“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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“People have looked at Greece over the last three to four months and now they’re focusing their attention on Spain and its banking sector,” said Aroop Chatterjee. Tensions on the Korea peninsula also buoyed the dollar and yen after South Korea’s Yonhap news agency said North Korean leader Kim Jong-il had told his troops to [...]
“”I’m very concerned we’re headed down the same path as Greece,” Rep. Cathy McMorris Rodgers, R-Wash., told Fox News. “Greece found itself in a situation where its public debt was 113 percent of its GDP. They had taken on all this debt, expanded programs and America is headed down the same path.” — Cathy McMorris [...]
“The Bank of Montreal has been hit by a huge mortgage fraud in Alberta that may cost it $30 million, a report said. The bank is suing hundreds of people in connection with the scam, including lawyers, mortgage brokers and four of its employees, CBC News said, citing legal documents.” The case may be the [...]
“No laws are more basic than the laws of arithmetic: For fiscal sustainability, whatever level of spending is chosen, revenues must be sufficient to sustain that spending in the long run,” Bernanke told the commission, which was established by Obama in February to give recommendations on ways of balancing the federal budget.” Washington needs to [...]
“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 for our elite. Corporations, behind the smoke screen, have ruthlessly dismantled [...]
“spells of unemployment while young often create permanent scars through its harmful effects on a number of outcomes — happiness, job satisfaction, wages and health — many years later. Moreover, spells of unemployment tend to be particularly harmful to the individual — and to society — when the most disadvantaged youth become unemployed. This involves [...]
“As interest rates begin to rise worldwide, losses in derivatives may end up bankrupting a wide range of institutions, including municipalities, state governments, major insurance companies, top investment houses, commercial banks and universities.” The economy is seriously out of whack. The 25 highest-paid hedge fund managers earned a total of more than $25 billion last [...]
“Who are they trying to kid?” Bittner says. “Are they trying to make you think it’s better so you’ll go out and spend?” Well, yes. The nation’s fragile consumer confidence, which sank to a record low about a year ago, could keep the fledgling economic recovery stuck in first gear, says Ken Goldstein, an economist [...]
“don’t forget the difference between U3 (steady at 9.7%), U6 (rose to 16.9%) or even John Williams’ SGS Alternate, which presumable has stayed near 22%. + 162,000 may be the best number in three years” Statistics rarely show the truth of reality. They can be twisted and manipulated as however the person using them wants. [...]
“This was all inflation dependent financing. If the Federal Reserve and the rest of the world continued to inflate, cheap money would have bailed these projects out. With the Fed halting money printing, there are not enough dollars to support this debt structure.” The Greeks are in a real pickle, but it is one they [...]
“My goal over the course of the next year is for China to recognize that it is also in their interest to allow their currency to appreciate because, frankly, they have got a potentially overheating economy,” Obama said. Mr Obama, debt is the problem, not China. The American government debt is well over $50,000 per [...]
“.. debating the stages of decline may be a waste of time — it is a precipitous and unexpected fall that should most concern policymakers and citizens … most imperial falls are associated with fiscal crises. Alarm bells should therefore be ringing very loudly indeed as the United States contemplates a deficit for 2010 of [...]
“Without more stringent reforms, “another crisis – a bigger crisis that weakens both our financial sector and our larger economy – is more than predictable, it is inevitable,” Johnson says in the report, commissioned by the nonpartisan Roosevelt Institute.” One single person doesn’t declare a recession is over, a recession is over when GDP has [...]
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