Is America really “the land of the free”? Most people think of money as simply a medium of exchange that makes economic transactions more convenient, but the truth is that it is much more than that. Money is also a form of social control. Just think about it. What did you do this morning? Well, if you are like most Americans, you either got up and went to work [...]
The LIBOR scandal that has engulfed London’s financial and political elites is entering its third week and picking up steam on this side of the Atlantic.
Among the latest developments:
The NY Times reports the Justice Department’s criminal division is “building cases against several financial institutions and their employees.”
State Attorneys General in New York and Connecticut are investigating whether states incurred losses because of LIBOR manipulation which “could lead to a wider [...]
The headline which paradoxically ramped stocks yesterday, is back:
ECB DECIDED ON ADDL MEASURES TO IMPROVE BANKING SECTOR ACCESS
ECB DECIDE TO REDUCE RATING THRESHOLD FOR SOME ABS
ECB SAYS AUTO-LOAN ABS WILL BE ELIGIBLE
ECB SAYS IT WILL APPLY 16% HAIRCUT TO A RATED ABS COLLATERAL
ECB TO BROADEN SCOPE OF MEASURES INTRODUCED DEC. 8, 2011
ECB SAYS BBB-RATED RMBS FACE 26% HAIRCUT
ECB SAYS RMBS OF AT LEAST BBB MAY BE ELIGIBLE
ECB SAYS BBB-RATED CMBS [...]
Debt Slavery: 30 Facts About Debt In America That Will Blow Your Mind
When most people think about America’s debt problem, they think of the debt of the federal government. But that is only part of the story. The sad truth is that debt slavery has become a way of life for tens of millions of American families. Over the past several decades, most Americans have willingly allowed themselves to become [...]
The list is extensive yet some of the issuers are interesting. Many MBS issuers have a large percentage of their portfolios in ARM’s. For example, the Siena Mortgages 10-7 S.r.l. has 91.88% in ARM’s. And there are many, many more which are similar. Also there are many auto loan notes as well as a Belgian chocolate manufacturer.
by Charles Hugh Smith from Of Two Minds
Debt-Serfdom Is Now the New American Norm
Trapped assets that generate no income streams in the present are not capital; the value of such non-productive assets is illusory. Strip away these trapped assets and the reality is revealed: most American households toil to service their debts.
The typical American household is insolvent: its debts exceed its assets. There is nothing fancy about calculating insolvency: if debts [...]
More than a quarter of all U.S. mortgages remain underwater, and that’s having a damaging impact on the U.S. consumer recovery, according to Societe Generale.
The latest CoreLogic data shows that 27.7% of mortgages are underwater. And no matter how low interest rates go, many U.S. mortgage holders with underwater mortgages are no longer eligible for refinancing, according to Societe Generale. This, along with a rise [...]
You see, the public simply doesn’t understand that the big U.S. banks ARE the Fed. I cannot stress the importance of this enough. If you look at the board of directors http://www.federalreserve.gov/generalinf…
you’ll find the following:
* JPMorgan Chase & Co. — DISTRICT 2 – NEW YORK
* Bank of America Oregon, N.A. — PORTLAND BRANCH
* Wells Fargo Bank, N.A. — SEATTLE BRANCH
There are many more banks that comprise [...]