by Mark Knoller | CBS News | August 22, 2011
The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch.
The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion.
It’s the most rapid increase in the debt under any U.S. president.
The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama’s four-year term.
Mr. Obama blames policies inherited from his predecessor’s administration for the soaring debt. He singles out:
- “two wars we didn’t pay for”
- “a prescription drug program for seniors…we didn’t pay for.”
- “tax cuts in 2001 and 2003 that were not paid for.”
Read the full article
by Ethan A Huff | Natural News | August 21, 2011
The freedom to grow one’s own food is a foundational pillar of civilization, and one that absolutely must persist if humanity itself is to exist. But this freedom is rapidly disintegrating in the US, as multinational corporations like Monsanto seize control of the American food supply through the widespread propagation of patented, genetically-modified (GM) seeds and crops. And the Obama administration is currently at the helm of orchestrating this hostile takeover, as it continues to openly support any and all efforts to spread GMOs far and wide, whether it be on private farmland or public wildlife refuges. Continue reading →
by Bradley Keoun and Phil Kuntz | Bloomberg | August 22, 2011
Bernake Lying to Congress
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.
Read the entire article
by Thomas Woods
AMES, IOWA – Once again, Ron Paul distinguished himself in a Republican presidential debate by telling Americans the truth, answering the questions he was asked, and refusing to treat his countrymen like ten-year-olds who should be spoken to in bumper-sticker slogans.
On the economy, everyone talked about lower taxes, cutting spending, and a balanced budget – the usual boilerplate. Only Ron Paul sought to explain why we have recessions in the first place. Only Ron Paul mentioned the critical role of the Federal Reserve System in blowing up the bubbles that have popped in America over the past decade. Only Ron Paul explained that the monetary system we have, whereby money can be created out of thin air whenever the political class wants it, is a recipe for the very kind of disaster we are living through right now. Continue reading →
CNBC: Bernanke: Fed May Launch New Round of Stimulus
Gold is hitting a new high on the news and silver is also rallying.
Initial jobless claims came in at 427,000 last week – more than expected of course. This is the ninth straight week that the number has exceeded the key psychological level of 400K.
Unemployment ticked up to 9.1% in May. During that month 54,000 jobs were created. Better than half of those we’re jobs at McDonald’s.
by Jeffrey Sparshott and Jeff Bater | Dow Jones | May 12, 2011
The Treasury Department auctioned $56 billion in new debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday. Continue reading →
by Jon E. Dougherty | News Room America | May 11, 2011
Steve Forbes, the founder of one of the nation’s premier economic magazines and onetime GOP presidential contender, says he believes the nation will return to the gold standard within five years because doing so would solve a number of economic, fiscal and monetary issues. Continue reading →
According to Zillow.com the pummeling housing market continues. Housing values fell 3% in the first 3 months of the year, a pace not seen since 2008. Previously anticipating a bottom in the housing market sometime in 2011, Zillow is now pushing that forecast back to 2012 at the earliest.
The slip caused more homeowners to find themselves underwater. The figure now stands at 28.4%. More then 1 out of 4 homes are now worth less then what their owners owe on them.
The monthly foreclosure rate also rose slightly to 0.101%. That’s about 1 out of every 1000 homes was foreclosed on during March.
Read more at Zillow.com
UPDATE: Let’s also not forget the $8.5 billion dollar bailout that Fannie Mae is now asking for.
The unemployment rate for April rose to 9.0% reversing the ever so slight down trend seen since November. Of course, our friendly league of economic forecasters was expecting the number to hold at 8.8%. The upside is 244,000 new jobs were created. Unfortunately, 62,000 of them came from McDonald’s.
I guess the Fed & C0. were hoping that so many who left the workforce did not return to looking for a job. The headline unemployment number does not include those that have given up looking for a job, nor those that have settled for part time work. When including them, the real under/unemployment is closer to 22 or 23%.