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The Golden Rule
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Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?
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How Many Jobs Are Needed to Keep Up with Population Growth?
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U3 and U6 Unemployment during the Great Depression
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The war on the middle class
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I was wondering WTF that nomination was all about because she was involved in "Clinton policy".....with this news, we're going to have to dig.
What else do we know?
I ignored it with all of the EU TARP style "shock n awe" redux moves, of course involving our Federal Reserve too.
Just the ultimate. GS has gotten the executive branch, Congress so now they will complete the trio?
how precisely the currency swaps by the Fed to foreign central banks carries no risk under these circumstances?
I think currency devaluation as a way to deal with crushing debt is a stated strategy.
This is just so psycho. "We've got a debt problem, therefore we will throw more debt at it". I keep getting the feeling we're in 1930-1931.
I'm beginning to think ZeroHedge's server is messed up because it's crashing more than I can get it to load.
On Fannie/Freddie, we need to dig into the numbers. Here's question I have. If, the U.S. government just did an overall principle reduction on mortgages, across the board, would it be less money than the never ending Fannie/Freddie black hole plus all of the MBSes on the books?
I frankly have not done my homework and this is one huge assignment (probably a MS thesis level assignment frankly), but this is ridiculous and there is no end game in site from what I can see.
People are really moving into strategic defaults with Freddie Mac asking people to not do it on moral principle. They don't get it. If the Banksters can just default and suck up taxpayer money, if corporations have no ethical and moral responsibility to hire Americans and invest in America, can throw away their workers to the point we're all temp now, why should individuals act any differently? They have been using credit scores to scare the shit out of people and relying on that moral value that one should meet their financial commitments, but those same morals and ethics no longer apply the minute one turns oneself into INC.
First France and now Germany.
The race to the bottom of worldwide currency devaluation just entered the home stretch.
This is worth noting:
In other words, they don't have a sustainable business model.
Anybody see this? Goldman Sachs lost no money on any trade in Q2 2010?
Bloomberg story.
That's just plain impossible on the surface, unless one is running the show. Not a single trade anywhere?
Fed enough lies, debt, they just keep buggering on.
But as economics folks, we know there are limits. Both debt and years are the limits of the snowball effect. In early U.S. history, Andy Jackson defaulted on international debt in 1830 when we just could not pay. That's the way it was done in days of really sovereign debt. Now there are 'rescue packages'.
In the $23.7 Trillion credit line, there are endless international loans to the IMF, everywhere in every banking system. But this really does have limits as the snowball equation shows. The limits of debt tolerance are:
1. Commodity HyperInflation.
2. Big Creditor (PRC) Intolerance.
3. Compounding of Debt and Interest on Debt.
4. Debtor Unwillingness to pay, like Greeks burning banks.
So informal hard money, defaults, should happen more not less, frequently. The long term bondholders really get killed. Keynes 'euthanasia of the rentier class'.
Honestly I think that was started by CNBC, on air and they did say it was a rumor, from the trading floor, but if one thinks about it for just a second, with massive computerized trading systems and a 1000 point drop, it is a little ridiculous.
In terms of the people getting anything that will save the middle class and not protect at all costs almighty Wall Street and Banksters, I hear ya.
It is all BS. They want us to continually buy into false news because the governments main goal is to get the bubbles blowing again; to get people buying again and to break out that credit card.
Unemployment up....spin as good news.
Market crashes, well it couldn't be that Greece was scaring the pants off people owning equities.
U6 stats touching near 20%....shh quiet.
Inflation stats seem calm but we who buy food/gas/heat all know that prices have been going up and at a rather robust rate.
Sometimes I really feel like I am living in some future world / sci-i movie where people are constantly fed lies until the masses start to believe the lies. Then the people that don't buy into the lies are painted as bad people.
In the end they will spin the "fat finger" idea as a truth. In reality it was probably so many computer stop loss orders hitting and hitting and hitting causing a domino effect. Nothing new but what could be new is the magnitude of people using protection devices such as stop loss orders.
is right now they are trying to gut derivatives reform and over and over again, we see these dominoes, now operating in the nanoseconds. nanoseconds of dominoes.
http://www.macombdaily.com/articles/2010/03/07/news/srv0000007764565.txt...
...and then tell me there is not an issue with public sector pensions. I am in no way against good benefits for public employees, but they have got so out of hand that something needs to be done. Paying a retired 45 year old deputy sheriff $115,000 a year for the rest of his life is just not sustainable.
Regards,
...I was going to add something but you said it all.
Regards,
I almost always link to the actual data report from the government and if they do not offer permanent links to each report, then I literally download those gov. stats and upload them to this site. That's those attachments and then I link to them, almost always in the first line. (see that link in the first line? That's the actual uploaded report). (although I need to link up to the gov. agency releasing/responsible for the actual report because we're getting page ranked higher in de Google, which is very obviously wrong, but if I do that it puts readers swimming on their sites, which ya know, the point is to try to make these things less confusing. )
So, if you read the above post, I put up U-6, it's 17.1%. but it's buried in the tables A-15. Tables are always at the bottom of these reports. Then, you can also get XLS (txt too) raw data from the BLS. It's kind of a hassle. Their graphing stuff is terrible. As you probably know I used Fed. Reserve, St. Louis FRED and ALFRED online systems for graphing because it is SO COOL! I really love FRED, it's so well done, so useful.
I've looked and looked for this number on the web, where the latest number is kept so I can check it and can never find it.
Is there a link to that stat? Thanks
WOW! That is some kind of analysis - thank you. This blog is like going to graduate school. I'm going to have to do my homework on these numbers. But, maybe it's not worth it in the end. As you have said before about labor statistics "they are bogus". But, you have to take what you can get.
Sadly, organized labor has the political influence in the Democratic party to bring about meaningful statistics or if nothing else hire with their own economist to produce reports that reflect labor reality. I read the labor blogs and I learn nothing about labor economy.
Merkel is headed over rough road because of this and the reaction in other countries including the US will be no less either especially if this Fed bailout gets some press.
The regular press though tend to downplay and deemphasize Fed actions and relegate them to the business page when in actuality there actions are huge for us and deserve front page placement all the time.
Voter Outrage in Germany Over Greek Bailout Begins
Peter Orszag, Director of OMB, argued when he was at the Congressional
Budget Office against increasing the $3,000 limit on deductibility of capital losses from taxable income and that the government should not be in the business of bailing out investors. I assume he still feels the same
way and will so advise his boss. The Federal Reserve (arm of government or arm of banks?) should likewise not bail our investors in Greek bonds --especially those who already got a high coupon to compensate them for the risk. Nor should the Fed be in the business of saving European governments
from the difficult business of governing. Otherwise, you just get more moral hazard.
The Fed has no charter to bail out foreign central banks.
This is one of the things that must be dealt with. Part of the core conspiracy issues you read about is that the Fed ownership is also international and their desire to bail out other countries would back that in part.
Really the only way to deal with the Fed is for Congress to back a new world currency reserve made up of a mix of commodities and currencies which make the dollar a very small part of that mix. We can't even look at the books of our own money supply so we'll never be able to have oversight on what they actually do.
Castrate them at the source of their power.
Ok, I found it. While the Household survey shows 550k more employed people, Let's review the BLS definition, from the Household survey of employed:
In AG jobs, which are not counted in the establishment survey, the increase was 37k. In non-AG, the wage/salaried workers is 471k, BUT, that includes people on unpaid leave. So, from what I can determine, in the household survey those counted as employed who actually weren't making any money is 114k.
This plain just doesn't add up to a direct comparison to the establishment survey. I cannot directly subtract off the results, at least from the report, to make the numbers jive.
Self-employed actually dropped 39k. 5% of the total employed are holding down more than one job. But, still, there are some other adjustments I cannot locate for the BLS to claim the number minus self-employed and AG is 382k. I suspect that's a statistical adjustment.
With that, I attached this report from the BLS explaining the differences, when things have diverged and the different sampling and data methods between the two surveys.
I suspect, strongly, it's the underground economy and a statistical error in population growth, since the Census only updates population annually. But, ya know, talkin' the number someone wants because they are a green shooter is a little ridiculous. It's obviously very difficult to get an accurate picture and I think I've said many times, I think the BLS needs to revamp their data sources and get more detailed info, larger samples, get an updated Pop. number and get it more real-time and get immigration status too. Wouldn't hurt if they counted the number of jobs created globally and where by MNCs who are officially US corporations too. ;)
Anywho, mystery solved and not.
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