Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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Real reason for electricity blackouts hitting southern US

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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How Western society is brainwashed and crumbling

How Western society is brainwashed and crumbling

"The cultural embrace of illusion, and the celebrity culture that has risen up around it, have accompanied a growing system of casino capitalism, with its complicated and unregulated deals of turning debt into magical assets, to create fictional wealth for us, and vast wealth f

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Will we see double digit interest rates from the 1980s?

Will we see double digit interest rates from the 1980s?

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." -- Thomas Jefferson Spending is

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Greenspan: credit crunch “by far the greatest financial crisis”

Greenspan: credit crunch by far the greatest financial crisis

Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.” Greenspan just said that the current credit crunch

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real estate insurance fraud

“Fraud thrives in a recession, so insurers are intensifying their crackdown on insurance cheats,” said Nick Starling (1), the ABI’s director of insurance. Many consider it fraud when an insurance company forces people with legitimate claims to resubmit them again and again, or hire an expert to do it before the claim is paid. We’re [...]

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fat american confused

“Already, U.S. housing prices have fallen further during this economic downturn (26 percent), then they did during the Great Depression (25.9 percent).” Approximately 11 percent of all homes in the United States are currently standing empty. In fact, there are many new housing developments across the U.S. that resemble little more than ghost towns because [...]

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“What they were doing was peddling these mortgages and leaving the paperwork behind,” said Michael Pill, a real estate partner at Green, Miles, Lipton & Fitz-Gibbon LLP in Northampton, Massachusetts who is not involved in the case.The Massachusetts court rejected a request by the banks to apply the decision only in future cases, leaving homeowners [...]

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Bank Owned Sign on House in Foreclosure

“Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.” The whole economy is in a depression, if you take out the unemployment benefits and the student loan program. Realize the first depression didn’t have 5 trillion [...]

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foreclosure street

A steep drop in house prices in the United States has revived fears of a “double dip” in the housing market. House prices in the US dropped 1.3 per cent from the month of September to October. The chairman of the Standard and Poor’s committee that produced the home price indices report, David Blitzer, says [...]

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house of 20 dollar canadian bills

“The economist who received an award for being the first to sound the alarm on the U.S. housing bubble, is warning the same could happen in Canada if we aren’t careful. Dean Baker with the Centre for Economic Policy and Research says housing prices here might collapse if interest rates rise by about two percentage [...]

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darling lets get deeply into debt

“Over the past 15 years, the volume of outstanding mortgages has increased by 194 per cent. “There is a sizable minority, about 350,000 out of 5.65 million, or about 6 per cent, who would be challenged by rate rises of less than 1 per cent, and a further 225,000 (5 per cent) have thresholds in [...]

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housing bubble pop

“While a 25% decline is unprecedented in modern times, some economists are beginning to talk about it. “We now see potential for another 25% to 30% downside over the next two years,” says David A. Rosenberg, North American economist for Merrill Lynch (MER), who until recently had expected a much smaller slide. “ Sickening isn’t [...]

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grand isle lousianna tourist empty

“Carolyn Angelette said around 100 clients have canceled summer rentals in Grand Isle, LA. Other clients have postponed plans to buy a home until they see the full extent of oil damage. At this rate, she warns, her Century 21 office will go out of business.” It is obvious BP will be in litigation for [...]

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henry paulson goldman sachs executive

“Goldman Sachs are scum– that’s the bottom line. They have basically co-opted the government; they’ve co-opted the Treasury Department; the Federal Reserve functionality; they’ve co-opted the Obama administration. Barack Obama dances to Goldman Sachs tune.” — Max Keiser Just remember, Hank Paulson [former CEO of Goldman Sachs then Secretary Treasury USA] took Congress hostage– took [...]

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house for sale sign

The longer the government continues to distort the underlying economics of the real estate market, the longer it will take for the sector to heal itself – and the longer the sickness will infect the broader economy. The United States is in a very precarious situation. Obamarama needs the Fed to print up another 1.9 [...]

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i have a deram

“If we don’t do it, you know this whole city is going to go down. I’m hopeful people will understand that,” Bing said. “If we can incentivize some of those folks that are in those desolate areas, they can get a better situation.” Detroit Mayor Bing emphasizes need to shrink city Mayor says it’s not [...]

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us cities underwater mortgages

More than 11.3 million homeowners — nearly one-fourth of all Americans with a mortgage — owe more on their loan than their home is now worth, according to a report released Tuesday by FirstAmerican CoreLogic. As long as real wages for the working class decline good paying middle class jobs are outsourced for cheap labor [...]

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flag of soviet canuckistan

“Having been conned by lower than market interest rates heavily set by the Central Bank of Canada, people were misled into purchasing “investments” they will not be able to afford in the future once interest rates rise.” Canada is quickly becoming much worse off than the US was (in terms of house prices to income [...]

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