US Economy Explained

Discussion in 'Hawaii Business Forum' started by RodneyR, Jun 27, 2011.

  1. RodneyR

    RodneyR Senior Member

    What is happening to the US Economy?

    It's uncanny how this video sums it all up.

    Watch, learn and benefit from it - "Rise of the Fed and Fall of the USA"

    Thanks for viewing...
  2. RodneyR

    RodneyR Senior Member

    More on the US Economy. You can cover up s*** but you can't hide the smell.

    Bank Failures

    "– July 22, 2011 – Three Bank Failures, Two in Florida and One in Colorado, as 2011 Bank Failures Rise to 58. On Friday, Florida Office of Financial Regulation closed Southshore Community Bank in Apollo Beach, Florida, and LandMark Bank of Florida in Sarasota. To protect the depositors, the FDIC entered into a purchase and assumption agreement with American Momentum Bank to acquire the banking operations, including all the deposits, of these two bank failures. Assets of these two bank failures total $321.3 million, and resulted in an estimated to cost the FDIC of $42.7 million. Separately, Colorado Division of Banking closed Bank of Choice in Greeley, Colorado. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank Midwest, N.A. in Kansas City, Missouri, to assume all of the deposits of Bank of Choice. In addition to assuming all of the deposits, Bank Midwest agreed to purchase approximately $853.0 million of the failed bank's assets. As of March 31, 2011, Bank of Choice had approximately $1.07 billion in assets, and the bank failure is estimated to cost the FDIC $213.6 million. These additional bank failures bring the total number of bank failures in July to ten, four in Florida, three in Colorado, two in Georgia and one in Illinois. Assets of these ten failed banks total $3.8 billion and resulted in an estimated cost to the FDIC of $975.8 million.

    2011-Q2 Bank Failures.
    The second quarter of 2011 had a total of 22 bank failures, with assets totaling $9.7 billion and at a cost to the FDIC of $1.97 billion.

    2011-Q1 Bank Failures.
    The first quarter of 2011 had a total of 26 bank failures, with assets totaling $10.0 billion and at a cost to the FDIC of $1.85 billion."

  3. RodneyR

    RodneyR Senior Member

    N.J. faces $10.5B budget deficit heading into next year

    "Published: Tuesday, July 20, 2010,

    TRENTON — New Jersey faces a $10.5 billion budget deficit heading into next year — nearly the same size as the gap that opened up before this year’s spending plan passed, according to an analysis by a nonpartisan legislative office."


    Illinois' budget deficit worst in nation, auditor says

    Read more: Illinois' budget deficit worst in nation, auditor says
    From the Herald & Review
    "SPRINGFIELD - Illinois is No. 1, but not in a good way.

    Auditor General William Holland says Illinois ended the 2010 fiscal year with more red ink than any state in the nation, including similarly cash-strapped California.

    Illinois' $37.9 billion net deficit, which includes debts owed to state employee pension systems, is more than the state will spend out of its general checkbook this year. The closest state to Illinois' downward spiral was New Jersey, with a $28.2 billion imbalance.

    Read more: Illinois' budget deficit worst in nation, auditor says
    From the Herald & Review "


    Hawaii state budget

    "On June 23, 2011, Gov. Neil Abercrombie signed Hawaii's $21.9 billion biennial state budget. Based on the budget drafted by the state legislature, the governor must reduce state spending by $50 million in each of the next two years.
    The state faced a $71.6 million budget deficit for FY2011 and a $771.9 million shortfall over the next two-year budget cycle, according to Gov. Abercrombie.

    Hawaii has a total state debt of $26,111,383,024 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010"

  4. RodneyR

    RodneyR Senior Member

    Ron Paul July 19th - If the debt is the problem, how do you solve it with more debt?
    Presidential candidate Ron Paul's floor remarks on the debt ceiling , debt limit, inflation, and default.
  5. RodneyR

    RodneyR Senior Member
  6. RodneyR

    RodneyR Senior Member

    Crash Course: Chapter 8 - The Fed & Money Creation by Chris Martenson

    Crash Course: Chapter 9 - A Brief History of U.S. Money by Chris Martenson
  7. RodneyR

    RodneyR Senior Member

    Crash Course: Chapter 10 - Inflation by Chris Martenson


    Crash Course: Chapter 13 - A National Failure to Save (1 of 2) by Chris Martenson
  8. RodneyR

    RodneyR Senior Member

    I hope everyone who views my posts learns and passes these lessons to those around you...

    Crash Course: Chapter 13 - A National Failure to Save (2 of 2) by Chris Martenson
  9. RodneyR

    RodneyR Senior Member

    Why Do Banks Make So Much Money?
  10. RodneyR

    RodneyR Senior Member

    canary in a coalmine...

    Central Falls Rhode Island files for bankruptcy
    Central Falls retirees not ready to accept cuts

    "August 01, 2011

    The state-appointed receiver overseeing Rhode Island's cash-strapped Central Falls on Monday filed for bankruptcy on the city's behalf in an effort to solve its fiscal crisis."

  11. RodneyR

    RodneyR Senior Member

    If you are in debt the financial counselor makes you cut up your credit cards. Like a shop-aholic in debt. SEE JAYNE CHARGE, GIVE HER MORE CREDIT CARDS is a recipe for disaster. Who credit card company will keep giving Gucci bags Jayne more credit when she's in over her eyeballs and can't even keep up with the interest already... China, Japan, Saudi Arabia? Nobody's going to want to buy the US Treasuries.

    House passes debt ceiling agreement; Senate vote is Tuesday

    "August 1, 2011 9:09 p.m.

    Washington (CNN) -- The U.S. House on Monday passed the debt-ceiling deal worked out by President Barack Obama and congressional leaders, sending it to the Senate for consideration a day before the deadline for the government to face possible default."

  12. Battery

    Battery JaVale McGee

    Just WHAT THE FU_CK are you saying man?! Why do you keep on creating artificial thesis thinking about doomsday?
  13. RodneyR

    RodneyR Senior Member

    Woman, Quit acting like a fool... It is already been happening. Denial is not a river in Egypt.

    1 August 2011 Youtube - ""The President Thinks They Have Raised The Debt Ceiling Enough To Get Through The Next Election..." "
  14. RodneyR

    RodneyR Senior Member

    Debt Ceiling Explained
  15. RodneyR

    RodneyR Senior Member

    US Postal Service warns it could default

    5 Aug 2011
    The US Postal Service warned on Friday that it could default on payments it owes the federal government, just days after the US government itself narrowly averted a default.

    As a result of its mounting losses, the US Postal Service said it would not be able to make a legally required $5.5 billion payment in September to a health-benefits trust fund.

  16. RodneyR

    RodneyR Senior Member

    Expect higher interest rates... This is a bigger deal than most can fathom. More taxes more cuts to just pay nothing but the interest now.
    AAA down to AA.

    United States loses prized AAA credit rating from S&P

    NEW YORK | Sat Aug 6, 2011 1:41am EDT

    NEW YORK (Reuters) - The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday in an unprecedented blow to the world's largest economy in the wake of a political battle that took the country to the brink of default.

    "China will be forced to consider other investments for its reserves. U.S. Treasuries aren't as safe anymore," said Li Jie, a director at the reserves research institute at the Central University of Finance and Economics.


    S&P downgrades U.S. credit rating for first time
    August 5, 6:35 PM
    Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.

    Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.

  17. RodneyR

    RodneyR Senior Member

    Death Cross For The Dow Trannies! Let's see what happens from here... markets are heading towards a nasty sell off?

  18. RodneyR

    RodneyR Senior Member

    ^^^^ that Death Cross ended up being the real thing :lol:

    Billionaire Warren Buffet just invested $5 Billion into the most bankrupt insolvent US bank, Bank of America. Bank of America gave out a bunch of bad TOXIC mortgage loans and is about to collapse. Imho Warren Buffet has insider instinct that the giant commercial bank the Ferderal Reserve chairman Bernanke is going to bail out Bank of America and pass the toxic mortage debt to the American taxpayers through a 'stumulus' bail out.

    So again the taxpayers become poorer and the rich will become richer. When Aamerican's citizens wake up and see the ponzi about to occur we're going to wise up and be restless like Greece. Or we can stay dumb and not know it had happened. Dumbing down of America...


    Warren Buffet Berkshire Hathaway Invests $5 Billion in Bank of America

    Thanks again for viewing...
  19. RodneyR

    RodneyR Senior Member

    Occupy Wall Street now has big union support backing the protests nationally. They want to run the banks especially the crooks at Bank of America who got bailouts and bonuses for their mistakes. People in protest of the bailouts went to withdraw all of their money and SWAT teams are guarding the bank. This customer couldn't even get his $5,000 out. The bank teller would not let him withdraw his money. BoA online site is also broken. Pay attention to what's going on here folks...

    4 Oct 2011 - "SWAT Teams in St. Louis Protecting Bank of America; Refusing Customer Withdrawals "
    "according to eye witness testimony, St. Louis PD has barricaded the Bank of America building and is refusing customer access to deposits.

    Eye witness account:

    'They would not let me get past that barricade, where those three guys are. I talked to the liutenant of the St. Louis Police Department - and he said they [customers?] don't have a legal right - but he was going to try to work out something, a symbolic gesture where eight people to pull out their money, I being one of them.'
    He came back later and said they [BofA] will not go along with that. You will have to withdraw your money online.'

    Note that the Bank of America web site has been intermittently in and out of service for the last 72 hours, making it difficult, if not impossible for customers to access their accounts."
  20. Battery

    Battery JaVale McGee

    LOL.. This is nothing compared to the panic back then.

    What are you trying to say again?

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