In no uncertain terms and with no hedging, The New York Times reports that the Obama administration was aware of the fact that the IRS was targeting Tea Party groups as far back as June of 2012. The Treasury Department’s Inspector General confirmed that he told senior Treasury officials in June of 2012, a full five months before Election Day:
The Treasury Department’s inspector general told senior Treasury officials in June 2012 he was [...]
(CNSNews.com) – Federal spending was up $30.5 billion in the first five months of fiscal 2013 compared to the first five months of fiscal 2012, according to newly released data from the U.S. Treasury.
The federal fiscal year begins on Oct. 1 and runs through Sept. 30. In the first five months of fiscal 2012 (October through February), according to the Monthly Treasury Statement, total federal spending was approximately $1,473,999,000,000.00. In the first [...]
Washington has decided to negotiate directly with Iran, and will resort to military force in four or five months if diplomacy can’t persuade Tehran to relinquish its alleged atomic weapons program, Israel’s Channel 10 News reported on Tuesday night, quoting a senior American official.
(CNSNews.com) – Seventy-three percent of the new civilian jobs created in the United States over the last five months are in government, according to official data published by the Bureau of Labor Statistics.
In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.
Just under two months ago we noted, somewhat comedically, that the Fed’s researchers were ‘confused’ that its models (the wonderful DSGE) pointed to ‘explosive inflation’ given its current ZIRP regime. Perhaps those same PhDs will also be surprised to note that, based on the 44 month average length ‘out of recession’, that the next recession (as proffered by the NBER) is due to begin March 2013 (though of course, the resolution of [...]
U.S. employers posted fewer job openings in September after advertising more in August than first estimated.
The Labor Department says job openings dropped by 100,000 to 3.56 million, the fewest in five months. August’s openings were revised up to 3.66 million.
Employers also filled fewer of their available positions in September.
(Excerpt) Read more at foxnews.com …
BofA Sees Fed Assets Surpassing $5 Trillion By End Of 2014… Leading To $3350 Gold And $190 Crude
Bank of America just predicted at least 2 years and change of constant monetization, which would send the Fed’s balance sheet to grand total of just over $5,000,000,000,000 as the Fed adds another $2.2 trillion MBS and Treasury notional to the current total of $2.8 trillion.
…And speaking of hyperinflation (and our earlier note [...]
King World News has contacts all over the world that send information to the network directly from the front lines of the global economy. These are the types of things you won’t hear in the mainstream media. Today we wanted to share a couple of these important communications. Below is the first one:
“I have spent 35 years working in U.S. manufacturing and currently work for a global company that dominates [...]
All you need to know about the fiscal cliff which will savage the US economy in under 5 months, unless Congress finds a way to compromise at a time when animosity and polarization in congress is the worst it has ever been in history.
The jobless rate in the euro area reached the highest on record as the festering debt crisis and deepening economic slump prompted companies to cut jobs.
Unemployment in the economy of the 17 nations using the euro reached a revised 11.2 percent in May and held at that level in June, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. In Germany, unemployment climbed [...]
The stereotype of the lazy Greek worker, putting in long hours but not producing much, and not declaring everything to the taxman, has dogged the country’s efforts to get international sympathy.
And this cliché has permeated public opinion elsewhere. Greece is perceived as the least hard-working country in Europe by the British, the Germans, the Spanish, Poles and Czechs, according to a recent survey by Pew. Greeks who were surveyed pointed the finger [...]
A Connecticut couple and their four children were killed
Two sisters from Texas also lost their lives
The pilot of the ill-fated flight was from the U.S. according to Nigerian officials
Flight operator Dana Air investigating cause with U.S. officials and Nigerian government
An American family of six were among those who died in the Nigerian plane crash which claimed 153 lives.
Maimuna Anyene from West Hartford, Connecticut was with her Nigerian husband Onyeke and their four young [...]
Friday, May 01, 2012
One of the many questions arising from the Bilderberg meeting starting today is whether the bankers who gather are still “all for Obama”- as New Mexico Governor and former democratic presidential candidate Bill Richardson has stated they were back in 2008.
In a meeting of the Council on Foreign Relations on June 18 of that year, Richardson stated that Barack Obama was favored for the American presidency by a [...]
Live Action sent pregnant actor to Planned Parenthood clinic in Texas
Counselor told woman ‘continue and try again’ for boy if she aborted a girl
Planned Parenthood condemned video as a ‘hoax’ and said counselor no longer worked at clinic
Abortion clinics have been accused of offering pregnant women the option to terminate based on the sex of their baby, according to pro-life campaigners.
The organization Live Action sent a pregnant woman into a Planned [...]
Forget that S&P 500 e-mini futures plunged to four-month lows at 1290; or Treasury yields crashed back to their record lows; or Gold and Silver’s surge today; or WTI’s plummet to almost a $90 handle; or Citi joining Morgan Stanley in the red year-to-date; or credit markets continuing into the red for the year; or IG9 10Y soaring further to 160bps – widest in 6 months; or VIX closing above [...]
Now its getting interesting. 30Y yields fell the most in 5 months today back to 5 month lows, 10Y yields crashed to all-time closing lows, and Gold surged by its most in 4 months (and 2nd most in 7 months) as stocks started to accelerate lower. Gold is unch on the week now as 30Y is -21bps and 10Y -14bps to 1 1.69% handle – incredible. Between the Philly Fed’s [...]
Goldman Sees “Currency of Last Resort” Up 15% At $1,840/oz in 6 Months
Gold’s London AM fix this morning was USD 1,590.00, EUR 1,228.37, and GBP 987.39 per ounce. Yesterday’s AM fix was USD 1,585.50, EUR 1,221.87 and GBP 984.17 per ounce.
Silver is trading at $29.13/oz, €22.60/oz and £18.15/oz. Platinum is trading at $1,492.73/oz, palladium at $612.20/oz and rhodium at $1,300/oz.
Gold fell $15.80 or 0.98% in New York yesterday and closed at [...]
There were two major housing data releases today. One of them is important. The other was a misleading misdirection play, as it usually is. Due to its peculiar and excessive smoothing methodology, the housing Case Chiller is always behind the curve. It uses a 3 month average of sale prices closed in the 3 months up to the last reported month, in this case December, January, and February. That means [...]
Back in 2006, contrary to conventional wisdom, many financial professionals were well aware of the subprime bubble, and that the trajectory of home prices was unsustainable. However, because there was no way to know just when it would pop, few if any dared to bet against the herd (those who did, and did so early despite all odds, made greater than 100-1 returns). Fast forward to today, when the most comparable to [...]
Brian Wesbury, chief economist of First Trust Advisors (possibly the largest douchebag of sellside on the planet - that is saying A LOT) said so.
As a reminder, the last time ‘ole Brian was this cocky…err confident….aww screw it, here are his past gems and the dates he flung them out like sharts of loose stools from his anal cavity:
Brian Westbury on CNBC on, 12/24/2007, “The US Equity market is about 25% [...]
A 4-year-old girl was injured by a falling TV at this home in Aurora over the weekend. (Credit: CBS)
AURORA, Ill. (CBS) — In a headline that has become all too common lately, a 2-year-old girl was hurt when a TV fell on her in her home in Aurora over the weekend.
Aurora police said a boxlike TV fell from a bookshelf onto the girl in the 100 block of South Union Street.
Has Italy Gone Fascist?
In August this year, CLSA’s Russell Napier wrote: “Italy is scary – yields will rise when governments chose to take money from their savers – what Russell calls THE GREAT THEFT – Expect massive capital flight”. Yet while Russell was commenting on Italy’s opening move in repressing private capital by raising the capital gains tax, but not on gains of government debt, the situation has moved [...]
Yay verily, Michigan Consumer Sentiment jumped more than expected and there was rejoicing all around. Of course, a simple scratch beneath the surface reveals what many realists suspect, expectations for the future are the major driver of the headline number. Unfortunately we have seen exactly this pattern before. Not only are the levels and changes similar to Q3/Q4 2008 but the underlying events (recessionary concerns, banking liquidity concerns, crisis of confidence)are [...]
Gingrich takes the lead
Newt Gingrich has taken the lead in PPP’s national polling. He’s at 28% to 25% for Herman Cain and 18% for Mitt Romney. The rest of the Republican field is increasingly looking like a bunch of also rans: Rick Perry is at 6%, Michele Bachmann and Ron Paul at 5%, Jon Huntsman at 3%, and Gary Johnson and Rick Santorum each at 1%.
Compared to a month [...]