The government's finally sending people to jail for mortgage fraud, just not who you'd expect. Charlie Engle's behind bars not for selling bad mortgages, but for borrowing - allegedly lying on a pair of liar loans. It took months of probing and a flirtatious undercover agent to put away a single borrower, Joe Nocera writes in a good read, while Countrywide's Angelo Mozilo is still at large. [View news story]
that may be a stretch of the truth marketguy, they are sending the fishermen to prison for having a leaking oil pan...
Let them eat iPad! When NY Fed's Bill Dudley was pressed by a working-class audience about how he can view inflation as low when grocery prices keep rising, his response: "You can buy an iPad2 that costs the same as an iPad1, that’s twice as powerful." Grumbling ensued, as Dudley is stunned to learn that iPads are more popular at Fed offices than on the streets of Queens.[View news story]
Dudley can you please take your half million dollar salary and purchase yourself a muzzle? Why are we cutting the rights of teachers unions and still paying this guy? What a joke. We have got to audit the Fed!
Ronald Reagan on the debt ceiling: "Unfortunately, Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar." [View news story]
Wall Street's curmudgeon-in-chief, Third Point's Dan Loeb, pens a letter critical of the President. A former Obama supporter, Loeb is turned off by the President's "smack downs" on successful Americans, otherwise "known as the 2%." His holiday gift for Obama's true believers: "He's Just Not That Into You."[View news story]
The dow was around 8000 when the grand ole party handed the mess to obama and his admin. It's at 11,000 now... Guy is just bad for biz.
Strong Q2 profits from McDonald's (MCD) and Caterpillar (CAT) should be matched by job growth, but two years into the recovery unemployment is stuck at 9.2%. A brief look at their financials may hide a clue: Both companies said overseas sales growth outperformed the U.S. in the April-June quarter. Obviously, U.S. corporate expansion is happening overseas, not here at home. [View news story]
Mutinationals will put resources in the nations with the highest return on investment. This is why the big corporations will never be the catalyst at home for lowering unempoloyment. Small business and entrepenuerialship will put people back to work here. Giving tax breaks to mulit-nationals to expand and compete on a global scale is fine, but don't expect them to hire americans. Help the small business and people will go back to work.
President Obama is a "defender of free markets," Paul Volcker tells Fox Business, "not a wild-eyed leftist radical." It's not surprising that "people are a little cautious about investing," he says, given the depth of the recession, but Obama is right to point out excess in the financial world - "and it happens to be accurate." [View news story]
Left right or in the middle he has a point. I think we all can take a good look around and see there is no easy fix.
The worst is yet to come: The recovery is a "cover-up," and the U.S. is headed for the "greatest depression," Gerald Celente predicts. The crux of the problem is that the middle class has been wiped out, he says - "everything is for the big guys," and the government is killing entrepreneurship. [View news story]
Bring it, a little famine may do all us fat asses some good.
If you're like most Americans, you classify yourself as "middle class." But as the debate over tax cuts shows, nobody can agree on exactly what middle class means. A family earning $250,000 in a high-cost location like Manhattan, for example, probably doesn't consider themselves rich. [View news story]
Ta hell with it. Let's cut taxes on the rich. Let's go to war and not pay for it. While were at it let's smoke em outta their caves. I know they have countless weapons of mass destruction. Drill baby. Hopey changey thing is stupid. Roll baby roll. Let's also kill hundreds of thousands of people. Let the horses run. V8 motor getting 8 miles to the gallon. Ride the lightning lets get it on.
"No, there will be no double dip. It will be a lot worse," Matterhorn's Egon von Greyerz says. "The world financial system has temporarily been on life support by trillions of printed dollars that governments call money... But this will not save the Western World which is likely to go into a decline lasting at least 20 years but most probably a lot longer." [View news story]
There are real messages in that article. Fiscal responsibility is not an easy or popular choice. We were almost there during the Clinton Era, GW lost the plot completely and Obama and the current congress are not capable of making these kind of tough decisions. It's never too late, so please someone lead.
Dollar Armageddon is ahead, Damon Vickers contends (video), because the world can no longer absorb its massive debts. The counter argument is that the dollar isn't a safe haven now because oil is shooting higher, just as in previous oil shocks. Or could it be that the more dollars in circulation, the less they're worth? [View news story]
Geoffster, It strikes me that on your list: welfare dependence, national debt, etc etc you fail to mention the most important...our dependence on oil.
The Fed's step toward quantitative easing is a declaration of war on America's savers - bond owners, CD holders and passbook savers who "have stored wealth believing that the U.S. government has their back," Drew Mason writes. "The government has decided it's politically acceptable to torpedo the life savings of many Americans." [View news story]
At some point everyone needs to look around. Most are fat, lazy, dependent. Just look around, economics is common sense. Next time you step out into public look at how much weight everyone is carrying. Listen to the bickering over meaningless crap. The Lion eats the Gazelle. Are we the Lion or the Gazelle? I believe in this place but we have a long uphill battle against the age of entitlement.
July Reuters/UofM Consumer Sentiment:66.5 vs. 75 expected and 76 in June. Expectations 60.6 vs. 70.7 expected. It's the lowest reading in 11 months, just 2.5 months after peaking. "Income and job prospects were extraordinarily weak and those bleak prospects have made consumers much more cautious spenders," the survey said. [View news story]
Cmon sharster you gotta do better than that.
When a baseball player strikes out too many times he goes back to the minors. When a movie start doesn't sell enough tickets they don't get the leading roles.
When The Wall Street Folks make a bad bet and blow the mother load, they keep their jobs and bonuses and take billions from the rest of the country.
If the restraints on the economy are temporary, why did the Fed lower its medium-term outlook? "They're groping," Economist's Greg Ip writes. While Bernanke's effort to actually answer questions rather than recite talking points is "refreshing," the actual answers disappoint: "His admission of ignorance reflects genuine puzzlement with the economy’s failure to reach what he likes to call escape velocity.” [View news story]
Niether, my theory is the fed is simply lowering expectations. This is in conjunction with the move by the iea. The aim is to lower fuel prices long enough to increase consumer spending which is the only way to really stimulate growth.
House Majority leader Eric Cantor pulls out of budget talks led by VP Biden over a disagreement on taxes that will require the input of President Obama and Speaker Boehner to resolve. "We've reached the point where the dynamic needs to change," says Cantor. [View news story]
it would be best to cut education, lower taxes, get rid of the epa and all clean air regulations, dismantle the sec, drill more, and remove mountain tops for copper.
Rising oil prices risk a deflationary spiral in the U.S., not an inflationary spiral, Cullen Roche writes. Oil price increases are cost-push inflation, he explains, and for an economy still mired in a balance sheet recession, only gives the appearance of inflation in (highly visible) gas prices while creating deflationary trends in most (less visible) other assets. [View news story]
that is a ridiculous statement. with rising oil prices comes rising shipping costs (lumber, consumer goods, food). with rising oil prices plastics (which are in everything) will rise along with it. Cullen must have a big position in oil.
The government's finally sending people to jail for mortgage fraud, just not who you'd expect. Charlie Engle's behind bars not for selling bad mortgages, but for borrowing - allegedly lying on a pair of liar loans. It took months of probing and a flirtatious undercover agent to put away a single borrower, Joe Nocera writes in a good read, while Countrywide's Angelo Mozilo is still at large. [View news story]
Let them eat iPad! When NY Fed's Bill Dudley was pressed by a working-class audience about how he can view inflation as low when grocery prices keep rising, his response: "You can buy an iPad2 that costs the same as an iPad1, that’s twice as powerful." Grumbling ensued, as Dudley is stunned to learn that iPads are more popular at Fed offices than on the streets of Queens. [View news story]
Ronald Reagan on the debt ceiling: "Unfortunately, Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar." [View news story]
Wall Street's curmudgeon-in-chief, Third Point's Dan Loeb, pens a letter critical of the President. A former Obama supporter, Loeb is turned off by the President's "smack downs" on successful Americans, otherwise "known as the 2%." His holiday gift for Obama's true believers: "He's Just Not That Into You." [View news story]
Strong Q2 profits from McDonald's (MCD) and Caterpillar (CAT) should be matched by job growth, but two years into the recovery unemployment is stuck at 9.2%. A brief look at their financials may hide a clue: Both companies said overseas sales growth outperformed the U.S. in the April-June quarter. Obviously, U.S. corporate expansion is happening overseas, not here at home. [View news story]
President Obama is a "defender of free markets," Paul Volcker tells Fox Business, "not a wild-eyed leftist radical." It's not surprising that "people are a little cautious about investing," he says, given the depth of the recession, but Obama is right to point out excess in the financial world - "and it happens to be accurate." [View news story]
The worst is yet to come: The recovery is a "cover-up," and the U.S. is headed for the "greatest depression," Gerald Celente predicts. The crux of the problem is that the middle class has been wiped out, he says - "everything is for the big guys," and the government is killing entrepreneurship. [View news story]
If you're like most Americans, you classify yourself as "middle class." But as the debate over tax cuts shows, nobody can agree on exactly what middle class means. A family earning $250,000 in a high-cost location like Manhattan, for example, probably doesn't consider themselves rich. [View news story]
God love the GOP.
"No, there will be no double dip. It will be a lot worse," Matterhorn's Egon von Greyerz says. "The world financial system has temporarily been on life support by trillions of printed dollars that governments call money... But this will not save the Western World which is likely to go into a decline lasting at least 20 years but most probably a lot longer." [View news story]
Dollar Armageddon is ahead, Damon Vickers contends (video), because the world can no longer absorb its massive debts. The counter argument is that the dollar isn't a safe haven now because oil is shooting higher, just as in previous oil shocks. Or could it be that the more dollars in circulation, the less they're worth? [View news story]
The Fed's step toward quantitative easing is a declaration of war on America's savers - bond owners, CD holders and passbook savers who "have stored wealth believing that the U.S. government has their back," Drew Mason writes. "The government has decided it's politically acceptable to torpedo the life savings of many Americans." [View news story]
July Reuters/UofM Consumer Sentiment: 66.5 vs. 75 expected and 76 in June. Expectations 60.6 vs. 70.7 expected. It's the lowest reading in 11 months, just 2.5 months after peaking. "Income and job prospects were extraordinarily weak and those bleak prospects have made consumers much more cautious spenders," the survey said. [View news story]
When a baseball player strikes out too many times he goes back to the minors. When a movie start doesn't sell enough tickets they don't get the leading roles.
When The Wall Street Folks make a bad bet and blow the mother load, they keep their jobs and bonuses and take billions from the rest of the country.
cmon sharster cmon
If the restraints on the economy are temporary, why did the Fed lower its medium-term outlook? "They're groping," Economist's Greg Ip writes. While Bernanke's effort to actually answer questions rather than recite talking points is "refreshing," the actual answers disappoint: "His admission of ignorance reflects genuine puzzlement with the economy’s failure to reach what he likes to call escape velocity.” [View news story]
House Majority leader Eric Cantor pulls out of budget talks led by VP Biden over a disagreement on taxes that will require the input of President Obama and Speaker Boehner to resolve. "We've reached the point where the dynamic needs to change," says Cantor. [View news story]
Rising oil prices risk a deflationary spiral in the U.S., not an inflationary spiral, Cullen Roche writes. Oil price increases are cost-push inflation, he explains, and for an economy still mired in a balance sheet recession, only gives the appearance of inflation in (highly visible) gas prices while creating deflationary trends in most (less visible) other assets. [View news story]