Obama unveils broad financial oversight plan; blames current financial crisis on ‘a culture of irresponsibility’. New powers for the Federal Reserve? Wait a minute! Weren’t they the private banking cartel that got us into this mess, with artificially-low interest rates?
AIG Refuses Crash Claims “That division [airline insurance] didn’t get any bailout money.”
Black Swan Trader Bets Reputation on Inflation
This one is a “must see”: Peter Schiff on The Daily Show (Thanks to GG for the link.)
GG also sent this from Barron’s: Will Bad News Be Good for the Dollar Again? Foreigners exited U.S. assets in April as the rally took hold. Will they return if correction hits?
Chuck H. flagged this AIM article: The Plan For Socialist World Government
Items from The Economatrix:
FBI Targets Fraud In TARP, Stimulus Fund “With billions of dollars at stake … even a small percentage of fraud would result in substantial taxpayer losses,” Mueller said. The FBI has been bracing for a wave of fraud and corruption cases stemming from the government’s multitrillion-dollar effort to stimulate the economy and help ailing banks.”
Federal Reserve to Get New Powers
California Gas Price Passes $3 Again
Retail Gas Rises For 49th Straight Day
Report: Stimulus Program Fraught with Waste For example, a $3.4 million tunnel for turtles.
US Debt is at $250,000 For Every Man, Woman and Child in US
Russia Challenges US Dollar
The Surprise is on Silicon Valley, Thanks to Obama. Silicon Valley did a lot to help Obama get elected “and Silicon Valley naturally assumed that the new president would do the same in return. It hasn’t quite turned out that way. The first surprise to many Valleyites is how innately anti-entrepreneurial the new administration has turned out to be. Candidate Obama looked like a high tech executive — smart, hip, a gadget freak — and he certainly talked pro-entrepreneur. But the reality of the past six months has been very different. “
Stocks Bear Market Rally Over “The U.S. Dollar is rising from the dead for yet another intermediate-term rally, commodities are about to plunge deeply, and stocks are set to re-test the lows of March, 2009 and/or November, 2008…. Housing hasn’t bottomed, bank failures are set to accelerate, international trade is falling off a cliff, unemployment continues its rise unabated, and earnings are dropping precipitously around the world (except for the Gold mining sector). Get out of the stock market unless you are short or a long-term Gold stock holder. Continue to hold physical Gold as an insurance policy, cash equivalent and hedge against a geopolitical crisis that dethrones the U.S. Dollar.”
The Coming Stock Market Crash: Time To Review “The bottom line (in this writer’s view) is that we are heading for a stock market crash as a precursor to a credit crunch and a further savage contraction of the world economy. Our leaders sowed the wind and we – the voters who put them into positions of power – will reap the whirlwind.”
Obama Vows Wall Street Risk Regulation, Sees Unemployment at “10%”s
US Stocks Fall, S&P 500 Have Biggest Two-Day Drop Since April
Suitcase With $134 Billion Puts Dollar on Edge
Retailers Exit Detroit: No Grocery Chains Left!