Once again, John Williams of shadowstats.com gives us the real numbers. Quite a spread from the “official” tally.
- Payrolls Regain Pre-2001 (Not Pre-2007) Recession Levels
- February Unemployment: 8.3% (U.3), 14.9% (U.6), 22.4% (SGS)
- Trade Deficit Deteriorates in January Reporting and Prior-Period Revisions
- Money Supply M3 Growth Stalls Anew
Yep, almost one-fourth of the US population is unemployed or under-employed. No wonder the US has to borrow half of every dollar spent; a quarter of the population can’t pay income taxes, because they DO NOT HAVE A DECENT JOB.
…..ISDA will hold an auction on credit swaps of Greek debt on March 19th.
Groovygirl is a little suspicious of the “auction”. Maybe Jim Sinclair can shed some light on it later today.
Update: the plot thickens, i.e. just became really cloudy…click here.
Jim Sinclair’s take: click here.
MF Global Trustee asks court to pay MF Global executive bonuses. WHAT?!!
Under the expected pay plan, the three executives and as many as 20 other MF Global employees working for Mr. Freeh would get the bonuses only if they hit specified targets such as increasing the value of MF Global’s estate for creditors
Hey, groovygirl has an idea to increase the MF Global Estate…don’t pay the bonuses and, maybe ask JPM to pay back the money they stole from customers segregated accounts. Just an idea.
This is UN-fricking-believable.
Did Mr. Giddens send letters to MF Global customers that were suing Jon Corzine in civil suits an offer: drop all civil suits and you will get some more money back?
Groovygirl was wondering how they were going to handle the civil suits that were sure to pop up. They sure have the criminal case buried.
Wow, if this is true, why is main stream media not covering this? As I think this is called blackmail.
Charles Hugh Smith has another excellent post over at Of Two Minds about the “Pretend Economy”. Specifically, he exposes the student loan debt bubble that will create a whole generation of debt slaves.
Groovygirl strongly urges all young people to run screaming from all debt, especially student loans. Pay cash for everything. It is the only way you will have any freedom in the next 30 years. If you pay cash for everything in the next 10 years, you will be light-years ahead of your fellow Americans.
If you pay cash for everything and save money in inflation-adjusted investments for the next 10 years, you will be able to buy tangible assets and income-producing assets at fire sale prices. People who will be caught in the debt trap will be begging you to buy their assets for pennies on the dollar.
The student loan bubble is far worse than the housing bubble, because there is no tangible asset to cover even a part of the debt and student loan debt is exempted from bankruptcy laws. You can NEVER walk away from student loan debt.
Banks and colleges couldn’t care less if you are trading 15% (or more with penalties) of your income over the next 30 years for a few dollars now. They will get bailed out, you will not.
Please, don’t be a sucker.
Think about it. Can you afford a family and a mortgage on 15% less than what your peers are making, those that actually have jobs? If you become a debt slave, you will have to choose a house or a family or perhaps, neither. You will have to take a job based on pay, not what you like to do.
You think you are stuck now? Wait until the bank starts demanding payments. Try to get a mortgage or a business loan in the future, when you have fallen behind on student loan payments.
It is gg’s opinion that in this economic environment, personal debt will always limit you more than not having a college eduction. Work now and save the money for college.
Click here for a summary and also link to one-hour audio of another great interview with Prof. William Black as he discusses the crony capitalism and its consequences.
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