By: perceptions_now
27/07/2009
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Bernanke Defends Fed's Response to Financial Crisis, Recession
"I was not going to be the Federal Reserve chairman who presided over the second Great Depression."
Bloomberg link -
http://www.bloomberg.com/apps/news?pid=20601068&si d=aoB0PvgvvNCU
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At this point, the only way I can see Ben getting his above wish, is for him NOT TO BE RE-APPOINTED. |
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By: perceptions_now
27/07/2009
6:23 pm Yahoo! Profile:
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The End Of The End Of The Recession
Link -
http://www.zerohedge.com/article/end-end-recession
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Lengthy, but plenty of info and is recommended reading! |
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By: pansi1951
27/07/2009
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| Green shoots indeed, I think not. Yes, now could be a good time for Bernanke to exit. America is stuffed! |
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By: foxdemonau
27/07/2009
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| There is another article at the website of perceptions' link. It is about the Chinese meeting the Americans over concerns that the dollar will drop in value and threaten the value of Chinese owned financial assets in the US. The Americans will argue that it will 'all be good' once the US economy recovers. |
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By: perceptions_now
27/07/2009
7:17 pm Yahoo! Profile:
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"The Americans will argue that it will 'all be good' once the US economy recovers."
foxy,
The US, China & a few other interested party's are aware of the game.
The question is who has the stronger hand and who will blink first? |
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By: perceptions_now
27/07/2009
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King May Raise Rates Before Bernanke as U.K. Inflation Tops G-7
July 27 (Bloomberg) -- Bank of England Governor Mervyn King may beat Ben S. Bernanke to the emergency exit.
King, 61, will be in the vanguard of a global push to raise interest rates next year as he grapples with the highest inflation expectations in the Group of Seven industrialized nations, say economists at Goldman Sachs Group Inc. and Deutsche Bank AG.
Higher rates may bolster the pound, which has slumped about 17 percent against the dollar in the past year, and keep a lid on inflation as Britain's economy rebounds from its deepest contraction in half a century. Those gains may come at the expense of exporters, such as building materials supplier SIG Plc, that have reported increased sales on the lower currency.
"The Bank of England could be the first out of the stable,"
Link -
http://www.bloomberg.com/apps/news?pid=20601068&si d=a81vKxFUgKwY
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Fasten your seatbelts for the interest rates takeoff! |
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By: perceptions_now
28/07/2009
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Skilled immigrants fleeing the U.S.
The 'brain drain' is reversing as the recession slashes jobs, opportunities
Ganguly has already accepted a job as a professor of electrical engineering at the Indian Institute of Technology, Bombay. The position will pay a fraction of the salary he had been earning in the private sector-about $15,000 compared with $100,000-but it will offer considerably more job security and the freedom to do the exploratory research he wants to do.
Link -
http://www.msnbc.msn.com/id/32172403/ns/business-w orld_business
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Food for thought? |
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By: perceptions_now
28/07/2009
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U.S. Assures a 'Concerned' China It Will Shrink Record Deficit
July 27 (Bloomberg) -- The Obama administration's economic leaders assured Chinese counterparts they will rein in a record budget deficit as China underscored its concern about preserving the value of its holdings of Treasuries.
"China has a huge amount of investment in the U.S." and "we are concerned about the security of our financial assets," Assistant Finance Minister Zhu Guangyao said in a press briefing at the end of the first of two days of talks in Washington. Treasury Secretary Timothy Geithner said in opening remarks that the U.S. will ensure a "sustainable" deficit by 2013.
In a shift from Bush administration meetings, officials indicated little sign of tension over the value of China's yuan, which U.S. lawmakers have labeled as artificially cheap and an aid to Chinese exports. That may be because the "best idea is just to keep the yuan-dollar rate stable" given U.S. need for Chinese demand for Treasuries, said Ronald McKinnon, a professor of economics at Stanford University.
"The Chinese are trapped with supporting the value of the dollar,"
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=aGKZviKKdfB0
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US assures China, on Deficit!
Nice theory?
Just get Ben to print a few more dollars, to pay the Chinese! |
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By: foxdemonau
28/07/2009
12:22 pm Yahoo! Profile:
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It had to happen sooner or later. The top nation will always attract the top minds. As the US slides from the 'dominant culture' possiton, so the top minds will move elsewhere, to the new centers of civilization.
This is very bad news for America because they have let their own education system decay over the last 3 decades and used foriegn minds to drive their innovation industry. After lossing the leading economy status, they may well slide rather quickly from the center of innovation status as well. |
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By: lkarnd99
28/07/2009
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You're dead right foxdemon.
The U.S. having over the past decades, like Australia, squandered their old generation manufacturing base, and lowered their education standards, will now lose their overall intellectual base and edge.
In conjunction with the economic crisis which will shred the value of their dollar and drive them to Third World Status...
However, with over 300 million citizens who can be converted to cheap menial and military labour, it will give the power brokers, big business, banks and the military industrial complex, who will not be affected by this crisis, a base to introduce their robot technology from which to build a new era in manufacturing, as well as a compliant population to continue to wage war....
Just a theory... |
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By: perceptions_now
30/07/2009
10:32 am Yahoo! Profile:
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It would pay to keep an eye on the following graph!
http://static.seekingalpha.com/uploads/2009/7/29/s aupload_2gb072809.jpg |
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By: perceptions_now
1/08/2009
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UBS Tax Agreement Is Reached by U.S., Switzerland
July 31 (Bloomberg) -- The U.S. and Switzerland reached an agreement to settle a U.S. Justice Department lawsuit against UBS AG seeking the names of 52,000 American account holders, a lawyer told a federal judge in Miami.
Justice Department attorney Stuart Gibson provided no details of the accord in a telephone conference call today with U.S. District Judge Alan Gold. Gibson said a settlement may be submitted in writing on Aug. 7.
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=aONDdyiCD.AE
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Credible
Reliable
Abundant
Paradoxes
Like other issues, this will lead up a yellow brick road, which finally disappears, after a few small fry sacrificed, at the great alter of Smoke & Mirrors! |
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By: pansi1951
1/08/2009
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Luckily for the sharks there's always small fish to fry!
Hi perceptions.......didn't the economic downturn finish the other day?..............so I heard. |
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By: perceptions_now
1/08/2009
10:15 am Yahoo! Profile:
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U.S. Economy: Contraction Eases as Recovery Beckons
July 31 (Bloomberg) -- The worst U.S. economic slump since the Great Depression abated in the second quarter as government spending programs started to kick in, while the deepest retrenchment by consumers since 1980 augured a muted recovery.
Gross domestic product shrank at a better-than-forecast 1 percent annual pace after a 6.4 percent drop the prior three months, Commerce Department figures showed today in Washington. A survey of purchasing managers showed separately that business contracted less than estimated this month.
Stabilization in homebuilding and the liquidation of unsold goods sets the stage for gains in GDP starting this quarter, analysts said. At the same time, rising unemployment and weakening income growth threaten to erode household finances; the International Monetary Fund today said policy makers must be ready to employ further stimulus if needed.
"Weâre heading to a sluggish recovery,"
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=a5cnr0qfQ30E
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No, pansi, the economic downturn did not finish the other day!
And, No slr, this is not 1990! |
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By: dsmithy70
1/08/2009
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Economic Downturn to Continue?????
No the Daily Telegraph yesterday told us it was over.
Go forth and spend people!!!!!
All major cards accepted. |
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By: perceptions_now
1/08/2009
11:16 am Yahoo! Profile:
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"No the Daily Telegraph yesterday told us it was over."
smithy,
Well, I'm sure that we should believe them, as the media and in particular, the print media, are always correct?
Perhaps, the Daily Telegraph could also run an article on how sound the US Banking system is and that will prevent any more US banks from going belly up?
However, until the Telegraph turns everything into "Alice in Wonderland", we are stuck with reality, which is that another 5 US banks went under, yesterday.
So, the JULY TOTAL WAS 24, whilst the total for ALL OF 2008 WAS 26 & 2008 WAS A BAD VINTAGE.
http://www.fdic.gov/bank/individual/failed/banklis t.html
Let's face it, there is a lot of BS being spread, from all quarters, a lot of self-interest comment and a lot of absolutely NFi being spread about! |
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By: perceptions_now
2/08/2009
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Causes of Depression Yet To Be Addressed
Posted: July 30 2009
Most professionals and investors are surprised to see the Dow over 9,000 again. Stocks have again become totally divorced from reality and economic fundamentals that when the next drop comes, which it will, most will be caught flatfooted. There is a total disconnect between the equities market and the credit market. Of course, the summerâs thin volume has masked the upside moves.
Link -
http://theinternationalforecaster.com/Internationa l_Forecaster_Weekly/Causes_of_Depression_Yet_To_Be _Addressed
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Whilst I do not agree with all of the authors comments, there are some significant & valid points raised. |
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By: perceptions_now
2/08/2009
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U.S. Recession Worst Since Great Depression, Revised Data Show
Aug. 1 (Bloomberg) -- The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world's largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said yesterday in Washington. Gross domestic product has shrunk 3.9 percent in the past year, the report said, indicating the worst slump since the Great Depression.
Updated statistics also showed that Americans earned more over the last 10 years and socked away a larger share of that cash in savings.
Residential construction fell 21 percent during the period, almost 2 percentage points more than previously reported, aggravating what was already the worst slump since the Great Depression.
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=a5_5Vq2hV3EQ
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The only thing worse than Statistics, are Government statistics.
And, the only thing worse than Government Statistics, are revised government statistics! |
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By: perceptions_now
2/08/2009
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Big Texas bank on verge of failure
Guaranty Bank, which counts Carl Icahn as one if its backers, is teetering on the edge of insolvency. But it may not be easy for regulators to find a buyer.
NEW YORK (Fortune) -- Guaranty Bank is hardly a household name. But the Austin, Texas-based thrift's looming failure is shaping up as a big headache for bank supervisors -- not to mention a black eye for Carl Icahn and others in the smart money set.
Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital failed.
Guaranty has $13.4 billion in assets and operates 160 branches in Texas and California -- two of the three best banking markets in the nation, thanks to their size and population growth.
A big tab on Guaranty would be costly to the deposit fund, whose balance was $13 billion at the end of the first quarter. The FDIC has estimated failure costs on cases since then at $11.2 billion.
A spokesman for the FDIC stresses that it has already set aside an additional $22 billion for failure-related costs in 2009, and adds that congressional action this spring gave the agency access to $500 billion in Treasury credit.
Link -
http://money.cnn.com/2009/07/31/news/companies/gua ranty.headache.fortune/index.htm?postversion=20090 73113
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It just rolls off the tongue, "congressional gave the agency access to $500 billion in Treasury credit".
Yes, that's $500 Billion!
Why do you think the FDIC could need $500 Billion? |
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By: pansi1951
3/08/2009
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<<The only thing worse than Statistics, are Government statistics.
And, the only thing worse than Government Statistics, are revised government statistics!>>
......................... ......................... .....
And statistics prove that reality really is what you make it. |
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By: perceptions_now
3/08/2009
9:39 am Yahoo! Profile:
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"And statistics prove that reality really is what you make it."
pansi,
Or, at least, TRY to make it!
In the case of government Statistics, they TRY to re-write history, before it is written? |
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By: perceptions_now
4/08/2009
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"A $13 trillion tax rebate program would instantly revive this economy, a refund of three years income taxes to every household, with a minimum payment of $50,000. Half the rebate should be required to pay back debt, which would clean up credit markets, and restore capital levels, asset quality, and liquidity of lenders."
Link -
http://www.financialsense.com/fsu/editorials/mchug h/2009/0802.html
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Some of this authors outcomes may eventuate!
However, if he is suggesting the above solution, he has rocks in his head.
To forgo a further $13 Trillion, in a tax rebate program, would simply put DEBT, from Earth orbit and transfer it to circling the sun, in a decaying orbit!
We are getting burnt now, the above "solution" would fry us down to the last molecule. |
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By: pansi1951
4/08/2009
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| $13 trillion....that's a lot of money. It sounds unreal, but it's unreal times we're in, who knows, anything is likely. |
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By: perceptions_now
4/08/2009
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AP ENTERPRISE: Federal tax revenues plummetingWASHINGTON
(AP) -- The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation's plate and struggling to find money to pay the tab.
The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.
Other figures in an Associated Press analysis underscore the recession's impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
The last time the government's revenues were this bleak, the year was 1932 in the midst of the Depression
Link -
http://finance.yahoo.com/news/AP-ENTERPRISE-Federa l-tax-apf-2967547650.html?x=0
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By: perceptions_now
5/08/2009
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Fannie Mae, Freddie Mac Likely to Be Wound Down, Moody's Says
Aug. 4 (Bloomberg) -- The U.S. government is likely to decide within 18 months that Fannie Mae and Freddie Mac need to be wound down and replaced with a similar entity that would support U.S. housing, Moody's Investors Service said.
The government-chartered mortgage-finance companies, which were seized by regulators in September 2008 and since have used $85.7 billion of their capital lifelines, face mounting losses that will mean "it could take a decade or longer" before they are able to emerge from U.S. control as "viable standalone entities," the New York-based ratings company said in a report.
Moody's rates the companies' senior debt Aaa because of their "very strong" government support, the report said. The companies can tap up to $200 billion of taxpayer capital, and can turn to an emergency financing facility at the U.S. Treasury through at least yearend. The Federal Reserve is buying as much as $1.45 trillion of the debt and mortgage securities through yearend in an effort to lower home-financing costs.
The companies own or guarantee about $5.3 trillion of the $12 trillion in U.S. residential mortgage debt. A Treasury report in June said the Obama administration "will engage in a wide-ranging process and seek public input to explore options regarding the future" of Fannie Mae and Freddie Mac and will deliver a report to Congress when the president gives his fiscal 2011 budget in February.
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=abdjRIEF33yw
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