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 :)