By Mike Whitney
It should be fairly obvious by now that US consumers are undergoing a generational shift and will not be able to lead the way out of the recession as they have in the past. Nor will they miraculously "bounce back" and provide demand for products made abroad.
http://www.informationclearinghouse.info/article23378.htm
Dress Rehearsal For Debt Peonage
Guns And Butter - Audio Interview
Dr. Michael Hudson on why the banks are returning the bailout money; bank fees and penalties; banks prefer default to foreclosure; debt as wealth; Obama's Financial Regulatory Reform Proposal and its six major flaws; the deregulation-by centralization ploy; failure to reform the economy will lead to debt peonage.
http://www.informationclearinghouse.info/article23386.htm
The Spend-And-Borrow Economy
By Nouriel Roubini
Governments will have to manage perceptions. Today investors remain willing to bankroll federal spending without any clear or firm indication of how the fiscal crisis--and it is a crisis of extraordinary proportions--is going to be dealt with. That won't last.
http://www.informationclearinghouse.info/article23383.htm
The Foreclosure Rescue Mirage
By Andy Kroll
How the government's flagship homeowner relief program hangs borrowers out to dry.
http://www.informationclearinghouse.info/article23380.htm
One In Nine Americans Uses Food Stamps
By Tom Eley
In all, 34.4 million people used the Supplemental Nutrition Assistance Program (SNAP), a federal program that provides assistance to low-income people, an increase of more than 2 percent from the previous month, and a staggering increase of 6 million over the past year.
http://www.informationclearinghouse.info/article23382.htm
Hummel: The US Will Default On Its Debt
The flood of debt that the US is taking on in its efforts rescue to economy will combine with huge social insurance obligations--Medicare, MedicaidSocial Security--to create an unsustainable level of public indebtedness, economist Jeffrey Rogers Hummel argues in at length here.
http://www.businessinsider.com/hummel-the-us-will-default-on-its-debt-2009-8
1,000 Banks to Fail In Next Two Years: Bank CEO:
The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.
http://www.cnbc.com/id/32581463
Lefrak: Commercial Real Estate Will Kill 500 Small Banks
The Real Deal passes along this video of Harrison Lefrak predicting 500 bank failures resulting from commercial real estate problems.
http://snipurl.com/rgvbw
From Information Clearing House
http://freepage.twoday.net/search?q=Obama
http://freepage.twoday.net/search?q=Bernanke
http://freepage.twoday.net/search?q=fiscal+crisis
http://freepage.twoday.net/search?q=federal+spending
http://freepage.twoday.net/search?q=banking+system
http://freepage.twoday.net/search?q=real+estate
http://freepage.twoday.net/search?q=recession
http://freepage.twoday.net/search?q=bailout
http://freepage.twoday.net/search?q=recovery
http://freepage.twoday.net/search?q=foreclosure
http://freepage.twoday.net/search?q=food+stamps
http://freepage.twoday.net/search?q=Mike+Whitney
http://freepage.twoday.net/search?q=Michael+Hudson
http://freepage.twoday.net/search?q=Nouriel+Roubini
http://freepage.twoday.net/search?q=Andy+Kroll
http://freepage.twoday.net/search?q=Tom+Eley
http://freepage.twoday.net/search?q=Jeffrey+Rogers+Hummel
http://freepage.twoday.net/search?q=Harrison+Lefrak