Archive for July 27th, 2010

500K to lose state jobs

Tuesday, July 27th, 2010

Full story here from ZeroHedge.

Ever wonder why according to the latest economic poll published by Reuters earlier the general public’s satisfaction with Obama’s handling of the economy is deteriorating faster than any other issue? (not to mention that 46% of Americans believe Obama is not focused enough on job creation, and that 72% of republicans say they are certain to vote at the November congressional elections versus 49% of democrats). A part of the answer comes courtesy of a new study produced by National League of Cities, the U.S. Conference of Mayors and the National Association of Counties titled simply enough: “Local Governments Cutting Jobs and Services: Job losses projected to approach 500,000″, showed local governments moved to cut the equivalent of 8.6 percent of their workforces from 2009 to 2011. As a result of local government cutbacks, almost 500,000 people will lose their jobs, and the total will likely rise. (more…)

Decade long decline in housing

Tuesday, July 27th, 2010

Full story here from Mike Whitney.

The housing depression will last for a decade or more. This is by design. The Fed has been working with the banks to withhold inventory so prices do not fall too fast or too far. That way the banks can manage their write-downs without slipping into insolvency. But what’s good for the banks is bad for the country. Capital impairment at the banks means no credit expansion in the near-term. It means the economy will continue to contract, unemployment will remain high, and deflation will push down wages and prices. Everyone will pay for the mortgage-backed securities scam that was engineered by the banks. (more…)

The year America dissolved

Tuesday, July 27th, 2010

Full story here from Paul Craig Roberts.

It was 2017.  Clans were governing America.

The first clans organized around local police forces. The conservatives’ war on crime during the late 20th century and the Bush/Obama war on terror during the first decade of the 21st century had resulted in the police becoming militarized and unaccountable. (more…)