 Economic Downturn to Continue? |
By: lkarnd99
3/07/2009
7:56 pm Yahoo! Profile:
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This report, I believe, spells out succinctly where the U.S., Europe, and Asia are heading. Will the three rogue waves h*it Australia?......
Heed the warnings about being sucked into the false upsurge, and prepare yourselves....
Global Systemic Crisis In Summer 2009
http://au.messages.yahoo.com/news/world/203554/ |
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By: perceptions_now
3/07/2009
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"Which nation am I talking about?
Not a country . . . but the state of California.
California's GDP was around $1.812 trillion in 2007.
And yet - instead of helping California - the federal government is giving aid to Goldman Sachs, JP Morgan and the other financial giants who helped to cause the financial crisis, and to Israel and other foreign countries.
Does that make any sense?"
lkarnd99,
Yes, Hollywwod would have a problem scripting this scenario, as it would have been deemed tooo far fetched?
However, as I have said on numerous ocassions, Reality is much stranger than Fiction.
But, given everything else, THIS DOES SEEM TO HAVE BEEN SCRIPTED! |
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By: lkarnd99
3/07/2009
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But, given everything else, THIS DOES SEEM TO HAVE BEEN SCRIPTED! << perceptions >>
===
Wish I could agree, but this SMH article seems to confirm it...
Schwarzenegger to shut state offices to save money
July 3, 2009
http://www.smh.com.au/world/schwarzenegger-to-shut -state-offices-to-save-money-20090702-d6jn.html
SAN FRANCISCO: California's Governor, Arnold Schwarzenegger, said he will shut state government offices on the first three Fridays of every month and declared a fiscal emergency, forcing politicians into a special session to tackle the state's growing deficit.
The legislature's failure to fix the budget before the fiscal year began on July 1 pushed the size of the spending gap to more than $US26 billion ($32 billion) from $US24 billion, Mr Schwarzenegger said.
Without a revised budget in place, California's top finance officials say the state can't secure a loan it needs to pay bills until the bulk of its tax collections arrive later in the budget year.
The Chief Financial Officer, John Chiang, has said such a borrowing would be too costly, and potentially impossible, without assurances that investors will be repaid.
Because of a recession-driven drop in revenue, California has started paying some of its bills with IOUs to avoid running out of cash.
"Every day we wait, the problem is getting bigger, the deficit is getting bigger, because right now we are spending money that we don't have," Mr Schwarzenegger said.
Mr Schwarzenegger and the Democrats who control the legislature are at an impasse over how to eliminate a budget gap that emerged less than five months after the passage of tax increases and spending cuts intended to shore up the state's finances.
California, the most-populous US state, has been battered by a recession that caused its revenue collections to tumble.
..cont |
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By: lkarnd99
3/07/2009
8:14 pm Yahoo! Profile:
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cont..
The Republican governor, who has sought spending cuts that would eliminate welfare programs and push nearly 1 million low-income children out of government health insurance, ruled out further tax increases and sought measures to crack down on fraudulent welfare claims and other government waste.
Democrats want fewer reductions and some tax increases to make up the difference.
"The governor has said we can't kick the can down the road, but instead he wants to kick California in the stomach," said Charles Calderon, a Democrat from Montebello, near Los Angeles.
"When the people of California elected 'The Terminator' as governor, they didn't know that the state would be his latest victim," he said.
The governor's order to close much of the State Government for three days a month will force about 200,000 employees to take unpaid days off. The shutdown is set to begin on July 10 and run to the end of the fiscal year, in June 2010. Prisons, hospitals, highway patrol offices and fire stations will not be closed.
Bloomberg |
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By: perceptions_now
3/07/2009
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" http://au.messages.yahoo.com/news/world/203554/ "
lkarnd99,
Yes, I have been keeping an eye on them for a while, amongst others and some of there projections seem fairly accurate! |
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By: perceptions_now
3/07/2009
8:20 pm Yahoo! Profile:
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"But, given everything else, THIS DOES SEEM TO HAVE BEEN SCRIPTED! << perceptions >>
===
Wish I could agree, but this SMH article seems to confirm it..."
lkarnd99,
I am simply saying, this is more planned, than accidental. |
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By: andreihicks
3/07/2009
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Schwarzenegger is definitely to be commended for his stance.
Weaker Governors would have caved in on this issue and muddled through. |
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By: perceptions_now
3/07/2009
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"Weaker Governors would have caved in on this issue and muddled through."
Well, he IS A STRONG BOY, Andrei!
That said, if you were scripting this event, it would certainly be an influencing factor, to have California go under? |
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By: andreihicks
3/07/2009
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California is always going to be the state to be hit by a tax revenue downturn though.
When you think about the amount of wealth in Marin, Orange County, Beverly Hills etc - they will always get the extremes of the upturn and the downturn. |
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By: lkarnd99
3/07/2009
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The economic downturn in the U.S. is being held in check by fraudulent activity on the part of the Fed Reserve, a private corporation that happens to control the U.S. economy.
=====
Calm down Andrei, these accusations are now in the public domain through reports in congress and elsewhere......
There appears a lot of evidence mounting that in fact the Fed is aided by a very prominent corporation that appears to have been well looked after through TARP assistance, and has been recorded as actively engaged in playing the market to it, and its shareholders benefits since the first depression.
Rolling Stone expose: Goldman Sachs behind every market crash since 1920s
http://rawstory.com/blog/2009/07/rolling-stone-exp ose-goldman-sachs-behind-every-market-crash-since- 1920s/
Goldman Sachs has played a crucial role in creating every market bubble since the 1920s -- and has profited from not only the bubbles, but from the crash that followed as well, says a new expose in Rolling Stone magazine.
An article in the July 9-23 issue of the magazine, written by Matt Taibbi, lists five asset bubbles that the 140-year-old investment bank helped create -- and one that Taibbi asserts the firm is currently working to make happen.
..cont |
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By: lkarnd99
3/07/2009
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cont..
The five bubbles the article says Goldman was central to creating are the Wall Street stock bubble in the 1920s, which led to the Great Depression; the tech-stock bubble of the late 1990s, which ended in the 2001 recession; the housing bubble of the past decade, which resulted in the current economic crisis; the oil price run-up last summer, when oil shot up to $140 a barrel, likely helping tilt the entire world into recession; and what Taibbi describes as "rigging the bailout," when Goldman Sachs' well-placed alumni inside the U.S. government engineered last fall's bank bailout in such a way that the company profited massively.
Taibbi writes that Goldman Sachs has traditionally been a late arrival to market bubbles, getting in once others have started the trend, but, once in, the company quickly ramps up the bubble, predicts its bursting, and then hedges its bets so as to make money from the bubble crash.
The article, which is not yet officially available online, adds one more bubble to the list: the "global warming bubble," or specifically, the proposed cap-and-trade legislation that would allow companies to trade pollution credits on an open market.
Taibbi's argument suggests the Wall Street bank may well want to turn climate change policy into yet another Wall Street casino game.
Because emissions caps will continually be reduced, Taibbi argues, pollution credits will constantly be growing in value, and Goldman Sachs wants in on the ground floor.
Taibbi writes: "The plan is (1) to get in on the ground floor of paradigm-shifting legislation, (2) make sure that they're the profit-making slice of that paradigm and (3) make sure the slice is -- a big slice.
Goldman started pushing hard for cap-and-trade long ago, but things really ramped up last year when the firm spent $3.5 million to lobby climate issues." |
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By: perceptions_now
4/07/2009
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India Joins Russia, China in Questioning U.S. Dollar Dominance
July 4 (Bloomberg) -- Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars.
âThe major part of Indian reserves are in dollars -- that is something thatâs a problem for us,â Tendulkar, chairman of the Prime Ministerâs Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference.
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=aR7yfqUwTb4M
Anyone heard from Brazil?
Just "another B RIC in the Wall"
Seriously, there is a great dilemna here and a lot of back room bargaining. However, the likely end result (although not immediate) is that the US$ will slip into history, as the worlds former reserve currency. |
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By: cry_misty22
4/07/2009
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| The next lot to have problems will be the Saudis and the UAE. they are in deep shite. |
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By: lkarnd99
6/07/2009
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The Chinese are caught between a rock and a hard place.....
They are by far the largest lenders to the U.S., having loaned them $300 billion for the Fannie Mae and Freddie Mac bailout.
In addition they have bought over $700 billion in U.S. Treasury bonds. This is the reason they are particularly nervous as they know the Fed is now printing money to buy the Treasury Bonds themselves, effectively the Government buying their own bonds with printed money, and the Chinese have indicated they will buy no more.
This is probably why the Chinese, who are usually very tactful, with good manners, laughed aloud, when the U.S. Treasury Secretary Geithner addressed a group of them and told them that the U.S. economy, and it's dollar were very sound.
They are now moving out of the dollar carefully, and have broadcast their intention to buy $80 billion in gold....
Watch the following video...
July 1 2009 - China Buying Gold Not FRN$
http://www.youtube.com/watch?v=R8cbbPD3Cu8&eurl=ht tp%3A%2F%2Frevolutionarypolitics.com%2F%3Fp%3D1416 &feature=player_embedded |
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By: perceptions_now
6/07/2009
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Treasury's Summer Rally Not This Year as Traders See Bottleneck.
The budget deficit is projected to quadruple to $1.85 trillion in the fiscal year ending Sept. 30, equivalent to 13 percent of the nation's economy.
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=asrfDT7ZC8eM
=====================
And you thought that OZ was building some Debt, which we are, but the US is taking it a step or two further.
After you get past the declared US Treasury raisings of $1.85 Trillion, consider what the FED are doing, in printing their monopoly money.
Then, consider those likely buyers;
1) Individuals
2) Corporations.
3) Foreign Governments & their Agencies
All of the above have already been HURT by RECENT MARKET LOSSES and are subject to DELEVERAGING Financial Markets & a GLOBAL ECONOMY, which is set to CONTRACT for some time yet.
So, the US and others, are set to seek massive increases in support to cover rapidly expanding levels of Debts!
One of the big questions is, who are the investors that have sufficient reserves to maintain the previous levels of support, let alone boost support by 400%.
China? I think not! They along with at least 2 other BRIC members are already under pressure at home, but more importantly, they are already making noises about de-throning the US$, as the world reserve currency.
Food for thought, as we head towards September/October? |
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By: lkarnd99
6/07/2009
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It looks like there may be something to the Goldman Sachs story.
===
Goldman Sachs The Fourth Branch of the U.S. Government
http://www.marketoracle.co.uk/Article11686.html
Quietly and almost unnoticed by most Americans, the US Federal Government introduced a fourth branch to its political structure in 2006. As you know we already had three branches, they are:
The Judicial: the Supreme Court
The Executive: the President
The Legislative: Congress
This pretty much has us covered in terms of political strategy... but what about financial issues? Everyone knows Congress has no clue how to allocate capital. And the Executive Branch doesn't exactly have a great track record when it comes to financial matters either (we've run a deficit virtually every year since 1970).
Shouldn't we have a Financial Branch of government? A group of fiscal experts entirely devoted to keeping the US's fiscal house in order?
Well, we actually do, but instead of installing a branch of smart, genuine financiers interested in benefiting the American people, we installed a bunch of greedy crooks intent on stealing as much of the public's money as possible with no consequences what so ever.
Ladies and Gentleman, I present to you America's Financial Branch of the Government: Goldman Sachs.
Trying to detail exactly how integrated Goldman has become to the Federal Government would be like trying to track the peanut butter swirls in Ben and Jerry's Chocolate Peanut Butter Swirl ice cream.
Indeed, with the exception of Ben Bernanke and a few other officials, Goldman Sachs provided all the lead characters for the Tragic Comedy that is our latest Financial Crisis.
..cont |
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By: lkarnd99
6/07/2009
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cont...
Central to the entire mess is Hank "the Hammer" Paulson, our former Public Money Privatizer or Secretary of the Treasury as he is commonly known.
To chronicle the full intricacy of Paulson's web of cronies and the methods he used to funnel public funds to them and their business during the Crisis would require a book, not an essay.
However, one can draw a great deal of conclusions about Paulson's central beliefs on business and politics by mentioning that one of his first positions of power was serving as assistant to John Erlichman, the central architect of Richard Nixon's Watergate Scandal: a man who believed that when it came to wining seats of power, it's best to break and enter, steal, and destroy one's enemies at all costs.
Erlichman was convicted on conspiracy, obstruction of justice and perjury. Paulson went on to become CEO of Goldman Sachs.
Beyond Paulson, Goldman's reach in this crisis is virtually unending. John Thain, former CEO of Merrill Lynch was a former Goldmanite. So was Robert Rubin, the Chairman of Citigroup. Then there's Robert Steel, the head of Wachovia, Ed Liddy, who Paulson put in charge of the nationalized AIG, Mark Patterson, the current Treasury Chief of Staff, Neel Kashkari, the guy in charge of allocating TARP funds..
heck, even Tim Geithner was mentored by the afore-mentioned Robert Rubin.
What's staggering is that no one seems outraged by all of this. It's not too difficult to connect the dots on what happened: a former Goldman exec was put in charge of allocating public funds to other former Goldman execs who in turn allocated the funds to their employees in the form of bonuses and enormous salaries.
Indeed, it's telling that Paulson's original proposal for the $800 billion bailout entailed NO curtailing or oversight of executive compensation at the firm's receiving our money.
..cont |
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By: lkarnd99
6/07/2009
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cont...
I'm starting to run out of room here. But if you're interested in these issues and learning more about Goldman Sach's involvement in our Federal Government, I STRONGLY urge you to read Matt Taibbi's recent expose on the firm in Rolling Stone magazine.
Be forewarned, you will be infuriated by what Taibbi reveals. But if it gets people contacting their local representatives and Senators asking why we haven't launched any investigations into Paulson's allocation of public funds.
You can see Taibbi's article online at:
http://zerohedge.blogspot.com/2009/06/goldman-sach s-engineering-every-major.html |
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By: perceptions_now
6/07/2009
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lkarnd99,
Whilst I am not a "beleiver" in omens, fate etc, I have just caught up with a recorded TV program, from last Thursday about the 1929 Crash.
The recorded program had just finished, I went to the computer and there on the screen saver was a picture of "wall Street".
As I have thousands of pictures that revolve around as screen savers, the timing was slightly "spooky".
And, talking of Wall Street, I see the DOW futures are currently DOWn 76. |
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By: perceptions_now
6/07/2009
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Stocks, Oil, Metals Drop on Economy Concern; Yen, Dollar Gain
July 6 (Bloomberg) -- Stocks fell, pushing the MSCI World Index lower for a third day, and oil and industrial metals retreated on concern the global economic recovery is faltering. "The reassessment of the global economic outlook is likely to continue this week," a team of Citigroup Inc. strategists, including Todd Elmer in New York, wrote in a research report today. "As a result, an extension of the recent bout of risk aversion may lie in store."
http://www.bloomberg.com/apps/news?pid=20601087&si d=alYAeqnSCNEE
Oil has now reversed back, to under $64 a barrel and I expect it is likely to continue that reversal, as the markets reverse and the Global economy continues to slow. |
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By: pansi1951
7/07/2009
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<the global economic recovery is faltering. "The reassessment of the global economic outlook is likely to continue this week>
......................... ......................... ......
I have not seen one indication that a recovery is looking likely. Those that suggested a recovery was within reach were seriously kidding themselves.
The recovery talk was just a ploy to instil false optimism, it clearly did not work.
How can anything recover with that much debt? |
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By: andreihicks
7/07/2009
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"I have not seen one indication that a recovery is looking likely."
Your economics credentials are what exactly? |
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By: perceptions_now
7/07/2009
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"Your economics credentials are what exactly?"
Andrei,
And, what of all those, with qualifications (including you), who did not pick this downturn, nor its severity, nor its likely length and who still fail to acknowledge its possible/likely future ramifications?
Whilst I do not agree with everything they say, I would be much more likely to listen to Roubini, Krugman & a few others, irrespective of qualifications.
There is a great number of people, who have lost a great deal and it is likely that many more people will follow down that path.
PS - The time to say, that "the FUNDAMENTALS ARE STRONG", IS NOT NOW!
Too many have buried their heads, in the credentials. |
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By: perceptions_now
7/07/2009
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Apartments continue to lead construction decline
The construction industry has contracted for the 16th consecutive month in June, and the decline accelerated for the first time in four months.
The Australian Industry Group (Ai Group) - Housing Industry Association (HIA) Performance of Construction Index slid 4.3 points lower than in May to 42.6 - that is substantially below the 50 mark which separates expansion from contraction.
Apartments continue to lead construction decline
All sectors of the construction industry experienced declines in work, but the biggest falls were in apartments, engineering and commercial construction.
Link -
http://www.abc.net.au/news/stories/2009/07/07/2618 834.htm |
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By: perceptions_now
7/07/2009
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Property Tax Appeals Reflect Dire Economic Situations
by: Tim Iacono July 06, 2009
New Jersey, which has the nation's highest property taxes, has been besieged by tax appeals from homeowners like Peggy Tombro, whose rambling home in Bound Brook is assessed at a value of $1.8 million but is languishing on the market with an asking price of $1.3 million. Her taxes are increasing to $53,000 a year.
"I don't know what else to do," said Ms. Tombro, 63, who has gone back to work selling antiques to pay her tax bill.
http://seekingalpha.com/article/147118-property-ta x-appeals-reflect-dire-economic-situations?source= email#comment-576586
Close gaps!
I'm not sure what services are provided, for this US Property Tax, but on the surface it seems very large, compared to local OZ Council rates? |
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Economic Downturn to Continue? |
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