Daily Archives: 21 August 2009

Bernanke says US economy on cusp of recovery

(more from news.yahoo.com)

From the guy who said there was no housing bubble and that the high home prices were supported by the strength of the economy (July 2005), that a dramatic drop in housing prices was unlikely (July 2005), that the motor vehicle sector was strengthening and the housing ‘correction’ wasn’t going to have a major impact (November 2006), that he expected moderate growth in the middle of the year and that the broader mortgage market was healthy (February 2007), that income and employment would grow and that the economy would see moderate growth for the remainder of 2007 (July 2007).

<sarcasm>Phew! I feel so much better.</sarcasm>

Radio Free Market Interviews Tom Woods on Economic Crisis

If you haven’t already, check out Radio Free Market for weekly internet broadcasts on economics and freedom.

August 15th 2009
* Special Interview * with New York Times Best Selling Author Thomas E. Woods, Jr. Author of Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. Host Michael McKay and Special Commentator Jeffrey Hedquist discuss with Tom what really happened in the fall of 2008 and how we can still avert a bigger crisis – if enough of us act now.

U.S. Banking crisis just BEGINNING

“The dichotomy between the fantasy-world of U.S. business reporting and the real world continues to widen. While media propagandists have unequivocally claimed that ‘the worst is over’ for the U.S. banking sector, the employees and shareholders of the 77 U.S. banks which have already gone belly-up this year might choose to dispute this claim.

Five more insolvent U.S. banks were seized by the FDIC in its weekly salvage operations Friday night. As is becoming increasingly common, even with the large bribes which it offers potential buyers, it couldn’t find takers for all of these bankrupt companies.

Bank bankruptcies have already more than tripled the total for all of last year, and are steadily accelerating. Meanwhile, for a nearly endless list of reasons, the crisis in this sector can only get much worse.

Thanks to the U.S. accounting ‘watch-dog’ – the FASB – legalizing fraudulent accounting (see ‘FASB strong-armed into mark-to-fantasy accounting’), the ‘solution’ which the bankster oligarchs have come up with to the mass-insolvency of U.S. banks is to simply hide a lot more bad loans. Indeed, fraudulent accounting has become a way of life for the U.S.” (Read more from seekingalpha.com)