Murnut Economic Meltdown Blog pt3

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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Wed Jul 28, 2010 8:40 pm

"The Conformers are hard to read. They are rocks."
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Re: Murnut Economic Meltdown Blog pt3

Postby Etherian » Sat Jul 31, 2010 3:00 am

More great news. Gag
The recession was deeper than the government previously thought.

The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year -- the steepest drop since 1946. That's worse than the 2.4 percent decline originally estimated.

The economy's plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high.

The revisions in gross domestic product, or GDP, now show zero growth in 2008. That compares with a 0.4 percent gain previously estimated.The economy also grew less in 2007 (1.9 percent) than earlier thought (2.1 percent).

For all three years, consumers spent less and home builders cut more deeply than had been thought. Those factors help explain the downward revisions on the economy.

The revisions also show that struggling state and local governments cut spending more last year than previously thought. And they spent less in 2007 and 2008.

The economy slid into its worst recession since the Great Depression in late 2007. Many economists think the recession ended last summer, although a panel of academics that dates the start and end of recessions hasn't declared when this one ended. The panel usually does so well after the fact.

From the start of the recession in December 2007 until the April-to-June quarter of 2009, the economy sank 4.1 percent. That was deeper than the 3.7 percent decline previously estimated for the recession.

GDP is the broadest gauge of the economy's health. It measures the value of all goods and services -- from machinery to manicures -- produced in the United States.

The Commerce Department's latest revisions reach back to 2007. They're based on more complete data and on methodology thought to be more accurate.
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Re: Murnut Economic Meltdown Blog pt3

Postby Etherian » Sat Jul 31, 2010 3:04 am

You Can Call Me Ray wrote:Say Mur,

Check out my latest post under the Keeping An Eye On Obama thread. It deals with a new revelation of a "secret" provision in the newly enacted Financial Reform law that basically allows the SEC to refuse to respond to ANY/ALL FOIA requests!

So we now have a SECRET SEC! This is not only epic failure, but this is clear evidence for the march to socialist control. A GOV agency funded by taxpayer dollars that is for the express purpose of protecting taxpayer investments... and now they do not have to respond to We The People and can hide anything they want from us.

This cannot stand. This is the last straw for me and these evil socialists in control of our GOV. Revolution is not far, and they can't hide the financial implosion heading our way much longer.

They are soooooo fired!
Ray

Ray, the scary part is that many don't get it. I only hope that by November some real change can be put in place to slow this drive to a socialist police state. But a lot of people are going to have to wake up, big time.

It's hard to believe we have slid down toward the precipice this far and this fast.
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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Tue Aug 03, 2010 3:21 am

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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Thu Aug 05, 2010 3:47 am

http://mandelman.ml-implode.com/2010/08 ... -no-shame/

GM, GMAC & the US Government… Have You No Shame?

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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Fri Aug 06, 2010 6:26 pm

http://theautomaticearth.blogspot.com/2 ... s-and.html


August 5 2010: Capitalists of Chaos and Catastrophe


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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Fri Aug 06, 2010 6:29 pm

Fannie Mae Says It Needs $1.5 Billion From Treasury After Loss

Thursday, August 5, 2010

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http://sfgate.com/cgi-bin/article.cgi?f ... AUQE9A.DTL[/quote]
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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Mon Aug 09, 2010 3:33 am

Excellent article at the link

Huge Battle Looms Over Public Pensions - Who Will (Who Should) Foot the Bill?


http://globaleconomicanalysis.blogspot. ... sions.html
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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Tue Aug 10, 2010 3:13 am

Excerpt
http://globaleconomicanalysis.blogspot. ... blems.html

Fooled by Stimulus - Structural Problems Still Intact

Bill Watkins, a California Lutheran University professor, provides a nice summary on New Geography of the failure of various stimulus efforts to do anything meaningful in the wake of a collapse by Lehman, a collapse he says is a "regime shift".





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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Tue Aug 10, 2010 3:28 am

Deflation it is

excerpt


Governments do not have the power that people imagine them to have. They cannot overcome the power of the collective, when that power is focused like a laser beam in one direction. Governments are going to find that the number of claims on their resources skyrockets, even as their tax receipts fall dramatically and their ability to borrow is curtailed by rising interest rates as a reflection of rising sovereign debt risk. Debt-junkie governments will be caught in a liquidity trap until the power of the international debt financing model is finally broken, as it will eventually be.

However, this does not happen overnight. Until it does, the power of governments to print will be sharply limited. We would expect this to remain the case through the era of deleveraging, which should last for several years. While inflation may be a long term threat once the power of the bond market is broken, that threat lies much further down the line. It is deflation that is today's threat, and deflation that people must prepare for right now.
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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Wed Aug 11, 2010 12:15 am

Small Business Trends - Yet Another Disaster


http://globaleconomicanalysis.blogspot.com


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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Wed Aug 11, 2010 1:25 pm

Elizabeth Warren Uncovered What the Govt. Did to 'Rescue' AIG, and It Ain't Pretty
By William Greider, The Nation
Posted on August 9, 2010,
http://www.alternet.org/story/147788/



View this story online at: http://www.alternet.org/story/147788/




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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Wed Aug 11, 2010 9:26 pm



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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Sun Aug 15, 2010 2:08 am

I won't post the article....but you should read it at the link

http://theautomaticearth.blogspot.com/2 ... y-and.html
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Re: Murnut Economic Meltdown Blog pt3

Postby murnut » Sun Aug 15, 2010 2:18 am

U.S. Is Bankrupt and We Don't Even Know It


http://www.bloomberg.com/news/2010-08-1 ... ikoff.html
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