Huge Drop in US incomes

[Pidgey]

This just in:

Taylor, Bean and Whitaker Shuts Down Lending Operations:

http://www.mortgagenewsdaily.com/08052009_tbw_shuts_down.asp

Looks like a lot of "green shoots" mortgage originations might go... brown. They were in cozy with Colonial and so you have to wonder if this has something to do with those FBI raids earlier in the week:

http://www.myfoxorlando.com/dpp/news/orange_news/080309_fbi_raids_building

Fraud, maybe? Anybody wanna' take bets on what's going to happen to Colonial?

http://www.al.com/news/press-register/metro.ssf?/base/news/1249118134298290.xml&coll=3

So far when the FDIC has had to step in and clean up a mess like Colonial, they've had to input the equivalent of 40% of deposits. That money ultimately comes out of the Treasury, who then has to sell bonds to... China, Japan, Russia... (read: somebody else other than us). This is what "they" are getting a bit tired of: the likelihood that they won't ever actually get a return on their investment.

 

[Pidgey]

Ya' know... most of the MSM (Main Stream Media) reports of "green shoots" don't bear up too well when you analyze the underlying economic data. And program buying by the big banks like GS are running speculative stock prices up in hopes that $ucker$ will buy in and relieve them of their earlier losses.

So.

It has become VERY difficult for the average investor to find reliable information about the economy, thus the need for several new indices to accurately gauge things with. How about the new ones coming out like the HWI (Hot Waitress Index)? Or the SWCRCI (Speed at Which Contractors Return Calls Index)?

http://www.rimag.com/articleXML/LN1017203053.html

 

[Dr.Who]

HELLO>>> The Bush Recession greatest economic downturn since the Great Depression...

but now with President Obama The Bush Recession has bottomed out and things are starting to improve!

If Obama can be credited with the good things that are happening then certainly he owns this present economy.

And right now there are more bad economic signs than good ones.

Often it is hard to connect the dots between public policy and economic reactions but one area where it is not hard at all is this:

This administration decided to print money. The direct result is that every dollar held by any American has become worth less. last I heard the total assets held by Americans have decreased by about 20% as a result of this hidden tax. Do you own a home or have a retirement plan? If so then you have just given up a significant part of your money so that this adminstration can spend billions.

 

[Dr.Who]

HELLO>>> The Bush Recession greatest economic downturn since the Great Depression...

Oh and saying it again does not make it any more true.

This recession is simply not NOT a greater economic downturn by any objective standard than many of the numerous other recessions we have had since the great depression. Plenty of other recessions have been worse.

 

[Pidgey]

This administration decided to print money. The direct result is that every dollar held by any American has become worth less. last I heard the total assets held by Americans have decreased by about 20% as a result of this hidden tax. Do you own a home or have a retirement plan? If so then you have just given up a significant part of your money so that this adminstration can spend billions.

That ain't the world's easiest thing to quantify... however, we can take a few snapshots to provide some kind of supportive data. Guess we should start with the value of the dollar over the timespan of... say... Feb 1, 2009 to now?

So... beginning with 86 at the beginning of February and a current value of 78... that gives 78/86ths or... 90.7%. That alone is going to impact different people differently as we don't import every doggone thing...

 

[Pidgey]

Let's take a look at the gubmint' produced CPI numbers:

...and a standard link to that image in case you can't see the picture:

http://news.webshots.com/photo/2981110150073664377IczUHO?vhost=news

 

[asur]

Even the liars are suffering under Obama's change.

CBS Corp. said Thursday its second-quarter net profit fell sharply as softness in the advertising market continued. Yet the broadcast network saw early signs of recovery during the quarter.

"We continue to believe that the back half of the year will be considerably stronger than the first," CBS Chief Executive Leslie Moonves said in a statement.

Net profit in the April-June quarter dropped 96 percent to $15 million, or 2 cents per share, from $408 million, or 61 cents per share, a year earlier.

How do you like that stimulus CBS?
Well this might be something to celebrate!

 

[Pidgey]

More on falling incomes:

http://www.bloomberg.com/apps/news?pid=20601068&sid=aRU6ZUwzT9iA

 

[pocketfullofshells]

It is not easy to stay calm when someone keeps making rude comments to you. I really do not understand how he has done it.

You dont have to like or agree with what he says but I would hope you would fight for his right to say it.

as the misfits ( covered by Mettalica) song said...Free Speech for the Dumb!

I have never said I would not support him being able to say it,,,,,but I am not going to act like anything said was smart and true, or logical..