Foreclosure sounds like the end of the line, but actual eviction can take months or years — even after the bank has repossessed a home.
RealtyTrac estimates that 47% of the nation’s foreclosed homes are currently occupied. The percentage actually tops 60% in some hot housing markets, like Miami and Los Angeles.
Those still living in repossessed homes include both former owners and renters. Either way, their time in the homes is mortgage and rent free.
When France released its August Jobseekers data in August, and it beat expectations dramatically reversing the trend of ongoing malaise with little to no supporting evidence of ‘why’, we were skeptical. Fast forward one month and we are almost speechless in that not only are European PMIs rolling over just as we warned but the French jobs data is totally screwed up as yet another technical glitch meant 20,000 ‘text’ messages that went unreplied were responsible for the entire improvement. French Labor Minister Michel Sapin is back tracking fast, admitting pre-emptively that “September’s data won’t be good… due to the ‘statistical incident’.” The 50k drop last month has been was bettered by a 60k rise to a new record high for French unemployment.
“Inherent in the nature of government itself is the fact that it is incapable of effectively providing services,” Biderman blasts, noting that “by ‘effective’, he means dollars and hours.” The TrimTabs CEO is breathless in his beration of “the biggest of the big lies,” that continues to be believed by most of America (“given their re-election of Barack Obama” he adds), that government can effectively provide services. The reality is “governments are not capable of getting anything done cost-effectively,” and Biderman, focused on Obamacare as a recent example, concludes “its all FUBAR.”
As much as we loathe saying “we told you so” – especially when it relates to highlighting the fallacious bullshit of one James Cramer – the truth is that just 3 weeks ago we pointed out the fact that the Baltic Dry Index was being heralded as proof of China’s (and therefore the world’s great recovery) was a mistake. At the time, we noted the temporary nature of the move and now forward markets indicated it was not sustainable; and of course, were met with a chorus of deniers. Well, following a 4.4% decline today, the Baltic Dry Index has now plunged over 20% from its recent peak (and the more crucial Capesize container rates even more) as underlying demand simply cannot keep pace with the massive (overbuilt) ship glut that remains. Added to this is the apparent ‘tightening’ stance by the PBOC that we have been noting and we suspect, as we warned, the 2011 deja vus will be clear.
The 25 statistics that you are about to read are solid proof that the middle class in America is being systematically wiped out. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world. It seemed like almost everyone owned a home, had a couple of nice vehicles and could provide a very comfortable lifestyle for their families. Sadly, that has all changed. In America today, prices are rising at a very brisk pace but incomes are not. There aren’t nearly enough jobs for everyone anymore, and most of the jobs that are being “created” are jobs that pay very little. The largest employer in America is Wal-Mart, and the second largest employer is actually a temp agency (Kelly Services). In a desperate attempt to make ends meet, millions of American families endlessly pile up more debt, and millions of other American families find themselves forced to turn to the government for help. At this point, more than 49 percent of all Americans receive benefits from the federal government each month. The percentage of Americans that cannot financially take care of themselves is rising every single year, and our independence is being whittled away as we become increasingly dependent on the government. Unfortunately, our politicians continue to stand aside and do nothing as our jobs are shipped overseas, inflation steals our purchasing power and the middle class continues to shrink.
The following are 25 stats that prove that the American Dream is being systematically destroyed:
* EU wants agreement on bank resolution by end-year
* Wants plan on rewarding reforms by December
* Reforms seen key for sustainable growth in Europe
BRUSSELS – European leaders will confirm on Friday an ambitious timetable for the completion of a banking union, Europe’s biggest project since the euro, and set a December deadline for fleshing out the idea of rewards for structural reforms in the euro zone.Policy-makers believe a banking union in the 18 countries that will share the euro from next year will help increase the flow of credit, boost growth and help prevent financial crises in the future.
Under the union, the European Central Bank will directly supervise the euro zone’s 130 biggest banks from November 2014 and have the power to take over supervision of any of the smaller banks if needed.
Such a Single Supervision Mechanism is to be accompanied by a Single Resolution Mechanism (SRM) – a yet-to-be-created euro zone authority with its own fund that would decide how to wind down or restructure banks that are no longer viable.
Thought those mortgage lawsuits against banks were winding down? Think again.
Today a jury found Bank of America liable for defrauding Fannie Mae and Freddie Mac when its Countrywide unit sold it bad mortgages.
The jury also found former Countrywide executive, Rebecca Mairone, liable on the one fraud charge facing her, Reuters reports.
The verdict is a win for the US government as this is one of the few cases stemming from the financial crisis that it’s taken to trial.
“In a rush to feed at the trough of easy mortgage money on the eve of the financial crisis, Bank of America purchased Countrywide, thinking it had gobbled up a cash cow. That profit, however, was built on fraud, as the jury unanimously found,” US Attorney Preet Bharara said in a statement.
The U.S. Department of Justice is looking to get a $848 million out of BofA.
I knew Baidu’s decision to accept Bitcoin for its Jiasule service was a big deal the moment I saw it, but I didn’t expect the move in price upward to be this powerful and this immediate. There’s a new player in the global Bitcoin marketplace and that player is huge.
China is now not only the number two downloader of Bitcoin software globally, it also hosts the world’s most active exchange. That exchange is called BTC China, and according to Wired now accounts for 33% of bitcoin trades, compared to 23% at Mt. Gox. That’s incredible considering earlier this year it was reported that Mt. Gox had up to 80% of total global trade volume. Meanwhile, apparently merchants on the Ebay of China, Taobao.com, have begun to accept bitcoin.
A single bitcoin is now worth $200, thanks to a little-known exchange in China that is suddenly pushing the digital currency to new heights.
The exchange, called BTC China, has been growing rapidly for the past few months as demand for bitcoins has surged. Today, BTC China accounts for just under 33 percent of trades. That’s ahead of long-time bitcoin exchange Mt. Gox (23 percent) and another rival, the Slovenia-based BitStamp (25 percent). Mt. Gox has long been the most popular exchange — and the most well known — but it has now fallen behind not one but two rivals.
Today’s Chart of the Day comes by way of SocGen’s Albert Edwards who in one image shows why, with gross debt issuance needs between budget funding and rolling maturities at 60% of GDP, Japan has no choice but “to print and print and print“
Last week Mike Maloney exposed the “biggest scam in the history of mankind” in 7 easy steps in his latest presentation. As Mike explains, most people can feel deep down that something isn’t quite right with the world economy, but few know what it is. Gone are the days where a family can survive on just one paycheck…every day it seems that things are more and more out of control, yet only one in a million understand why. Here is the simple infographic to explain the grift…
As you very well know, the business environment for gold producers has been extremely challenging over the past few years. While demand for physical gold remains extremely strong, prices on the COMEX have fallen precipitously. This contradictory situation is the single most important obstacle to a healthy gold mining industry.
In my opinion, the massive imbalance between supply and demand is not reflected in prices because available statistics are misleading. It is not the first time that GFMS (and World Gold Council) statistics come under pressure from the investment community. In his now celebrated “The 1998 Gold Book Annual”, Frank Veneroso demonstrated the inconsistencies in GFMS gold demand data and proceeded to show how they grossly underestimated demand. The tremendous increase in the price of gold over the following years vindicated his conclusions.
This is probably the most painful bug report I’ve ever read, describing in glorious technicolor the steps leading to Knight Capital’s $460m trading loss due to a software bug that struck late last year, effectively bankrupting the company.
The tale has all the hallmarks of technical debt in a huge, unmaintained, bitrotten codebase (the bug itself due to code that hadn’t been used for almost 9 years), and a really poor, undisciplined dev-ops story.
Our guess is that there is no way Icahn announced this without protecting the rest of his position… so expect volatility to get a little crazy as the OTC positions begin to be unwound and more of his position unwound…
“The question is not ‘tapering’,” Marc Faber exclaims to his hosts on CNBC’s Squawk Box this morning, “the question is at what point will they increase the asset purchases to say $150 [billion] , $200 [billion], or a trillion dollars a month.” QE-4-EVA is here to stay, as Faber explained “every government program that is introduced under urgency and as a temporary measure is always permanent.” Simply put, “The Fed has boxed itself into a position where there is no exit strategy,” and while inflation may not be present in the ‘chosen’ indicators, Faber blasts, there’s been incredible asset inflation – “we are the bubble. We have a colossal asset bubble in the world [and] a leverage or a debt bubble.” There will be massive wealth destruction, he concludes, “one day this asset inflation will lead to a deflationary collapse one way or the other. We don’t know yet what will cause it.”
The Fed is Boxed In….
The world is in a gigantic bubble…
Back in April 2012, Faber saidthe world will face “massive wealth destruction” in which “well to-do people will lose up to 50 percent of their total wealth.”
In today’s “Squawk” appearance, he said that could still happen but possibly from higher levels because of the “asset bubble” caused by the Fed.
It is rare that investors are given a road map. It is rarer still that the vast majority of those who get it are unable to understand the clear signs and directions it contains. When this happens the few who can actually read the map find themselves in an enviable position. Such is currently the case with gold and gold-related investments.
The common wisdom on Wall Street is that gold has seen the moment of its greatness flicker. This confidence has been fueled by three beliefs: A) the Fed will soon begin trimming its monthly purchases of Treasury and Mortgage Backed Securities (commonly called the “taper”), B) the growing strength of the U.S. economy is creating investment opportunities that will cause people to dump defensive assets like gold, and C) the renewed confidence in the U.S. economy will shore up the dollar and severely diminish gold’s allure as a safe haven. All three of these assumptions are false. (Our new edition of the Global Investor Newsletter explores how the attraction never dimmed in India).
France and Mexico have angrily demanded prompt explanations from the United States following “shocking” new spying allegations leaked by former US security contractor Edward Snowden.The reports published in French daily Le Monde and German weekly Der Spiegel reveal that the US National Security Agency secretly monitored tens of millions of phone calls in France and hacked into former Mexican President Felipe Calderon’s email account.
They come on top of revelations also leaked by Snowden and published in June that the US had a vast, secret programme called PRISM to monitor Internet users.
Last month the world witnessed a paradigm shift: China surpassed the United States as the world’s largest consumer of foreign oil, importing 6.3 million barrels per day compared to the United States’ 6.24 million. This trend is likely to continue and this gap is likely to grow, according to the EIA’s October short-term energy outlook. Wood Mackenzie, a leading global energy consultancy, echoed this prediction, estimating Chinese oil imports will rise to 9.2 million barrels per day (70% of total demand) by 2020.
This trend has been driven by a combination of factors. Booming American oil production, slow post-recovery growth, and increasing vehicle efficiency have all served to reduce crude imports. In China, however, continued economic growth has brought with it a growing middle class eager to take to the road. While the automobile market had cooled earlier this year, September saw sales rise by 21%—a trend that is putting increasing strain on China’s infrastructure and air quality in addition to oil demand.
Some of the world’s largest traffic jams are now commonplace in major Chinese cities, and air quality issues have pushed authorities to pursue synthetic natural gas technology to offset the need for coal-fired electricity. Increasing oil consumption will only serve to exacerbate these issues.
Mercy for Animals Canada says hidden camera captured abusive treatment, cruel conditions for birds at Ku-Ku Farms and Creekside Grove Farms, which supplies chicks that lay eggs for McDonald’s Egg McMuffins. McDonald’s has not commented on the specific allegations but a spokeswomanhas said, “Abuse is never tolerated in our supply chain and McDonald’s has strict policies in place concerning the treatment of animals that our suppliers must adhere to at all times. We also work with our suppliers and outside experts to continuously improve our standards and practices, both within McDonald’s and across the industry”
“They’re so crammed inside those cages they can’t spread their wings, they can’t walk, they can’t turn around, they can’t engage in any of their natural behaviour,” said Stephane Perrais, director of operations with Mercy For Animals Canada.
“They spend one year of their miserable life in there, basically producing eggs and after that time period, they’re considered spent by the industry because their productivity is declined, and then they’re slaughtered.”
The group says the footage was taken by an undercover investigator who was hired as a farm worker by Ku-Ku Farms and Creekside Grove Farms for 10 weeks in May.
The video also shows dead hens rotting in the cages, and chicks being covered in feces.
Here is the most important factual find about the stock market I’ve learned for some many years: More than 100% of equity market gains since January 2009 have taken place during the weeks the Fed purchased Treasury bonds and mortgages.
And conversely, during the weeks when the Fed did NOT buy Treasuries or mortgage backed bonds, the stock market declined. Can you beat that? Credit to Michael Cembalest, Chairman of Market and Investment Strategy for J.P. Morgan Asset Management, for that extraordinary discovery.
In what is a staggering example of not only state meddling in the affairs of the “free press”, but worse, sheer state idiocy, yesterday the WSJ posted an article on its website revealing that as many as 24 co-conspirators would be exposed shortly in the ongoing Libor manipulation scandal and divulging the names of various individuals on this list. What promptly followed was truly bizarre. As the WSJ reports shortly after posting the article, “a British judge ordered the Journal and David Enrich, the newspaper’s European banking editor, to comply with a request by the U.K.’s Serious Fraud Office prohibiting the newspaper from publishing names of individuals not yet made public in the government’s ongoing investigation into alleged manipulation of the London interbank offered rate, or Libor.” This happened at 7:18 pm London time, after the original WSJ article had already hit the Internet.
The WSJ added that “The order, which applies to publication in England and Wales, also demanded that the Journal remove “any existing Internet publication” divulging the details. It threatened Mr. Enrich and “any third party” with penalties including a fine, imprisonment and asset seizure.”
As a result, the media organization decided to comply with this gross example state censorship, and now in the place of the article, one could find the following note:
In this exclusive interview with Birch Gold Group, former Congressman Ron Paul shares his opinions on a number of topics, including investing in physical gold and silver, the future of the U.S. dollar and the role of the Federal Reserve.
Full audio if the following interview is available here.
Rachel Mills for Birch Gold Group (BGG): This is Rachel Mills for Birch Gold Group. I am speaking with Ron Paul today. How are you, Ron Paul?
Ron Paul (RP): I am doing very well. Nice to talk to you Rachel.
BGG: It’s good to talk to you again, and by the way of information for Birch’s audience, I was your last press secretary on Capitol Hill in Congress and I worked for you for the 5 years. So I may be cheating a little bit because a lot of your answers to my questions I maybe have a pretty good guess at what you might say.
As Natural News reported yesterday, the Grocery Manufacturers Association got caught red-handed violating Washington state fair election laws by running a money laundering slush fund designed to conceal the identities of food companies giving money to block I-522.
The CEO of the GMA, Pamela Bailey, reportedly told donors in an email that their identities would be hidden from the public, thereby shielding them from any public backlash even while their money would be used to try to buy the election and defeat GMO labeling (so that consumers would be left in the dark about what they’re buying).
Under the guidance of Jamie Dimon, adjudged by the mainstream media to be the greatest banker the world has ever known (hyperbole accepted), a late night Friday phone call (we assume not a drunk-dial) between Attorney General Eric Holder and JPMorgan’s general counsel, confirms, according to the WSJ, that JPMorgan will settle their residential mortgage bond suits with the DoJ for $13 Billion – the biggest settelement ever for a single company. Bloomberg reports that an additional $2 billion was added during the negotiations last night. Who knows: perhaps Dimon feels the same about Holder as the rest of the population and made it quite clear, at a cost of another $2 billion.
The final wording of the deal is to be finalized but as part of the deal the DoJ expects JPM to cooperate with the continuing criminal probe of the bank’s RMBS issuance – which remain unresolved. The settlement is ‘unsurprisingly’ in line with JPM’s expected litigation expenses for Q2/Q3 13 but it would appear they expect worse to come still as the total litigation reserve was recently increased.
*JPMORGAN SAID TO HAVE REACHED $13 BLN MORTGAGE ACCORD WITH U.S.
*JPMORGAN SAID TO AGREE TO ADDITIONAL $2 BLN OVER EARLIER AMOUNT
*JPMORGAN SETTLEMENT SAID TO COVER ALL CIVIL MORTGAGE MATTERS
*JPMORGAN ACCORD SAID TO EXCLUDE ANY CRIMINAL RELEASE
The settlement appears to right in the middle of the range…
WASHINGTON (AP) — Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.
Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor, and the loss of good-paying manufacturing jobs as reasons for the trend.
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptRejectRead More https://infiniteunknown.net/dsgvo/
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
