tagged w/ Economic Collapse
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I've been telling you for weeks to not be distracted by the "big news of the day" because it's usually just a smokescreen. But on Wednesday, I fell for it myselfI've been telling you for weeks to not be distracted by the "big news of the... more
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WASHINGTON - Federal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.
The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kansas, and Western Corporate Federal Credit Union, in San Dimas, California. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets.
A conservatorship enables the government to operate a financial institution. Corporate credit unions provide financing and investment services to the much larger population of retail credit unions. Some of the 28 corporate credit unions in the U.S. have sustained steep losses on paper from the depressed value of the mortgage-linked securities they hold.
The NCUA, which oversees some 7,800 federally insured credit unions, said it "will continue to take any and all steps necessary to preserve a well-functioning system of corporate credit unions and to protect the assets of (retail credit unions) and their members during the ... financial market dislocation."
End of Excerpt
Source: MSNBC
Photo Source: WikipediaWASHINGTON - Federal regulators on Friday seized control of two large institutions... more
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The effects of the recession. It's a bigger problem than you might think.
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By the wide stretch of the American River in Sacramento, history is repeating itself. Here, during the Great Depression of the 1930s, men and women who had lost everything and despaired of finding work built rough shelters and huddled around fires.
Now the spiral of job losses and house repossessions has left another wave of Americans homeless, and a new tent city is growing rapidly on lumpy, derelict land between the river and the railway tracks here in the capital of California.
There are more than 300 people living in scattered encampments stretching a couple of miles along the river bank. As many as 50 more arrive each week. Unemployment in Sacramento reached 10.4 per cent in January and California is suffering some of the worst repossession rates in the country, with as many as 500 people losing their homes every day last year.
Charity workers in the city can no longer cope with the number of people coming to them for help. The shelters are full, with one home that caters for women and children turning away 200 people a night.By the wide stretch of the American River in Sacramento, history is repeating itself.... more
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NEW YORK (Fortune) -- The government is bracing for a big bank failure.
A bill introduced in Congress would give the FDIC, the agency that stands behind Americans' bank deposits, temporary authority to borrow as much as $500 billion from the government to shore up the deposit insurance fund.
The bill -- the Depositor Protection Act of 2009, backed by Senate Banking Committee Chairman Chris Dodd, D-Conn. and Sen. Mike Crapo, R-Idaho -- wouldn't change the status of individual bank accounts, which through the end of this year are insured up to $250,000.
But the Dodd-Crapo bill acknowledges what the financial markets have been signaling for the past month -- that the government must take the lead in a costly cleanup of the mess in the financial sectorNEW YORK (Fortune) -- The government is bracing for a big bank failure.
A bill... more
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This isn't my video, I just want to share this. Please share this with others! The people of America must stand up and take hold of our own destinies.This isn't my video, I just want to share this. Please share this with others!... more
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WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury Department.
The Connecticut Democrat's effort -- which comes in response to urging from FDIC Chairman Sheila Bair, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner -- would give the FDIC access to more money to rebuild its fund that insures consumers' deposits, which have been hard hit by a string of bank failures.WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd is moving to allow... more
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3/5/2009
Dr. Paul challenged Jim Baker over the issue of unconstitutional presidential war powers and giving too much control to the executive branch.
Check out my great playlists!
This website is filled with some great information that everybody needs to see before giving their grandchildren's liberties to the Federal government:
http://www.youtube.com/user/shanklinmike3/5/2009
Dr. Paul challenged Jim Baker over the issue of unconstitutional... more
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Overseeing a dispirited nation, President Barack Obama on Saturday sought to assure people that bleak times will give way to better days, calling the mounting economic crisis a time to discover America's next "great opportunity."
"That is what we can do and must do today," Obama said in his weekly radio and video address, taped on Friday at the White House. "And I am absolutely confident that is what we will do."
On Saturday morning, the president and first lady Michelle Obama flew by helicopter to the presidential retreat in Camp David, Md., for the weekend. Their daughters, Sasha and Malia, traveled to Camp David separately, the White House said.
The work week ended on more down news, with the report of 651,000 more American jobs slashed and an unemployment rate climbing to 8.1 percent. That is the highest rate of people out of work in more than 25 years, as the recession continued to put enormous pressures on families and industries.
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Do you agree that things are going to get better? Are we going to be able to turn this crisis around and seize the opportunities this crisis is creating to cause great changes to occur?
With all the terrible news surrounding us on a daily basis, isn't a breath of fresh air to hear that things are going to get better?Overseeing a dispirited nation, President Barack Obama on Saturday sought to assure... more
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jubal
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added this
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3 years ago
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A thoughtful view from economic eyes. An economist who may advocate euthanasia as the answer the worlds current and future perils.
Bob Williamson
Greenhouse Neutral FoundationA thoughtful view from economic eyes. An economist who may advocate euthanasia as the... more
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"When will the federal government start letting us homestead these empty houses?? We have a record number of empty houses and a record number of homeless people living on the street at the same time. It makes no sense. Homestead Act of 2009!! " - Bansheewail
Home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday.
The 20-city S&P Case-Shiller index has posted losses for a staggering 27 months in a row. In October, 14 of the 20 cities set fresh price decline records.
"The bear market continues; home prices are back to their March 2004 levels," says David Blitzer, Chairman of the Index Committee at Standard & Poor's.
Sunbelt cities suffered the most, but most of the country is watching home values fall. In Phoenix prices have plunged 32.7% since October 2007, Las Vegas home values are down 31.7% year-over-year, while San Francisco prices fell 31%. Miami, Los Angeles and San Diego recorded year-over-year declines of 29%, 27.9% and 26.7%, respectively."When will the federal government start letting us homestead these empty houses??... more
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Deepening economic strife in the US could lead to civil unrest and violence that would require military intervention, warns a new report from the US Army War College.
"Widespread civil violence inside the United States would force the defense establishment to reorient priorities in extremis to defend basic domestic order and human security," writes Nathan Freier, a 20-year Army veteran and visiting professor at the college.
A copy of the 44-page report, "Known Unknowns: Unconventional 'Strategic Shocks' in Defense Strategy Development," can be downloaded here. Freier notes that his report expresses only his own views and does not represent US policy, but it's certain that his recommendations have come before at least some Defense Department officials.Deepening economic strife in the US could lead to civil unrest and violence that would... more
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Has anyone wondered why Congress increased the FDIC'S coverage to $250,000?
Could many more bank failures be on the horizon?
You bet!
Good luck fellow citizens.
Federal regulators seized three banks last night, including Downey Savings and Loan Association, a large California mortgage lender, expanding what is by far the most expensive crop of bank failures in modern American history and indicating that the pace of failures is increasing.
Downey, with $12.8 billion in assets, is the third-largest bank to fail this year, after Washington Mutual and IndyMac Bancorp.
Read full article at link-
Ride on!Has anyone wondered why Congress increased the FDIC'S coverage to $250,000?... more
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The myth that laissez faire exists in the present-day United States and is responsible for our current economic crisis is promulgated by people who know practically nothing whatever of sound, rational economic theory or the actual nature of laissez-faire capitalism. They espouse it despite, or rather because of, their education at the leading colleges and universities of the country. When it comes to matters of economics, their education has steeped them entirely in the thoroughly wrong and pernicious doctrines of Marx and Keynes. In claiming to see the existence of laissez faire in the midst of such massive government interference as to constitute the very opposite of laissez faire, they are attempting to rewrite reality in order to make it conform with their Marxist preconceptions and view of the world.
They absorb the doctrines of Marx more in history, philosophy, sociology, and literature classes than in economics classes. The economics classes, while usually not Marxist themselves, offer only highly insufficient rebuttal of the Marxist doctrines and devote almost all of their time to espousing Keynesianism and other, less-well-known anticapitalistic doctrines, such as the doctrine of pure and perfect competition.
Very few of the professors and their students have read so much as a single page of the writings of Ludwig von Mises, who is the preeminent theorist of capitalism and knowledge of whose writings is essential to its understanding. Almost all of them are thus essentially ignorant of sound economics.
[End of excerpt]
Full article at link by George Reisman, Ph.D.// Mises InstituteThe myth that laissez faire exists in the present-day United States and is responsible... more
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While running for the Republican presidential nomination, Rep. Ron Paul of Texas frequently sounded the alarm regarding the nation’s fiscal health. Years ahead of the current economic crisis, Paul was questioning the nation’s debt level, now an acutely pressing issue amid all the recent stock market volatility.
With the Treasury Department and the Federal Reserve rapidly moving toward more government intervention in the marketplace while trying to stabilize the nation’s banks and shore up its financial institutions, Paul has argued for a hands-off approach. He opposed both versions of the financial rescue plan that came before the House — the first one, which was rejected, and the second, which was passed and signed into law.
Politico’s David Mark interviewed the 10-term congressman, who has still not endorsed Republican John McCain for president. Here are some excerpts.
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Full article at link by David Mark// Politico.com
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Photo by flickr user NewsHour
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Licensed under Creative Commons Attribution-Noncommercial-No Derivative Works 2.0 Generic
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While running for the Republican presidential nomination, Rep. Ron Paul of Texas... more
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Bill Fletcher: We need public investment in infrastructure and a basic change in the way we live. Part 2
Immediately following the second Presidential debate between Barack Obama and John McCain, Senior Editor Paul Jay spoke with Bill Fletcher, Jr.. In part two of that interview, Bill discusses the sort of response he would hope to see from a new President to address the roots of the crisis.
Bill Fletcher, Jr. is a columnist, activist, author and labor organizer. He is the Executive Editor of The Black Commentator and his newest book, co-written with Fernando Gapasin, is entitled "Solidarity Divided: The Crisis in Organized Labor and a New Path Toward Social Justice". He is the a cofounder of the Center for Labor Renewal, has served as President of TransAfrica Forum and was formerly the Education Director and later Assistant to the President of the AFL-CIO.
See Part 1 at: http://current.com/items/89386881_contempt_from_mccain_as_obama_pulls_ahead
Bill Fletcher: We need public investment in infrastructure and a basic change in the... more
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This article places the economic policies of the two candidates side by side and shows the actions they would take in the areas of spending, taxes and businesses and houses.
It is nice to see actual policies and plans for a change. Check it out.This article places the economic policies of the two candidates side by side and shows... more
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Stevox
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added this
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3 years ago
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The events taking place in the financial market offer an illustration of the soundness of the Austrian theory of money, banking, and credit cycles, and Mises.org is your source not only for analysis of these events but also the economic theory that helps explain what is happening and what to do about it. There are many thousands of articles available, and also the full text of thousands of books as well as journal articles. It is impossible to draw attention to the full range of literature one can use to understand the crisis.
However, below we offer a brief look into the topics most discussed in these times, with extended treatments of each in the sidebar. Mises.org also offers both a blog and a community forum for reading and discussing them all.
It's never been more important to spread a sound view of money and banking, not only as a protection against the fallacies of "stabilization" and "reflation" but also as way to see what kind of reforms are essential now.
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(Articles and texts available at link and are divided in the following categories: Fannie Mae and Freddie Mac, The Housing Bubble, Inflationary Finance, Community Reinvestment Act, Short Selling, The Austrian Theory of the Business Cycle, Who Predicted This?, What To Do and Books to Distribute)
The events taking place in the financial market offer an illustration of the soundness... more
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ANP Essay: About the CEOs who got very rich while their firms crumbled.
The U.S. financial system faces a grave crisis as investment giants teeter on the edge of collapse. These institutions aren't merely made of paper and percentages, though. They're led by people - people who've made some rotten decisions in recent years. Whereas we'll hear much in the coming weeks about the federal regulators who are scrambling to avert a disaster, we should also hear about the CEOs who got very rich while their firms crumbled.ANP Essay: About the CEOs who got very rich while their firms crumbled.
The U.S.... more
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While the corporate press has been busy covering political mud-slinging and Paris Hilton ads, Meet the Bloggers focused on the real issue facing the majority of Americans: the economic crisis. Not only is the middle class in our country collapsing, but Bushonomics have left us on the verge of stagflation. Millions of Americans who can no longer afford health insurance, gas for their cars, mortgage payments, and credit card bills are sinking below the poverty line.
As special guest Sen. Bernie Sanders (I-VT) indicated, our country is in the midst of a class war, and both the politicians and the media need to wake up and look at the causes of this crisis, such as the Bush administration's war in Iraq, its no-bid contracts, tax cuts for the wealthy.
From "Meet the Bloggers" - http://meetthebloggers.org/While the corporate press has been busy covering political mud-slinging and Paris... more
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