Archive for the 'Economy' Category
Home Prices Post Record Annual Drop
December 27th, 2007Captain Obvious strikes again. Via: Reuters: Prices of existing U.S. single-family homes recorded their biggest annual drop in October, suggesting the housing slump is far from over, a national home price gauge released on Wednesday showed. The Standard & Poor’s/Case-Shiller year-over-year index of 10 metropolitan areas fell to 209.68 in October, down 6.7 percent from […]
New York Town Lets Poor Seniors Work to Pay Property Taxes
December 27th, 2007This is an unusually grim story, even by my standards. What’s the innovative solution for seniors who are lonely, broke and unable to pay their property taxes? Have them work for penury for the tax man! Of course, the ghastly Associated Press represents this as a human interest/happy ending story. The seniors get to hang […]
Train Wreck Imminent?
December 26th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Paul Tustain is the Director of BullionVault. He recently sent this email out to BullionVault clients. I am a BullionVault client and affiliate: Hello, Seasons Greetings from all of us here at BullionVault. I append a few thoughts concerning prosperity in […]
Suburban Tent Cities
December 26th, 2007Via: Reuters: Between railroad tracks and beneath the roar of departing planes sits “tent city,” a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California. The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 […]
“Adverse Self-Reinforcing Dynamic”: Financial Crisis May Make 1929 Look a “Walk in the Park”
December 25th, 2007Some Christmas cheer from the Telegraph. Via: Telegraph: Twenty billion dollars here, $20bn there, and a lush half-trillion from the European Central Bank at give-away rates for Christmas. Buckets of liquidity are being splashed over the North Atlantic banking system, so far with meagre or fleeting effects. As the credit paralysis stretches through its fifth […]
Statement Introducing the Free Competition in Currency Act
December 23rd, 2007The man is taking his life in his hands. Via: U.S. House of Representatives: Statement Introducing the Free Competition in Currency Act 13 December 2007 Rep. Ron Paul, M.D. Madame Speaker, I rise to introduce the Free Competition in Currency Act. This act would eliminate two sections of US Code that, although ostensibly intended to […]
No Trial, No Conviction: FBI Steals Millions of Dollars Worth of Gold from Individuals on Deposit with Liberty Dollar, Plans Auction
December 23rd, 2007That the cops have stolen people’s gold and intend to sell it isn’t news to me, but rather a real world lesson on why I keep my gold in a vault in Switzerland. The U.S. is “behind enemy lines” in my opinion. People in the U.S. are in grave danger. It’s not complicated, if you’ve […]
Fed to Offer Emergency Loans to Banks for as “Long as Necessary”
December 22nd, 2007Via: Bloomberg: The Federal Reserve will conduct biweekly emergency auctions of loans as “long as necessary” as part of a global attempt by central bankers to restore faith in the money markets. The Fed and European Central Bank loaned $30 billion in 35- day funds today at an interest rate of 4.67 percent, 2 basis […]
GAO Says Government Failed Yet Another Financial Audit
December 21st, 2007Yeah, but the Government gets high marks in transferring public wealth to a small number of private, blood soaked hands. Besides the atrocities, does that count for anything? Via: Government Executive: For the 11th straight year, the federal government failed its financial audit, GAO announced Monday, in a widely anticipated finding that Comptroller General David […]
One in Five Expect to Borrow to Heat Homes This Winter
December 20th, 2007Via: Yahoo Finance: For perhaps as many as 27 million American adults, keeping warm this winter will mean borrowing money and 20 million will use credit cards to be able to afford their heating bills, according to a CreditCards.com poll. Nearly 12 percent of Americans say they will need to borrow money to pay winter […]
