“The way the Government Calculates the Debt is a Bad Joke Anyway” – Comeback America Initiative CEO David Walker and Former U.S. Comptroller look at the ratio of public debt-to-GDP (Source: Bloomberg)
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From Pragmatic Capitalism: Now here’s some commentary that will catch your eye. Longtime bear David Rosenberg says there is light at the end of the tunnel and that he might be bullish as early as Thanksgiving of this year. In yesterday’s note, he wrote: “The future is brighter than you think. This does not mean we will not have another recession, by the way — we had a doozy within the first [...] by ZH Every quarter the Office of the Currency Comptroller releases its report on Bank Derivative Activities, and every quarter we find that the Too Big To Fail get Too Bigger To Fail. To wit: in Q4 2011, of the total $230.8 trillion in US outstanding derivatives, the Top 5 banks (JPM, BofA, Morgan Stanley, Goldman and HSBC) accounted for 95.7% of all Derivatives. In some respects this is good news: in [...] An Actionable reader Bullet posted an item Wednesday on California’s tax receipts cratering. There is more detail is his post, but here is the key take away. “Compared to last year, State tax collections for February shriveled by $1.2 billion or 22%. The deterioration is more than double the shocking $535 million reported decline for last month. The cumulative fiscal year decline is $6.1 billion or down 11% versus this period in [...] by ZH The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding [...] by ZH The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding [...] Amazon.com is negotiating a deal with Texas officials that would see the online retail giant promise to bring more than 5,000 jobs and $300 million in capital investments to the state over the next three years – if in exchange lawmakers will grant Amazon a 4 1/2-year exemption from collecting tax on online sales, according to documents obtained by the American-Statesman. The proposed deal would be [...] A second class-action lawsuit has been filed in a Houston federal court against Comptroller Susan Combs on behalf of 3.5 million Texans whose personal information was exposed to public access on a government computer server for more than a year. “We are seeking the $1,000 statutory penalty for each of these individuals whose privacy was violated by the Comptroller,” said attorney Muhammad Aziz, of the Abraham, Watkins, Nichols, Sorrels, [...] by Wotan Took me a while to digest it, but it was worth it. Dear Sirs and Madams; I’ve read your impassioned letter to Ben Bernanke, Eric Holder and Comptroller Walsh. You have good intentions, but you miss the point. The excuses we have heard from financial institutions are simply not credible three years into this crisis. People in our districts are hurting. We have tried to help them in the face [...] by setherkins 1. Gov’t property assessors around the state are drastically INCREASING the assessed values of properties in 2010 and 2011 during the worst real estate market in HISTORY!!! |
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