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  • More Bearishness: ECRI Weekly Leading Indicator Comes in at -9.8% [View article]
    The sinkhole has grown to such an extent that it soon will be swallowing whole states, and gold is just a commodity that has no value and is in a bubble? Yeah, right.
    Jul 18, 2010. 10:48 AM | 6 Likes Like |Link to Comment
  • Goldman Fumbles; Who Will Recover the Ball? [View article]
    JPM is a worthwhile competitor, making money hand over fist by gaming the PM markets, especially the periodic shorts of gold and silver to ensure that, at least for a short while, the USD will remain the safest haven. Ben and Timmie, as a quid pro quo, are granting JPM unfettered access to taxpayer monies.
    Jul 18, 2010. 10:39 AM | 2 Likes Like |Link to Comment
  • Even as U.S. unemployment starts dropping, the percentage of long-term unemployed is rising, meaning the U.S. is starting to look more like Europe in that sense. And the longer joblessness remains in a hole, the harder it is for workers to reconnect with the labor market.  [View news story]
    Even as unemployment starts dropping???

    I'll lay 3:1 that actual U6 is now over 20%. Any takers?
    Jul 17, 2010. 11:04 AM | 7 Likes Like |Link to Comment
  • Check out this exchange on CNBC... Host Simon Hobbs: "Are you writing off the American economy for years?" Michael Pento: "I am..." Hobbs: "You are just peddling the power of nightmares." Pento: "That's what people told me in 2006 about the housing market, that the housing market can never decline. It brought down the entire global economy, Mr. Hobbs!"  [View news story]
    Nobody in the MSM ever opines on the magnitude of bearish indicators hitting us from all sides in the past month. It gets deflected, and not so artfully. Did the notion of "truth" suddenly disappear, or are we just sheep that have to be fed propaganda? I realize that a GE media outlet can't let anything bad reflect upon Obama prior to the elections. But that's really not the issue is it? The real issue is Journalism that we can believe in. Where is it?
    Jul 16, 2010. 05:37 PM | 3 Likes Like |Link to Comment
  • Elizabeth Warren is a top contender to become the new consumer czar, but Geithner apparently opposes her despite her advocacy of consumer financial protection for a decade. This would be a mistake, Simon Johnson says, and might use up the last of Geithner's nine political lives. A Supreme Court-style battle may be brewing.  [View news story]
    Simon Johnson is a world class economist who, although firmly in the Progressive Left wing, has been highly critical of FINREG, due primarily to the lack of any meaningful reform for the TBTFs, who will continue to game the markets, thanks to the economically clueless wiz kid duo of Frank and Dodd. Johnson publishes the Baseline Scenario blog. I don't agree with his politics, but his objective criticism and analysis of the corrupt FINREG process was spot on.
    Jul 16, 2010. 04:05 PM | 1 Like Like |Link to Comment
  • A black eye for Buffett? Warren Buffett (BRK.A) defended Goldman (GS) shortly after the charges were announced. Now Goldman has settled, and Steven Bertoni points out, “It’s never a good thing when a company you publicly defend just breaks the record for highest fine ever paid to the SEC.”  [View news story]
    The fine, although a record, is just a tap on the wrist; their real win was in the FinReg bill which essentially institutionalizes TBTF. I wonder if Dodd will wind up on the board?
    Jul 16, 2010. 10:24 AM | 6 Likes Like |Link to Comment
  • Conspicuous Correlation: Retail Sales and Housing in June 2010 [View article]
    The correlation is hardly surprising; who in the middle class has discretionary income and is not concerned about their employment situation or, to a greater extent, the future of this country?
    Jul 16, 2010. 09:39 AM | 4 Likes Like |Link to Comment
  • Gold Options Surge by More Than 1,000% in 10 Weeks [View article]
    Gold will probably trade in a narrow range between 1190 and 1220 during the summer; but in the Fall it should break higher. I am surprised that the bears don't see the on-going manipulation. Whenever the Asian markets push gold higher by $5-7, the US markets push lower within minutes of the opening bell. It's like clockwork; the FED and the banksters must have a midnight shift.
    Jul 15, 2010. 12:43 PM | 3 Likes Like |Link to Comment
  • Illinois Overtakes Iceland: Will Other States Follow? [View article]
    Illinois, as a poster child for unfettered entitlements and corruption, as well as a strangling business taxation and regulation mantra, will most certainly be bailed out by an Administration that WILL NOT ALLOW such an obvious example that would repudiate its policies.
    Jul 15, 2010. 12:22 PM | 2 Likes Like |Link to Comment
  • Meeting Minutes: The Fed Sees a Long Slog [View article]
    The bigger picture is that while the BRICs are following the original American model and turning to more free market capitalism with excellent results, we are going in the opposite direction.
    Jul 15, 2010. 09:45 AM | 7 Likes Like |Link to Comment
  • From Canadian Vantage Point, The World Isn't Ending [View article]
    Canadian banks appear to be in better financial shape than those in the US, primarily due to their conservative lending practices which, apparently require actual proof of income and employment as part of any loan package. While we have 100s of banks closing, I haven't heard of one Canadian bank closure.

    US investors should be quite sanguine about our northern neighbor. The US drilling ban will mean more imported oil from Canada; the Loonie should reach par with the USD, and the mining sector will certainly boost the Canadian economy once PMs are allowed to reach true value.
    Jul 15, 2010. 09:36 AM | 1 Like Like |Link to Comment
  • A Baker's Dozen Notes on the State of the States [View article]
    My home has declined 2/3 in value, and yet my property taxes will go up because the politicians are not only delusional but corrupt. The average firefighter with 25 years service can retire at 55 with total pension/health care benefits exceeding $3 million if he/she lives to age 85. Who contributes most to the politicians? The unions. Who negotiates the union contracts? The politicians.

    Within 5 years, the average property tax bill will be too great for the fixed income elderly; those who, miraculously, may still be alive after health care rationing.

    We've lost America, folks. Can we get it back?
    Jul 14, 2010. 12:54 PM | 5 Likes Like |Link to Comment
  • A Mid-Year Check on the 2010 Predictions [View article]
    Kudos, Tim. If it wasn't for the PM manipulation, you'd be close to perfect.
    Jul 14, 2010. 11:29 AM | 1 Like Like |Link to Comment
  • Is the U.S. Dollar in Trouble? [View article]
    The great Ponzi scheme of the economic fascists is starting to unravel. How much longer can they suppress gold and silver to sustain the illusion of a strong USD? The fly in the "bend over K-Y ointment" is, no surprise, the Chinese, methodically assembling the world's greatest gold reserve. While we know that the FED will never be truly "audited", what about Fort Knox? Hasn't been an audit in 60 years; I wonder why?
    Jul 14, 2010. 11:22 AM | 9 Likes Like |Link to Comment
  • Unemployment: Our Beef With Art Laffer's WSJ Editorial [View article]
    Excellent post. The big question is how long should we or could we extend benefits; from 99 weeks to 199 weeks? Where does it end? It is already unsustainable. I've been on the unemployment lines; it's not fun. But the cliff that this economy is rapidly approaching will be far worse.
    Jul 14, 2010. 10:20 AM | 8 Likes Like |Link to Comment