(GoldScents) – STILL JUST A BABY BULL

It’s sad to say but I’m afraid 90/95% of all retail traders/investors are not going to successfully ride the gold bull. The reason of course is that they are deathly afraid of draw downs. It’s glaringly apparent every time gold pulls back or suffers the slightest correction. Immediately a slew of traders come on the blog and warn of impending doom. “Gold is going to $600″ (think Elliot wave). Some are even brave (maybe I should say ‘foolish’) enough to short. Here is one we hear alot lately, “miners are going to get crushed if the stock market enters a new leg down in the secular bear market”.

Pure nonsense!

Let me show you what happened to gold and miners during the 2000-2003 bear market. Read More Here

(Alternet) – Why Banks Try to Make Borrowers Feel Like Sinners When They Can’t Pay off Their Mortgages

Crazy views about homeownership are helping the very bankers who screwed us in the first place. Read More Here

(TheComingDepression) – World economies on verge of currency revaluations to deal with debt

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford
Basically what the world central banks are doing is increasing their money by devaluing it (printing more than it’s worth) and giving it to banks so that they can lend it. Then, when things pick up, simply take the money back and destroy it. Read More Here

(Telegraph) – Euro ‘will be dead in five years’

The euro will have broken up before the end of this Parliamentary term, according to the bulk of economists taking part in a wide-ranging economic survey for The Sunday Telegraph. Read More Here

(WashingtonsBlog) – University of Texas economics professor James K. Galbraith previously said that fraud caused the financial crisis:

You had fraud in the origination of the mortgages, fraud in the underwriting, fraud in the ratings agencies.

Senator Kaufman said last month: Read the rest of this entry »

A staggering 22 percent of all mortgages in the state of Florida are non-current, according to a new report from Lender Processing Services. Read the rest of this entry »

Greg Gordon, a reporter for McClatchy Newspapers, talks with Alex about Goldman Sachs Group peddling more than $40 billion in securities backed by at least 200,000 risky home mortgages and never telling the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Read the rest of this entry »

Greg Gordon, a reporter for McClatchy Newspapers, talks with Alex about Goldman Sachs Group peddling more than $40 billion in securities backed by at least 200,000 risky home mortgages and never telling the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Read the rest of this entry »

Oct. 26 (Bloomberg) — Salvatore Calvanese, the treasurer of Springfield, Massachusetts, for four years, had a ready defense for why he risked $14 million of taxpayer money on collateralized-debt obligations laden with subprime mortgages in 2007. Read the rest of this entry »

Political “leadership” of the two oligarchy parties spin their economic policy as being for the public benefit. Professional economists increasingly cast economic policy in unprecedented harsh criticism, even calling for public demonstrations against what they claim as gross violations of financial law. Let’s consider current facts of high importance: Read the rest of this entry »

William K. Black – professor of economics and law, and the senior regulator during the S & L crisis – says that that the government’s entire strategy now – as during the S&L crisis – is to cover up how bad things are (“the entire strategy is to keep people from getting the facts”). Read the rest of this entry »

The economic meltdown has put the country on the fast track to socialism, but through a series of tiny steps. One need only to examine the supposed victories in the war on depression to see how this is happening. The latest is the claim that the Obama administration has successfully renegotiated many mortgage obligations in a way that allows people to keep their homes. Read the rest of this entry »

Consumer credit is falling fast. In July, consumer credit plunged by $19 billion, followed by an August drop of $12 billion, a 5.8 percent annual rate. Credit card spending decreased by nearly $10 billion in August, while non-revolving debt, including auto loans, fell by $2 billion. Credit has shrunk for 7 consecutive months, the longest period of decline since 1991. Read the rest of this entry »

Obama has won the 2009 Nobel Peace Prize, having been nominated for it just two weeks into his Presidency.
Let’s take a look at some of the reaction. Read the rest of this entry »

In Michael Moore’s new film Capitalism: A Love Story, Congresswoman Kaptur says there has been a financial coup d’etat, and that Wall Street – rather than Congress – is in charge. Read the rest of this entry »

In Michael Moore’s new film Capitalism: A Love Story, Congresswoman Kaptur says there has been a financial coup d’etat, and that Wall Street – rather than Congress – is in charge. Read the rest of this entry »

In December 14, 2008, in his interview on the CBS sixty minutes show, Whitney Tilson an investment fund manager predicted that the subprime collapse was only half way of the total real estate bubble, and that the second half will begin take place around 2010 and will continue until about the year 2013. Tilson also discussed the two fancy Wall Street terms for bad mortgages namely Alt-A (Alternative-A paper) and option arms mortgages. These loans lured borrowers with teaser rates that will begin to reset this year. Read the rest of this entry »

“The credit belongs to those people who are actually in the arena…who know the great enthusiasms, the great devotions to a worthy cause; who at best, know the triumph of high achievement; and who, at worst, fail while daring greatly…so that their place shall never be with those cold and timid souls who know neither victory nor defeat.” – Theodore Roosevelt Read the rest of this entry »

(MSNBC) – Economists estimate 1.8 million borrowers will lose their homes this year Read the rest of this entry »

Booyah. It’s morning in America. The jobless numbers are stabilizing, the stock market is sizzling, quarterly earnings came in better than expected, traders have turned bullish, housing is showing signs of life, and clunker-swaps have given Detroit a well-needed boost of adrenalin. Even Cassandra economists –like Paul Krugman and Nouriel Roubini–have been uncharacteristically optimistic. Is is true; did we avoid a Second Great Depression? Is the worst really behind us? Read the rest of this entry »

In a Wall Street Journal op-ed on Monday, and in congressional testimony later in the week, Fed Chairman Ben Bernanke reassured all that thanks to his accurate foresight and deft use of the Fed’s policy toolkit, he could maintain near zero percent interest rates for an extended period without creating inflation. With supernatural powers such as these, one wonders if Ben would be better employed by the Justice League rather than the Federal Reserve. Read the rest of this entry »

(DailyMail) – No name is more ubiquitous in the pantheon of global finance than that of Goldman Sachs. At a time when world commerce and banking has been brought to a shuddering halt by greed, excess and foolishness, this investment bank provoked astonishment and disgust this week by handing out record bonuses. Read the rest of this entry »

The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday. Read the rest of this entry »

America is living on borrowed time as the credit clock time bomb approaches midnight. The Obama administration still doesn’t get it with its top down stimulus plan ~ Americans are in survival mode. They are broke, their credit cards are maxed out, they only spend for necessities wherein food and rent take precedence over credit card purchases or payments Read the rest of this entry »

More than 600,000 seniors are delinquent in their mortgage payments or already in foreclosure, USA Today reports. Read the rest of this entry »

The economy continued to shrink in the first quarter of 2009 at an annual pace of 6.1 percent, making it the worst recession in more than 50 years. Gross Domestic Product slipped into negative territory from January to March for back-to-back quarters of negative 6 percent growth. Read the rest of this entry »

Toxic debts racked up by banks and insurers could spiral to $4 trillion (£2.7 trillion), new forecasts from the International Monetary Fund (IMF) are set to suggest. Read the rest of this entry »

Many financial experts have focused narrowly on the immediacy of Treasury Secretary Tim Geithner’s plan while neglecting to consider certain long-term implications. Read the rest of this entry »

Many financial experts have focused narrowly on the immediacy of Treasury Secretary Tim Geithner’s plan while neglecting to consider certain long-term implications. Read the rest of this entry »

Newspaper reports seem surprised at how high banks are bidding for the junk mortgages that Mr. Geithner is now bidding for, having mobilized the FDIC and Fed to transfer yet more public funds to the banks.

Read the rest of this entry »

Newspaper reports seem surprised at how high banks are bidding for the junk mortgages that Mr. Geithner is now bidding for, having mobilized the FDIC and Fed to transfer yet more public funds to the banks.

Read the rest of this entry »

On March 19 the New York Times reported: “The Fed said it would purchase an additional $750 billion worth of government-guaranteed mortgage-backed securities, on top of the $500 billion that it is currently in the process of buying. In addition, the Fed said it would buy up to $300 billion worth of longer-term Treasury securities over the next six months.” Read the rest of this entry »

Santelli, a former Chicago trader and financial executive, talks about President Barack Obama’s economic bailout plans, in particular Obama’s plan for the government to subsidize millions of people’s mortgages. Santelli talks about how he feels Obama’s plans go against what America represents. Read the rest of this entry »

Santelli, a former Chicago trader and financial executive, talks about President Barack Obama’s economic bailout plans, in particular Obama’s plan for the government to subsidize millions of people’s mortgages. Santelli talks about how he feels Obama’s plans go against what America represents. Read the rest of this entry »

Turns out we didn’t need “stealth socialist” Barack Obama to pervert capitalist America into a crumbling nationalized economy run in private by a dome-skulled kleptocracy as our nation’s battered military wastes away in the forgotten bummer of a civil war in Afghanistan. WAIT A MINUTE that is exactly what happened in the Soviet Union! And the so-called Republicans did it, because they are Fiscal Socialists!
Read the rest of this entry »

Britain’s housing market took a fresh battering today as new figures revealed the number of homes sold has halved in the past year while the number of home loans approved last month fell by a staggering 66.9 per cent. Read the rest of this entry »