17 Statistics That Prove We Have Sold Our Grandchildren Into Perpetual Debt Slavery

17 Statistics That Prove We Have Sold Our Grandchildren Into Perpetual Debt Slavery

Illinois's Plan To 'Balance' The Budget: Borrow $15 Billion And Ignore $185 Billion Hole

Illinois's Plan To 'Balance' The Budget: Borrow $15 Billion And Ignore $185 Billion Hole

Back from my trip! Doom is nigh Illinois style

Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank - Bloomberg

Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank - Bloomberg

Shocking!

Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank - Bloomberg

Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank - Bloomberg
Shocking.

The Next Black Swan: Congress Unthinkably Moves To Cancel Build America Bonds

The Next Black Swan: Congress Unthinkably Moves To Cancel Build America Bonds
No one ever said the government was perfect and the Republicans are already taking heat for more deficit spending from the tea party. Black swan? Nah.

Here's What It Takes To Get A Bank To Modify Your Mortgage And Cut Your Principal

Here's What It Takes To Get A Bank To Modify Your Mortgage And Cut Your Principal
Doom is nigh, the system is fixed

More Stimulus Will Only Mean Fewer Jobs

More Stimulus Will Only Mean Fewer Jobs

Ireland's Rescue Package: Disaster For Ireland, Bad Omen For The Eurozone

Ireland's Rescue Package: Disaster For Ireland, Bad Omen For The Eurozone
Doom is nigh Irish style

Morgan Stanley: The Irish Bailout Backfired, And The ECB Won't Save The Euro

Morgan Stanley: The Irish Bailout Backfired, And The ECB Won't Save The Euro
Untill there is a joint Euro Bond the crisies will continue. If you are not together you are against each other.

Gonzalo Lira: If Ireland Doesn’t Take The Bailout . . .

Gonzalo Lira: If Ireland Doesn’t Take The Bailout . . .
Ireland could be the match to light the fire. Or everything could be fine.

Portugal Delivers Grim Warning About Stability Of Its Own Banks, And Impact Of Austerity

Portugal Delivers Grim Warning About Stability Of Its Own Banks, And Impact Of Austerity
Doom is nigh, Portugal's central bank says rough sailing. May be over confident

FT.com / Comment / Opinion - Ireland rescue is not a game changer

FT.com / Comment / Opinion - Ireland rescue is not a game changer
PIMCO calls you out. Thing are likely very bad.

Default! Say the people - National News, Frontpage - Independent.ie

Default! Say the people - National News, Frontpage - Independent.ie

Ireland adds to the boling pot that is the collapes of the euro.

Guest Post: A recession to remember – Lessons from the US, 1937–1938 « naked capitalism

Guest Post: A recession to remember – Lessons from the US, 1937–1938 « naked capitalism
Good Read
Happy Turkey day

FT.com / Europe - Dublin feels pressure on rescue package

FT.com / Europe - Dublin feels pressure on rescue package
Doom is nigh- Bank run style in Ireland

FT.com / Europe - Dublin feels pressure on rescue package

FT.com / Europe - Dublin feels pressure on rescue package
Doom is nigh- Bank run style in Ireland

This Is The Horrifying Budget Report That Caused Everyone To Freak Out About California

This Is The Horrifying Budget Report That Caused Everyone To Freak Out About California

Doom is nigh, Cali style

El-Erian Warns Of "Cascading Challenges" In Europe, And A Spillover From Countries To Banks

El-Erian Warns Of "Cascading Challenges" In Europe, And A Spillover From Countries To Banks
Doom is nigh, PIMCO edition

The Complete Costs, Side Effects, And Unintended Consequences Of ObamaCare#slideshow-start#slideshow-start

The Complete Costs, Side Effects, And Unintended Consequences Of ObamaCare#slideshow-start#slideshow-start
Excellent read

Irish Mortgage Crisis Details

Irish Mortgage Crisis Details

Just a preview for us.

Roubini Now Scaring The Hell Out Of Everyone From An Undetermined Location

Roubini Now Scaring The Hell Out Of Everyone From An Undetermined Location

Doom is nigh!

How Did A Single Unconstitutional Agency Become The Most Powerful Organization In America?

How Did A Single Unconstitutional Agency Become The Most Powerful Organization In America?

Deep thoughts for a monday!

Oil Is Going To $300 A Barrel, Peak Oil Coming Soon

Oil Is Going To $300 A Barrel, Peak Oil Coming Soon
Doom is nigh -OIL news :)

California Voters Fail To Legalize Pot

California Voters Fail To Legalize Pot
As longs there is a profit in Prohibition it will continue. End the Drug war or continue to see its effect on the distabilation of america.

Unemployment Benefits Are About To Expire For 4 Million Americans

Unemployment Benefits Are About To Expire For 4 Million Americans
Depression =unemployment plus famine.
Revolution =unemployment plus starvation
We are just in a recession because of the safty net protection us.

the-ten-biggest-american-cities-that-are-running-out-of-water: Personal Finance News from Yahoo! Finance

the-ten-biggest-american-cities-that-are-running-out-of-water: Personal Finance News from Yahoo! Finance

The next 20 years will be about water more then any other resource.

Here's Your Talking Points For The Anti-Bank Bailout Revolution

Here's Your Talking Points For The Anti-Bank Bailout Revolution
Ugly

FDIC Loses $25 Billion in One Year | Credit Writedowns

FDIC Loses $25 Billion in One Year | Credit Writedowns

If this does not leave you feeling worried you dont have any money in a US bank

Grantham: Obama's Most Disastrous Mistake Was Selecting Tim Geithner

Grantham: Obama's Most Disastrous Mistake Was Selecting Tim Geithner
Awesome

George Soros: Why I Support Legal Marijuana - WSJ.com

George Soros: Why I Support Legal Marijuana - WSJ.com
Excellent read

Federal Auditor Says Obama's Anti-Foreclosure Effort Risks 'Generating Public Anger And Mistrust'

Federal Auditor Says Obama's Anti-Foreclosure Effort Risks 'Generating Public Anger And Mistrust'
HAMP is failure. the banks are cleaning up with fees in the program and then still foreclosing cause the loses don't have to be realized till the home is sold. Short sales and HAMP force immediate loss regonition.

How the mortgage interest deduction subsidizes the spending of wealthy families at the expense of middle class families. Average California mortgage deduction for filers is over $18,000 versus $9,900 in Texas.

How the mortgage interest deduction subsidizes the spending of wealthy families at the expense of middle class families. Average California mortgage deduction for filers is over $18,000 versus $9,900 in Texas.

Little food for thought.

The Dangers Of Living In A Land Of Strung Out Debt Junkies

The Dangers Of Living In A Land Of Strung Out Debt Junkies
Cool read of the day.

Nine Stories The Press Is Underreporting -- Fraud, Fraud And More Fraud

Nine Stories The Press Is Underreporting -- Fraud, Fraud And More Fraud

Must read of the day

China Said to Expand Rare Earths Embargo to West - NYTimes.com

China Said to Expand Rare Earths Embargo to West - NYTimes.com
Crazy stuff like this can start wars. Likely over blown

How Hank Paulson's inaction helped Goldman Sachs | McClatchy

How Hank Paulson's inaction helped Goldman Sachs | McClatchy

Some Good goldman dirt.

24 Statistics About The United States Economy That Are Almost Too Embarrassing To Admit

24 Statistics About The United States Economy That Are Almost Too Embarrassing To Admit Doom is nigh Americna style

Dear "Middle Class" Americans: Most Of You Are Debt Serfs With Zero Assets

Dear "Middle Class" Americans: Most Of You Are Debt Serfs With Zero Assets

Must read of the day.

All Drugs Should Be Legalized Immediately, Says Harvard Prof

All Drugs Should Be Legalized Immediately, Says Harvard Prof

Some Sanity in the Drug war

Military spending: Hands off the warfare state! | The Economist

Military spending: Hands off the warfare state! | The Economist

Main Street Is Dying A Death By 1000 Spending Cuts

Main Street Is Dying A Death By 1000 Spending Cuts
Light posting to continue.

The Oil Drum | How to Run an Oil Industry into the Ground

The Oil Drum | How to Run an Oil Industry into the Ground
Oh and we are the 4th largest importor of there oil and with Mexico oil fields failing for the same reason, oil looks to be the best long term play.

Auerback: Where is Huey Long When You Need Him? « naked capitalism

Auerback: Where is Huey Long When You Need Him? « naked capitalism
Let must read. Lite posting to continue for another week

Gonzalo Lira: What Hyperinflation Will Look Like In America

Gonzalo Lira: What Hyperinflation Will Look Like In America

Follow up on the must read

Irish CDS Surges To Record Levels On Potential IMF Intervention, Rumors Of Anglo Irish Default

Irish CDS Surges To Record Levels On Potential IMF Intervention, Rumors Of Anglo Irish Default

Ugly things going down in ireland.

Swiss Trade Unions Make A Politically Shocking Demand: A Two-Tiered Franc

Swiss Trade Unions Make A Politically Shocking Demand: A Two-Tiered Franc

I love the picture cause it only take a spark to set things on fire. Or a snowflake to start an avalachance.

How Hyperinflation Will Happen In America

How Hyperinflation Will Happen In America
Must read of the day

Fed Governor Admits: We're Useless

Fed Governor Admits: We're Useless
Several Random thoughts if the premise of the article is true.

If we accept we have skills mis match and it is not fixable in the short term, is changing how we handle immagration the answer? What if instead of H1 visas we gave all educated people (BS or approve) a green card would we increase the demand down range? Ie more people living here would mean more housing, service industry, more money flowing in the system. H1 is bad for both employees as you can be sent home at the whim of the employer and my drive wages down. While a green card makes you more of a protected class and should translate to a higher pay.

Two if we want to drive more manufacturing back to the USA we need to change the tax code which encourages it.

Why Lessons From The First Great Depression Mean The Next Four Months Will Be Very Painful For Stockholders | zero hedge

Why Lessons From The First Great Depression Mean The Next Four Months Will Be Very Painful For Stockholders | zero hedge

I still think this is closer 1932 but the guy makes a fairly good case of 1936. However I feel the bush tax are mostly worthless to most.

Dining out: Restaurants get another serving of declining sales - latimes.com

Dining out: Restaurants get another serving of declining sales - latimes.com
What happens when the service sector collapase further? Unemployment will remain high for a long time.

FDIC Finds 829 U.S. Banks at Risk - WSJ.com

FDIC Finds 829 U.S. Banks at Risk - WSJ.com
Doom is Nigh, Bank edition. Serious things are sliding not improving.

FT.com / Comment / Opinion - Beware those who think the worst is past

FT.com / Comment / Opinion - Beware those who think the worst is past
The Storm comes and goes but it is not over.

Special Belated Happy Birthday

To George!!!!

Welcome To 'The Great Lessening'

Welcome To 'The Great Lessening'

Doom is less :)

The trillion dollar bailout you didn’t hear about – Commercial real estate values plummet again yet banks hide losses. A $3.5 trillion financial disaster in the making. We are now proud owners of an AMC theater and Chick-fil-A.

The trillion dollar bailout you didn’t hear about – Commercial real estate values plummet again yet banks hide losses. A $3.5 trillion financial disaster in the making. We are now proud owners of an AMC theater and Chick-fil-A.
CRE Doom is nigh.

It's Not A Question Of IF Sovereign Nations Will Default, But HOW

It's Not A Question Of IF Sovereign Nations Will Default, But HOW
Doom is Nigh, Morgan Stanley style

The Fed Is Officially Botching It

The Fed Is Officially Botching It
Time to Fire Ben the Printer.

St Louis Fed Explains Why The Fed Has Cornered Itself Between Deflation And (Hyper) Inflation | zero hedge

St Louis Fed Explains Why The Fed Has Cornered Itself Between Deflation And (Hyper) Inflation | zero hedge
Doom is a booked? Really? Who says we wont just muddle along?

Guest Post: How Hyperinflation Will Happen | zero hedge

Guest Post: How Hyperinflation Will Happen | zero hedge
Must read of the week.

Mish's Global Economic Trend Analysis: Eight Banks Seized, One with Ties to Obama; Regulators Allow "Unusual Bid" for Failed Bank

Mish's Global Economic Trend Analysis: Eight Banks Seized, One with Ties to Obama; Regulators Allow "Unusual Bid" for Failed Bank
The beat rolls on

Under The Surface, Capital Flight And Liquidity Worries Getting Worse In Greece

Under The Surface, Capital Flight And Liquidity Worries Getting Worse In Greece
Wow it is 1931 and this is creditsudlt. All we need is the final bank run to blow everything up. Crash likely hood now 90% before the end of the year.

Gerald Celente Depression

Gerald Celente Depression
Doom is nigh. Really this time

Entering a Death Spiral?: Tensions Rise in Greece as Austerity Measures Backfire - SPIEGEL ONLINE - News - International

Entering a Death Spiral?: Tensions Rise in Greece as Austerity Measures Backfire - SPIEGEL ONLINE - News - International Doom is nigh

Vietnamese Currency Plummets To Record Low As Government Advisor Warns Of A 'Liquidity Shock'

Vietnamese Currency Plummets To Record Low As Government Advisor Warns Of A 'Liquidity Shock' The world keeps making more bombs instead of diffusing them.

Calculated Risk: Sovereign Debt Part 5D: European Banks, What if Things Go Really Badly?

Calculated Risk: Sovereign Debt Part 5D: European Banks, What if Things Go Really Badly?
Important stuff.

CHART OF THE DAY: A Really Long View Of Inflation Shows That It's All The Fed's Fault

CHART OF THE DAY: A Really Long View Of Inflation Shows That It's All The Fed's Fault

Russia's Wheat Problem Could Be Just The Beginning Of A Global Food Crisis

Russia's Wheat Problem Could Be Just The Beginning Of A Global Food Crisis

Reinforcing my belief it is 1931.

Muscovites Flee Worst Heat `in 1,000 Years'; Death Rate Doubles - Bloomberg

Muscovites Flee Worst Heat `in 1,000 Years'; Death Rate Doubles - Bloomberg

What is the difference between recession and depression -Famine.

Matthew Simmons' Excellent Presentation On The Coming Oil & Water Shortage

Matthew Simmons' Excellent Presentation On The Coming Oil & Water Shortage

The single most important thread you will ever read about the next 100 years.

UGLY JOBS REPORT: 131,000 Lost In July, Stocks Heading Lower

UGLY JOBS REPORT: 131,000 Lost In July, Stocks Heading Lower
MID-OCT things could be very bad.

Captured: America in Color from 1939-1943 – Plog Photo Blog

Captured: America in Color from 1939-1943 – Plog Photo Blog
WOW!

Remember, This Gigantic Fannie And Freddie Giveaway Has Been In The Works Since Last December

Remember, This Gigantic Fannie And Freddie Giveaway Has Been In The Works Since Last December

Mark to Market would indead require a bailout of the GSE. It would also sink a lot of banks would then be forced to take loss since we would know the true value of the bad loans on the books.

Now That We Agree Deflation Is What's Coming, Is Hyperinflation Right Around The Corner?

Now That We Agree Deflation Is What's Coming, Is Hyperinflation Right Around The Corner?

Food for thought.

California government: No end in sight for Sacramento budget stalemate - latimes.com

California government: No end in sight for Sacramento budget stalemate - latimes.com
California is F##%#%.

We Could Be In The Midst Of A "Greater Depression" And Government Debt Is The Culprit

We Could Be In The Midst Of A "Greater Depression" And Government Debt Is The Culprit

Doom is nigh and you can profit from it :)

American Thinker Blog: Could 2011 be the Year Without Summer?

American Thinker Blog: Could 2011 be the Year Without Summer?

Some Food for thought.

The political genius of supply-side economics | Martin Wolf's Exchange | FT.com

The political genius of supply-side economics | Martin Wolf's Exchange | FT.com
Hot morning for news

The Death of Paper Money - Telegraph

The Death of Paper Money - Telegraph

Awesome read.

Special Report: High finance and corporate pot, California style | Reuters

Special Report: High finance and corporate pot, California style | Reuters
Money to be made.

John R. Talbott: The Real Reason Geithner Is Afraid of Elizabeth Warren

John R. Talbott: The Real Reason Geithner Is Afraid of Elizabeth Warren

Must read of the day

What If He's Right? - Clusterfuck Nation

What If He's Right? - Clusterfuck Nation
Doom is nigh?

TIM GEITHNER'S LATEST OUTRAGE: Wants To Block Elizabeth Warren From Running Consumer Protection Agency

TIM GEITHNER'S LATEST OUTRAGE: Wants To Block Elizabeth Warren From Running Consumer Protection Agency

One can only hope for balance instead of supporting the big banks.

You Won't Have Any Idea How Badly Our Stock Market Is Doing Until You Look At These Charts

You Won't Have Any Idea How Badly Our Stock Market Is Doing Until You Look At These Charts

Doom is in the return

Strategic Defaulters as the New Welfare Queens « naked capitalism

Strategic Defaulters as the New Welfare Queens « naked capitalism

Well worth reading.

Calculated Risk: Trillions of Bank Debt coming due

Calculated Risk: Trillions of Bank Debt coming due

ING predicts Dooms

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7877724/EMU-break-up-risks-global-deflation-shock-that-would-dwarf-Lehman-collapse-warns-ING.html

Rick Santelli: Deflation Is The "Biggest Bogeyman In A Central Banker's Closet"

Rick Santelli: Deflation Is The "Biggest Bogeyman In A Central Banker's Closet"
Worth checking out

Be Careful, Yesterday's Fall Could Signal An Even Bigger Collapse To Come

Be Careful, Yesterday's Fall Could Signal An Even Bigger Collapse To Come

75% chance now of a crash.

Cantarell Finally Slips Below 500 kbpd | Gregor.us

Cantarell Finally Slips Below 500 kbpd | Gregor.us
Gving another year or two and the Mexico Government which lives off the oil reveune will be in serious trouble. We are talking massive budget cuts. Doom is nigh

Austerity In America Will Be Painful, But It Will Be WAY Better Than Having A National Debt Crisis

Austerity In America Will Be Painful, But It Will Be WAY Better Than Having A National Debt Crisis
Awesome read

Could The Deepwater Horizon Tip Over, Break The Ground, And Release A 3 Billion Barrel Oilpocalypse?

Could The Deepwater Horizon Tip Over, Break The Ground, And Release A 3 Billion Barrel Oilpocalypse?
Doom is nigh?

Mish's Global Economic Trend Analysis: The Economist "Rising Government Debt is a Ponzi Scheme"

Mish's Global Economic Trend Analysis: The Economist "Rising Government Debt is a Ponzi Scheme"
Another must read

History Tells US The Euro Will Not Survive, Greece Will Get Worse, And There Will Be A Trade Shock

History Tells US The Euro Will Not Survive, Greece Will Get Worse, And There Will Be A Trade Shock
Must read of the day

‘Reasonably high’ chance BP files for bankruptcy | The Climate Desk | Grist

‘Reasonably high’ chance BP files for bankruptcy | The Climate Desk | Grist
Lets consider that a BK by BP would be on the scale of all 5 major banks going BK at the same time, along with England going BK. Really realy bad. The CDS on BP alone would take out everyone. Not to mention the destruction of Pension in England and the USA.

Would A Bankrupt BP Do More Damage Than Lehman?

Would A Bankrupt BP Do More Damage Than Lehman?
Doom is Nigh, BP edition

The US Is Pushing Its Debt Towards A $57 Trillion Hole

The US Is Pushing Its Debt Towards A $57 Trillion Hole
Must read of the day

When Giants Fall: No Glossing Over This Story

When Giants Fall: No Glossing Over This Story
The drug war is stupid. Nuf said.

Credit-Anstalt

http://www.businessinsider.com/credit-anstalt-crisis-2010-6

Things are moving to head. Along with europen problems, we have some serious saber rattling in the red sea.

http://www.businessinsider.com/11-us-battleships-cross-suez-canal-into-red-sea-2010-6

I can not think Obama would attack Iran. But I can foresee a Israel attack where we stand by and let it happen. What would happen from here is anyones guess.

Here's Why Top Kill And Every Other "Top-Down" Leak Operation Will Fail

Here's Why Top Kill And Every Other "Top-Down" Leak Operation Will Fail
Doom is nigh. Sadly.

E.U. Chief Warns: Massive Government Debt Will Kill Democracy And Create New Dictatorships

E.U. Chief Warns: Massive Government Debt Will Kill Democracy And Create New Dictatorships
WOW I wrote this same thing over a year ago.

Talking Business - Waking Up From the American Dream - NYTimes.com

Talking Business - Waking Up From the American Dream - NYTimes.com
Owning is not correct for a maybe 50%-55%. Till we accept that we are destine to repeat.

Why Most Western Economies Are Veering Toward Hyperinflation

Why Most Western Economies Are Veering Toward Hyperinflation
Must read of the day

Spain Now Showing Very Serious Signs Of Systemic Stress

Spain Now Showing Very Serious Signs Of Systemic Stress
Back to 1931 ,it is all about the small events that start the fires.

DEATH CROSS IN INVESTMENT GRADE CREDIT | PRAGMATIC CAPITALISM

AN INVERTED DEATH CROSS IN INVESTMENT GRADE CREDIT | PRAGMATIC CAPITALISM
Interesting. Not really a chart follower myself.

Is barbed wire the new gold?

http://www.businessinsider.com/anthony-fry-buy-barbed-wire-and-guns-2010-6

1930? 2010?

http://www.businessinsider.com/clips-from-great-depression-2010-6
Weird stuff going on. Still holding to a 50% chance of a major crash.

Must Read of the Week -50 things showing that doom is nigh

http://www.businessinsider.com/50-statistics-about-the-us-economy-that-are-almost-too-crazy-to-believe-2010-6

Total credit market debt in the United States, including government, corporate and personal debt, has reached 360 percent of GDP

Euro and SocGen

http://www.businessinsider.com/the-euro-just-took-a-second-big-leg-down-this-morning-as-everyone-freaks-out-about-hungary-and-socgen-2010-6
Big problems in Europe, could be ugly day followed by more disclosure soon from Hungry.

Possible War in Korea now likey?!?!

http://www.alertnet.org/thenews/newsdesk/LDE6521K8.htm
Holly cow.

Why the rating agency should be done away with.

http://www.huffingtonpost.com/2010/06/02/fcic-testimony-warren-buf_n_597355.html

Credit Rating Agency Exec: We Couldn't Say No To Wall Street

The only metric you should care about

http://www.businessinsider.com/ted-spread-on-the-verge-of-touching-40-as-bank-confidence-continues-to-deteriorate-2010-6
When trust is lost, the market will crash.

Economist's View: "The Economics of Immigration Are Not What You Think"

Economist's View: "The Economics of Immigration Are Not What You Think"
Good read.

Here Is David Einhorn's Full Presentation On How We, Not Our Grandchildren, Are The Ones Who Are Going To Pay For This Crisis

Here Is David Einhorn's Full Presentation On How We, Not Our Grandchildren, Are The Ones Who Are Going To Pay For This Crisis
Well worth a read.

Europe's Money Market In The Early Stage Of A Freeze-Up

Europe's Money Market In The Early Stage Of A Freeze-Up

Very concerning news.

FHA Home-Financing Volume Sign of ‘Very Sick System’ (Update2) - BusinessWeek

FHA Home-Financing Volume Sign of ‘Very Sick System’ (Update2) - BusinessWeek

Think about that, 90% of all mortgages are government sponsered. Some recovery.

Why Paul Volcker Was Frozen Out of the Obama Adminstration | The Big Money

Why Paul Volcker Was Frozen Out of the Obama Adminstration | The Big Money
WOW, we are so screwed.

Vanuatu's Volcanoes have Awakened - Fantastic Video

Vanuatu's Volcanoes have Awakened - Fantastic Video
Very scary stuff.

Bank of Spain seizes savings bank CajaSur - MarketWatch

Bank of Spain seizes savings bank CajaSur - MarketWatch
Everyone is feeling a little freaky about a small bank seizure. Also look for selling to conitue now that we are past the option expiration date.

FT.com / US / Economy & Fed - US state pensions becoming federal issue

FT.com / US / Economy & Fed - US state pensions becoming federal issue
Harsh choices are coming.

Horrendous Close Already Has Investors Worried About A Friday Massacre

Horrendous Close Already Has Investors Worried About A Friday Massacre
As I wrote, the flash crash was not a error. It is people leaving the markets. 3 more points down to confirm.

To Greece: Nut Up Or Shut Up

To Greece: Nut Up Or Shut Up - The Market Ticker ®

CalPERS plans to seek $700 million more from state, school districts - latimes.com

CalPERS plans to seek $700 million more from state, school districts - latimes.com
You only to read this to see why CA is so screwed.

CalPERS doesn't need to ask lawmakers or the governor for permission to raise contributions. State law has long given the fund's board unilateral authority to authorize increases, which were set by others, but a 1992 voter-approved initiative gave the board the power to determine the amount of the increases.

Futures Down, Markets Tank Around The World, Euro Ready To Break $1.21

Futures Down, Markets Tank Around The World, Euro Ready To Break $1.21
Some one in Germany must have gone crazy. Continued Bickering will only undermine the Situation. Euro Target now parity with the dollar :)

Conspiracy of Banks Rigging States Came With Crash (Update1) - Bloomberg.com

Conspiracy of Banks Rigging States Came With Crash (Update1) - Bloomberg.com
Once again where are the bankers being lead off in hand cuffs?

Dow Theorist Richard Russell: Sell Everything Liquid, You Won't Recognize America By The End Of The Year

Dow Theorist Richard Russell: Sell Everything Liquid, You Won't Recognize America By The End Of The Year
And people say I am negative :)

FDIC Bank Failures (5.15.10)

FDIC Bank Failures (5.15.10) | The Big Picture
The beat is increasing.

These is how a Bank run starts

http://www.bloomberg.com/apps/news?pid=20601087&sid=aH4XJoV4TE4w&pos=5
And how a crash is allowed to happen.

May 4th

I invite you to look at my May 4th post again. Once again we are in a crash but it is being masked by modern trading vehicles. If you think anyone with any long term goals is in the market you be crazy and if they are they are not buying. I would imaging we are somewhere several points thousands points lower if not for the HFT programs keeping us up. I would be very careful as I now give it a 75% chance of a major plunge.
With it looking likely we see more issues around PIIGS and the likely double dip in the USA and Illinois looking like it might Bankrupt it major supplies. Not also counting the Oil Spill in the Gulf may be the worse natural disaster of all times.

Don't bet against PIMCO

http://www.businessinsider.com/serious-question-is-pimco-trying-to-freak-out-the-euro-bond-market-2010-5

In short the control of the bonds is much more important then control of the stocks. If you cant borrow you can be force to cut spending. If you think this will be limited to Greece think again. On top of this several states, ILL and CA in particular, are on the edge of disaster. Prepare for riots in these stares as things become ugly.

I give you the breach

http://online.wsj.com/mdc/public/npage/2_3051.html?mod=mdc_h_dtabnk&symb=CUR_EURUSD&sQuote=1
We just breached the lows of 2008/2009. No support below. I would guess we see 1.15 to 1.10 soonish.

Why Some People Fear and Resent the Power of Gold to Discover Value in the Real Economy

Jesse's Café Américain: Why Some People Fear and Resent the Power of Gold to Discover Value in the Real Economy
Must read of the week!

American manufacturing: A battery maker's struggles illustrate what's wrong and what's possible - latimes.com

American manufacturing: A battery maker's struggles illustrate what's wrong and what's possible - latimes.com
This is why jobs are leaving.

Andrew Cuomo Investigating Banks Over Dealing With Ratings Agencies

Andrew Cuomo Investigating Banks Over Dealing With Ratings Agencies
Finally. It was clearly a long time ago the rating agencies are no longer independent.

Mish's Global Economic Trend Analysis: Visualization about Violent Market Drops 1928-2010; Gold and the K-Cycle Revisited

Mish's Global Economic Trend Analysis: Visualization about Violent Market Drops 1928-2010; Gold and the K-Cycle Revisited
Not to see here, move on. Once again more drops in store for all!

Make one move and the hostage dies....

http://ampedstatus.com/high-frequency-terrorism-how-the-big-banks-and-federal-reserve-maintained-their-death-grip-over-the-united-states

Short Squeeze and Market crashes

http://www.businessinsider.com/euro-shock-and-awe-will-create-huge-short-squeeze-followed-by-air-pocket-and-market-collapse-2010-5

Timely. I agree with Mish here. Short term Euro do nothing to fix things. Just kick the can down the road

Behind The Scenes, European Banks Freak Out About Lending To Each Other

Behind The Scenes, European Banks Freak Out About Lending To Each Other
Hmm....where have I heard this beat before? Oh yeah 1931.

The Market Goes Berzerk

The Market Goes Berzerk
WOW! I need some popcorn! Saw the Cramer stuff live. Awesome TV. Euro stopped at 1.25. More bloodshed to come

Euro hits 14-month low; ECB says no bond buying Currencies - MarketWatch

Euro hits 14-month low; ECB says no bond buying Currencies - MarketWatch
Wow massive slid (on a forex scale). Looking at 1.24. this was the lowest level a year ago. We break that no more techincal stops.

Shocker: Major corporations may dump health insurance, pay penalties instead

Hot Air » Shocker: Major corporations may dump health insurance, pay penalties instead
Unintend consquence contine from the heath care bill.

Freddie Mac: Another $10.6 Billion From Taxpayers – 24/7 Wall St.

Freddie Mac: Another $10.6 Billion From Taxpayers – 24/7 Wall St.
Money pit needs more and more and more.....

Resource Insights: Oil spills, crime waves and the increasing militarization of American life

Resource Insights: Oil spills, crime waves and the increasing militarization of American life
Some Food for thought

Beautiful Chart On The End Of The Age Of Europe

Beautiful Chart On The End Of The Age Of Europe
Food for thought

If It Smells Like A Funding Crisis And It Looks Like A Funding Crisis... | zero hedge

If It Smells Like A Funding Crisis And It Looks Like A Funding Crisis... | zero hedge

I give it 50-50 we are about the have a large stock market correction
The Dollar rally’s which is the only thing going up are very bad. The last two where 1997- Asia crash and 2000 when the Dot Com bubble started to crack.
I also suspect that we are in a first stage sovereign bank run against the Euro. IE everyone not in the EU is selling hard. If the Euro crack 1.28 it is going to be ugly.

Just my two cents

Fears for crops as shock figures from America show scale of bee catastrophe | Environment | The Observer

Fears for crops as shock figures from America show scale of bee catastrophe | Environment | The Observer
What is the difference between a recession and depression? Famine. Just saying.

Guess Who's Paying For The Greece Bailout? That's Right -- YOU

Guess Who's Paying For The Greece Bailout? That's Right -- YOU

Is The Contagion Officially Spreading? Merkel Calls For "Orderly Insolvencies"

Is The Contagion Officially Spreading? Merkel Calls For "Orderly Insolvencies"
The small brush fire is now a nice raging fire. I am sure we can put this out somehow. Maybe some Gasoline and Euro's would help.

The Pain in Spain Falls Mainly on the Plain (folks) The Reformed Broker

The Pain in Spain Falls Mainly on the Plain (folks) The Reformed Broker
Funny and sad

Greek Bailout Set, Papandreou Faces Challenges To Remain Premier – 24/7 Wall St.

Greek Bailout Set, Papandreou Faces Challenges To Remain Premier – 24/7 Wall St.
How to make your government unstable. Sell out your goverment to forgien banks. Take away benefits from the workers. Watch the bonfires go!

The Phosphorus Crisis

The Phosphorus Crisis
Someone once asked where would you invest your money for a 100 years? Phosphorus before Oil or Gold

Here's Everything You Need To Know About The Rapidly Approaching Crisis In Spain

Here's Everything You Need To Know About The Rapidly Approaching Crisis In Spain

If you think Greece is the problem, you need to head west. Spain is much bigger and much more likely to tank the whole thing.

Roubini on Greece

Roubini on Greece | Analysis & Opinion |

Strong stuff. I am shocked we are letting this situation continue to collapse. We are now seeing Contagion in Poland, Portugal and Spain. A few more days of this and we will have a major problem in Europe. If the Euro break 1.28 look out below.

Let's Start The Clock Now For Greece Leaving The Euro

Let's Start The Clock Now For Greece Leaving The Euro

Now the Germans ask Greece to leave. The countdown to the end of the euro is nigh.

Now Credit Default Spreads Are Hitting Record Highs For The PIIGS, Financials Continue To Get Whacked

Now Credit Default Spreads Are Hitting Record Highs For The PIIGS, Financials Continue To Get Whacked

1931
http://library.thinkquest.org/27629/chronicle/1931.html

Hmm Sounds like a rhyming to me.

Greece doom is nigh?

http://www.businessinsider.com/gartman-greece-shall-soon-come-to-a-crashing-end-2010-4

Whoops guess that got unfixed. Greece on the edge

http://www.huffingtonpost.com/2010/04/22/greek-debt-crisis-gets-wo_n_547604.html

Subprime and illegal methods

http://www.businessinsider.com/subprime-lending-is-fraud-2010-4

As Califronia goes so goes the US.

http://www.city-journal.org/2010/20_2_california-unions.html

Why we should Spank Goldman hard

http://www.thedailybeast.com/blogs-and-stories/2010-04-18/goldmans-shell-game/2/

Why Government can spend down unemployment

http://www.businessinsider.com/heres-why-simply-increasing-demand-through-government-spending-cant-fix-the-unemployment-problem-2010-4

Foreclosures now surging.

http://www.businessinsider.com/henry-blodget-foreclosures-surge-to-highest-level-ever-in-march-as-banks-finally-quit-pretending-2010-4

The Canary is looking a little ill again...

Must read of the day! Why This Recession Is Completely Different

http://www.businessinsider.com/richard-koo-recession-2010-4

Greece the canary in the coal mine

http://www.businessinsider.com/interview-with-jim-chanos-on-dubai-greece-derivatives-2010-4

Where to go now with your money

http://www.businessinsider.com/simple-demographics-shows-why-us-housing-is-screwed-japan-is-doomed-and-vietnam-is-the-place-to-be-2010-4

Map of the day!

http://www.businessinsider.com/map-debt-2010-4

Greece downgrade, End Game near??

http://www.businessinsider.com/fitch-downgrades-greece-endgame-imminent-2010-4

Side note Posted from 40,000 feet in the air with Delta Inflight wireless, sweet!

Kyrgyzstan Coup

http://www.businessinsider.com/coup-kyrgyzstan-2010-4
Borat must be sad :)

Threatdown !!!!!!!!

http://www.businessinsider.com/12-crises-market-2010-4
Most likely right now, spike in Oil. It seems very likely we will break $100 again. Pushing the world back into a recession (if you think we exited one to start with)

Mish's Global Economic Trend Analysis: Food Stamp Usage Hits Record 39 Million, 14th Consecutive Monthly Increase

Mish's Global Economic Trend Analysis: Food Stamp Usage Hits Record 39 Million, 14th Consecutive Monthly Increase
Glad that recovery is starting!

Analysis of California Pensions Sees Half-Trillion Dollar Gap - NYTimes.com

Analysis of California Pensions Sees Half-Trillion Dollar Gap - NYTimes.com
Trillion there, a Trillion here, someday it wont be real money.

Mish's Global Economic Trend Analysis: Detroit Bankruptcy Looms with Deficit of $446 Million in Budget of $1.6 Billion

Mish's Global Economic Trend Analysis: Detroit Bankruptcy Looms with Deficit of $446 Million in Budget of $1.6 Billion
First of many? Looking that way sadly.

Could debt send California the way of Greece? : The New Yorker

Could debt send California the way of Greece? : The New Yorker
Awesome read for the day

Mexico drug gangs turn weapons on army - latimes.com

Mexico drug gangs turn weapons on army - latimes.com

Sorry for the long break! Out for spring break. Back to the news. Mexico, a failling state. Deal with it now or when it is collapases. Heath care will be long forgotten I feel by the time we deal with this.

Tim Geithner Set To Call For An End To The Fannie Mae And Freddie Mac Casino

Tim Geithner Set To Call For An End To The Fannie Mae And Freddie Mac Casino
Right right, If only congress would listen

What the Mafia can teach us about Regulations

The Bust-Out | The Big Money
Awesome read. Glad to be back after my forced absense.

Wow!!!!!!!!

Sorry for that. Google decided to delete my blog. Had to fight to get it restored.
Back to normal posting on Monday

NY Fed Under Geithner Implicated in Lehman Accounting Fraud Allegation « naked capitalism

NY Fed Under Geithner Implicated in Lehman Accounting Fraud Allegation « naked capitalism
Another must read

How Lehman's Executives Lied About Their Assets To Fool Everyone About Their Financial Health

How Lehman's Executives Lied About Their Assets To Fool Everyone About Their Financial Health
Someone will go to the wall for this.

California Is Doomed

California Is Doomed
As Cali goes so goes the US

Richard Suttmeier: Half Of U.S. Banks Are So Insolvent They CAN'T Make Any New Loans (VIDEO) - Home - The Daily Bail

Richard Suttmeier: Half Of U.S. Banks Are So Insolvent They CAN'T Make Any New Loans (VIDEO) - Home - The Daily Bail
Today's Must read

‘On the Edge’ Banks Facing Writedowns After FDIC Loan Auctions - Bloomberg.com

‘On the Edge’ Banks Facing Writedowns After FDIC Loan Auctions - Bloomberg.com
This is why we are so srewed. Accounting by fantasy needs to be stopped.

FDIC Closes Four Banks: Bank Of Illinois, Sun American, Waterfield, Centennial Bank

FDIC Closes Four Banks: Bank Of Illinois, Sun American, Waterfield, Centennial Bank
The beat goes on, but they know expect it to increase. Bad news.

Presidential Reunion

Funny or Die's Presidential Reunion from Will Ferrell, Chevy Chase, Ron Howard, Jim Carrey, Fred Armisen, Darrell Hammond, Dan Aykroyd, Maya Rudolph, Dana Carvey, FOD Team, Jake, and Antonio Scarlata - Video
Humor and damn funny

Betting on the Blind Side

Betting on the Blind Side | Business | Vanity Fair
Must read of the week.

If You Thought The Coming Energy Shortage Was Scary, Check Out What's Going On With Water

If You Thought The Coming Energy Shortage Was Scary, Check Out What's Going On With Water

Now if there was an Air fund you would be set!

Ukraine: Default Rumors Spread, Coalition Government Collapses, Russian Power Grab Coming Any Minute

Ukraine: Default Rumors Spread, Coalition Government Collapses, Russian Power Grab Coming Any Minute
Festive times. One butterfly is all it takes :)

Financial Armageddon

Financial Armageddon
Histroy rhymes.

AIG Loses An Insane Amount Of Money, Stock Lower, May Need Yet Even More Government Support To Stay Afloat

AIG Loses An Insane Amount Of Money, Stock Lower, May Need Yet Even More Government Support To Stay Afloat
Shock! Shock!! AIG will need more money.

The Ultimate Ponzi Scheme – FDIC is Backing $5.3 Trillion through the Deposit Insurance Fund that now has a Balance of -$20.8 Billion. FDIC has Cash and Marketable Securities of $66 Billion. Is that Really Enough to Back Every Account for $250,000?

The Ultimate Ponzi Scheme – FDIC is Backing $5.3 Trillion through the Deposit Insurance Fund that now has a Balance of -$20.8 Billion. FDIC has Cash and Marketable Securities of $66 Billion. Is that Really Enough to Back Every Account for $250,000?
Nothing to see here.

How a New Jobless Era Will Transform America - The Atlantic (March 2010)

How a New Jobless Era Will Transform America - The Atlantic (March 2010)
Excellent read.

Greece Slits Its Own Throat

Greece Slits Its Own Throat – 24/7 Wall St.#more-60686#more-60686
I wonder if Greece will now exit the EU. Before I thought no, but now I am not so sure. Seems almost Revolutionly over there.

McSweeney's Internet Tendency: Could It Be That the Best Chance to Save a Young Family From Foreclosure is a 28-Year-Old Pakistani American Playright-slash-Attorney who Learned Bankruptcy Law on the Internet?

McSweeney's Internet Tendency: Could It Be That the Best Chance to Save a Young Family From Foreclosure is a 28-Year-Old Pakistani American Playright-slash-Attorney who Learned Bankruptcy Law on the Internet?
Must read of the week

The Expanding Economics of Austerity – Home Equity Loan Ads Replaced by Brown Bag Ads. Breakfast Sales take a hit as more Unemployed Avoid eating out.

The Expanding Economics of Austerity – Home Equity Loan Ads Replaced by Brown Bag Ads. Breakfast Sales take a hit as more Unemployed Avoid eating out.
Things are sliding down for most. This will not end well for anyone.

Nearly 20 percent of U.S. workers underemployed - Yahoo! News

Nearly 20 percent of U.S. workers underemployed - Yahoo! News
8-2 not a very good ratio.

Memo to Greece: It's Time To Declare War On Goldman Sachs

Memo to Greece: It's Time To Declare War On Goldman Sachs
Wow, imaging arrest all the non-exempt goldman employees.

On The Conservative Hypocrites Who Passed The Most Fiscally Irresponsible Legislation In Our Nation's History - Home - The Daily Bail

On The Conservative Hypocrites Who Passed The Most Fiscally Irresponsible Legislation In Our Nation's History - Home - The Daily Bail
Key summary of why the Tea Party is rasing. Niether side has the peoples interest at heart.

Bank Failure Friday Is Back As Feds Shut Down Four More Banks Last Week

Bank Failure Friday Is Back As Feds Shut Down Four More Banks Last Week
The beat goes on

Greece loses EU voting power in blow to sovereignty - Telegraph

Greece loses EU voting power in blow to sovereignty - Telegraph
Things go ugly in Europe. Would you let some forigen countries strip your right to rule?

Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts

Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts
Goldman make a step to far?? Is it possible? Looks like the theme of the week.

Fannie And Freddie Are The Real Budget Busters, And They're Spending Money To Preserve An Accounting Fiction

Fannie And Freddie Are The Real Budget Busters, And They're Spending Money To Preserve An Accounting Fiction
All Money pits are good money pits :)

TARP Watchdog: Don't Be Fooled By The Calm, Banks Will Be Rocked By 2011's $300 Billion Commercial Real Estate Time Bomb

TARP Watchdog: Don't Be Fooled By The Calm, Banks Will Be Rocked By 2011's $300 Billion Commercial Real Estate Time Bomb

Must read of the day

Greece much worse, Goldman to blame???

http://www.spiegel.de/international/europe/0,1518,676634,00.html

Things look worse in greece, not a good sign.

Crazy People

http://www.businessinsider.com/ayatollah-khamenei-iran-set-to-deliver-punch-that-will-stun-the-west-2010-2

Wow what a week....

History does not repeat it only rhymes...

http://www.businessinsider.com/biggest-bet-against-the-euro-in-its-history-as-investors-short-currency-2010-2

Holy Cow, it is 1992!!! For currency fans you remember when Soros almost broke the bank of england by shorting the pound. Looks like we are about to see something fo down in Europe!

The Times of Monday, October 26, 1992, quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell.

NFP -20,000, Consensus +15,000, Non-Seasonally Adjusted Unemployment Rate (U3 And U6) Surges To Record 10.6% And 18% | zero hedge

NFP -20,000, Consensus +15,000, Non-Seasonally Adjusted Unemployment Rate (U3 And U6) Surges To Record 10.6% And 18% | zero hedge

Funny Math means 9.7%. True unemployment breaks 18%. U6 is nearing records highs since it has been keeped. Note that the 25% quoted from the Great Depression was very lax survey number.

Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum - Telegraph

Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum - Telegraph
WOW

Obama’s Pyramid Schemes Would Make Keynes Happy: Caroline Baum - Bloomberg.com

Obama’s Pyramid Schemes Would Make Keynes Happy: Caroline Baum - Bloomberg.com
Must read of the week.
On a side note, tomorrow could be ugly if we push past 10%.

Moody's: Government Debt Is Vastly Understated, And On Its Current Path America Will Be Downgraded

Moody's: Government Debt Is Vastly Understated, And On Its Current Path America Will Be Downgraded

And then panic set in.....

Growth Again… In Jobless Claims – 24/7 Wall St.#more-59251#more-59251#more-59251

Growth Again… In Jobless Claims – 24/7 Wall St.#more-59251#more-59251#more-59251
The beat continues. Someone needs to change the record.

As Values Slide, More Weigh Walking Away From Mortgages - NYTimes.com

As Values Slide, More Weigh Walking Away From Mortgages - NYTimes.com
In short a rock and hard place. Either Banks start losing some money on the loans or loss the whole loan. One small snag they sold the loan in CDO contracts. Which means they are screwed :)

Rising FHA default rate foreshadows a crush of foreclosures - washingtonpost.com

Rising FHA default rate foreshadows a crush of foreclosures - washingtonpost.com

Adding to the trouble was a now-defunct FHA program that enabled sellers to cover the down payments of buyers.

Free Cash!

Those with especially weak credit scores will also have to put down at least 10 percent instead of the usual 3.5 percent down payment.

Low Rates!

About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency's figures show.

The economy is improving!


What could go wrong.

A Majority Of States Are Now Insolvent: Quantifying The Disastrous Unemployment Situation | zero hedge

A Majority Of States Are Now Insolvent: Quantifying The Disastrous Unemployment Situation | zero hedge
38 states are below negative. The beat remains the same.

Swiss warn UBS bank could collapse

Swiss warn UBS bank could collapse
Swiss say if USB collapase will take down the rest of the country. Wow.

Regulators Shut Down Banks In 5 States

Regulators Shut Down Banks In 5 States
Is it me or is the beat increasing? 15 so far this year.

Jeff Saut: We're Just Half Way Through A Typical "Selling Stampede"

Jeff Saut: We're Just Half Way Through A Typical "Selling Stampede"
Betting on SP 900 before Feb 25 :)

Spain Goes On Offensive, Cuts Everything To Combat Debt Crisis

Spain Goes On Offensive, Cuts Everything To Combat Debt Crisis
Spain land of troubles. If they can fix Greece you better hope they can fix you.

Rumours, Rumours, and No Greek Bond Sales To China | afoe | A Fistful of Euros | European Opinion

Rumours, Rumours, and No Greek Bond Sales To China | afoe | A Fistful of Euros | European Opinion
Wow, is the EU really going to let Greece fall???

Bernanke seen winning second term | Reuters

Bernanke seen winning second term | Reuters

-+300 on the final annoucement, keeping a close on China (And the curtail of lending) and Greece.

Some good words for the day

Banking establishments are more dangerous than standing armies.
...
The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.
Jeffereson, Thomas

Inside China's Tightening: Banks Literally Tearing Up Letters Of Credit, Importers In Disarray, Orders Cancelled

Inside China's Tightening: Banks Literally Tearing Up Letters Of Credit, Importers In Disarray, Orders Cancelled

The real reason the markets are tanking. If china is not buying we are in for a world of hurt.

Chavez Furiously Backtracking As Venezuela Petro-Economy Deteriorates

Chavez Furiously Backtracking As Venezuela Petro-Economy Deteriorates

It is all funny till you relaize how much Oil we buy from them.

Mish's Global Economic Trend Analysis: Obama's Preposterous "Partial Spending Freeze"; Lessons of 1937

Mish's Global Economic Trend Analysis: Obama's Preposterous "Partial Spending Freeze"; Lessons of 1937
Must read of the day

Undressing the Terror Threat - WSJ.com

Undressing the Terror Threat - WSJ.com
A little non-economy story. Must Read of the Month :)

Regional and State Employment and Unemployment Summary

Regional and State Employment and Unemployment Summary
The pain contiunes.

The EU Is Reportedly Exploring Making a Loan To Greece | afoe | A Fistful of Euros | European Opinion

The EU Is Reportedly Exploring Making a Loan To Greece | afoe | A Fistful of Euros | European Opinion
Greece is burning anyone want to put the fire out before it burns the nieghbors?

Illinois enters a state of insolvency | Crain's Chicago Business

Illinois enters a state of insolvency | Crain's Chicago Business
Also NY is deep trouble as well.
http://finance.yahoo.com/news/New-York-budget-plan-a-sign-cnnm-677009846.html?x=0&sec=topStories&pos=7&asset=&ccode=

FT.com / Comment / Opinion - Europe cannot afford a Greek default

FT.com / Comment / Opinion - Europe cannot afford a Greek default
Greece needs to be fixed not duct taped. It remains to be seen what will happen.

Jim Rogers: Brace Yourself For Food Shortages, Thanks To The Banks Hoarding Cash

Jim Rogers: Brace Yourself For Food Shortages, Thanks To The Banks Hoarding Cash
Whoa serious downer :)

Alan S. Blinder: When Greed Is Not Good - WSJ.com

Alan S. Blinder: When Greed Is Not Good - WSJ.com
Must read of the week

Shutting Down TARP To Be Tricky, Government Does Not Have Plan To Address 'Too Big To Fail'

Bailout Watchdog: Shutting Down TARP To Be Tricky, Government Does Not Have Plan To Address 'Too Big To Fail'
Shocking we have no plan.

"We Are Doomed"

Marc Faber: "We Are Doomed"
Awesome title from mister doom

Jumbo RMBS Defaults Triple: California, Florida, And New York Lead the Way

Jumbo RMBS Defaults Triple: California, Florida, And New York Lead the Way
Glad to see ever things is fine....oh wait.....

AIG emails released show a smoking Gun

http://www.businessinsider.com/the-new-geithner-aig-emails-are-merely-the-tip-of-the-iceberg-2010-1

U3 numbers not reflection the 1 million who moved into U6

http://blog.atimes.net/?p=1304

Recap of the top 10 for 2009

2009 Headlines of the year! Overall not bad. Some clear misses, some near hits and some home runs.
Top 10 Headlines in 2009

1) China-USA trade war -(Clearly started, but not at the level I expected)
2) Civil unrest in detriot (Not yet)
3) Drug War violense spreads to US from Mexico (clearly up)
4) Obama's Massive Tax increases. (Yep for heath care)
5) cali and NY decalre Bankruptcty. (so close but not yet)
6) The fall of muniplicials tied to SCDO (Not yet but close)
7) The Great Pension Crises (In full swing, with minus 2 trillion unfunded at this point)
8) Why Gold did not play out as expected (Yep with the 12% gain you lose 60% to taxes)
9) Oil at $100 Again (Wow so close at $80)
10) FDIC requires Bailout money (Yep!)

bonus!
11) Failed Bank list tops 100 (Yep!)
12) Ford the last car maker left. (Nope)
13) Why did the treasury bubble collapase. (nope)
14) Is this a replay of 1933 (Nope 1931!)
15) AIG goes out of business (Nope)
16) CRE Markets worse shape ever. (god yes)
17) Loses from the credit crises top $2 Trillion ( way over)
18) Euro/Dollar now at 1:1 (Nope)
19) Major Crisies forces change in China (Not yet the bubble holds)
20) Putin is discredited and steps down (nope)

Top 10 for 2010

1) Dems hold both house and senate. The civil war and lack of money will do in the Republicans.
2) Greece fails. They Drop the EU.
3) The surprise trade of the year? The dollar silly :)
4) Gold under performs, more whinny complaints from all gold bugs. Sorry you need big wins to make this a winner.
5) Pounds falls to parity with the Euro.
6) Iran's government will be sourly tested but stands at the end of the year.
7) Immigration bill will not be passed next year.
8) U6 tops 20%, U3 hits 12%. Economic recover is tepid with negative GDP in Q3 and Q4
9) CRE and more mortgage loses cause over 400 banks to fail.
10) Ben the Printer and Larry Summers are gone by this time next year. Tim G holds on.

EU tells Greece to jump off a bridge

http://www.businessinsider.com/greek-minister-furious-as-european-central-bank-says-it-would-let-the-country-collapse-2010-1
Interesting stuff across the pond.

How Keynesianism Gave Us The Decade Of Zero

How Keynesianism Gave Us The Decade Of Zero
Ron Paul.

Barton Biggs on Undervaluation in the S&P 100 -- GuruFocus.com

Barton Biggs on Undervaluation in the S&P 100 -- GuruFocus.com
Lets crank up the Doom level to 11 :)

Hussman Funds - Weekly Market Comment: Timothy Geithner Meets Vladimir Lenin - January 4, 2010

Hussman Funds - Weekly Market Comment: Timothy Geithner Meets Vladimir Lenin - January 4, 2010
Must read of the day

FT.com / US / Economy & Fed - US public pensions face $2,000bn deficit

FT.com / US / Economy & Fed - US public pensions face $2,000bn deficit
Trillion here, trillion there soon you are talking real money....

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied | zero hedge

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied | zero hedge
Must read of the week

The States and the Stimulus - WSJ.com

The States and the Stimulus - WSJ.com
There is no free money.

11 Surprising Commodities That Kicked Gold's Ass In 2009

11 Surprising Commodities That Kicked Gold's Ass In 2009

Guess What Gold sucked, per my top 20 of 2009 themes.