Jan 26 2009

Federal Reserve and U.S. Treasury Fleece the American Public: Total Market Cap of TARP Participants is $336 Billion, We Can Buy Them Out Completely: Enough with TARP and Nationalize NOW.

As we now are realizing in growing agony, the first $350 billion in TARP funds were poorly managed and did very little to improve the economic conditions of this country.  In fact, I have argued that the U.S. Treasury and Federal Reserve through various market actions have taken actions to make saving money a very unattractive proposition for most Americans.  Ironically, the only institutions saving any money right now are those participating in the TARP since they are holding onto the money with a clenched fist.

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Jan 24 2009

Orange County Jobs: The Real OC, Companies Cutting Jobs Since the Recession Started in California.

Southern California’s most expensive area, Orange County is not immune from the current economic downturn.  The employment situation is dire across the state with the current unemployment rate spiking to 9.3% in December from a rate of 8.4% in November.  The speed of job losses is increasing in a state with a deeply troubled housing situation.  Orange County seemed to be a stronghold in the early stages of the bubble but now is simply another county in California with double-digit declines.

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Jan 22 2009

Art Nadel: Art Nadel the new Bernard Madoff? 76 Year Old Financial Swindler. Disbarred Early in his Career for taking client money to pay off Loan Sharks.

Art Nadel, if you haven’t heard, is another financial swindler in the similar vein of Bernard Madoff.  Of course his $350 million swindle doesn’t hold a light to Madoff’s $50 billion Ponzi scheme but this does tell us one thing, where there is one roach there will be many more.  And that is why we are seeing the pillars of the financial decadence decade come crashing down with bankruptcies flaring up and banks dropping like welterweight fighters.

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Jan 20 2009

Bankrupt Consumer: Chapter 7 Bankruptcies up. Credit Card and Consumer Credit Crisis: Americans were Using Consumer Credit as a Lifeline and it is now drying Up Pushing Bankruptcies Upward. $2.5 Trillion in Loans at Risk.

Credit cards have been around for many years with Bank of America creating the BankAmericard in 1958, which eventually evolved into the modern day Visa system.  MasterCard has been around since 1966 and received significant backing from Citibank.  These names are familiar with the current credit crisis.  Credit cards have been one component of the approximately $50 trillion in debt we have as Americans.  Now credit by itself isn’t necessarily an evil.  Initially, credit was given to those who had the 3 C’s; capacity, character, and collateral.

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Jan 17 2009

Saving Nation: You Know you Have a Fiscal Problem When Saving Money Actually Becomes a Detriment to the Health of our Economy.

In George Orwell’s dystopian 1984, doublethink was the ability for someone to hold two mutually contradictory beliefs, and accepting them both.  We have now entered into the world when Americans actually saving money is bad for the health of our consumption economy.  War is peace.  Saving is spending.  Our Ministry of Truth is the Federal Reserve and U.S. Treasury telling us that going into debt and devaluing our U.S. dollar is actually good for the health of our country.  The only minor caveat is that it is good for a very small section of our country in particular the crew on Wall Street Oceania.

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Jan 15 2009

Fiscal Situation of 50 States: Combined Budget Gaps Estimated at $350 Billon for 2010 and 2011.

It is simply stunning that 44 states are facing shortfalls either for this fiscal year, or will come up short in 2010 or 2011.  This puts virtually the entire country in a difficult financial situation.  It is hard to understand how the media feels that the federal government is somehow better able to get money from people than states.  The federal government’s largest income source is the federal income tax; yet this is income from employees in those same states were fiscal problems are running deep.  The government is also going to have a challenging time taxing someone with no job right?

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Jan 12 2009

Homeownership: Is a High Homeownership Rate Good Policy? No. Examining 3 Cycles of Homeownership Data over 100 years and Implications for the Economy.

The current housing crisis has left us with an opportunity to examine the driving issue behind a high homeownership rate.  Is it really worth it to push for an economic policy that champions a high homeownership rate?  The problem with blanket statements is they usually play into herd mentality and feed into group think.  One of the statements we have lived with for the past decade is “everyone should own their own home.”  Such statements mask a three decade long housing bubble and also don’t research the basis for economic sustainability.

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