Filed under: 1984, 2-party system, bailout, bear sterns, Big Banks, Big Brother, biometrics, California, central bank, Congress, Control Grid, credit card, credit cards, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, fannie mae, Federal Reserve, forclosure, foreclosures, freddie mac, George Bush, global economy, gold, Great Depression, Greenback, henry paulson, House, housing market, imf, indymac, Inflation, IRS, left right paradigm, liquidation, mortgage lenders, national debt, nationalization, neocons, Neolibs, Oppression, orwell, Paulson, Police State, Propaganda, real estate, Ron Paul, Senate, silver, Stock Market, subprime, subprime lending, Surveillance, Taxpayers, US Economy, us national debt, US Treasury, Wall Street | Tags: fingerprints, housing securities, HR 3221, The American Housing Rescue & Foreclosure Preventio
Taxpayers Will Pay $800 BILLION For Failed Mortgage Lenders
House & Senate passes housing bailout bill H.R. 3221 (The American Housing Rescue & Foreclosure Prevention Act) by an overwhelming 272-152 vote, Bush will sign soon.
Youtube
July 24, 2008
Ron Paul talks about the bailout out of the housing industry and how it really just destroys the dollar and adds enormously to the debt.
Also, slipped into the bill, was the stipulation that ALL credit card transactions must now be reported to the IRS.
Details of today’s housing bill by Dr. Ron Paul:
-$2.5B line of credit to the Treasury (Fannie & Freddie – ‘F & F’) is now “open-ended”
- UNLIMITED – Treasury now allowed to buy all ‘F & F’ housing securities
- Congress no longer involved in appropriating funds (Treasury now does)
-National Debt Ceiling Moved up $800 BILLION (buried in the bill)
–Treasury Bills being exchanged for unwanted ‘F & F’ securities
- This is the asset which “backs up our currency”
- Value of these assets are depreciating
- Treasuries have replaced gold and silver to back US Dollar
– Solution breeds inflation
- Places pressure on the US Dollar
-Mortgage industry workers “will now have to be fingerprinted.”
–All credit card transactions will now be reported to the IRS.
Housing bailout bill – another $800 billion gift from the taxpayer to Wall Street
Related News:
http://market-ticker.denninger.net/archive..GRESS-IMMINENT.html
Investors worldwide are betting more than $1 trillion on a collapse in American stock prices
http://www.wakeupfromyourslumber.com/node/7529
Faber: Fannie, Freddie Should Not Get Aid
http://www.bloomberg.com/apps/n..&sid=a_L_tms03WSI&refer=home
Senate Passes Housing Bill
http://www.axcessnews.com/index.php/articles/show/id/16490
House OKs Fannie Freddie Bailout
http://news.yahoo.com/s/ap/200..Aujs0nZJn4G9TEm4v_o7vh.MwfIE
woman commits suicide as home foreclosed
http://www.norwichbulletin.com/new..suicide-as-home-foreclosed
Fannie and Freddie Own A Record $6.9 Billion Foreclosed Homes
http://www.economicpolicyjournal.co..d-freddie-own-record-69.html
U.S. Foreclosures Double
http://www.bloomberg.com/apps/news..87&sid=aomtw8.Pro2E&refer=home
IMF: U.S. Housing Overvalued By 20%
http://www.reuters.com/article/domesticNews/idUSN2542244220080726
California foreclosures up 261% from ‘07 levels
http://latimesblogs.latimes.com/laland/2008/07/cal-foreclosure.html
Freddie MAC CEO Paid $20 Million A Year
http://money.cnn.com/2008/0.._CEO.ap/index.htm?section=money_latest
Fannie, Freddie rescue pricetag could hit $25B
Housing report bruises Wall Street
Bank of China may hold huge US debt
Dems & Paulson Push Fannie/Freddie Bailout
Filed under: credit cards, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, food prices, gas prices, global economy, gold, Great Depression, Greenback, imf, Inflation, interest rate cut, interest rate cuts, Karl Rove, Oil, OPEC, palladium, Petrol, platinum, rate cut, silver, Stock Market, US Economy, Wall Street, Warren Buffett, wheat
Gold hit record of $989 an ounce, falls back $981
Bloomberg
March 4, 2008
Gold declined from a record today in Asia as some investors judged the recent rally overdone. Silver also fell.
Gold has gained 19 percent this year to a record $989.54 yesterday, as the U.S. dollar tumbled to record low against the euro at $1.5274 while the crude oil rose to record $103.95. Dollar gained to $1.5187 at 1:41 p.m. Singapore time and crude oil declined to $102.25.
“There’s been some short-term profit-taking going on this afternoon,” Charles Dowsett, head of structuring and trading of precious metals at ABN Amro Holding NV., said by telephone from Sydney today. “But we are seeing support at $980 level.”
Gold for immediate delivery fell $2.36, or 0.2 percent, to $981.34 at 1:42 p.m. Singapore time, after reaching as low as $979.00.
Buffett: US Economy In Recession
Economists and business heads agree US is in recession, Federal Reserve is doing nothing to counter
Steve Watson
Infowars.net
March 3, 2008
American investor, businessman and philanthropist Warren Buffett is the latest in a string of notable figures to concede that the US economy is now in recession.
Buffett, the largest shareholder and chief executive officer of Berkshire Hathaway, and the third-richest person in the world, made the comments in an interview with cable network CNBC.
“I would say, by any commonsense definition, we are in a recession,” Buffett said.
His comments come on the back of an annual letter to shareholders (PDF), which he released Friday along with Berkshire’s 2007 financial report, in which he made similar warnings.
“It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008,” he said. “Prices are down, and exposures inexorably rise. Even if the U.S. has its third consecutive catastrophe-light year, industry profit margins will probably shrink by 4 percentage points or so.
“If the winds roar or the earth trembles, results could be far worse.”
Buffett is one of the most successful investors in the history and an economic expert.
He has previously warned of the expanding trade deficit’s slow devaluation of the dollar and other U.S. assets.
Buffett is not the only notable figure waving the red flag. A survey released last week by the National Association for Business Economics showed that 45 percent of economists are predicting a recession in 2008.
Indeed, economists everywhere are sounding the alarm and asking why the Federal Reserve continues to do little or nothing to counter the rapid downturn as stocks around the world continue to tumble, inflation spirals and the dollar falls to new lows.
“We are becoming increasingly concerned that the authorities in the world do not get it,” said Bernard Connolly, global strategist at Banque AIG. “The extent of de-leveraging involves a wholesale destruction of credit. The risk is that the ‘shadow banking system’ completely collapses,” he said.
“I never thought I would see anything like this in my life,” said James Steele, an HSBC economist in New York.
“The verdict is in. The Fed’s emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed. As the once unthinkable unfolds, the leaders of global finance dither. For the first time since this Greek tragedy began, I am now really frightened.” writes Ambrose Evans-Pritchard, International Business Editor for the London Telegraph.
http://www.nytimes.com/2008/03/03..slogin&pagewanted=print
The Federal Reserve’s rescue has failed
http://www.telegraph.co.uk/money..008/03/03/ccview103.xml
The Fed Releases Crisis Preparedness Video
http://www.roguegovernment.com/news.php?id=7064
IMF Chief Says Euro Is Overvalued
http://www.ft.com/cms/s/0/d0ce1520-e918-11dc-8365-0000779fd2ac.html
Platinum Rises To Record – Palladium Rallies
http://www.bloomberg.com/apps/ne..GE0YUOiK3xk&refer=commodities
OPEC Expected To Maintain Output
http://www.iht.com/articles/ap/2008/03/03/business/EU-FIN-OPEC-Meeting.php
Karl Rove: Redeployment Would Cause Oil Prices to Skyrocket to $200 a Barrel
http://thinkprogress.org/2008/03/02/rove-oil-iraq/
World Stocks Tumble On U.S. Recession Fears
http://news.yahoo.com/s/afp/2008..80303123807&printer=1
Soaring Food Prices Imperil U.S. Aid
http://www.msnbc.msn.com/id/23418142
Asian Markets Tumble On Wall Street Drop
http://money.aol.com/news/articles..et-drop/n20080302230409990004
Most Americans Using Credit To Stay Afloat
http://www.usatoday.com/money/p..28-credit-cards_N.htm
Stocks fall sharply on economic worries
http://news.yahoo.com/s/ap/20080229/ap_on_bi_st_ma_re/wall_street
U.S. Economy: Spending Eroded By Inflation
http://www.bloomberg.com/apps/new..arFDNXdz_IKY&refer=home
Filed under: Big Banks, credit cards, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, exxon mobil, FDIC, Federal Reserve, gas prices, general motors, George Bush, global economy, gold, Great Depression, Greenback, housing market, imf, Inflation, interest rate cuts, michigan, Oil, OPEC, Petrol, rate cut, south africa, Stock Market, subprime, subprime lending, US Economy, Venezuela
Another Fed Cut May Spur Gold Rally
Dilip Kumar Jha
Business Standard
February 17, 2008
More interest rate cuts by the US Federal Reserve to protect its slowing economy are likely to strengthen gold prices further with the metal being a safe haven for investors having offered handsome returns in the last year-and-a-half.
Additionally, closure of mines in the wake of power shortage in South Africa have affected supplies badly. As a consequence, the metal has enjoyed great support from retail and institutional investors which will continue to boost it in the future.
Thus, gold is set to touch $915 an ounce this week. However, after breaching this level, the metal may take another two to three months to hit the $950 an ounce-mark.
In India, however, standard gold may see good support at the present level of Rs 11,630 per 10 grams and is likely to rally beyond Rs 11,800 per 10 grams this week. The breach of the Rs 12,000-mark is on the cards, too.
The US Federal Reserve cut the key lending rate twice (75 and 50 basis points) last month to 3 per cent, providing fresh funds for the US and world economy.
However, experts believe the rate cuts haven–t help revive the economy. Hence, prospects of a further 50 bps cut looms large.
High prices have dampened demand in India severely as total imports in January were a meagre 4 tonnes from 62.5 tonnes in January 2007.
India, the world–s largest gold consumer, is a market sensitive to price fluctuations. The nominal imports in January were a result of the knee-jerk reaction to volatile and high prices.
–Even if the price moves in the higher range, consumers will get used to it and demand will resume,– said Jayant Manglik, head (commodities) at Religare Enterprises. Manglik believes that both gold demand and prices will continue to go up.
In the last year-and-a-half, gold offered 32 per cent returns which other asset classes failed to achieve. Reportedly, the International Monetary Fund (IMF) is unlikely to offload gold in the physical market before two to three months as it may wait for prices to rise further.
Meanwhile, investors from other classes are gradually shifting their funds towards gold which is evident from the record gold trading in London during January.
Trading volumes in London rose to a 19-month high in January at an estimated average of 25.3 million ounces. Trading volumes in January 2007 stood at 17.1 million ounces.
Gold remained volatile last week in Jhaveri Bazar, a major spot market in Mumbai, with prices touching high of Rs 11,895 per 10 grams on Monday.
However, weak sentiment continued to prevail throughout the week with fresh orders for weddings drying up. The metal ended the week at Rs 11,630 per 10 grams.
Oil surges above $96 to one-month high
Randy Fabi
Reuters
February 15, 2008
Oil rose above $96 a barrel on Friday, surging to a one-month high as investors fixated on the possibility — however slim — of OPEC member Venezuela halting supplies to top consumer the United States.
The South American country, one of the largest crude exporters to the United States, cut shipments to Exxon Mobil (XOM.N: Quote, Profile, Research) earlier this week after the U.S. oil major won court orders to freeze over $12 billion of Venezuela’s assets.
Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, imposed the embargo on Exxon after threatening to cut off all shipments to the United States in the row over nationalization of Exxon assets in Venezuela.
U.S. crude CLc1 was up 45 cents at $95.91 by 1015 GMT, after earlier hitting $96.05. London Brent crude LCOc1 rose 25 cents to $95.41.
“I can’t believe the Venezuelans will actually go ahead and do that, but as long as there is this uncertainty it’s going to continue to have a bullish impact,” said Tony Machacek at Bache Commodities.
U.S. Energy Secretary Sam Bodman said on Thursday he did not expect Exxon to have trouble replacing oil supplies from Venezuela, but said the nation’s Strategic Petroleum Reserve would be available if needed. nN13311576
“Venezuela will not affect the crude supply fundamentally. There will be some risk premium but there will not be any natural shortfall in crude,” said Gerard Burg of National Australia Bank in Sydney.
Major oil producers in the Middle East have already assured the United States they could compensate for a supply disruption if Venezuela slows exports.
FDIC Chairperson Bair: “Housing Crisis Has Just Begun”
http://www.cnbc.com/id/22933893
Federal Reserve gives away Billions to banks!
http://mparent7777-2.blogspot.com..gives-away-billions-to.html
OPEC considers dumping US dollar
http://www.presstv.ir/detail.aspx?id=43221§i..3510213
Recession to be longer than usual: University of Michigan
http://www.reuters.com/article/domesticNews/idUSN0826726720080208
Imploding Credit Bubble to Hit $1 Trillion
http://www.washingtonindependent.com/view/part-two-the-united
Banks Begging For Government Bail Out
http://www.reuters.com/article/ousiv/idUSN1440273120080214
Global Inflation Climbs To Historic Levels
http://www.iht.com/articles/2008/02/12/business/inflate.php?page=1
Credit Card Rates Continue To Rise
http://www.washingtonpost.com/..0/AR2008021002537_pf.html
Chavez ‘may cut oil supplies to US’
http://www.spacewar.com/2006/080210153450.k8y2za8p.html
A $43 Trillion Dollar Market That Most People Have Never Heard Of
http://www.huffingtonpost.com/jac..ar_b_86199.html
World bourses lost 5.2 trillion dlrs in January
http://afp.google.com/article/ALeqM5gFCytl_9hgGZdhCYPN01fbFqosHg
G.M. Loss Worst Ever for U.S. Carmaker
http://www.wsmv.com/automotive/15278246/detail.html?rss=nash&psp=news