swordfish Posted May 12, 2009 Report Share Posted May 12, 2009 U.S. Posts First Budget Deficit for April Since ‘83 http://www.bloomberg.com/apps/news?pid=206...&refer=home Link to comment Share on other sites More sharing options...
swordfish Posted May 12, 2009 Author Report Share Posted May 12, 2009 Medicare, Social Security Funds Worsen in Recession (Update2) The Social Security trust fund will run out of assets in 2037, four years sooner than previously forecast, the trustees said today. Spending on Medicare, the health insurance plan for the elderly, will reach a legal limit by 2014, the same year predicted in 2008, the trustees’ report said. http://www.bloomberg.com/apps/news?pid=206...&refer=home BTW on the polish, one of the most popular, newspaper their is an art about Arnold S. from California and the vote about cuts. well well well, he is if people will not say yes to cut then he inter alia will release 51k prisoners hahahahaha God damn, but you know way more about it, its about your country. I'm having this in "foreign news" category Link to comment Share on other sites More sharing options...
Rounder Posted May 12, 2009 Report Share Posted May 12, 2009 Freddie Mac reports Q1 EPS of ($3.14) vs ($0.66) a year ago... From the press release..... Reports provision for credit losses of $8.8 bln for the first quarter of 2009, compared to $7.0 bln for the fourth quarter of 2008, reflecting continued increases in the number of delinquent loans, delinquency rates and estimated severity of losses driven by ongoing deterioration of housing and credit market conditions. First quarter 2009 results were driven primarily by $9.1 bln in credit-related expenses related to the continued severe economic conditions during the first quarter, including declines in home prices, further deterioration in labor markets, and a drop in consumer confidence to record lows. In addition, the company recorded $7.1 bln in security impairments on available-for-sale securities primarily due to sustained deterioration in the performance of the collateral underlying the company's non-agency mortgage-related securities. These results were partially offset by net mark-to-market gains of $3.8 bln on the company's derivative portfolio, guarantee asset and trading securities mainly due to impacts of increases in long-term interest rates and spread tightening. In the first quarter of 2009, the company recognized an additional valuation allowance of $3.1 bln against its net deferred tax assets. "While we expect the coming quarters to be difficult, we are seeing preliminary signs of slowing in home price declines as low mortgage rates and high affordability take hold, and conforming mortgage credit to prime borrowers continues to be widely available." Press Release Link to comment Share on other sites More sharing options...
swordfish Posted May 12, 2009 Author Report Share Posted May 12, 2009 I repost it from IDS. must read http://www.investorsinsight.com/blogs/john...0-question.aspx Link to comment Share on other sites More sharing options...
swordfish Posted May 12, 2009 Author Report Share Posted May 12, 2009 Concerning last post "Where do we find the money? Obviously, governments may buy a portion of these bonds themselves, but they cannot afford more than a fraction of the total unless they want to challenge Mugabe as the ultimate master of illusion. Neither should investors hold out for sovereign wealth funds to do the dirty work. As is clear from chart 9, the total amount of wealth accumulated in these funds is pocket money when compared to the projected bond issuance over the next few years. Hence it comes down to the price at which governments can attract sufficient demand from people like you and me. One of two things may happen. Either this crisis will ignite such a bout of deflation that investors will happily own government bonds yielding 2-3% or the deflation scare goes away ultimately, the global economy recovers and bond investors demand much higher yields for taking sovereign risk. I am not yet sure which scenario will prevail, but I do know that both are quite bad for equities longer term. Take your profits!" http://www.investorsinsight.com/cfs-file.a...00_2EAFA39F.jpg http://www.investorsinsight.com/cfs-file.a...00_3C15B6A5.jpg http://www.investorsinsight.com/cfs-file.a...00_5E6D4C1E.jpg Link to comment Share on other sites More sharing options...
DrStool Posted May 12, 2009 Report Share Posted May 12, 2009 http://wallstreetexaminer.com/2009/05/12/l...sional-edition/ Link to comment Share on other sites More sharing options...
cwd Posted May 12, 2009 Report Share Posted May 12, 2009 Deninger has a great rant. ;)We are being robbed. rant Link to comment Share on other sites More sharing options...
cwd Posted May 12, 2009 Report Share Posted May 12, 2009 32 users, we must be near a top? Link to comment Share on other sites More sharing options...
swordfish Posted May 12, 2009 Author Report Share Posted May 12, 2009 http://graphics8.nytimes.com/images/2009/0...y/joblosses.jpg Link to comment Share on other sites More sharing options...
swordfish Posted May 12, 2009 Author Report Share Posted May 12, 2009 The Economic Tsunami Is Curling Over I have only one question for those who speak of "green shoots": What are you smoking? hahaha its just get better i.a. Sales Tax Decline in Late 2008 Was the Worst in 50 Years Early Data for 2009 Show Further, Sharp Drop in Tax Revenues for Most States http://market-ticker.denninger.net/archive...rling-Over.html ok, i can go to my bunker..... Link to comment Share on other sites More sharing options...
cwd Posted May 12, 2009 Report Share Posted May 12, 2009 It looks like old Richard Russell is starting to agree with me. May 12, 2009 -- I read about what's going on in the Fed and the Treasury, and I can't believe it. Friedman, former president of the powerful NY Fed, (he's also a director of Goldman) buys 52,600 shares of stock in Goldman Sachs, and he's accused of a conflict of interest. Friedman quits -- but where does he quit? Why I'll be damned, he quits his Fed job -- and chooses to remain a Goldman director. What a surprise! It's now obvious that the Fed and the Treasury want, above all, to save the banks. Everything else is secondary. It's also increasingly obvious that the bankers own the nation and that Goldman Sachs runs the nation and the banks. The whole thing is so flagrant that my head spins. And what Goldman doesn't control, the Pentagon controls. RR Link to comment Share on other sites More sharing options...
K Wave Rider Posted May 12, 2009 Report Share Posted May 12, 2009 For those who might think this is just a normal recession.... These two charts should provide some perspective... Pimpco secular outlook http://www.pimco.com/LeftNav/PIMCO+Spotlig...09+El-Erian.htm Link to comment Share on other sites More sharing options...
Charmin Posted May 12, 2009 Report Share Posted May 12, 2009 Those of you with 999 on your target list must know we are proceeding into Bubble land. I believe if we get through the last high and proceed to 999 we would stop at the weekly 50ma right where that 999 area lies. The sp futures have a common gap just above 923 from Sunday's gap down. http://www.StockSharePublishing.com/ChartL..._1242164024.png Link to comment Share on other sites More sharing options...
cwd Posted May 12, 2009 Report Share Posted May 12, 2009 It looks like old Richard Russell is starting to agree with me. May 12, 2009 -- I read about what's going on in the Fed and the Treasury, and I can't believe it. Friedman, former president of the powerful NY Fed, (he's also a director of Goldman) buys 52,600 shares of stock in Goldman Sachs, and he's accused of a conflict of interest. Friedman quits -- but where does he quit? Why I'll be damned, he quits his Fed job -- and chooses to remain a Goldman director. What a surprise! It's now obvious that the Fed and the Treasury want, above all, to save the banks. Everything else is secondary. It's also increasingly obvious that the bankers own the nation and that Goldman Sachs runs the nation and the banks. The whole thing is so flagrant that my head spins. And what Goldman doesn't control, the Pentagon controls. RR More from the same article Do I think there's manipulation going on? You bet I do. I wouldn't put anything past Wall Street and the Fed. I think gold is being manipulated down. I think the Dow is being manipulated UP to cover up the weakness in the dollar. Put the public's attention on the Dow -- as long as the Dow is rising, "everything must be all right." And we know that the Fed is buying bonds. Isn't it time for the IMF to remind us that they're thinking of selling a load of gold? Link to comment Share on other sites More sharing options...
Jorma Posted May 12, 2009 Report Share Posted May 12, 2009 For those who might think this is just a normal recession.... These two charts should provide some perspective... Pimpco secular outlook http://www.pimco.com/LeftNav/PIMCO+Spotlig...09+El-Erian.htm Industrial production is soooooooooo 20th century. Nobody was making any money on industrial production anyway so why bother? Link to comment Share on other sites More sharing options...
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