpt:
Real unemployment is now 20% and there has not been any economic growth since the onset of the crisis in the year 2000, according to non-government statistics ...

Net US debt is now 372% of GDP. In the crisis of the 1930s it peaked at 301%.


Household debt services requires 14% of the disposable income â€" an historic high. Between 2000 and 2007 credit debt expanded five times as fast as gross domestic product ...



In the past 12 months the national debt has risen over $2.7 trillion. Future entitlement obligations are now reaching $100 trillion. US foreign indebtedness is $6 trillion.


Foreign purchases of US securities in May were $7.4 billion, down from a monthly peak of $95 billion in 2006.


The fact that the Fed had to buy $38.5 billion of government securities last week indicates that it will continue its complicity with Congress to monetize the rapidly expanding deficit. This policy is used to pay for the socialization of America and for the maintenance of an unwise American empire overseas, and to make up for the diminished appetite of foreigners for our debt ...
 

Jimmy Chitwood

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Goldman Sachs employees Told Not to Make Big Purchases
Goldman Sachs Group Inc Chief Executive Lloyd Blankfein told employees to avoid making high profile purchases, the New York Post said, citing sources.


Blankfein, who first asked employees to avoid large purchases late last year, has stepped up his campaign in recent weeks, a source told the paper.


"This is a sensitive time for us, and wants to make sure that we're not being seen living high on the hog,"Â￾ the paper quoted an anonymous Goldman executive as saying.
Feds Hit with Biggest Tax Revenue Drop Since 1932
The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation's plate and struggling to find money to pay the tab.


The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression ...

in the "not a surprise to anyone department, Geithner Won't Rule Out New Taxes for Middle Class
To get the economy back on track, will President Barack Obama have to break his pledge not to raise taxes on 95 percent of Americans? In a "This Week"Â￾ exclusive, Treasury Secretary Tim Geithner told me, "We're going to have to do what's necessary."Â￾

Regulators Shut Down Banks in Five States
Regulators on Friday shut down banks in Florida, New Jersey, Ohio, Oklahoma and Illinois, boosting to 69 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults.

U.S. 'Recession' Worst Since Great Depression, Revised Data Show
Aug. 1 (Bloomberg) -- The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.


The world's largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said yesterday in Washington. Gross domestic product has shrunk 3.9 percent in the past year, the report said, indicating the worst slump since the Great Depression.
 

Don Wassall

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Here's a nice example of blatant system cheerleading implemented with doublethink:

Fewer layoffs expected as recession winds down

First, the good news. Workers probably got slapped with fewer pink slips in July as the worst recession since World War II winds down.


Now, the reality check. A paucity of job openings means nearly 15 million unemployed Americans are still looking for jobs, and their ranks are likely to keep growing into 2010.


Labor Department data due out Friday is expected to show job losses slowing in July to a pace of around 320,000, with unemployment rising to 9.6 percent, up from 9.5 percent the previous month.
http://news.yahoo.com/s/ap/20090807/ap_on_bi_ge/us_economy

So it's somehow "good news" and evidence that the "recession" is "winding down"that the unemployment rate continues to climb, just not as quickly as before,while the ranks of the unemployed "are likely to keep growing into 2010." That's a helluva "wind down"process, sort of the way the Great Depression "wound down" all through the 1930s.Edited by: Don Wassall
 

Colonel_Reb

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Yeah, its ludicrous the way they say, "the beginning of the end of the recession is here" like its some kind of clearly definable thing. Anyone with a brain knows your still in the recession until its completely over. This beginning of the end talk is a bunch of BS, just like Don points out above. Our current problems will be felt for years to come, and I don't even think they are getting better. Its just a government smokescreen designed to placate and fool the masses. A lot of people know know the real unemployment rate is much higher than 9.6%. Its more like 12-15%. A lot of people I know are freshly out of a job, looking for a job, and a few just found a new job. Things are bad and with the current administration and federal reserve power brokers in charge, I believe they will only get worse.
 
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