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PyurAureo

Another Day, Another Euro

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All across the land - pensions are a major item to fund and they are mostly underfunded at the moment.

 

"California has at least $63 billion in unfunded pension liabilities"

"New Mexico this year approved longer work requirements - from 25 years to 30 years - for state employees starting in 2010."

 

from sea to shining sea

shut 'em all down

 

cancel 'em

 

problem solved

 

no worky no eaty

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One of the nation's largest mrotgouge conpanies, Taylor, Bean and Whitaker, unexpectedly shut its doors for good, leaving thousands of people in the dark about how to keep paying their mrotgouges.

 

As the twelfth largest home-loan conpany in the nation, Taylor, Bean and Whitaker has shut its doors amid allegations of possible fraud.

 

The government stopped the conpany from handling FHA loans only days ago. "Their wholesale branch or division has closed down. They are no longer accepting loan originations," said Bruce Singer.

 

Singer has dealt with the mrotgouge conpany in the past and says many who are still dealing with them may be left with a lot of questions. But he says for now, they're all answers left up in the air. Still, he recommends those who have loans with the conpany to keep paying as they normally would.

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shut 'em all down

 

cancel 'em

 

problem solved

 

no worky no eaty

 

Actually, regular folks could do just as bad as mutual fund managers of these pensions so why not shut the pensions down, give the worker his lump sum and let them trade their money in their 401k till retirement. It's like healthcare, why have a bureaucrat between you and your money or you and your doctor.

 

and everyone is feeling so good why not.

 

"The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, jumped over three points on Friday to 77.9 to the highest level in 11 months. The last time confidence was this high came just before the collapse of Lehman Brothers and the beginning of federal bailouts. The Consumer Index is up four points over the past week, up eight points over the past month, and up 18 points from the beginning of 2009.

 

Nationally, 31% of adults say U.S. economic conditions are getting better, up four points over the past week and five points over the past month. Forty-six percent (46%), however, say economic conditions are getting worse.

 

While 36% of government workers say economic conditions are improving, only 26% of entrepreneurs and 30% employees of private companies agree. One in three (33%) retired adults say the economy is improving. " http://www.rasmussenreports.com/public_con..._consumer_index

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Ah the wonders of communism!

 

"but Cash for Clunkers made it possible to buy a new Elantra. It was an absolute no-brainer. The sticker price was $17,500, and I paid $10,500."

 

"It worked out for me. But this is really just a loan against the future -- the money will have to be accounted for someday, so I'd like to thank all the other people in the country who helped my daughter get a new car."

 

http://finance.yahoo.com/family-home/artic...od=family-autos

 

:lol:

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This chart has been much on my mind. It's about economics and perception not the market.

 

Look at the numbers for 1959 and you would think we were in a depression that year. I am not sure what it all means but it sure is a different perspective.

post-441-1249733638_thumb.jpg

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This chart has been much on my mind. It's about economics and perception not the market.

 

Look at the numbers for 1959 and you would think we were in a depression that year. I am not sure what it all means but it sure is a different perspective.

Got social welfare?

 

The chart begs the question: Has the middle class been exploited by the rich, or just looted to by the poor?

 

"From ability to need".

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One of the nation's largest mrotgouge conpanies, Taylor, Bean and Whitaker, unexpectedly shut its doors for good, leaving thousands of people in the dark about how to keep paying their mrotgouges.

 

As the twelfth largest home-loan conpany in the nation, Taylor, Bean and Whitaker has shut its doors amid allegations of possible fraud.

 

The government stopped the conpany from handling FHA loans only days ago. "Their wholesale branch or division has closed down. They are no longer accepting loan originations," said Bruce Singer.

 

Singer has dealt with the mrotgouge conpany in the past and says many who are still dealing with them may be left with a lot of questions. But he says for now, they're all answers left up in the air. Still, he recommends those who have loans with the conpany to keep paying as they normally would.

 

Good more business for "officially supported" mortgage companies (WFC/BAC/etc) ... get on with the plan. :angry2:

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Bank Death March - The long slog continues...

 

Three regional banks failed Friday, bringing the 2009 tally to 72, the Federal Deposit Insurance Corporation said.

 

Two Florida banks -- First State Bank, of Sarasota, and Community National Bank of Sarasota County, in Venice, -- and one Oregon bank -- Community First Bank, of Prineville -- closed Friday.

 

St. Cloud, Minn.-based Stearns Bank, N.A., will assume control of the assets of both Florida banks, and Home Federal Bank, of Nampa, Idaho will assume the assets of the Oregon bank,the FDIC said.

 

The failure of First State Bank -- which as of May 31 held assets worth $463 million and total deposits of $387 million -- will cost the Deposit Insurance Fund an estimated $116 million, according to the FDIC.

 

Community National had total assets of $97 million and total deposits of approximately $93 million as of June 30 , and its closure will cost $24 million, the FDIC said.

 

Community First Bank had total assets of $209 million and total deposits of approximately $182 million. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $197 million of assets, the FDIC said.

 

The FDIC estimates that this closure will cost the Deposit Insurance Fund $45 million

 

In total, Friday's bank closures will cost the FDIC fund $185 million, bringing the cost for failed banks to $16.58 billion this year. That compares with $17.6 billion in all of 2008.

 

The number of bank failures so far in 2009 has almost tripled last year's total of 25

 

Cnn

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Entering the Greatest Depression in History

More Bubbles Waiting to Burst

 

While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which dwarf the housing bubble burst of 2008. Indicators show that the next possible burst is the commercial real estate bubble. However, the main event on the horizon is the “bailout bubble” and the general world debt bubble, which will plunge the world into a Great Depression the likes of which have never before been seen.

 

In late June of 2009, the BIS reported that as a result of stimulus packages, it has only seen “limited progress” and that, “the prospects for growth are at risk,” and further “stimulus measures won't be able to gain traction, and may only lead to a temporary pickup in growth.” Ultimately, “A fleeting recovery could well make matters worse.”

 

The BIS has said, in softened language, that the stimulus packages are ultimately going to cause more damage than they prevented, simply delaying the inevitable and making the inevitable that much worse. Given the previous BIS warnings of a Great Depression, the stimulus packages around the world have simply delayed the coming depression, and by adding significant numbers to the massive debt bubbles of the world’s nations, will ultimately make the depression worse than had governments not injected massive amounts of money into the economy.

 

Worth reading the whole thing.

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This chart has been much on my mind. It's about economics and perception not the market.

 

Look at the numbers for 1959 and you would think we were in a depression that year. I am not sure what it all means but it sure is a different perspective.

 

 

I thought 1959 was a good year. I guess I didn't know how bad things were. :D

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