Important News - Oct. 18 update 1
By Daniel at 18 October, 2009, 3:18 pm
1) Warns of Future Crises: The Economic Recovery is an Illusion
Storm clouds on the horizon… Long article but so important… Please pass it around…
2) What Does The Return Of Dow 10,000 Really Mean? (Doug S.)
There are too many variables to predict short and intermediate stock market trends from here. But one thing is very probable: Democratic plutocracy will triumph over America and much of the world within twenty years — maybe in half that time. Fortunately, the new system will not likely hold together, giving the United States a good chance of being reborn to a better future after its fiery trial and a partial depopulation of the world. In the meantime, it may be prudent for many “buy and hold” investors to liquidate up to one-third of their long-term stock portfolios here at Dow 10,000, using the proceeds to pay down mortgage debt, enhance liquidity, and prepare for mobility if needed. This is not capitulating at the bottom. This is prudently managing risk in the upper one-third of whatever this cyclical bull ends up accomplishing.
3) American unemployment 10%, Goldman Sachs Bonus 23Billion
Here is this video from this mornng Dylan Ratigan explaining how Goldman got Taxpayer money from Geithner and Paulson and made billions. Must watch
4) Half West Michigan’s 13,332 homeless residents are without housing for the first time
5) Economy forcing tax delinquencies; Business owners falling behind on property bills
“In the city of Milwaukee, current delinquent real estate taxes from the past four years totaled $29.2 million, a 19 percent increase over the $24.5 million total in 2007, according to the city treasurer’s office. The amount in the Milwaukee County suburbs rose 14 percent at the end of 2008, from $13.5 million in 2007 to $15.4 million, according to Dan Diliberti, the Milwaukee County treasurer.
This increase brings the total four-year increase since 2005 for Milwaukee County to $9.5 million, a jump of 62 percent, said Diliberti.”
6) Foreign bidders scoop up real estate remnants like bulldozers and dump trucks
“In the past couple of years, Florida has lost about 200,000 construction jobs as new-home sales plunged 80 percent. As a result, many construction companies are hungry for cash. Selling their unused equipment helps get them through the hard times. Much of the equipment is relatively new — model years 2004 to 2007 — another sign of how desperate things have become.”
7) All that federal money came with strings attached
“As gift horses go, this was a beauty.
Just as Washington state was trying to balance a budget knocked on its backside by the worst recession since World War II, the feds rode to the rescue.
About $3 billion in stimulus dollars were shipped West to maintain funding for schools, colleges and social agencies. That and some budget sleight-of-hand helped reduce the need for hard budget cuts from $9 billion to $4.5 billion, all this to a two-year budget of $31 billion.
Yes, it is rude to look such horses in the mouth. Still, state budget writers knew there were potential flaws in this federal generosity, especially something called “maintenance of effort.” By taking the money, the state had to agree not to reduce spending in the areas that were being backfilled.
“We were very aware of it when we were getting it and spending it,” said state budget director Victor Moore. “It would be fine if this budget had played out.”
But it didn’t play out.”
Gulf reiterates commitment to single currency
“18 October 2009
MUSCAT: Gulf finance ministers and central bank governors yesterday reiterated their commitment to a monetary union and a single currency which four states plan to launch next year. The top officials from Bahrain, Kuwait, Qatar and Saudi Arabia meeting in Muscat called on the United Arab Emirates and Oman, which have previously withdrawn from the plan, to rejoin.”
9) Central Bank Advised to Cut Dollar Holding
“To effectively cope with the globally weak dollar, the government should make an all-out effort not only to stabilize the won’s value against the greenback, but also to increase a portion of gold, the euro and other non-dollar assets in the nation’s foreign exchange reserves, Korea Institute of Finance (KIF) said Sunday.”
10) Four ideas to promote job creation from the University of Chicago economist Steve Davis.
12) It is a changing world for the students coming through the system today, from the fins: Europe’s M.B.A.s Out-Earn U.S. Counterparts (Laura Lorber )
- saxplayer
No comments yet.