April 2010

China to "slightly" increase currency value, token move to claim the U.S. did somethin' while doing nothin'

What a surprise. Here comes the ineffectual response on Chinese currency manipulation so the U.S. can pass the buck again.

The Chinese government is preparing to announce in coming days that it will allow its currency to strengthen slightly and vary more from day to day, a move being taken for domestic policy reasons in China but likely to please the Obama administration, people with knowledge of the emerging consensus in Beijing said on Thursday.

The article goes on to claim this is a political windfall for the Obama administration.

But, of course any annoucement could be delayed:

The Latest Implausible Denials from the Con Men of Wall Street

Yet another hearing, yet more denials and refusal to accept any responsibility in the Financial crisis.

I'm sick to death of this frankly and say, put them in jail and be done with it. If one cannot put them in jail, pass laws to do so with ease and be done with it.

I also propose bloggers put together a financial reform bill, all publish it on their blogs, and demand Congress pass it. It seems every one monitoring these events knows exactly what to do (including break up the big banks), except our Government.

Seriously, is anyone else sick to death of Congressional continual pussy footin' around? An admonishment here, a scolding there, in some obscure hearing on capital hill? No consequences, no concrete changes in law, no real action. All hat, no cattle, pomp and circumstance.

With that, Dylan Ratigan did a segment, which sums up what's really going on with financial reform.

Imagine that, Doctors who own for profit surgery centers, perform twice as many "surgeries" as those who do not

Ever go to a Doctor and feel you are being sold and peddled expensive services, procedures and drugs even to the point of a bogus diagnosis? Well, a new study validates what you perceived.

 

ANN ARBOR, Mich. — When doctors become invested in an outpatient surgery center, they perform on average twice as many surgeries as doctors with no such financial stake, according to a new study from the University of Michigan Health System.

Blog claiming BoA to increase foreclosures 600% in 2010

The blog Irvine Housing is reporting BoA plans to increase foreclosures 600% in 2010.

Bank of America is projecting a 600% increase in its already large number of monthly foreclosures.

This isn't unsubstantiated rumor; this comes straight from one of the most powerful men in Bank of America's OREO department (yes, that really is what they call it). It appears they have too many properties already.

The blog seems to be all for it!, that aside, these statistics:

1.2 million Bank of America homeowners are in default. Even if they forclosed on 45,000 a month for a full year, that is only 540,000 foreclosures.

Here's a bit of good news, GM to pay back the government

Looks like GM has recovered (unlike Detroit):

General Motors Co., steadily returning to health after its near-collapse in 2009, said Tuesday it plans to pay off its government loans by June — five years ahead of schedule — and could report a profit as early as this year.

Remember all of the controversy and blasting of the U.S. auto industry?

Here is the past and current financial situation. GM may report a profit this quarter.

The biggest fraud that you haven't heard of

Fraud traditionally occurs behind closed doors. The larger the fraud, the more chances of its existence leaking out to the public. Only after the scheme has blown up does the news media report it.
Fraud has a short lifespan once it is subject to the harsh rays of sunlight. It is only a matter of time before the lies on which it is built come crumbling down.

Last week a massive case of fraud was exposed to the light, but because it hasn't imploded yet the mainstream news media isn't reporting it. In fact, the media seems to want to ignore the facts.
Why? Not because they question the facts, but simply because of the subject of the fraud - precious metals.

Must Read Posts for April 6, 2010

On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.

Sometimes though, one cannot say it better but miss those who did.

Must Read Post #1

An New York Times op-ed by Koniah, Cohen, Dana & Ross, How Washington Abetted the Bank Job , blasts Ben Bernanke claiming he knew nothing on the Lehman 105 repo use. They also call out all of Washington.

Detroit Goes Down (and not in a good way)

A new report is telling us Detroit is goin' down, to bankruptcy that is. No surprise here with the worst unemployment rate in the nation.

Mayor Dave Bing and the City Council must reduce the size of government and slash the city's budget deficit to stave off bankruptcy or state receivership, according to a report released Monday.

Without draconian cuts and changes aimed at downsizing government, the city could end up with a "possible" general fund deficit between $446 million and $466 million to its $1.6 billion budget.

JOLTS for February 2010 - 5.5 people for 1 job

The BLS has released the job openings and labor turnover (JOLTS), for February 2010.

There were 2.7 million job openings on the last business day of February 2010, the U.S. Bureau of Labor Statistics reported today. The job openings rate was little changed over the month at 2.1 percent.
The hires rate (3.1 percent) and the separations rate (3.1 percent) were also little changed in February.

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