Archive for the 'Economy' Category
European Banks “Stress Test” Nonsense
July 23rd, 2010Seven of 91 banks failed (breaking on CNBC), but note the part in bold below. Via: Bloomberg: The 91 banks undergoing stress tests were examined on European sovereign debt losses only for the bonds they trade, rather than those they hold to maturity, which may make the tests easier to pass. Portfolios of sovereign five-year […]
One Economic Chart That You Should Permanently Burn Into Your Memory
July 23rd, 2010Via: Economic Collapse Blog:
More Car Buyers Paying With Cash Rather Than Borrowing
July 22nd, 2010This is exactly what Becky and I have been doing for years: “It seems people are re-assessing their financial situations and deciding to spend less, buy used and pay more often with cash…” Via: Car Connection: It appears the recent economic downturn and spate of fuel price rises has not only changed the types of […]
Half of Americans Have Less Than $2,000 Saved for Retirement
July 21st, 2010Here’s some great advice from the Washington Post: To Retire Comfortably… Save Up Between $1.5 and $3 Million. HAHAHAHA. Via: Alternet: With declining earnings and a culture of borrow-and-consume, America’s workers face a future of uncertainty and little money to pay for their retirement. The days of quietly retiring with a nest egg built up […]
Mafia Money-Laundering Profits Swell in Credit Crisis
July 21st, 2010Via: Bloomberg: The mafia has cranked up money laundering activities in Italy after the credit crunch prompted banks to stop lending, leaving a funding gap that criminal capital has filled, according to the Bank of Italy. βThe crisis has given organized crime room to thrive because access to credit has become more difficult,β said Anna […]
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions
July 21st, 2010You already knew about this, but just in case… Via: ABC News: Those already outraged by the president’s health care legislation now have a new bone of contention — a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny. The issue is rising to the fore […]
“Five Leaks in and Around BP’s Well”?
July 21st, 2010Via: Washington Post: Five leaks in and around BP’s well are more like “drips” and aren’t yet reason to worry, said retired Coast Guard Adm. Thad Allen, the national incident commander. He extended testing of the experimental cap by another day, which means the oil will remain shut in. Seepage two miles from BP’s oil […]
America’s New Debtor Prison
July 21st, 2010Via: WalletPop: People who are imprisoned for their debts are technically locked up for contempt of court after failing to appear for a hearing pertaining to their debt. It’s a legal loophole that debt-collection companies are increasingly using. Here’s how it works: First, the collections company files a lawsuit against the debtor, which requires them […]
BP Had Blow Out Preventer Modified in China to Save Money
July 20th, 2010Via: Guardian: BP ordered the owner of the Deepwater Horizon rig, whose explosion led to the worst environmental disaster in US history, to overhaul a crucial piece of the rig’s safety equipment in China, the Observer has learnt. The blow-out preventer β the last line of defence against an out-of-control well β subsequently failed to […]
Engineers Detect Seepage “A Distance” from BP’s Capped Oil Well
July 19th, 2010For weeks, Matt Simmons has been saying that there’s much more to this than the riser we’ve all seen in the videos. Still… We have no idea what’s actually happening down there. Note: Simmons is a member of the Council on Foreign Relations, according to Wikipedia (which doesn’t provide any source), and this ASPO bio […]
