Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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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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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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Content By: The Coming Depression Editorial Staff (dates cited below)
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biden mouth shut

“We (the United States) tax everything that moves and doesn’t move ..” — Quote from Senator Hillary Clinton.

The house of cards is beginning to fall. The numbers and optimism from the White House is unsubstantiated. This morning during Obama’s address he stated there will be even more job losses. These are the first truthful words he’s spoken in a while. Now let’s all sit back and let Pelosi ruin the insurance industry so this “recovery” takes 20 years instead of 10.

Sure, the stimilus has created jobs but at what costs? It’s like saying someone paid 100 dollars for a piece of chewing gum but lets forget its costs and focus on the fact that we have chewing gum. This is a waste of tax payers money and indicates that this administration lacks the intelligence to implement cost effective and long lasting solutions for the economy. For example it’s easy to take out a $15k cash advance to pay bills for the next 3 months but is it a good idea? Perhaps the better idea is for someone to manage and do cost cutting on their budget while looking to earn some income. It is freightening to see how ignorant the people who are running this country are when it comes to finance.

The banks have made money hand over fist when the Federal government (read themselves) bailed them out and left us with a big fat tab. That in all reality is we were broke before the defecation hit the rotary oscillator. But banks getting money and not loaning in a credit based society in a service based economy is not growth.

$160,000 Per Stimulus Job? White House Calls That ‘Calculator Abuse’
Original article from ABC News Blog

Posting its results late this afternoon at Recovery.gov, the White House claimed 640,329 jobs have been created or saved because of the $159 billion in stimulus funds allocated as of Sept. 30.

Officials acknowledged the numbers were not exact, saying that states and localities that reported the numbers have made mistakes.

In recent days, the Recovery Act board has been reviewing all the numbers, with many inaccurate ones having been posted. California’s San Joaquin Regional Rail Commission received $5 million in stimulus funds to hire workers to build addition train track for the Union Pacific Railroad in an economically tarnished spot of the Golden State.

Brian Schmidt, director of planning and programming for the commission said that his staff originally reported to the Obama administration that the stimulus money saved 250 jobs. Then, realizing they had mistakenly double credited, they later changed that to 125 jobs. Tuesday, they updated it again to 74 jobs.

Excerpt

DeSeve and Bernstein were not able to say how many of the 640,329 jobs were saved and how many were created. How do they know that government officials asking for stimulus funds to help prevent layoffs were legitimate?

“What we have to do is expect that our public officials are honest,” DeSeve said. “I know that’s a high bar.”

Excerpt

Of the 640,329 jobs cited today, White House officials said 80,000 were in the construction sector and more than half — 325,000 — were education jobs, despite President Obama’s claim in January that 90 percent of the stimulus jobs would be in the private sector. Bernstein said Mr. Obama’s pledge was an assessment of the totality of the jobs saved or created by the end of 2010.

Officials pointed out that today’s report did not include jobs saved or created by more than $80 billion in tax cuts, as well as other money in the $787 billion stimulus package, such as $250 stimulus checks for 54 million Americans.

Related posts:

  1. Stimulus jobs overstated by thousands; Government calls it error“In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” –Franklin D. Roosevelt The Republican bailout has done its job. Executives, and other...
  2. Get government out to create jobs: Ron Paul“Neither a Keynesian big spending program, nor the military-industrial complex can create long-lasting employment or economic prosperity for our country. The only way to restore both peace and prosperity is...
  3. US unemployment reaches 10 per cent; government hiding real numberBernanke on Unemployment: ‘we don’t think it will get to 10 percent’ A better measure of unemployment is the U-6 numbers and this would make the real number around 17.5...
  4. Jobs Grow when Government ShrinksShot on location at a “stimulus” spending project site in New Lisbon, Dave gives the rundown on a project that temporarily employed a couple of employees for a few months...
  5. Who Is Stimulus Money Going To?There is a large amount of the stimulus targeted for low income families. Two things are there: 1. Since Construction workers in the past had a substantial percentage of illegal...
  6. US Government faces wave of debt paymentsTreasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are...

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